News

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.

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.

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, retirement administration and benefits administration.

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 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:

The GFOA Executive Board Nominating Committee is seeking recommendations for candidates to fill five at-large positions and the position of president-elect for the 2017-2018 GFOA Executive Board. All candidates must be active GFOA members. Please send nominations by December 31, 2016, to Heather A. Johnston, Past President, c/o GFOA, 203 N. LaSalle St., Ste. 2700, Chicago, IL 60601-1210.

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.

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 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).

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.