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The issue is that the cash currently available does not cover the current expenses of the city," said Walter Turbeville, the report's author, a former Goldman Sachs investment banker and a leading expert in infrastructure finance and public private partnerships.
Bobbie Abrams, 76, has a more pressing concern: helping them with current expenses.
Paying current expenses by selling bonds is almost always bad policy.
He's the first candidate who has spoken up for any aspect of the current expenses regime.
But it's having no problem at all borrowing to pay for current expenses.
Borrowing to pay current expenses is generally bad budgeting and, in New York, a potential invitation to suits by bondholders.
Similar(12)
Instead, it is counted as a current expense, and charged in full in the year it occurs.
In Europe it is generally counted as a current expense and so is excluded from final output.
Conventional financial reporting treats investment in these internally generated, intangible sources of income as current expense, excluding them from balance sheets.
Re "A Question of Accounting Has No Easy Answer" (Economic View, July 21), which discussed how the treatment of stock options as expenses would affect the economy as a whole: The granting of a stock option creates no current expense for a company, and, as the column pointed out, estimating its potential future cost is fraught with difficulties.
But Callinan manages to keep expenses relatively low for a managed fund, with the current expense ratio at 1.47%.
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