Commentary
In 1997, the Government Accounting Standards Board (GASB) released GASB 31, requiring municipalities to mark their portfolios to market for financial reporting purposes.
A view from the Great Park Balloon in Irvine, Calif., on May 6, 2021. John Fredricks/The Epoch Times
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John Moorlach
Author
John Moorlach is the director of the California Policy Center's Center for Public Accountability. He has served as a California State Senator and Orange County Supervisor and Treasurer-Tax Collector. In 1994, he predicted the County's bankruptcy and participated in restoring and reforming the sixth most populated county in the nation.
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