Governor-elect Tony Evers says he wants to move the state budget away from cash accounting and toward GAAP accounting.
Evers says people in the state expect transparency when it comes to the budget. He says cash accounting can make the state’s balance sheet look better than it actually is. He says he did GAAP accounting in local government and it worked quite well.
GAAP stands for generally accepted accounting principles. Evers says it’s unlikely the next budget will utilize GAAP but he hopes the state will get there eventually.
