Section: Around the Nation

NASACT Members Elect 2022-23 Executive Committee Officers

Illinois State Treasurer Mike Frerichs is elected president of NASACT. New Executive Committee members include Bob Jaros from Colorado, Doug Ringler from Michigan and Dereck Davis from Maryland.

​ESG Practices in the Municipal Securities Market

The MSRB has issued a request for input on environmental, social, and governance (ESG) practices in the municipal securities market. NASACT will be crafting an association response.

Updated Reporting Guidance Now Available

The U.S. Treasury has posted updated guidance for reporting under the State and Local Fiscal Recovery Funds.

Why Move to the Cloud

Take a moment to consider what these opportunities might look like across operations and how cloud-based enterprise software can help. Once you’ve seen these benefits, the real question may be: Why isn’t your business already operating within the cloud?


Skelton will begin his duties as director with the GASB on April 1, 2021. He replaces David R. Bean, who will retire on March 31.

PRAC Releases Agile Toolkit

The guidelines in the toolkit pertain to reviews related not only to the effects of COVID-19 on federal operations (e.g., Coronavirus Aid, Relief, and Economic Security Act expenditures), but also to reviews of other emergent or ongoing challenges external to COVID-19, such as threats to health, safety, and the environment.

OMB Finalizes Changes to Uniform Guidance

The changes are in a number of areas specifically geared toward aligning with the work already underway as part of the President’s Management Agenda. OMB accepted many of NASACT’s suggestions, particularly clarifications regarding the use of “must” and “may.”


On February 21, several state government associations joined NASACT in sending a letter to the Financial Accounting Foundation to express strong concern over governance issues that led to the FAF's recent selection of a private sector individual to be the next chairman of the Governmental Accounting Standards Board.


There are important issues related to state and local government accounting addressed in this report. We believe the issue of greatest concern is a proposal in the invitation to comment section of the document to eliminate state and local government accounting from the CPA exam.

NACHA Takes Position of “No Enforcement” with Respect to Government Entities on "Supplementing Data Security Requirements"

Nacha will be taking a position of “no enforcement” of the new data security rule through June 30, 2021, with respect to government entities that are working in good faith toward implementation and compliance.

States Respond to GASB chair appointment

All previous GASB chairs have been state auditors. Importantly, state auditors will now be left without any representation on the GASB. This fundamentally compromises the diversity of the GASB.

Private sector CPA appointed to be next GASB Chairman

The Board of Trustees of the Financial Accounting Foundation (FAF) today announced that it has appointed Joel M. Black as the next chair of the Governmental Accounting Standards Board (GASB).

FAF Names Kathleen L. Casey as Chair; Appoints 5 New Members to the Board

The FAF has elected Kathleen L. Casey as its next chair. Ms. Casey’s three-year appointment takes effect January 1, 2020.


Entities that did not have new expenditures under 10.766/10.780 (as defined by 2 CFE 200.502(b)) during FY 2019 will not have to report 10.766/10.780 awards on the SEFA for FY 2019.

NASACT Announces New Executive Committee Officers, Beth Pearce to Serve as President

A Message from NASACT's President

How quickly a year goes by! It seems like we were just together in Salt Lake City last August for the annual conference, and now the 2019 conference is just around the corner. I hope you will join me and my co-hosts in Scottsdale this August 17-21.

Mastercard, Mercator Advisory and NASACT Release Report on New York Payment Operations

Click to view the report, State of Payments: Study of the Payments of the State of New York - Project Findings.


NASACT members should be aware that the software company seeking to have the legislation passed is billing it as an important fraud prevention and accountability tool. Your office may receive questions from your state legislators.


Several NASACT Executive Committee members recently participated in a bi-national U.S./Mexico forum entitled “Transparency, Accountability and Ethics in Public Management.”

XBRL US CAFR Taxonomy Released for Review

XBRL US recently released its draft CAFR taxonomy for public comment.

National Fraud Summit Team Makes Recommendations on Naming Conventions for ACH Tax Refunds

Members of the financial industry, state revenue tax agencies, the National Automated Clearinghouse Association, and the Internal Revenue Service have banded together to combat identity theft and prevent fraud by making recommendations on naming conventions for ACH tax refunds.

GAO Stresses Need to Involve State Auditors During Medicaid Improper Payments Hearing

During the hearing, the comptroller general stressed the need to involve the state audit community in addressing improper payments in the Medicaid program.

GAO Unable to Express Opinion on U.S. Consolidated Financial Statements

The U.S. Government Accountability Office has released its audit of the U.S. government’s consolidated financial statements for fiscal years 2017 and 2016, finding that much work remains to improve federal financial management.

FAF Names New Trustees, Former GFOA CEO is the New Government Trustee

The Board of Trustees of the Financial Accounting Foundation has announced the appointment of Kathleen L. Casey, Jeffrey L. Esser, and David C. Villa to the FAF Board of Trustees, effective January 1, 2018.

NASACT 2017 Breaks Attendance Records

NASACT President and Tennessee State Treasurer David H. Lillard, Jr., recently welcomed state finance officials from around the nation to Nashville, Tennessee for the association's 102nd annual conference. Over 500 were in attendance, a record for recent history.

Message from Immediate Past President Lillard

As my tenure is coming to a close, I want to leave you with one particular observation, and that is the importance of being active.

NFMA Seeks Comments on Disclosure of Statutory Liens

The National Federation of Municipal Analysts has released a draft white paper on “General Obligation Bond Payment Protections: Statutory Liens and Related Disclosure.” The NFMA addressed this topic in a white paper “to call attention to the lack of uniform, transparent and clear disclosure of the payment sources and security protections afforded” to the holders of general obligation debt.

NASBO Releases Latest Fiscal Survey of the States

The National Association of State Budget Officers has released a new report on the general view of state government fiscal health. NASBO found that most state budgets continue to grow at a moderate pace after several years of slow recovery following the Great Recession. However, the progress has been uneven across states, and long-term spending pressures remain in areas such as health care, education, pensions and infrastructure...

NASRA Completes Review of State Pension Reforms

With assistance from the American Association of Retired Persons, the National Association of State Retirement Administrators recently completed a comprehensive review of state pension reforms since the Great Recession. The report, Significant Reforms to State Retirement Systems, found this to be the greatest period of change in the history of public pensions...