City Officials Dispute Failing Financial Grade From Accounting Watchdog

Nigel Jaquiss  |  February 14, 2022

Includes: Jessica Kinard, Portland budget director said: "Accounting standards do not take into account the value of future property taxes from the Fire and Police Pension Levy when analyzing funding percentages, therefore unfunded actuarial liabilities are skewed negatively for Portland on paper, leading to misinterpretation of data by Truth in Accounting.” ... "Kinard says that city finance officials regularly explain the unusual pension structure to the bond ratings agencies whose job it is to assess the creditworthiness of borrowers. The result: Portland has a AAA credit rating, the highest grade agencies give." Sheila's note: See articles below about credit ratings and that the power to tax is not an asset.

Read the full article on: Willamette Week

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