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 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.

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

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.

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.

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.

Financing Resilient Infrastructure

January 7, 2016

Most public finance professionals are carefully studying environmental and sustainability questions, but “getting it right” isn’t easy. Real-world, cost-first thinking means that prioritizing sustainability and resiliency in infrastructure will always be a challenge. Finance officers are generally accustomed to determining financial costs and benefits for capital projects rather than accounting for a project’s social and environmental impact.

Reducing Utility Bills through Better Asset Maintenance

December 17, 2015

The Tulsa Metropolitan Utility Authority (TMUA), like many of its peers, needed to identify revenue to replace its degrading system infrastructure. Over the years, the agency had become less effective, and while the water utility’s core services were strong, inefficient business processes had created stress points. The authority was looking at increasing water and wastewater bills, which would create hardships for lower-income households. It therefore began looking for ways to use performance management technology to link core utility services with support services.

Chief Resilience Officers and Strategic Spending

December 3, 2015

In an effort to better prepare for catastrophes, whether natural or man-made, the City of Norfolk, Virginia, chose to add a chief resilience officer (CRO) to its staff. The goal of the position is to create a single resource within the organization to prepare the community for cataclysmic events like earthquakes and hurricanes, as well as addressing ongoing challenges like rising sea levels, drought, or poverty. It’s an idea that’s been adopted by a few other cities, including San Francisco, California.