Government Finance Officers Association of Texas
Financial Reporting and Regulatory Response Committee
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LGIP
Bob Scott, City of Carrollton, Chair
Keith Dagen, City of Richardson, Vice Chair
Important Links:
http://www.sec.gov/info/municipal.shtml (municipal markets page)
Statement of Purpose:
The great recession, the collapse of the financial markets and the continuing financial stress of many prominent governments have created an environment of scrutiny and increased regulation that is unprecedented in the history of U.S. local governments. Rarely does a week go by that there is not a new proposal for regulating or a new criticism of local governments. These proposals come from many sources. The most familiar is of course the Governmental Accounting Standards Board (GASB) but the Securities and Exchange Commission (SEC) has always had jurisdiction in the case of fraud and now with passage of the Dodd-Frank Act could have the direct regulatory authority over local governments in regards to municipal debt securities. In addition, the Municipal Securities Rulemaking Board (MSRB) is also having an increasing impact (albeit indirect) on government issuers.
Therefore it is the mission of this committee to:
1) Proactively respond to proposed regulation of government with the goal of both protecting governments from bad regulations and promoting positive, common sense disclosure.
2) Promote and encourage our member governments to improve their financial reporting and financial disclosure practices.
3) Coordinate with the legislative committee regarding state and federal legislation of a financial reporting or financial compliance nature.
4) Actively participate in GFOAT conferences by suggesting session topics of on financial reporting and speaking at those sessions.
2011 Accomplishments/Work Plan
Responded to GASB Exposure Draft on Deferred Inflows and Outflows Download
Chair Presented at SEC Hearing on Municipal Disclosure (officially on behalf of national GFOA) Download
Currently reviewing and preparing a response for GASB Exposure Drafts on Pension Accounting and Reporting (September 30, 2011 deadline) Download
Plan to testify on behalf of GFOAT at GASB Public Hearing on Pensions (October 2011 timeframe)
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