A new financial health dashboard tool launched by the California State Auditor allows the public to compare the finances of 471 cities within California. The hope is that this dashboard can help provide the kind of oversight needed to identify cities at risk of filing for bankruptcy or defaulting on municipal bonds. The dashboard found […]
In 2018 Florida passed a bill that could require local governments to submit financial data in machine-readable format. California has recently followed suit, and the second version of the Demonstration Comprehensive Annual Financial Report (CAFR) Taxonomy, currently out for review, will also aid the process. But what benefits would standardisation bring? Beyond abstract accolades of increased transparency, […]
The Financial Transparency Act (FTA) was reintroduced into US Congress this week, potentially paving the way for a significant advance in data standards that would benefit the business community and regulators alike. The bipartisan bill, which has long been supported by the Data Coalition, and our colleagues at XBRL US, aims to introduce a number of […]
At next month’s Data Amplified conference, hear from Marc Joffe, the leading advocate for the modernisation of local government reporting in the United States. Hear how the use of structured data will improve decision making within government and the credit rating process, leading to improved bond programs for funding infrastructure in that country. With an […]
Last week we reported that California have voted to test machine-readable reporting, passing Bill 598, which calls for a commission to build a test taxonomy and make recommendations on moving local reporting to a machine-readable format. The task of developing a test taxonomy will be greatly simplified by the work of the XBRL US State and […]
In a significant step forward for municipal reporting standards this week the California Assembly passed a bill that will set the state on the path to machine-readable reporting.
California could be on their way to join Florida in leading America’s state and local government towards transparent, easily accessed financial statements. The Open Financial Statement’s Act, SB 598, which has passed in the Senate and is soon to go to Senate Assembly, is the latest in a long trail of small steps towards local […]
In a series of articles on Forbes discussing the influence of technology on municipal governments and the municipal bond market Barnet Sherman has highlighted the positive effects of data analytics. Technology and data are driving a push for evidence-based policy in municipal governments. Big data analytics is being looked to for better planning and execution, […]