A public pension used to be an ironclad promise. That is no longer the case. Many cities and states can no longer afford the unsustainable retirement promises made to millions of public workers over many years. By one estimate they are short $5
The Governmental Standards Accounting Board (GASB) is a national organization that sets generally accepted accounting principles (GAAP) for state and local governments. Among the reasons such standards are useful is for comparability (everyone’s financials can be compared) and transparency (we
With the closing of the 2015 legislative session this year has come a chorus of lamentations about money that didn’t get spent, and how important interests from school children to outdoor recreation and environmental protection will suffer as a result.
Public pension funds around the country have fallen trillions of dollars behind in the amounts that should be set aside to pay pension benefits when they come due. Such shortfalls have arisen from many years of inadequate contributions, compounded by
Iowa has a long history of strong public sector financial management, and low public debt. Often #1 and always ranking in the top tier of states in terms of lowest public debt as a percent of gross state product, Iowans