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.
On January 10, 2017, GFOA and 28 other issuer groups, including our state and local sister organizations, sent a message to the entire Congress in support of the preservation of the tax exemption of municipal bond interest. The message reiterated that the municipal bond is the only infrastructure financing tool that is accessible to jurisdictions of all sizes to effectively access the capital markets. We emphasize that the municipal bond is the best way to effectively implement the infrastructure needs of each community because decision making is made at the local level.
On January 3, 2017, the City of Roanoke, Virginia, passed a resolution urging the U.S. Congress to act on legislation that will enable state and local governments to collect revenues due to local government. Congressional inaction over the past several years has resulted in an increase in the Virginia state sales tax from to 5.3%, from 5%, and has placed significant limitations on the jurisdiction.
A RESOLUTION urging the United States Congress to enact legislation that will enable State and Local governments to collect revenues due to local government that are essential to the expansion of our local and regional economy, creation of thousands of new jobs, enhancement of the quality of life within our communities, and preservation of limited State and Local revenue sources.
I would like to extend a sincere thank you to the Multicultural Coalition Taskforce, all those who participated in the Multicultural Coalition survey, and all those who attended the annual meeting at the GFOA Black Caucus in Toronto. Higher than normal attendance and lively participation contributed to a healthy conversation about expanding the scope and mission of the Black Caucus.
On November 22, 2016, a Texas U.S. District Court judge issued a nationwide temporary injunction blocking the U.S. Department of Labor (DOL) from implementing new overtime pay rules scheduled to take effect December 1, 2016. Twenty-one states joined business groups filing suit in the eastern district of Texas to stop the DOL from implementing the rules, which they say would substantially increase employment costs.
The GFOA Executive Board approved two new best practices in addition to updates to four other existing best practices at the September 2016 meeting. These documents provide recommendations to government finance officers in the areas of treasury and investment management, and retirement administration and benefits administration.
The GFOA Executive Board approved two new best practices in addition to updates to four other existing best practices at the September 2016 meeting. These documents provide recommendations to government finance officers in the areas of treasury and investment management, retirement administration and benefits administration.
Now that the general election has concluded, we enter the hectic and exciting period of a new administration laying out its key goals and potential partnerships with Congress. Although President-elect Trump has not made municipal bonds a centerpiece of their campaign messaging, GFOA will work with the new administration to ensure that any new infrastructure financing plans recognize the importance of this centuries-long partnership, and that the tax-exemption remains intact.
On November 10, 2016, GFOA, along with the Leadership of the Committee on Governmental Debt Management, filed comments on the MSRB’s fiscal year 2017 Strategic Plan. The message reiterated approval for the MSRB’s work on EMMA, especially the development of platforms and features that enhance an issuer’s ability to use EMMA with greater ease and consistency, as evidenced in the groups’ recent work on improving the bank loan function. However, GFOA would appreciate the MSRB continuing to reach out to the association about further educational efforts and enhancements to EMMA.
(Chicago, Illinois October 26, 2016) Government Finance Officers Association (GFOA) announced the members of the second wave of its Alliance for Excellence in School Budgeting. The Alliance is composed of 36 school districts working with GFOA to implement Best Practices in School Budgeting. Alliance members include districts from 18 states across the U.S. serving anywhere from a several hundred students to over one hundred thousand students.
Alliance members include:
(Chicago, Illinois – October 25, 2016) Government Finance Officers Association (GFOA) will host its 111th Annual Conference, May 21-24, 2017, at the Colorado Convention Center in Denver, Colorado. Registration for the event is open on GFOA’s website (www.gfoa.org).
The conference is expected to bring together thousands of public finance professionals through:
Agency Develops Strategic Plan to Manage Short-Term Capital Assets
The Hillsborough Area Regional Transit Authority (HART) understood the importance of properly managing short-term capital assets. Even so, the organization—an independent taxing district chartered to provide public transportation for a coverage area roughly the size of Rhode Island—often found itself in reactive rather than planning mode. Frustrated with the constant need to play catch-up, the agency developed a strategic plan.
Budgeting is at the very core of local government finance, where it functions as a practical tool for setting policy, establishing priorities, promoting effectiveness and efficiency in operations, and ensuring both financial and programmatic accountability. Budgeting can only be as effective as the budget professionals who make it all happen. Government Finance Officers Association’s (GFOA) First Annual Better Budgeting web-streaming event on October 6, 2016, with an encore presentation on January 12, 2017, 2:00−4:00 p.m.
Government Finance Officers Association (GFOA) will offer its 21st Annual Governmental GAAP Update web-stream event on November 3, 2016, and again on December 1, 2016, from 1:00 to 5:00 pm (Eastern). The training will provide comprehensive coverage of the most recent developments in accounting and financial reporting for state and local governments, including:
The IRS priority guidelines released this month include two regulations of importance to many GFOA members: Issue price regulations and proposed rules on the definition of political subdivisions. The priority guidelines specify regulations that the U.S. Department of the Treasury will work on through June 30, 2017.
On August 24, 2016, the SEC Office of Municipal Securities issued a press release detailing enforcement actions against 71 municipal issuers and obligated persons for violations in municipal bond offerings from 2011 to 2014, as part of the Municipalities Continuing Disclosure Cooperation (MCDC) Initiative.
On February 1, 2016, the House of Representatives voted unanimously 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).
On August 15, 2016, S&P released commentary discussing the potential affects a continuing-disclosure settlement would have on muni credit from.
Throughout the month of August, your congressional delegation typically puts business on hold in Washington D.C. and heads home. The August Recess is designed to give members of Congress and their staff some time to reorient themselves, so it’s one of the very best times for constituents to meet with their members of Congress. Your advocacy during this period of time means the most because it allows your Congressional member to come face-to-face with the impact of federal preemption legislation, especially because of the deep fiscal impacts these have on localities within their districts.
It’s a work in progress—that’s how a new brief from the 40-state ACA Implementation Research Network, a project jointly operated by the Rockefeller Institute and the Brooking Institution, describes ACA implementation so far. Among the brief’s findings: Medicaid enrollments have exceeded early forecasts, as many people who had been eligible for Medicaid only learned of their eligibility when checking on the exchanges.
Reacting to a changing environment is nothing new for local governments, but determining the best response to change can still be difficult. Pueblo County, Colorado, used shared services to address its changing environment and made unexpected gains in the bargain. Faced with increasing software costs due to mandatory system upgrades, several Colorado counties began looking for other property assessment software options. Pueblo, one of the larger counties in the area, found out about the challenge its peers faced and offered to help by providing access to Pueblo County’s system.
As an associate member of the State and Local Legal Center, GFOA engages with other “Big Seven” members to write amicus briefs, ensuring that the court understands the impact of its findings on state and local governments. For a summary of the cases of special interest to state and local governments in 2016, take a look at the SLLC’s Supreme Court review summary.
Last week, a group of Senate lawmakers introduced legislation (S 3257) that would permanently raise the issuer limit on bank-qualified bonds from $10 million to $30 million. The legislation, which breathes new life into the effort to restore the annual issuer limit to $30 million, is the culmination of work by GFOA’s Federal Liaison Center with the offices of Senator Cardin (D-MD) and Senator Menendez (D-NJ).