Author Archives: David

U.S. States Reduce Debt for First Time in 28 Years, Moody’s Says

by Brian Chappatta The debt load of U.S. states declined in 2014 for the first time in almost three decades and probably won’t rebound this year, showing lawmakers are still reluctant to borrow even six years after the recession. Total … Read more

Who Wins, Who Loses When Fed Raises Rates

June 17, 2015     Bloomberg Alexandra Scaggs, Isaac Arnsdorf and Joseph Ciolli The longest drumroll in the 102-year history of the Federal Reserve precedes its next interest-rate increase. That doesn’t mean some of its effects won’t be surprising. “This is a … Read more

Best Practice of the Week Using Benchmarks to Assess Portfolio Risk and Return

GFOA Newsletter: May 7, 2015 State and local government finance officers take the management of investment risk very seriously. GFOA recommends that government investors assess their investment portfolio for performance and risk by comparing the total return of the portfolio … Read more

MSRB Filed Proposed Municipal Advisor Core Conduct Rule with SEC

GFOA Newsletter: April 30, 2015 The Municipal Securities Rulemaking Board filed a proposed rule with the SEC that would “govern the core conduct of municipal advisors, including their fiduciary duty to put the interests of state and local government clients … Read more

Inadequate Rainy Day Funds Leave States Vulnerable to Next Fiscal Shock

GFOA Newsletter: April 16, 2015 State governments haven’t yet rebuilt their rainy day funds following the Great Recession; on average, they have a little more than half the reserves they had in 2007. That’s according to a report from the … Read more

SEC Still Greatly Underestimating Burden of Complying with Rule 15c2-12, SIFMA Says

GFOA Newsletter: April 9, 2015 The SEC’s revised estimates of the compliance burden imposed by its main disclosure rule still contain “gross inaccuracies,” according to a March 27 letter the Securities Industry and Financial Markets Association sent to the SEC. … Read more

State and Local Tax Revenue Up 4.2% for 4th Quarter, Census Data Show

GFOA Newsletter: April 2, 2015 State and local tax revenue rose 4.2%, to $369 billion, in the fourth quarter of 2014, compared with the same period a year earlier, according to U.S. Census data released last week. Despite growth in … Read more

Supreme Court Justice Kennedy Weighs In on Online Sales Tax Legislation

GFOA Newsletter Wednesday, March 11, 2015 On March 3, 2015, Supreme Court Justice Anthony Kennedy invited a legal challenge over whether states can require out-of-state and online retailers to collect sales taxes. Justice Kennedy’s opinion was issued as part of … Read more

Governments Expected to Issue More Debt for Infrastructure Projects

GFOA Newsletter        January 29, 2015 As the economy expands at its fastest pace in more than a decade, state and local governments are once again issuing debt. “After a budget-cutting push led governments to pay off debt by the most … Read more

State, Local Government Employment Outlook Cloudy

GFOA Newsletter      January 15, 2015 The latest jobs report showed relatively strong growth in private-sector employment, but state and local government employment remains lower than the levels reported in December 2007, according to a January 12 Rockefeller Institute of Government … Read more