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GFOA Newsletter
September 15, 2016
Using Cash Flow Forecasts in Treasury Operations

Cash flow forecasting is distinct from governmental accounting and budgeting; instead, it measures the organization’s ability to meet liquidity needs. Its ultimate goal is to mitigate the need for short-term borrowing or liquidation of investments before maturity.

GFOA recommends that all operating departments should be involved in developing reasonable expectations of timing and amounts of planned expenditures, thus ensuring that all possible outflows of resources are measured, and if needed, prioritized. Organizational goals should drive the prioritization of expenditures, and fixed items such as payroll, employee benefits, insurance, and debt service should have priority of cash demand over discretionary expenditures. Historical data should be used to measure activity of a cyclical nature, both for receipts and disbursements.

For these and other recommendations, see GFOA’s Cash Flow Forecasts in Treasury Operations best practice.

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Association News
GFOA, NABL Issue Guidance on Post-Issuance Tax-Compliance

GFOA and the National Association of Bond Lawyers issued guidance to issuers and their counsel on developing policies to maximize continuing compliance with the tax-exempt bond rules after the issuance of tax-advantaged bonds. The two organizations cooperated on the issuance of separate but complementary guidance to their respective members; GFOA’s guidance is titled Alert on Developing and Implementing Procedures for Post-Issuance Tax Compliance for Issuers of Government Bonds.

Post-issuance tax compliance procedures describe the courses of action to be taken by an organization to maximize the likelihood that tax rules applicable to tax-advantaged bonds – tax-exempt bonds, tax credit bonds, and direct pay bonds – are followed after the bonds are issued and while the bonds remain outstanding. Post-issuance tax compliance procedures have two fundamental purposes: to enhance the likelihood of compliance with rules and to facilitate and streamline the organization’s administrative functions. Broadly speaking, the tax rules applicable to tax-advantaged bonds address four principal categories of issues: 1) expenditure of proceeds; 2) use of financed assets; 3) investment of proceeds; and 4) record keeping. These four categories define the focus of well-drafted post-issuance tax compliance procedures.  

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Take 10 Minutes to Grow your Professional Network by Helping us Grow Ours

One of the many benefits of membership in GFOA is the opportunity to connect and network with nearly 19,000 top public- and private-finance professionals from across the United States and Canada. The goal of GFOA’s new membership referral program is to broaden the network of all our members. Please take 10 minutes to grow your professional network by helping us grow ours.

Click here for more information and to submit an application.

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Connect with your Peers at GFOA Training in Austin this December

Register for one or more of the following training seminars at the Hilton Garden Inn Austin DowntownDecember 5-9, 2016:

Early registration discount. Take advantage of an early registration discount when you sign up and pay in full by November 4, 2016.

Group discount. Register with three or more colleagues for the same seminar and get 10% off of each registration fee. (To receive the group discount, registrations must be received and paid together. The discount cannot be applied to online training registrations.)

Register today. Submit a training registration form or sign up online using GFOA’s e-store.

A block of rooms has been reserved for the GFOA attendees at the Hilton Garden Inn Austin DowntownClick here for more information on special GFOA group rates.

For ideas on what to do while in Austin, go to Visit Austin. If you have any questions about GFOA training, contact GFOA.

House Municipal Finance Caucus Launches Website

The Municipal Finance Caucus launched a new website (an extension of Rep. Randy Hultgren’s (R-IL) Congressional website) highlighting the purpose, background, and membership of the caucus, along with its purpose: “to protect a century’s old tax-exemption that has driven our economy, spurred job growth, funded critical infrastructure projects and enhanced the quality of life.” Please feel free to visit the site, thank your congressional representatives who are already members of the caucus, and ask for your congressional representatives not listed to join using GFOA’s Federal Tax Exemption on Municipal Bonds resource center.

News Links
Why Companies Are Moving Back Downtown

Tax incentives aren't always the best way to lure businesses. Many are simply going where the talent is.

In cities across the country, businesses are trying to capitalize on the increasing density of tech talent clustered in the heart of cities, Governing reports. Companies also want to be in an environment with sidewalks, ample transit, and other amenities that would appeal to younger employees. It’s notable that municipalities no longer offer the lowest tax rates and biggest subsidies to attract companies; instead, they need to establish a sense of place with good public transit and a good mix of activities. “Last year, the urbanist advocacy group Smart Growth America studied nearly 500 companies that added jobs downtown between 2010 and 2015. About half moved in from the suburbs; others were moving from another downtown location, or expanding their existing downtown presence. What they had in common was a relocation of jobs to areas that were more bikeable, walkable and transit-accessible.”

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Government Websites Have Maintenance Issues

Websites have become one of the main ways in which governments communicate with their citizens, but website upkeep is rarely a priority, Governing reports. The article says the biggest problems with dot-govs are broken links, outdated information, empty meeting minutes, poor data presentation, and missing information.

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Maintaining a Learning Orientation in the Workplace

Unsurprisingly, “learning organizations” are made up of learning individuals, employees who have a deeply held learning orientation and a commitment to growth. “Learning organizations are the result of a workforce that shares a development mindset,” according to Smart Brief. Employees who have a development mindset share certain traits, including assuming that they will learn and throughout their entire careers, expecting to learn something from most experiences, taking responsibility for their growth, and valuing feedback. Of course, the risk-averse environment of many organizations can challenge this mindset. To help employees grow and learn, employers need to model the development mindset themselves, establish an expectation for ongoing learning, and support development goals.

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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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