Government Finance Review

Browse past and current articles from this publication.

Bringing Rigor to cutback management: Eugene's constrained prioritization process.
Ashrinking revenue base and increased demand for public services has made the need to prioritize government services critical the last few years. The federal budget has gone from a $127 billion surp . . .

IIA and GAO work to clarify standards differences.(Institute of Internal Auditors)(General Accounting Office)(Advertisement)
According to a recent article appearing in the August 2003 Internal Auditor, the U.S. General Accounting Office (GAO) and The Institute of Internal Auditors (IIA) are working together to clarify any . . .

The citizen's guide to the Nashville budget: providing better information in better ways.
Congratulations, you finally have the budget completed! It is balanced, meets the needs of your citizens, addresses the priorities of your elected officials, keeps taxes low, pays for those rising h . . .

Public finance professionals predict good year for municipal market.(News & Numbers)
MBIA Inc. and The Bond Buyer recently released the results of their 2004 Municipal Market Outlook Survey, indicating widespread optimism about the performance of public finance markets this year. Mo . . .

GASB issues technical bulletin on tobacco settlement proceeds.(News & Numbers)(Governmental Accounting Standards Board)(Brief Ar
The Governmental Accounting Standards Board recently published a new technical bulletin (available online at www.gasb.org), Tobacco Settlement Recognition and Financial Reporting Entity Issues, whic . . .

Local Tax Policy: a Federalist Perspective.(Brief Article)
Local governments across the United States are struggling to raise revenue to pay for public services. Increased demands by citizens for more and better services; the ever-rising costs of providing . . .

State budgets still struggling despite recovering economy.(News & Numbers)
Faced with stagnant revenues and persistent spending pressures, states have struggled with budget shortfalls over the past three years. According to the most recent edition of The Fiscal Survey of S . . .

State declares Pittsburgh 'distressed'.(Pittsburgh)
Citing the findings of a state-commissioned review of Pittsburgh's finances and the testimony of several city officials, the Pennsylvania Department of Community and Economic Development announced D . . .

Survey indicates CPFO designation a career enhancer.(News & Numbers)
GFOA's Certified Public Finance Officer program continues to grow and generate interest from the membership. Since the first examination in 1997, 260 individuals have passed all five examinations re . . .

Commission recommends overhaul of Philadelphia Tax system.
The Philadelphia Tax Reform Commission has proposed a comprehensive over haul of the city's tax structure with the aim of improving Philadelphia's competitiveness in attracting and retaining residen . . .

By the members, for the members.([from the editor])(Editorial)
At GFOA, we take great pride in fulfilling our mandate to provide high-quality products and services to our members. Of all the activities GFOA is engaged in, perhaps none is as dependent on the mem . . .

Stratospheric subsidies--or back to basics?(Commentary)(Column)
Do all of America's cities have something to learn from New York? Does New York have something to learn from places like Los Angeles and Houston? "Yes!" says a groundbreaking report on New York's . . .

Calendar.(Calendar)
[gfoa events] December New Orleans, LA 15-16 Capital Budgeting and Infrastructure Finance 15-17 Intermediate Governmental Accounting 17 Understanding and Calculating Arbitrage Rebate 17- . . .

Managing in a knowledge society.(Book Review)
Peter Drucker On the Profession of Management Published by Harvard Business School Press (800) 988-0886 www.hbsp.com 2003; 224 pages; $16.95 Over the last few years, we at GFOA have heard repeat . . .

GASB issues new standard on capital asset impairments.(The Accounting Angle)(Governmental Accounting Standards Board)
The Governmental Accounting Standards Board just released a new standard on when and how governments should recognize that the service potential of a capital asset has been impaired. The new pronoun . . .

Banking bills still in limbo.(Federal Focus)
Resting below the congressional radar screen are several issues pertaining to banking relations that are of interest to GFOA members. While Congress has moved forward with a bill on the use of elect . . .

Are you ready to implement an ERP system? GFOA assists a mid-size county.(Solutions)(Enterprise Resource Planning )(Government F
It is not uncommon for a government to spend many months procuring an enterprise system and then contracting with software and services vendors only to delay the project right at the outset. Why? Th . . .

By the book: the whys and hows of employee handbooks.(Management & Careers)
An employee handbook is a valuable communications tool that sets forth an organization's personnel policies, procedures, practices, and benefits. Written policies and procedures help reduce employee . . .

Revisions to GFOA's budget program criteria.(Best Practices)
In 1998, GFOA approved a recommended practice endorsing the work of the National Advisory Council on State and Local Budgeting, encouraging state and local governments to look to the NACSLB recommen . . .

GFOA's new model investment policy.
Since the first edition of GFOA's Investing Public Funds, "investment policy" has become a commonly used term of art in state and local government. An investment policy is a set of guidelines used b . . .

Teaming up on banking services: how combining business volumes can drive down costs.
While the economy is now showing signs of recovery, most government revenue sources have yet to turn the corner. As a result, many governments still find themselves struggling to meet increased dema . . .

Understanding and preventing payment fraud.
Until the last 10 years, the primary exposure of governments to payment fraud was the dishonesty of their own employees. Sophisticated check fraud required special skills and an investment in expens . . .

From paper to plastic: how to design and implement a purchasing card program.
Governments have struggled for years to find an efficient, cost-effective solution to the problem of small-dollar purchases. Studies have shown that on average, 80 percent of purchasing transactions . . .

Going once, going twice, sold! How Web-based auctions can increase yields and improve efficiency.(90-Day CD)(Cover Story)
Editor's note: In its October meeting, the GFOA Executive Board approved an alliance with Grant Street Group to create GFOA YieldAdvantage, a real-time electronic marketplace for investing short-ter . . .

Skyrocketing health insurance premiums continue to tax employers, employees.
Health insurance premiums increased 13.9 percent in 2003, a larger increase than last year and the largest since 1990, according to the 2003 Employer Health Benefits Survey released in September by . . .

Proposed ban on Internet access taxes could cost billions in lost revenues.(News & Numbers)
State and local governments face the possibility of substantial losses in tax revenue if a federally imposed ban on Internet access taxes is enacted into law, according to a recently published repor . . .

Report card: America's infrastructure flunking.(Illustration)
A new report by the American Society of Civil Engineers has concluded that the condition of America's roads, bridges, drinking water, and other public works have shown little improvement since they . . .

Controlling Public Expenditure: the Changing Roles of Central Budget Agencies--Better Guardians?(Book Review)
Edited by John Wanna, Lotte Jensen, and Jouke de Vries (Edward Elgar Publishing, September 2003) One of the most important functions of government is to marshal and deploy resources to achieve des . . .

Government Finance Review claims magazine design honor.(News & Numbers)(Ozzie Awards)(Folio:Show Celebration of Excellence Gala
Government Finance Review, GFOA's bimonthly membership publication, has been awarded an Ozzie Award for excellence in magazine design. Art Director Sarah Ettinger accepted the award on behalf of GFO . . .

Mayors: cities not seeing federal homeland security dollars.(News & Numbers)
A recent report by the U.S. Conference of Mayors revealed that 90 percent of cities have not received any of the $1.5 billion in federal funds approved by Congress in March to help local emergency w . . .

Cash management and the efficiency imperative.(from the editors)(Editorial)
Whenever fiscal stress becomes a central issue in a political campaign, buzzwords like streamlining bureaucracy, reinventing government, and enhancing efficiency are heard in the media. The last few . . .

Public subsidies: going, going, Boeing?(Commentary)
Notwithstanding crippling budget crises, 19 states have risen to the bait set out by the Boeing Co. and proffered bids--some breathtakingly large--to land the assembly plant for Boeing's proposed ne . . .

State for provincial association events.(Brief Article)(Calendar)
October GFOA of Texas Fall Conference October 15-17 Corpus Christi, Texas www.gfoat.org Maryland GFOA Fall Conference October 17 Frederick, Maryland www.mdgfoa.org GFOA of South Carolina Fall . . .

GFOA events.(Government Finance Officers Association)(Brief Article)(Calendar)
October Sacramento, CA 6 Effective Budget Presentation 6-7 Internal Auditing for Governments 7-8 Implementing Performance Measurement Systems (Advanced) 8-10 Advanced Governmental Accounti . . .

The aftereffects of a balanced federal budget.(Balancing the Federal Budget: Trimming the Herds or Eating the Seed Corn?)(Book R
Balancing the Federal Budget: Trimming the Herds or Eating the Seed Corn? Published by Chatham House Publishers (888) 334-3327 www.chathamhouse.com 2003; 318 pages; $24.95 Balancing the Federal . . .

Single audit changes: the recently revised version of OMB Circular A-133 increased the single audit threshold to $500,000 from $
On June 27, the U.S. Office of Management and Budget published in the Federal Register a revised version of its Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations (68 . . .

Lobbying for flexibility in tax-exempt financing: GFOA and the Public Finance Network are working to introduce a bill in Congres
The Center for Budget and Policy Priorities recently projected the nation's 10-year budget deficit, beginning in 2004, to be near $5.1 trillion. (1) This estimate includes a Medicare prescription dr . . .

Aligning strategy with finance: by linking long-term financial planning with strategic planning, governments can increase the li
To further its ongoing mission to promote the National Advisory Council on State and Local Budgeting's recommended budget practices, GFOA's Research and Consulting Center was recently engaged by a s . . .

Networking etiquette: respecting your professional contacts: an estimated 70 to 80 percent of all jobs are filled by word-of-mou
While it is possible to find a job day without having to rely on personal connections, it's estimated that between 70 and 80 percent of all jobs that get filled are by people who first heard about t . . .

Effective matching of maturities to cash flow requirements: by matching investment maturities to its cash flow requirements, the
Investing governmental cash assets carries the special responsibility of balancing the desire to maximize investment yields with the need to minimize risk. Government finance officers are often remi . . .

Using charts and graphs to improve management's discussion and analysis.
State and local governments are currently implementing the most significant financial reporting changes in the history of government financial reporting. Governmental Accounting Standards Board Stat . . .

Fend-for-yourself federalism: the impact of federal and state deficits on America's cities.
The largest federal and state fiscal crisis in decades is trickling down to city governments, making it increasingly difficult for city officials to balance their own budgets. (1) Faced with $110 bi . . .

Squeezing budgetary savings from early retirement incentives.
In today's poor fiscal climate, it seems that every state and local budget officer is being asked to miraculously part the Sea of Red Ink. The National Association of State Budget Officers projects . . .

Strategic planning and the budget process: a survey of municipal government.
Strategic planning is a structured and coordinated approach for developing long-term organizational goals and for developing strategies to accomplish them. It is typically used to facilitate communi . . .

What's wrong with budgeting? A framework for evaluating and fixing public sector financial planning processes.
Rather than abandoning budgeting altogether or living with its defects, governments are using the National Advisory Council on State and Local Budgeting's recommended practices as an organizing fram . . .

NCSL: states balancing budgets without broad tax hikes.(News & Numbers)(National Conference of State Legislatures report)
The states that have balanced their budgets amid the worst fiscal crisis in decades have done so largely without broad tax hikes, according to the latest fiscal report from the National Conference o . . .

Newly created council to coordinate property tax policy in Indianapolis area.(News & Numbers)(Indianapolis Fiscal Policy Council
Indianapolis Mayor Bart Peterson issued an executive order in August creating the Indianapolis Fiscal Policy Council, a panel that will gather budget information on all 45 taxing authorities in Indi . . .

Mayor announces drastic measures to keep Pittsburgh solvent.(News & Numbers)(Tom Murphy)(Brief Article)
In August, Pittsburgh Mayor Tom Murphy announced a series of drastic measures aimed at ensuring the city's solvency through the end of the year as it grapples with a $60 million deficit. The actions . . .

IT proficiency essential for finance professionals, survey finds.(News & Numbers)(Brief Article)
Finance professionals hoping to compete in today's job market should be prepared to highlight their technical expertise as well as their gift for numbers. In a recent survey, chief financial officer . . .

New releases.(Performance Budgeting for State and Local Government)(Book Review)
Performance Budgeting for State and Local Government By Janet M. Kelly and William C. Rivenbark (M.E. Sharpe, Inc., July 2003) New Releases This text describes performance budgeting as the int . . .