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Advancing Ordinances and the Public Water Utility

Recently, there has been an exciting expansion in the definition of “assets” for the public water utility that could encourage more ‘green’ infrastructure to be funded. This is being encouraged by the GASB 62 rule. This rule has been on the books for years, but clarifying the rule is giving it new life to the public water utility. This update was carried out by the Government Accounting Standards Board (GASB), which is a private-sector organization that establishes accounting and financial reporting standards within the United States. The clarified rule is relevant to public water utilities because assets must be utility-owned infrastructure to be supported by bonds.