News

News

GFOA is always on the lookout for news items that will be useful for finance professionals, research that might help you do your job better, and legal and regulatory updates you need to know about. Check the GFOA news page for the updates and any relevant GFOA announcements, and see the GFOA Newsletter archive for back issues of our weekly electronic newsletter.

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Background on LIBOR and SOFR

October 17, 2019

LIBOR is a global benchmark interest rate calculated daily. With $200 trillion in U.S. dollar exposures linked to it, LIBOR is the most widely used benchmark and has been called “the world’s most important number.” Financial products based on LIBOR include loans, corporate bonds, interest rate swaps, mortgages, student loans, and deposits. They also include municipal bonds and loans.

IRS Issues Final Regulations on State/Local Tax Credits and Charitable Contributions

June 13, 2019

On June 11, 2019, the U.S. Treasury Department and Internal Revenue Service (IRS) released the final regulations regarding the availability of charitable contribution deductions under section 170 when a taxpayer receives or anticipates receiving a matching state or local tax credit. The 2017 Tax Cuts and Jobs Act (TCJA) limited the itemized deductions for state and local taxes (SALT) to $10,000.

New President, President-elect, Executive Board Members of Government Finance Officers Association for 2019−2022

May 28, 2019

(Chicago, Illinois - May 21, 2019) Terry S. Stone, Assistant Superintendent for Business and Operations, Hanover County Public Schools, Virginia, became the new president of the Government Finance Officers Association (GFOA) at the association’s annual business meeting on May 21, 2019. During the past year, Stone served on the Executive Board as president-elect. She has been a member of the Executive Board since 2015. Stone accepted the gavel from 2018–2019 President Steven Gibson, Deputy City Manager, City of Rock Hill, South Carolina.

GFOA’s First Annual Hero Awards Announced

May 28, 2019

(Chicago, Illinois – May 20, 2019) Government Finance Officers Association’s (GFOA) First Annual Hero Award recognizes finance officers who have demonstrated extraordinary actions during a time of financial, natural, or human-made crisis. 

The Hero Award Committee, composed of members of GFOA’s Executive Board, recently convened and selected the following recipients of the inaugural award:

GFOA’s 2019 Awards for Excellence in Government Finance

May 28, 2019

(Chicago, Illinois – May 21, 2019) Government Finance Officers Association of the United States and Canada (GFOA) announced the winners of its 2019 Awards for Excellence in Government Finance. The Awards for Excellence in Government Finance program recognizes outstanding contributions to the practice of government financial management. The award stresses practical, documented work that offers leadership to the profession and promotes the use of best practices in public finance.

GFOA's 113th Annual Conference Program is Set

May 9, 2019

(Chicago, Illinois – May 9, 2019) Government Finance Officers Association (GFOA) will host its 113th Annual Conference, May 19–22, 2019, at the Los Angeles Convention Center, California. Registration for the event is open on GFOA’s website (gfoa.org).

The conference is expected to bring together more than 5,000 public finance professionals, including almost 600 recipients of GFOA’s first-time annual conference attendee scholarship, through:

GFOA First Annual Hero Awards Announced

May 9, 2019

Thank you to the applicants and nominees for submitting to GFOA’s First Annual Hero Award. The Award recognizes finance officers who have demonstrated extraordinary actions during a time of financial, natural, or human-made crisis.

The Hero Award Committee, composed of members of GFOA’s Executive Board, recently convened and selected the following recipients of the inaugural award:

Scott Dowell, Administrative Services Director and Finance Director, City of Chico, CA

GFOA Awards 2019 Scholarships

April 16, 2019

(Chicago, Illinois – April 16, 2019) Government Finance Officers Association (GFOA) has announced the recipients of its 2019 scholarships. GFOA’s mission is to promote excellence in state and local government financial management and the awarding of scholarships is one of the ways GFOA accomplishes its mission.

The recipient of the $15,000 Goldberg-Miller Public Finance Scholarship is Julie A. Wons. Funded by the Girard Miller Foundation.

GFOA Files Comments on Infrastructure Financing to House Ways and Means Committee

March 26, 2019

On March 20, 2019, GFOA led comments to the House Ways and Means Committee in response to a recent hearing focused on the future of the nation’s infrastructure. Joining GFOA in the comments were more than twenty public issuer organizations from the Public Finance Network (PFN). The comments highlighted several important steps the federal government could take to facilitate access for communities to low cost capital, which in turn help implement their unique infrastructure decisions. As noted in the comments, the steps include:

Deadline Approaching for GFOA’s Awards for Excellence in Government Finance

February 25, 2019

Government Finance Officers Association’s (GFOA) Awards for Excellence in Government Finance recognize innovative programs and contributions to the practice of government finance that exemplify outstanding financial management. The awards stress practical, documented work that offers leadership to the profession and promotes improved public finance.

Entries may be submitted for consideration in one of the following Awards for Excellence categories:

GFOA Membership Reaches 20,000

February 15, 2019

Chicago, Illinois – February 14, 2019) For over a century, government finance professionals in the United States and Canada have relied upon the Government Finance Officers Association (GFOA) to provide timely information, practical educational opportunities, and the latest information on best practices. GFOA is proud to announce a milestone in its history—achieving 20,000 members.

New Congress Faces Continued Partial Shutdown

January 3, 2019

When the 116th Congress convenes today, federal lawmakers will begin the new session facing a partial government shutdown that began nearly two weeks ago. How long the shutdown will last remains uncertain as there seems to be no resolution of the primary disagreement over border wall funding. Seven of the twelve Fiscal Year (FY) 2019 appropriations bills still need to be approved. The bulk of the impact will first be seen in the national capital region as many federal workers will not be allowed to report to work until funding is approved.

Emily Swenson Brock Honored with the Women in Public Finance 2018 “She’s Our Hero” Award

October 4, 2018

(Chicago, Illinois – October 4, 2018) Emily Swenson Brock, director, GFOA Federal Liaison Center, has been awarded the Women in Public Finance 2018 “She’s Our Hero” Founders’ Award. The award is “given to the woman who manages career, self- development, family issues, and civil involvement – all at the same time.”

LIBOR to Be Discontinued, SOFR to Replace It

September 19, 2018

On July 27, 2017, the U.K. Financial Conduct Authority announced that it intends to stop compelling banks to submit London interbank offered rates (LIBOR) by the end of 2021. The New York Fed has started publishing the Secured Overnight Financing Rate (SOFR), a new reference rate based on overnight loans collateralized by U.S. Treasuries. SOFR is the anticipated replacement for the LIBOR index.

3rd Annual Better Budgeting Web-stream Series

August 10, 2018

(Chicago, Illinois – August 9, 2018) Government Finance Officers Association (GFOA) will offer three separate web-stream training sessions focused on critical budgeting issues for any local government. The 3rd Annual Better Budgeting Series will feature GFOA’s best practices that help organizations allocate resources, track spending and hold staff accountable, and communicate how to leverage different staff roles to build an effective budget office (or budget function).et function). 

23rd Annual Governmental GAAP Update

August 10, 2018

(Chicago, Illinois – August 9, 2018) Government Finance Officers Association (GFOA) will offer its 23rd Annual Governmental GAAP Update web-stream event on November 1, 2018, and again on December 5, 2018, and January 24, 2019, from 1:00 to 5:00 pm (Eastern). The training will provide comprehensive coverage of new developments in accounting and financial reporting for state and local governments, including: 

Small Cell Wireless Infrastructure Bill Opposed by GFOA and Other State and Local Groups

August 1, 2018

Together with the National Governors Association, The National Conference of State Legislatures, the National Association of Counties, the National League of Cities and the US Conference of Mayors, GFOA submitted comments (see below) regarding the STREAMLINE Small Cell Deployment Act (S. 3157). This bill would directly impact traditionally-held state and local regulatory authority and may complicate, rather than simplify, national and other efforts to expedite infrastructure deployment by prolonging state and local processes.


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