A call to revise how Chicago funds teacher pensions
As public school officials here announced $200m in budget cuts and outlined plans to eliminate about 1,400 jobs, Mayor Rahm Emanuel called for a broad rethinking of how teacher pensions in Illinois are funded. (New York Times)
Alberta says last year’s budget surplus bigger than expected
The Canadian province of Alberta its budget surplus for the last fiscal year was nearly C$350 million ($280.2m) bigger than forecast even though oil prices plunged in the second half of the year. (Reuters)
Illinois Democrats seek temporary budget to keep government open
The financially troubled state of Illinois edged closer to a government shutdown as Democratic lawmakers and the Republican governor failed to resolve a budget impasse ahead of a midnight deadline. (Reuters)
GASB Revamps GAAP Hierarchy for State and Local Governments
The Governmental Accounting Standards Board has finalized a new standard that aims to simplify the structure of the hierarchy of Generally Accepted Accounting Principles for state and local governments. (Accounting Today)
Canadian Government agrees to work with United Kingdom on nuclear power
Canada has signed a Memorandum of Understanding with the United Kingdom on nuclear energy cooperation. This government says the MOU will help position Canada’s nuclear industry to capture opportunities in the growing UK nuclear energy market. (Canadian Manufacturing)
