By Dave Fidlin, includes “… ‘New York City is a pretty important example of this, I’m afraid,’ Bergman said in an interview with The Center Square of his concerns. ‘If New York City is balancing its budget each year, how can that explain the accumulation of a massive negative net position?’ … ‘Virtually all states and most local governments require the chief executive to submit ‘balanced’ budgets,’ Martin Ives, a Westchester County resident and former GASB member wrote. ‘In fact, however, budgets may be balanced mathematically, but not substantively.’ …”

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