“Responding to changes in accounting and reporting for pensions adopted by the Governmental Accounting and Standards Board (GASB),” writes the Virginia Municipal League on November 16, 2012, in VML ENEWS, “Moody’s Investors has followed up with its own proposed adjustments that spell trouble for localities entering the bond market.”

For cost shared pension plans, Moody’s proposes that the liabilities to be allocated to specific employers based on current contributions.

The proposed adjustments and changes in GASB rules were covered in a presentation by deputy auditor of Public Accounts Martha Mavredes at the Nov. 14 retreat held by the House Appropriations Committee in Suffolk. View Mavredes' presentation.