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

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Jun 05, 2023 344 likes •477 views

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

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Municipal Finance Data Forum

October 3rd @ NIU Naperville (Chicagoland)

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Northern Illinois University

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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

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THANK YOU!

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Hudson Hollister

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Increasing interest in data standards in the US from government and industry

Data Standards for Government Reporting 9/19/2019 6

2005

FDIC: banks

2009

SEC: public

companies, mutual funds, NRSROs

2014

DATA Act

2015

Surety insurance

industry

2016

Dept of Energy:

solar financing

2017

SEC: Foreign

private issuers (IFRS)

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2018 - A Pivotal Year for Government!

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GREAT Act (grants, requires standardized Single Audit report) Florida Passes HB 1073 XBRL US Working Group launches Version two of the State and Local Government Taxonomy

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Florida’s HB1073 calls for…

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ne or more eXtensible

Business Reporting Language (XBRL) taxonomies

1

suitable for county, municipal, and special district financial filings

2

a software tool that enables financial statement filers to easily create XBRL documents consistent with such taxonomies

3

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2019’s moment continues in the public sector

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OPEN Government Data Act GREAT Act (Again) California SB 598 – Open Financial Statements Act Will County, IL Publishes iXBRL CAFR Data on Public Website Financial Transparency Act (FTA) HR 4476

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Marc Joffe

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XBRL US State & Local Disclosure Modernization Working Group

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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

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Demonstration

Preparing XBRL-formatted government data & Automating extraction of government data

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