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GFOA Newsletter
March 10, 2016
Avoid Double-Counting in Consolidated Budget Totals

Governments need to ensure that their entity-wide budget totals reflect real economic activity and that material double-counting does not occur. GFOA’s Budget Consolidation best practice suggests four factors governments should observe to safeguard against double counting: 1) Identify items that may be appropriated twice; 2) Determine whether there are statutory requirements or state and provincial guidance for reporting the total budget; 3) Determine the presentation preference for the organization; and 4) Be transparent and consistent in presentation. 

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Association News
Where Will You Be on May 22-25?

GFOA strives to provide leadership to the government finance profession through education, research, and best practices. Nowhere are these efforts more apparent than at the GFOA Annual Conference. Join your colleagues May 22-25, 2016, at the Metro Toronto Convention Centre for GFOA’s 110th Annual Conference. Come hear leading practitioners and recognized experts in the field of public finance discuss case studies, lessons learned, and innovative approaches to addressing common challenges. View this year’s sessions and earn additional CPE credits by registering for GFOA’s preconference seminars.

Register today

  • Sign up for the conference by April 14 to save with an advance registration discount.
  • First-time annual conference attendee scholarships are available for GFOA active government members who have never attended a conference. E-mail First Annual Conference for details and an application.
  • Can’t attend the entire conference? Register with a special one-day rate on either Monday, May 23, or Tuesday, May 24. You will have access to all conference sessions, meetings, luncheons, and exhibits held on that date. This is also a great way to train junior staff in your organization and save on travel expenses.

If you have any questions on the conference, contact GFOA.

Travel Resources

  • Reserve your housing online through GFOA’s official hotel block.
  • Toronto is Canada’s largest city, and the fourth largest in North America, making travel to Toronto easy.
  • Take advantage of a favorable exchange rate.
  • Don’t miss this year’s tours!
  • All delegates traveling to Toronto from the United States will need a passport. Please plan ahead – obtaining a passport can take approximately 4-6 weeks. Information on applying for or renewing a passport / Information for first-time passport application
  • U.S. citizens who are driving to Toronto will need one of the following to get back into the United States: U.S. passport, passport card, enhanced driver’s license, Trusted Traveler Program card (Nexus, Sentri, Fast), U.S. Military ID card (when on official orders), U.S. merchant mariner document (when traveling in conjunction with official maritime business), or form I-872 American Indian Card. Click here for more information.
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In Memoriam: William J. Reynolds

William J. Reynolds, aged 92, of Newington, Connecticut, died unexpectedly on March 3, 2016.

An active member of the Government Finance Officers Association, Reynolds was GFOA president in 1981-82.

Reynolds' career included a number of positions in the public sector, including comptroller and finance officer for the Town of Greenwich, Connecticut. He was elected as the first mayor of Newington in 1666, and before that, he served as treasurer and collector of revenues for the City of Somerville, Massachusetts. Later in his career, he was senior vice president, issuer marketing for MBIA Corp.

Reynolds was a member of the board of directors and chairman of the Steering Committee for the Alliance for State and Local Government Finance and a founding member of the State Conference of Mayors. He also served on the advisory board of the Public Administration Department of the University of New Haven, Connecticut. In 1958, Reynolds was awarded the Louisville Gold Medal for Year's Outstanding Contribution in the Field of Local Government Finance.

He attended Boston College to study Economics and Law and, later in his career, Rutgers University’s School of Banking.

Reynolds’ funeral was held March 8 in Newington.

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Get to Know GFOA’s Elected Official's Series Using this Month’s Bonus

During the month of March, purchase GFOA’s GAAFR Supplement in either a softcover or e-book format and you will receive two Elected Official’s Guide booklets of your choice as a bonus. If you purchase a Governmental Accounting, Auditing, and Financial Reporting (GAAFR) set (includes both paperbound and e-book versions of the GAAFR and GAAFR Supplement), you will receive five bonus Elected Official’s Guide booklets.

Download the publication titles listing and submit the enclosed order form to GFOA. Mark either the GAAFR Supplement or GAAFR set on the form as well as the bonus EOG titles you’ve chosen. Enter code GFOAMarch16 on the order form. (This offer expires on March 31, 2016. The discount cannot be applied when ordering online using GFOA’s e-store. Offer applies to new publication orders only and cannot be combined with any other discount.)

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News Links
MSRB to Host Free Web Series on Continuing Disclosure

The Municipal Securities Rulemaking Board (MSRB) announced last week that it will launch an outreach effort to remind state and local governments about the free education resources and tools available to support their issuance of municipal bonds. The MSRB operates an online Education Center about the municipal securities market and the Electronic Municipal Market Access (EMMA) website to support market transparency and awareness.

A series of webinars, e-mails, and related communications aimed at state and local governments will be offered over the next six months. The first webinar, “Click, Call, Comply: Understanding Continuing Disclosure,” will be March 18, 2016, at 12 p.m. (Eastern). CPE credit is available. 

Register for the Webinar.
What States Are Doing to Address the Private-Sector Retirement Savings Gap

While auto-IRAs are the most effective state strategy for addressing the private-sector retirement savings gap, a national auto-IRA would be more efficient, according to a new issue brief by the Center for State and Local Government Excellence (SLGE). It examines the nature of the coverage problem, the initiatives that states have taken to address it, and what the U.S. Department of Labor has done to remove regulatory barriers. Four states – California, Oregon, Illinois, and Connecticut – have enacted auto-IRA legislation; two other states – Washington and New Jersey – are setting up voluntary marketplaces to promote low-cost retirement plans to small employers; 11 states are actively pursuing legislation; and seven states were unsuccessful in passing legislation.

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Cities Encourage Green Roofs for Stormwater Improvements

Green roofs are seeing a resurgence in popularity, in part because of their many benefits – they last 200% to 400% longer than a standard roof, create energy and stormwater control savings that pay for the cost of the roof in as little as five to six years, and can generate energy cost savings of 25% to 50%, according to ConstructionDive. But the best reason may be the tax and fee incentives that many cities are offering because of a green roof's ability to control stormwater runoff. “The average green roof absorbs 50% to 65% of average rainfall in most places, and this can save a city millions in stormwater improvements,” according to the website.

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Delaware Program Helps Create Pipeline of Skilled Workers

Many communities are concerned about creating more jobs and making sure their citizens have the skills to fill those positions. One way the State of Delaware is trying to create a pipeline of skilled workers is by creating a dual enrollment program for Delaware high school juniors and seniors, called the Pathways to Prosperity initiative, Brookings reports. Students are given help, in the form of partnerships, industry-recognized credentials, and highly-qualified graduates, to complete high school and attain postsecondary credentials that lead to jobs.

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Editor: Marcy Boggs  |  Executive Director/CEO: Jeffrey Esser

The GFOA Newsletter (ISSN 1051-6964) is published weekly by
the Government Finance Officers Association of the United States and Canada.
Correspondence regarding editorial and/or business matters should be sent to
GFOA, 203 N. LaSalle St., Suite 2700, Chicago, IL 60601-1210. Phone - 312/977-9700 FAX - 312/977-4806.


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