Four Myths About Municipal Budgets and Financial Statements – Truth in Accounting

Comment: These myths are the very foundation of how state and local public finance work in Illinois, as we've written often.
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Poor Taxpayer
3 years ago

It is nothing but lies and covering up mismanagement.

James
3 years ago
Reply to  Poor Taxpayer

Just because you are paranoid that doesn’t mean every union as well as every politician and his family aren’t aren’t in cahoots to destroy you.

Da Judge
3 years ago
Reply to  Poor Taxpayer

Poor Taxpayer,

I would describe it as Fun with Numbers!!

Da Judge

Old Spartan
3 years ago

Excellent summary of the problems with Muni Accounting. Most people don’t even know that government entities have their own accounting standards. A totally separate system from GAAP. Close to zero percent of the population will understand this article. I bet no more than 5 % of government officials understand it. And legislators in Springfield– not more than 10% guaranteed.

Pat S.
3 years ago
Reply to  Old Spartan

So true. Financial literacy is rare.

The ridiculous government accounting standards board (GASB)should be phased out – then the public might hear the truth for a change.

By GASB standards, IL has a balanced budget. By GAAP standards? Not even close!

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