By Andrew Abramczyk, includes “… Pennsylvania’s balanced budget amendment requires that general fund cash outlays equal general fund revenue, but general fund cash flows are just one aspect of financial management. In fact, short-term cash balance isn't even important if governments have reliable access to the money market. Long-term debt is what matters.” (Note: Stay tuned for Truth in Accounting’s related work on GASB’s “Financial Reporting Model” project.)
Read the full article on: Commonwealth Foundation (Pennsylvania)