By Michael Corkery
Cities and states would be required to release projections of cash flows and pension costs five years into the future under a proposed financial-reporting rule due to be released Tuesday.
The proposal is part of an effort by the Governmental Accounting Standards Board to enhance disclosure about the financial health of local and state governments and goes beyond current requirements.
“We are not asking them to be fortune tellers,” said Robert Attmore, chairman of the GASB, a nonprofit group of academics and government officials that sets government accounting standards. “We are asking them to take their current policies and project them forward.”