CSMFO Magazine March 2019 | Spring 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 MARCH | 2019 | ISSUE 25 | SPRING EDITION

Top Ways to Boost Your Career Page 22

6 Tips to Counteract Bargaining Group Perceptions Page 38

Sustainability Strategies for Finance Leaders Page 46

AND MORE!

CSMFO

CALIFORNIA SOCIETY OF MUNICIPAL FINANCE OFFICERS

EVERYTHING YOU NEED TO TRANSFORM BUDGETS IN YOUR CITY, STATE, OR ANY OTHER MISSION-DRIVEN ORGANIZATION

M A G A Z I N E

MARCH | 2019 | ISSUE 25 | SPRING EDITION

2019-20 Board of Directors Joan Michaels Aguilar, President, City of Dixon Steve Heide, President-Elect, Chino Valley Fire District Margaret Moggia, Past President, West Basin Municipal Water District Scott Catlett, Director, City of Yorba Linda Carrie Corder, Director, Cucamonga Valley Water District Will Fuentes, Director, City of Milpitas Richard Lee, Director, City of San Mateo Ernie Reyna, Director, City of Eastvale Jennifer Wakeman, Director, City of Lafayette

New

CITY ON THE LINE How Baltimore Transformed Its Budget to Beat the Great Recession and Deliver Outcomes

By Andrew Kleine “Andrew Kleine’s book is a must read for all who are interested in greater accountability and innovation in government. Baltimore’s journey is a fantastic example of both the challenges and successes of our complex landscape in local government.”

—Darin Atteberry, city manager, Fort Collins, Colorado

Executive Director Melissa Dixon, MBA, CAE Editorial Designer Dayna Dixon Cover Photo David Blue Garrison Editors Marcus Pimentel, City of Santa Cruz David Cain, Retired Ernie Reyna, City of Eastvale Wing-See Fox, Urban Futures Inc.

“In our work at Harvard on innovation in government we look for important expert www.cityontheline.com contributions that will assist practitioners. City on the Line is one of the best and a call to action for leaders of every political stripe to think differently—very differently—about how tax dollars are spent.” —Stephen Goldsmith, former mayor of Indianapolis, and professor of government at the John F. Kennedy of Government at Harvard University

Communication Committee Chair- Marcus Pimentel, City of Santa Cruz Vice Chair- James Russell-Field, City of Thousand Oaks Vice Chair- Karla Campos, City of La Quinta Senior Advisor- David Cain, Retired Board Liaison- Ernie Reyna, City of Eastvale Andrew Ruiz, Western Riverside Council of Governments Carol Williams, City of Ontario Darrylenn Prudholme-Brockington, Riverside County Flood Control & Water Conservation District Janna Bogue, City of Thousand Oaks Maria Blanco, City of Ontario Matt Schenk, March Joint Powers Authority Nitish Sharma, City of Davis Pamela Arends -King, South Coast Water District Wing-See Fox, Urban Futures Inc.

Parts memoir, manifesto, and manual, this book tells the story of Baltimore’s radical departure from traditional line item budgeting to a focus on outcomes like better schools, safer streets, and stronger neighborhoods— during one of the most tumultuous decades in the city’s history.

Andrew Kleine is a nationally recognized leader in municipal finance and performance management. He served as Baltimore’s budget director from 2008 to 2018.

Additional Photography Pexels, Pixabay, Stocksnap, and Unsplash

October 2018 • 292 pages 978-1-5381-2188-7 • $35.00 • Paper 978-1-5381-2189-4 • $33.00 • eBook

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.

Save 30% when you order these books with promo code 4S18CITY on www.rowman.com or call 800-462-6420.

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

MARCH | 2019 | ISSUE 25 | SPRING EDITION

INSIDE CSMFO President’s Letter

Editor’s Alley

P. 6

P. 8

President Elect’s Letter P. 12

CSMFO Board Interview Will Fuentes

Mastering the Waterways of New Regulations

P. 14

P. 18

CSMFO Board Interview Rich Lee

Top Ways to Boost Your Career

CSMFO Board Interview Carrie Corder

CSMFO Board Interview Ernie Reyna

Professional Standards Committee Highlights

CSMFO Board Interview Nitish V. Sharma

CSMFO Shines a Spotlight on Scott Catlett

CSMFO Board Interview Steve Heide

CSMFO Board Interview Jennifer Wakeman

Promotions and Retirements

P. 20

P. 31

P. 22

P. 34

P. 25

P. 42

P. 26

P. 44

P. 30

P. 48

Job Opportunities P. 50

FEATURES Tapping Your FUN Quotient to Bring Your SUCCESS Quotient P. 16

Sponsored Article Six Essential Proficiencies for Finance Directors P. 28

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6 Tips to Counteract Bargaining Group Perceptions P. 38

Sustainability Strategies for Finance Leaders P. 46

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President’s Letter

Joan Michaels Aguilar

TOOLS TO BECOME A STAR For those readers that may not be aware yet, this is the “last” regular print edition of the magazine before we migrate to an “online” news platform in May. While many of you already read our magazine online, you may not realize that we still print the magazine to members that had requested and were approved to get the print version, as well as providing copies to the various authors each month.

• Building trust – this aspect works with your supervisor/manager or with your elected officials if you are at a director level. Perhaps the message you are relaying may not be the best news, but in this era of financial transparency and public records requests, the trust factor is very important in the fiscal toolkit.

In order to keep up with relevant timely content in the everchanging municipal finance world, a move is afoot starting in May that 5 out of the 6 magazine editions will be strictly online. In materials presented for Board consideration, the vision is to have a new interactive magazine to be similar to interactive editions of New Yorker magazine. So I expect I will have more on this in next month’s edition, but wanted to share the direction CSMFO is headed related to the magazine. Look for e-mails in the future about this coming change and updates.

• Seek opportunities for growth – years ago when I worked in Burbank in a clerical position, I volunteered to help another department with disaster recovery paperwork. I created and managed spreadsheets (this was early in the computer days only one computer in our department of five!) and documenting what was needed for FEMA. I am proud to say from this, my work ethic and financial skills became known and when a promotional opportunity presented itself, I joined the ranks of mid-management in the budget office.

One topic for this month that I want to highlight is the finance leader’s toolkit. Upon hearing this editions theme, it gave me pause to think about what I would share with people if asked the question. So here are my quick thoughts. Most of us embrace numbers, enjoy working with them, don’t mind working in our offices or cubicles with our spreadsheets, but we mustn’t forget about the human side of the numbers game. Depending on what level you are in the organization, you must not forget about the following:

• Embrace challenges – sometimes challenges present opportunities within your department/ organization which can lead to creative thinking and ideas. Similar to growth opportunities, maybe your team is short-staffed due to a vacancy, and your boss has tasked you with quickly creating the PowerPoint for a budget presentation. Take it as vote of confidence in your skills, and maybe kick it up a notch in what you have to offer as an idea for the presentation – new graphics, as an example.

• Customer service – most of the time this can be internal service working with other departments, whether it be payroll, accounting or budget. But if you have other operations such as utility billing or business license, you will have the external customer component too. Positive working relationships, getting back to your colleagues on time, working through a problem, explaining a policy or necessary deadline may seem basic, but communication is a key factor in a healthy working environment.

Becoming a STAR What about becoming a STAR? By now, many of you are probably tired of the Make It Happen mantra, so I am shifting this month to the STAR acronym – Situation – Task – Action and Result. I had a conversation with a friend about the employee evaluation process and how sometimes managers, put so little into it. You are handed your evaluation and expected to sign, review that it was a job well done, or discuss corrective behavior (if needed) and/or tools to help you succeed in your career path. I have often asked my employees to keep a list of their accomplishments throughout the year and then review it with them during the evaluation process. I know I cannot keep tabs on special projects that others may have assigned, so I have decided to do the same for myself. My friend mentioned the STAR acronym which, after researching I believe it can be a useful tool for an evaluation process.

You never know, that person you worked with today, could be on an oral board tomorrow, and the working relationship (positive/negative) you had at an agency could influence your career ladder.

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Let’s say you are the Budget Manager for your organization and you were able to highlight to your boss that you had accomplished the following: Situation - department presented me with a contract for professional services, but has no budget Task - they did not have any suggested savings or funding method presented as an option Action - you, the Budget Manager, review their departmental budget and due to vacancies see there are salary savings you can recommend to offset the cost Result - A Board/Council report with a “cost neutral” result due to creative evaluation of resources.

I have to share, since I didn’t mention it in the last column, this past January represented my 40 year anniversary that I started working what would become a career in city government in a galaxy far away in Burbank as a part-time Library Page putting books away. What started out as a part-time gig in high school evolved multiple times through the years to the point that I eventually pursued my Masters in Public Administration as a working adult. Our profession has many people, like myself, at the point of retirement age. If you don’t yet have your degree or higher level like a Masters, but have thought about pursuing one, there are so many options out there available. We need talented professionals to lead the municipal finance world in the future – why not you??

Whether you are preparing to level up in your career or to amaze your boss with your results, consider the STAR method as part of your toolkit. The STAR method can help tell your story, show initiative, leadership, problem solving, or teamwork depending on the nature of the situation.

Joan Michaels Aguilar

Traveling to Oregon & San Diego This month, I had the pleasure to represent CSMFO at the Oregon Finance Officers Association conference to be held in Sunriver in mid-March. I am excited as this will be my first venture to an out-of-state event. I have to say some of the session titles that have piqued my interest include “Rocking Chair Panel – What I Wish I Knew When I Started in Government”, “The Economy of Kindness – How Kindness Transforms Your Bottom Line” and “Facing the New Faces of Fraud”. This will be followed in April by the California Municipal Treasurer’s Association conference in beautiful San Diego.

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CSMFO MAGAZINE MARCH 2019

EDITOR’S ALLEY

Marcus Pimentel

TIPS TO SUCCEEDING IN FINANCE GET TO KNOW YOUR CSMFO LEADERS PREVIEW OF NEW CSMFO MAGAZINE So, coming full circle, the question about my favorite high school class for me relates to our primary theme about tips to succeeding in finance. My Yearbook class gave me the tips and foundation that I still reflect back on when building financial reports, PowerPoint presentations, budget documents, and even infographics.

“What was my favorite class in high school?”

Which of our CSMFO Magazine themes do you think this question relates to? Does it relate to our main theme on tips to succeeding in finance? Or is it one of the interview questions we asked to members of your CSMFO volunteer leadership team? Or will we start highlighting CSMFO student members in our redesigned, online CSMFO Magazine that goes live in May?

Back to the topic

What do you think?

The answer just might surprise you, as would answers about my personal favorite song or band, or what my GPA was when I graduated high school. We answer a few of these questions below.

A Young Girl named Fatima.

By now, you are probably thinking, “Marcus, is it 4:20 in Santa Cruz?” Where are you taking us with this month’s Editors Alley?

Earlier today (as I write this), I was fortunate to attend a Health Academy Mentor Dinner for my high school, Watsonville High. It was like a Don Maruska speed coaching session where 16 and 17 year old students rotated through themed tables with one to two mentors at each table. Our role as a table mentor was to pull answers from them in an attempt to expose them to careers they might not have thought of.

In our second rotation, a very shy High School Junior named Fatima turned my question around to me and asked me what my favorite and toughest high school classes were. Without a hesitation, I went back to 1980-something and relived the moment my Freshman English teacher Mr. Giocovich became was the first person to ever give me an F. After a few moments, I pulled myself back to 2019 and shared that math was “one” of my favorite classes. But that ironically, my favorite all-time class was one that was heavy in writing, and one that literally awoke a large, dormant part of my brain. It was Yearbook.

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Like my yearbook class from so very, very, very long ago, we wanted this month’s edition to focus on giving our readers various tips, approaches, or just insight into how to succeed long-term in a finance career.

So we compiled a range of tips to suit most interests.

Interested in being a Finance Director, explore the article on key tips to being a successful Finance Director (What They Don’t Teach in School: Six Essential Proficiencies for Finance Directors by Tracy Vesely from MuniServices/ Avenu Insights & Analytic). Have you been interested in, or pulled into, your agency’s employee bargaining.

Read through the six timely tips for how finance can succeed when supporting HR at the employee bargaining table (Facts, as interesting as they are, are often seen as irrelevant, by Janet Dutcher from Mono County).

Are you interested in a wide range of career path advice?

Consider reading the Career Development Committee’s group interview (Top Ways to Boost Your Career by Don Maruska), or check out our very candid interviews with members of our CSFMO Board of Directors and our Committee’s own Nitish Sharma on their hopes for 2019, tips they discovered in their career, and what they look for in prospective job candidates.

And certainly, read, re-read, and tape up in plain sight around your area our article on tips to integrating fun into your work culture (Tapping Your FUN Quotient to Bring Your SUCCESS Quotient!, by Cindy Henson from the Henson Consulting Group).

Are you looking for some technical strategies or guidance, check out the various tips and strategies to counter balance your rising pension costs (Sustainability strategies for finance leaders by Nitish Sharma from City of Davis and Maureen Toal from PARS), or see the Professional Standards Committee announcement about preparing yourself for GASB 87, and sending comments on GASB’s exposure draft prior to the April 30th deadline.

Or, do you just want to celebrate those recently promoted or hear about tips for succeeding at retirement, check out this month’s Promotions and Retirements highlights with a special introduction by retired Finance and Administrative Service Director (Mountain View) Patty Kong.

Why an updated, online only platform in May? In 2018, the Communication Committee wondered how we might find a way to expand our outreach of the CSMFO Magazine, while also creating a sustainable model to reliably reproduce the magazine without burning out our volunteers. Various ideas flourished, leading to more interview features, a section on promotions and retirements, and new features in the works such as Coach Ella’s advice column. The biggest ideas were to redesign and move our online magazine to a CSMFO hosted website modeled after magazines like the New Yorker, to stop the heavy lift of formatting and printing the limited supply of regular hard-copy editions, and to streamline our magazine production cycle to be more sustainable.

Following several board discussions and final Board approval in January, we plan to go live with our new format on May 1, 2019. We’ve included an early mockup of the new website. Stay tuned as we roll out more updates as we get closer to May 1st.

With this new format, we will start to push out content every Wednesday and Friday during our publication months (those remaining for 2019 are May, July, September & November).

We will also transition from the heavy lift of the current model where we have to wait to go live until 100% of the content, ads, pictures, graphics, and layout is finalized, to one where we can roll content out when it’s ready. We look forward to having feature articles out much faster, being able to post more in depth timely notices, as well as dynamically support other committees across CSMFO. Some of the other benefits of this new format include: • Engaging more readers with new features such as: • Delivering in depth coverage of breaking news, including commentary or suggestions • Providing “advice columns” on any range of topics • Easily directing readers via hyperlinks to additional research or resources • Creating the ability to host video content- like “Quick Hits” or member testimonials

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CSMFO MAGAZINE MARCH 2019

• Enhancing sponsored articles, ads, and job announcements with interactive links • Adding direct links to CSMFO webinar and training enrollment • Linking up to CSMFO social media sites (Facebook, LinkedIn) And, we will have the ability to repurpose the bulk of the $14,000 required to produce the limited-edition hard copies towards supporting the Magazine’s web and content services.

We welcome your feedback and ask that you email our committee (communications.chair@csmfo.org) your ideas on articles, new features, or just ways to engage more of your staff. With gratitude and appreciation for the work of our entire Communications Committee, enjoy this month’s edition.

Advice for people transforming their world

- Marcus Pimentel, CSMFO MAGAZINE EDITOR

Financial Advisory Asset Management Editor’s note. Other questions I was asked by

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PRESIDENT ELECT’S LETTER Steve Hiede

THE FREE EXCHANGE OF IDEAS For this month’s president-elect letter, I’d like to reflect on the important partnerships we enjoy at CSMFO with our commercial member partners, while also providing an update on annual conference planning for 2020. When I was a local chapter leader, I always appreciated how our commercial partner’s active participation and support added to the success of so many of our CSMFO chapter meetings. The same is to be said for the strong commercial partnerships we enjoy at our annual conferences.

Your 2020 Annual Conference Host and Program Committee members are hard at work organizing next year’s conference at the Disneyland Hotel in Anaheim. In February, a subset of the committees met on-site at the Disneyland Hotel to walk to the property and to begin to conceptualize the physical layout for the conference. We also visited Downtown Disney to gather ideas for possible Thursday evening networking options.

I wanted to take a moment to acknowledge the commercial members participating on our 2020 Host Committee: Mia Corral Brown from Chandler Asset Management, Matt Kirschenman of Bank of the West and Terry Shea from Rogers, Anderson, Malody and Scott. These commercial partners play a key role in the success of our annual conferences; from providing important event sponsorship and exhibitor revenues which make our outstanding conferences financially viable while allowing us to keep registration costs low, to teaming with municipal members to deliver educational content in highly informative breakout sessions, to providing valuable conference networking opportunities for our municipal members, and so much more.

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Our last conference at the Disneyland Hotel in 2016 drew about 1,300 people. This year’s fantastic conference in Palm Springs resulted in record conference attendance of roughly 1,550 people, and at this early stage, we’re planning for as many as 1,850 conference goers in Anaheim next year. While we generally had ample space for our various conference activities in Palm Springs, if our 2020 attendance projections are accurate, we’ll have an increase of about 550 at next year’s conference compared to 2016, a 40% plus increase over four years ago. We’re busy exploring creative ways to use our available conference space to ensure we can accommodate the projected growth in annual conference attendance for next year.

CSMFO’s 60th Annual Conference – Yesterday, Tomorrow and Finance – will take place January 28-31, 2020. According to Walt Disney, “Our heritage and ideals, our code and standards - the things we live by and teach our children - are preserved or diminished by how freely we exchange ideas and feelings.” And on that note, I’d like to thank Mia, Matt and Terry for their participation in this year’s host committee. Their input and perspectives will be invaluable in helping us plan for next year’s CSMFO conference.

Steve Heide

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CSMFO MAGAZINE MARCH 2019

INSIDE CSMFO

CSMFO Board Interview - Will Fuentes Written By Will Fuentes

Will Fuentes, CPFO, MBA

What are your 2019 goals as CSMFO Board Member?

What 2019 CSMFO events are you really excited about?

As a former Vice Chair for the CSMFO Career Development Committee, I have a passion for career growth and development. Thus, one of my primary goals as a CSMFO Board Member for 2019 is to ensure that our training and development opportunities remain current, relevant, and accessible to membership at all levels of a finance organization statewide; whether that organization be big or small. In 2019, I am also the Board Liaison to the CSMFO Technology Committee and I hope to utilize this position and technology to enhance and expand the means by which membership engages with CSMFO, communicates with their peers, obtains valuable knowledge and best practices to solve issues in their organization, and develops their careers.

And my last goal as a CSMFO Board Member in 2019 is simply to learn from my other Board Members and make sure we working together to develop a strong strategic vision that carries us into the future and is responsive to the evolving needs of our membership.

I am very excited to see CSMFO offer a number of great events and educational opportunities for its membership in 2019, but the one upcoming event that I am most excited about this year is “Successful Skills for a Finance Director� being instructed

by Neil Kupchin on June 13 at the City of Daly City. Being a Finance Director is a very rewarding job, but it requires not only an in-depth knowledge of complex technical areas, but also the ability to communicate, convince, and inspire a team towards a common set of goals and priorities that cannot be accomplished by one person alone. Some leaders are natural born and others are taught. Whatever may be the case, the public sector is in real need of quality financial leaders who can step up and take over the reins of those leaders who have come before them. And what better person to facilitate this exchange than the well-respected Neil Kuphcin. His blend of real-world experiences, knowledge, humor, honesty, and approachability make his leadership classes a very enjoyable and rewarding experience for all who attend. So, if you want to become a Finance Director, have an inkling that you may want to be a Finance Director, or just want to see what being an effective leader is all about, I highly encourage you to attend this great development opportunity.

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What were early obstacles in your career…and how did you overcome them?

Early in my career, I believe the biggest obstacle was just being heard and having my ideas taken seriously. For a long time, I was the youngest person in my department, but one who usually had many ideas for change, innovations, and process improvements.

And while many of these ideas were good, I didn’t have the experience to back them up nor the knowledge of how to convey them in a manner that was tactful and convincing. Nevertheless, over time, I continued to persist, continued to develop my messaging so that it was effective, and developed a sense of professionalism and tact. Eventually, my ideas were heard and taken seriously. One of my ideas improved the business license operations at the City of Union City; resulting in an 80% growth in annual revenues. It was after this, that I started to get noticed and started to be placed in leadership positions. Thus, my advice to any up and coming finance professional is simple: be persistent, but also develop your messaging so that it is convincing and professional. This often takes time and sometimes trial and error, but don’t give up or become discouraged. Your hard work and determination will pay off.

Looking back at your career thus far, who would you like to thank for being there for you?

I am thankful to so many people in my career. It is hard to identify just one person because so many have been instrumental in affording me the opportunity to be where I am today. But I am thankful for my first City Manager, Mark Lewis, and my first Finance Director, Joni Pattillo, for taking a chance on me as an Intern nearly 20 years ago at the City of Union City. And I am thankful for the Finance Directors who have taught me professional and life lessons along the way, supported me, and believed in me. This includes Richard Acevedo (deceased), Sheila Mohan, Rich Digre, and David Glasser at the City of Union City and David Baum at the City of San Leandro. And I am extremely thankful for the great City of Milpitas team that selected me to be their Finance Director two years ago; fulfilling a nearly 10-year professional goal that I set for myself. But I would be remiss if I didn’t thank the great teams that I led at the Cities of Union City, San Leandro, and Milpitas. There are too many individuals to name, but without their hard word, dedication, and care for both their work and each other, I would not have been able to accomplish half of what I have. I am eternally in their debt. Thank you for your support and commitment.

What led you to your first government job?

I never intended to have a career in government and thought that I wanted to be an investment banker when I graduated college with a B.S. in Finance. However, life takes one in many interesting turns and it was a love for politics and history that made me consider a very intriguing offer to be an Intern with the City of Union City when I moved to California in 1998.

And I have not looked back since. I love making a direct and measurable impact on communities and working for local governmental agencies provides such a wonderful opportunity to do this. There are very few jobs that you can do where you can go out on the street or into the community and see the positive impact you make in people’s everyday lives. That is something which is extremely rewarding.

What is your favorite food and why?

Anything with chocolate. Because chocolate is awesome and delicious!

What super power would you like and why?

As a kid, I had a reoccurring dream where I was flying. And I was always disappointed when I woke up to learn that I was indeed not the next Superman. Thus, if I could choose any super power, it would be the ability to fly. Because people that can fly are cool and Clark Kent would have made a great public sector Finance Director. Kryptonite was his weakness, but unfunded liabilities were not!

What soft skills and technical skills really impress you when you are interviewing candidates?

In terms of technical skills, I am always impressed by candidates that are critical thinkers and have strong analytical minds. I was a Management Analyst for a number of years before I was provided the opportunity to be in leadership roles, and I value having people on my team that can pour through data, analyze trends, and develop innovative solutions for addressing complex problems. As it relates to soft skills, I am always impressed by candidates that demonstrate the ability to effectively convey their message, convince and quickly engage an audience, and show real authenticity. These are signs of leadership potential and I am always searching for the next great financial leaders on my teams.

Will Fuentes, CPFO, MBA - Dedicated to building fiscally sustainable communities and great financial leaders

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CSMFO MAGAZINE MARCH 2019

FEATURED ARTICLE

Tapping Your FUN Quotient to Bring Your SUCCESS Quotient!

Written By Cindy Henson

Cynthia (Cindy) Henson, Chief Executive Officer of Henson Consulting Group

Here it is.

Fun is the number-one reason I fly Southwest Airlines. Nobody made flying more fun than its founder, Herb Kelleher, who regrettably died recently. (And on most airlines these days, flying is most decidedly not fun.) Kelleher was known for laughing, cracking jokes, drinking bourbon, and smoking cigarettes. Often, he would be seen on a plane dressed as Elvis.

Famous for his antics, he also achieved the near-miraculous, building a consistently profitable airline—one that carried the most passengers in the US in 2016.

If you want to be more successful at work, you must have more fun.

Success Follows Fun

I am about to share what may be some important, perhaps difficult, information for you to accept. What I am about to suggest is some of the most valuable advice I give everyone I work with. I’m giving it to you here for free.

Fun is not frivolous. It is not an indulgence. It is not to be relegated to the weekend or an occasional laugh. Fun is the first step on the path to success.

Research shows that we are our best—our most creative, flexible, and persistent—when we are engaged in activities that bring us fun.

Few have experienced greater business success than Richard Branson, who is known for valuing fun at work (who also founded an airline, but also jumpstarted some five hundred successful businesses). “Fun is one of the most important—and underrated—ingredients in any successful venture,” Branson wrote in The Virgin Way: Everything I Know About Leadership.

“If you’re not having fun, then it’s probably time to call it quits and try something else.”

Making it Fun

Happiness Brings Success!

Shawn Achor, who wrote The Happiness Advantage, proved it.

He found that success doesn’t bring happiness. Instead, happiness brings success. He found in studying students at Harvard that those who studied longer to master the stressful, competitive environment burned out faster. Those who took time for fun—particularly time for friends— were more successful.

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Fun comes first. That’s why “Tap into Your Fun Quotient” is the first of my Seven Principles to Peace, Purpose, and Freedom.

I even dare to say that if it isn’t fun, I won’t do it. That doesn’t mean I don’t work hard, that I don’t take on tough tasks, or that I will bypass a challenge. It means I always find a way to make my work fun.

Here is how I do it: I set an intention to have fun. That’s it.

Intention always creates. Then I look for ways to make even the most difficult situations and tasks much more enjoyable. I have found that when one person—even if it is just me—is determined to have fun, others will join in.

Fun Is Contagious Think about it. Who would you rather be around? Someone who knows how to have fun or someone whose smile is upside down? People who bring an intention to have fun also bring charisma and enthusiasm with them. Their attitudes are contagious, and for obvious reasons—they are simply more enjoyable to be around. It only takes one person to bring an infectious commitment to have fun—and that person can be you.

A leader in public finance.

And yes, I ask the executives I coach to find ways to bring more fun to their work. Because they are leaders, and because fun is contagious, the fun spreads through their companies.

FUN is Contagious…And You Can Bring It! I invite you to give it a try. Set an intention when you go to work tomorrow to have fun. Find just one way to begin to incorporate a fun state of mind. Smile at and greet everyone you pass in the hall. Add a fun quote to your email signature. Hang a SARK poster on your wall. Keep an adult coloring book at your desk for five-minute creativity breaks during the day. Sample a new fun food, like mochi or kombucha. Show off a little silliness: skip down the hall to your meeting. Or if that’s too much, just go skimpy on the seriousness, even if for a few minutes.

Just watch to see what happens. I dare say that once you start tapping your FUN quotient, your success quotient will rise right along with it. What’s keeping you from giving it a try? The worst thing that can happen is that you may look a little silly—and maybe cause your colleagues to wonder about that sweet, secret smile on your face.

Cynthia (Cindy) Henson, the Chief Executive Officer of Henson Consulting Group, is a dynamic leader with 36 years of experience in designing and implementing collaborative and innovative systems to quickly achieve results within large organizations. Henson Consulting Group specializes in executive coaching, employee empowerment, board development, change management and large-scale project implementation for triple bottom-line corporations, local government agencies, and non-profits.

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.

Cindy is the author of Jungle: A Journey to Peace, Purpose, and Freedom, which is much like Elizabeth Gilbert’s Eat Pray Love–– except for the corporate leader. In support of local governments, Cindy has provided dynamic leadership trainings during an annual conference, webinar, and chapter meeting for CSMFO. In her spare time, she enjoys traveling and dancing with life.

475 Sansome Street, Suite 1700 San Francisco, CA 94111 415.391.5780 tel 415. 276.2088 fax info@joneshall.com www.joneshall.com 17

CSMFO MAGAZINE MARCH 2019

INSIDE CSMFO

Mastering the Waterways of New Regulations Written By Karla Campos The chapter got resourceful and creative by co-hosted a lunch meeting with Utility Finance Officers of Orange County. The event was held at Coachella Valley Water District in Palm Desert and with Chandler Asset Management fully sponsoring the session, lunch was provided at no charge to attendees. The topic and free lunch were alluring. Registration overflowed the room capacity and a few attendees were diverted to another similar training session nearby.

With flowers blooming and birds chirping; the Coachella Valley CSMFO chapter enjoyed a sunny, spring like meeting in January. The winter is the most Karla Campos, beautiful time in the desert and escaping Finance Director, City busy daily routines and deadlines while of La Quinta learning and networking is always a treat. Ernie Reyna, CSMFO Board Member from City of Eastvale joined the fun and welcomed everyone to the first meeting of 2019.

CSMFO recognizes that special districts have unique needs and therefore provide suitable training sessions to meet those needs.

The chapter discussion centered on upcoming water shut-off restriction and 60-day notification mandates which are changing with the passage of Senate Bill 998 effective 2/1/2020. The status of Assembly Bill 401, the Low-Income Water Rate Assistance Act was also discussed.

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Water is both a basic need and vital part of every community.

Water districts will be facing financial and operational impacts with these new regulatory changes. Being prepared and aware of the inevitable assist agencies with utility billing programing changes, customer service training, adjusted budget projections, new or adjusted internal policies, and most importantly public and board member communication. This training session was the first of many programmed for 2019.

Since 2016, Karla Campos has been the Coachella Valley CSMFO Chapter Chair and City of La Quinta Finance Director/City Treasurer.

Ms. Campos has 21 years of combined public and private financial experience. She has earned both Bachelor of Science and Master of Business Administration degrees in Business Administration. On her spare time, she enjoys hiking, cooking, and playing with Titus; her energetic three-year-old son.

The Chapter is also pleased to announce new leadership with two Chapter Co-Chairs. Kofi Antobam, Director of Administrative Services with the City of Rancho Mirage and Claudia Martinez, Senior Accountant with the City of La Quinta. Succession planning, new ideas, and talent are always a dynamic part of keeping our organizations alive and prospering. The chapter thanks them both for their willingness to serve, promote CSMFO, and keep the momentum high in the Coachella Valley.

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CSMFO Board Interview - Rich Lee Written By Rich Lee

Rich Lee, Finance Director, City of San Mateo

What are your 2019 goals as CSMFO Board Member?

What were early obstacles in your career…and how did you overcome them?

For 2019, my top priority is to bring the CSMFO App to fruition. As CSMFO continues to grow, so does our need to provide the means for members to collaborate, learn, and engage with one other. The goal of the CSMFO App is to harvest the wealth of current mobile application technology to bring CSMFO’s resources to our members’ fingertips.

Early on in my career, the finance department was faced with low morale, high turnover, and a resultant loss of institutional knowledge. Being one of the willing and able staff members that remained, I was faced with primary responsibility for tasks that I had previously played a minor role in before, such as bank reconciliation, budget preparation, year-end close, and preparing the CAFR. While I lacked the relevant experience and requisite knowledge, the opportunity afforded the unique chance to review the City’s various processes, identify efficiencies, and leverage business intelligence technology to drastically improve financial reporting, budgeting, labor costing, and communication between financial systems. In hindsight, I recognize that the obstacles were inflection points where I could have avoided the adversity and conflict by just keeping my head down. Instead, I chose to accept the challenge by addressing the obstacles head on, and in the process, built a foundation of critical skills and established a reputation for achieving success in the face of adversity.

What 2019 CSMFO events are you really excited about?

While the annual conference is the pinnacle of the year for most of our members, the need for ongoing professional development and collaboration with our colleagues doesn’t end with the conference. Local chapters fulfill this need, and serve as the lifeblood of CSMFO. As board liaison to the Northeast Counties, Peninsula, and Monterey Bay chapters, I enjoy meetings members all throughout the state. I’ve found that we have a lot in common, including a passion for public service and a love for CSMFO. I really enjoy the annual strategic planning session, where CSMFO leadership evaluates progress on our organizational goals, the near-term and long-term direction of CSMFO, and ultimately, how to best serve our members.

Looking back at your career thus far, who would you like to thank for being there for you?

I have been fortunate to have good people in my corner for many years.

My mother, Dale Lee, served the South San Francisco Unified School District for nearly 25 years, and taught me the value of public service. My father, Francis Lee, espoused the dedicated work ethic of his father and that of the Chinese immigrants in the early part of the 20th century.

Very early in my career, Ricardo Santiago and Lin-lin Cheng from the City of Foster City gave a complete neophyte the opportunity to build a core understanding of municipal finance operations.

Christine Ma from the City of Millbrae was my first career mentor.

She was the first person that recognized my potential, and encouraged me to pursue municipal finance as a career. She told me very early on that I would be a finance director someday. I didn’t believe her at the time, because I was still pursuing a career in music and taking orchestral auditions all over the country. She was the first person I called when I was first appointed a finance director in 2015.

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Nick Pegueros and Carl Cahill from the Town of Los Altos Hills took a chance on me. I was very inexperienced, and yet, they gave me my first management role, which served as the impetus for believing that I might have the capacity to be a finance director someday.

Jim Steele took me under his wing in South San Francisco, and always made time to show me the insights of what a good Finance Director would do. During my first couple of months of being a director, John DeRussy, CSMFO Past President, was a sage mentor. He encouraged me to get involved with CSMFO leadership – specifically with the Career Development Committee. Drew Corbett, also CSMFO Past President, provided me with the opportunity to take the helm of the Peninsula Chapter.

All of which has culminated in my current role as a Board Member.

Within CSMFO leadership, there are two colleagues that I am honored to call my closest friends – Will Fuentes and Grace Castaneda. They define and personify exemplary leadership qualities – authenticity, altruism, and dedication.

Throughout my adult life, my wife has been my number one fan, my partner, and ardent supporter, no matter the hairbrained idea; whether auditioning for the President’s Own Marine Band in Washington D.C. or taking on the challenge of being a finance director.

What led you to your first government job?

I was home for the summer after my first year of grad school, seeking any work that I could find to earn some income. My girlfriend’s father (now my father-in-law) asked if I was good with computers. He asked if I would be interested in working part time. I had no idea what he did for a living. He mentioned that he worked for a local city. Being a poor college student, I happily accepted. I soon discovered that he was the finance director, and that I was going to learn accounts payable so that a staff member could take some time off during the summer. I had no idea that what began as a means to pay the bills would become my life’s purpose and calling.

What super power would you like and why?

One of my favorite movies is The Green Mile with Tom Hanks.

One of the primary protagonists, John Coffey, played by Michael Clarke Duncan (RIP), could heal illness and disease by laying his hands on the afflicted. At salient times during our lives, we are all touched by illness, disease, and death. It’s intriguing to fathom how a power like that would completely shift the landscape of the world we live in. Actuarial mortality assumptions would get completely obliterated!

What soft skills and technical skills really impress you when you are interviewing candidates?

I prefer the term interpersonal skills rather than soft skills (tip of the hat to Neil Kupchin). The adjective implies that they are less valuable than technical skills. The desired balance of both is dependent upon the position. If the role is managerial, while I expect the candidate to possess a commensurate amount of technical experience and ability, I focus is on their ability to effectively lead and mentor their staff members. I enjoy hearing from candidates that share examples of working with underperforming staff members, emphasizing the importance of accountability, establishing expectations, and guiding them toward the best possible version of themselves.

If the role is more technical, I’m more interested in candidates’ capacity to learn and effectively execute to expectations. I value candidates that have successfully led major organizational changes, especially to peers that oppose change, and demonstrate the interpersonal and technical skills that were needed to complete the effort.

Rich Lee has been Finance Director for the City of San Mateo since January 2019. Since 2005, he has worked for local government agencies throughout the San Francisco Peninsula, including South San Francisco, Los Altos Hills, Millbrae, and Foster City. He 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, he is a freelance bass trombonist, and performs with several jazz groups in the San Francisco Bay Area. One of which is the Electric Squeezebox Orchestra, which will be releasing its third album in June 2019 and performing at the Monterey Jazz Festival in September 2019.

What is your favorite food and why?

Before July 2017, I would have said sushi. Since that time, I’ve been on the Keto diet to improve my health and lose weight. By February 2018, I reached my goal of losing 40 pounds, and have maintained my weight by sticking to the diet. As such, cobb salad is a staple for me. You can’t go wrong with a diet that allows bacon, right?

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CSMFO MAGAZINE MARCH 2019

INSIDE CSMFO

Top Ways to Boost Your Career Seasoned leaders share their insights with you

Written By Carol Bouchard, Laura Nomura, and Terri Willoughby with Don Maruska

Carol Bouchard, Assistant Finance Director, Monterey

What can you do to boost your career?

I asked three seasoned leaders to share what’s worked for them to both advance in their careers and have fun doing it.

Read their stories and see what fits for you. Even better, find a volunteer CSMFO coach to work with you to get where you want to go. Enjoy the opportunities to thrive in local government finance.

3. Engage with CSMFO for training and networking.

1. Be proactive.

4. Have a mentor.

Specific to my municipal finance career, CSMFO has made a huge difference. I’ve worked in other sectors and none of them have matched the training and support that the CSMFO network provides. From formal training to chapter meetings, it’s so valuable to have a network of peers to share with and learn from.

I usually will select someone further along in their career with whom I can discuss issues, situations, ideas. This has been very helpful especially when discussing what is needed to get to the next level. I also like to seek out top players in the municipal finance arena for inquiries, offering feedback on a project or topic of theirs that I enjoyed and ask thought provoking questions.

I had a boss who was always calm Laura Nomura, Deputy no matter how chaotic things got.

His advice was to “anticipate what General Manager, could happen and prepare for it.” It’s Eastern Municipal Water District sometimes difficult to make the time, but I’ve found that being prepared for the things we can anticipate makes it easier to manage the things we cannot.

5. Ask for more responsibility.

2. Anticipate questions.

You can’t expect to land new responsibilities without first going above and beyond in your current position. So I always worked to tackle all tasks assigned and figure out what else can be done to make it better.

I had another boss who was really, really smart and when I met with him, Terri Willoughby, CFO, he would ask questions I couldn’t Douglas County, NV answer. So I made a game of trying to guess what he would ask, and having the answers ready. This also comes in handy when working with Council or the public.

6. Be a problem solver.

Never go to your boss with a problem without offering a solution. It may not be the one ultimately that is implemented but it shows the effort you are making to be a problem solver.

This can start with something small like streamlining a process to create a more efficient system, and graduate to something more involved like tackling a complicated project.

Don Maruska, Director, CSMFO Coaching Program 22

7. Take accountability.

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Pushing myself outside of my comfort zone and own up to my mistakes, shortcomings and involvement in conflict. By being transparent and being accountable, I show that I am a trustworthy employee who can handle responsibility.

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8. Be helpful.

I have found that nothing stands out more than being helpful. I always volunteer for tasks that others may not raise their hand for, I don’t wait for opportunities to fall in my lap. I volunteer for activities outside my normal job to support efforts I believe in – like CSMFO – which makes me feel good by giving back, in this case to my profession. I also like to mentor others, hopefully helping them to gain the confidence to make bold steps that are needed to boost their careers.

9. Commit to continuous learning.

Lastly I believe that every day there is an opportunity to learn something new no matter what level you are at. Listening to colleagues, reading a leadership book, or participating in a class or webinar are examples. There are so many opportunities daily to learn – it makes the job and your day so much more fulfilling -- especially when you can take that learning and utilize in your daily life. It’s fun to learn!

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10. Leave to move up.

Our team of experienced professionals work hand-in-hand with issuers across a wide array of debt structures and pricing analyses that are tailored to the unique needs of each issuer.

Sometimes you need to leave an organization to move up.

Sometimes it isn’t easy to break other people’s perception of you, and they may not be able to picture you in a different role.

As a fiduciary, our advisors are dedicated to providing issuers with the tools and education necessary to navigate the ever-changing climate of the public finance sector.

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11. Don’t be afraid to go to an agency that has “issues.”

Even though it can be challenging, it is great to look back and say that you made a difference and that you were able to help an organization. During my time at the Water Department (four years), I’ve been able to: implement a timekeeping system, issue debt and receive the Department’s first credit rating, oversee three rate increases and received the first ever CAFR & Budget Award for the Department.

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12. Being helpful-offer to help other Departments with financial issues.

For example. I will often offer to compose the fiscal impact section of our Board reports for other Divisions. It is easy for me, but not so easy for them. This goes a long way to building relationships. When you build relationships with others in your organization, they are more likely to listen to you and seek your advice.

844.213.0485 | Member: FINRA and SIPC | www.GoBaker.com 23

CSMFO MAGAZINE MARCH 2019

13. Build relationships-both within the organization and with your peers.

Being involved in CSMFO is life-changing.

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14. Be a good listener.

Ask others outside the Finance Department what they think of Finance and how we can improve. Finance’s role is to function as an internal service department/division, so it is good to know where we can improve in providing customer service.

Delivering Revenue, Insight and Efficiency to Local Government Since 1983

Coaching Notes: a. What advice fits for you where you are in your career?

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b. Tap a CSMFO volunteer coach to support your efforts. www.csmfo.org/coaching

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c. Consider organizing a small group to meet on a regular basis to pick points above and discuss ways that you can apply them and support one another in the process.

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You don’t need to go it alone. Reach out and make 2019 your best year yet!

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INSIDE CSMFO

CSMFO Board Interview - Carrie Corder Written By Carrie Corder Looking back at your career thus far, who would you like to thank for being there for you?

What are your 2019 goals as CSMFO Board Member?

My family has been so supportive over the years. I also am grateful to Vavrinek, Trine Day & Co. for giving me my first shot at learning this field of municipal accounting. The leaders at the City of Claremont taught me so much, especially how to maneuver the political side of our business. Lastly, the Cucamonga Valley Water District has helped make my career goals a reality over the past 18 years.

I am a liaison to the Recognition, and Professional Standards committees. The Carrie Corder, CPA, committee chairs, Sarah Roush and Jason Al-Imam are great leaders and I want Assistant General Manager, Cucamonga to provide any assistance and boardValley Water District perspective that they want. In addition, I am a liaison for three amazing chapters: Inland Empire, Channel Counties and South Bay (LA). Lastly, I serve on the 2020 Host Committee and our goal is to make the Anaheim conference amazing and magical!

What led you to your first government job?

Traveling so much during the audit season was great in that you meet new people every week – I miss that, but travelling so much can be hard on family life.

What 2019 CSMFO events are you really excited about?

What is your favorite food and why?

My favorite food is dark chocolate since it has so many healthy benefits, right?

The Chapter meetings are on fire! The Chapter Chairs and Vice Chairs are putting so much energy in finding dynamic speakers and of course, the networking is always great.

What super power would you like and why?

I would love to fly

What were early obstacles in your career…and how did you overcome them?

What soft skills and technical skills really impress you when you are interviewing candidates?

Accountants get a bad rap for being boring. I am impressed with candidates who have a good sense of humor and show their creative side.

My biggest obstacle was studying for and passing the CPA exam. This was a challenge because I was working as an auditor right out of college and we travelled a lot. Thanks to my mother’s nagging, I focused on each part of the exam and passed them one-by-one.

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.

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CSMFO MAGAZINE MARCH 2019

INSIDE CSMFO

CSMFO Board Interview - Ernie Reyna Written By Ernie Reyna What were early obstacles in your career…and how did you overcome them?

What are your 2019 goals as CSMFO Board Member?

My earlier career was actually in gaming (as in casino gaming).

My first job right out of college was for a local Tribal Casino as their accountant, which I truly loved. I always thought my career would stay in gaming as it was very fast paced and diverse.

When you work in a 24/7 operation, however, it is very difficult to create a work/family balance so I decided to shift gears and try something different.

My goals for 2019 are to promote CSMFO as much as possible to both Ernie Reyna, CSMFO members and non-members. There Board of Director, are many opportunities for training and Finance Director, City education and I want to ensure that of Eastvale everyone has an opportunity to attend these great events. I would also like to continue getting more people involved on committees and/or with their local chapters. There is a lot of great talent out there that I would love to tap into and it is important to create the future for CSMFO.

Fortunately for me, the Tribe also had a government side that was just like a city where I learned how to interact with the council and community. It was also there that I began taking governmental accounting classes and sat for and passed the CPA exam. Talk about doing a 180 in careers!

What 2019 CSMFO events are you really excited about?

Looking back at your career thus far, who would you like to thank for being there for you?

I love being a part of my local chapter events and it is always exciting to see what great content the Chapter Chairs will be bringing for 2019. The Inland Empire Chapter’s members are very involved and regularly attend chapter meetings so its always nice to see familiar faces at those meetings.

Earlier on it was my parents that supported me through college and the first couple of years of my career at the casino. As I got married, it has been my wife, Dolores, that has been my rock and has really helped my career sky- rocket!

What led you to your first government job?

Like most people, I fell into government by luck. Working at a casino is not exactly the way into government, but the Indian Tribe gave me an opportunity to work for their community and the rest is history.

It is also very excited to be able to attend the annual Planning Session every year around September/October in order to get a preview of the following year’s Annual Conference. I would highly recommend to Members that they try and make their way up to a Chapter/Vice Chair or a Committee/Vice Chair so they can experience the magic that goes on behind the scene!

What is your favorite food and why?

I’m obviously very biased, but I would have to say Mexican food.

There is not one dish in particular that I love, but its how all the flavors come together and I cannot get enough of the spicy salsas and the wonderful cheeses.

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What super power would you like and why?

Ever since I was young, I always thought the best super power would be the ability to fly. I guess I watched too many comic book movies growing up.

What soft skills and technical skills really impress you when you are interviewing candidates?

For me, I really value someone’s EQ (emotional intelligence) over their IQ. My personal feeling is that I can train anyone on accounting skills, but it takes a certain someone to be able to handle everyone’s personality. These traits are especially important as you rise up in the rankings and deal with your community and council.

Ernie Reyna has been with the City of Eastvale since June of 2018 and serves as their Finance Director and City Treasurer. Ernie was recently elected to the CSMFO Board of Directors after serving in various roles including the Chair of the Administration and Membership Committees, Vice Chair of the Communication Committee, and Chapter Chair of the Inland Empire for two years.

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CSMFO MAGAZINE MARCH 2019

SPONSORED ARTICLE

What They Don’t Teach in School: Six Essential Proficiencies for Finance Directors Written By Tracy Vesely

Tracy Vesely, Director of Client Services, MuniServices/Avenu Insights & Analytics

1. Understand it all – or mostly all. While the core focus on budgeting, reporting and financial stewardship is still central, finance directors today must have a solid understanding of the entire operation of their city. The intricate connections between departments mean that any one activity can have a financial ripple effect across the government, so finance must be aware of the potential interactions and outcomes. For example, directors need to understand the impacts of water/sewer infrastructure upgrades to know how these changes might affect related revenues or labor costs. Or they need to grasp the nuances of labor negotiations to inform decision makers of any related financial analysis. Ask questions of your department director peers and learn about their operations.

What does it take to be an effective city finance director in today’s complicated and crazy world of municipal finance? Unfortunately, it is not a question that is adequately addressed in our business schools, or even in our public policy schools.

According to the latest data of the Census Bureau’s Annual Survey of Public Employment and Payroll, municipal finance employees are the fastest growing segment of the local government workforce. These staffers who will grow into a city finance director role must assume a broader, more non-traditional role than in the past. While it is crucial to possess core financial and budgeting knowledge, it’s important to have other “softer” skills to truly achieve success. So… what are some essential skills you don’t necessarily learn in business/public policy school?

2. Build relationships and communicate clearly. Finance directors have to connect with more than just the direct reports in their department. Today they find themselves serving a lead role on the city’s executive team. Providing financial oversite means having trust-based relationships among the city’s leaders. Part of this requires knowing how to communicate with the CEO/ City Manager, including how to say “no” and divulge negative information in a way that does not create a bad relationship.

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As the face of the city’s fiscal picture, directors also must be able to communicate complex data to a variety of audiences so that everyone understands. This is harder than it sounds. If the city manager, other department directors, elected officials and the public fully understand a fiscal issue, they can make decisions with confidence because the supporting information and data were communicated well.

3. Be in the know. Know the current trends, legislation, and political landscape. Just like there are many inputs in the budgeting process, there are numerous influences that affect government projects and programs. Finance directors must be in tune to these and be prepared with some what-if scenarios so that city initiatives have the best chance for success. Having this awareness of relevant issues increases your credibility.

5. Embrace and Practice the Full Role. A municipal finance director is not just a keeper of numbers and accounts. This professional is the city’s budget officer, controller, and Chief Financial Officer. Responsibilities include mentoring a full team, serving as a member of the city’s executive team, and participating on the city’s legal team. It helps to understand and embrace each of these roles early to minimize the chances of undesirable public and/or personal consequences.

6. Stay Current and Get Involved. Local government organizations such as the California Society of Municipal Finance Officers and the League of California Cities give finance directors the opportunity to be among the best practitioners of government administration. They place finance directors in the direct flow of information about legislation, regulation and other information that affects operations. If there’s a question that needs answering, these Also it’s important to understand the politics and tenure of the voting organizations provide the network of peers that can provide an community. A finance director has to either start the ballot process answer or thoughtful discussion and alternatives. for increased revenue or must be a key player in the decision of whether or not to take a revenue increase measure to the voters.

In order to be as accurate as possible in that decision-making, the finance director must know the politics, be able to read the Tracy Vesely is the director of client services for MuniServices/Avenu tolerance of the voters, and clearly communicate the supporting Insights & Analytics. Tracy has held leadership positions in local data and potential consequences in an unbiased manner. government for more than 27 years in finance, budgeting, technology 4. Stay Neutral and Be Truthful. As stewards of the public treasury, finance directors are often associated with the words integrity and trust. Well, they should be! Finance directors not only protect and strive to improve a city’s financial stature, but they represent the city to the public and elected officials. This requires honesty and the ability to often say “no” to funding requests with an unemotional rationale for the answer. Any social or political commentary complicates this. The end result is a hard-fought reputation and it ultimately means positive working relationships with other department directors, city council and the public.

and administration. She served as administrative services director for the City of Walnut Creek, and as director of finance for the cities of Hayward and San Leandro. For the City of Berkeley, Tracy was the budget manager; and she also held senior positions with the California Administrative Office of the Courts and Kern County.

Tracy is an active member of public sector organizations. She was a president of the League of California Cities Fiscal Officers Department, and she was a member of the League’s Revenue and Taxation Policy Committee. She also has served on the Economic Development and Capital Planning Policy Committee of the Government Finance Officers Association. Contact her at tracy.vesely@avenuinsights.com

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CSMFO MAGAZINE MARCH 2019

INSIDE CSMFO

Professional Standards Committee Highlights GASB exposure draft of proposed Implementation guidance on GASB 87 (leases)

On February 19, 2019 the Governmental Accounting Standards Board (GASB) issued an Exposure Draft of a proposed Implementation Guide on GASB Statement No. 87, Leases (GASB 87), which becomes effective for fiscal years beginning after December 15, 2019 (December 31, 2020, for December year-ends and June 30, 2021, for June year-ends).

GASB 87 requires all leases to be reported on the balance sheet, with certain limited exceptions. Previously, many government leases were permitted to be reported as operating leases, which resulted in those leases not being reported on the reporting government’s balance sheet. Under this new single model, the lessee will recognize a lease liability and a corresponding intangible asset while the lessor will recognize a lease receivable and a deferred inflow of resources.

The objective of the proposed Implementation Guide is to provide guidance that clarifies, explains or elaborates on the requirements of GASB 87.

The Exposure Draft of the proposed Implementation Guide may be downloaded from the GASB’s website at www.gasb.org.

The deadline for submitting written comments on the proposed Implementation Guide is April 30, 2019.

If you have questions regarding this topic, contact Jason Al-Imam, Chair of the Professional Standards Committee at standards.chair@csmfo.org.

The Professional Standards Committee operates as a technical resource to CSMFO members. The Committee is comprised of municipal and commercial members whose mission is to keep members informed of emerging issues and best practices.

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INSIDE CSMFO

CSMFO Chapter Chair Interview Nitish V. Sharma Written By Nitish V. Sharma What do most people misunderstand about your work in CSMFO (or at your agency)?

I believe people do not understand that CSMFO is a nearly all volunteer Nitish Sharma, Director of Finance/ organization comprised by primarily Treasurer, City of Davis finance officers throughout the State of California promoting excellence in government finance.

What are your 2019 goals for your chapter?

My goal for the Sacramento Valley Chapter for 2019 is to reach out to members and non-members to educate them about the importance of collaboration between finance officers, innovation at a workplace, and customer service.

What 2019 CSMFO events are you really excited about?

I am very excited to participate again in the goal setting exercise for 2020 at this year’s upcoming CSMFO strategic planning session.

What were early obstacles in your career…and how did you overcome them?

The biggest obstacle in my career was the transition from a private firm to a local government. Government sector is more of a process driven environment rather than end result. I’m proud that I have managed to turn most challenges into opportunities and have looked for ways to add value to those processes that have been done the same way we always done them.

What experiences led to some of your biggest career influences? What makes you passionate about your job?

Strategic thinking and willingness to always do more have led me to some of my biggest career influences. I also took a chance at new opportunities when the time was right and trusted myself to succeed. My contribution to the community makes me passionate about my job.

Looking back at your career thus far, who would you like to thank for being there for you?

I would like to thank a number of people who believed in my ability to perform throughout my career.

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CSMFO MAGAZINE MARCH 2019

What new challenges or opportunities have presented themselves to you most recently?

My new challenge is to implement a new Enterprise Resource System. I am excited about this project as it provides me with an opportunity to create a system that is dynamic, efficient and customer friendly.

perspective

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What led you to your first government job?

I had government clients as an auditor. Due to travel in a private firm, I decided to settle for a job that is more stable and provide me with an opportunity to focus on quality of life.

What was your strategy to getting promoted?

Did you rely on mentors? Did you push for new assignments at your agency? Did you focus on expanding your technical knowledge either through a certification or going back to school?

As local governments modernize their business processes and technology, the resulting changes can profoundly affect the entire organization. Gaining an objective perspective at key phases of these initiatives can help calibrate efforts to stay on track.

My strategy to getting promoted is to be very well informed with the finance industry, the community and the region, and take advantage of training opportunities.

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I believe strong communication skills and self-confidence are really important to me when I am interviewing candidates.

Nitish Sharma is the Director of Finance/Treasurer for the City of Davis since August of 2018. Prior to Davis, Nitish served as a Budget Manager for the City of West Sacramento for the last twelve years. Nitish is a Chapter Chair of the Sacramento Valley Region of the CSMFO and is very passionate about promoting continued excellence in Municipal Finance.

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CSMFO MAGAZINE MARCH 2019

INSIDE CSMFO

CSMFO Board Interview – Scott Catlett (Editor’s Note: This is a reprint of excerpts of our July 2018 interview with CSFMO Board of Director Scott Catlett)

Interviewed By James Russell-Field Outside of work I’m a dad to two boys – Drew (7) and Nate (18 months). I grew up in Texas, initially in a small ranching town and later in San Antonio. I attended college in New Orleans where I studied to be an architect for my first two years.

I decided that architecture as a career wasn’t for me and ended up with a business degree. My wife of 13 years and I met when we were both living in New Orleans after college. She was from Southern California, so after Hurricane Katrina made us rethink our decision to live in New Orleans long-term, we decided to move to California in 2005.

Tell the readers a little bit about yourself…

I’ve worked in government for 12 years now, having spent the first part of my James Russell-Field, career working for several firms as a City of Thousand Oaks consultant to state and local government.

I valued the experience that starting out in consulting at a young age provided, but I travelled most weeks all over the country and wasn’t home much. Since then, I’ve really enjoyed putting down long-term work roots in Riverside and now Yorba Linda. My transition was somewhat by chance, in that I happened Scott Catlett, Finance to hear about a job at the City of Director/ City Riverside as a Budget Analyst. Since I treasurer for the City lived in Riverside at the time, I decided of Yorba Linda to apply and maybe try something different. As luck would have it, Brent Mason thought I could do the job even though I had never worked directly for a government agency, and the rest, as they say, is history. I spent two years as a Principal Budget Analyst, two as Budget and Debt Manager, five as Assistant Finance Director, and then came to Yorba Linda as Finance Director a little over two years ago.

When and why did you first join CSMFO? I first joined CSMFO in 2006 when I transitioned from consulting to working for a government agency. I was a passive member at first, but over time, I became actively involved in various CSMFO Committees as a member and later Chair, and served a year as Chapter Chair for the Inland Empire Chapter. CSMFO has really helped me build my professional network, and I’ve met some of my good friends through my CSMFO involvement along the way.

What have you worked on in the last month?

This time of year, I think we are all busy with similar things – preparing for the current year’s audit and rolling out the budget for the new fiscal year. Beyond that, I’ve been working on lots of smaller projects. One of the things that I’ve enjoyed about working for a smaller agency for the past few years, is that I get to do a variety of things and get involved with helping other departments in a way that was never possible when I worked for a large city.

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What aspect(s) of your job do you enjoy the most?

Along those same lines, I think the part of my job that gives me the most satisfaction is solving problems – particularly when the problems are making life difficult for others in my agency and Finance can help.

What has been your favorite project in your career?

(Doesn’t necessarily have to be from your current position/agency) That’s a tough question. I really like projects that allow me to be creative, which is sometimes a challenge in a career like government finance. I would say my favorite project in my career was back when I was a consultant. One of the firms that I worked for developed software, in addition to providing financial and planning consulting services. While working there, I was assigned to a team developing software for state departments of transportation to manage their airport systems’ financial and planning data. My role was as the subject matter expert on tracking the financial aspects of CIP projects. I learned a ton in the two years that I worked on that project, and it was really fun to see the ideas that we put on paper, turned into actual working software that was put into use by a number of states.

What is the most challenging situation you’ve faced in your career?

I went through a period in Riverside when I was the Assistant Finance Director, where a community group was bombarding the City with public records requests related to financial transactions, in an effort to uncover supposed malfeasance on the part of the City’s leadership. For a period of several years, I spent something like 25% of my time preparing responses to public records requests and trying to anticipate the goal of each request so that we could adequately prepare to respond publicly to the next accusation. At the end of the day, things calmed down, but those were a tough couple of years. It was very challenging trying to get my job done with the requests coming at us constantly. But, we survived, and we were gratified that they never found a single thing of substance through all of those requests.

What are some of the important issues you foresee in the future of California finance?

I think the sustainability of current trends in public sector compensation and benefits in California is a subject that all of us are worried about. I talk with colleagues all the time who are making tougher and tougher budget decisions each year. Increasing CalPERS rates are the most concerning and publicized challenge, but pressure to adjust salaries upward in order to keep up with peer jurisdictions (many of which may be in superior financial condition) is a related challenge that is also a cause for concern.

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CSMFO MAGAZINE MARCH 2019

What do you enjoy outside of work?

I enjoy spending time with my family, hiking in the mountains, and vacations when I’m fortunate enough to get one. For the last four years, I’ve also taught at CSU San Bernardino parttime in the MPA program. I get a lot of satisfaction out of my teaching, as I’m helping build the next generation of leaders in government service.

Do you have a favorite quote?

I’m a big comedy movie guy. Though I should probably have a profound quote to share, the reality is everything that comes to mind is from movies. Clearly, I should spend more time reading!

If Hollywood made a movie about your life, what actor/actress would you like to see cast as you?

I would say the Harvey Keitel of 1994 as Mr. Wolf in Pulp Fiction. That guy knew how to get stuff done. And I liked his car.

(Editor’s Note: This is a reprint of excerpts of our July 2018 interview with Scott)

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CSMFO MAGAZINE MARCH 2019

Featured Article

Facts, as interesting as they are, are often seen as irrelevant 6 Tips to counteract bargaining group perceptions

Interviewed By Janet Dutcher

Janet Dutcher, Director of Finance, Mono County

Tip #1: Be consistent and transparent with your financial status. In Mono County, following the Great Recession, we saw property tax revenues as a percent of our general fund fall. We consistently communicated our financial position to our Board of Supervisors, to our public, as well as to our employees, and their bargaining units.

In today’s financial climate, it is absolutely essential for Finance to be involved in labor negotiations. Recently, Mono County faced another wave of negotiations for public safety (sheriffs’ officers, paramedics, and other public safety) and general employees. We share some of our tips here, as well as a game-changing solution.

Tip #2: Consider all options. In Mono County, we navigated through these challenging times by bargaining for sustainable services, instituting furloughs, freezing steps, suspending cost of living increases, doubling the number of years in the step matrix, shrinking the workforce, and implementing greater cost sharing of benefits with our employees. But think beyond labor cost containment. Many agencies found success with service reductions, refinancing debt, consolidations within the government or with other agencies, or contracting out services or increasing revenue by contracting in services from areas of strength. And don’t overlook the revenue side of the equation, from bringing fees to current cost of services, to grants for capital, to public support at the ballot box.

Like you and so many other agencies across the State, Mono County has experienced declining general fund revenues in contrast to escalating pension and personnel cost pressures, and the inability to recover from deferred capital maintenance.

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Tip #3: Stick to the facts and don’t deter. As labor negotiations restarted two years ago, union representatives’ perceived management as not supporting the workforce. From the County’s perspective, management perceived the union representatives as not understanding the County’s precarious financial condition. Perceptions often are not grounded in facts and tensions rise far too fast in labor negotiations. Finance often can bring an unbiased “it’s just the numbers” approach to any discussion, either at the table or in preparation. It is imperative to base critical decisions involving employees’ compensation on pure factual information agreeable to both parties. For Mono County and our labor representatives, it was the mutual acceptance of the clear and transparent costing models that contributed to the successful conclusion of each bargaining session.

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Tip #4: When possible, try to stagger negotiations and begin with one of your smaller groups. At Mono County, our first three bargaining groups each had less than thirty members. For Finance, starting with smaller groups meant we could manage calculating costs manually, while still balancing our full-time day jobs.

Tip #5: Probably the most important tip is to develop or use a labor costing model built on best practices, and that has been used in prior negotiations or by other agencies. In our first bargaining session, we benefited from an experienced labor negotiator who shared his excel-based costing model with us, and as a negotiation team, we agreed to rely upon it as a factual check on the accurate value of proposals. It entailed two excel workbooks, one representing the costing of the current status quo, the other the accumulated costing effect of all agreed-upon proposals.

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For each other bargaining unit, we built the costing models from scratch. Once we concluded negotiations with the first group, we again rebuilt the model from scratch for the next group in the queue. With each group, this work entailed collecting data, building in formulas and comparing the overall compensation cost per year.

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Tip #6: Remain flexible and be open to improvements. We recognized specific challenges from our chosen approach to using ad-hoc self-built excel workbooks. We could not efficiently replicate our costing model from one bargaining group to the next. Furthermore, each costing effort became far more complicated when we attempted to explore different costing scenarios. In many cases, we entered formulas by hand for each employee for each year in the proposed contract. This means tracking each employee’s recurring steps and integrating changes in costing relationships. Finally, we had to keep separate models for each of the various scenarios and add in or out various competing proposals into the costing model.

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CSMFO MAGAZINE MARCH 2019

Ultimately, we recognized that we could not sustain the level of effort required. First, there was a higher risk of inaccuracy from all the manual calculations. And second, the process of making changes to costing relationships could not keep up with the quick pace of negotiations on the fly as the groups put more and more proposals on the table. Finally, we lacked the time or capability to build in graphical presentations to help groups understand the financial impacts. Ironically, those types of visual presentations are essential to communicate your message to those nonfinancial members on each side of the bargaining table.

A VERSATILE PARTNER YOU CAN TRUST With more than 100 years of combined experience in the government and public agency space, we have become a trusted partner for jurisdictions throughout the western United States.

As we approach the start of negotiations with our largest, most diverse group, it became apparent we needed a new solution. After considering many internal options or changes, we looked outward to see what solutions were out in the market.

Ultimately, we purchased Adastra’s costing software and saw immediate results. Once the costing model was set up and the census data uploaded, we successfully costed the union’s ten proposals in a matter of minutes and the software’s graphical interface displaying the results was impactful, if not jawdropping for our team members.

Another impactful feature was the ability to perform costing on multiple scenarios with ease, and tracking each scenario so it could be recalled later if needed.

For us, having a pre-built costing system eliminated having to repeat previous costing steps, having to setup costing models and continually modify them manually, and increased our team’s confidence in the projections. And, as a bonus, having previously saved proposals gave us the flexibility to mix and match alternative ideas to uncover cost offsets that ultimately produces much more powerful results. This is at the core of negotiations, reaching a more equitable and mutually agreeable solution. We are confident our entire approach including our new costing model will prove to be a powerful communication tool for the negotiating team and for our Board of Supervisors.

Janet Dutcher has been a Certified Public Accountant (CPA) for 30 years, a Certified Government Finance Manager (CGFM) for four years and has spent most of her career collaborating with California local agencies on their financial accounting and reporting processes. Janet became the Finance Director of Mono County in May 2016 where she oversees the AuditorController and the Treasurer-Tax Collector functions and twelve employees.

Ms. Dutcher previously was with Alpine County, California for four years working first as the Senior Financial Officer and later as the Assistant CAO to Budget and Finance.

Janet Dutcher is a May 1986 graduate of California State University Sacramento with a Bachelor of Science degree in Accounting. She is currently working on her Masters in Public Administration from CSU, Northridge.

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CSMFO MAGAZINE MARCH 2019

INSIDE CSMFO

CSMFO Board Interview - Steve Heide Written By Steve Heide

Steve Heide, Chino Valley Fire District, CSMFO President Elect

What are your 2019 goals as CSMFO Board Member?

What were early obstacles in your career…and how did you overcome them?

First, plan the 2020 conference. Second, 2020 conference planning. Third, well, I think you get the idea. My primary goal as president-elect this year is to work with our host and program committees, as well as our meeting planners to provide the best possible conference for our members when we convene in Anaheim at the Disneyland Hotel next January.

We’re anticipating this to be CSMFO’s largest conference ever, so we have our work cut out for us, but I’m confident we’ll deliver another great conference experience.

For me, early on in my career, I knew that I wanted to be a partner at a CPA firm; at least coming out of school, that’s what I thought I wanted. I had visions of the big corner office, bossing everyone around and showing up on the last day of the audit to check in with team and take the client to lunch. While I did earn my CPA certificate in public accounting, I realized after a few years on the job that there were a wealth of opportunities beyond that singular career path. Once I opened my mind to other possibilities, it was liberating and exciting to recognize that there were so many different career options available to me.

Looking back at your career thus far, who would you like to thank for being there for you?

Definitely my wife and kids. While professionally there have been a number of people who’ve helped me along the way, my family has always been so supportive. Whether it be extra hours at the office, work meetings well into the evening, business travel, extra volunteer activities such as those with CSMFO, or any number of other above and beyond the normal workday obligations, my family has been encouraging and understanding. Plus, they’ve never been concerned about job title and work duties, which is a humbling reality check.

What 2019 CSMFO events are you really excited about?

I’m really excited that GFOA is coming to Los Angeles in May. It’s going to be great to have the GFOA annual conference in-state this year. CSMFO will have a booth in the exhibit hall so be sure to stop by and say hi, and I know that CSMFO President Joan MichaelsAguilar is planning a fun welcome reception for our members at GFOA this year. I think it’s fantastic that our CSMFO members will have access to all of the outstanding GFOA training and networking opportunities either a relatively short car or plane ride away from home. I’m looking forward to seeing our CSMFO members there.

What led you to your first government job?

I would say my previous job. After dabbling in public accounting early on in my career, I worked in the healthcare industry for a number of years prior to taking a finance director position with a non-profit social service agency. Although I had worked with a number of local government clients during my days at the CPA firm, going to work at the non-profit was the entrée into the world of fund accounting and ultimately for me into local government.

When a finance position opened here at the fire district, I was able to leverage my prior experience to land the job, and 15 years later, the rest is history, so to speak

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What is your favorite food and why?

That’s an easy one; Mexican food. Why? I suppose because I was raised on it, and being a native southern Californian, there are so many authentic options available locally. My family and I also spend a fair amount of our off time in San Diego, and the same applies there. As the saying goes, I think I could eat Mexican food every day of the week and twice on Sundays.

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What super power would you like and why?

I’d like to be able to fly. In many parts of the country, people tend to describe road travel in miles. Here in many parts of California, we generally talk of drive time in terms of minutes and hours as opposed to miles. While I can’t complain because my normal work commute is typically less than 30 minutes one way, it seems as though our area traffic is only getting worse. The ability to fly would not only be a quality-of-life enhancing experience, I wouldn’t mind sporting a Superman-inspired cape while doing it. I think my cape would be dollar bill green, since dealing with money seems to be a part of my DNA. What soft skills and technical skills really impress you when you are interviewing candidates?

The combination of being a good communicator and the ability to learn quickly are an impressive combined skillset in my book.

If someone is a quick study and has the ability to effectively communicate, particularly in multi-generational settings, I think those combined competencies can take a person far in life, not only professionally, but personally as well. Someone who gets along well with most anybody and may not have all the answers but can learn and adapt on the fly, that’s impressive to me. I’m still working on mastering these skills myself, so I suppose that’s why I admire those who’ve already figured it out.

Steve Heide is the CSMFO President - Elect and the Finance Director for the Chino Valley Fire District, located in Chino Hills, California. Steve has been an active CSMFO member for over ten years, having held a number of leadership positions in the organization, including Chapter Chair of the Inland Empire Chapter, as well as various leadership positions in several standing committees. Steve has over thirty years of professional finance experience, earning his CPA certificate in public accounting and having worked in a number of positions in private industry and non-profits prior to joining the fire district in 2004. Steve is a frequent contributor to the CSMFO Magazine and enjoys traveling, spending time with family and friends, and following Los Angeles Kings hockey in his off time.

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CSMFO MAGAZINE MARCH 2019

INSIDE CSMFO

CSMFO Board Interview Jennifer Wakeman Written By Jennifer Wakeman What are your 2019 goals as CSMFO Board Member?

Jennifer Wakeman, Financial Services Manager, City of Lafayette

about municipal finance opportunities. Finally, another goal I have is to recruit members into CSMFO leadership. In local government work, one of the most rewarding aspects is being able to make a difference in our communities. I am challenging my colleagues to consider making an impact on our municipal finance community.

Since this is my last year on the Board, my focus is on seeing the progress made come to completion so that it can be carried on by another member of leadership. With regard to chapter support, I continue to attend as many meetings of the East Bay and North Coast as I can. The chairs and vice chairs for these chapters are doing a great job building attendance at meetings and providing great learning and networking opportunities. This year I am hoping to launch a new chapter meeting approach for the Northwest Chapter and will report out on that later. Additionally, I continue to support the Membership Committee and Student Engagement Working Group. The Membership Committee always impresses me with their commitment to enhancing member value and engagement. I am really looking forward to seeing what comes of the chapter boundary discussion.

Last year, the Student Engagement Working Group was in brainstorming mode, as we organized events and evaluated what would be needed for a sustainable, ongoing program.

This year, we are starting with that framework and are focused on building the foundational and value-add pieces so that we have a strong offering when we meet with students and educate them

What 2019 CSMFO events are you really excited about?

I really enjoy the CSMFO events where I get to sit down with friends and colleagues in person; so I get really excited about the chapter meetings.

What were early obstacles in your career‌and how did you overcome them?

I became a Finance Manager for a small town at the age of 23, so age was a large obstacle for me when I started my municipal career. For example, at an annual evaluation, my supervisor told me that my work was good, but Council was concerned that I was too young to be doing the job. I overcame this challenge by having confidence in the work that I was doing and growing my knowledge so that age became irrelevant.

Looking back at your career thus far, who would you like to thank for being there for you?

There are so many who have supported me along the way, however, a few stand out. Karen Chew was the first town manager for whom I worked. She put her trust in me and launched my municipal finance career. Others that I would like to thank are Pauline Marx and Marcus Pimentel, who both challenged me to do more within CSMFO. Based on their model, it is my hope to do the same: see the potential in others, build their confidence through open support and call them to action.

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What led you to your first government job?

Networking. My mom’s friend was the town manager in the town where I grew up. I was home from college for the summer, taking a break from accounting and finance classes, and the town’s two person accounting office was vacant. The auditors were coming in to run the final audit and the town manager needed someone to pull documents and reports. She offered me more money than I would have made in retail, so I had a summer job. When I graduated from college a year later, the finance manager position was vacant again and I was asked to apply. That was 17 years ago.

What is your favorite food and why?

My favorite food is salad because it is never the same twice.

Mind you, I like to do 60% toppings and 40% lettuce.

What super power would you like and why?

I would like the power to control time because I never seem to have enough of it. I would pause time to get the work done or the breaks that I need.

What soft skills and technical skills really impress you when you are interviewing candidates?

I always appreciate a candidate who has a thoughtful, concise answer that uses specific examples. This behavior shows me that they are respectful of the limited time available and that they know how to convey useful, specific knowledge.

Jennifer Wakeman has been working in municipal finance for nearly 17 years, starting at the Town of Moraga and the City of Walnut Creek before landing at the City of Lafayette. She has undergraduate degrees from Boston College in finance and marketing, as well as a master’s in public administration from CSU East Bay. Jennifer lives in Lafayette and spends most of her non-working time corralling her three sons: Jack (9 yo), Madden (6 yo), and Emmett (1 yo).

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CSMFO MAGAZINE MARCH 2019

Featured Article

Sustainability strategies for finance leaders Section 115 Pension Prefunding Trusts: Helping Short-term Costs & Long-term Liabilities In the few short years since, over 200 public agencies in California have used this trust concept to set aside and invest funds for future CalPERS or County Act System retirement costs.

Interviewed By Janet Dutcher

What are some key advantages of a Pension Rate Stabilization Program trust?

Rising pension costs are eating away at local government budgets across California. Revenues are often not rising at the same rate as the costs of employee benefits and basic services.

• Lowering Liability - Ultimately, these types of trusts can address an agency’s unfunded Net Pension Liability which now, under GASB 68, resides on the balance sheet. One recent municipality in Southern California, with just its initial contribution into a Section 115 trust, is nearly funded with the addition of these trust assets.

Nitish Sharma, Director of Finance/ Treasurer, City of Davis How are governments tackling this high

profile fiscal quandary?

Some set dollars aside in a general fund in anticipation of future rate increases, but are relegated to narrow fixedincome investing and lower returns.

Others send extra contributions to CalPERS with muted impact on costs, since they may not have an immediate impact in lowering annual contributions.

• Greater Return on Investments - Assets may be invested in diversified investment portfolios with potential for higher rates of return than a general fund.

Pension prefunding trusts typically focus on achieving higher investment returns than traditional general fund approaches (often targeting 5–7 percent returns).

• Rainy Day Fund - Trust funds can be used to assist with budgets in years when costs rise sharply, or employer revenues are impaired due to economic or other conditions.

Maureen Toal, Senior Vice President, PARS A growing number of cities, counties,

and special districts (as well as school districts and colleges) have turned to a novel new pension funding vehicle: an Internal Revenue Code Section 115 trust also known as a Pension Rate Stabilization Program (PRSP) trust.

• Fund Accessibility - The monies can be accessed at any time to pay for pension related costs. For instance, some entities choose to run their annual pension contributions through these trusts, while others look to use the funds only in tough budgetary times. There are also agencies that aim never to touch the assets before the pension plan is fully funded.

This concept was pioneered in 2014

by Irvine Ranch Water District who approached the IRS for a first-of-its-kind tax-exempt ruling on its single employer trust to prefund pension obligations. In 2015, a multiple employer trust program sought and obtained a favorable ruling that would enable all participating agencies of the multiple employer trust to prefund both pension and OPEB costs within the same Trust.

• Local Control - Agencies are able to maintain local autonomy over their assets to invest as they see fit to prudently manage their long term liabilities. They also retain flexibility over the timing and amount of contributions and disbursements from its trust account.

• Strong Credit Ratings - Setting aside funds in an irrevocable trust to prudently plan for long term, significant liabilities, looks positive to credit rating agencies and could impact borrowing costs favorably.

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As one example of the thinking behind a city’s decision to adopt this type of program, the City of West Sacramento adopted a Section 115 prefunding trust in May 2017 to serve multiple purposes related to pension costs and liabilities such as described above. Some pros, as stated in the report to the City Council, are the diversification and customization of investments options and the option to reimburse the City of pension-related expenses or pay CalPERS directly.

In short, Section 115 pension prefunding trusts are designed to help governments manage the short term costs and long term liabilities of pensions, and thus can reduce or eliminate the impact of retirement system costs on the continued delivery of critical services to their residents.

Statewide Resources

Focused on YOU

Maureen Toal is a Senior Vice President at PARS, where she has been instrumental in the development of PARS’ Section 115 trust programs, including the PARS Pension Rate Stabilization Program (PRSP). Prior to her two decades at PARS, Maureen spent 18 years working as a key aide to government officials at the federal, state, and local level, where she had first-hand experience working with public employee retirement issues through her public policy work and local government service.

Orange County | Sacramento

Nitish Sharma is the Director of Finance/Treasurer for the City of Davis since August of 2018. Prior to Davis, Nitish served as a Budget Manager for the City of West Sacramento for the last twelve years. Nitish is a Chapter Chair of the Sacramento Valley Region of the CSMFO and is very passionate about promoting continued excellence in Municipal Finance.

Audit | Advisory | Education | Accounting/Financial Reporting

Contact.us@lslcpas.com www.lslcpas.com 47

CSMFO MAGAZINE MARCH 2019

INSIDE CSMFO

Celebrating Promotions and Retirements Each edition we celebrate those CSMFO members who have served our member agencies and CSMFO, recognizing those who are moving along their career paths, and those who paved the paths before us and are now transitioning into their retirement lives. This month we honor those who contacted us with their news of a promotion or retirement through Feb 1, 2019. We send our sincere congratulations and best wishes to them all, and are equally glad to highlight another CSMFO member who has given so much to her profession and has been a contributor to CSMFO, Patty Kong.

Shifting your career into local service and succeeding at retirement Patty Kong, Retired Administrative Services Director Are you thinking about retiring?!? This can be an exciting and also challenging time. But first, a little about my career path.

I started my governmental career perhaps at a later age than many and when I first started, I didn’t think I would spend the rest of my working career in local government, let alone at one agency. I started my career in the Silicon Valley in public accounting. But when I decided to leave, I had explored job offers at high tech firms, but none seemed quite right. Until I came across and ultimately accepted the opportunity to work at the City of Mountain View. I had previously audited local governments, and thought about their parks and libraries, and came to realize I wanted to be a part of providing those local services.

I was very fortunate to have worked for a Finance Director, Robert Locke, who gave me the opportunity and taught me all about local government. He is also the one that introduced me to the CSMFO. My first conference was in Anaheim, I don’t recall the year, but it was very awe inspiring. I was hooked and have sinced enjoyed going to the annual conferences. They were a great opportunity to learn and maybe even more importantly, meet and spend time with other finance professionals.

After serving on CSMFO host committees and supporting other CSMFO initiatives, one of my regrets is that I didn’t have time to get more involved in CSMFO. I would recommend to all of the X-Geners and Millennials to get involved if you can, it’s a great organization. I also enjoyed getting together and made friends with the Finance Directors in Santa Clara County. I could always count on them when the City Manager or Council wanted to know what our neighboring cities were doing.

During my career at Mountain View, I had the pleasure of working with a very collaborative executive team, dedicated staff, and supportive Council.

Getting back to preparing for retirement, I had a target date, but needed time to think about what was I going to do in retirement. My life was being the Finance and Administrative Services Director for the City of Mountain View for the last 10 years. I began to think about the projects and things I didn’t have time for while I was working. Things like cleaning out closets, digitizing all the photos before digital cameras, spending more time with my 90 year old mother, playing the piano, learning a foreign language, getting more sleep.

So if you are thinking about retirement, give yourself and your boss plenty of notice. Give your organization time to find your replacement, and yourself time to wrap up projects. But as much as I wanted to get everything done before I left, and I worked like crazy until the end, there are just some things that are out of your control. You will have to let go.

I’ve been retired for about 2 ½ months and I love it. I keep busy, but not overstressed. So many retirees before me have said they didn’t know how they had time to work, and I find myself in that category. I still have a long to do list, just like when I was working, and I go through it getting things done. The best thing is that I have the time to do all these things.

I would suggest thinking about what you want this next phase of your life to be. Lots of people gave me advice and recommendations, some I follow and some I haven’t found necessary. One thing I think that was good for me is that I signed up for a foreign language class, a gym and a workout class. This provides some structure to my days and weeks. We took a trip to Hong Kong in January, and I have four more small trips planned over the next few months, and plan to continue to do a lot more traveling. Places on the horizon include, France, Eastern Europe, Peru, Antarctica, Africa and Vietnam, just to name a few.

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At some point, I will get back involved in something, maybe work, maybe volunteering, not sure where my passion will take me. But for now I am still enjoying waking up naturally, not to an alarm clock, not commuting, spending time with my mother, exercising more, and learning a foreign language. I recommend it.

Patty Kong joined the City of Mountain View in January 1991 and served as the Finance and Administrative Service Director from September 2008 to December 2018. Prior to joining the City of Mountain View, Patty was a manager with the Public Accounting Firm of KPMG. She is a Bay Area native and received her Bachelor of Science degree in Business Administration, with a concentration in Accounting, from San Jose State University and is a Certified Public Accountant.

Promotions • Angela Courter, City of Cotali, Acting Director of Administrative Services • Thomas Prill, City of San Jacinto, Deputy City Manager • Michelle Holmes, City of San Jacinto, Finance Director • Tracy Cole, City of Santa Cruz, Principal Management Analyst • Kim Cardenas, Orange County Sanitation District, Accounting Supervisor Retirements • Patty Kong, City of Mountain View, Finance and Administrative Service Director

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CSMFO MAGAZINE MARCH 2019

JOB OPPORTUNITIES Accountant, City of Rialto Salary: See Posting Application Deadline: 04/14/2019

Accounting Manager, City of San Pablo Salary: $8409/monthly Application Deadline: 05/22/2019

Accountant, City of Napa Salary: $91712/yearly Application Deadline: 05/16/2019

Accounting Manager, City of El Monte Salary: See Posting Application Deadline: 04/08/2019

Accountant, City of Bell Salary: $5454/monthly Application Deadline: 05/26/2019

Accounting Manager, City of Galt Salary: $84084/yearly Application Deadline: 04/17/2019

Accountant, City of Colton Salary: $54455.02/yearly Application Deadline: 05/28/2019

Accounting Supervisor, San Diego County Water Authority Salary: $8107/monthly Application Deadline: 04/09/2019

Accountant, City of Tracy Salary: $7854.26/monthly Application Deadline: 06/12/2019

Accounting Supervisor, Desert Water Agency Salary: $7629/monthly Application Deadline: 05/16/2019

Accountant, City of Hemet Salary: See Posting Application Deadline: 06/16/2019

Accounting Supervisor, City of Sebastopol Salary: See Posting Application Deadline: 06/16/2019

Accountant - Payroll & AP, City of Rolling Hills Estates Salary: See Posting Application Deadline: 05/07/2019

Accounting Technician (Payroll), City of Murrieta Salary: $27.12/hourly Application Deadline: 06/04/2019

ACCOUNTANT (FULL-TIME; NON-EXEMPT AND AT-WILL), City of Laguna Woods Salary: See Posting Application Deadline: 04/16/2019

Accounting Technician I, City of San Bernardino Municipal Water Department Salary: $19.4442/hourly Application Deadline: 06/05/2019

Accountant I, Rocklin Salary: $57434/yearly Application Deadline: 10/30/2018

ACCOUNTING TECHNICIAN Recruitment #18-G36-001, City of Ventura Salary: See Posting Application Deadline: 05/15/2019

Accountant I/II, City of Chino Hills Salary: See Posting Application Deadline: 04/10/2019

Administrative Analyst, City of Madera Salary: See Posting Application Deadline: 06/18/2019

ACCOUNTANT I/II -Recruitment #18-S65-002, City of Ventura Salary: See Posting Application Deadline: 04/08/2019

ADMINISTRATIVE ANALYST II - Finance Division, City of Stockton Salary: See Posting Application Deadline: 06/04/2019

Accountant II, City of Rocklin Salary: $66617/yearly Application Deadline: 06/04/2019

Administrative and Fiscal Services Manager, Sonoma County Agricultural Preservation and Open Space District Salary: $127000/yearly Application Deadline: 04/24/2019

Accountant III, Metropolitan Transportation Commission Salary: $98674.99/yearly Application Deadline: 05/01/2019

Administrative Services Director, Ben Franklin Transit Salary: See Posting Application Deadline: 04/25/2019

Accounting Assistant, City of Lafayette Salary: $70971/yearly Application Deadline: 06/11/2019

Administrative Services Director/City Treasurer, City of Laguna Woods, CA Salary: See Posting Application Deadline: 06/20/2019

Accounting Division Manager (U), City of San Bernardino Salary: $-108336/yearly Application Deadline: 06/11/2019

Airport Economic Planner (Financial Planning & Analysis), San Francisco International Airport (SFO) Salary: See Posting Application Deadline: 06/06/2019

Accounting Manager, City of Alhambra Salary: See Posting Application Deadline: 06/12/2019

Assistant Auditor-Controller, Monterey County Salary: See Posting Application Deadline: 06/13/2019

Accounting Manager, City of San Marcos Salary: $99288.6/yearly Application Deadline: 06/26/2019

Assistant Director of Finance, City of Palm Springs Salary: $109836/yearly Application Deadline: 05/28/2019

Accounting Manager, City of Mountain View Salary: See Posting Application Deadline: 05/13/2019

Assistant Finance Director, City of Benicia Salary: See Posting Application Deadline: 05/12/2019 50

Budget Manager, East Bay Regional Park District Salary: See Posting Application Deadline: 06/27/2019 Business & Revenue Manager, City of Sacramento Salary: See Posting Application Deadline: 06/03/2019 Business Analyst II, City of Oakland Salary: See Posting Application Deadline: 04/22/2019

Providing high quality audit, consulting and tax services to local governments, special districts, and nonprofit entities for over 30 years.

Buyer, Mesa Water District Salary: $7965/monthly Application Deadline: 05/09/2019 Chief Financial Officer, City of Salem, Oregon Salary: See Posting Application Deadline: 06/08/2019 CHIEF FINANCIAL OFFICER - SONOMA COUNTY LIBRARY- FULL TIME, Sonoma County Library Salary: $105768/yearly Application Deadline: 06/16/2019

Committed to Excellence

Chief Fiscal Officer, Schools Excess Liability Fund Salary: $115000/yearly Application Deadline: 05/22/2019 City Auditor, City of San Diego, California Salary: See Posting Application Deadline: 05/29/2019 City Manager, City of Indian Wells, CA Salary: See Posting Application Deadline: 04/26/2019 Controller - Treasurer, County of Santa Clara Salary: $230493/yearly Application Deadline: 04/07/2019 County Debt Officer, Sacramento County Salary: $143892/yearly Application Deadline: 04/08/2019 Customer Services and Systems Manager, Alameda County Water District Salary: See Posting Application Deadline: 05/16/2019 Department Manager Treasury/Public Finance, Orange County Transportation Authority Salary: See Posting Application Deadline: 06/19/2019 Deputy Director of Finance, City of Hayward, California Salary: See Posting Application Deadline: 06/10/2019 Deputy Finance Director, City of Thousand Oaks Salary: See Posting Application Deadline: 04/18/2019 Director of Adminstrative Services, City of Solvang Salary: $101774.4/yearly Application Deadline: 06/24/2019 Director of Business Services, Santa Clara County Central Fire Protection District, California Salary: See Posting Application Deadline: 05/08/2019

ORANGE COUNTY

SAN DIEGO COUNTY

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5927 Priestly Drive Suite 201 Carlsbad, CA 92008 Main: 760-536-5140

www.DavisFarr.com

Director of Finance, Housing Authority of the City of Alameda Salary: See Posting Application Deadline: 05/30/2019 51

CSMFO MAGAZINE MARCH 2019

Director of Finance, Housing Authority of the City of Alameda Salary: See Posting Application Deadline: 04/14/2019

Finance Director, City of Bothell, WA Salary: See Posting Application Deadline: 04/07/2019

Director of Finance, City of Milpitas Salary: See Posting Application Deadline: 06/13/2019

Finance Director, City of San Bernardino Salary: See Posting Application Deadline: 05/09/2019

Director of Finance, City of Poway, CA Salary: See Posting Application Deadline: 06/17/2019

Finance Director, Salary: See Posting Application Deadline: 06/02/2019

Director of Finance & Administrative Services, City of Hughson Salary: See Posting Application Deadline: 05/07/2019

Finance Director, City of Gridley Salary: $117600/yearly Application Deadline: 06/19/2019

Director of Finance and Budget, Santa Cruz County Regional Transportation Commission Salary: $11044/monthly Application Deadline: 04/15/2019

Finance Director, Housing Authority of the County of Alameda Salary: See Posting Application Deadline: 06/18/2019

Finance Analyst, City of Hawthorne Salary: $5042/monthly Application Deadline: 06/18/2019

Finance Director, City of Avalon Salary: $136503/yearly Application Deadline: 06/17/2019

Finance Analyst I/II, City of Encinitas Salary: $7158/monthly Application Deadline: 05/01/2019

Finance Director, City of Livingston Salary: $97680/yearly Application Deadline: 06/16/2019

Finance and Technology Director, City of Ventura, CA Salary: See Posting Application Deadline: 04/24/2019

Finance Director, City of San Gabriel Salary: See Posting Application Deadline: 06/13/2019

Finance Director, City of Campbell Salary: $12844/monthly Application Deadline: 04/23/2019

Finance Director, City of San Marino Salary: See Posting Application Deadline: 06/09/2019

Finance Director, City of South San Francisco, CA Salary: See Posting Application Deadline: 04/11/2019

Finance Director, Deschutes County, Oregon Salary: See Posting Application Deadline: 06/03/2019

Finance Director, City of Los Alamitos Salary: $11509/monthly Application Deadline: 04/15/2019

Finance Director/City Treasurer, City of Pomona Salary: $196475/yearly Application Deadline: 05/22/2019

Finance Director, City of Lincoln Salary: $143855/yearly Application Deadline: 04/11/2019

Finance Manager, City of Vista Salary: See Posting Application Deadline: 05/21/2019

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Finance Manager, Delta Diablo Salary: $13542.03/yearly Application Deadline: 05/02/2019

Health Services Chief Financial Officer – County of Sonoma, County of Sonoma Salary: $8585/monthly Application Deadline: 05/10/2019

Finance Manager, North Bay Schools Insurance Authority Salary: See Posting Application Deadline: 05/07/2019

Information Systems Administrator II (Business Analyst), East Bay Municipal Utility District Salary: See Posting Application Deadline: 04/28/2019

Finance Manager, Management Partners Salary: $120548/yearly Application Deadline: 11/7/2018

Internal Auditor, City of Carlsbad Salary: See Posting Application Deadline: 05/29/2019

Finance Manager, City of Poway Salary: See Posting Application Deadline: 04/30/2019

Management Analyst - Budget, City of Reno Salary: $72127.66/yearly Application Deadline: 06/10/2019

Finance Manager, City of Palmdale Salary: $113505.6/yearly Application Deadline: 06/12/2019

Manager III - Airport Debt Manager, San Francisco International Airport (SFO) Salary: See Posting Application Deadline: 06/06/2019

Finance Supervisor (Payroll Office), East Bay Regional Park District Salary: $6810.38/monthly Application Deadline: 05/07/2019

Principal Accountant, City of La Puente Salary: $5645/monthly Application Deadline: 06/05/2019

Finance/Accounting Manager, City of Camarillo Salary: $7541/monthly Application Deadline: 04/23/2019

Principal Accountant, City of Pasadena Salary: $-97658.91/yearly Application Deadline: 04/11/2019

Financial Analyst, City of Big Bear Lake - Department of Water Salary: See Posting Application Deadline: 04/03/2019

Program Manager - Lamorinda School Bus Program, Lamorinda School Bus Transportation Authority Salary: $132680/yearly Application Deadline: 06/11/2019

Financial Analyst, City of San Ramon Salary: See Posting Application Deadline: 06/06/2019

Program Manager (Utility Billing Manager)-Department of Finance, City of San Jose Salary: See Posting Application Deadline: 04/22/2019

Financial Analyst, City of Murrieta Salary: $5735.58/monthly Application Deadline: 06/23/2019

Program Manager III - Economic Development, City of Stockton Salary: $7015.91/monthly Application Deadline: 04/28/2019

Financial Services Manager, City of Yakima Salary: $7347.6/monthly Application Deadline: 04/16/2019

PROGRAM MANAGER III - FISCAL MANAGER, CITY OF STOCKTON Salary: See Posting Application Deadline: 05/27/2019

Financial Services Manager, City of Alameda Salary: See Posting Application Deadline: 05/08/2019

Revenue Auditor, City of Newport Beach Salary: See Posting Application Deadline: 05/28/2019

Financial Services Manager/Treasurer, City of Arcadia Salary: See Posting Application Deadline: 05/09/2019

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CSMFO MAGAZINE MARCH 2019

Revenue Development Supervisor, City of Berkeley Salary: $46.32/hourly Application Deadline: 04/22/2019

Senior Investigator Collector -Department of Finance, City of San Jose Salary: See Posting Application Deadline: 05/15/2019

REVENUE OPERATIONS MANAGER, City of Thousand Oaks Salary: See Posting Application Deadline: 06/24/2019

Senior Management Analyst (Purchasing & Labor Compliance), City of Mountain View Salary: $95732/yearly Application Deadline: 05/23/2019

Senior Accountant, City of Petaluma Salary: See Posting Application Deadline: 06/11/2019

Supervising Buyer, City of Mountain View Salary: $94419.26/yearly Application Deadline: 05/23/2019

Senior Accountant, Orange County Sanitation District Salary: See Posting Application Deadline: 06/13/2019

Utilities Revenue Supervisor, City of Garden Grove Salary: $5528/monthly Application Deadline: 05/05/2019

Senior Accountant, City of Santa Ana Salary: See Posting Application Deadline: 04/23/2019 Senior Accountant, City of Palos Verdes Estates Salary: $6392/monthly Application Deadline: 05/29/2019 Senior Accountant Details, La Mesa Salary: $35.89/hourly Application Deadline: 11/12/2018 Senior Accountant/Accountant, City of Thousand Oaks Salary: See Posting Application Deadline: 05/20/2019 SENIOR ACCOUNTANT-GENERAL LEDGER Recruitment #18-Q04-001, City of Ventura Salary: See Posting Application Deadline: 04/08/2019 SENIOR BUDGET ANALYST, City of Santa Monica Salary: See Posting Application Deadline: 06/23/2019

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Coming soon to CSMFO members everywhere...

Since early 2018, the Communication Committee has been evaluating how to provide more timely content, create more interactive articles, and to produce a sustainable magazine.

The Answer: An online information and news platform.

Why? CSMFO’s goal is to promote excellence for our members through: Innovation & Collaboration Continuing Education Professional Development Yet, the design of our current magazine as primarily a hard-copy edition limits our ability to have interactive content or timely publication of urgent articles and updates.

When?

CSMFO News will go live this spring.

Love The Conference Edition?

Don’t worry!

Each year CSMFO will create the Annual Conference Edition which will be available on issuu.com.

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CSMFO MAGAZINE MARCH 2019

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The Bay Area’s Conduit Bond Issuer Since 1978

WHAT IS ACFA? A conduit bond issuer and program of the Association of Bay Area Governments (ABAG), serving the region’s nine counties and 101 cities and towns.

WHO CAN ACCESS ACFA’S SERVICES?

WHY USE ACFA?

Provides low cost access to the municipal bond market

Cities, nonprofits, affordable housing developers, schools, health care providers, museums and cultural institutions.

Proven track record, providing over $8 billion in tax-exempt bonds to finance: 12,000 affordable housing units; hospitals; clinics; schools; city infrastructure; transit and water systems; cultural institutions

Get individual attention from our experienced development and finance team

Support ABAG programs and services for Bay Area communities and their residents with ACFA revenues

NOTABLE FINANCINGS ARTech Building – Berkeley

Construction of 20-unit mixed-use property

$

BART to SF Airport – Millbrae

Extension of BART line to SFO

$

St. Paul’s Day School – Oakland

Refinance debt and capital improvements

4.2M

8M

$

de Young Museum – San Francisco

Construction of new museum facility

485M

FOR MORE INFORMATION

143M

$

Contact Max Lelu at e: mlelu@bayareametro.gov 57 p: 415.778.5258

Visit us today at abag.ca.gov/acfa CSMFO MAGAZINE MARCH 2019