GFOA of the US & Canada

08/25/2023

Are tax incentives good for cities and states? A little more than 30 years ago, the State of Alabama used hundreds of millions of dollars in tax incentives to attract a giant Mercedes-Benz plant to the state. That was the beginning of an escalating battle on the part of cities, counties, and states to attract business by handing over large amounts of taxpayer dollars.

The big question, of course, is whether this is genuinely good business for cities, which generally give up property taxes, and states, which largely forfeit income taxes. Most experts, as well as much academic literature, say that the answer to this is no.

Learn more from this recent article in Government Finance Review from Barrett and Greene Inc.: https://www.gfoa.org/materials/gfr0623-tax-incentives

08/24/2023

Many GFOA members are currently involved in an audit of significance. All audits are important, of course, but it’s likely that this one has ARPA front and center. GFOA's Federal Liaison Center shares three important resources for members to keep in mind.

Learn more: https://www.gfoa.org/audits-and-arpa-youre-not-alone

08/23/2023

There's a lot to talk about at this year's 2023 Governmental GAAP Update, including last-minute pointers on standards being implemented now, like Subscription-Based Information Technology, as well as important implementation information on GASB 100, Accounting Changes and Error Corrections, GASB 101, Compensated Absences, and the anticipated GASB 102, Risks and Uncertainties Disclosures.

We'll also cover successful strategies for hiring to fill accounting and auditing positions. This topic is top of mind in the public finance world. Register for the November offering by September 29 to save!

Learn more: https://gfoa.org/gaap-update

08/22/2023

Have you recently implemented any new policies or programs that exemplify outstanding financial management? There's still time to showcase these programs and your government’s efforts for implementation by applying for GFOA’s Awards for Excellence in Government Finance. The application process is free. The deadline to submit is August 25.

Learn more: https://www.gfoa.org/award-for-excellence

08/22/2023

GFOA congratulates the 1,110 procurement officers who have achieved the NIGP-CPP. Certification is a valuable tool in helping advance excellence in public finance. For more information about how the NIGP-CPP can help your procurement staff, visit https://www.nigp.org/nigp-cpp.

08/21/2023

Hear from issuers and regulators on hot topics in the municipal market. During GFOA's 5th Annual MiniMuni Conference, October 11-13, attendees can engage with experienced practitioners and regulators on topics influencing municipal issuers. Whether it’s ESG considerations or the Financial Data Transparency Act, participants will leave with a comprehensive grasp of the market’s most urgent concerns. You'll also acquire strategies for managing diverse disclosure requirements and gain insight into the future of the municipal market. Don't miss this online event, free for members! Register at https://gfoa.org/minimuni

08/18/2023

Dive into the fundamentals of creating an annual comprehensive financial report during this three-day eLearning event, October 24-26. We’ll discuss the required format and necessary information that should be included in the report. This includes identifying the three basic sections, appropriate elements of a letter of transmittal, formatting financial statements, classifying data, and more. This training is designed for CFOs, finance directors, controllers, and accountants.

Learn more: https://www.gfoa.org/events/lmsafr1023

08/17/2023

Catch up on recent developments in accounting and financial reporting during the 2023 GAAP Update on November 2 or December 14. Our panel of expert presenters will discuss guidance on new pronouncements, proposals, and standards being implemented now, and more.

Learn more and register at https://gfoa.org/gaap-update

08/16/2023

Cyberattacks are a clear and present danger for all organizations, but local governments are particularly vulnerable. A 2020 study showed that local governments are more likely to be the targets of a ransomware attack than any other kind of organization and that 44% of ransomware attacks targeted local governments in 2020. For finance officers, it’s imperative to understand the cyber risks that your government faces, and how to effectively meet them.

During this webinar, September 18, Participants will hear from leading cyber experts at CISA and Aon about the controls you should have for your government and the critical components of cyber risk. There will also be a discussion on cyber insurance including choosing the right policy for your organization by weighing prices, availability, and exceptions.

Registration: https://www.gfoa.org/events/int0918232

08/16/2023

On Tuesday, state and local government leaders gathered in Washington, D.C. to discuss current workforce challenges and offer possible solutions based on recent surveys, studies, and research with public-sector professionals and organizations.

The Public Sector Workforce Summit was hosted GFOA, NAST, PSHRA, MissionSquare Research Institute, and NASCIO.

Watch a replay of the event at https://www.youtube.com/watch?v=gW8tgXs-TmY.

08/15/2023

We are thrilled to welcome Emily Brock, Federal Liaison at GFOA of the US & Canada to to examine latest developments with the IIJA and IRA, including Greenhouse Gas Reduction fund. Register now. https://trib.al/Mgvvtil

08/14/2023

Tune in to the Public Sector Workforce Summit on Tuesday, August 15, starting at 9:30 am (Eastern). Event hosted by GFOA, NAST, PSHRA, MissionSquare Research Institute, and NASCIO.

Watch the livestream: https://www.youtube.com/watch?v=0P_DcsQNHi4

08/14/2023

Let's talk about funding new approaches to safety. Local governments across the country are considering how they might better respond to emergency mental health crises. Conventionally trained law enforcement officers (LEO) respond to most calls for service, but standard LEO training is often insufficient for calls that involve behavioral and mental health issues. For this reason, “alternative response”—a municipality’s capability for responding to these calls with a better-matched skill set—is garnering interest among many local governments.

Learn more: https://www.gfoa.org/materials/gfr0623-public-safety

08/11/2023

Understand the most pressing issues in the market, how to best handle all forms of disclosure, and what you can expect to see happen in the municipal market in the short and long term by attending GFOA’s 5th Annual MiniMuni Conference.

Learn more and Register: https://www.gfoa.org/minimuni

08/11/2023

In the latest issue of Government Finance Review, we highlighted an article on the secrets of visionary thinkers. We tend to believe that famous innovators or other “creative” people have some inherent quality that the rest of us don't have. But the truth is—they don’t. They've simply cracked the code on how to consistently live in possibility instead of living in obstacle. Visionary thinkers see possibilities. Always.

Learn more: https://www.gfoa.org/materials/gfr0623-visionary-thinkers

08/10/2023

Our latest Timley Accounting Discussion video covers legacy lease accounting, including lease assets vs. leased assets, leases in the calculation of net investment in capital assets, and accounting and financial reporting for contracts that transfer ownership.

Watch: https://www.youtube.com/watch?v=e--oAIK61IU

Listen as GFOA's Michele Mark Levine discusses legacy lease accounting on this episode of Just a T.A.D.

08/09/2023

Don't miss out on applying for this year's Awards for Excellence in Government Finance. Have you recently implemented a new policy or program that exemplifies outstanding financial management? Showcase these programs and your government’s efforts for implementation by applying for this year's award. The Awards for Excellence stress practical, documented work that offers leadership to the profession and promotes improved public finance. The deadline to apply is August 25.

Learn more: https://www.gfoa.org/award-for-excellence

08/08/2023

This week we're highlighting our Selecting and Managing Municipal Advisors best practice. GFOA recommends that issuers hire a municipal advisor prior to the undertaking of debt financing. Issuers should ensure that the municipal advisor has the necessary expertise to assist the issuer in determining the best type of financing for the government, selecting other finance professionals, planning the bond sale, and successfully selling and closing the bonds.

Learn more: https://www.gfoa.org/materials/selecting-and-managing-municipal-advisors

08/07/2023

Congratulations are in order for the following individuals who earned the Certified Public Finance Officers (CPFO) designation in July:

-Nancy Young-Oliver, CPFO
-Vonda Owens, CPFO
-Kendrick Natale II, CPFO
-Lynne Chaimowitz, CPFO
-Tina Smith, CPFO
-Carrie Hagerty, CPFO
-Lucy D**g, CPFO
-Pamela West, CPFO
-Daniel E. Wilson, CPFO
-Ashley Hansen, CPFO
-Beau Belikoff, CPFO
-Danny Susantin, CPFO

08/04/2023

Our latest member spotlight features Samantha Babich, the chief administration officer for the Renton Regional Fire Authority. She discusses her career in fire service, what it’s like to build a finance organization, the benefits of transparent budget decisions, and how governments can improve their recruiting.

Learn more: https://www.gfoa.org/materials/gfr0623-babich

08/03/2023

Do you have questions about compensated absences? GASB's new guidance provides a unified recognition and measurement model for all types of compensated absences. This session, October 31, will examine the various types of leave organizations provide to their employees, the ways in which the obligations for compensated absences are incurred and settled by governments, and how these obligations are properly accounted for, reported, and disclosed.

Learn more: https://www.gfoa.org/events/int103123

08/02/2023

Managers face challenges that require immediate attention and action, so the ability to make decisions and solve problems quickly is critically important. One tool that can be of help is the triage decision-making process. Triage decision-making is used in emergency medical situations to determine the treatment required for patients, who are prioritized based on the severity of their condition and the likelihood of recovery, as well as what additional measures will need to be taken for them to fully recover.

This same approach can be applied to business management. Managers can use this to prioritize issues and allocate resources to address the most pressing problems.

Learn more: https://www.gfoa.org/materials/gfr0623-better-decisions

08/01/2023

Governments must incorporate prevention measures against both internal and external fraudulent activity in the treasury office. In this upcoming webinar, we'll review case studies from local governments and assist finance officers with developing, reviewing, and updating their policies and procedures related to fraud prevention.

Learn more: https://www.gfoa.org/events/int102623

08/01/2023

This week, we're highlighting the Understanding Your Continuing Disclosure Responsibilities best practice. Governments or governmental entities (Issuers) issuing bonds generally have an obligation to meet specific continuing disclosure standards set forth in continuing disclosure agreements (CDAs, also called continuing disclosure certificates or undertakings).

Learn more: https://www.gfoa.org/materials/understanding-your-continuing-disclosure-responsibilities

07/31/2023

What's the real deal with Web3? Cryptocurrency and blockchain are part of the latest iteration of Internet technologies, broadly referred to as “Web3.” Web3 includes cryptocurrency but also other technologies that are characterized by decentralized, blockchain-based architectures. Non-fungible tokens (NFTs) are another example of a Web3 technology that has gotten widespread attention. A brief Internet search on “Bored Ape Yacht Club” gives an idea of the fervor NFTs have created.

Web3 and cryptocurrency have led to much excitement and investment beyond what we see in popular culture. Many sectors are experimenting with these technologies, including some local governments.

Learn more: https://www.gfoa.org/materials/gfr0623-web3

07/28/2023

Catch up on important GASB implementations during GFOA's 2023 Governmental GAAP Update. In addition to discussion on SBITA, GFOA's 2023 Governmental GAAP Update will cover important updates on GASB 100 Accounting Changes and Error Corrections; GASB 101, Compensated Absences; the anticipated GASB 102, Risks and Uncertainties Disclosures; and more. This year's program, will take place November 2, with an encore presentation on December 14. Register by September 29 to save!

Learn more: https://www.gfoa.org/gaap-update

07/27/2023

One of the biggest challenges facing local governments since the start of the pandemic has been attracting and retaining talent. Staffing finance offices has become something of a crisis with demand for finance officers far outpacing the supply. Further, a third of incumbent state and local public finance workers will be at retirement age within ten years. However, there are a number of strengths for state and local public finance work including demographic diversity, job security, and offering work that taps into a larger purpose and set of values.

Fostering a robust and engaged workforce is possible and requires proactive measures from the organization. This new webinar, August 29, will focus on two main ways to improve the workforce: recruitment and hiring, and advancement and retention.

Learn more: https://www.gfoa.org/events/int082923

07/26/2023

Governments are subject to financial shocks, including natural catastrophes, recessions, and more. Financial reserves (a "rainy day" fund) are essentially a form of self-insurance that governments use to buffer themselves against these risks. But what are the risks governments should be concerned about? What size of reserves is appropriate to cover risks? What opportunities are there to use commercial insurance to help cover these risks? Attend this new webinar, August 24, for resources and strategies to apply risk-aware and risk-savvy thinking to reserves in your organization.

Learn more: https://www.gfoa.org/events/int082423

07/25/2023

Add this to your eBook collection... Accounting for Capital Assets: A Guide for State and Local Governments (2nd edition) is now available to purchase on Apple and Amazon. This book offers clear and straight-forward guidance to public-sector accounting professionals who must confront the practical challenges of accounting for capital assets and similar items on a daily basis.

The eleven chapters cover the gamut of capital asset-related issues. Each comes with a handy “chapter in brief” summary and multiple-choice questions. You'll also find an extensive set of sample journal entries, a detailed index, and a full glossary.

Learn more: https://www.gfoa.org/capitalassets

07/25/2023

This week, we're highlighting the OPEB Governance and Administration best practice. Entities that sponsor OPEB plans often administer the benefits. Alternatively, if a trust has been established to fund a plan, the trust’s governing body might be responsible for administering the plan. Administration entails interpreting plan provisions, maintaining accurate and up-to-date data (e.g., demographic), and ensuring that benefits are provided to retirees and their dependents.

GFOA recommends that sponsoring governments establish a clear, well-documented governance structure to guide governing bodies and plan administrators.

View all recommendations at https://www.gfoa.org/materials/opeb-governance-and-administration

07/24/2023

Looking for practical SBITA examples? GASB Statement No. 96, Subscription-Based Information Technology Arrangements, is effective for fiscal years beginning after June 15, 2022, and all reporting periods thereafter. The good news is that GASB has already issued a substantial amount of implementation guidance for lessees, much of which can be applied by analogy to governments in SBITAs, and that identifying the additional capitalizable costs has considerable precedent in preexisting generally accepted accounting principles (GAAP) applicable to internally generated computer software, so it will be familiar to some.

To help, we've put together two examples of SBITAs, each based on a different subscription model.

The authoritative accounting guidance in Governmental Accounting Standards Board (GASB) Statement No. 96, Subscription-Based Information Technology Arrangements (GASB 96), is effective for fiscal years beginning after June 15, 2022, and all reporting periods thereafter. GFOA has prepared two example...

07/21/2023

In the latest issue of Government Finance Review, we chatted with GFOA member Tara Baker. Tara is treasurer and general manager of finance for the City of Guelph in Ontario, Canada. She discussed her career path in municipal finance, the biggest challenges facing local governments, and how finance officers can better embrace complexity.

Learn more: https://www.gfoa.org/materials/gfr0623-baker

07/20/2023

Looking for strategies to meet your accounting and auditing needs? During the 2023 Governmental GAAP Update, members will speak about successful strategies they and their peers have used to recruit, retain, and develop talent. Don't miss this year's program, November 2, with an encore presentation on December 14. Register by September 29 to save!

Learn more: https://www.gfoa.org/gaap-update

07/19/2023

Want to apply to serve on a GFOA standing committee? The deadline to do so is Friday, July 28. Our six standing committees typically meet twice each year and develop best practices, advisories, and policy statements for the approval of the Executive Board and membership. This is an excellent opportunity for GFOA members to contribute their experience and knowledge to the entire membership is by serving on a standing committee.

Learn More: https://www.gfoa.org/gfoa-standing-committees

07/18/2023

This week, we're highlighting our Sustainable Funding Practices for Defined Benefit Pensions and Other Postemployment Benefits (OPEB) best practice. Governments should ensure that the costs of DB pensions and OPEB are properly measured and reported. Governments that sponsor or participate in DB pension plans, or that offer OPEB, should contribute the full amount of their actuarially determined contribution (ADC) each year.

Learn more: https://www.gfoa.org/materials/sustainable-funding-practices-for-defined-benefit-pensions

07/17/2023

As demand for public finance officers grows, local governments are facing challenges in recruiting and retaining top talent. Governments are also dealing with the prospect of a wave of retirements, which is expected to exacerbate the shortage of public finance officers. In this current environment, the use of virtual CFOs and just-in-time talent is becoming an increasingly popular option.

Learn more: https://www.gfoa.org/materials/gfr0623-talent-shortage

07/14/2023

Get focused on budgeting with courses this September at our offices in Chicago. Program Budgeting will be held September 19-20. This workshop-style, discussion-based course, will incorporate findings from GFOA’s Rethinking Budgeting research initiative and is designed for budget managers, budget analysts, and others looking to implement a program budget or enhance existing program budgeting initiatives within their local government.

Fiscal First Aid, September 21, will provide an overview of GFOA’s 12 step approach for addressing fiscal distress and outlines the steps finance officers should take to guide their organizations through times of fiscal uncertainty and budget shortfalls.

Learn more: https://www.gfoa.org/events

07/14/2023

In September 2022, GFOA published a report titled “Meeting Demand for State and Local Public Finance Jobs," which recommended new ways of attracting and retaining talent. Wanting to support GFOA’s efforts to attract new talent to the public finance profession, a group of 16 graduate students from the George W. Romney Institute of Public Service and Ethics (Romney Institute) at Brigham Young University (BYU) in Provo, Utah, found a quiet room and officially began BYU’s first GFOA student chapter on October 21, 2022.

Learn more: https://www.gfoa.org/materials/gfr0623-student

07/13/2023

Registration is open for our 2023 Governmental GAAP Update. This year's event, November 2 with an encore presentation on December 14, will feature last-minute pointers on standards being implemented now, including Subscription-Based Information Technology, as well as important implementation information on GASB 100, Accounting Changes and Error Corrections, GASB 101, Compensated Absences, and the anticipated GASB 102, Risks and Uncertainties Disclosures.

Plus, don't miss a new panel discussion on successful strategies for hiring to fill accounting and auditing positions. Register by September 29 to save with the early registration discount on the November offering.

Learn more: https://www.gfoa.org/gaap-update

07/12/2023

In the recent issue of Government Finance Review, we highlighted Metro, Oregon. Metro serves about 1.7 million people in Clackamas, Multnomah, and Washington counties. Metro has developed a collaborative structure and culture that helped the organization navigate the COVID-19 pandemic and its effects, while continuing to focus on delivering better outcomes through compromise and problem-solving.

Learn more: https://www.gfoa.org/materials/gfr0623-metro