Financial reporting

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.