By Joe Minicozzi, from February 2021, includes “The primary failure of GASB (in my book) is the total failure to account for infrastructure as a liability. To GASB, roads are assets. Which makes some sense, if you are an entity with roots—as in the case with GASB—in the culture of bond brokers. From their perspective, they want to see where the money is linked; but for us citizens, infrastructure is our ongoing liability. From the bonders perspective, they will gladly give another bond. From the citizen perspective, that should cause alarm.”
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