Financial reporting

Chicago had a $161 million deficit in fiscal year 2024, according to the annual comprehensive financial report the city released on Monday.

The wait for finished audits dropped across municipal sectors from 2022 to 2023, a new report says, but the median time is still higher in the long run.

An Illinois park district became the only local general obligation credit to default in 2024, according to Municipal Market Analytics.

The board has requested comment on additional disclosures that state and local governments would need to provide in financial statements but faces a long timeline for implementation.

The improvements are intended to build on 1999 guidance and governments will be required to comply after June 15, 2025.

California State Controller Malia Cohen says her office will get the release of the state's ACFR back on track within two years.

It's been two years since Dolton, Illinois, filed audited annual financials, and hints of fiscal stress include a threat to repossess police cruisers.

Fitch analysts mentioned the tardy ACFR in the ESG section of its most recent rating report on California general obligation bonds.

The University of Michigan is studying the use of XBRL technology for local government financial reports with the state Department of Treasury set to act next.

Officials in New Mexico's state capital are fretting that late audited financials audit could lead the state to withhold state bond proceeds for city projects.

The state's new accounting system gets the blame again for California's second year with an extremely late CAFR.

State Comptroller Susana Mendoza released interim numbers because the state's comprehensive annual financial report for fiscal 2019 is unfinished.

The state's net position worsened to negative $189.1 billion according to the CAFR, which arrived almost 14 months after fiscal 2018 ended.

The state auditor raised questions about how the state controller reported California's OPEB liability in the report, which took 11 months to release.

Poor returns piled another $2 billion onto Chicago's pension tab, but it won't add to the already $280 million contribution spike looming next year, according to its new CAFR.

New York City Comptroller Scott Stringer received several awards for excellence in financial reporting.

State Controller Betty Yee blames the state's new digital accounting system for delaying the comprehensive annual financial report.

Glitches in California's electronic financial system are delaying annual financial reporting documents, said Controller Betty Yee.

Timely and complete accounting and financial reporting are as critical to municipal professionals as is disclosure, according to Jeffrey Previdi, GASB vice chairman. Long-standing standards and practices are being brought up-to-date to remain compatible with today's rapid-paced changes. John Hallacy hosts.

The Government Finance Officers Association honored New York City Comptroller Scott Stringer for excellence in financial reporting.