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Update on GASB Proposal: Disclosure and Classification of Certain Capital Assets

Update on GASB Proposal: Disclosure and Classification of Certain Capital Assets

Last updated on January 25th, 2024Last September, the Governmental Accounting Standards Board (GASB) issued a proposal to require certain types of capital assets be disclosed separately for purposes of note disclosures and certain assets to be classified as “held for sale.” Stakeholders have been reviewing the proposal and comments were
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REMINDER! GASB Statement 101 on Compensated Absences Effective After December 15, 2023

REMINDER! GASB Statement 101 on Compensated Absences Effective After December 15, 2023

Last updated on December 22nd, 2023It has been almost a year and a half since GASB 101 on compensated absences was issued to  standardize how compensated absences are recognized, measured and disclosed. It takes effect for fiscal years beginning after December 15, 2023, although earlier application was encouraged. As a
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Plan for Pension Contribution Increases in Your Budget

Plan for Pension Contribution Increases in Your Budget

When the 2024-2025 budget season gets underway, be sure to account for increases in New York State and Local Retirement System (NYSLRS) employer contribution rates. The NYSLRS is made up of the Employees’ Retirement System (ERS) and the Police and Fire Retirement System (PFRS). The two systems pay retirement and
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New Incentive for New York Municipalities to Expand Affordable Housing

New Incentive for New York Municipalities to Expand Affordable Housing

If your municipality wants priority consideration for a number of New York State discretionary funds, it has to obtain Pro-Housing Community Certification. Although attempts to gain support of affordable housing initiatives in New York faltered earlier this year, Governor Hochul remains committed to boosting affordable housing by 800,000 units within
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Five Ideas to Strengthen Recruiting and Retention Results

Five Ideas to Strengthen Recruiting and Retention Results

If you’re reading this, I’m guessing I don’t need to tell you about the many challenges municipalities face when it comes to attracting and retaining employees. So, let’s get right to it – what can you do to enhance efforts to compete for and win talent today? While there are
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Cybersecurity Update: The Latest Plans, Threats, and Resources

Cybersecurity Update: The Latest Plans, Threats, and Resources

Well, I don’t think we have to take up time convincing anyone that cybercrime is increasing and municipalities are attractive targets (after healthcare and education, local government is the most frequent target for cybercriminals, according to KnowBe4.com). What is mind-boggling is that the threats have morphed from being attributable to
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New York’s Economy: An Update on the Ups and Downs

New York’s Economy: An Update on the Ups and Downs

Last updated on July 17th, 2023Tax revenues are slowing. Spending is up. Talk of an economic downturn continues, with a lot of speculation about when, how intense, and how long. What does all of this mean? Let’s take a look. Starting with the NY State Budget In May, New York
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New Funding Opportunities Announced: July 28 Deadline

New Funding Opportunities Announced: July 28 Deadline

Now that the debt ceiling crisis has been averted, there’s time to focus on other things – like upcoming funding opportunities through the Mid-Hudson Momentum Fund and regional economic development councils (REDCs). With July 28 at 4 p.m. as the deadline for both, here’s what to know and do… New!
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Map of Qualified Census Tracts (QCTs)

  • Move map to NY and scroll to zoom in
  • Under Map Options select “Color QCR Qualified Tracts”