Municipal disclosure

The median time for issuers in all municipal bond sectors to produce audited financials rose nearly 10.5% from 2011 to 2022, according to a new report.

Proposed rulemaking on the FDTA is expected in June, but clarity on what exactly it means for the muni market is years down the line.

John Hallacy of John Hallacy Consulting and Rich Ciccarone, president emeritus of Merritt Research Services, talk with Chip Barnett about the municipal bond business over the past 40 years. They take a look back at where the industry has been, where it is and where it will be going.

The Fortress Investment Group-backed Brightline now anticipates carrying 4.9 million passengers between Miami and the Orlando airport.

"Insurance rationing by the leading insurers is becoming the mechanism by which climate risk is starting to impact municipal issuers," said Triet Nguyen, vice president of strategic data operations at DPC Data.

While the SEC's cybersecurity rule does not apply to municipal issuers, there are a few points discussed in the Adopting Release that may be useful for municipal market participants. 

With economic uncertainty ahead and the Federal Reserve potentially shifting to interest-rate cuts, analysts should take a closer look at individual issuers' financial disclosures.

Los Angeles alone reported more than 500 mudslides from a storm that deluged the city for days.

The University of Chicago Harris School's Center for Municipal Finance is joining forces with Investortools to help advance municipal finance knowledge.

The current property insurance crisis in several states may dramatically shorten the climate risk horizon for municipal investors. The municipal market's relaxed attitude toward climate risk may be seriously challenged in the years ahead.

The Governmental Accounting Standards Board's new disclosure requirements focus on concentrations and constraints and governments will have to comply by June 15, 2024.

The process of turning the data into a usable form takes time and can be compounded by the difficulty of extracting what data there is and the format used by issuers in documents, like official statements, disclosures and other financials.

Record-breaking hot temperatures in the Southwest this summer likely had economic consequences and could focus the municipal bond market on heat-related credit risks and infrastructure needs.

The National Association of Bond Lawyers has a new president.

Panelists at this year's GFOA Minimuni Conference remarked on how difficult an environment it is for issuers and why recognizing this is essential for voluntary disclosure.

Ocean Capital's next move is to attemot to have its elected directors seated on the funds' board of directors.

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

Ongoing strikes by actors and writers pose a risk for next year's Oscars ceremony, which generates significant revenue that helps pay off the bonds. 

Recent laws extend the statute of limitations for child sexual abuse victims to file civil claims, impacting California school districts and counties.

A federal initiative, focusing on states, and eventually, larger municipalities and authorities, that places a premium on enhancing transparency, is fundamental to improving the fiscal health of state and local governments.