CSMFO Magazine November 2018 | Winter Edition

CSMFO C A L I F O R N I A

S O C I E T Y

O F

M U N I C I P A L

F I N A N C E

O F F I C E R S

M A G A Z I N E NOVEMBER | 2018 | ISSUE 23 | WINTER EDITION

CSMFO Guardians of the Finance Galaxy Pre-Flight Adventures Page 14

MAKE IT HAPPEN

SEC’s New Disclosure Rules

Page 12

Page 33

AND MORE!

CSMFO

CALIFORNIA SOCIETY OF MUNICIPAL FINANCE OFFICERS

M A G A Z I N E

NOVEMBER | 2018 | ISSUE 23 |WINTER EDITION

2018-19 Board of Directors President Margaret Moggia, West Basin MWD President-Elect Joan Michaels Aguilar, City of Dixon Past President Drew Corbett, City of San Mateo Scott Catlett, City of Yorba Linda Carrie Corder, Cucamongo Valley Water District Steve Heide, Chino Valley Fire District Richard Lee, City of South San Francisco Karan Reid, City of Concord Jennifer Wakeman, City of Lafayette Executive Director Melissa Dixon, MBA, CAE Editorial Designer Dayna Dixon & David Blue Garrison Photographer David Blue Garrison Editors Marcus Pimentel, City of Santa Cruz David Cain, Retired Wing-See Fox, Urban Futures Inc. Jessie Soto, City of Santa Cruz Communication Committee Chair- Marcus Pimentel, City of Santa Cruz Vice Chair- Pamela Arends-King, South Coast Water District Vice Chair- Ernie Reyna, City of Eastvale Janna Bogue, City of Thousand Oaks David Cain, Retired Karla Campos, City of La Quinta Wing-See Fox, Urban Futures Inc. Steve Heide, Chino Valley Fire District Nitish Sharma, City of Davis James Russel-Field, City of Thousand Oaks Additional Photography Pexels, Pixabay, Stocksnap, and Unsplash Thank you to all the authors in this issue for sharing with us their time and expertise. If you have an idea for a future article, please contact Melissa Dixon at the CSMFO office at melissa.dixon@staff.csmfo.org.

For more information on CSMFO or this Magazine, please contact the CSMFO office at 916.231.2137 or visit the website at www.csmfo.org.

The views and opinions expressed in these articles are those of the authors and do not necessarily reflect the official policy or position of CSMFO.

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CONTENTS

NOVEMBER | 2018 | ISSUE 23 | WINTER EDITION

FEATURES State Mandated Changes to Water Systems

Using Supplemental Data

SEC’s New Disclosure Rules

November Recap

P. 17

Data Driven Economic Development P. 24

P. 16

Don’t Stay In The Dark Reading the Yield Curve P. 30

P. 42

P. 33

INSIDE CSMFO President Margaret Moggia’s Letter

Editor’s Alley

Golf In Coachella Valley

Make Your Voice Heard!

P. 6

P. 23

P. 8

P. 26

A New Start on the North Coast

Making it Happen Today

Tennis Anyone?

Job Opportunities

P. 36

P. 46

P. 37

President Elect’s Letter

Pre-Flight Adventures

P. 12

P. 14

CSMFO Member Benefits

Promotions and Retirements

The Road to City Manager

Rocket’s Cosmic Casino

P. 27

P. 40

P. 20

Annual Member Drive P. 29

P. 28

P. 44

From the CIA to the MIH

Network With Finance Professionals P. 45

P. 48

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CSMFO MAGAZINE NOVEMBER 2018

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CSMFO MAGAZINE NOVEMBER 2018

PRESIDENT’S LETTER Margaret Moggia

CONTINUAL LEARNING SHOULD ALWAYS BE PART OF YOUR DAILY ROUTINE Having just returned from parent weekend for my oldest daughter, it was exciting to see how she is flourishing at her first year of college. With the right mix of making lifelong friends, engaging professors, and taking on new experiences, she is setting a path for success. For my younger daughter, who is a senior in high school, I have enjoyed watching and helping her answer the questions: “What do you want to study in college?” or “What do you want to be?”. Certainly these are difficult questions we ask of our children to answer. Some students know with perfect clarity on their future and others are perplexed by making life decision at this stage in life.

As I watch both my daughters take on these new challenges to navigate to their next self, I reflect on the similarities to my experience (and hopefully yours) with CSMFO. As a state association, our mission is to serve all government finance professionals through innovation, collaboration continuing education and professional development. CSMFO is committed to lifelong learning from onsite courses, webinars and the annual conference and create the meaningful connections to help us live to CSMFO’s guiding values. Each of these opportunities is a chance for us to individually gain the insight to do our job better or make an impact on a staff colleague. It is a chance to learn from “our professors” of consultants, peers, and our own co-workers. It is also a time to see where we can take on a new challenge to learn something new and help out our community. The roles each of us plays are vital as helps ensure that employees get paid, vendors get paid, and projects get completed. The goal is hopefully to see our role evolve because of the constant learning and desire to continue to give back and make a difference. And along the way, co-workers and peers became friends. For me, I cherish the support given by each one.

To guide CSMFO to be actionable and responsive to its members, the leadership meets annually to discuss the association’s strategic business plan, reflect on the completed activity to meet goals of membership, professional development and organizational sustainability. We challenge ourselves on how to continue to provide value to current and prospective members to the organization. Does it mean more services? Do we need increased clarity on committees and chapters? Tough questions are asked and contemplated and the results become the action plan for the upcoming year. Thank you to PresidentElect Joan Michaels-Aguilar for your vision for the day and for Neil Kupchin for another fantastic guided discussion.

It truly is one of my favorite times of the year because volunteer leaders dedicate time to ensure that we keep up with the challenges to meet the needs of our association. Thank you to each committee member, chapter chair, board member, and staff in attendance. It was productive, engaging and fun. I look forward to witnessing the accomplishments in 2019 and continue the amazing progress of student engagement, chapter engagement, our role in advocacy and committees, exploring a certification program, and create more effective ways to engage our members.

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As president, my role includes engaging with our sister state agencies from the state of Oregon, Washington and Alaska.

Earlier in the year, I had the opportunity to visit the Oregon Government Finance Officers Association in Sunriver with President Tod Burton and incoming President Lisa Young and just last month I attended the Washington Finance Officers Association in Vancouver (Washington). I was able to participate in kayaking on Tuesday afternoon and then enjoy a tour of Fort Vancouver, and then participate in their sold out conference meeting with their leadership and attending educational sessions. Thank you to Jana Brown for her hospitality, and I look forward to seeing their new president, Craig Warner at our upcoming conference in Palm Springs.

My last state travel is to Anchorage in November to attend the Alaska GFOA. What has been amazing is share about our shared interests to promote and educate our members and looking for ways to support each association too. (insert photo from conference).

The task force will delve into what the ethics code should include, and explore how programs like “Giving Voice to Values” and “Critical Conversations” can help shape the construction of a new ethics code. The task force will explore other organization’s ethics code such as the AICPA, public agencies, procurement groups, and other professional groups and more importantly begin the conversation amongst our peers to get their input on what this new code of professional ethics should look like. To that end, if you have suggestions about how GFOA should approach its response to ethics, suggest how GFOA should engage and support this topic locally and nationally, or identify concerns or pitfalls for GFOA to avoid, I welcome your comments. Please email me at margaretm@westbasin.org. As the GFOA Task Force progresses and concludes the research at the national level, I look forward on how to incorporate the work to our state association level and at each one of our own organization.

Happy Fall!

Outside of my role as CSMFO president, I have been active and engaged with the national GFOA. I am fortunate to be invited to participate on a task force to update the current GFOA code of professional ethics. The GFOA Ethics Task Force given the charge to develop a new ethics code that is both universal and flexible that serves as a statement of identity and as a resource that encourages a professional culture of principled action. It recognizes that ethics touches each one of us – from the line staff to finance directors to the elected official. Each may be affected in different ways, but in the end the response is one that unifies us. For more information about GFOA’s current Code of Professional Ethics, please follow this link: http://www.gfoa.org/sites/ default/files/u2/CodeofEthics.pdf.

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CSMFO MAGAZINE NOVEMBER 2018

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Devastating Impacts

Honoring those lost and the hidden heroes who will pull us forward.

It is with a heavy feeling of sorrow that we dedicate this month’s magazine to our colleagues and their communities who have been impacted by the recent and unprecedented events of gun violence and ferocious fires.

And, as we approach the end of 2018, we are making a last push to promote our January 2019 Palm Springs Conference.

See the features about the:

We stand in solidarity and offer our prayers, wishes, and support to our CSMFO members in and around Paradise where the Camp Fire has impacted generations. And to those CSMFO members in and around Thousand Oaks who transitioned from senseless violence to the impacts from the Woolsey Fire, we are with you by your side as well.

Wednesday’s special Member Benefits session for newer CSMFO members and attendees (Job Search: Guardians of Finance and CSMFO)

We also stand proud of our CSMFO leadership who are on the front lines of some of these tragedies; in Thousand Oaks, Communication Committee Members James Russel-Field and Janna Bogue; our Administration Committee’s Senior Advisor Bob Biery (City of Westlake Village); and Chapter Chair Melinda Brodsly (City of Agoura Hills).

Together we will mourn the losses in their communities. Together we will remember their contributions to our lives. Together we will move forward. Together we will support our members who have suffered personally and are impacted today and for years ahead from these tragedies.

It is a sad irony that the Communications Committee had selected as one of this month’s themes how impacts from outside forces (such as Federal, State, or special interest groups) can impede our ability to control how we serve our communities.

Unfortunately, we have just recently seen how other actions are impacting our communities.

Nonetheless, under this theme, we have included in this month’s edition coverage about recent legislation that impacts Water agencies across the State (SB 998 Water Disconnect bill) and upcoming SEC disclosure rule changes (“SEC’s new disclosure rules go into effect in early 2019 – Are you prepared?”).

We are also covering the impacts from the November 6, 2018 election (see Michael Coleman’s Election highlight). From the attempt to repeal the SB 1 transportation tax increase to the 79 Cannabis measures, 69 sales tax measures, and 124 school tax and bond measures. This article also discusses other propositions (such as housing, homelessness, and rent control).

Tuesday’s exclusive Golf and Tennis events

The 22.5 hours of eligible CPE at this year’s conference (Guardians of the Finance Galaxy On Board Flight Opportunities) Thursday night’s Conference Event (Rocket’s Cosmic Casino & Cinema!)

Thursday Focus Groups to help navigate CSMFO’s future (Make you voice heard!)

Friday’s Chapter Chair Breakfast Finally, we continue to highlight and celebrate the members of CSMFO in this edition. See the first part of our exclusive Q&A with our President Margaret Moggia and President-Elect Joan Michaels Aguilar, touching on topics from food to keeping work life balance to what inspires them about serving CSFMO. We also celebrate those promotions and retirements of our fellow CSMFO members, with a special feature by Isaiah Hagerman on his decision to move from Finance Director to City Manager (The Road to City Manager). And we have the opportunity to feature a fresh restart of CSMFO’s North Coast Chapter (A New Start on the North Coast).

We again want to express in this inaugural letter from the editor our deepest sympathy for all those around the State impacted by the recent fires and shootings.

- Marcus Pimentel

CSMFO MAGAZINE EDITOR

We were also fortunate to get bonus tips on data reporting including: how to use big data to support community investments (“Data Driven Economic Development”); how to leverage other data points in your community financial presentations (“Using Supplemental Data to Tell a Compelling Financial Story”); and how data can be used to predict the next economic slowdown (“Reading the Yield Curve”).

The new ‘Editor’s Alley’ will feature a message from the CSMFO Magazine Editor, Marcus Pimentel to give you an idea of what you can expect from each issue.

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CSMFO MAGAZINE NOVEMBER 2018

REGISTRATION CLOSES DECEMBER 10TH!

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CSMFO MAGAZINE NOVEMBER 2018

PRESIDENT ELECT’S LETTER Joan Michaels Aguilar

At the October 1st, Strategic Planning session, I had the pleasure to welcome a group of volunteers that put in hundreds of hours each year toward making CSMFO a great organization. This group is better known as the CSMFO leadership, and may be a Board Member, a Committee Chair or Vice-Chair, a past-president (six were in attendance), Chapter Chair or Vice Chair, or Senior Advisor. As part of my welcome to the group, I reminded them about our current President’s C.I.A. mission to Collaborate, Innovate and Achieve, and then shared my own acronym for folks to ponder MIH. I indicated that this did not stand for Mission Impossible Here, but Make It Happen.

A friend of mine had recently shared this acronym with me, and I had noted that I planned to appropriate it for use at our planning session. I shared with the group that despite our busy personal and professional lives, we Make It Happen in so many ways. CSMFO leadership is comprised of volunteers who have so many different aspects of our everyday lives with family responsibilities, elected officials, supervisors, employees, making demands on our time, yet we choose to be involved in CSMFO.

Back to the activities at the Strategic Planning Session. I thought it was a great, productive day, and I particularly enjoyed the opening exercise that Neil had us participate “I’m Glad I’m a CSMFO Member”. Attendees had a chance to brainstorm in multiple groups and then share their thoughts collectively. Here are some of the key reasons that came out of that day.

• Provide excellent training – technical and nontechnical • Build relationships with good people • Access to and sharing of information • Ability to impact our profession and organizations’ we work for • Collaborate with other professionals/excellent annual conferences • Build and maintain professional credibility • Being part of this community/contagious positive attitudes

I undertook an Internet search on making it happen and found that this is no new concept. Richard Branson, the Virgin Group, has said he would tell entrepreneurs one piece of advice: make it happen. The ability to get on and do it is what sets changemakers apart from dreamers. Diana Ross is quoted as saying “You can’t just sit there and wait for people to give you that golden dream. You’ve got to get out there and make it happen for yourself.” To put this into perspective for CSMFO or your professional life think about the following:

• Develop leadership skills • Professional development and growth/give something and get something • Support system that makes our jobs easier • Provide/receive mentoring/proactive on issues

We Make It Happen at chapter meetings by participating in regional opportunities to network with our colleagues and learn a thing or two while sharing a meal.

• Recharge our skills and motivation • Variety of training opportunities offered to members

We Make It Happen by attending the Annual Conference to avail ourselves to the great program options on Leadership and Management, Accounting and Financial Reporting, Budget and Financial Planning or Innovation and I.T.

• Feel more confident personally/practical and convenient • Welcoming to all – especially new members or other stages of career

We Make It Happen by volunteering to be involved in CSMFO and help this organization grow its membership base.

• Inclusive and successful organization

You can Make It Happen by having the faith in yourself to apply for that promotion at your organization or taking a leap and moving up to be a Manager or Director at another agency.

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• Problem solving possibilities in a collaborative, creative environment • Economical for the benefits you receive

perspective

GAINED

By the way, I got a chuckle when I received a notice in the mail from CALED (California Association for Local Economic Development) regarding their “Make It Happen” 39th Annual Training Conference in Anaheim. So Finance Folks aren’t the only professionals charged with “making it happen”.

I would also like to congratulate those that are newly elected to the Board including President Elect Steve Heide. I look forward to working with Steve as part of the Executive Committee in the next couple of years. I would like to commend all of the candidates for their commitment to moving CSMFO forward and willingness to serve at the Board level.

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CSMFO MAGAZINE NOVEMBER 2018

INSIDE CSMFO

CSMFO Guardians of the Finance Galaxy Pre-Flight Adventures Written By David Cain and Harriet V Commons

David Cain, CSMFO Senior Advisor – Communications Committee and 2019 Host Committee Member

Harriet V. Commons – CSMFO Annual Conference Program Committee Liaison

Guardian of the Finance Galaxy on Board Flight opportunities begin the moment you arrive in Palm Springs on January 9, 2018, if you could not take advantage of the pre-flight options.

All of these opportunities are included in your purchased ticket price and there are NO add-on fees or charges! (We do limit your luggage to no more than 10 bags!)

Fellow CSMFO Guardians of the Finance Galaxy do you need continuing professional education (CPE) hours – and need it NOW? Well, you’re in luck – and you won’t have to travel to the next Galaxy to get it. The 2019 CSMFO Annual Conference in Palm Springs, January 8-11, will provide you with an excellent opportunity to earn up to 22.5 CPE hours.

Starting Wednesday morning, January 9, and continuing through noon on Friday, January 11, you’ll have a cornucopia of sessions from which to choose. You can start the day on Wednesday with an update from CalPERS leadership about the latest goingson at CalPERS – especially as it affects your pensions and budgets. Or – if you want something a bit different, there’s “The Changing Demographics of the Finance Office” or “True Cost of Implementation, Ongoing Maintenance, and Support.”

In the last issue of the CSMFO magazine, we told you about the outof-this world pre-conference sessions on Tuesday, January 8, that are each worth 6 CPE hours – depending on whether you want to hone your public speaking skills (with “Rocket” – Phil Bertolini), learn everything you ever wanted to know about debt (but were afraid to ask!), or delve into the mysteries of municipal tax revenues (with “Star-Lord” – Michael Coleman). There is limited seating so purchase your pre-flight option as soon as possible.

In all, there will be a total of 57 concurrent sessions from which to choose – covering everything from accounting and financial reporting (from the basics to the always-popular and timely GASB update), to budget and financial planning, to financial management, to innovation and IT, to leadership and management, to treasury and debt management – a little something for everyone! Neil Kupchin will be on board for two leadership and management sessions.

There will also be a variety of pension-related sessions, as well as sessions on fraud (including using artificial intelligence to help detect fraud) and on sales tax. Plus, you won’t want to miss “The Finance Officers Guide to the Tax Measure Galaxy.” Wow, so many options to choose from for one single price!

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Join us for Wednesday’s opening keynote as Ross Shafer beams into our galaxy to talk to us about “Future Proofing our Organizations”. Ross is a speaker without the speech!

Ross does not need “Rocket” or other “Guardians” to bring his sense of humor to our conference as he underscores the importance of passion, work ethic, and high performance standards that will inspire us all.

Lest anyone fear that this will be just another boring gettogether for numbers nerds in a far away galaxy, there will also be a feel-good session about the hard work it took to turn around the troubled City of Bell, resulting in its successful return to the bond market earlier this year. Or you can learn “How to Eat an Elephant….” And for those of you hoping to expand your network and advance your career, “Speed Coaching” will be available on Wednesday morning to help you kick-start your conference, and there will also be a session that afternoon to help you in “Telling Your Story – From Resume to Interview to Results.” Connie Podesta will be joining us in our galaxy as our Thursday keynote speaker and she will also be doing a break out session on “Standout Leadership…Lead Like you Mean It! All circles, squares, triangles, or squiggles are invited.

A leader in public finance.

Included in your ticket price is a very special closing speaker on Friday, Alex Sheen. Please plan to stay in our finance galaxy (don’t catch an early flight out) on Friday as Alex shares and gets us to commit to “because I said I would”. Hear about Alex’s father who may have been an ‘average’ man, but kept his promises, changing Alex’s life and in turn will help us change ours. Learn how we too can be people of our word.

Make a commitment today to be a part of CSMFO history from the beginning of this journey on Wednesday right through the final closing session of the CSMFO 2019 Guardians of the Finance Galaxy journey on Friday. It will be a flight experience you will never forget because it will be forever life changing!

David Cain – Recently retired Director of Finance from City of Fountain Valley, San Bernardino, Chino and Sierra Madre. Currently Senior Advisor to the CSMFO Communications Committee and member of the 2019 Palm Springs Annual Conference Host Committee. Active as an adjunct Professor for the MPA programs at CSUN, CSULB and Cal Poly Pomona – (Mentoring, teaching and influencing the next generation).

Since 2000, we have represented more than 750 California local agencies. Our singular focus enables us to provide you with the expertise you need to make your project a reality.

Harriet Commons, a CPA, is the retired Finance Director/Treasurer for the City of Fremont. She is a past CSMFO Board member, as well as past Chair of the Professional and Technical Standards Committee. Since her retirement, she was worked on special projects for Metrolink, Union Sanitary District, and Dublin San Ramon Services District, and she has continued to be an active CSMFO member, participating on both the Career Development Committee and the Annual Conference Program Committee.

475 Sansome Street, Suite 1700 San Francisco, CA 94111 415.391.5780 tel 415. 276.2088 fax info@joneshall.com www.joneshall.com 15

CSMFO MAGAZINE NOVEMBER 2018

FEATURED ARTICLE

State mandated changes to Water systems (SB-998) Written By Carrie Corder

Carrie Corder, CPA, Assistant General Manager

Those of us who bill bimonthly should consider changing to monthly billing in order to reduce our exposure to bad debt write offs. If you would like to see the full chapter of this bill, it will be located in Section 116900 to Part 12 of Division 104 of the California Health and Safety Code. If your agency provides water service, please be sure to read the following article by Nicholaus Norvell of Best Best & Krieger – it is a great summary of this new challenge ahead of us.

In September, Governor Brown approved a new bill, SB 998, that will create new business processes for all municipal and private water systems starting in 2020. Many agencies chimed in as this bill was making its way through the legislature due to its many burdensome provisions; however, it was signed into law and now we all need to make plans to implement it.

At the Cucamonga Valley Water District, we have started planning for this new law. We have already researched the languages predominantly spoken in our District to meet the noticing requirements so that we can translate our disconnection policies. We have until February 2020 to:

Carrie Corder, CPA, has been with the Cucamonga Valley Water District since 2001 and is the Assistant General Manager. She oversees the Finance and Administration Departments which performs the functions of Accounting, Customer Service, Legislative Affairs, Communications and Outreach, Human Resources, Risk Management, Information Technology Services and Purchasing/ Warehouse.

Prior to coming to the District she was employed for four years at a regional public accounting firm, specializing in audits of school districts and financial institutions. She also worked for the City of Claremont for six years as the Finance Manager and City Treasurer.

• Update the disconnection rules in our software to make sure we wait the full 60-day delinquency requirement, • Alter our automated phone system script, • Change the wording on our printed disconnection notice, • Update our disconnection policy to ensure compliance, especially outlining the payment arrangement options for customers whose annual income is less than 200% of the federal poverty level, and • Provide an annual report of the number of disconnections that we perform to our Board of Directors, as well as publish on our website

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FEATURED ARTICLE

Using Supplemental Data to Tell a Compelling Financial Story Written By Richard Lee IFinancial reporting consistently plays a major role in the lives of finance officers.

In presenting to our respective boards or councils, conveying a compelling story is critical to information comprehension Richard Lee, Director and building credibility. To communicate of Finance for the the entire story, we typically include City of South San core financial information as well as a Francisco wide breadth of accompanying metrics that provide context and insight. In addition to sharing the metrics that we use in South San Francisco below, I asked our fellow CSMFO members via the listserv to share the metrics that they use in their organizations to accompany their financial reports.

Metrics that Impact Transient Occupancy Tax (TOT) The 30 hotels in South San Francisco generated TOT revenue of $14 million in FY 2017-18. As one of the top three revenue sources for the City, the metrics below serve as crucial bellwethers to monitor economic headwinds.

Metrics that Impact Property Tax Like most cities, South San Francisco’s top revenue source is property tax. FY 2017-18 property tax revenues were $34 million, which was 28 percent of total General Fund revenues.

• Passenger traffic for San Francisco International Airport (SFO), which is a few miles from South San Francisco. The information is available at https://www.flysfo.com/media/ facts-statistics/air-traffic-statistics.

To supplement property tax revenue numbers, we include the trends below which are made available through the San Mateo County Association of Realtors (SAMCAR) at https://www. samcar.org/market-data.htm.

• Average hotel room rate and occupancy rate. This information is available on the City’s TOT monthly remittance document and recorded in a database for historical analysis.

• Median sales price for single family homes and condominiums • Average days on the market • Inventory • Number of sales

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CSMFO MAGAZINE NOVEMBER 2018

Using Supplemental Data to Tell a Compelling Financial Story

Metrics that Impact Permit Revenues Residential and non-residential development is alive and well in South San Francisco. In FY 2017-18, permit revenues reached an all-time high of $14 million, which was 12 percent of total General Fund revenues. To provide additional insight, we include the metrics below.

• Average permit valuation • Number of permits issued The City of Temecula includes the following economic trends in their quarterly financial report: • Unemployment rate at the national, state, regional, and local levels over a three-year period.

• Consumer Confidence Index (CCI)measures consumers’ outlook on the economy, where an index over 100 indicates a higher percentage of optimistic consumers versus those that are pessimistic. CCI is issued by The Conference Board, which is an independent business membership and research association working in the public interest. CCI historical data is available on a subscription basis at https://www.conference-board.org/data/ consumerdata.cfm.

The cities of Temecula and Redwood City also include demographic information that is made available through the United States Census Bureau, such as median age, average household income, number of registered voters, median home price, and the number of jobs. https://www.census.gov/ quickfacts/fact/table/US/PST045217#PST045217.

• Consumer Price Index (CPI), which measures the year-overyear change in the price of goods and services purchased for consumption by urban households, comparing U.S. averages to the local region.

If you have data that you use in telling your financial story that is not mentioned above, please contact me at richard.lee@ssf.net or via a CSMFO website message.

A very special thank you to the contributors for this article: Jennifer Hennessy, Director of Finance, City of Temecula Susan Giangrande, Budget Manager, City of Newport Beach • Unemployment and Consumer Price Index data is provided by the United States Department of Labor’s Bureau of Labor Statistics, available at https://www.bls.gov/data/.

Richard Lee’s career in municipal finance spans 13 years, serving various communities in the San Francisco Peninsula. Since 2015, he has served as the Director of Finance for the City of South San Francisco. Richard was elected to the CSMFO Board of Directors in 2018, after previously serving as Chair of the Peninsula Chapter and Vice Chair of the Career Development Committee.

In his spare time, Richard is a freelance musician, and has performed with various groups/artists such as the San Francisco Opera Orchestra, Disney’s The Lion King musical, Barbra Streisand, Peter Cetera, Kenny Loggins and Gladys Knight. His secret ambition is to be the first local government CFO to win a Grammy.

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CSMFO MAGAZINE NOVEMBER 2018

INSIDE CSMFO

From the CIA to the MIH. Written By Marcus Pimentel A special two-part feature on President Margaret Moggia and President Elect Joan Michaels-Aguilar.

Since CSFMO’s start in 1958, there

Marcus Pimentel, have only been two previous years Finance Director, City where we had back to back woman of Santa Cruz presidents. So the Communication

Committee wanted to take a pause and get to know a bit better our current and next CMSFO President. Sure, you get a chance to hear from them each edition. But we hope you’ll find this revealing Q&A as interesting as we did. And it affirmed what we already knew, that CSMFO is in good hands.

[Joan] Luckily, CSMFO is something I have enjoyed doing for a lot of years. It may mean that I am working on CSMFO related e-mails at night or on the weekends, but it is so rewarding and fun and you get to see a pay-off for the fruits of your labor. I haven’t had as many “fun runs” such as Disney runs in part because Run Disney in So Cal eliminated them due to the construction associated with Star Wars: Galaxy’s Edge.

I did manage to participate in The Incredibles Virtual Running series of three 5k runs this summer that you can do on your own. Crazy or not – you decide – I have also signed up for a local half-marathon in March 2019 – the Shamrock’n Half marathon in Sacramento and have begun my training.

I am (also) on the “A list” for Southwest, as it is important for me to visit family and friends in Southern California. In June, I was in So Cal three out of four weekends including a trip to that most magical of places Disneyland! I love to travel and managed to get a great cruise in this year with my best friend this year, as well as trips to Maui and the Big Island.

[Editor] Offering your service as President for CSMFO comes with a heavy commitment. How have you found balance in your life this far in the year?

[Editor] What fuels your passion to serve CSMFO while staying so active in other roles?

[Margaret] The simple answer is keeping my schedule current. I manage what is placed on my calendar and encourage setting up recurring meetings, whatever the frequency, so that the calendar is known. I peruse my calendar each evening to ensure that I am prepared for the next day.

[Margaret] About 14 years ago, I wanted (actually needed) to learn more and these associations were there to help me understand my new role as a finance manager. I was very fortunate to connect with CSMFO Career Development Committee and the incredible individuals on this team who helped guide me and trusted in me to be a leader. As I gave a little, I gained a lot. So, I wanted to give more. So, I began my journey with CSMFO to serve on a committee, then as a Board member and then finally elected to president. My leadership at CSMFO led to me to GFOA to serve on one of the standing committees, and also being asked to submit my name to serve as president at CMTA. Once I get into an association, I want to make a difference, and I have been given the latitude to express my voice and work hard to find and produce solutions. I am appreciative to my home family and my work family who allow me to participate.

I balance my work life and home life by also calendaring the home life on my outlook calendar. The most important thing is the family knows that I will be there for all special meetings, shows, and will take the time for the little moments like morning drop off at school when I get the chance.

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[Joan] Where do I begin!! I probably am most excited about the Student Engagement initiative that has CSMFO leadership in both Northern and Southern California working on outreach to universities to let accounting students know about CSMFO and our profession. With so many of us retiring in the coming years, we need to make municipal finance a viable option for college students and share the excitement that it is our world. We all know that finance can be fun, and hearing that students are now attending chapter meetings is music to my ears.

The continued growth of our organization and focus on networking and continuing education also rocks my world.

When you see the numbers of members that are participating in our webinars, it is really eye-opening. I know that Career Development is currently evaluating some proposals to offer a Budget Core Course. This is based on feedback from recent surveys indicating strong demand for such curriculum.

Lastly, I have to admit representing CSMFO at our sister organizations in Alaska, Oregon, Washington, CMTA, and GFOA makes me incredibly proud. I look forward to venturing to these conferences throughout 2019 and have already marked my calendar. As noted, I enjoy travel, although GFOA in Los Angeles – really!!!

[Editor] What do you find to be your biggest reward from your year thus far?

[Margaret] My year has been rewarding from day one.

I appreciate being able to try new ways to approach the conversation of providing value to the membership, and I loved being able to create opportunities for new persons have an opportunity to serve in a leadership role, and have other leaders try new committees to expand each one’s knowledge and contribution to CSMFO. I am also proud of the work of the committee and Board members to explore and make progress to improve the member experience whether it is at the local chapter, engaging with students, identifying what a certification program could look like and to review our roles on committees and advocacy.

[Joan] There are so many aspects that I am really enjoying that it is hard to pinpoint just one, but I would have to say helping to plan the 2019 Annual Conference for Palm Springs.

I have found the process to be quite fascinating and it does take a remarkable amount of time and energy from so many wonderful people. While I have been on multiple Host Committees to assist plan prior conferences, it is different when you are in the President Elect role. I enjoy having a great team of colleagues from the municipal and commercial world that share their opinions, whether it be on the location or food associated with the venue for the President’s Dinner to the activities that will transpire on the Thursday night event or evaluating the keynote speakers and making recommendations for those that were ultimately selected.

[Editor] What do you hope your CSMFO legacy will be?

[Margaret] That I made a difference, and I show that I care about the people and programs. I believe in CSMFO’s mission and guiding values and will work hard to collaborate and innovate to make our Mission: Possible. (get it – referencing my 2018 conference theme) [Joan] I am not sure there is a simple answer to this question, but here is my best attempt. My hope is that my CSMFO legacy will be regarded as passionate about the municipal finance profession, ethical and mentored some in the industry along the way to achieve in their careers or CSMFO. [Editor] As a future “past president”, how would you like to remain engaged in CSMFO? [Margaret] I love to stay engage with the programing of professional development through the annual conference or throughout the year. I also want to share my experiences and create the excitement to the next leaders of the organization.

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CSMFO MAGAZINE NOVEMBER 2018

From the CIA to the MIH.

[Joan] That remains to be seen, since I am closer to retirement age. I could see wanting to remain engaged in a Senior Advisor capacity if the Communications Committee and the Magazine continues its publication online. Putting together the Magazine was a passion of mine, great to have a group of people working toward one goal of getting content in the form of articles, photos, blurbs, all put together by the wonderful David Garrison.

[Editor] What was your neighborhood like as a young girl? What was your favorite pastime?

[Editor] What was your favorite food growing up? And what food did you hope to never have to eat again?

[Margaret] Like there is any other choice – Mexican food.

If you ever ask, it will always be Mexican even if I just had the day before or even earlier in the day. How can you say no to Chips and Salsa? I am not too adventurous so I am sure there are foods that I would not have again since I won’t try in the beginning.

[Joan] I have always enjoyed Macaroni and Cheese – and when I was growing up it was the blue box – was there any other – Kraft Macaroni and Cheese. It is still comfort food for me, though I have moved up in the world to Stouffer’s frozen Mac n Cheese. ;> Foods that I tolerated and no longer eat include peas and lima beans, but I did eat my vegetables as I was instructed.

[Margaret] I was fortunate to have strong family-focused and supportive upbringing. My parents created special memories of the annual family vacation, attending musicals and allowing me to bake daily. I spent the summer swimming at the local pool so much so that I often would get green hair from all the chlorine on my blond hair.

We encourage our readers to stay tuned for Part II of this special feature where we dive a bit deeper into the efforts behind leading the annual conference, to what it means to be a woman president in these times, and to what advice they can share to tomorrow’s leaders.

[Joan] I grew up in apartments, so I spent a lot of time at neighborhood parks (see the municipal bug bit me early!) I remember participating in programs like making crazy hats and other recreation programs in the summer. I was involved in dance from the time I was 4 up until high school, and enjoyed that quite a bit including performing in annual recitals.

Eventually, I became involved in little theater, and performed a wide breadth of shows from ballets like The Nutcracker, playing Alice in Alice in Wonderland, Little Women, a chorus member in the musical She Loves Me, and even appearing in a Shakespeare play as Ariel in The Tempest. Being the introvert that I am, theater/dance was a good hobby or pastime for me.

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INSIDE CSMFO

Golf at the Most Prestigious Private Club in Coachella Valley Who’s ready to spend time getting to know your colleagues in a unique way?

Who’s ready to have success towards a common goal and share high fives, fist bumps, and cheers because the goal is a difficult one to achieve?

Who’s ready to see your partners fail and subsequently share a laugh?

Who’s ready to celebrate at the end of the event, share stories, and have a good time?

If this is you, then you are ready to play golf at the 2019 CSMFO Conference!

This year, the journey takes us to one of the most prestigious private clubs in the Coachella Valley, home to the LPGA ANA Inspiration Golf Tournament and a nationally ranked tennis facility – Mission Hills Country Club. Our team event will be played on The Pete Dye Challenge Course which has a little something for every golfer.

For the good golfer - the course will test your ability to hone in on the target and be rewarded when achieved.

For the occasional and beginning golfers - while Pete Dye’s reputation sometimes precedes him - the Challenge Course provides ample rolling fairways and big greens for you to shoot at and help the team.

For all - the same fairways, elevated greens, water features and inviting clubhouse are coupled with beautiful views of local mountain ranges and desert landscape located in the middle of the Coachella Valley. For more information on the club, please visit Mission Hills Country Club online. The Club is located at 34-600 Mission Hills Drive, Rancho Mirage, CA 92270, and their phone number is (760) 324-9400.

We invite our Corporate Members to be an integral part of our golf tournament as a featured sponsor. Your contribution will be instrumental in making this golf tournament a success. The small increased fee includes four golfers and onsite representation.

Boxed Lunches and beverages will be provided on the course with light appetizers and beverages available at the reception.

Tuesday, January 8, 2019

For more information contact:

Check In: 10:00am

Bobby Young

Start Time: 11:30am

Director of Client Services - HDL Companies

Reception: 4:30pm

714-879-5000

Government - $50

byoung@hdlcompanies.com

Corporate (Single) - $175

Brad Rockabrand

Tournament Sponsorship - $850 (Hole Signage)

City Services Senior Manager - Vavrinek, Trine, Day and Company (VTD)

Tournament Sponsorship - $1,200 (Company Name on every scorecard) – ONLY 1 AVAILABLE TO FIRST RESPONDENT – CONTACT BOBBY

909-297-8418 brockabrand@vtdcpa.com

Tournament Sponsorship - $1,200 (Company Name on every cart) – ONLY 1 AVAILABLE TO FIRST RESPONDENT– CONTACT BOBBY

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CSMFO MAGAZINE NOVEMBER 2018

SPONSORED ARTICLE

Data Driven Economic Development Written By Barry Foster

Barry Foster, Managing Director, Hdl

An important component of any successful economic development program is retail attraction. California cities need a strong lineup of retail stores and successful shopping areas to keep consumer spending within their community to enhance sales tax revenue locally. In many cities, sales tax revenue is one of the most important revenue sources and helps fund many city services including public safety.

In recent years, attracting new retail development to a community has become more sophisticated and challenging. Many retailers now have both an internet presence and physical brick-and-mortar stores. E-commerce sales have grown significantly, and shopping centers are being repositioned to better serve rapidly changing consumer preferences.

Shopping centers are incorporating more food and entertainment uses into their design. Downtown areas are embracing mixed-use development and becoming more of an 18-hour environment to draw consumers for longer periods of time.

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Retailers have drastically changed the way they approach site selection and new store development. Site selection used to be fairly basic--new retail development followed new roof tops. Today, with the strong presence of E-commerce and the changing retail marketplace, retailers must be convinced that a trade area can work for a new store. Market analytics drive where new retail development can happen. Retailers must be convinced a new site works from a location standpoint (visibility, synergy, co-tenants, access, etc..) and that the trade area composition makes sense for their business concept.

Currently, data market analytics goes beyond just showing rooftops to help retailers make informed site selection decisions; they drive decisions on where retailers and restaurants open outlets. Useful market analytic reports demonstrate how the composition of a trade area works for a specific retailer.

Examples of these important reports can help demonstrate the match of a trade area for a potential new retailer: • Consumer Demographic Profile - This report uses STI PopStats database to deliver the highest accuracy level and dependable demographic data.

• Household Segmentation – This provides a deep understanding of consumer preferences, behaviors and habits.

• Employment Profile - The profile provides information on daytime population, student population and employment industry clusters within a trade area.

• Consumer Demand and Market Supply Assessment – The assessment examines opportunity/surplus gaps on consumer spending within a trade area to provide insight on potential opportunities within a trade area.

Opening a new retail store requires a significant capital investment so retailers must be convinced the site selection works and most importantly, that the new store will be successful. Most retailers have specific trade area requirements which in California are typically determined by drive times. Trade areas are not confined by city jurisdiction boundaries and often spill over into adjacent communities.

ECONSolutions by HdL works with cities to educate elected officials, staff and the public to better understand the composition of trade areas, along with providing the needed market analytic reports to pursue new retail opportunities in their communities.

POWERFUL SOLUTIONS, PROVEN RESULTS Delivering Revenue, Insight and Efficiency to Local Government Since 1983

In addition to market analytics, retailers prefer to open new stores in communities that have existing successful retail operations. The performance of existing retailers in a community is important in the decision-making process for new retail store development. Fortunately, HdL has the largest privately held database in California with sales tax data for more than 99% of all California businesses. Analog reports mesh the important market analytics, and together with sales performance provide persuasive information that can demonstrate the match for a trade area with a new potential retailer. Today, it is important to effectively ‘tell the story’ about why your community is a good fit for a new retailer.

OUR SERVICES Sales Tax Property Tax Business Tax Lodging Tax

ECONSolutions and its local government clients have achieved success in recent years with retail attraction.

ECONSolutions has facilitated 42 transactions with retailers and restaurants in ten cities including new desirable users such as 365 by Whole Foods, ALDI, Burlington, Chipotle, Costco, Grocery Outlet, Hobby Lobby, Marshalls, Panera Bread, Raising Cane’s, Ross, Smart & Final, Sprouts and WaBa Grill.

These 42 retail and restaurant placements are estimated to collectively generate more than $2.5 million in new annual sales tax revenue. This is much needed general fund revenue that can be used for enhanced city services.

Short Term Rental Compliance Economic Solutions • • • • • •

Business Attraction Support Trade Area and Void Analysis Site Selection Assistance Economic Development Action Plans Community Profiles Financial Analysis and Revenue Projections

Cannabis Regulation • • • • • •

Barry Foster joined HdL Companies in 2014 and has provided the needed vision and leadership for a new division to provide a variety of economic development products and services for California local governments.

ECONSolutions by HdL has done work for 65 local governments and is presently working for 30 cities in California. Questions can be directed to Barry Foster, Managing Director at 714.879.5000 or by email at BFoster@HdLcompanies.com

Regulatory and Tax Ordinances Application Processing Cost Recovery and Fiscal Analysis Revenue Modeling Financial Audits Compliance Inspections

And More

CONTACT US 714.879.5000 info@hdlcompanies.com www.hdlcompanies.com

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CSMFO MAGAZINE NOVEMBER 2018

INSIDE CSMFO

Make Your Voice Heard!

Are you lying awake at night pondering your ideas for the future of CSMFO and wishing that you had someone to share your thoughts with that could do something about them? This is your lucky year! CSMFO Leadership would love to hear from you.

Are you a long-time member or a newcomer to CSMFO? Do you work for a City, County, or Special District? Are you located in Northern, Central, or Southern California? Are the webinars covering the topics that you need information on? Do you get everything that you need at the Annual Conference? All of your opinions are equally valuable, and we need representation from our entire membership. Don’t miss your opportunity to help shape the future of CSMFO! Last year, Probolsky Research hosted one focus group at the conference. There were six participants, and they provided their feedback on topics such as the value of CSMFO to their career, the CSMFO Magazine, and the Annual Conference. The results were presented at the following Board Meeting and have been utilized in discussions and decisions throughout the year to ensure that CSMFO activities are providing value to members.

This year, we want to hear from more of you. Probolsky Research will be conducting three focus group sessions at the Annual Conference on Thursday, January 10th. The Board and Committees have provided discussion questions and your participation is needed. Your opinions will provide the Board with important information about what you would like to get from your membership in CSMFO. The first two sessions will be by invitation only to ensure a good representation of membership. We will be inviting select members based upon agency type, years of membership, and region. However, if you don’t receive an invitation, don’t despair; you still have the opportunity to participate. The final session is an open invitation to the first 12 participants to arrive. This small group setting will allow for active participation from all attendees.

In addition to having the opportunity to share your opinions, there will be special treats available exclusively to participants.

A small “thank you” gift will also be provided for your participation. Check the conference schedule for the room and time.

Come and join this important discussion!

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INSIDE CSMFO

Making it Happen with your CSMFO Member Benefits Are you interested in expanding your role or pocketbook as a Guardian of Finance? Do you want access to top secrets on how CSMFO can hyper jump your career growth? Are you looking to make quick connections with other new Guardians?

Do you want a quick primer on maximizing the training resources offered through CSMFO? If so, the CSMFO Membership benefits session is where you need to be on Wednesday, January 9th, at 10:40am. CSMFO structured the conference so that this session stands alone with the Speed Coaching session as a special succession development segment.

CSMFO wanted to continue the wild success of the First Time Attendee session at our 2018 Riverside Conference by structuring this year’s Member Benefit session to help new and veteran conference attendees alike ensuring the conference’s value extends beyond Friday.

CSMFO presidents, committee chairs and members, and chapter chairs will be on hand to share their own paths to success and how they leveraged CSMFO to build their careers.

So bring a friend, make a friend, earn CPE, and prioritize investing in you to become the next Guardian of Finance.

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CSMFO MAGAZINE NOVEMBER 2018

INSIDE CSMFO

Celebrating Promotions and Retirements Part of the reason why members join CSMFO is to have access to tools that will help them succeed in their career. Sometimes members are looking to move into a new position, such as a supervisor to a manager, a Finance Director, or even a City Manager (see this month’s article “The Road to City Manager” by Isaiah Hagerman). And eventually, our members leave behind incredibly large shoes to fill as they embrace the next chapter in their lives.

Because CSMFO values being a career resource, it is important to highlight those who have successfully promoted or who have followed a successful path to retirement.

Beginning with the September issue of the CSMFO magazine, the Communications Committee began highlighting individuals who have reached these career milestones based on voluntary responses to our list-serve survey requests.

For this edition, we celebrate those milestone events up to October 31st. We extend our sincere congratulations and best wishes to our recent CSMFO members who have retired or been promoted in the past few months.

Promotions • Beth Mariano, Assistant Finance Director, City of Salinas • Brad Wilkie, Utilities Director, City of Lompoc • Brigitte Elke, Finance Director, City of San Luis Obispo • Grace Zheng, Assistant Finance Director, City of Sunnyvale • Jennifer Fillinger, Accounting Supervisor, Cucamonga Valley Water District • Jim Ruane, Assistant Chief/Logistics, Orange County Fire Authority • Kathryn Downs, Finance Director, City of Santa Ana • Maricela Marquez, Senior Accounting Technician, City of Eastvale Honoring the lives of former members It is unfortunate but a reality that at times we must mourn the passing of fellow colleagues and former CSFMO members.

We do so this month with the passing of David Batt, former Finance Director with the City of South Pasadena. He died on Thursday, October 25, 2018.

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INSIDE CSMFO

Annual Membership Drive: No Better Time Than Now November marks the kick-off for the 2019 membership campaign, and there is no better time than now to renew or join to become a CSMFO member. Why, you may ask? The Board of Directors is constantly looking for ways to improve on the value and opportunities for its members and approved enhanced benefits for new and existing members. Starting in 2019, • Student memberships are free.

• No more $25 CPE charge for webinars. They are free!

• New members get to choose in their first year of membership either • One free chapter meeting, or • Half off the cost of Introduction to Governmental Accounting or Investment Accounting courses.

These newly approved benefits are in addition to what a member currently has access to, including free webinars throughout the year with relevant and timely topics. The benefits include live training throughout the state from governmental accounting to municipal revenues to successful skills for finance directors; CSMFO’s list-serve and job posting board; discounted member pricing for networking; and educational opportunities such as chapter meetings and annual conferences. Speaking of annual conferences, as a member you save $140 on the registration fee for the Annual Conference at Palm Springs. That savings alone more than covers the cost of a membership.

Best of all, membership fees are staying the same. The first three members foran agency is $110 each, then goes to $75 each forthe fourth member and thereafter.

Membership is open to finance professionals in all types of government, including, but not limited to, cities, special districts, counties, and state agencies. Take advantage of everything CSMFO has to offer and encourage your staff to become members together. Create or log into your account at https://www.csmfo.org/ to start the process.

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CSMFO MAGAZINE NOVEMBER 2018

FEATURED ARTICLE

Reading the Yield Curve Special Report August 2018 Written By Izac Chyou

Izac Chyou, Senior Managing Consultant, PFM Asset Management LLC

The shape of the yield curve has received more attention this year as it continues to flatten. Investors have called attention to the matter because an inverted yield curve (where shorter-term rates are higher than longer-term rates) has historically preceded a recession (see Exhibit 1).

However, current conditions in the fixed income market, heavily influenced by unconventional monetary policy, suggest that we must view the flattening in conjunction with other indicators for a true gauge on the state of the economy.

The spread (difference) between 10and two-year Treasury yields has been declining since the beginning of 2014, when it stood at over 260 basis points (bps) (2.60 percent). As of July 31, 2018, it has fallen to just 30 bps. With the spread narrowing to historically tight levels, what is the yield curve telling us now? Are we on the brink of a recession? What other factors, besides the shape of the curve, inform investors about potential recessions?

What Does the Shape of the Yield Curve Mean?

The spread between the yield on 10-year and two-year Treasuries is just one measure of market expectations for interest rates over the short term versus the longer term. For instance, if two-year Treasuries are higher yielding than 10-year Treasuries, the market expects rates to be higher over the next two years than over the long term. This then implies that long-term rates are expected to be lower between year two and year 10.

Research by multiple economists has concluded that an inverted yield curve had occurred before each of the preceding six recessions.1 In fact, recent Federal Reserve (Fed) research shows that during the past 60 years an inverted yield curve preceded every recession by anywhere from six to 24 months, with only one exception in the mid-1960s.2 Typically, the curve inverts because short-end yields rise while the long-end yields rise less or even decline. While the curve has not yet inverted, the current environment fits this pattern as yields on the short end have risen in lockstep with the Fed increasing rates, while the 10-year Treasury yield has stagnated around 3 percent.

Exhibit 1: 10-Year Treasury Yield Minus TwoYear Treasury Yield - Source: Federal Reserve Economic Data (FRED) 2

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So why has the relationship between inversion and recession held in the past? Although little consensus exists among economists, there are a few possible explanations. One possibility is that the shape of the curve influences the availability of credit. Since banks borrow short and lend long, the shape of the curve influences their profitability and willingness to lend; a flatter curve makes lending less profitable, in turn, leading to less lending and slower economic activity.

Another possible explanation is that an inverted curve is a sign of investors’ belief that the Fed has increased rates too much, ultimately triggering a slowdown in the economy and forcing the Fed to eventually lower rates in response.

While these anecdotal explanations have some logic, other researchers have pointed out that, although the relationship seems to hold for the U.S., the record is less definitive elsewhere.

In a recent research piece, AQR examined the yield curves in other developed markets and found that the relationship between the shape of the curves and recessions is mixed.3 For example, in Australia, the yield curve has inverted four times since 1990, but Australia has only experienced one recession during that time (three false positives). Since the real estate and stock market bubbles burst in the early 1990s, Japan has had multiple recessions, yet its yield curve never inverted during that period. So, while an inverted yield curve has a good track record of predicting U.S. recessions, outside of the country, the record is far less reliable.

The Shape of the Yield Curve Does Not Equal an Imminent Recession While PFM is paying close attention to the flattening yield curve as a possible indicator of a future recession, we also analyze a variety of other leading indicators. Another gauge that has a good track record of predicting oncoming recessions is the unemployment rate. While the unemployment rate is typically viewed as a lagging indicator, research has shown that it typically rises before the economy enters a recession; during the nine months leading up to previous recessions, the unemployment rate began to rise (see Exhibit 2 on the next page).4

With the unemployment rate currently at approximately 4 percent, and with expectations that it will fall further, it is not currently showing any signs of weakness. That being said, if the unemployment rate continues to fall, a tighter labor market could put pressure on wages, leading to higher inflation in a potentially overheating economy. This, in turn, would likely lead to more aggressive monetary tightening by the Fed. If the Fed continues to raise rates, the economy may start to slow, the unemployment rate may begin to rise, and the economy could eventually enter a recession. It may be possible for the Fed to engineer a “soft landing,” but it has had trouble slowing the economy in the past without contributing to the onset of a recession. We are reluctant to conclude that this time would be any different.

Another indicator of a possible recession is the year-over-year (YoY) change in the Leading Economic Index (see Exhibit 3 on the next page), made up of various forward-looking economic data that is combined to forecast the direction of the U.S. economy six months in the future. Historically, when the Leading Economic Index has dropped below its level from a year prior, a recession has tended to follow. Currently, the index is above this threshold and continues to rise. Based on this indicator, we are not expecting a recession in the near future.

The Fed and the Shrinking Term Premium While the relationship between an inverted yield curve and a recession has historically been strong, we may currently be in uncharted territory, partially due to the Fed’s management of its large balance sheet. One place we can see this is the 10-year term premium (see Exhibit 4 on the next page).

Investors typically demand a premium (higher yield) to buy 10-year Treasuries versus buying shorter-dated Treasuries and rolling them over as they mature for a period of 10 years.

According to the New York Fed, from June 1961 to April 2012, that term premium was approximately 1.80 percent: Investors earned 180 bps more by purchasing 10-year Treasuries versus buying short-term Treasuries and rolling them forward.

Exhibit 3: YoY Change In the Leading Economic Index - Source: FRED

Exhibit 2: Unemployment Rate - Source: FRED 4

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CSMFO MAGAZINE NOVEMBER 2018

Our Final Read

Exhibit 4: 10-Year Term Premium - Source: NY Fed 5

Following a pickup in the second quarter, recent economic data suggests the U.S. economy continues to grow at a modest, sustainable pace. Based on PFM’s 2018 Capital Market Assumptions established at the beginning of the year, we see the 10-year Treasury yield ending 2018 around 3.2 percent and 2019 around 3.7 percent. Further, we expect the Fed funds rate to rise to approximately 3.25 percent to 3.5 percent by the end of 2019. None of the economic data released so far this year has materially changed our assumptions.

Thus, in our current view, we do not expect the curve to invert, nor do we believe the current yield curve flattening signals an oncoming recession. In addition, changes in the fixed income market since the financial crisis of a decade ago suggest that the linkage between a flattening yield curve and weaker future economic activity may not be what it once was.

Although the term premium has varied widely over time, it has rarely been as little as it has been recently. In fact, starting in 2014, investors buying 10-year Treasuries began earning a negative term premium, meaning they would earn a higher expected return buying short-term Treasuries and rolling them over than investing in long-term Treasuries.

Nevertheless, we respect the predictive historical relationship between inverted yield curves and recessions in the U.S. and will continue to monitor the shape of the yield curve, as well as a comprehensive range of other economic indicators, to make appropriate investment decisions for our clients. In any case, changes in the yield curve will certainly give investors and economists something to argue about, at least until the next economic slowdown is upon us.

While economists do not fully agree on why the term premium is now negative, one possibility is the Fed’s large accumulated balance of Treasuries and Agency mortgage-backed securities.

Prior to the financial crisis, the Fed’s balance sheet was less than $1 trillion. As a result of several large-scale bond-buying programs (Quantitative Easing, or QE), it grew to $4.5 trillion.

One Fed study estimates that the Fed’s QE program has lowered the term premium by 100 bps.5

The views expressed constitute the perspective of PFM at the time of distribution and are subject to change. The content is based on sources generally believed to be reliable and available to the public; however, PFM cannot guarantee its accuracy, completeness or suitability. This material is for general information purposes only and is not intended to provide specific advice or a specific recommendation. PFM is the marketing name for a group of affiliated companies providing a range of services. All services are provided through separate agreements with each company. Investment advisory services are provided by PFM Asset Management LLC, which is registered with the SEC under the Investment Advisers Act of 1940. For more information regarding PFM’s services or entities, please visit www.pfm.com.

In addition, the Fed’s 2011-12 “Operation Twist,” the shifting of Treasury holdings from short maturities to longer-term ones, had the effect of further lowering longer-term rates.6 If the Fed has indeed distorted market rates, the relationships of the past may no longer hold. In addition, the Fed’s balance sheet is much larger than in the past, implying that the Fed’s balance sheet actions could continue to have a significant impact on rates and the shape of the yield curve. The Fed is now in the process of reducing its balance sheet, which may begin to unwind some of the curve impact, but some Federal Open Market Committee (FOMC) members have indicated that reduction process may already be near coming to a close.

While the relationship between a flattening yield curve and economic activity may still be valid, it may not have the strong link it did in the past. Therefore, a small inversion in the curve today may not predict a recession.

Izac Chyou joined PFM’s asset management business in 2016 as a senior managing consultant in the San Francisco office. He serves clients throughout the West Coast, acting as a liaison and assisting them with various investment needs.

The Fed has, of course, acknowledged the flattening yield curve, but will this cause it to slow or pause its rate increases? The short answer is “no.” Historically, it has not done so, and we believe it would be inappropriate for the Fed to alter its course based solely on the shape of the curve if other economic indicators suggest the economy is growing and inflation is firming. Of course, the shape of the curve is something that FOMC members have said they monitor, but, short of other indicators pointing to a slowdown in the economy, we expect the Fed to continue on its current path of periodic, gradual rate increases.

Prior to joining PFM, Izac worked at Wellington Management Company for nearly seven years. At Wellington, he worked with some of their largest and most sophisticated institutions, domestically and abroad, which included family offices, endowments and foundations, pension plans, sovereign wealth funds and central banks. He also provided client service at a multi-family office in Menlo Park, California, where he worked with key high net-worth families in the Bay Area.

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FEATURED ARTICLE

SEC’s new disclosure rules go into effect in early 2019 – Are you prepared?

Written By Lou Ann Heath

The Growing Popularity of Bank Loans In recent years, municipal issuers have increasingly turned to bank loans as a financing option due to the historically low interest rate environment. These loans have not carried the same disclosure requirements as bond issues, and as they’ve grown more popular, many issuers and market participants have anticipated that additional regulatory oversight was just a matter of time.

The federally mandated disclosure rules for issuers of municipal debt have grown steadily more complex through the years. Until recently, those rules have been primarily limited to bond offerings, Lou Ann Heath, but in early 2019, that will no longer be Director- Continuing the case. Now is the time to prepare for Disclosure, Hilltop the new regulatory landscape.

Securities As a result of amendments to the Security and Exchange Commission’s (SEC) Rule 15c2-12 (“the Rule”), beginning on Feb. 27, 2019, issuers will face new disclosure requirements related to material financial obligations outside of municipal bonds. The amendments bring bank loans, private placements and similar debt instruments and guarantees under the regulatory purview of the SEC and create two new events that issuers must report going forward:

That time has arrived. The SEC announced the new rules in August 2018 and provided issuers with a 180-day window to meet the new compliance requirements. Any municipal security offerings as of Feb. 27, 2019, must have a continuing disclosure agreement that includes these two new events.

Although bank loans have lost some of their appeal as interest rates begin to rise, and in spite of the six-month lead-up to implementation, these new disclosure rules will significantly impact issuers. The full scope of the impact remains to be seen, but one thing is certain: issuers must take steps now to prepare for the pending February 2019 deadline. Because existing and future material bank loans and other financial obligations will need to be disclosed, it will be important to have clear and consistent policies and records to remain compliant going forward.

What Issuers Need to Disclose The uncertainty surrounding these new rules includes defining exactly which debt obligations issuers must disclose. The SEC does not provide detailed guidance around what is considered “material.” Instead, it applies the common understanding that an obligation or event is considered material if its disclosure would be important in order to allow a reasonable investor to make an informed investment decision.

• Incurrence of a financial obligation of the issuer or obligated person, if material, or agreement to covenants, events of default, remedies, priority rights, or other similar terms of a financial obligation of the issuer or obligated person, any of which affect security holders, if material (“Event 15”); and

It will be up to issuers to establish and implement policies for determining the materiality of their current and future financial obligations covered by the new requirements. This important step toward compliance should be undertaken well in advance of the new rules’ effective date.

• Default, event of acceleration, termination event, modification of terms, or other similar events under the terms of the financial obligation of the issuer or obligated person, any of which reflect financial difficulties (“Event 16”).

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CSMFO MAGAZINE NOVEMBER 2018

In addition, issuers should begin identifying, cataloguing and tracking these financial obligations and have a monitoring system in place for triggering events. It will be important for issuers to educate the internal employees responsible for compliance to ensure that they maintain an effective database going forward. Establishing consistent guidelines and procedures early will go a long way toward ensuring a smooth transition when the new rules take effect.

As a reflection of our commitment to building strong relationships with issuers, HilltopSecurities is one of the only municipal advisory firms in the United States with a dedicated continuing disclosure practice. Our goal is to reduce the challenges associated with compliance and serve as trusted advocates for state and local governments. We work closely with our clients to establish policies and procedures and provide ongoing education surrounding the new rules, as well as other existing regulatory issues.

Disclosure Timelines

With the ever-evolving nature of continuing disclosure and oversight of the municipal bond market, it’s important for issuers to have experienced professional advisors help them navigate the regulatory landscape.

In regards to default, acceleration, termination or other triggering events related to existing material financial obligations, issuers have 10 business days to report. Unlike other material events, such as rating changes or refundings, there is no central repository of information regarding bank loans and other financial obligations. This places a heavier burden on issuers to monitor for triggering events and report them when necessary.

About Hilltop Securities Inc. Hilltop Securities Inc., a member of NYSE, FINRA and SIPC, delivers the forthright advice and tailored solutions necessary for municipal issuers, institutions, broker-dealers and individuals to thrive. The financial services firm and registered investment adviser is headquartered in Dallas, Texas, with offices across the United States. HilltopSecurities consistently ranks among the nation’s top municipal advisors, and has served municipal issuers for more than 70 years.

For new financial obligations, there are questions around whether issuers should disclose at the time the debt is incurred or upon their next municipal bond issuance. Reporting early is the safer choice and reinforces the importance of establishing clear guidelines around these new events, sooner rather than later.

Helping Issuers Navigate the Ever-Changing Regulatory Landscape

Lou Ann Heath has more than 30 years of experience in public finance and joined Dallas-based HilltopSecurities as director, continuing disclosure, in 2016. She served for 17 years as senior director, relationship management in the Dallas office of Standard & Poor’s and has also served as finance director for the City of Southlake, Texas. She earned a BBA in accounting from the University of Texas, Arlington, and is a Certified Public Accountant. Lou Ann is a member and past president of Texas Government Finance Officers Association, and is a member of Texas Women in Public Finance.

HilltopSecurities has long encouraged our clients to disclose private placements and bank loans in anticipation of these new requirements. Establishing robust policies around these disclosures not only enhances transparency, but has better prepared issuers for the current situation now that the requirements have been codified into SEC rule 15c2-12.

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OPTIMAL TECHNOLOGY GUIDANCE

O U R P L A N S P R O V I D E G R E AT E R V A L U E A N D I M P A C T See CLIENTFIRST at the 2019 CSMFO Conference in Palm Springs, CA. Don’t miss our joint speaking session with the City of Rancho Mirage:

KEYS TO IMPLEMENTING AN IT MASTER PLAN Thursday, January 10 at 8:30 a.m.

Tom Jakobsen, Senior Partner, ClientFirst Technology Consulting Jason Jaurigue, Information Services Manager, City of Rancho Mirage

PHONE: 800.806.3080 WEBSITE: clientfirstcg.com

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CSMFO MAGAZINE NOVEMBER 2018

INSIDE CSMFO

A New Start on the North Coast Written By Jennifer Wakeman

Jennifer Wakeman, Financial Services Manager, City of Lafayette

On September 7th the North Coast Chapter held its first meeting in seven years. This chapter is gaining momentum under the visionary leadership of Brian Cochran (Chair), the Finance Director for the City of Napa, and Co-Chairs, Dan Buffalo, Finance Director for the City of Ukiah, and Felicia Newhouse, Business and Administrative Services Manager at Ross Valley Sanitary District.

Jessie Sauter, Finance Analyst from the City of Napa, said of the meeting, “Michael Coleman’s presentation was, as always, comprehensive and engaging. I especially appreciated the deep dive into the mechanics of sales tax calculations and distribution. I’m definitely looking forward to more North Coast chapter meetings in 2019!”

The North Coast Chapter is made up of Marin, Mendocino, Napa and Sonoma Counties. Member cities range from as far north as Fort Bragg, down along the coast to Sausalito and as far inland as Napa and American Canyon.

About 26 attendees convened at the recently renovated historic Hotel Petaluma to hear Michael Coleman’s update on the latest in California local revenues, legislation, important legal cases, financial conditions and other issues of critical concern to local government finance professionals.

Michael also showed off the new Poll Everywhere program that he is using for real-time attendee polling. Participants enjoyed watching the live responses come in, as well as conversing about specific experiences highlighted by the results. This tool was great for drawing the broad topics of the presentation down to the local case level and offered great opportunities for networking.

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Going forward, Brian will use the results of a recent chapter member survey to set future topics and meeting locations.

Meetings are now regularly set for the third Thursday of the first month of the quarter, (e.g. July, September, January and April). The next scheduled meeting will be on Thursday, January 17, 2019 and is expected to be held in Ukiah. Please keep an eye out for final meeting location details.

On his new leadership role, Brian said, “in my first position in local government, during the mid-2000’s, I had the opportunity to attend several North Coast Chapter events and always felt that they were fun, educational and great for professional camaraderie.” Based on their first meeting, the North Coast Chapter team has ambitious goals for doing more of just that.

Jennifer Wakeman has been working in municipal finance for nearly 16 years, starting at the Town of Moraga and the City of Walnut Creek before landing at the City of Lafayette. Jennifer serves as a Northern California CSMFO Board Member, a role she is thoroughly enjoying. Jennifer lives in Lafayette and spends most of her nonworking time corralling her three sons: Jack (8 years old), Madden (6 years old), and Emmett (1 year old).

INSIDE CSMFO

Planning for the future while making it happen today Written By Pamela Arends-King

Pamela Arends-King, Long Beach CA

Marcus Pimentel

This year’s CSMFO strategic planning session featured many new twists

by President Elect Joan Michaels Aguilar, from volunteers volunteering to help other volunteers to the revelation of a doppelganger of SMA’s Amanda Rae Smith.

As attendees arrived at the Kona Kai Resort in San Diego on Shelter Island, they were treated with a typically warm California Sunday, a picturesque sunset, and welcomed with an atypical CSMFO greeting, a S’mores and appetizer welcome event on the beach.

These contrasts between the expected and unexpected foretold the theme of the next day.

Strategic Plan- Part I. I’m Glad I’m a CSMFO Member.

The Strategic Planning session on Monday, October 1, 2018 included over 40 attendees, representing past presidents, committee chairs and vice chairs, chapter leadership, and Board Members, with many coming as first time attendees. The session began with an opening greeting by current President Margaret Moggia and a session kickoff by President Elect Joan Michaels Aguilar (Deputy City Manager-Administrative Services for the City of Dixon). During her opening greeting, Joan revealed her own inspirational acronym, MIH (Make It Happen). She went on to explain for her, Make It Happen, had a deep connection to CSMFO as it is the CSMFO volunteers who have created such a vibrant and resource rich way to give back to our finance profession.

Joan, with the aid of the session facilitator Neil Kupchin, led us on through a reflective session on why “I’m Glad I’m a CSMFO Member.” Typical comments bounced around the room like being able to build and develop leadership skills, providing technical resources, and creating access to shared information and resources. Atypical comments too were echoed by many, from providing members a chance to recharge their skills and daily motivation, to positively impacting the communities where they work, to being a part of a welcoming and inclusive collection of peers.

Strategic Plan- Part II. Collaborate, Innovate and Achieve.

The morning continued with a recognition of the many accomplishments in 2018 driven by CSMFO’s current strategic plan. By the end of this segment, it was clear CSMFO made it happen in 2018 as a vast majority of the multiyear plan was completed. Some highlights of this session included successfully publishing the CSMFO magazine; successfully developing a student engagement plan; hosting student meetings at UC Berkeley and at CSU Dominguez Hills; creating an updated CSMFO membership brochure; completing a cloud based Chapter Chair Toolkit; implementing a new membership database; targeting outreach for agencies without CSMFO members; identifying new subjects for courses and developing a “core course” evaluation plan; and creating a mentorship program.

First time attendee June Overholt, City of Glendora Finance Director, stated, “What a great experience! Hearing reports from the committees, working in teams and reviewing the strategic plans for the next year was fun, it was work, and it was satisfying. I was amazed at the accomplishments of the board and committees.”

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Strategic Plan- Part III. Making It Happen.

Strategic Plan- Part IV. The rise of the doppleganger.

The afternoon session was focused on the creating CSMFO’s 2019 Action Plan to continue the plans underway within the current strategic plan and to further move CSMFO forward with supporting its members and their agencies. This active segment grouped attendees into teams focused on the following major themes:

Following a day filled of sometimes intense discussion and always an active and engaged room, the strategic planners gathered around rearranged round tables that contained a collection of beverages and blindfolds. This began the atypical portion of the day, under Joan’s watchful eyes and sly grin. SMA’s David Garrison took center stage and began the CSMFO “Did you know who…” quiz session. Attendees were challenged to guess “who” matched the “did you know hint”, such as did we know who was an archery champion, who was born in Australia, who played in a band, or who was an equestrian star.

• How CSMFO could make chapter meetings more valuable?

• How to expand CSMFO succession planning to create the next generation of leaders?

And while the introverts in the room celebrated the end of this session, they soon understood that the “fun” had not yet begun. Again led by David Garrison, attendees were grouped into teams and given 5 to 10 minutes to create a “themed skit” based on selected key words. While there were definitely some theatric moments worth noting (such as David Cain’s reenactment of staying at the Red Roof Inn), a clear highlight of this session was the introduction of Amanda Rae Smith’s doppleganger, Sara Roush (Accountant II, City of Rocklin), who in just a few minutes fully embraced the essence of Amanda down to her shoeless preference.

• What other consulting or training opportunities could CSMFO develop to offer to members, with a focus on resources to provide for special districts?

The many ideas and suggestions developed are currently being consolidated for future CSMFO board review and ultimately to finalize the 2019 Goals and Action Plan.

Margaret Moggia, CSMFO President, commented, “We reflected on significant progress on several key areas of student engagement, chapter engagement, and evaluate new tools and resources to benefit the members, but it also energized us to see where we can focus to collaborate and innovate to achieve success for growing and supporting its membership in a purposeful way. It is one of my favorite times of the year where we take time to acknowledge the hard work and see how we can continue to advance the mission and guiding values of CSMFO.”

We were able to talk to Sara about her inspiring performance.

“This was my very first time attending a CSMFO Strategic planning session. As always, the CSMFO leadership welcomed me graciously as wonderful hosts. The planning session was wonderful. I was able to get a real sense of the projects that each committee has been working on, the items that are important to the local chapters, and the focus of the CSMFO organization as a whole. The team building exercises were a blast. I really enjoyed dabbling in drama with my debut performance as Amanda, I enjoyed learning interesting facts about the other members of leadership and I loved giving back to the community by preparing the hygiene packages for the homeless. Isn’t public service what CSMFO is all about and isn’t it what makes us great? That heart of service is what will keep me coming back to this organization for many years to come.”

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Strategic Plan- Part V. Helping the volunteers of PATH. Joan continued to keep the attendees guessing as they finally revealed the mystery items hiding under sheets in the room. Unfortunately, this reveal didn’t provide any clarity as everyone gazed at the tables trying to understand the significance of the seemingly odd collection of sanitizers, razors, soap, and toothbrushes. The attendees were led into yet another activity that now brought in the blindfolds from the tables. Everyone broke off into pairs where one person was blindfolded and guided, only by verbal commands of their partner, to walk the length of the room while stopping to grab each specific item. It was then revealed that this collection of CSMFO volunteers had just built 100 hygiene kits to be donated to PATH San Diego volunteers to help the homeless around San Diego. What a way to Make It Happen.

Cheryl Fyfe, City of Santa Cruz Assistant Finance Director, a first time attendee, stated, “It was amazing to spend time with a group of people that selflessly devote so much time and effort into looking for better ways to mentor, teach, and encourage other CSMFO members. I believe the leaders of CSMFO have created an organization where the true focus is on providing a culture of inclusion and excellence, and everyone at the session truly contributed to the CSMFO ideals and goals. I felt honored to be a part of it.”

Pamela Arends-King is a Past CSMFO President (2014) and is currently the Chief Financial Officer for South Coast Water District in Laguna Beach, CA. Prior to working for South Coast Water District, she was the Business Services Manager and the Chief Financial Officer for Union Sanitary District and the Finance Director/Treasurer for the City of Tustin. She obtained a Bachelor of Science degree in public administration with a minor in urban planning from the University of Missouri, St. Louis; completed post graduate work in accounting at California State University, Dominguez Hills; and in 2009, obtained her MBA from the University of California, Irvine.

Pamela also worked as an auditor with Moreland and Associates.

After the end of the day, Joan shared these words, “from our opening exercise, to reviewing our Action Plan Progress report, as well as the initial development of 2019 goals/action plans, and seeing how connected everyone was throughout the entire day, this year’s CSMFO Strategic Planning Process proved to be a rewarding day in so many ways. I’m so grateful for everyone’s passion and committement.”

Marcus Pimentel is the Finance Director of the City of Santa Cruz.

Marcus has over 20 years of municipal finance experience in the Monterey Bay area and is an active member of CSFMO, having participated in CSFMO’s early coaching program, served as a longtime Chapter Chair, on various CSMFO committees, and as a former Board Member. Marcus is currently the Chair of the Communications Committee and a member of the 2019 Host Committee and Membership Committee.

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CSMFO MAGAZINE NOVEMBER 2018

INSIDE CSMFO

The Road to City Manager Written By Isaiah Hagerman

Isaiah Hagerman, City of Rancho Mirage, Finance Director

One never knows where a career in finance will lead. When I was starting out, I certainly couldn’t have predicted that one day I would assume the role of City Manager for the City of Rancho Mirage. Believe it or not, when I was fresh out of college the thought of working in a municipal government setting wasn’t even on my radar. With the size of California and the diversity of its cities, there are many paths to becoming a city manager. In my opinion, finance is an excellent lead-up to a city manager position. If you have the desire and ambition, it can be done.

I was fortunate enough to field a job offer from a CPA firm while I was still in college. Soon enough I acquired my CPA license and seeing as I enjoyed the work, I always figured I would keep working in the same kind of environment. The CPA firm specialized in government audits and, after seeing the diversity of the firm’s many clients and the positive impact government work has on the communities they serve, I began thinking of transitioning into a government position.

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The City of Rancho Mirage needed a Finance Director in 2012 and the job proved a perfect fit for me. Finance was my niche and I knew my way around. My story might even have ended there – a fine place to be by any measure – however, I credit my involvement with CSMFO for spurring me on to greater heights. I’ve been involved with CSMFO since my early days working at the CPA firm. I became a government member when I joined the City of Rancho Mirage and I’ve sat on CSMFO committees and have been involved with my local chapter.

There’s a tendency among finance professionals to want to stick to themselves. However, attendance at a CSMFO conference or chapter meeting provides ample opportunity to get out of your comfort zone, to approach and meet new people. In fact, doing so is strongly encouraged. My involvement with CSFMO has certainly helped me grow my career.

One of the advantages of working in municipal finance is there is virtually no city department or function that doesn’t have some tie-in with the finance department. Finance professionals learn a lot about an organization by vantage of their perch.

However, if you have management aspirations, you’ve got to look beyond the numbers. Decisions aren’t made simply based on the numbers. The good news is you have a nice entrée into engaging in different kinds of conversations simply because everything is ultimately impacted by finance in one way or another. I sought to learn about many other aspects of the City of Rancho Mirage that exist outside the financial realm by volunteering to take on projects, to serve as liaison to committees and by taking on new responsibilities in addition to my own. It was a matter of expanding my understanding of the community and the expectations of the elected officials.

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In my humble opinion, the inherent analytical nature of financial professionals makes them well suited to assume management positions. Emotions tend to not get the best of them and they remain even-keeled in every situation. These are important qualities to have as a city manager. The role is also very relationship-driven. One needs to be able to communicate with City Council members, commissions, department heads, staff, and the public at large. The initial challenge lies in building relationships outside of the financial arena, shattering the accountant stereotype, if you will. Of course, it’s going to be different in every municipal setting, but I think it is always beneficial to expand your skill set no matter what your goals happen to be.

BANKING RFP VALUATION SERVICES

A financial professional’s job function typically centers around taking complicated information – matters concerning budget and funding, for example - and distilling it so the average person can understand. A city manager’s job is very similar.

You need to be that person who can communicate with other people and explain very complex issues in a way everybody can understand. All of us have the power to build on skills we already have and getting more involved with CSMFO is a great start!

Plus Much More!

CPA SERVICES INCLUDE: ü Fully quantified scoring methodology ü In-depth interview questions ü Ensure apples-to-apples comparison ü Design optimal bank account structure

Isaiah Hagerman joined the City of Rancho Mirage as Finance Director in 2012. He later assumed the role of Director of Administrative Services, then Assistant City Manager, before ascending to the position of City Manager in May 2018.

ü Recommendations for banking tools ü Design internal controls over banking ü And much more!

WWW.RAHBANCPA.COM Tel: (424) 901-3440; Email: srahban@rahbancpa.com

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CSMFO MAGAZINE NOVEMBER 2018

FEATURED ARTICLE

November Election Recap: California Voters Show Confidence in Local Governments Approving Hundreds of Bonds and Taxes 26 cities and three counties (unincorporated areas). Blue Lake (Humboldt County) and Colma (San Mateo County) adopted their first ever TOT rates at 10 percent. Only San Clemente and Atwater failed. Earmarked TOT measures passed in five cities and two counties, including four cities and the county in Napa with identical one percent increases for affordable housing.

Written By Michael Coleman California voters in November considered 548 local measures on a wide variety of local issues including local tax increases, extensions and bond financing. There were 386 local tax and bond measures and most succeeded.

General Obligation Bonds. Five of the 11 city, county and special district general obligation bond measures passed for a total of $1.3 billion in facility improvements for affordable housing, earthquake and other upgrades to public facilities, in the San Francisco Bay Area and for parks/recreation centers.

Michael Coleman, creator of CaliforniaCityFinance. com, the California There were 126 school measures Local Government including 112 school bonds and 14 Finance Almanac school parcel taxes. Among the 260

Parcel Taxes. Among the 41 city, county and special district parcel taxes, 22 passed, most for fire and emergency medical response including 24 for fire /emergency medical response.

Voters in Los Angeles County approved a 2.5 cents per square foot commercial parcel tax the will generate about $300 million per year for flood control / wastewater.

non-school measures were 186 city or county majority-vote tax increases, extensions or expansions, and 74 two-thirds-vote special tax measures, including parcel taxes. proposed by or for cities.

Cannabis Taxes. There was a record 79 taxes on cannabis including two two-thirds-vote special taxes. All passed except the two special taxes (San Joaquin County, Tracy) and five citizen initiatives that also included legalization of commercial activities.

Majority vote measures are historically more likely to pass and in this election, 151 passed (9 out of 10). By contrast, just 53 percent of the special taxes passed, similar to past elections.

Property Transfer Taxes. Five of the six general purpose charter city property transfer tax measures passed.

Sales Taxes. There were 69 transactions and use tax (TUT) measures, including 11 two-thirds vote special taxes. This was more than the 55 in 2014 midterm election but fewer than the 89 in 2016.

Fifty of the 58 general taxes passed including all eight extensions. Just five of the 11 special taxes passed including transportation sales tax extensions in Marin County and Monterey.

Utility Taxes did not fare so well. Among the five Utility User Tax measures, only the two to extend existing taxes in Pinole (Contra Costa County) and Canyon Lake (Riverside County) passed, all in Alameda County or Contra Costa County.

For more information and the final results with all votes tallied see the latest report on CaliforniaCityFinance.com

Transient Occupancy Taxes (TOT). There were 40 measures seeking to increase taxes on hotel guests, including nine earmarked special taxes, substantially more than the 14 in 2014 and 22 in 2016. Majority vote increases passed in 42

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REPORT PROGRAMMING & COMPILATION SERVICES Plus Much More!

State Propositions

CPA SERVICES INCLUDE:

Local government officials should be pleased with the results of the state propositions. Voters rejected Proposition 6, which would have eliminated about $5 billion of state and local transportation funding by repealing SB1 of 2017 and its fuels and vehicle registration taxes. They also turned back Proposition 5 which would have expanded the ability of homebuyers 55 or older or severely disabled to transfer the Proposition 13 limited property tax assessments to new property purchases across county lines and multiple times, costing local agencies $2 billion annually in lost property tax revenues. Voters approved Proposition 1 and 2 which will provide critical financing for affordable housing programs

For more information: Michael Coleman 530-758-3952. coleman@ muniwest.com Michael Coleman is a leading expert on California local government revenues, spending and financing. He is thecreator of CaliforniaCityFinance.com, the California Local Government Finance Almanac, an online resource of data, analyses and articles on California municipal finance and budgeting. He is the principal fiscal policy advisor both to the California Society of Municipal Finance Officers (CSMFO) and, for over fifteen years, to the League ofCalifornia Cities. Coleman is a popular presenter at graduate schools and conferences and is the author of CaliforniaCityFinance. com numerous articles and references including the California Municipal Revenue Sources Handbook, and - as co-author with Mike Multari, Ken Hampian and Bill Statler – the Guide to Local Government Finance in California published by Solano Press.

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Implementation of accounting systems;

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Implementation of internal auditing systems

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Bank Reconciliation automation

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Comprehensive Annual Financial Report

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State Controllers Report

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SSRS and Cognos Reports

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Chart of Accounts Design

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Assistance with audit

WWW.RAHBANCPA.COM Tel: (424) 901-3440; Email: srahban@rahbancpa.com

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CSMFO MAGAZINE NOVEMBER 2018

INSIDE CSMFO

Rocket’s Cosmic Casino & Cinema!

The Thursday night event is something I look forward to each year, as it is a great time to catch up with my friends and colleagues, meet new people, and have a lot of fun. I’ve had a great time working with the rest of the Host Committee to plan this year’s event, which I know is going to be very memorable.

One of the big challenges in planning an event for such a large group is trying to accommodate everyone. I think in Palm Springs, however, we have risen to the occasion to put on an event that will have something for everyone. A big reason for that is we have amazing space at the Convention Center that will allow us to avoid some of the constraints that have been a challenge in other conference locations.

The main event will begin at 6:00 P.M., and attendees will have the option to go into the main ballroom and eat right away, as there will be serving stations and plenty of table space. For those interested in easing into the evening, however, the foyer outside the ballroom will be transformed into a lounge. This lounge will feature casino, video and other games to keep people busy and entertained, with couches available for those wishing to socialize in a relaxed atmosphere. And of course, there will be plenty of food and drinks available. Oh, and did I mention that Guardians of the Galaxy I and II will be screened in the main ballroom back-to-back? That’s right, we’re going to have the Guardians of the Galaxy movies screened in the main ballroom during dinner.

The main event will wrap up around 10:00 P.M., but for those wishing for more, there will be an after party event at the Hotel Zoso that runs from 9:00 P.M. to midnight. This event will feature a nightclub, where there will be a DJ, karaoke, and dancing, as well as a lounge for those wishing for a more mellow atmosphere.

Each year, the Thursday night event seems to get better and better, and I expect the event in Palm Springs to once again raise the bar. I am looking forward to seeing everyone there!

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INSIDE CSMFO

Network with Finance Professionals in Your Region Over a Hearty Breakfast During the 2019 CSMFO Annual Conference in Palm Springs, don’t miss out on an opportunity to speak with your local CSMFO representatives, share topics of interest, and learn how you can get involved at upcoming chapter events. There are 20 chapters located throughout the State of California, which are designed to provide ongoing training and networking with finance professionals in your region. A chapter networking breakfast will be hosted on Friday, January 11th from 8:00am to 9:00am.

The conference will inspire you to engage and continue to network with your professional neighbors, while the breakfast will promote collaboration among agencies allowing you to take the conference energy back to your local meetings and join a dynamic group of members.

Chapter networking will be located in the main dining hall and key note speaker room with designated signs for each chapter indicating the exact location of the breakfast. Bring some friends and join us!!!

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CSMFO MAGAZINE NOVEMBER 2018

INSIDE CSMFO

Tennis Anyone?- Bank of the West 8th Annual Tennis Mixer

In 2012, Bank of the West started a new tradition for the CSMFO Annual Conference with the introduction of a Tennis Tournament/Mixer, with 100% of the fees donated to the CSMFO Conference Scholarship Fund!

Earlier this year, on Feb 20, 2018, Bank of the West 7th Annual Tennis Mixer at iTennis Riverside set a new record with 24 players. 9 players joined us for the first time and we had a record number of 12 USTA 4.0 – 4.5 competitive level!

Let’s make 2019 a double bagel event at the upcoming Bank of the West 8th Annual Tennis Mixer that will be held at the internationally acclaimed Indian Wells Tennis Garden (IWTG), home of the BNP Paribas Open (a joint event of the mane’s ATP World Tour and the women’s WTA Tour).

On Jan 8, 2019, we will start the afternoon with lunch/networking, followed by a tour of the 16,100 capacity Stadium 1 (the 2nd largest outdoor tennis stadium in the world), then an hour of Pro Group Clinic and 90-minutes of friendly round robin tennis, and end with our trophy ceremony! Lunch sponsor is LSL CPAs and Trophies sponsor is Oracle.

Register today. Space at this exclusive location is limited to the first 24 registrations!

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The Bank of the West 8th Annual Tennis Mixer 2019 CSMFO ANNUAL CONFERENCE Indian Wells Tennis Garden

Tuesday, January 8, 2019 12:00 – 4:00 PM 78-200 Miles Avenue Indian Wells, CA 92210

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01:00 02:00 03:45 04:00

pm pm pm pm

REGISTER ONLINE www.conference.csmfo.org Space is limited to first 24 registrations.

Deadline December 4, 2018.

COST: Government Members: $30 Commercial Members: $150

Fees includes Lunch, Pro Group Clinic, Court fees, Racquet rental, Tennis balls, Goodie bag, Snacks and Water.

For more information, contact Lily Ng at 916-552-4404 and email at lily.ng@botw.com.

Registration, Lite Lunch, Warm Up Pro Group Clinic Mixer (round robin, king of the hill) Award Ceremony, Group Pix

PLAYING LEVELS / RATINGS A Player (4.0 & above): You have developed your use of power, spin, and can handle pace. You have sound footwork; can control depth of shots, and attempt to vary game plan according to your opponents. You can hit first serves with power and accuracy and place the second serve. You tend to over hit on difficult shots.

Aggressive net play is common in doubles.

B+ Player (3.5): You have dependable strokes, including directional control and depth on both forehand and backhand sides on moderate-paced shots. You can use lobs, overheads, approach shots and volleys with some success and occasionally force errors when serving. Rallies may be lost due to impatience. Teamwork in doubles is evident.

B- Player (3.0): You have achieved improved stroke dependability with directional control on moderate shots, but need to develop depth and variety. You exhibit more aggressive net play, have improved court coverage and are developing teamwork in doubles.

C Player (2.5): You are consistent when hitting medium-paced shots, but are not comfortable with all strokes and lack execution when trying for direction directional control, depth, or power. Your most common formation is one-up, one-back.

THANK YOU TO OUR SPONSORS Event Sponsor

Lunch Sponsor

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Trophy Sponsor

CSMFO MAGAZINE NOVEMBER 2018

INSIDE CSMFO

Election Results CONGRATULATIONS TO THE NEW MEMBERS OF THE CSMFO BOARD OF DIRECTORS

PRESIDENT-ELECT - STEVE HEIDE, CHINO VALLEY FIRE DISTRICT

BOARD MEMBER (NORTH) - WILL FUENTES, CITY OF MILPITAS

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BOARD MEMBER (SOUTH) - ERNIE REYNA, CITY OF EASTVALE

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CSMFO MAGAZINE NOVEMBER 2018

JOB OPPORTUNITIES Accountant, City of Chula Vista Salary: $5707.46/monthly Application Deadline: 2/25/2019

Accounting Technician, Salary: See Posting Application Deadline: 02/17/2019

Accountant, City of Bellflower Salary: $5373/monthly Application Deadline: 12/27/2018

Accounting Technician – Cashier, City of Sunnyvale Salary: $61268.69/yearly Application Deadline: 01/06/2019

Accountant, StopWaste Salary: $7695/yearly Application Deadline: 01/14/2019

Accounting Technician I, City of Arcadia Salary: $3262/monthly Application Deadline: 02/18/2019

Accountant, City of Laguna Beach Salary: See Posting Application Deadline: 02/03/2019

ACCOUNTING TECHNICIAN I\II, City of Gilroy Salary: $5289/monthly Application Deadline: 02/14/2019

ACCOUNTANT I/II, City of Watsonville Salary: $4336.35/monthly Application Deadline: 12/03/2018

Administrative Services Director, City of Beach Salary: $114840/yearly Application Deadline: 12/26/2018

Accountant I/II, Dublin San Ramon Services District Salary: See Posting Application Deadline: 01/02/2019

Administrative Services Manager, Las Gallinas Valley Sanitary District Salary: $187574/yearly Application Deadline: 12/31/2018

Accountant I/II, City of Escondido Salary: See Posting Application Deadline: 01/23/2019

Administrative Services Manager, Mt. View Sanitary District Salary: See Posting Application Deadline: 01/27/2019

Accountant I/II, City of Chino Hills Salary: $5884/monthly Application Deadline: 01/13/2019

Assistant Auditor - Controller, Lake County, California Salary: $7500/monthly Application Deadline: 01/29/2019

Accountant/Auditor, City of Monterey Salary: $85560/yearly Application Deadline: 02/14/2019

Assistant Auditor-Controller, County of Monterey Salary: See Posting Application Deadline: 02/26/2019

Accounting & Finance Manager, Town of Tiburon Salary: $8507/monthly Application Deadline: 12/16/2018

Assistant Chief (non sworn) - Business Services, Orange County Fire Authority Salary: $238083/yearly Application Deadline: 01/14/2019

Accounting Manager, City of Vacaville Salary: See Posting Application Deadline: 12/06/2018

Assistant Chief Financial Officer, City of Stockton Salary: $147156.72/yearly Application Deadline: 01/07/2019

Accounting Manager, City of Salinas, Finance Department Salary: $8778/monthly Application Deadline: 12/12/2018

Budget Analyst, City of Concord Salary: See Posting Application Deadline: 01/23/2019

Accounting Manager, Zone 7 Water Agency Salary: $136510/yearly Application Deadline: 01/28/2019

Budget Analyst, City of Goleta Salary: See Posting Application Deadline: 12/31/2018

Accounting Manager, City of Oceanside Salary: See Posting Application Deadline: 01/30/2019

Budget Analyst I/II, City of Sunnyvale Salary: See Posting Application Deadline: 02/19/2019

Accounting Manager, City of South Pasadena Salary: $6612/monthly Application Deadline: 02/27/2019

Budget Analyst II, City of Roseville Salary: $6597/monthly Application Deadline: 02/05/2019

Accounting Specialist II - Payroll/Accounts Receivable, City of Camarillo Salary: See Posting Application Deadline: 12/27/2018

Chief Financial Officer, Housing Authority of San Buenaventura Salary: $8419.04/monthly Application Deadline: 02/25/2019

ACCOUNTING SUPERVISOR I/ II, Alameda County Water District Salary: See Posting Application Deadline: 01/10/2019

Chief Financial Officer, Community Development Commission/Housing Authority (CDC/HACoLA) Salary: See Posting Application Deadline: 02/28/2019

Accounting Technician, Lake Arrowhead Community Services District Salary: $25.16/hourly Application Deadline: 02/13/2019

Chief Financial Officer, Ontario International Airport Authority Salary: $230000/yearly Application Deadline: 01/02/2019

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Chief Financial Officer, Transbay Joint Powers Authority Salary: $156000/yearly Application Deadline: 12/18/2018

Finance & Performance Audit Manager, South Bay Regional Public Communications Authority Salary: $11829.01/monthly Application Deadline: 02/24/2019

Chief Financial Officer, City of Calabasas Salary: See Posting Application Deadline: 01/17/2019

Finance and Administrative Services Director, City of Mountain View, CA Salary: See Posting Application Deadline: 12/06/2018

Chief Financial Officer, San Bernardino Employees’ Retirement Association (SBCERA) Salary: See Posting Application Deadline: 01/10/2019

Finance and Administrative Services Manager, Truckee Sanitary District Salary: $11680.97/monthly Application Deadline: 01/23/2019

Chief Financial Officer, City of Culver City, California Salary: See Posting Application Deadline: 01/09/2019

Finance Director, North of the River Recreation & Park District Salary: $71468/yearly Application Deadline: 01/27/2019

Chief Procurement Officer, City of Palo Alto Salary: $166275.2/yearly Application Deadline: 01/01/2019

Finance Director, City of San Marcos Salary: See Posting Application Deadline: 01/06/2019

Controller, Sacramento Metro Air Quality Management District Salary: See Posting Application Deadline: 01/09/2019

Finance Director, City of San Mateo Salary: $19346/monthly Application Deadline: 01/02/2019

Deputy Finance Director, City of Belmont Salary: $161049/monthly Application Deadline: 01/24/2019

Finance Director, City of Wasco Salary: See Posting Application Deadline: 02/04/2019

Deputy Finance Director, City of Long Beach Salary: See Posting Application Deadline: 12/13/2018

Finance Manager, City of South Pasadena Salary: $6612/monthly Application Deadline: 02/27/2019

Director of Finance, City of Redding Salary: See Posting Application Deadline: 02/26/2019

Finance Manager, Helix Water District Salary: See Posting Application Deadline: 12/27/2018

Director of Finance and Budget, Santa Cruz County Regional Transportation Commission Salary: See Posting Application Deadline: 12/17/2018

Finance Manager, City of Half Moon Bay Salary: See Posting Application Deadline: 01/02/2019

Director of Finance/ Treasurer, City of Lawndale Salary: See Posting Application Deadline: 01/16/2019

Finance Manager, Jurupa Community Services District Salary: $11715/monthly Application Deadline: 12/20/2018

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CSMFO MAGAZINE NOVEMBER 2018

Bonus photograph from the CSMFO 2018 Planning Session in San Diego

Finance Manager, City of Walnut Creek Salary: $153198/yearly Application Deadline: 12/13/2018

Governmental Accounting Standards Board (GASB) Part-Time Board Member/ Audit, Governmental Accounting Standards Board (GASB) Salary: See Posting Application Deadline: 02/06/2019

Finance Manager, City of Murrieta Salary: $118319/yearly Application Deadline: 12/11/2018

Independent Performance Auditor, San Diego Association of Governments Salary: See Posting Application Deadline: 12/20/2018

Finance Manager, Rainbow Municipal Water District Salary: See Posting Application Deadline: 12/03/2018

Internal Audit Director, The County of Orange Salary: See Posting Application Deadline: 01/08/2019

Finance Manager, Hayward Area Recreation and Park District Salary: $146527/yearly Application Deadline: 01/08/2019

Labor Compliance Officer, City of Long Beach Salary: $106500/yearly Application Deadline: 02/19/2019

FINANCE OFFICER, City of Laguna Beach Salary: See Posting Application Deadline: 02/25/2019

Legislative Analyst, California State Legislature Salary: See Posting Application Deadline: 01/21/2019

Finance Services Manager, StopWaste Salary: $10276/monthly Application Deadline: 01/14/2019

LOSSAN Accounting Analyst, Sr., OCTA Salary: See Posting Application Deadline: 12/05/2018

Financial Accounting Manager, City of Anaheim Salary: See Posting Application Deadline: 01/06/2019

Management Analyst (Finance), City of Manhattan Beach Salary: $6221/monthly Application Deadline: 12/04/2018

Financial Analyst, Santa Clara Valley Transportation Authority Salary: $116088.98/yearly Application Deadline: 01/24/2019

Management Services Director/Finance Director/City Treasurer, City of Lompoc Salary: See Posting Application Deadline: 01/27/2019

FINANCIAL ANALYST I/II, City of Milpitas Salary: $104431/yearly Application Deadline: 01/08/2019

MANAGER, TRANSPORTATION PLANNING (STRATEGIC FINANCIAL PLANNING & ANALYSIS), LA METRO Salary: $136219/yearly Application Deadline: 02/24/2019

Financial Manager III, Eastern Municipal Water District Salary: $8027.07/monthly Application Deadline: 01/03/2019

Payroll Administrator, City of Burlingame Salary: $7831.33/monthly Application Deadline: 12/19/2018

Financial Services Manager (Revenue Manager), City of Sacramento Finance Department Salary: See Posting Application Deadline: 01/14/2019

Payroll Officer, City of Long Beach Salary: $106500/yearly Application Deadline: 02/19/2019

Fiscal Services Manager, Full-time, City of Chino Salary: See Posting Application Deadline: 02/27/2019

Program Manager II - Administrative Services, City of Stockton Salary: $6973.58/monthly Application Deadline: 01/29/2019 52

Cover Photo Blooper with Melissa Dixon and Zach Seals Purchasing Agent, City of Azusa Salary: $5291.05/monthly Application Deadline: 12/26/2018 Purchasing Manager, City of Fresno Salary: $88332/yearly Application Deadline: 12/05/2018 Senior Accountant, Fallbrook Public Utility District Salary: $116251/yearly Application Deadline: 12/05/2018 Senior Accountant, City of Tracy Salary: $7322/monthly Application Deadline: 01/20/2019 Senior Accountant, City of Torance Salary: See Posting Application Deadline: 01/07/2019 Senior Accountant, Santa Fe Irrigation District Salary: See Posting Application Deadline: 01/14/2019 Senior Accountant, City of Pasadena Salary: See Posting Application Deadline: 02/25/2019 Senior Accountant Details, La Mesa Salary: $35.89/hourly Application Deadline: 11/12/2018 Senior Accounting Technician, City of Sunnyvale Salary: $69438.93/yearly Application Deadline: 12/24/2018 Senior Buyer - Term Limited, City of Sunnyvale Salary: See Posting Application Deadline: 02/18/2019 Senior Court Accountant, Sonoma County Supervior Courts Salary: See Posting Application Deadline: 01/03/2019 Senior Department Analyst, County of Calaveras Salary: $66622.4/yearly Application Deadline: 01/27/2019 Senior Financial Analyst, City of Placentia Salary: $43.95/hourly Application Deadline: 02/25/2019 Senior Management Analyst, Azusa Light and Water Salary: See Posting Application Deadline: 01/21/2019 Utilities Financial Services Analyst, Azusa Light and Water Salary: See Posting Application Deadline: 01/21/2019

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CSMFO MAGAZINE NOVEMBER 2018

The galaxy above the CSMFO 2018 Planning Session in San Diego.