State government’s adoption of new accounting methods revealing dirty fiscal laundry

Posted on July 25, 2011. Filed under: Uncategorized |

Past President and Fixing Our Future “sweetheart of the media” Marcia Marien (managing partner of Marien + Company, LLC in Norwich) was quoted in The Day yesterday on the state’s transition to GAAP:

“This is just a baby step in a huge hike we have to take,” said Marcia Marien, the society’s past president and managing partner of Marien + Company CPAs in Norwich. “Everyone’s saying, ‘Oh, this is so responsible. Businesses use GAAP.’ But they don’t realize there’s two types of GAAP.”

The article spotlights the “three big shockers” exposed by GAAP:

  • “Connecticut arguably doesn’t have a balanced budget.
  • There is actually a deficit of $1.5 billion.
  • That deficit could be even bigger: $20 billion, or even a hair-raising $60 billion, in the view of some accountants.”

Thanks, Marcia, for continuing to spread the word.

In other news…

Just after 10 p.m. Friday night, Governor Dannel Malloy announced a tentative new concessions deal.

More than 1,800 layoff notices have already been issued, and SEBAC bylaws were quickly changed last Monday to allow ratification by a simple majority of eight of 15 unions, rather than 14 of 15. Union officials are busily clarifying some of the areas of concern from the last vote, including but not limited to concerns about the proposed healthcare plan.

View the resources provided to union members on the new deal.

There has been no word yet on a voting timeline.

What do you think? Will we have a new deal?

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