Municipal Finance Data Forum October 3 rd @ NIU Naperville - PowerPoint PPT Presentation

Municipal Finance Data Forum October 3 rd @ NIU Naperville (Chicagoland)

Northern Illinois University

Center for Governmental Studies and NIU CGS Practice Areas • Association Management • Community and Economic Development • Workforce Development • Health and Technology Engagement • Informatics • Data Visualization • Public Management and Training • Survey Research

THANK YOU!

Hudson Hollister

Increasing interest in data standards in the US from government and industry 2005 2009 2014 2015 2016 2017 • FDIC: banks • SEC: public • DATA Act • Surety insurance • Dept of Energy: • SEC: Foreign companies, industry solar financing private issuers mutual funds, (IFRS) NRSROs Data Standards for Government Reporting 9/19/2019 6

2018 - A Pivotal Year for Government! XBRL US Working Group GREAT Act (grants, launches Version two of requires standardized Florida Passes HB 1073 the State and Local Single Audit report) Government Taxonomy Data Standards for Government Reporting 9/19/2019 7

Florida’s HB1073 calls for… 1 2 3 . one or more eXtensible suitable for county, a software tool that Business Reporting municipal, and special enables financial Language (XBRL) district financial filings statement filers to taxonomies easily create XBRL documents consistent with such taxonomies Data Standards for Government Reporting 9/19/2019 8

2019’s moment continues in the public sector Financial California SB Will County, IL OPEN Transparency 598 – Open GREAT Act Publishes iXBRL Government Act (FTA) (Again) Financial CAFR Data on Data Act Statements Act Public Website HR 4476 Data Standards for Government Reporting 9/19/2019 9

Marc Joffe

XBRL US State & Local Disclosure Modernization Working Group

XBRL US State & Local Government Disclosure Modernization Working Group ➢ Working group was formed after the passage of Florida HB 1073 ➢ We have released two demo taxonomies and over 20 sample filings ➢ Initial scope involves CAFRs, but we also hope to address: ➢ Additional single audit schedules ➢ Responses to the Census of Governments ➢ Annual financial disclosures required by various states ➢ We ultimately hope to reduce the cost: ➢ Government finance officers who must preparing and transmitting data ➢ Analysts, researchers, and oversight agencies that extract and analyze data ➢ With the potential benefits of greater municipal bond market efficiency and reduced borrowing costs Data Standards for Government Reporting 9/19/2019 12

Demonstration Preparing XBRL-formatted government data & Automating extraction of government data Data Standards for Government Reporting 9/19/2019 13