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Tag: OPEB

REUTERS/RICK WILKING

Kersten Institute Warns Hundreds of Cal Agencies at Brink of Insolvency 

The Kersten Institute just published a warning that a fiscal storm will arrive in the next few months as new Government Accounting Standards Board (GASB) pension and benefit accounting standards push “potentially hundreds of California agencies to the brink of balance sheet insolvency,” causing Moody’s credit rating service to issue a massive number of “junk” downgrades and threaten “another wave of municipal bankruptcies in California.”