Don’t Mess with Accrual Accounting in Government – PICPA

Bill Bergman: "At a 2015, at a public meeting, I went up to a member of the Chicago City Council finance committee and asked how the city could claim to balance its budget according to state law when its revenues fell short of expenses by a billion dollars a year, every year. He was almost proud in his response: 'We borrow the money! We have access to the markets!'"