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Friday, February 5, 2010 - 1:04pm

DOT Board Reverses Accounting

The Board of the Georgia Department of Transportation reversed its decision to change accounting procedures today. Yesterday DOT Board Members were summoned to the capitol where State Senators gave them a verbal reprimand for trying to switch from cash based system to accrued accounting. Such accounting, lawmakers told the board, is illegal and the switch could negatively affect the states bond rating.
The DOT then called a special meeting for today, where members reversed their decision.
Governor Perdue is asking for 300 million dollars in Transportation bonds in this year’s budget. A change in accounting procedures could have jeopardized that bond package.