Revenue Shortfalls Force Cobb County To Make Hard Budget Decisions (Marietta: school districts, subsidized)

[DreamerD]

Originally Posted by cwkimbro

JSVH, in the overall picture I have answered your questions.

They have the ability to balance their budget, pay off their debts, have low debts and they have increased revenue potential they are not using.

So no... I don't see the serious problems your making up.

You have now issued a new argument that is entirely false and made up.

Oh and yea... this is from the Cobb County Budget document Strong Towns and your arguments are citing:

"Cobb County’s financial statements are prepared in conformity with generally accepted accounting principles (GAAP) as applied to government units. The Governmental Accounting Standards Board(GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. Adhering to Georgia Code, Cobb County’s books of account, financial records and transactions of all administrative departments are audited annually by independent certified public accountants."




The burden is on your to prove that they are not using GAAP otherwise you or any blog can just make things up in your claims.

I was wondering about that...I thought if anywhere in the US you're caught not using GAAP, you could get audited, fined, and if no changes are made, shut down. It was something we discussed in class...

[AnsleyPark]

Cobb's audited financials.

https://ted.cviog.uga.edu/financial-...ial-report.pdf

Okay, I may be eating some crow on this one. GAAP vs. GAS. I do not know which standards result in more accurately presented and audited financials. My guess is that, at the end of the day, the auditors have comfort that the financials presented accurately reflect the company's or jurisdiction's financial position. At least that language, which is typical in an audit report for a public company, should give folks some comfort that Cobb is maintaining accurate financials. As the above linked page indicates, governmental jurisdictions do not use GAAP. And, I think that makes sense, since income (particularly) and many expense items just don't translate between the public and the private sector.

Do we have an expert on this board?

[cwkimbro]

Originally Posted by AnsleyPark

Cobb's audited financials.

https://ted.cviog.uga.edu/financial-...ial-report.pdf

Okay, I may be eating some crow on this one. GAAP vs. GAS. I do not know which standards result in more accurately presented and audited financials. My guess is that, at the end of the day, the auditors have comfort that the financials presented accurately reflect the company's or jurisdiction's financial position. At least that language, which is typical in an audit report for a public company, should give folks some comfort that Cobb is maintaining accurate financials. As the above linked page indicates, governmental jurisdictions do not use GAAP. And, I think that makes sense, since income (particularly) and many expense items just don't translate between the public and the private sector.

Do we have an expert on this board?

While I am not auditor, I can shed some light on this...


They aren't two competing standards.

GAAP is the Generally Accepted Accounting Principles. The GASB, Government Accounting Standards Board, is the board that issues the GAAP for state and local governments specifically.

GAS, or GAGAS, Generally Accepted Government Auditing Standards are standards created by the U.S. Government Accountability Office (GAO). (The GAO is the Comptroller of the United States, which is the language this independent auditor mentioned)

Those are the standards an independent auditor are suppose to use. So the government reports using GAAP standards set by the GASB. Independent Auditors audit the reporting by the local government using GAS standards set by the US GAO.

In the private sector you will see two very similar terms: GAAP and GAAS, or Generally Accepted Accounting Principles and Generally Accepted Auditing Standards. However, the GASB and GAO don't set standards for the private market.

[cwkimbro]

Originally Posted by DreamerD

I was wondering about that...I thought if anywhere in the US you're caught not using GAAP, you could get audited, fined, and if no changes are made, shut down. It was something we discussed in class...

Well in the general public we often throw around the term audit as something to be fearful of, like you got audited by the IRS for doing something wrong or you owe them money.

However, most large organizations undergo audits to protect themselves, taxpayers, shareholders, and to attract investors and bond issuers etc...

So the standards of reporting don't flag an audit, rather they're commonplace.

One of the reasons why Audits and GAAP are common place among states and local governments is because information required in that type of reporting allow the local governments access to state and/or federal money in various programs.

Tiny bits of information dictate how much low-interest loans they can be issued for specific purposes, like water infrastructure. If you don't accurately report an accepted accounting standard of required information, you might not be able to access funds for various small purposes.

Some places that might not use GAAP are very small towns, where there isn't much lost given the higher costs of hiring accountants using the GASB's GAAP standards.

[AnsleyPark]

Originally Posted by cwkimbro

While I am not auditor, I can shed some light on this...


They aren't two competing standards.

GAAP is the Generally Accepted Accounting Principles. The GASB, Government Accounting Standards Board, is the board that issues the GAAP for state and local governments specifically.

GAS, or GAGAS, Generally Accepted Government Auditing Standards are standards created by the U.S. Government Accountability Office (GAO). (The GAO is the Comptroller of the United States, which is the language this independent auditor mentioned)

Those are the standards an independent auditor are suppose to use. So the government reports using GAAP standards set by the GASB. Independent Auditors audit the reporting by the local government using GAS standards set by the US GAO.

In the private sector you will see two very similar terms: GAAP and GAAS, or Generally Accepted Accounting Principles and Generally Accepted Auditing Standards. However, the GASB and GAO don't set standards for the private market.

So, I can take crow off of the menu tonight?

[cwkimbro]

Originally Posted by AnsleyPark

So, I can take crow off of the menu tonight?

I would certainly find something better to eat. BBQ ribs for me

[arjay57]

Originally Posted by AnsleyPark

Cobb's audited financials.

https://ted.cviog.uga.edu/financial-...ial-report.pdf

Impressive. Cobb is changing but solid leadership has kept them in a strong position.

[AnsleyPark]

Originally Posted by cwkimbro

I would certainly find something better to eat. BBQ ribs for me

Any leftovers you can send my way?!!

[samiwas1]

Originally Posted by cqholt

You are right, I shouldn't have said "can't walk to" because clearly anyone can walk to anything, if they choose. 120 Loop is not a pedestrian friendly experience and therefore doesn't invite people to walk from communities west of the square to the square, especially since there is an abundance of free parking, that Marietta and Cobb Co taxpayers paid for.

And taxpayers pay for bike lanes, the lion's share of transit, the sidewalks, the special crossing islands with signals, and everything else. And really, how much of that parking is public vs. private?

Islands between slip lanes, that allow vehicles to turn at higher speeds, where the drivers are always looking left not looking for pedestrians on the sidewalk.

You mean the right-turn slip lanes? If so, why would drivers be looking left if turning right???Believe it or not, many drivers, including myself, are looking out for pedestrians. I mean, oftentimes, they're just walking right across the middle of a 6-lane road 200' from a signal...gotta stay alert for all these boneheads.

I am sure if we took a pedestrian count of Ponce vs 120 this intersection, Ponce would have a higher count

*cough* ummm...that was kind of my point. Both are five lane middle-divided roads with 65' width. Both have a speed limit of 35 MPH. Both have businesses lining the road. 120 has buffer-divided sidewalks while Ponce has sidewalks directly at roadside. 120 has decidedly fewer curb cuts than Ponce. So, I ask...what makes Ponce so great and walkable, while 120 is a death trap? Just the fact that it's in a non-dense suburb?

[cqholt]

Originally Posted by samiwas1

You mean the right-turn slip lanes? If so, why would drivers be looking left if turning right???Believe it or not, many drivers, including myself, are looking out for pedestrians. I mean, oftentimes, they're just walking right across the middle of a 6-lane road 200' from a signal...gotta stay alert for all these boneheads.

A study shows otherwise

Drivers turing right may be focusing more on vehicle traffic coming from the left.

https://www.citylab.com/transportati...-crash/567230/