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GFOA Newsletter
December 1, 2016
New Best Practices Address Cash Flow Analysis, Investment Policy

The GFOA Executive Board approved two new best practices in addition to updates to four other existing best practices at the September 2016 meeting. These documents provide recommendations to government finance officers in the areas of treasury and investment management, and retirement administration and benefits administration.

A new best practice, Cash-Flow Analysis, recommends six essential elements of a cash flow analysis, an important tool in management decision making. In this document, GFOA recommends that state and local governments perform ongoing cash-flow analysis to ensure sufficient cash liquidity to meet disbursement requirements while also limiting idle cash. The other new best practice, on Investment Policy, recommends reviewing and, if necessary, updating a government’s investment policy annually. The document includes statements on eight key points that should be included in an investment policy, the most important element of a public funds investment program.

The other four documents include important updates on Hybrid Retirement Plan Design, Establishing and Administering an OPEB Trust, OPEB Governance and Administration, and Educating Employees About the Adequacy of Retirement Benefits
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Association News
Encore Presentation of GFOA’s 21st Annual Governmental GAAP Update Web-Stream Event Takes Place Today

Thank you to the 2,500 registrants who have signed up to participate in today’s encore presentation of GFOA’s 21st Annual Governmental GAAP Update web-streaming event, from 1 to 5 p.m. (Eastern). All registered participants have been sent an e-mail from GFOA Announcements, which contained the program link, presentation slides, and steps to follow to log onto today’s program. If you need tech support assistance at any time during the program, e-mail your questions or call the help line at 800-274-9390. After the training today, you will receive an e-mail with a program evaluation to complete.

You will receive 4 CPE credits for your participation. A CPE certificate will be mailed to each registered individual in approximately 2 to 3 weeks. Any participant with an outstanding amount due will not receive a certificate until the balance has been settled.

Whether you are watching on your own or in a group setting, each individual must be registered ─ including those who may not intend to claim CPE credit.

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

Save the date: GFOA’s 22nd Annual Governmental GAAP Update will take place on November 2, 2017, with an encore presentation on December 7, 2017, both from 1 to 5 p.m. (Eastern).

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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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Plan to Be in Denver for GFOA’s 2017 Annual Conference

GFOA’s 111th Annual Conference will take place May 21−24, 2017, at the Colorado Convention Center in Denver. Visit GFOA’s website to access the conference brochure and information about GFOA’s official conference hotels, logistics, and tours.

Register Early and Save
Save with an early discounted registration fee on the annual conference when you sign up by January 26, 2017. Register here.

Apply for a First-Time Attendee Scholarship
If you are a first-time annual conference attendee and a GFOA active (government) member, we encourage you to apply for an annual conference scholarship in the amount of the full conference registration fee. Fifty scholarships will be awarded per state or province in the order the applications are received. If you are interested in applying for a scholarship, e-mail First Annual Conference. Please note: No more scholarships are available for the State of Colorado.

Preconference Seminars
Enhance your technical skills and deepen your expertise by arriving in Denver a day or two early to participate in GFOA’s preconference seminars on Friday, May 19, and Saturday, May 20, at the Colorado Convention Center. Check out the full description for one of the eight full- or half-day conferences that will be offered, Managing Small Teams, below, and read about and register for the other offerings here.

Managing Small Teams
Saturday, May 20 ● 1:005:00 p.m.
4 CPE Credits
Teams are an essential feature of the modern workplace, but the quality of teamwork can vary significantly from one team to another. A bad experience can lower morale and productivity, but when teams are at their best, the result is greater than the sum of each member’s capabilities. This seminar will examine ways to apply the latest research in team effectiveness, including how to run productive meetings, get team members to contribute, and create a sense of commitment that results in the team reaching its full potential. The lessons learned from this session can be used for staff from across departments and even different organizations. Read the course agenda.


  • Drew Corbett, Finance Director, City of San Mateo, California
  • Ken Guy, Director, Finance and Business Operations Division, Department of Executive Services, King County, Washington

If you have any questions about the annual conference, contact GFOA.

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Department of Labor’s Overtime Rule Delayed

On November 22, 2016, a Texas U.S. District Court judge issued a nationwide temporary injunction blocking the U.S. Department of Labor (DOL) from implementing new overtime pay rules scheduled to take effect December 1, 2016. Twenty-one states joined business groups filing suit in the eastern district of Texas to stop the DOL from implementing the rules, which they say would substantially increase employment costs.

The Texas court issued the temporary injunction because of the DOL’s attempt to increase salaries without consideration of an employee's duties. The litigation and potential appeals process could drag into 2017, when president-elect Donald Trump could take action to rescind the overtime pay rule or instruct the DOL not to defend it. 

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Jurisdictions Win Popular Annual Financial Reporting Award for First-Time

GFOA would like to congratulate the following jurisdictions for receiving GFOA’s Popular Annual Financial Reporting (PAFR) award for the first time: City of Lethbridge, AB; Town of Parker, CO; City of Aurora, IL; City of South Bend, IN; St. Louis County, MN; City of Wentzville, MO; Northeast Ohio Regional Sewer District, OH; Municipality of Bethel Park, PA.

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New CPFOs Announced

The following individuals earned the Certified Public Finance Officer (CPFO) designation in fall 2016: Nadine Alletto, Director of Finance, Village of Woodridge, IL; Marne Anderson, Treasury Supervisor, Salem, OR; Jennifer Cuellar-Smith, Treasurer and Finance Director, Columbia County, OR; Scott Gully, Finance Director/Tax Commissioner, Village of Indian Hill, OH; Karen Jester, Finance Director, South Correctional Entity, WA; and Kathleen Streissguth, Finance Manager, Clark County Fire and Rescue, WA.

There are now 670 people who have attained the CPFO designation.

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News Links
State Spending Growth Rate Slowed in Fiscal 2016, Report Finds

Total state spending growth rate slowed in fiscal 2016, following a 10-year high in fiscal 2015, according to the National Association of State Budget Officers (NASBO). The latest State Expenditure Report also indicated that both federal and state funds experienced less growth in fiscal 2016 than in the prior year. In addition, Medicaid continued to increase as a share of total state spending, while K-12 remained the largest category from state funds. Transportation led the way in spending growth from state funds in both fiscal 2015 and fiscal 2016, while Medicaid experienced the largest gains from all funds. Revenue growth slowed considerably in fiscal 2016 as states saw weaker collections from sales, personal income, and corporate income taxes.

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Tips for Addressing Service Delivery Pain Points

While citizens tend to rate local government more favorably than the federal government, they do share a perception of poor customer service. This is an issue in part because “poor service results in lack of trust in government and hindered communication with citizens,” according to “Tips to Address 6 Common Pain Points in Service Delivery,” a new report from GovLoop. The report discusses six common pain points in customer service—inconsistent messaging, failing to connect with users, cumbersome processes, outdated technology, lack of accountability, and failure to get the word out—and highlights several case studies of ways governments are working to address them.

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Diminish the Perception of e-Mail Criticism with One Word

In the absence of social cues, neutral e-mail messages can seem cold and overly critical. Rereading messages and evaluating them can help, but there’s another trick you can use: the word “yet.” Government Executive points out the difference between “We are close but not there” and “We are close but not there yet.” The word “indicates that progress is still possible and that hope is alive, reflecting what Stanford University professor Carol Dweck calls ‘a growth mindset’ as opposed to a ‘fixed mindset.’”

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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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