CPA Firm Pun & McGeady Joins Forces With Law Firm to Tackle Looming Economic Crisis

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Addressing the Financial Woes of California's Struggling Municipalities

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Unless our city leaders take effective corrective action, the fiscal crisis is likely to get much worse.

A newly formed strategic alliance between two California companies, a CPA firm (Pun & McGeady LLP) and a law firm (SulmeyerKupetz) makes them uniquely qualified to help distressed local governments address and resolve their financial crisis.

California's cities are in fiscal trouble. According to a CNBC October 3, 2012 article, many municipalities are likely to join Stockton and San Bernardino in bankruptcy. While this Pew info-graphic downplays the number of bankruptcies since the crisis of 2007 & 2008, and the states have helped municipalities. With California surfacing from its own economic troubles, the best help the cities can expect is greater state oversight. The seriousness of the city debt crisis is underscored by this video.

How did our cities get into this much trouble?
Municipalities, especially those located in California, are facing severe financial difficulties. The financial crisis has been years in the making. Some contributing factors are:

  •     The nation's crushing recession
  •     High unemployment
  •     Foreclosures and bankruptcies
  •     Escalating pension and health care costs
  •     Lucrative labor agreements
  •     Sacramento's raid on redevelopment funds

How can our cities get out of this crisis?
Unless our city leaders take effective corrective action, the fiscal crisis is likely to get much worse.

Above all, what cities need is sound financial and legal advice.

The CPA firm's specialty is fiscal crisis management of municipalities that are in financial distress and the law firm specializes in representing local public entities to avoid formal court process, or a municipal reorganization where an out-of-court workout is not feasible.

The complementary strengths of these two firms can provide services that go a long way towards resolving the financial crises that loom over so many distressed California municipalities. Services include:

  •     Assist management with Financial Condition Analysis
  •     Outsourced accounting services
  •     Organization Structure Review
  •     AB 506 Consulting
  •     Cash Flow Analysis
  •     Restricted Resources Determination, Classification, and Documentation
  •     Litigation Support
  •     Review and update current financial records
  •     Fraud Review
  •     Redevelopment Funds review
  •     Analysis of Proper Fund accounting

Kenneth Pun, Gary Caporicci, and Gary Watts from Pun & McGeady jointly announced the new alliance between the Certified Public Accounting firm and the law firm of Sulmeyer Kupetz.

Not all bad news
As the graph below illustrates, municipal revenues are recovering, but many municipalities can use the help of experts to assist in financial restructuring.

Pun & McGeady LLP ( is a full-service Certified Public Accounting Firm with offices in Irvine and San Diego, California. (855 276 4272) info(at)pm-llp(dot)com

SulmeyerKupetz ( is a financial restructuring and litigation firm that specializes in dispute resolution, based in Los Angeles and Orange County (213 626 2311) inquire(at)sulmeyerlaw(dot)com

By joining forces, these firms are in a unique position to help municipalities recover financially.

If you would like more information, or to schedule an interview, call Pun & McGeady at (855) 276-4272 or e-mail at info(at)pm-llp(dot)com.

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Charles Verhoeff

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