Sunday, June 24, 2007
State's accounting doesn't pass muster
John Torinus in his column in today's Milwaukee Journal Sentinel
He explains.
That's the deficit if calculated using Generally Accepted Accounting Principles. ¶ 6/24/2007 07:09:00 AM
If the State of Wisconsin were a corporation and subject to rules of accounting in the private sector, it would probably be in Chapter 11 reorganization.
He explains.
State budget officials say that the general fund balance at the end of fiscal 2006 was a positive $49.2 million, and everyone is supposed to feel good about that.
But the reality, according to the Comprehensive Annual Financial Report [247 pp. pdf] that's required to be filed by the state controller, is that the GAAP deficit was $2.2 billion (p. 147).
That's the deficit if calculated using Generally Accepted Accounting Principles. ¶ 6/24/2007 07:09:00 AM
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Wait until the Locals have to conform to GAAP.
Pensions and Health-Care forever!! will be the death of the Gummints.
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Pensions and Health-Care forever!! will be the death of the Gummints.
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