By Joe Minicozzi, includes “… The primary failure of GASB (in my book) is the total failure to account for infrastructure as a liability. To GASB, roads are assets. Which makes some sense, if you are an entity with roots — as in the case with GASB — in the culture of bond brokers. … But for us citizens, infrastructure is our ongoing liability. … Using standards that only look at roads as “assets” and not as ‘liabilities’ hides their true cost. … The replacement costs of the first lifecycle of the expanses of infrastructure from 50 years ago have come due. …”
Read the full article on: StreetsBlog USA