This is a guest post by Les Richmond, pension actuary for Build America Mutual. The new Government Accounting Standards Board changes described in this posting have implications for all cities. Here are some suggestions for cities that offer retiree healthcare benefits and sponsor those benefits themselves. Beginning in the fiscal year ending June 30, 2018,
The online sales tax loophole isn’t just an unfair disadvantage for local businesses – it also prevents cities from collecting the taxes already owed to them on remote online purchases. As we enter the season of gift-giving, local officials should be aware of an issue that costs their cities billions of dollars every year: the
Incorporating an active policy discussion about pension funding into the budget process – even in well-funded cities – is important, because the earlier pension funding problems are confronted, the less costly they will be overall, and the less burden will be placed on future generations of taxpayers. This is a guest post by Les Richmond.
There’s no silver bullet, and it will take the implementation of several steps to actually address problems in a meaningful way. This is a guest post by Ryan Holeywell. This is the third post in a series on NLC’s public sector retirement initiative. Cities are still struggling with soaring pension costs, and Houston, Texas – home to
The Government Accounting Standards Board’s (GASB) recent changes to pension and retiree healthcare liability disclosure shine a light on the long-term fiscal burden of these benefits – even when they are not controlled by the city. This is a guest post by David A. Vaudt. This post is the second in NLC’s Public Sector Retirement
NLC recently announced the Public Sector Retirement Initiative, designed to provide timely research and educational resources to help elected officials navigate the retirement landscape, solve local government retirement challenges, and help cities achieve greater fiscal sustainability. This post is the first in NLC’s Public Sector Retirement Initiative blog series. In 2009, the city of Atlanta
This post was co-written by Alysha Davis. President Obama issued a proclamation declaring April 2015 to be National Financial Capability Month. It’s described as a to time to “renew our efforts to support the informed financial decisions that will open doors into the middle class and help ensure economic security for all.” A couple receives
Beating the fiscal odds means cities are able to not only balance budgets, but continue to pioneer innovative solutions to the country’s most intractable challenges and lay the foundations for fiscal and economic growth. (Getty Images) As the economy continues to show hopeful yet nascent signs of recovery, cities remain cautious about their fiscal condition. They