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.
Terry S. Stone, Assistant Superintendent for Business and Operations, Hanover County Public Schools, Ashland, Virginia, became GFOA’s new president at the association’s annual business meeting in Los Angeles, California, May 21, 2019. Stone accepted the gavel from 2018−2019 President Steven Gibson, Deputy City Manager, City of Rock Hill, South Carolina.
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.
GFOA submitted a letter to the United States Congress along 24 other memebers of the public finance network to express our appreciation for thier leadership and the introduction of legislation that would reinstate tax-exempt municipal bonds.
(Chicago, Illinois – May 9, 2019) Government Finance Officers Association (GFOA) will host its 113th Annual Conference, May 19–22, 2019, at the Los Angeles Convention Center, California. Registration for the event is open on GFOA’s website (gfoa.org).
The conference is expected to bring together more than 5,000 public finance professionals, including almost 600 recipients of GFOA’s first-time annual conference attendee scholarship, through:
Thank you to the applicants and nominees for submitting to GFOA’s First Annual Hero Award. The Award recognizes finance officers who have demonstrated extraordinary actions during a time of financial, natural, or human-made crisis.
The Hero Award Committee, composed of members of GFOA’s Executive Board, recently convened and selected the following recipients of the inaugural award:
Scott Dowell, Administrative Services Director and Finance Director, City of Chico, CA
(Chicago, Illinois – April 16, 2019) Government Finance Officers Association (GFOA) has announced the recipients of its 2019 scholarships. GFOA’s mission is to promote excellence in state and local government financial management and the awarding of scholarships is one of the ways GFOA accomplishes its mission.
The recipient of the $15,000 Goldberg-Miller Public Finance Scholarship is Julie A. Wons. Funded by the Girard Miller Foundation.
On March 20, 2019, GFOA led comments to the House Ways and Means Committee in response to a recent hearing focused on the future of the nation’s infrastructure. Joining GFOA in the comments were more than twenty public issuer organizations from the Public Finance Network (PFN). The comments highlighted several important steps the federal government could take to facilitate access for communities to low cost capital, which in turn help implement their unique infrastructure decisions. As noted in the comments, the steps include:
Government Finance Officers Association’s (GFOA) Awards for Excellence in Government Finance recognize innovative programs and contributions to the practice of government finance that exemplify outstanding financial management. The awards stress practical, documented work that offers leadership to the profession and promotes improved public finance.
Entries may be submitted for consideration in one of the following Awards for Excellence categories:
Chicago, Illinois – February 14, 2019) For over a century, government finance professionals in the United States and Canada have relied upon the Government Finance Officers Association (GFOA) to provide timely information, practical educational opportunities, and the latest information on best practices. GFOA is proud to announce a milestone in its history—achieving 20,000 members.
When the 116th Congress convenes today, federal lawmakers will begin the new session facing a partial government shutdown that began nearly two weeks ago. How long the shutdown will last remains uncertain as there seems to be no resolution of the primary disagreement over border wall funding. Seven of the twelve Fiscal Year (FY) 2019 appropriations bills still need to be approved. The bulk of the impact will first be seen in the national capital region as many federal workers will not be allowed to report to work until funding is approved.
State and local governments have increased their exploration of innovative approaches to deliver essential public services. International City/County Management Association (ICMA) and the Government Finance Officers Association (GFOA), today released “Blockchain Technology:
(Chicago, Illinois – October 4, 2018) Emily Swenson Brock, director, GFOA Federal Liaison Center, has been awarded the Women in Public Finance 2018 “She’s Our Hero” Founders’ Award. The award is “given to the woman who manages career, self- development, family issues, and civil involvement – all at the same time.”
(Chicago, Illinois – October 1, 2018) Emily Swenson Brock, director, GFOA Federal Liaison Center, has been named a 2018 Rising Star by the Bond Buyer.
On July 27, 2017, the U.K. Financial Conduct Authority announced that it intends to stop compelling banks to submit London interbank offered rates (LIBOR) by the end of 2021. The New York Fed has started publishing the Secured Overnight Financing Rate (SOFR), a new reference rate based on overnight loans collateralized by U.S. Treasuries. SOFR is the anticipated replacement for the LIBOR index.
(Chicago, Illinois – August 9, 2018) Government Finance Officers Association (GFOA) will offer three separate web-stream training sessions focused on critical budgeting issues for any local government. The 3rd Annual Better Budgeting Series will feature GFOA’s best practices that help organizations allocate resources, track spending and hold staff accountable, and communicate how to leverage different staff roles to build an effective budget office (or budget function).et function).
(Chicago, Illinois – August 9, 2018) Government Finance Officers Association (GFOA) will offer its 23rd Annual Governmental GAAP Update web-stream event on November 1, 2018, and again on December 5, 2018, and January 24, 2019, from 1:00 to 5:00 pm (Eastern). The training will provide comprehensive coverage of new developments in accounting and financial reporting for state and local governments, including:
Together with the National Governors Association, The National Conference of State Legislatures, the National Association of Counties, the National League of Cities and the US Conference of Mayors, GFOA submitted comments (see below) regarding the STREAMLINE Small Cell Deployment Act (S. 3157). This bill would directly impact traditionally-held state and local regulatory authority and may complicate, rather than simplify, national and other efforts to expedite infrastructure deployment by prolonging state and local processes.
On July 31, GFOA submitted comments in response to proposed revisions to Actuarial Standard of Practice (ASOP) No. 4 by the Actuarial Standards Board (ASB). Click here to view the exposure draft detailing the proposed changes. While not responding to all suggested changes, GFOA’s comments focused primarily on the requirement for public pension plans to publish the Investment Risk Defeasement Measure (IRDM).
On July 24, the U.S. House Committee on the Judiciary held a hearing titled “Examining the Wayfair decision and its Ramifications for Consumers and Small Business.” The hearing mostly addressed what some believe is the pending “chaos” facing businesses as states look to implement the decision. GFOA was joined by other local government associations in submitting a statement for the hearing expressing support for the court’s decision to overturn the 1992 Quill decision and to highlight the importance of sales taxes for vital public services.
This week, retiring Chairman of the House Committee on Transportation and Infrastructure Bill Shuster introduced what is presumably the last policy proposal of his congressional career. The congressman’s desire to address infrastructure legislation is well known, and although he acknowledges that the chances of his proposal becoming law are slim, he believes it is a good place to start the conversation.
On Tuesday, House Ways and Means Committee Chairman Brady released a potential framework for scheduled “listening sessions” regarding a second potential round of tax reform. The document generally follows the same template of the blueprint that was released prior to the Tax Cuts and Jobs Act of 2017. The framework identifies three key areas:
GFOA is working to get more students involved in the organization. A number of initiatives are in place or in the works for the upcoming year. In early 2018, GFOA updated and enhanced its student membership brochure to reflect the benefits of becoming a student member, and to highlight the low cost of membership. In early April, GFOA awarded scholarships to 11 students totaling $100,000.
Infrastructure Week, a non-profit organization, convenes a national week of education and advocacy that brings together American businesses, workers, elected leaders, and everyday citizens around one message in 2018: Americans are waiting. The future won’t. It’s #TimeToBuild.