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.
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.