AGA Conference Focuses on States’ Reliance on Federal Funds
San Diego — August 2, 2012 — Pat Byer, federal government managing partner at CliftonLarsonAllen, moderated a well-attended panel discussion on intergovernmental financial dependency (IFD) and its potential impact on state and local governments at the recent Association of Government Accountants Professional Development Conference.
Byer was joined by panelists Emily Raimes of Moody’s Investment Services and Jim Cheng, the Commonwealth of Virginia’s secretary of commerce and trade. The group discussed how federal funds have a direct and indirect impact on state and local governments’ budgets, and how the impending budget crisis could impact this situation. States receive an average of 40 percent of their revenues directly from the federal government.
“It’s definitely one of the major risks we’re looking at right now,” said Raimes. “And we’re closely watching what states will do to mitigate these risks.”
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