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.

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Public Pension Plan Investment Returns Exceed Assumptions

June 11, 2014

A pension plan’s actuarial assumption is an assumption the plan makes, based on demographic and economic information, about the investment return the plan is likely to make over future years. Public-sector pension fund investment return assumptions have been the focus of growing attention in recent years, with critics saying the current low interest rates and volatile investment markets require pension funds to take on too much investment risk to achieve their assumed rate of return.

Paper Proposes Mileage Fees to Solve Road Funding Problems

June 11, 2014

A new paper from the University of Michigan suggests that the state could solve its road funding problems by being one of the first states in the nation to move to a system where motorists pay a fee based on the number of miles they drive. Mileage fees aim to allocate transportation infrastructure costs based on the number of miles driven, the time of day, the route taken, and the weight of the vehicle, rather than increasing fuel taxes.

GFOA Joins Amicus Brief on Fair Labor Standards Act

June 11, 2014

The GFOA will join with other local government associations on a brief prepared by the State and Local Legal Center in a matter related to the interpretation of the Fair Labor Standards Act. In the case of Integrity Staffing Solutions v. Busk, the Supreme Court will decide whether to uphold a Ninth Circuit Court of Appeals ruling that hourly employees must be paid for time spent in security screenings under the FLSA.

GFOA Members Encouraged to Oppose Permanent Extension of Internet Tax Freedom Act

June 11, 2014

The House of Representatives is considering a permanent extension of the Internet Tax Freedom Act (H.R. 3086), with action likely to be taken on the bill in the next few weeks. The GFOA strongly opposes this measure because it would cost states and localities millions of dollars in revenue in the coming years, as more services that are subject to traditional taxation move to the Internet.

Report Provides Information and Comparisons on Capital Budgeting

June 11, 2014

The recent Capital Budgeting in the States Report from the National Association of State Budget Officers provides state-by-state comparisons on the ways budget officers develop and implement capital spending plans, including how states make decisions to invest in new facilities or maintain old ones; ways states distinguish infrastructure spending from day to day operating expenses; criteria for project financing strategies and options for funding infrastructure; and efforts to mitigate fis

Using Technology to Increase Organizational Effectiveness

June 11, 2014

Resilient Communities, Efficient Governments, a recent report from Hyland and GovLoop, presents techniques for preparing organizations for significant, disruptive events using tools that are designed to improve service delivery and cost-effectiveness every other day of the year. In this way, planning and preparation becomes less about disaster recovery and more about delivering better services to the community, no matter the conditions.

GFOA Elects New Executive Board Members

May 20, 2014

Robert W. Eichem, Chief Financial Officer, City of Boulder, Colorado, became GFOA’s new president at the association’s annual business meeting in Minneapolis, Minnesota, on May 20, 2014. 

Also at the business meeting, the association’s members elected a new GFOA president-elect and five new members-at-large, who will each serve a three-year term beginning immediately.
President-elect

President Obama Signs DATA Act

May 14, 2014

In early May, President Obama signed the Digital Accountability and Transparency Act of 2014 (Public Law No. 113-101), which amends the eight-year-old Federal Funding Accountability and Transparency Act to make federal agency spending data "with more specificity and at a deeper level than is currently reported" available to the public, according to the administration.

GFOA Alert: The MA Rule and Issuers

May 14, 2014

The Securities and Exchange Commission (SEC) has given final approval to a rule which takes effect July 1, 2014, defining the term “municipal advisor” (MA), and has produced supplementary Frequently Asked Questions about the rule. The SEC Municipal Advisor Rule specifies activities which will be covered by the Dodd-Frank Act’s imposed fiduciary duty of a municipal advisor to its government client, may result in the need for underwriters to receive new written representations from issuers, and may limit the manner in which underwriters and other professionals interact with issuers. While the Rule does not regulate issuers directly, there are numerous indirect implications.

GFOA Members Encouraged to Oppose Permanent Extension of Internet Tax Freedom Act

May 6, 2014

The House of Representatives is considering a permanent extension of the Internet Tax Freedom Act (H.R. 3086). The GFOA strongly opposes this measure because it would cost states and localities millions of dollars in revenue in the coming years, as more services that are subject to traditional taxation transition to the Internet.

GFOA Provides Advocacy Tools on Marketplace Fairness Act and Municipal Tax Exemption

May 6, 2014

As Congress returns home to their congressional districts for the month-long August recess, the GFOA and its state and local coalition partners are gearing up for what is expected to be a busy fall session, with federal action on comprehensive tax reform and the Marketplace Fairness Act projected to increase.  GFOA members can help ensure positive outcomes for maintaining the tax exemption on municipal bond interest and enactment of the Marketplace Fairness Act (HR 684) by meeting with their Senators and members of Congress over the month-long August congressional recess.

Best Practice of the Week - Guidance for Affordable Care Act Implementation

April 30, 2014

Recently, the White House announced that 8 million Americans have signed up for private health coverage under the Affordable Care Act. Approximately a third are younger than 35 years old, and the costs of the expansion are reportedly less than expected; for instance, the administration predicts that Medicare and Medicaid costs in 2020 will be $180 billion less than 2010 estimates. Many governments are looking for more information about complying with the act and making sure their health-care benefit is sustainable.

U.S. Treasury Department Forms New Municipal Issuers Oversight Unit

April 24, 2014

Beginning in mid-May, the U.S. Treasury Department will increase its monitoring of state and local government bond issuers through a new unit. The new Office of State and Local Finance will monitor and report on municipal issuers and market factors and conditions that contribute to stress in the municipal market, including public pensions. The office will also organize and propose federal policy solutions to address their concerns in these areas. Leading the office will be Kent Hiteshew, who is leaving his current position as Senior Managing Director of J.P. Morgan’s Housing Finance Group.

Report Looks at Need for Road Repair

April 24, 2014

State departments of transportation are spending more money building new roads than maintaining the ones they have, despite the fact that financial liabilities are mounting and conditions are not improving for America’s drivers, according to Repair Priorities 2014, the latest report by Smart Growth America and Taxpayers for Common Sense analyzing road conditions and spending priorities in all 50 states and the District of Columbia.

CBO Study Finds Some Benefits to P3 Partnerships in Highway Construction

April 24, 2014

Research from the Congressional Budget Office indicates that there are slight benefits to public-private partnerships in highway construction. The CBO concluded that private financing will increase the availability of funds for highway construction, but only in cases in which states or localities have chosen to restrict their spending by imposing legal constraints or budgetary limits on themselves.

Arts Groups Help Rebuild Detroit

April 24, 2014

Despite Detroit’s well-publicized woes, many see the city as a good place to start a business, according to the New York Times. Many groups are employing innovative methods of rebuilding the city, including a transplanted entrepreneur and writer whose project, Write a House, is providing free houses (for $500 a month) to writers. Another group, Young Detroit Builders, will remodel the homes, paid in part by crowdfunding and a matching grant from a non-profit.

Marketplace Fairness Act Update: House Holds Hearing on Internet Tax Issues

April 24, 2014

On March 12, 2014, the House Judiciary Committee held a hearing on Exploring Alternative Solutions to the Internet Sales Tax Issue, during which committee members discussed core issues that they would like to address in developing House legislation that would enable state and local governments to collect taxes on online retail sales. The hearing was significant in that it was the first action that the House Judiciary Committee has taken on this issue since the Senate overwhelmingly passed the Marketplace Fairness Act (S 743) in May 2013.

SEC Seeks Further Enforcement of Municipal Securities Issuers through Self Reporting

April 24, 2014

On March 10, 2014, the SEC announced a new program aimed at compelling government bond issuers to self-report violations of federal securities laws. While the SEC is prohibited from regulating government issuers under federal law, the commission can file enforcement actions against municipal issuers for misrepresentations about the prior compliance of bond offerings with continuing disclosure obligations.