Author: Gregory Allison (page 2 of 2)

It is Going to Cost HOW Much to Retire It??

Everyone is well aware, or should be, that the cost of retiring is escalating almost by the minute.  There are financial advisors and estate planners who solely focus on enabling us to have a shot at a decent retirement, relatively free of financial concern.  Employers in both the public and private sectors are recognizing mammoth liabilities for the pension resources they are holding in trust for their employees.  But, are employees all that are going to retire from a state or local government?  Is that the only long-term cost that a governmental entity is going to be liable for (above and beyond normal indebtedness)?  The answer is obviously no or I would not be writing this post.

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Yay!! I’m Certified!!  Now What?

certified-stamp1 In my previous post, Are You Certifiable?, I reviewed the North Carolina Finance Officers’ Certification program, sponsored by the North Carolina Government Finance Officers Association (NCGFOA).  As was probably clear in the post, the process is challenging but certainly doable, and those that become certified finance officers in North Carolina should definitely be proud of their achievement.  But after the months (or years) of classes, studying, and testing, what happens after the success?  Is the certification permanent (just like an appointment on the United States Supreme Court)? Does it expire? DO I HAVE TO TAKE THE TESTS AGAIN?? This blogpost will summarize the “post-certification” years and how certified finance officers must continue maintaining the high standards that got you where you are in the first place.

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Are You Sure We Don’t Have Tax Abatements?

Tax Abatement, visual by Ruth Lerner

Tax Abatement, visual by Ruth Lerner

I’m here to help alleviate fears.  In August 2015, the Governmental Accounting Standards Board (GASB) issued GASB Statement No. 77, Tax Abatement Disclosures.  The guidance, which if it were applicable to North Carolina governments, would be effective for fiscal year end June 30, 2017.  The requirements are relatively simple – if a government has any tax abatement agreements, as defined in the standard, there are certain note disclosure requirements that must be made regarding the agreement(s). A tax abatement in is defined in the standard as follows: Continue reading

Welcome!

Benjamin Frankin, (1706-1790) , North American printer, publisher, writer, scientist, inventor and statesman. Source: Wkipedia

Our new Constitution is now established, and has an appearance that promises permanency; but in this world nothing can be said to be certain, except death and taxes.

Benjamin Franklin, in a letter to Jean-Baptiste Leroy, 1789

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