Committee On Governmental Debt Management (DEBT)

Committee in Brief

The GFOA Committee on Governmental Debt and Fiscal Policy promotes sound financial practices for local, state, and provincial governments. The Committee works on best practices, actively engages with participants in the market to help develop guidelines and updates for its members, and monitors legislative and regulatory activities that impact the ability of state and local governments to continue borrowing in a cost effective manner.

During the past year, the GFOA Committee on Governmental Debt and Fiscal Policy has undertaken projects and addressed a number of important policy issues with the objective of promoting sound financial practices for local, state, and provincial governments. The Committee continued its work on best practices, actively worked with participants in the market to help develop guidelines and updates for its members, and monitored legislative and regulatory activities which would impact the ability of state and local governments to continue borrowing in a cost-effective manner.


Best Practices and Advisories in Governmental Debt Management 


2014 Winter Meeting Agenda


2013 Annual Conference Material


February 2013 Debt Management Committee Background Documents

AGENDA – revised

Tax Reform
GFOA et al Dec 2012 letter
Firestine op-ed, December 2012
Briefing Sheet:  CAPS!

Federal Focus:  Tax Reform
Jim Spiotto – The Renewed Battle Over Tax-Exempt Interest on State and Local Government Debt Obligations

Direct Subsidy Bonds/Payments – Sequestration
Bond Buyer article
GFOA et al letter

SEC Municipal Advisor Rule
Bond Buyer article regarding House Hearing
NAIPFA op-ed
Firestine Testimony, July 2012

GFOA Public Policy Statement

Federal Focus: SEC Muni Paper
Link to SEC paper


MSRB Rule G-17
GFOA March 2012 Comment Letter


MSRB – Retail Order Periods
MSRB Notice

GFOA Comment Letter, November 2012

GFOA Comment Letter, April 2012


MSRB – Not Reoffered Rulemaking
Link to Final Rule
GFOA April 2012 Comment Letter


MSRB Rule – Financial Conflicts of Interest – FA and UW
GFOA Aug 2012 Comment letter

MSRB Request for Comment About Rulemaking
MSRB Notice 

MSRB Proposed Rule on Underwriter Posting Issuer’s POS
Read more

GFOA/SIFMA/NAIPFA Letter, October 2012


GFOA et al, October 2012 Letter


Volcker Rule
GFOA et al, February 2012 Letter


Best Practices

Fees Charged in a Bond Transaction
2/2013 Draft

Bank Loans

Smaller Issuer Series
Draft - Questionnaire

Draft - Primer BP

Harlita Document, June 2012


For Review

ADVISORY – Evaluating the Use of Pension Obligation Bonds

ADVISORY – Need For Considerable Caution in Regard to OPEB Bonds

Best Practice – Investment of Bond Proceeds

Best Practice – Selecting Financial Advisors

Best Practice – Selecting Underwriter in a Negotiated Sale


2012 Annual Conference Material


CHAIR: Ben Watkins, Director, State of Florida - Division of Bond Finance
VICE CHAIR: Nancy Winkler, City Treasurer and Deputy Finance Director, City of Philadelphia, PA


GFOA Staff: Dustin McDonald, Director, Federal Liaison Center



  1. Alan Anders, Deputy Director for Finance, New York City Office of Management & Budget
  2. Jonas Biery, Debt Manager, City of Portland, OR
  3. Jennifer Brown, Director of Budget and Research,  City of Sugar Land, TX
  4. Troy Bruun, City Treasurer/Finance Manager, Wichita, KS
  5. Timothy Ewell, Interim Senior Deputy County Administrator, County of Contra Costa, CA
  6. Ellen Evans, Deputy Treasurer, State of Washington
  7. Thomas Glaser, Vice President, Administrative Affairs & Treasurer, College of DuPage, IL
  8. Dan Grandcolas, Debt Analyst, City of Kansas City, MO
  9. Kathy Kardell, Office of Budget and Finance, Hennepin County, MN
  10. David Keller, Assistant City Manager/CFO, City of Weston, FL
  11. Mark Kim, CFO, DC Water, Washington, DC
  12. Tonya Kusmirek, Chief Financial Officer, Dunn County, WI
  13. Laura Lockwood-McCall, Director, Debt Management Division, Oregon State Treasury
  14. Lee McElhannon, Director of Finance, Georgia State Finance & Investment Commission
  15. Rodney Miller, Finance Director, Catawba County, NC
  16. Julio Morales, Director of Finance, City of Huntington Park, CA
  17. Katherine Newell, Director of Risk Management, New Jersey Educational Facilities Authority
  18. Charles Michael Perl, Deputy Chief Financial Officer, San Francisco Public Utilities Commission
  19. Rick Pernas, Deputy Treasurer, Harford County Government, MD
  20. Harlita Robinson, Finance Director and Tax Commissioner, City of Forest Park, OH
  21. Micki Rundell, Chief Financial Officer, City of Georgetown, TX
  22. Larry Sapp, Finance Manager, Hilton Head Public Service District #1, SC
  23. Kenton Tsoodle, Assistant Finance Director, City of Oklahoma City, OK


  1. Lisa Marie Harris, Senior Vice President, Siebert Brandford Shank & Co., L.L.C., San Diego, CA
  2. Margaret (Peg) Henry, Senior Vice President and Assistant General Counsel, Jefferies and Company, Inc., New York
  3. Jennifer Ritter Douglas, Managing Director, Specialized Public Finance Inc., Austin, TX
  4. Phoebe Selden, Senior Vice President, Acacia Financial Group, Chicago, IL
  5. Gail Sussman, Managing Director, Moody’s Investors Service, New York


  1. Joe Costello, Executive Director, Regional Transit Authority, Chicago, IL
  2. Patrick McCoy, Director of Finance, Metropolitan Transportation Authority, NY
  3. Russell Truell, CFO, City of Franklin, TN


Additional Resources on Governmental Debt Management


Committee Business















Committee Documents

Other Documents


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