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Author:  W. Bartley Hildreth.

Source: Volume 20, Number 04, Winter 2000 , pp.1-82(82)

Municipal Finance Journal

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This issue contains three panel proceedings from the National Federation of Municipal Analysts’ (NFMA) 1999 annual conference. As introduced by bond counsel Ann-Ellen Hornidge, the first panel focuses on market disclosure and related enforcement actions by the Securities and Exchange Commission. Given that 26 states have initiative or referendum provisions, the second NFMA panel, chaired by portfolio research manager Mary Colby, provides insights into the structure and impact of these forms of direct democracy. The third NFMA panel, on current issues, was summarized by one participant as involving the transportation of vehicles, energy and effluent! In an article based on a national survey, public administration professor Theodore J. Stumm contends that citizens are misled in estimating the cost of public goods and services when municipal enterprise revenues are transferred to support non-enterprise programs. In addition to the four articles listed above, the complete issue also includes the full text of two regular features: Accounting professor Catherine L. Staples, in the GASB Update, reviews Statement No. 34, the new financial reporting framework adopted in June by the Governmental Accounting Standards Board. Every participant in the municipal market and state and local finance should become familiar with these new changes in generally accepted accounting principles (GAAP). In his last Washington Update before turning the column over to two new columnists, tax law expert Paul Streckfus examines changes in IRS staffing that are likely to lead to a doubling of the number of bond audits.

Keywords: Disclosure; initiative and referendum; revenue transfers; state revolving funds; transportation finance

Affiliations:  1: Wichita State University.

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