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GFOA Newsletter
September 29, 2016
EMPLOYMENT ADS  |  TRAINING  |  BEST PRACTICES
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Executive Board Nominating Committee Seeks Input

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 Johnston, Past President, c/o GFOA, 203 N. LaSalle St., Ste. 2700, Chicago, IL 60601-1210.

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Association News
Early Registration Discount for the November GAAP Update Ends Tomorrow

GFOA’s 21st Annual Governmental GAAP Update web-streaming event will take place on November 3, 2016, with an encore presentation on December 1, 2016, both at 1 to 5 p.m. (Eastern). Take advantage of an early registration discount on the fee for the November offering when you sign up by tomorrow (or register by November 8 to save on the registration fee for the December offering). Download the brochure and registration form or register online.

Group pricing. Register with your colleagues and save. (Please type your information on the November Group registration template (or December Group registration template) and save it; then, e-mail it to GFOA Training, along with your registration form, or fax it to GFOA.)

Earn 4 CPE credits with your participation. If you have any questions about the training, contact GFOA.

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Don’t Miss Next Week’s Better Budgeting Web-Streaming Event

There’s still time to register for GFOA’s first annual Better Budgeting web-stream event on October 6, 2016, from 2 to 4 p.m. (Eastern). (An encore presentation will take place on January 12, 2017.) Click here for details and to review an agenda. Earn 2 CPE credits with your participation.

Register today. Download the brochure and registration form or register online.

Save with group discounts. Please type your information on the October Group registration template (or the January Group registration template) and save it; then, e-mail it to GFOA Training, along with your registration form, or fax it to GFOA.

If you have any questions about the training, contact GFOA.

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Senate Introduces High-Quality Liquid Asset Legislation

On September 28, 2016, Mike Rounds (ND-R), Chuck Schumer (NY-D), and Mark Warner (VA-D) introduced Senate legislation that classifies municipal securities as high-quality liquid assets. Other original co-sponsors include Mark Kirk (IL-R), Jon Tester (MT-D), Heidi Heitkamp (ND-D), Tim Scott. (SC-R), Joe Donnelly (IN-D), Jerry Moran (KS-R), and David Vitter (LA-R).

This groundswell of bipartisan support from members of the Senate Banking Committee shows the common-sense appeal of legislation that corrects the liquidity coverage ratio to include municipal securities. GFOA looks forward to increasing co-sponsorship across the Senate within the next month and encourages members to reach out to their senators using the resource materials on the federal liaison center website.

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IRS Invites GFOA to Provide Input on Affordable Care Act Information Returns
On September 21, 2016, GFOA representatives discussed with IRS Commissioner John Koskinen the process and difficulties created for state and local governments and political subdivisions by the new requirement to report information on the Affordable Care Act. GFOA recommended that the IRS provide resource materials for public filers as well as communicating the frustrations many are experiencing dealing with errors in tax ID numbers. GFOA looks forward to continuing this discussion with the IRS and addressing these issues as it continues the dialogue. We will report back to members on any updated resource materials or other progress.
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Immerse Yourself in GFOA’s Budget Analyst Training Academy in Newport Beach

Maximize your training opportunities by registering for this four-day, subject-intensive course to be held in Newport Beach, California. If you’re a new or an intermediate analyst, or new to government and looking to gain important budgeting skills, sign up for GFOA’s Budget Analyst Training Academy, April 25-28, 2017. This course will cover essential elements of public-sector budgeting, including goal setting, program development, revenue and expense analysis, position budgeting, capital budgeting, and more.

Earn 30 CPE credits by participating. Click here to register.

A block of rooms has been reserved for GFOA attendees at the Hyatt Regency Newport Beach. Click here for more information on special GFOA group rates. For ideas on what to do while in Newport Beach, go to Visit Newport Beach. If you have any questions about GFOA training, contact GFOA.
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Jurisdictions Receive Certificate of Achievement for Excellence in Financial Reporting for First Time

The following entities have received the Certificate of Achievement for Excellence in Financial Reporting for the first time: Carpinteria Valley Water District, CA; City of Covington, GA; East Brunswick Public Schools, NJ; Edinburg Consolidated Independent School District, TX; Haralson County, GA; City of Hudson Oaks, TX; City of Lafayette, CA; City of Lake Elsinore, CA; Village of Estero, FL; City of Lawrenceville, GA; City of Lincoln, CA; Town of Mansfield, MA; Michigan Finance Authority, MI; Midvale City Corporation, UT; Mt. Hood Community College, GA; Multnomah Education Service District, OR; Oakland Community College, MI; Town of Portsmouth, RI; Ravenna School District, OH; River Forest Public Library, Illinois; Town of Stallings, NC; Tarrant Regional Water District, TX; Trinity River Authority of Texas, TX; City of Twin Falls, ID; Town of Wayland, MA; and Weldon City Schools, NC.

GFOA established the CAFR program in 1945 to encourage and assist state and local governments to go beyond the minimum requirements of generally accepted accounting principles to prepare comprehensive annual financial reports that evidence the spirit of transparency and full disclosure and then to recognize individual governments that succeed in achieving that goal. More than 4,000 governments pf all types (general purpose and special purpose) and sizes participate in the program each year.

It’s easy to participate. Submit your comprehensive annual financial report, along with a completed application, within six months of the government’s fiscal year end. Requests to extend the deadline may be made one month at a time as a result of various factors (e.g., employee turnover, implementation of major pronouncements, audit issues).

Deadlines and extensions. Reports for the fiscal year ended June 30, 2016, are due by December 31, 2016. Extensions are available if you are not able to meet the normal submission deadline; request an extension by e-mailing CAFRprogram@gfoa.org.
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Jurisdictions Win Popular Annual Financial Reporting Award for First Time
Congratulations to the following jurisdictions for receiving the GFOA’s Popular Annual Financial Reporting (PAFR) Award for the first time: Putnam County, GA; City of Clayton, MO; and City of Conroe, TX.
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New CPFOs Announced

The following individual earned the Certified Public Finance Officer (CPFO) designation in summer 2016: Silvia Amparano, finance director, Tucson, AZ.

There are now 664 individuals who have obtained the CPFO designation.
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News Links
Share of States’ Budgets from Federal Grants Stabilizes

After the Great Recession, the share of states’ revenue coming from federal grants reached an all-time high of 35.5% in 2010, according to the Pew Charitable Trusts. From 2010 to 2013, federal grants steadily declined to 30.5% of state revenue, the result of phasing out the stimulus funds and recovering state tax collections, but a slight uptick in 2014 brought the figure to 30.8%.

The federal share rose only slightly from fiscal year 2013 to 2014, despite a significant jump in federal health grants, primarily because of the expansion of Medicaid under the Patient Protection and Affordable Care Act, Pew noted. As of fiscal 2014, 25 states had chosen to participate in the Medicaid expansion. Although total federal money to states increased by $22.9 billion, or 4.5%, the federal share did not increase markedly because state tax collections increased sufficiently to keep the proportion relatively stable. 

Federal grants as a percentage of state revenue remain greater than historical averages, providing nearly $1 out of every $3 in state revenue in 2014.
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State Tax Revenue Performance Is Weak in First Quarter, Declines in the Second Quarter

State and local government tax revenues continued their slowdown in the first half of 2016, mostly attributable to weak performance of the stock market and steep declines in oil prices. Year-over-year growth in state and local tax was 3% in the first quarter of 2016, down substantially from the 5.4% average for the four previous quarters. Overall, state governments have been hit harder than localities by slowing tax revenue growth—total state tax revenue from all sources grew by 1.6%, and local tax revenue from major sources grew by 4.4% in the first quarter of 2016.

Nelson A. Rockefeller Institute of Government’s new State Revenue Report provides detailed analysis of state government tax revenues in the first quarter of 2016, giving an overview of preliminary data for the second quarter of 2016. The report also provides state forecasts for fiscal year 2017 for personal income and sales tax collections.

According to preliminary data, state tax revenues declined by 2.1% in the second quarter of 2016. Declines were widespread, affecting about half of the states. Those declines came at a time when most states had already adopted 2017 budgets, potentially leaving many 2017 state budgets with holes to fix.

State personal income tax revenues grew 1.8%, year over year, in the first quarter of 2016, down from the 8.1% average for the four previous quarters. Overall, 16 states reported quarterly declines in personal income tax collections.

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Stop Hoarding Data and Start Managing It
Today’s rapid pace of data growth provides agencies with unprecedented insight into the needs of the citizens they serve, according to a report from GovLoop and Veritas. With more data, however, comes new challenges around organizing, storing, and protecting the information. Information governance provides agencies with the analytical tools needed to move beyond a “store everything” mentality to a strategic data management plan, helping you keep your data organized and usable.
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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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