Tim and those receiving this,
We will deal with the specifics concerning Texas on Saturday night’s call. The number for that is at the end of this Email.
This represents the starting point for your understanding the structure of your state. What has been uncovered this morning is that the Comprehensive Annual financial Report for the first three states I checked (Colorado, Georgia and Wisconsin) for references to “components” of the report that are not included yielded an important key. These components ARE your shadow government with fund balances that will dwarf the state budget. Each for profit and non-profit entity maintains fund balances NOT reflected on the state CAFR but in full compliance with the Governmental Accounting Standards Board (GASB). Gee, I wonder who established this entity? Can anyone say ATTORNEYS?
In most cases these component units are chaired by elected officials who appoint the balance of the…
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