GASB Budget Woes, Fear of SEC, Behind NASACT's Bond-Fee Idea

Hume, Lynn
June 2003
Bond Buyer;6/27/2003, Vol. 344 Issue 31666, p1
Trade Publication
Fearful that a Governmental Accounting Standards Board (GASB) budget shortfall could lead to federal funding and control of GASB, the National Association of State Auditors, Comptrollers & Treasurers (NASACT) is considering ideas for eliminating the shortfall and stabilizing funding for the board, such as through a municipal bond fee. Relmond Van Daniker, executive director of NASACT, stressed that NASACT board members are still in the discussion stage on this issue, but that one idea under consideration is a one-cent or more fee on every $1,000 of bonds issued. GASB financial woes were detailed last month at the Government Finance Officers Association's annual meeting in New York City.


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