News

News

GFOA is always on the lookout for news items that will be useful for finance professionals, research that might help you do your job better, and legal and regulatory updates you need to know about. Check the GFOA news page for the updates and any relevant GFOA announcements, and see the GFOA Newsletter archive for back issues of our weekly electronic newsletter.

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GFOA Awards Frank L. Greathouse Government Accounting Scholarship

April 25, 2016

The Government Finance Officers Association (GFOA) has announced the recipients of its 2016 scholarships. The GFOA’s mission is to enhance and promote the professional management of governments. Among the ways GFOA accomplishes its mission is through education, training, and leadership.

The recipients of the two awards for the Frank L. Greathouse Government Accounting Scholarship are Jean Iannuzzi and Cassandra J. Roush. Each will receive $8,000.

GFOA Awards 2016 Scholarships

April 25, 2016

The Government Finance Officers Association (GFOA) has announced the recipients of its 2016 scholarships. GFOA’s mission is to enhance and promote the professional management of governments and the awarding of scholarships is one of the ways the GFOA accomplishes its mission.

GFOA Awards Government Finance Professional Development Scholarship

April 22, 2016

The Government Finance Officers Association (GFOA) has announced the recipients of its 2016 scholarships. GFOA’s mission is to enhance and promote the professional management of governments. Among the ways GFOA accomplishes its mission is through education, training, and leadership.

The recipients of the four awards for the Government Finance Professional Development Scholarship are Kaye M. Matucheski, Shonna Neary, Scott Smith, and Danielle Denise Young. Each will receive $8,000.

Keynote Speakers to Highlight GFOA’s 110th Annual Conference in Toronto

April 22, 2016

The Government Finance Officers Association’s (GFOA) 110th Annual Conference, Sharing Solutions and Strategies, will be held May 22─25, 2016, at the Metro Toronto Convention Centre in Toronto, Ontario, Canada. The keynote speakers will be Bruce Tulgan, who will speak during the opening general session, and Richard Florida, who will address delegates during the general session.

Federal Reserve Approves Restrictive Rule on High Quality Liquid Assets

April 7, 2016

On April 1, 2016, the Federal Reserve Board announced that it will adopt a final rule that would classify a very limited number of investment-grade, liquid, and readily marketable municipal securities as high quality liquid assets (HQLA). The Federal Reserve’s action follows its May 2015 to amend the 2014 Liquidity Coverage Ratio rule, which classifies foreign sovereign debt securities as HQLA while excluding investment-grade municipal securities in any of the acceptable investment categories for banks to meet new liquidity standards.

MSRB Requests Comments on Regulatory Approach to Bank Loan Disclosure

April 7, 2016

On March 28, 2016, the Municipal Securities Rulemaking Board (MSRB) announced that it is seeking public comment on a regulatory approach that would require municipal advisors to disclose information about the bank loans and direct purchases of their municipal entity clients to the MSRB’s Electronic Municipal Market Access (EMMA) website. GFOA has significant concerns with this proposal, including the following:

House Introduces Public Employee Pension Transparency Act Bill

March 24, 2016

On March 22, Devin Nunes (CA-22) introduced the Public Employee Pension Transparency Act (PEPTA), HR 4822. This legislation is identical to previously proposed and ultimately unsuccessful versions of PEPTA introduced in the last two sessions of Congress. The act would require sponsors of state and local defined benefit plans to report plan liabilities to the Secretary of the Treasury annually in order to retain their federal tax-exempt bond status.

Making Sure Public Pension Plans are Sustainable

March 3, 2016

Public pension funding levels are up and costs to manage the plans are down, according to the 2015 National Conference on Public Employee Retirement Systems (NCPERS) Public Retirement Study. Public pension funding levels are at 74.1%, up from 71.5% the year before. Among the nearly 200 public retirement systems surveyed, the average cost to administer the plans was 60 cents for every $100 managed, down from 61.1 cents a year earlier.

Financial Policy Drives Outcomes in Boulder

February 25, 2016

The implementation of financial policies often yields strong, positive results for local governments over time. The City of Boulder, Colorado, is an example – the use of financial policies allowed the city to identify the best courses of action, establish parameters in which the government would operate, and develop standards to use in judging the government’s fiscal performance. 

Supreme Court Justice Scalia’s Impact on State and Local Government

February 18, 2016

The death of Justice Antonin Scalia this weekend comes at a significant time, as the United States approaches a presidential election. Unsurprisingly, while some of the news coverage has focused on the substance of Scalia’s nearly 30-year career as a Supreme Court justice, much of it has focused on the challenges of replacing him.

Rethinking Organizational Structure to Increase Efficiency

February 11, 2016

Many governments struggle with striking the right balance between specialization and flexibility. There is no perfect answer to this challenge, but focusing on function is a promising place to start. Outdated organizational structures designed to accommodate older technology keep many organizations from building teams, departments, and organizational units in ways that maximize efficiency.

GFOA Alert: The SEC MCDC Initiative and Issuer Settlements

February 10, 2016

Following three rounds of settlements with underwriters and broker dealers under the Securities and Exchange Commission’s (SEC) 2014 Municipalities Continuing Disclosure Cooperation (MCDC) Initiative, the SEC’s Enforcement Division has begun reaching out to government debt issuers who participated in the program.  As issuers receive calls and settlement proposals from the SEC in the coming weeks, the GFOA wants to alert membe

U.S. House Approves Bill to Classify Muni Securities as High Quality Liquid Assets

February 2, 2016

On February 1, the House voted to approve HR 2209, bipartisan legislation that would require federal regulators to classify all investment-grade, liquid, and readily marketable municipal securities as high quality liquid assets (HQLA). This important legislation is necessary to amend the liquidity coverage ratio rule approved by federal regulators last fall, which classifies foreign sovereign debt securities as HQLA while excluding investment-grade municipal securities in any of the acceptable investment categories for banks to meet new liquidity standards.

GFOA Unveils Bank-Qualified Debt Resource Center

February 2, 2016

This week, GFOA unveiled a new resource center to help local governments support HR 2229 – the Municipal Bond Market Support Act of 2015, legislation to increase the bank-qualified debt limit from $10 million to $30 million. Bank-qualified bonds were created in 1986 to encourage banks to invest in tax-exempt bonds from smaller, less-frequent municipal bond issuers, and to provide those municipalities issuing $10 million or less in a calendar year with access to the lower-cost borrowing.

General Fund Reserves Help Boost Bond Ratings

January 14, 2016

Since the recession of 2008, economic conditions have fluctuated between adequate and poor for the City of Elgin, Illinois, but it has been able to stabilize its bond rating through strong financial policies – most notably, those governing its general fund reserve levels. In fiscal 2009, on the heels of the largest economic downturn in recent history, Elgin’s revenue picture looked uncertain. The city had demonstrated sound financial stewardship but couldn’t escape the impact of broader, nation-wide, economic conditions.


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