GASB 77 requires governments to include the value of forgone revenue that has resulted from tax abatement agreements in their future financial statements. Our consultants employ the following three-step process to assist governments with these new GASB 77 reporting requirements:
- Comprehensive review of all tax abatement and incentive agreements including those entered into by other governments affecting the reporting government's tax revenue.
- Financial analysis including both the government's incoming tax revenues and forgone tax revenues resulting from the tax and incentive agreements identified in Step 1.
- Interface directly with accountants, auditors and all affected levels of government (i.e. cities, towns and school districts), maximizing the probability for a successful review and audit.
Contact us for more on how we can help: Mark Simmons at Mark@ParkerPoeConsulting.com or Milton Pope at Milton@ParkerPoeConsulting.com.