2023 Annual Conference Sessions: Debt Management
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Sessions for Sunday, May 21
ESG 360
ESG has become a common term in nearly every finance officer’s vocabulary, but it may not be clear how to differentiate buzzword from strategy. In this session, speakers will explain the environmental (E), social (S), and governmental (G) factors that play a role in project planning, labeling bonds, disclosure, procurement regulations, and more. In addition, speakers will provide the latest best practices for incorporating ESG based on successful case studies, lessons learned, and ongoing evolution of this field.
Sessions for Monday, May 22
Tax Issues and Arbitrage Compliance
Governments that issue debt must comply with many federal tax regulations over the lifetime of their bonds. With changing interest rate conditions, finance officers need to be especially aware of arbitrage compliance requirements that have not been a great focus in the past few years. Speakers in this session will discuss the federal tax law parameters over municipal securities, and where issuers could see IRS audit inquiries. Topics to be discussed include IRS requirements related to arbitrage compliance, yield restriction, bond proceed spending requirements, monitoring private use of bond-funded projects and record retention obligations, and how governments can develop policies and procedures to manage these requirements.
Small and Complex: Unique Challenges for Small Issuers
Small governments and infrequent issuers entering the debt market have unique challenges, especially in a dynamic market. Governments may look to a variety of financing options to meet their capital needs, and for smaller entities these may include direct placements, bank loans, use of state pools, and other tools. Additionally, small governments have the same burdens as all other governments to manage their debt program and be in compliance with federal tax and securities laws, including disclosure standards. This session will focus on how small governments can best approach entering the debt market to be advantageous to their entity, and tools available to best manage their debt program and responsibilities.
Emerging and Hot Topics in Debt Management
There are many federal government and market initiatives that governments should be aware of as they plan to issue debt and continue to manage their overall debt program. This session will discuss some of the hot topics in the market, including how credit agencies view the sector, the SEC's focus on issuer disclosure matters and new standards coming forward as required in the FDTA, general capital market behavior and investor interests in the municipal bond sector, and other emerging issues. Municipal bond experts will share their thoughts on these matters, and engage with attendees on topics that are important to governments today and in the months and years ahead.
Sessions for Tuesday, May 23
Debt Market Dynamics and Your Capital Planning Needs
Will the market favor issuers in the months ahead? With the dynamics of the capital markets evolving, governments are having to think through different pricing variables, structures and products, as they consider issuing debt. Market experts will discuss observations and outlooks for the market generally, and specifically to issuers of municipal debt. This is especially true regarding dampened issuance levels and the opportunities and concerns this presents for governments. Understanding market trends and practices as well as future expectations will help governments as they plan their entities' capital plans, and options for paying for this vital infrastructure.
Sessions for Wednesday, May 24
Variety is the Spice of Life: Options for Successful Capital Financing Strategies
Funding the construction of infrastructure, facilities, and other assets is not easy and at times, governments need to consider creative options to provide necessary solutions. Beyond debt financing, pay-as-you-go, and grant funding, finance officers have used a variety of ways to pay for their capital projects including use of private funds, interfund borrowing, microfinancing, and more. However, not all ideas are good ones. In this session, speakers will provide attendees with considerations for different funding options, the pros and cons of each, and how to determine what works best for your government.
Disclosure Update
For decades, GFOA has advocated for issuer disclosure best practices and led efforts to help members have a strong voice among all market participants. Having robust disclosure policies, procedures, and practices, as well as being aware of what regulators, investors and other market participants want to see from issuers, can help governments stand out and attract greater participation in their bond sales. This session will provide an overview of disclosure best practices and considerations for what is coming down the road, including new federal structured data for issuer disclosures standards.
