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GASB 45, 58 and 60 OPEB, Bankruptcy and P3 Strategies

 
During the next year or so it is likely that among the several pending Chapter 9 cases in federal bankruptcy court, a judge will create new municipal finance law by determining whether (i) tax-supported municipal obligations are unsecured debts subject to stay of enforcement and adjustment as to amount, and (ii) whether state law guarantied pension obligations and retirement health benefits (OPEB) are unsecured debts subject to stay of enforcement and adjustment as to amount, and/or subject to adjustment under state law without violating the federal contract clause. Should these determinations be in the affirmative, municipalities, especially large urban central cities, may find resort to Chapter 9 an attractive approach to stem unsustainable costs, and thereafter, find financing public facilities through public private-partnerships (P3) a more cost effective and efficient method to deliver public services.

Local governments are familiar with GASB Rule 45, the accounting treatment of OPEB, in effect since 2006, even though best practices compliance with the rule may be a near impossibility in the face of fiscal stress since the Great Recession of 2008. But few may be familiar with GASB Rule 58 which addresses accounting treatment during and after a Chapter 9 proceeding, in effect since 2011, or with GASB Rule 60, the accounting treatment of P3 arrangements, effective in 2013. Understanding the basic concepts of these three GASB rules may be useful in multi-year resolution of budget and finance issues to close the yawning gap between expenses and revenues which plague urban America.

Faculty

Kenneth W. Bond

Kenneth W. Bond

Squire Patton Boggs LLP

Agenda

Faculty

Kenneth W. Bond

Kenneth W. Bond

Squire Patton Boggs LLP

  • Senior partner of Squire Patton Boggs LLP
  • One of the top 20 international law firms and one of the top 10 public finance law firms in the U.S.
  • Recognized expert in tax-supported and appropriation-backed infrastructure financing for states and local governments
  • Adjunct professor at Albany Law School
  • Published numerous articles on finance topics
  • LL.M. degree, The Johns Hopkins University; J.D. degree, University of California (Hastings) School of Law

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