By Cody Bozarth, includes “New standards issued by the Government Accounting Standards Board mean that next summer local governments could see some impact in credit ratings or some influence on pension payments. In Morgan County, there is a concern that the equity governing bodies will be able to report will be hurt, and they will appear in worse financial shape on paper. With those concerns, there is optimism that smaller amounts of liability and higher than average funding percentages — at least by Illinois standards — will keep the situation manageable. For now though, there’s no real telling what the effect will be. … Jacksonville Mayor Andy Ezard said he was concerned that come next summer the city’s financial reports would show it to be in much worse financial shape even though the reporting standard was the only thing that has changed. “I still feel we’re in better shape than 90 percent of municipalities in Illinois,” Ezard said. “And if enough complaints and pressure is put on, maybe this new reform they set out will be overhauled.” “I think everyone is going to look worse on paper,” he added. “Now we become ordinary. I still feel we’re very solid, that the practices we have used with out pensions in the past have been solid, but we’re going to have to adapt. I just wish they would have talked to municipal auditors before making these adjustments.” …”

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