CCMA, the California Committee on Municipal Accounting, has issued a white paper to provide accounting and financial reporting guidance to local governments affected by the State of California’s borrowing of local property taxes under the emergency suspension of Proposition 1A. The paper addresses accounting issues both for agencies that participated in the securitization program as well as for agencies that did not securitize the loan.
Click here to view the white paper.
The California Committee on Municipal Accounting is comprised of representatives of the League of California Cities and the California Society of Certified Public Accountants. The primary purpose of CCMA is to serve the public interest by providing guidance to promote the highest degree of sound financial administration and ensuring the fullest cooperation between city officials and members of the independent accounting profession. The League thanks Dennis Kauffman, Accounting Manager of the City of Sacramento, who was the principal author of the white paper.
You may also use this link to view the white paper: http://www.cacities.org/resource_files/28757.WPProp 1A-10.pdf