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Assessing the Relationship Between Objective and Subjective Measures of Fiscal Condition Using Government-Wide Statements


  • An earlier version of this paper was presented at the 2012 Annual Conference of the Association for Budgeting and Financial Management, October 11–13, 2012. This study has benefited from the helpful comments of the journal's reviewers and editor. Any errors are the sole responsibility of the authors.


Government Accounting Standards Board (GASB) Statement 34 has been in effect for a decade yet there is limited research examining government-wide financial reporting data. This study builds on our ability to delve into the fiscal condition of Wisconsin counties during the Great Recession. The principal aims of the research are: (1) expand on works utilizing GASB 34 reporting requirements; (2) report on county administrators perceptions of fiscal condition; and (3) examine the relationship between subjective and objective measures of fiscal condition. We find little evidence that objective fiscal condition indices are related to subjective administrative assessments of fiscal condition.

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