Mark Simmons, a Principal with Parker Poe Consulting, recently shared with a statewide gathering of municipal officers and developers his perspective on how new accounting standards will change the way South Carolina counties analyze and disclose the economic incentives they offer.
Simmons was a speaker at an educational session Wednesday, Nov. 18, in the Columbia Conference Center sponsored by the South Carolina Economic Developers Association and the Municipal Association of South Carolina.
Simmons provided the site consultant’s perspective on GASB 77, a new rule by the Governmental Accounting Standards Board that changes how state and local governments must report the financial impacts of incentives offered to new and expanding companies.
The rule goes into effect on Dec. 15 and, among other requirements, for the first time mandates the disclosure of tax abatement agreements in the counties’ annual financial statements.
“Now more than ever, counties need to do a thorough cost/benefit analysis on all incentives they offer to ensure the quality of these deals,” says Simmons, a veteran at negotiating and evaluating economic incentives that include tax abatements and infrastructure improvements.
Parker Poe Consulting is a corporate site selection and economic incentives consulting firm. The Parker Poe Consulting team provides site selection services to find data-driven solutions for clients who are expanding their footprints and considering new capital investments and job creation. Parker Poe Consulting also provides economic incentives consulting services to growing companies, helping clients navigate and negotiate incentives for economic development projects. From global conglomerates to family-owned businesses, Parker Poe Consulting positions companies to make informed project decisions that will maximize operational effectiveness while reducing costs.