CSMFO Magazine March 2016

CSMFO CALIFORNIA SOCIETY OF MUNICIPAL FINANCE OFFICIALS

M A G A Z I N E

MARCH 2016 #1

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CSMFO MAGAZINE MARCH 2016

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CSMFO

CALIFORNIA SOCIETY OF MUNICIPAL FINANCE OFFICIALS

M A G A Z I N E MARCH 2016 #1

2016 Board of Directors President John Adams, City of Thousand Oaks President-Elect Drew Corbett, City of San Mateo Past President Jesse Takahashi, City of Campbell Barbara Boswell, City of Lancaster Jimmy Forbis, City of Monterey Brent Mason, City of Riverside Marcus Pimentel, City of Santa Cruz Karan Reid, City of Concord Chu Thai, City of Monterey Park Executive Director/Editor Melissa Dixon, MBA, CAE Editorial Designer David Blue Garrison

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 CSMFO MAGAZINE MARCH 2016

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CONTENTS MARCH 2016

6 8 11 14 16 18 20 23 24 26 30 32 36 38 41 45

President’s Letter John Adams Executive Director’s Letter Melissa Dixon Avoiding the Headlines: Navigating the Challenges of an IT System Implementation Scott Johnson, CPA, CGMA Chapter Chair Q&A Carrie Corder and Steve Heide A Meeting to Remember Stephen Parker Got Accounting?

Will Fuentes Swimming Safely in Treacherous Waters: Paying Attention to Financial Health Michael Coleman Savvy Nonprofits Create a Solid Funding Strategy First Nonprofit Group A Year with the Program Committee Drew Corbett Using Your Leadership Position to Improve Budget Outcomes Michael Newsome Understanding Retirement Plan Fees and Keeping Them “Level” Edward Wagner The Pending Storm Dan Schaaf and Tim Seufert Connect with CSMFO’s Coaches Don Maruska Has Auditing Become a Commodity Service?

Kenneth Pun CSMFO STAFF Q&A Staff Job Opportunities

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A CONFERENCE LIFE FOR ME Welcome to the New CSMFO Magazine and my first “President’s Message”.

For those that know me, it won’t come as a surprise that it took a long time and a lot of thought to decide what to write about. (I did try to delegate the writing responsibilities, but everyone I approached is smarter than that, thank goodness.)

As I spent all of President’s Day weekend pondering the theme, I looked back at past articles of incoming presidents and noticed a pattern:

PRESIDENT’S LETTER JOHN ADAMS

JOHN ADAMS FACTS

John has been a member of CSMFO since 1996 and he joined the board in 2010.

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incoming presidents mostly wrote about how wonderful their Annual Conference was. Makes sense, since their first article was shortly after the Conference ended and all of the highlights were fresh in their minds. Since my first article will appear in the new Magazine that will be on display in Anaheim, I thought I needed to wait until April’s article to thank everyone for all their hard work making this year’s Conference a success. Don’t get me wrong; for the seemingly very few of you who won’t be in attendance at the Conference, there will be plenty of highlights next month!

Host Committee meeting to plan the 1996 Annual Conference in Burbank.

So how did an accountant get included on a Host Committee? Well, it just happened I was wearing a coat and tie that day. My finance director, Paul Arevalo, was on the Committee with several other finance officers to assist the City of Burbank in hosting the Annual Conference. Back then, the host city had to have lots of volunteers to help make a conference successful. For instance, there was no online registration and everyone was registered manually. Paul needed to bring support, so he looked around the office and I guess I was Instead, I decided to write about past the only one with a tie on and a coat CSMFO conference experiences that ready to go. I remember him stopping have made an impact on my career in by my cubicle and asking if I had plans municipal finance. I am not sure how for the afternoon. You can imagine my many municipal finance professionals planned to go into the public sector while response: “Nope, whatever you need, in college…it’s not like going to school to let me know.” He said “Let’s go,” and be an urban planner or a civil engineer. I soon figured out he was going to need support as he volunteered at the Having a background in finance Committee meeting for several projects, or accounting provides you the opportunity to go into any industry including “special events” on Saturday and an opening video (which you can and, like most I believe, I just watch here https://www.youtube.com/ fell into it. I believe my involvement watch?v=gUEQRJ84Nc8 on YouTube). I in CSMFO and experiences at past conferences have actually kept me in the learned a lot and had loads of fun. The field and helped me grow as a municipal best part was that Paul introduced me to many wonderful CSMFO members, finance professional. people like Joan Michaels Aguilar (past Burbank – 1996 – “Lights, CSMFO Board Member, City of Dixon), Camera, Finance” Derek Hanway (Past President), Bob Elliot (City of Glendale) and Al Holliman.

In 1995, I had been working at the City of West Hollywood for less than Al Holliman is in the introduction video two years before attending my first and was the Conference Host & Finance CSMFO meeting. It was not just any Director in Burbank and, no surprise for meeting, but a CSMFO Conference those that know him, just a great person.

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To this day, I believe he gave me some Pasadena – 2000 – “Expanding of the best advice I have ever received. Horizons in Government Finance” After a contentious meeting with the LA In 1999, when Paul was on the County Fire Chief (long story), he told Board, he volunteered to be on me, “John, there are three things you the 2000 Annual Conference Host need to remember to be a successful Committee in Pasadena with Jay Finance Director: 1) Don’t Piss Off Goldstone. Of course, you know the Fire Chief, 2) Don’t what that meant for me: I was also Piss Off the Police volunteered to participate. The Chief, and 3) Annual Conference in 2000 Never Trust was going to be a big deal, an Engineer’s What’s your favorite CSMFO as it was one of the first Estimate.”

Annual Conference memory? conferences for CSMFO We were close Email your story to that was going to have an to breaking melissa.dixon@staff.csmfo.org Exhibit Hall. The problem rule one for a chance to be highlighted was that when Jay proposed (luckily it all in the April issue! to host the Conference, he worked out), but did not know that he would to this day I always need to have an Exhibit Hall. remember those Soon after the Committee started its words, especially when my work to plan the Conference, Paul was city engineer provides an estimate on a appointed Interim City Manager, which capital project. meant I would have to take more of I mentioned Paul Arevalo earlier. a lead role in assisting Jay and others He has not been actively involved in on the Conference. (By now I am an CSMFO since his appointment as city accounting manager and had been manager for West Hollywood in 2000, a member of CSMFO for four years.) a post he continues in to this day. But Ultimately I was tasked with coordinating that doesn’t mean he’s not involved in the Exhibit Hall, working with commercial municipal finance, as he has been a members and the convention services member on the League’s Revenue & company. It was a complete learning Taxation Committee for 16 years. He experience, since I had no idea what continues to be supportive of CSMFO, I was doing…but neither did Jay or and many of the West Hollywood anyone else on the Committee, so if I finance employees are active CSMFO messed something up they would never members. Paul was a CSMFO Board know. On that Committee, there were Member in the late ‘90s, but his real three people that played significant impact on CSMFO was as the first chair roles for that year: Jay Goldstone for the Technology Committee that (Pasadena Finance Director), Tracey was formed in 1996. With his vision Hause (Arcadia Finance Director), and and leadership, and the support of Viki Copeland (Hermosa Beach Finance Kirk Biglione, CSMFO established the Director). Hopefully many of you know Committee and its “web presence” at Jay, Tracy and Viki, since all are still very www.csmfo.org, and created a great active in CSMFO and our profession. resource called the CSMFO ListServ. As Tracey is currently the San Gabriel Valley the CSMFO President, I am recognizing Chapter Chair and Viki Copeland is the his contributions to CSMFO in my Chair of the Annual Conference Program message but, more importantly, thanking Committee. Viki was also involved in him for his mentoring and friendship the developing the Conference Program in past 22 years.

2000, and has been involved in multiple programs for conferences since 2000.

She has not done it alone, but she has

made significant contributions over the years and if you see her at the Conference, please say ‘thank you’ to her for leading the development of this year’s program (as always, it is stellar). Closing out Pasadena, my highlight was the general session with Frank Abagnale and appreciating the trust Jay gave me with such a large responsibility on the Exhibit Hall. The best thing for me that year was to truly understand the support our commercial members provide to our association.

As a governmental member, I really appreciate how much they help CSMFO meet its mission.

Other Past Conferences Since 2000, I have been involved in planning six conferences, everything from developing technology sessions to organizing golf tournaments (I am a terrible golfer). Being involved in planning conferences has built many relationships that I continue to enjoy today with members like: Ronnie Campbell, Pamela Arends-King, Laura Nomura, Scott Johnson, Viki Copeland, Joan Michaels Aguilar, Margaret Moggia, David Cain, Steve Heide, Jay Goldstone, Mark Alvarado, Janet Salvetti, Pauline Marx, and Mary Bradley…the list goes on.

I also have not missed the opportunity to attend our premier training event since 1998. I have a story and a vivid memory for each conference I have attended over my career, but the best part of each conference has been networking with my peers. The CSMFO Annual Conference provides exceptional training, but it is the networking that is priceless.

In closing, I hope you enjoy the Annual Conference in Anaheim and truly appreciate the benefits it can provide to improve your experience in municipal finance and further your career.

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INTRODUCING CSMFO As an employer, I’m always pleased when my staff get excited about their work. When they look beyond the task as it’s given to them and see the potential for something greater. That’s the case with this Magazine. David Garrison, a designer who began with CSMFO early last year, spent several months doing the MiniNews exactly as it has been for years. Then one day he came into my office and suggested it could be better.

EXECUTIVE DIRECTOR’S LETTER MELISSA DIXON

MELISSA DIXON FACTS

Melissa also runs a non-profit organization as her hobby--a theatre company called The Alternative Arts Collective.

CSMFO MAGAZINE MARCH 2016

He outlined how wonderful CSMFO was as an organization, how dedicated were its volunteers, how important to the profession were its programs.

And then he suggested that the current communications with the members didn’t measure up. We should, he said, have a monthly publication that made people excited to read it and proud to be featured in it. And he was right. He sold me on that idea, and together we pitched it to then President-Elect John Adams.

John liked the idea and suggested David attend the CSMFO Planning Session in September, where he could pitch his new concept to the Board. He did and they loved it. And now five months later, here we are with the premiere issue of the newly envisioned CSMFO Magazine.

Speaking of the Annual Conference, as I write this the registration for the 2016 CSMFO Annual Conference has not yet closed online registration and this is already the largest conference ever. We were hoping to break 1,000 attendees with this year’s event and boy did we do that—with just the early-bird registration.

We’ve also completely sold out our exhibit hall and all our sponsorship opportunities. Your response to this event has been extraordinary and humbling.

(More on that in April!)

I’m so proud to be part of this organization, and to be premiering this new publication at the Happiest Place on Earth. May you enjoy both as much as I do.

A Communications Task Force was created to help drive editorial content for the new Magazine. For this first issue it was decided that, along with some subject-matter content, we should focus on getting to know CSMFO. An introduction, if you will, to how CSMFO operates. To that end you’ll find in this issue a feature on the staff at Smith Moore & Associates (SMA) that work on CSMFO. You’ll find some highlights on the educational programs and webinars, and some snippets from some of our more active chapters. You’ll also find an overview of the Program Committee, which has the massive undertaking each year of setting the educational content for the CSMFO Annual Conference.

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FEATURE STORY

Avoiding the Headlines: Navigating the Challenges of an IT System Implementation

By Scott Johnson, CPA, CGMA, Partner, State & Local Government, Advisory Services Macias Gini and O’Connell LLP (MGO) CPAs & Advisors

BACKGROUND Last year, over $75 billion was spent on IT projects by government agencies across the country. (In case you’re wondering, that’s not a typo… that’s “billion” with a “b.”) Regardless of whether we are talking about the US Department of Defense, your local county office of education or your local city or county, technology spending has become one of the largest line items in every government agency’s budget. That means taxpayers and elected officials are increasingly interested in knowing what their IT dollars are buying. It also means the media has developed a fondness for splashy headlines exposing failed government technology projects.

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THE CHALLENGE When we consider comparable IT investments by private sector organizations -- as well as the growing, mission-critical role that IT plays in today’s government agencies, the numbers aren’t outrageously large.

Few question the decision to invest in technology. The execution of those projects, however is another matter.

In recent years, we’ve seen a flurry of highly publicized government IT project failures. These stories are as attractive to editors of local newspapers as they are to the national media and industry press.

While the headlines of these stories often border on the dramatic (e.g. “The Scariest Government Software Horror Stories…”), the realities of these troubled projects tend to be fairly mundane. Large projects are much less likely to fail because of large-scale fraud or abuse and much more likely to breakdown from improper definition of requirements – or to be delayed from lack of sufficient user training or buy-in.

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BEST PRACTICES Despite the headlines, it’s important to keep in mind that there are practical tools, guidelines and industry best practices that significantly improve an organization’s likelihood of success implementing or upgrading a mission critical IT system. There is a deep body of knowledge associated with this discipline and a variety of proven principles. In this article, based on my direct experience being involved in many system implementations and upgrades, I’ve chosen to highlight three that are often over-looked – or under-estimated in terms of their importance to project success.

Everything begins with Entity-Wide Strategic Planning. The role of technology in an organization should be evaluated by its ability to support its primary mission. It is important to begin with a clear picture of what an organization is meant to deliver to its constituents, and its vision for how it will do so in the years to come. This provides vital context to properly define how technology will support the long term needs of the organization. I know first-hand, while I served on IT Executive Committees, as an IT “Project Champion” and sitting as the Chair of an IT project’s Executive

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Committee for a number of IT implementations and major upgrades during my local government career, how important it is to have an IT governance charter and strategic plan that aligns with the overall goals and mission of the organization.

Secondly, many projects begin a project with unnecessary obstacles simply because they didn’t adequately define their Project Requirements & Scope. Organizations that adequately assess their longrange IT needs, along with the specific parameters of an IT project before sending out the project’s RFP, dramatically improve their chances of success.

“Large projects are much less likely to fail because of largescale fraud or abuse...”

Finally, human factors are one of the primary reasons why IT projects fail. Organizations need to identify and involve staff early from every area of the business critical to the success of the project, from the technical service providers in the IT Department to the functional departments that own and/or have the operational responsibilities for the business process and related service(s). A systematic approach managing Organizational Process Change is an instrumental, yet often-overlooked pre-requisite to success.

Once again, there is a deep body of knowledge and a wide variety of proven, practical tools that can support an organization undergoing a system implementation or upgrade. In this article, I’ve barely scratched the surface. But, despite the barrage of unsavory headlines, government executives have a wealth of tools to help them successfully navigate the challenges of IT projects.

entity-wide

strategic

planning

Scott has over 30 years of experience in government administration, with a focus on successfully overseeing internal service operations including; information technology, human resources, municipal finance and budget. He has led large and mid-sized operations in government including the cities of Santa Clara, Milpitas, San Jose, Oakland, Concord and the County of Santa Clara. Scott is a past president of CSMFO and continues to be an active member of the organization.

Heis currently a partner with MGO, leading the Advisory Services sector, specializing in State & Local Governments. He welcomes any questions or comments via email: sjohnson@mgocpa.com.

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CHAPTER REPORTS

CHAPTER CHAIR Q&A A TALE OF TWO CHAIRS

WITH Carrie Corder

Assistant General Manager/CFO Cucamonga Valler Water District

AND Steve Heide Finance Manager

Chino Valley Independent Fire District 1. What made you volunteer to chair the Inland Empire Chapter?

Inland Empire Chapter Meetings

GASB update. This year, Jennifer Farr from Davis Farr, Carrie: I initially served as chapter chair in 2009 when our previous chair retired. I thought that this would LLP will provide the GASB update on March 17, 2016 be a great opportunity to meet more people in our 3. Your last meeting of 2015 was a new format, which profession. As it turned out, I really enjoyed planning included a panel discussion with municipal CEOs who the meetings and expanding my network. In 2015 the had started their careers in finance. What sort of advice spot became open again and Steve and I agreed to did the panelists have for those CSMFO members partner up to plan the meetings, plus who wouldn’t looking to move up in their respective agencies? Is this want to work with Steve? He tells the corniest jokes I a meeting format you’ll repeat for 2016? have ever heard!! It was interesting to hear about the variety of paths Steve: Having been previously active in a couple of our speakers took on their respective roads from different CSMFO committees, I saw this opportunity to financial professional to local government CEO. get involved in our chapter leadership as a chance to A couple of common themes in the discussion connect with members on more of a grass were, “Be politically astute without being roots level. We’ve had a number of political,” and “Try to achieve a outstanding chapter chairs in the balance between your work and Inland Empire over the years, personal life. It only gets harder including Carrie in her previous “My advice to people new to when you move to the top, but tenure, so I knew I was coming you should strive to find it.”

CSMFO is to be involved“ into a good situation.

We generally meet bi“There are so many 2. As a Chapter Chair, monthly. As Carrie references what kinds of resources are at above, our chapter typically generous, experienced and your disposal? Do you ever hosts an annual GASB update knowledgeable professionals get ideas from other chapters and an annual economic associated with CSMFO“ around the state? update, both of which are very popular with our members.

When we meet to discuss While the CEO panel discussion potential meeting topics we take a was well received, we have so many look at popular sessions at the annual other worthy topics to choose from for our conference, trending issues, and interesting remaining meetings, we probably won’t be able to topics from other chapters. Each year we include do squeeze in a repeat of the panel of this year. the annual Inland Empire Economic Update with Dr. John Husing (7 years in a row) and include an annual

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4. Both of you started your CSMFO volunteer careers on committees (and in fact you both still serve in those capacities as well). What prompted you to first get involved at the leadership level? And, after several years, what’s prompted you to stay?

Carrie: My volunteer service actually started at the chapter level. After that ended, I served on the Administration Committee and then transferred to the Career Development Committee. I like to be involved, especially since I have personally benefited from the educational and networking opportunities provided by CSMFO. Steve: I’m currently working with the Membership Benefits Committee, having previously served on the Administration Committee at the invitation of Rob Burns from the City of Chino, committee chair at the time. As for getting involved in the leadership, recent Past President Laura Nomura was encouraging and supportive to me in that regard. I stay involved because it’s fun and rewarding, and I like the idea of paying it forward for others, like Laura did for me.

5. The September 2015 chapter meeting featured State Controller Betty Yee. How did you go about getting her to speak? What words of wisdom can you share from her presentation?

We started working with the local SCO’s office about six months prior to our meeting. They were very helpful and the event was approved. Ms. Yee was very impressive and spoke about the challenges and opportunities for the Inland Empire. She really did her homework and stayed after the meeting to answer individual questions and to take photos.

6. Do you have any words of advice for people new to CSMFO? Carrie: My advice to people new to CSMFO is to be involved. At first, be sure to attend chapter meetings, course offerings, and the annual conference. After you get your feet wet, consider volunteering for a committee. You will meet interesting people who are like-minded and want to further their career just as you do.

Steve: There are so many generous, experienced and knowledgeable professionals associated with CSMFO. Tap into this organization for your own professional benefit. The listserve, chapter meeting and training opportunities are unmatched for local government finance professionals in California. The connections you make in CSMFO will definitely benefit you over your career. If you choose to be actively involved, you’ll get more out of CSMFO than you put in.

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CHAPTER REPORTS

A MEETING TO REMEMBER

By Stephen Parker

Orange County Chapter Vice Chair City of Stanton

Throughout the year, the Orange County Chapter of CSMFO meets regularly on the 3rd Thursday of even months at a Dave & Busters in a local outdoor mall.

However, for our final meeting of the year we go all out – selecting a special location, finding a unique speaker and having a plated luncheon. We are also careful to include a little extra networking time so our governmental and commercial members can wish each other happy holidays shortly before most go away for an extended break.

This year’s holiday meeting was on December 17, 2015, and the Orange County Chapter of CSMFO made history with 120 RSVPs (the best-attended chapter meeting in over a decade). The event was held at the Aliso Viejo Conference Center overlooking a golf course. Due to much appreciated commercial sponsors Fieldman Rolapp & Associates, MGO, LSL and Platinum Consulting Group, the cost was held down to our regular $30 rate despite receiving a plated luncheon with three meal options. The meal was preceded by stationed hors d’oeuvres thanks to MuniServices.

Our speaker was Jordan Levine from Beacon Economics who presented on “What’s Next for the Economy?” and included a comprehensive forecast for Orange County as well as the state and US economies.

The group appreciated Jordan Levine’s ability to share a lot of interesting information about the economy and break it down into a no nonsense presentation. It didn’t hurt that the group of Finance Officers heard that virtually every economic indicator is on the rise and that the short-term outlook remains positive for OC. One of the highlights of the event was when the Chapter recognized former Chapter Chair Pamela Arends-King for her many years of service to Orange County. Pam had committed to starting a new role as Chief Financial Officer with the Union Sanitary District in Union City on January 13. As it was her last Orange County meeting, CSMFO and California Municipal

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Treasurers Association (CMTA) presented her with a certificate of appreciation and a gift for her many years of support.

Pam had served Orange County as the CSMFO Chapter Chair for a number of years and had also served as the CMTA Division IX Chair in the past.

She is the current Past President of CSMFO and the current President of CMTA. She was the Founding President and was serving as a Board Member of the Springbrook National Users Group. On top of that huge list, she is a genuinely kind person who has dedicated her working career to the advancement of all in her profession.

While it was sad to see such an integral member of our group move on, the large group gathered enjoyed a great meeting. We had a wonderful time networking, there was plenty of good food, a handful of people got to walk away with gifts raffled off by commercial sponsors and CSMFO, and we heard excellent information about the future of our local economy. This was the perfect way to close out the calendar year – I can’t wait to do it again next year.

Orange County Chapter Meeting

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INSIDE LOOK

GOT ACCOUNTING? STARTING A CAREER IN THE PUBLIC SECTOR RIGHT

By Will Fuentes

Career Devel. Committee Vice Chair City of San Leandro

Have you been an Accountant in the private sector for several years, but are now starting a career in the public sector? Or has your career been centered in the public sector, but you want to advance your knowledge of Governmental Accounting given increasing responsibilities? If so, CSMFO’s Intermediate Governmental Accounting is the class for you. Held 10 times per year and alternating between Northern and Southern California locations, Intermediate Governmental Accounting focuses on a number of advanced topics. These topics include the year-end closing process, audit engagements, understanding the CAFR, oversight agencies, the single audit, grant accounting, and today’s emerging public sector issues such GASB 68, the OMB Super Circular, etc.

WILL FUENTES

In addition to being a tremendous class loaded with great content, Intermediate Governmental Accounting Susan Mayer, teaching her Intermediate class. is also taught by a very knowledge, enthusiastic and engaging instructor, Susan Mayer. Susan, a CPA and CPFO, is a retired city finance professional with “Extremely helpful information…appreciate Susan’s twenty-five years of public agency and government enthusiasm and passion about her line of work.” – auditing experience. She was previously Chief Customer Support Manager (Consultant) Finance Officer for the City of Stockton and “Susan is easy to listen to and currently maintains a consulting practice understand.” providing financial project support – Finance Supervisor to California cities. During her “[Susan] was captivating and active retirement, Susan has also kept the audience intrigued… been Interim Finance Director “...taught by a very she taught the information very for cities such as Vallejo and knowledgeable, enthusiastic eloquently. Thank you!”

Ukiah. Susan strives to make –Senior Accountant her classes both informative and engaging instructor, and entertaining and creates “Very good. I only wish Susan Mayer“ an interactive class environment there were more classes offered that fosters student engagement locally.” and encourages questions. Here – Financial Services are some testimonials from her Manager recent classes:

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So whether you are a Finance Specialist, Accountant, Financial Services Manager, Finance Director, or a consultant that serves the public sector, we encourage you to join us as at one of our upcoming Intermediate Governmental Accounting courses.

Classes are announced regularly through the CSMFO e-mail list serve and are also posted on the CSMFO website at: http://www. csmfo.org/events/.

Classes routinely fill up quickly and you are encouraged to sign up as you see new offerings. Additionally, if your agency has interest in hosting a class, please contact Scott Catlett, Chair – Career Development Committee, at SCatlett@yorbalinda.org. Host agencies receive two free attendees and are assisted along the way by a Career Development Committee member to ensure a successful day.

“A tremendous class loaded with great content”

And lastly, the Career Development Committee is consistently looking to bring other great professional development classes to the CSMFO membership in the form of live classes, webinars and extended weekend trainings. We will also be launching a revamped oneon-one coaching program in the near future, which will allow CSMFO members to easily engage with a mentor as they progress through their careers. So stay tuned as the Career Development Committee looks to bring great professional development opportunities to you!

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EXPERT

Swimming Safely in Treacherous Waters: Paying Attention to Financial Health “Only when the tide goes out do you discover who’s been swimming naked.” ~ Warren Buffett

By Michael Coleman

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According to economists, California’s “great recession” ran from December 2007 and ended in August 2009. These years, and those following, have been difficult for local governments all around. In the midst of this economic storm, cities, counties and special districts have struggled with:

term revenues or spending reductions. They have conducted responsible long term financial planning and brought their forecasted spending in line with projected revenues. Some have gained approval of their voters of tax increases, usually after thorough, thoughtful and inclusive community outreach and budget processes.

• Deep and protracted declines in our core revenues.

But others have resorted to risky financing schemes, have not curtailed the costs of employee compensation that remains too high in some agencies, and have • The dissolution of redevelopment agencies as we even granted more employee compensation without knew them and the fractious and costly mess left fully addressing outyear costs or how they will be over. covered. Some have given up policy discretion to rules • The capricious wiping out by the Legislature in charters in contracts: binding arbitration, of the remainder of city VLF finds obligatory survey driven compensation such that inhabited annexations levels, barriers to staffing reductions, and incorporations are no etc. They have relied excessively longer fiscally viable. The and sometimes illegally on Governor’s vetoes of short term borrowing from several solutions to this, special funds and have not reflecting an apparent “A shared understanding of the corrected growing subsidies inability to recognize of malfunctioning public financial condition of the local the severe implications government is the starting point to enterprises. Some are once for state and local again becoming dependent environmental as well as remedy financial distress” on the short-term boost of fiscal needs. new land use development year after year after year to • The long term and fund ongoing public service accelerating decline in funding. sales and use tax revenues due to an outdated structure These are not sustainable strategies, and continuing massive kickbacks of and depending on their extent and local revenue to corporations through rebate combination, they can lead to financial insolvency. agreements.

The severity and combination of these bad practices • Severe declines in street and road funds due to a twisted and antiquated taxing structure.

• New threats to municipal revenue and challenges to regulatory authority from social and technical innovations in the “disruptive” or “sharing” economy.”

• Constitutional requirements that make most effective and desperately needed reforms subject to onerous supermajority vote requirements in the Legislature or with voters.

• Escalating costs and huge unfunded liabilities in many agencies for pension and retiree healthcare benefits – especially for police and fire employees – that are not sustainable.

Some local agencies have grappled successfully with these budget challenges, effectively using, but not abusing, one-time bridge solutions such as use of reserves, short-term borrowing or leaning on short

varies, but in the well-known instances of severe financial distress, denial, toxic personal relationships and dysfunctional politics fueled the combination of maladies and put the sour medicine of true reform out of reach. Turning around a local agency in fiscal distress requires a courage, collaboration and competence among elected leaders, stakeholders and staff. It also requires a common and accurate understanding of reality, an unwillingness to remain in numb delusion.

A shared understanding of the financial condition of the local government is the starting point to remedy financial distress before it becomes a crisis. A critical component of the difficulties of the most financially distressed municipalities has been a lack of recognition and agreement among local leaders, staff and key interests (labor, retirees, creditors) regarding the agency’s financial condition and what must be done in order to achieve sustainability. Most financial crises can be managed without court or outside 21

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agency intervention if leaders, staff and key interests first recognize and generally agree upon the local government’s financial condition, and then implement the necessary changes to set the local government on a sustainable financial course.

Budgets and financial statements won’t tell enough.

You need a good financial health diagnostic tool, one that asks the hard questions that go beyond your traditional financial reports, one that forces you to do long term financial planning, to identify where your financial policies are sound or lacking, one that requires you to take into account on-going revenues and costs including those that loom unfunded and unaddressed.

You may think your agency is in good enough financial shape, but an economic downturn will come.

Then we will all see who’s been swimming without a bathing suit.

Michael Coleman

A leader in public finance.

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Savvy Nonprofits Create a Solid Funding Strategy

TIPS

The opportunity for nonprofit organizations, governmental entities, and tribal enterprises to save substantially by opting out of paying the state unemployment tax (SUTA) is very real and may initially seem like a windfall. But such action is not without its hazards.

Protecting these new savings dollars and carefully guarding against future losses requires: • A clear understanding of the impending short and long-term liability and risk, • a diligent, rigorous annual evaluation and subsequent reevaluations, and • a solid strategy that minimizes costs and is insured against prospective unexpected losses.

The election by a nonprofit to opt out of paying SUTA and “reimburse” the state for future unemployment benefit charges is essentially choosing to self-insure that risk. Once such a decision is made, going back to paying the tax is not difficult, except to do so may be cost prohibitive.

So the progressive nonprofit making the reimbursing election must thoughtfully consider their level of risk tolerance and choose a funding strategy that meets their budget capability while providing the highest level of downstream protection. Because all unemployment reimbursing costs are unknown, establishing a solid funding strategy requires: 1. Complete understanding and analysis of previous (normally three years history) unemployment losses matched against similar time-period employee populations and payroll, 2. Careful monitoring and cost management of the current year’s budget for unemployment activity, and 3. Thoughtful consideration of projected funding, budget constraints and risk tolerance in the next budget year.

Those who pay SUTA have no choice to make other than from what pot of money the funds for the fixed tax rate will be paid. To enjoy the privilege of lowering SUTA costs by reimbursing, proactive managers will explore what tools are available to establish the best funding strategy available for their organization. Nonprofit organizations should think of the reimbursing method as paying for SUTA as they go, and then remember how volatile and mutable their own funding can be.

Content presented by First Nonprofit Group, the leading provider of state unemployment insurance solutions for 501(c)(3) nonprofit employers.

Source: First Nonprofit Group’s “Financial Mechanics of Funding SUTA” series Next article, “Understanding SUI Risk Transfer”

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INSIDE LOOK

A YEAR WITH THE PROGRAM COMMITTEE AN AMAZING AND INSPIRING GROUP

By Drew Corbett President-Elect

City of San Mateo I always look forward to attending the CSMFO annual conference. From the pre-conference sessions all the way through the final general session, it is truly an amazing experience that combines professional development, networking, and, of course, a lot of fun. Putting together this great conference is an effort that takes no less than a small army. For the last two conferences, Monterey and Anaheim, I have had a front-row seat to one of the largely behind-the-scenes efforts that is integral to a successful conference… the programming of the conference’s content. As a member of the Program Committee, I have had the opportunity to be a part of the team that pulls all of this content together into a comprehensive and cohesive conference experience. Given my insight into getting the conference programmed, I thought I’d share with our membership what a year in the life of the Program Committee is really like.

After taking a brief hiatus after the conclusion of the annual conference, the Program Committee generally gets back to work planning for the next year’s conference pretty soon thereafter. Typically, this starts with the annual “Call for Sessions”, where we solicit ideas for the “breakout” sessions at the conference. For this year’s conference in Anaheim, we received nearly 60 submissions, grouped into the categories of budget and financial planning; accounting and financial reporting; treasury and debt management; technology and innovation; and leadership and management.

We refer to these groupings as “tracks”, with the various members of the committee responsible for specific tracks. Once the submissions are received and grouped, the evaluation process begins to determine the submissions that will become breakout sessions at the conference. The evaluation of submissions consists of a number of factors, including ensuring sessions are aligned with Career Development Committee goals and are the topics of most interest and concern to our members. And while the track leader is responsible CSMFO MAGAZINE MARCH 2016

DREW CORBETT

“Watching the sessions as they occur and hearing the positive comments afterward is rewarding and validates all of the hard work we put into making the conference the experience that it is” for the submissions in his/her track, each member of the committee reviews all submissions and provides feedback. This ensures a variety of perspectives are considered, which gets us to the best end result. For me, the most challenging part of this process is figuring out how to accommodate the submissions that cover similar topics, which requires us to either pick one of the submissions or combine multiple submissions and decide upon speakers.

While this process is underway, the Committee is also doing other things, including evaluating the 60+ sessions from the GFOA conference to determine if any would be good candidates for our conference; identifying topics and speakers for the pre-conference sessions, the early bird sessions and the general sessions; and coordinating with the Host Committee and President on the Conference Keynote Speaker. Much of this work takes place during the Committee’s bi-weekly meetings, which begin during June and run through January.

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As the evaluation process of the “Call for Sessions” submissions and the GFOA sessions winds down, the program itself starts to take shape as we identify the specific sessions that will constitute the 75-minute breakout sessions. This is an exciting milestone, and takes the Committee to the next stage of the process --securing speakers and moderators for all of these sessions. And while some of the sessions have speakers that have already been identified, many don’t, which means the members of the Program Committee must tap into their networks to identify and secure these speakers. Many phone calls and emails later, speakers and moderators are secured, session descriptions are finalized, and biographies are submitted. This is no easy task, lining up over 100 speakers and moderators for the nearly 40 breakout sessions can be quite the challenge, especially while balancing the demands of our regular jobs.

It all eventually comes together and the final preparations begin. This includes finalizing the schedule of when specific sessions will be, producing letters for all speakers giving them final instructions and location information, providing letters for all of the moderators with instructions and speaker biographies, and submitting all of the session information for the conference program. We’re usually pushing it to make the final deadlines, but we always figure out how to get it all completed in time for the conference.

“Lining up over 100 speakers and moderators for the nearly 40 breakout sessions can be quite the challenge, especially while balancing the demands of our regular jobs” It’s definitely satisfying observing the conference unfold. All of us participate in the breakout sessions in some capacity, either as a speaker or a moderator, or in some cases both. Being a part of the sessions that we have programmed provides us with the opportunity to see first-hand the impact of our work. Watching the sessions as they occur and hearing the positive comments afterward is rewarding and validates all of the hard work we put into making the conference the experience that it is. And after the conference ends, we take a quick breather and then start thinking about the programming for the next year’s conference.

And finally, I would be remiss if I didn’t mention all of the people involved with this year’s Program Committee. This year’s membership was led by Chair Viki Copeland, Vice Chair Ronnie Campbell, and Senior Advisor Mary Bradley. The remaining members included CSMFO President-Elect John Adams, Board Liaison Margaret Moggia, and Harriet Commons. This is truly an amazing and inspiring group, and a feel fortunate to get to work with such a dedicated group of finance professionals.

The 2015 CSMFO Annual Conference

I look forward to seeing you all in Anaheim!

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EDUCATION

Using Your Leadership Position to Improve Budget Outcomes

Make the budget your personal project. Be its champion.

Lead, participate, support and inspire.

By Michael Newsome, Senior Consultant, Questica

Budgets at all levels of government are the subject of increasing public scrutiny. In the past it was common for political leaders to act as the protectors of their public servants. Today, they have become increasingly comfortable with throwing their career public servants under the bus.

There are many ways to lose credibility in public service, but few are as visible and have such far reaching implications as problems with budget preparation and monitoring. If you want to keep your job as a senior manager in public service you cannot afford to become the target of those page-two editorials which quickly become page one headlines. That means that you cannot spend too much money, effort and time on budget preparation. Prepare it prudently, accurately and on time: Instant credibility.

Fail on any of these counts and you’ll be digging yourself out of a hole.

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Here are a few suggestions and thoughts on how you can place yourself in a winning position:

planning and analysis applications in terms of output, but in terms of function they could not be further apart.

A good budget system is all about collecting and collating data in an environment in which the integrity 1. Take the budget seriously, not just as a legislated of the data is considered paramount. The accuracy of mandate but as something that can assist you in the resulting data should be beyond question. managing your municipality. No matter how On the other hand, a good financial much of a dyed in the wool “back of an planning and analysis application envelope” person you are, don’t supports more complex math convince yourself that technology used in the determination of is not important. tax rates and other funding 2. Take an active role in decisions. The accuracy the budget technology of the resulting data can decisions. Don’t be be affected significantly “A shared understanding of the intimidated by the jargon by the computational financial condition of the local or overly influenced by assumptions made by the latest fashions. If you government is the starting point to the analyst. Trying to cannot follow the logic in accomplish both with remedy financial distress” what you are being told the same technology it either doesn’t exist or may appear efficient isn’t being communicated but can be very messy; properly. Dig into the details, akin to serving five courses and shake the facts to make sure simultaneously on a single that they are not just opinions. plate.

3. Understand that the most important 6. Choose your technology for the part of any budget system is its structure and long haul but not for an eternity. The reality its ability to deal effectively with the key elements of is that all software products evolve. Take the time to the budget. Budgeting doesn’t require high math, but it discuss the vendor’s future direction and make sure that does require strong organization. it aligns well with your own plans.

4. Unsurprisingly, software products designed to assist with the same task often look very similar. However, beneath this veneer of similarity you can find fundamental architectures that differ significantly.

Instead of allowing purchasing professionals and the vendors to circumscribe your area of investigation, open it up. Ask vendors to explain their architecture, its benefits and its less desirable consequences.

If you cannot differentiate technologies because they all look the same, look deeper. Look for an architecture that properly supports data integrity in a multi-user environment 5. Budget applications can look very like financial

7. Don’t allow the process, whether it is the technology decision or budget preparation itself, to become a substitute for thought. These days you will be surrounded by managers who believe that any ill can be overcome by one process or another. As you know, nothing could be further from the truth.

8. Technology is an important consideration, but even the best technology won’t guarantee success. Make the budget your personal project. Be its champion.

Don’t just wait for the results and respond with a thumbs-down. Lead, participate, support and inspire.

9. Finally, it is difficult to overestimate the amount of vendor support you will need as you go through 27

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your first budget cycle with a new technology. Most users know this to be the case, but it is always tempting to believe vendors when they tell you that their software is so intuitive and easy to use it will require a minimum of effort on their part; no more than a little training. However intuitive software may appear in demonstrations, it likely won’t do everything you want as easily as you think. When you are up against budget deadlines there is a high probability that you will discover new requirements that were not in your initial specification. Make sure that you have sufficient budget and resources available to deal with these contingencies.

Michael Newsome is a Senior Consultant at Questica, and has over thirty years’ experience working in all aspects of accounting and corporate financial planning and management.

Participant Success Transparency Integrity

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A Retirement Solution for California Public Employees

For more information, call 949.955.7629 or visit www.starsca.org CSMFO.ORG

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Piper Jaffray is committed to California municipal finance

For more information, contact the following representatives from our California public finance team: Mark Adler Managing Director 301 297-6010 mark.j.adler@pjc.com

Katie Koster Managing Director 949 494-6110 katherine.a.koster@pjc.com

Dennis McGuire Managing Director 916 361-6520 dennis.j.mcguire@pjc.com

Russell Reyes Managing Director 310 297-6014 russell.c.reyes@pjc.com

Victor Ume-Ukeje Managing Director 415 616-1662 victor.e.ume-ukeje@pjc.com

California municipal finance banking offices are located in Los Angeles, Orange County, Scaramento and San Francisco

29 CSMFO.ORG Since 1895. Member SIPC and NYSE. Š 2016 Piper Jaffray & Co. 1/16 CM-16-0064

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EDUCATION

Understanding Retirement Plan Fees & Keeping Them “Level”

By Edward Wagner - Managing Director, SageView Advisory Group

CSMFO MAGAZINE MARCH 2016

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As retirement plan fees have come under increased Fund A ends up allocating 0.50% of his or her fund scrutiny lately, more people, including regulators and management costs towards the administrative costs of plaintiff’s attorneys, are paying close attention to how the plan. The employee in Fund B doesn’t pay for any much employees pay to participate in their retirement of the plan related costs because that fund’s expense plan. One of the most popular methodologies ratio does not include any revenue sharing back to utilized to pay for plan administration costs is the the record-keeper. The end result; both employees revenue generated and shared by the investments paid the same amount for their investments but one within the plan. All participants benefit from the ended up paying for a portion of the plan-level costs associated with plan administration, costs while the other did not. Not only is including having their assets held in there a question of fairness under these trust, receiving a quarterly statement, circumstances, but most employees online access to their account, have no idea that this disparity in investment education, etc. cost exists. Currently, required Many people understand that fee disclosures don’t provide “Although offering a plan with every investment option (or enough information for the unequal costs to employees is still fund) charges a fee in order average person to identify to operate the investment, the level of overall plan costs commonplace and considered which is commonly referred acceptable, its prudence is constantly they’re subsidizing. to as the fund’s expense ratio.

So how do we fix this? being debated” A portion of the expense With today’s technology, ratio pays for the expertise many record-keepers are of the fund manager, but what now able to offer a solution that many people don’t know is that allows you to levelize the cost of a portion of that fee is sometimes your plan to all participants equally, shared with the retirement plan provider regardless of the investment options they (or record-keeper) in order to offset the cost choose. Within this type of solution, any revenue of administering the plan. It is incumbent upon the shared by a fund is credited back to the participant employer to understand all of those fees and determine and then a level fee is calculated and assessed to if the total amount collected and then used to offset the everyone. Although offering a plan with unequal costs cost of the plan is reasonable given the marketplace to employees is still commonplace and considered and the level of services provided. Since some funds acceptable, its prudence is constantly being debated. do not share any revenue to offset plan costs and With enhancements in technology and record-keeper other funds may share varying amounts, it can be very capabilities, many feel it’s only a matter of time before difficult for an employer to assess the total cost of the all plans will eventually migrate to platforms that are plan they offer. Additionally, this disparity in revenue more equitable to all employees. A good example of sharing can lead to an unfair allocation of plan fees this improved fee arrangement platform in action is the paid by your employees. For example, if the funds in California Public Agency Self-Directed Tax Advantaged your retirement plan contain different revenue sharing Retirement System (or STARS program). arrangements, which is very common, an employee The STARS program is available to most California may unknowingly be paying more toward the cost of public agencies and can be used as a stand-alone plan administration, than his co-worker. Below are two solution, or in conjunction with your existing retirement hypothetical funds that may be very similar in risk and plan program. More information about the program style, but have very different fee structures. can be found at www.starsca.org.

• Fund A has an expense ratio of 1.00% and shares 0.50% back to the record-keeper to offset plan expenses.

Keep in mind that all investing involves market risk, including the possible loss of principal. Registered • Fund B also has an expense ratio of 1.00% but Representative with and securities offered through does not share any revenue back to the recordCetera Advisor Networks LLC, member SIPC keeper to offset plan expenses.

In this case, even though the expense ratios are the exact same for both funds, the employee utilizing

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EDUCATION

The Pending Storm The proverbial bar in storm drain management has been raised, again and again.

By Dan Schaaf, PE, Schaaf & Wheeler, and Tim Seufert, NBS

CSMFO MAGAZINE MARCH 2016

CSMFO.ORG

The proverbial bar in storm drain management has been raised, again and again. California communities, already burdened by aging systems and existing standards, have been faced with dramatically increased requirements for storm drainage efforts as required by the conditions of the National Pollutant Discharge Elimination System (NPDES) as administered by the State Regional Water Quality Control Boards.

The requirements that will be effective in the next few years for eliminating trash and pollutants from the storm drain systems, creating green infrastructure, and water quality monitoring will be arduous, and very expensive. Along with these water quality requirements, California’s storm drain systems are aging, the population is increasing, the climate is changing, and the demands on our systems are higher than ever. A well vetted and technically appropriate storm drain master plan is needed.

Funding: After the technical issues have been addressed, it is necessary to formulate strategies to fund both capital improvements as well as ongoing maintenance and operations. The history of funding storm drain projects in the Western United States is technically complex, and politically charged. The State of California has many unique facets curbing the creation of storm drain utilities, as allowed in Washington and Oregon.

The passage of Proposition 218 was the greatest hurdle to communities in establishing storm drain funding sources. And Proposition 26 did not help in this context. A couple of bills have been introduced which would allow local governments to establish property related fees for storm drain costs, in the same manner as currently allowed for water, sewer, and trash (i.e., the fee can be approved as long as there is not a majority protest after notice has been provided).

More recently (December, 2015), Planning and Engineering: Storm the California State Association drain management requires of Counties, the League of proactive planning, the right Cities, and the Association of infrastructure, along with regular California Water Agencies operations and maintenance. jointly filed “The California Developing, or updating, “A couple of bills have been Water Conservation, Flood a storm drain master plan introduced which would allow local Control and Stormwater is a good place to start, as governments to establish property Management Act of 2016” you contemplate the needs, related fees for storm drain costs” which would provide design requirements, and for a fee mechanism for unique attributes of your stormwater funding, as well as community. For many years in significant water-related legal many communities, storm drain changes.

However, any of these management has been low on the efforts would be a constitutional priority list, until recently. With more amendment which will require a vote of population and increased impervious the people if one finally passes through the surface area due to development, storm drain legislature. management, with significantly increasing water quality standards, is moving up to high priority.

The requirements for the NPDES permit in the San Francisco Bay Area, for example, will require many communities to dramatically capture sediment, trash and metals in their storm drain system. By 2022, trash down to 5mm in size (roughly the diameter of a cigarette butt) will be required to be removed from storm water. This alone will require a lot of planning and maintenance effort.

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To review, storm drain financing and funding can be accomplished via a number of elements, including: • Development Impact Fees – one time fees to fund capital only, no maintenance • Regulatory Fees – fees that can fund specific requirements • Property-related Fees – property owner or voter approved measure to fund capital or maintenance or both • General Obligation Bonds – voter-approved bonds to fund capital • Special Taxes/CFD’s – voter-approved (or landowner approval in the case of undeveloped land) mechanism to fund capital or maintenance or both • Assessment Districts – property owner approved District/area to fund capital or maintenance or both • Grants and Other Sources – various sources

all of the above don’t meet the need (a very challenged fund for many, and likely the current source of storm drain funding) These are the funding alternatives that can be implemented to generate funds for storm system improvements, operation and maintenance in your community.

Summary: There are a handful of cities and counties which have a robust funding toolset, including those who have successfully passed storm drain fees. Others have failed. Establishing a multi-disciplined team, including staff, community leaders and specialists in engineering, financial and public outreach, is the key to success. Reaching out to the public early and often in the process and maintaining a focused approach can improve the chances of successfully creating a suite of funding tools that will allow your agency to get over the “raised bar.”

Dan Schaaf, PE: dschaaf@swsv.com Tim Seufert: tseufert@nbsgov.com

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NAIL DOWN YOUR AGENCY’S FINANCING NEEDS

Give the CSDA Finance Corporation an opportunity to quote on any of your funding needs!

Visit www.csdafinance.net to complete a quote request form or call us at 877.924.2732.

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INSIDE LOOK

CONNECT WITH CSMFO’S COACHES PROFESSIONAL VOLUNTEERING

By Don Maruska

Master Certified Coach and Director CSMFO Coaching Program

The Career Development Committee and CSMFO Board have made one-to-one coaching a major priority. They want every member to enjoy the benefits of networking and learning from professionals in the field.

DON MARUSKA

Who Will Benefit from Coaching Everyone! Coaching offers value for people at any stage in their careers. As in sports, coaching helps even the best players do better. Why? Because everyone can benefit from sharing best practices and gaining perspectives from others who can help them see their situation and opportunities from a fresh perspective.

That’s why we organize the Coaching program webinars to serve as whole team learning experiences.

It’s also why the Speed Coaching and 1-1 Coaching models provide a structure for advice at multiple stages in a career.

Examples of the Benefits Coaching provides valuable insights and support for people at any stage of their careers. Here are some of the ways: • Guidance about career paths • Networking for career opportunities • Navigating difficult work situations • Help in finding the answers you need • Links to resources in CSMFO and beyond As the Player, you define the agenda and what will be useful to you. Many frustrations and career disasters can be averted by airing your situation in a candid, confidential conversation.

CSMFO MAGAZINE MARCH 2016

“Coaching offers value for people at any stage in their careers. As in sports, coaching helps even the best players do better “

Tap Speed Coaching to Network and Sample Coaching Not sure about coaching or who will be a good match for you? Some CSMFO Chapters are offering Speed Coaching. You also can try it out at the “Speed Coaching – finding the answers you need” session at 4-5:15 p.m., Thursday, March 3, at the Annual Conference.

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What happens in speed coaching?

You rotate through a series of sessions (~10 to 15 minutes each) with different volunteer coaches. It is a high energy, low-risk way to get acquainted.

Think about what you’d like to give and take from the sessions. Here are some starter ideas. Pick one or two items for a particular session or make up your own. Just be yourself. If you don’t click with someone, don’t worry. You’ll be moving on to someone else soon.

1. Hopes you’d like to realize in your career.

2. Some career issue you’d like to get different perspectives about.

“...enjoy the benefits of networking and learning from professionals in the field...”

3. Feedback about options that you are considering.

4. Connections you’d like volunteer coaches to help you make to advance your interests.

5. Gratitude for the opportunity to meet--something that you found useful from the exchange.

How You Can Find a Coach for 1-1 Sessions There are multiple ways to find and connect with a coach.

1. Contact a Coach Directly – Go to the Coaches Gallery [http://www.csmfo.org/training/ coaching/find-a-coach/] where more than a dozen volunteer coaches are listed with their contact information.

2. Contact the Chair of Career Development Committee -- It’s simple and informal. Contact Scott Catlett, Career Development Committee Chair, at scatlett@yorba-linda.org or 714-9617141 for more information. Let him know you want coaching, but don’t know where to start.

3. Submit an Online Request – Use the web form to indicate your interests.

If you want to play at the top of your game, get a coach and enjoy the results.

Speed Coaching

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EXPERT

Has Auditing Become a Commodity Service?

By Kenneth Pun, Managing Partner, The Pun Group

CSMFO MAGAZINE MARCH 2016

CSMFO.ORG

In recent years, California public finance professionals have witnessed an alarming number of headlines about fiscal mismanagement in municipal governments. Among the more high-profile examples: City of Pasadena: $6M embezzlement by a long-term employee City of Stockton: Filed bankruptcy on June 28, 2012 City of San Bernardino: Filed bankruptcy on August 1, 2012 City of Bell: Massive corruption and misappropriation of public funds through salary scandal

current auditing standards – but offering little in the way of substantive content.

Regulators have expressed concern that the economic downturn and pressure from organizations to reduce audit fees has had a negative impact on auditor efforts. The fear is that many qualified practitioners may not have the budget necessary to properly complete the audit and must use their professional judgment to determine what is most important and, conversely, what can be relegated to second-tier status. It becomes an exercise in risk assessment.

The issue here is that professional judgment by definition is highly subjective. It provides an all too inviting loophole that audit firms use to circumvent wellestablished and vetted professional standards.

The increasing frequency and severity of these cases raises a number of serious – and legitimate - questions What is a “good” audit? for anyone involved in the stewardship of public Auditors must begin with a 360-degree funds: What can and should stakeholders view of the organization, including expect from an annual audit? Why management’s philosophy and how were so many issues either not they operate. Does leadership identified or overlooked in the demonstrate commitment aforementioned cases? What in terms of transparency, process or measures were in honesty, integrity, and ethical place to evaluate the quality “A more effective model involves behavior? The evaluation of the audit work performed? open dialogue between the auditor process must involve more Providing answers to these and organization, including its than simply looking at questions becomes crucial governing body” a website or documents for the CPA profession, provided by management. It considering the reputational must include a comprehensive issues at stake. I would submit interview process involving not that the path leading to those only key operations personnel, solutions is well marked – assuming, but also stakeholders within the of course, one chooses to follow it. governing board, management, and accounting personnel.

An audit is an independent examination of the books and records in order to ascertain that the Second, the process should include a comprehensive financial statements presented reflect a fair financial audit plan. This document serves as a guideline for picture of the organization. It should also provide auditors to follow and helps each engagement team an organization the reliable information needed to member to obtain sufficient evidence to accomplish address operating issues and/or concerns. This requires pre-determined objectives. financial statements to be in a format where users can

easily follow – and, perhaps more important, fully

comprehend -- the data.

Beyond providing all the required disclosures, however, auditors should be sharing key ratio analyses and how those ratios compare to the industry. In addition, they should properly use the management letter to communicate their concerns. Unfortunately, this document in too many instances has become a form of self-protection, fulfilling reporting requirement under 39 CSMFO.ORG

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Note that the audit plan should not be duplicated from one engagement to another. Clients are different and auditors should avoid a one-size-fits all model even when working with clients in the same industry.

Developing a good audit plan requires effort to fully recognize and understand any unusual circumstances, including unique transactions, new developments, and standards that are exclusively applicable to the a particular organization.

Third, auditors must perform effective internal control evaluations. Standards require auditors to obtain an understanding of the internal controls and to identify those that are considered key. Often, auditors will only focus on the significant transaction classes cash receipts and revenues, cash disbursements and expenses, payroll and related liabilities – performing a walkthrough instead of testing internal controls. It’s important to not only test the key control, but also test the attributes to ensure those internal controls are properly working.

minimum audit standards.

A more effective model involves open dialogue between the auditor and organization, including its governing body. The discussion can be further strengthened through the use of relevant historical data and qualitative information.

The Takeaway An annual audit of taxpayer-funded entities is mandated by California statute. However, by merely adhering to the letter of the law, rather than its spirit, the CPA profession runs the very real risk of turning the audit into a commodity. Avoiding that unintended consequence requires a deeper dialogue between the stakeholders involved.

Kenneth Pun, CPA, CGMA, is Managing Partner of The Pun Group, a full-service CPA firm headquartered in Orange County, California.

Finally, there must be thorough communication regarding audit outcomes, addressing critical issues.

In far too many cases today, we see this step replaced with a standardized boilerplate letter sent upon completion of the audit. This is inadequate. Auditors who engage in this practice are merely meeting the

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INSIDE LOOK

CSMFO STAFF Q&A THE PEOPLE BEHIND THE 2000 MEMBERS

AMANDA RAE SMITH What do you like most about working with CSMFO? I love the people! CSMFO has a great group.

It’s amazing to see how they all come together to help each other improve, and learn more in the process. They are wonderfully patient and driven, and they make my interactions with them very memorable.

This conference is SMA’s largest ever—and it’s your first conference ever! How do you feel about that? How are you mentally preparing for this conference? Oh my! I am so very excited that I get to be a part of it all! I honestly don’t really know what a conference is really like, or how they work. This is a huge learning experience for me, but I am look forward to all the knowledge I will be gaining alongside everyone else. As far as mental preparation I am doing as much hands-on as I can. I am taking in as much as I can about the process, that way I can answer questions and help the members. I just hope to make their conference experience as incredible as I am sure mine will be.

CANDY RETAMOZA

CARMEN BERRY

How long have you worked with Teri? How did you come to be working at M&AMS? I met Teri in 1999 when I became involved with SunGard Public Sector Users Group Association (SUGA). As a SUGA Board members and Past President of that organization, I worked closely with her in planning its conferences. I retired in 2008 after 36 years working with the City of Stockton and subsequently joined the M&AMS team providing administrative, exhibitor and conference coordination services for our clients.

You handle the exhibitors and sponsors for the conference; with a conference this size this is no small task. What’s the most difficult part of your job? What’s the most rewarding? I really enjoy working with the exhibitors and sponsors for the CSMFO conference and making sure their exhibiting experience is great. The exhibitors and sponsors are from all over the country, including Canada. I respond to emails at all hours of the day and night and have taken many phone calls at 5:00 a.m. from those on the East coast and Canada. The most rewarding part of this job, is when an exhibitor says “Thank You”.

You were working with CSMFO before you transitioned to a higher-level position with other clients within SMA. What will you miss most about working with CSMFO? I enjoyed getting to know the members and the Board, I will miss their enthusiasm for their conference themes; they come up with some of the most creative themes as well as the kindness of the members, really some of the friendliest people.

You were asked to help staff the 2016 Annual Conference due to the increase in attendance from 2015. How do you feel about attending this conference? What are you most looking forward to?

I am super excited! Last year in Monterey was so much fun so I can only imagine what a blast Disneyland will be. I am excited to see the members again in person and of course Disneyland!

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DAVID BLUE GARRISON

ELIZABETH CARDWELL

JANET SALVETTI

As a designer, you deal with a lot of individual and varied opinions on what looks good. How do you manage those opinions?

How do you handle it when the decision-maker doesn’t agree with you? Everyone has an opinion when it comes to design. Because it’s something creative, your credit as an expert is somehow diminished. You wouldn’t tell your doctor that you view his diagnosis a little different, but in a world of creative design we’re at the mercy of our client’s opinions and comments. I’ve taken it up as a designer to simultaneously be an educator.

It’s possible to teach your client why that white space is a good thing and how it leads the reader’s eyes. How less is always more. If I take it from that direction, it allows me to let things go easier, when they choose not to listen. But most of the time, the client is convinced, happier and the design is good for both of us.

This Magazine was your idea, and now it’s a reality. Did the actuality meet your vision? Why or why not? Do things ever meet our initial vision? Sometimes creating something this big and new involves a lot of compromise. What I see with this first issue of CSMFO Magazine is a diving board into a more succinct and consistent design. I personally wish that I could have featured more of my own personal photography, as I have done with publications I’ve created in the past. But it’s difficult when CSMFO is spread out in California and I can only get to a meeting or training here and there. On top of creating this first issue, I was simultaneously creating the 50+ pages of the conference program as well as drink tickets, t-shirt tickets, exhibitor signs, tote bags, etc. I look forward to April’s issue when it can get more focused attention. But I’m very grateful to the story contributors and the staff at SMA who helped hone this premiere issue. Onward and upward!

You’ve been working with CSMFO for years, and now you’re transitioning off in order to work on your own clients.

What will you miss most about working with CSMFO? I’ll miss the people the most. Everyone within CSMFO, the members, the Board, our members’ assistants, are all so nice and pleasant to work with. Don’t be shy, I’m still around!

What’s your favorite memory from a CSMFO conference? I’ve attended many CSMFO Conferences, I think the only one I’ve missed since I started with the organization was in 2014 when I had my youngest son.

There have been many good experiences at each Conference, but I think the one that sticks out in my head the most was at the 2015 Conference in Monterey at the Thursday evening event. I remember playing hours of blackjack to my heart’s content without the worry of losing any real money. All of that to say, we are now at Disneyland, and as a total Disney nerd, I’m sure something here will stick with me for a long time to come.

You used to be the Finance Officer/Assistant Director of Administrative Services for the City of Stockton, and you’re a past CSMFO President! How did you get started as a meeting planner? Are there any similarities between the two professions?

There really are a lot of similarities between the two professions. I believe a primary task to making any department successful is in the planning and organizing skills of the team leader.

Through collaboration and making use of the attributes of the group, a project certainly has potential to be successful. This style has worked wonderfully for me both as a Finance Officer and now as a meeting planner. When Teri Anticevich approached me upon my retirement and suggested I become a planner with her group, it seemed like a logical fit. Especially since my primary group is CSMFO! Having been in the organization from the other side as a member and ultimately President in 2005, I felt I had a sense of the pulse and needs of the organization.

I particularly love to manage projects that have a finite timeline, which is how I look at each year of the CSMFO Conference. Just as when I was a Finance Officer, on a yearly basis many responsibilities are the same; however, they have new twists and turns, new contracts, new staff and committees.

As does each new year of planning a Conference!

Do you miss being a finance director? Yes, occasionally I find myself missing the pulse of a Finance Department. I loved the change that I saw from year to year, the comradery of staff meetings, the challenges of changing Councils, and just being in the office each day. But after 41 years, I think it was time to move on and not set the 6:00 AM alarm any longer. It was a great career for me!

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JUSTIN LEWIS What do you like most about working with CSMFO? The membership is smart, kind and respects the knowledge of those around them.

You began your tenure with SMA as a receptionist in 2006 and now you’re part owner of the company. Did you anticipate that career path when you started ten years ago? How did you wind up a partner in the firm? I’m not sure I anticipated this career path 2 years ago! Consistency in work ethic seems to be the best solution to most journeys. I’ve always managed that for the day-to-day and outside of normal work hours I’ve always been hungry for knowledge. It helps that many of my hobbies aligned directly with my work duties as well, so even when I’m relaxing I’m still improving on the work that pays the bills.

We try to keep the culture light and fun at SMA. What’s your favorite SMA-related story*?

Here’s the rub about pulling off a good prank. You can’t ruin it before you know it worked by asking questions.

A co-worker, we’ll call her W, liked to make jokes about how she couldn’t do X, remember Y, or misplaced Z, because she was getting old. Well, one day W left her keys in the break room. She didn’t keep them on her, so I knew I could take them for a bit and she wouldn’t notice. So, I snuck off with the keys to the parking garage where I knew her car was because she always parked the same way. Then I moved the car a few spaces away, and backed it in—opposite of how I found it. I slipped the keys back onto her desk later. Well, I wasn’t in the office the next day; but I was dying to know if it played out. I let another co-worker in on the secret. W had said NOTHING. Now I’m wondering if she really is losing it. I mean, who doesn’t realize that your car’s been moved, and backed into a spot! I hold out though; patience is a virtue! Still nothing the next day and I have to nudge her. I make a

crack about being too old to remember where she parked her car and she gets it immediately. She then goes on to tell the real gold in this story.

When she left work that day and saw her car had been moved, she was immediately worried. Apparently her husband had said earlier that week that he thought she was losing it, and she thought he was crazy until she saw the car. Well, she gets in it anyway, and on her way home, she wonders if maybe someone is hiding in her trunk.

So she detours from her usual route and starts making very hard turns and hitting the brakes to see if she can hear anyone moving around back there.

She doesn’t want to call her husband because he’ll definitely think she’s losing it, and she didn’t want to call the police for similar reasons. She didn’t want to tell us at work either because then we’d think she was losing it too!

If I hadn’t been laughing so hard about it all, I think I would have felt bad.

Luckily she’s a great sport, and I assured her that I don’t think she’s losing her edge one bit. Thanks W, that’s the best possible outcome I could have had for that prank. * Is it narcissistic to tell a story about myself? I’m going to do it anyway.

MARISA ANTICEVICH Being Teri’s daughter, you must have grown up around meeting planning. Did you always want to be a meeting planner? What’s the best lesson you’ve learned from working with your mother?

It was pretty cool tagging along on all her trips! I wasn’t sure that I specifically wanted to be a meeting planner until later in college, but I knew that I wanted to be a part of this industry. I think the best lesson I’ve learned from her is the importance of networking and utilizing your resources. Most of our business is through referrals and friends we have made along the way!

What made you want to be involved in CSMFO’s conference?

It’s a great group of people, and they like to try new things! It’s fun having to think out of the box and come up with fun new events and ideas. They like to have networking events that are more than just food and beverage, but that include different forms of entertainment to really make it memorable! I also enjoy that they travel to different places in beautiful CA! Can’t beat that….

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MELISSA DIXON You’ve been with CSMFO for 7 years, how has the company evolved and grown? The numbers in the Annual Report prove how much CSMFO has grown. In 2009 when I came on board there were 1600 members; now there’s over 2000.

There were roughly 500-600 conference attendees, and now there’s over 1200! We have more core trainings available, more courses offered every year, more webinars, more resources.

This organization has really exploded in the past several years.

When I started with CSMFO, we were provided a whole lot of nothing.

The previous administrator had not managed things well and when she transitioned items to Smith Moore & Associates (SMA)…well, let’s just say the only thing we got was a lot of budget awards. That’s it. No Board materials, no education templates, nothing.

We had to recreate everything from scratch (and with the help of some really wonderful CSMFO volunteers, like David Cain). Because of that I feel a great sense of ownership with CSMFO. Its success is my success.

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Why do you think this is the biggest CSMFO Conference yet? I would be remiss if I didn’t mention the educational content of our conferences. The Program Committee puts in countless thoughtful hours when determining the sessions and the membership reaps those benefits every year. Past that…

Everybody’s mad about the Mouse!

Disneyland conferences are historically our largest (that’s why we keep going back every four years). I have a personal love of Disney, and I assume a lot of the members do too. I also know that the membership still talks about the 2008 conference where the Thursday night banquet was held inside the park and limos shuttled people between the banquet and Soarin’ Over California. Speaking for myself, I wanted to create a similar experience this year…something the membership will remember for a long time to come.

I’m thankful the rest of the Host Committee had the same idea!

TERI ANTICEVICH How long have you been with CSMFO? What’s your favorite part of working with this organization? In 2001, I began working with CSMFO; and in 2002, and I attended my first CSMFO conference as an observer in San Diego. From the beginning, I have felt a great comradery with the membership of CSMFO. Working with various board and host committee members over the years gives me a chance to “bond” with the group, and all of the membership is very supportive and appreciative of what we do as staff. Plus, we get to do some really fun, creative events at the conference!

You’ve been in meeting planning a long time and must have some interesting stories to tell. What’s your craziest conference story?

Interestingly enough, I don’t have too many “crazy” stories…..but, I do have one story that I sometimes tell from CSMFO. During the Thursday night banquet, we had a casino. An attendee at one of the blackjack tables suddenly started to feel ill and looked rather pale. While one of the staff called for emergency assistance from the hotel, I tried to get the attendee some air and have her sit down. When I asked everyone at the blackjack table to step back a bit, the main comment was “What about my chips?”

Now that’s really watching the funds!

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CAREERS

JOB OPPORTUNITIES Administrative Officer, CPS HR Consulting Salary Range: Annual salary: $76,709 $107,937 DOQ Application Deadline: Friday, April 1, 2016 Assistant Finance Director, Downey Salary Range: $9,440 - $11,517 Monthly Application Deadline: Continuous Director of Finance, City of Crescent City Salary Range: salary range $78,183-$98,037/ annual Application Deadline: 3/17/2016 Accountant III, County of Monterey Salary Range: $5,430 - $7,417 per month Application Deadline: Open Until Filled, Priority Screening Date: 3/12/16 Internal Review Accountant I/II/III/IV, San Bernardino County Salary Range: $37,232 - $83,428 Annually Application Deadline: Continuous Accountant, City of Huntington Park Salary Range: $4812-$5908/monthly Application Deadline: 3/3/2016 Director of Cash Management Services, City of Los Angeles Office of Finance Salary Range: Annual Salary: $120,645 $171,654 Application Deadline: Purchasing & Contracts Analyst, Los Angeles Superior Court Salary Range: $4,667.64 - $6,463.27 Monthly Application Deadline: Open Continuous Accounting Supervisor, Garden Grove Salary Range: $6,107 - $8,185 monthly Application Deadline: March 7, 2016, 12:00 p.m.

Internal Auditor, City of Reno Salary Range: $87,194-$105,985 Application Deadline: March 4, 2016 Business Manager, Tehachapi-Cummings County Water District Salary Range: $91,524-$111,240 Application Deadline: 11-Mar-16

Financial Services Manager, Bob Murray & Associates Salary Range: $124,896-$151,800 annually; DOQ Application Deadline: 11-Mar-16 Accounting Manager, El Monte Salary Range: $80,174.00 - $97,448.00 Annually Application Deadline: 2/28/2016 Principal Accountant, El Monte Salary Range: $78,626.00 - $95,571.00 Annually Application Deadline: 2/28/2016 Accounting Technician I/II, City of Hemet Salary Range: LEVEL I: $2872 - 3491/mo.; LEVEL II: $3331 - 4049/mo.

Application Deadline: 22-Feb-16 Utilities Principal Analyst, Riverside Public Utilities Salary Range: $6,534.67 - $8,756.80 Monthly $78,416.00 - $105,081.60 Annua Application Deadline: Continuous Accounting & Budget Manager, Santa Maria Salary Range: $7,839.13 - $9,528.88 Application Deadline: 03/25/16 BY 5 PM Payroll Technician, Shafter Salary Range: $3,238 - $3,936 Application Deadline: 25-Feb-16 Controller, Fresno Housing Authority Salary Range: $60,000-$90,000/year Application Deadline: Open Until Filled Accounting Supervising, Stockton Salary Range: $5,949.71 - $7,638.67 / monthly Application Deadline: 2/18/2016 17:30 Senior Accountant/Grants, Gardena Salary Range: $67,860 - $86,616 annually Application Deadline: March 4, 2016 @ 4:00 p.m.

Accountant I II III, United Water Conservation District Salary Range: Depends on level of hire Application Deadline: 2/25/2016

Finance (Accounting) Manager, Sausalito Salary Range: +/- 96000/year Application Deadline: 2/19/2016 Director of Finance, Ralph Andersen & Associates Salary Range: 120,000 to 140,000 Application Deadline: 4-Mar-16 Accounting Manager, City of Santa Fe Springs Salary Range: $6,457.77 - $8,000.04 Application Deadline: Continuous; first review 2/25/16 Accountant I, San Leandro Salary Range: $5,777.00 - $7,022.00/month Application Deadline: 2/19/2016 Accountant, City of Tustin Salary Range: $4,816-$6,175 Application Deadline: 29-Feb-16 Senior Accounting Assistant, Central Contra Costa Transit Authority Salary Range: $51,000 - $68,000 Application Deadline: 17-Feb-16 Finance Director, Bob Murray & Associates Salary Range: $176,216-$207,312 annually Application Deadline: 7-Mar-16 Assistant Finance Director/Accountant, Fillmore Salary Range: $75,000 - $95,000 Application Deadline: 19-Feb-16 Finance Manager, Rialto Salary Range: $89,280-$119,652 Annually Application Deadline: Open Until Filled Accounting Manager, Pomona Salary Range: $8,137 - $9,892 Monthly Application Deadline: 25-Feb-16 Budget Manager, City of Loveland Salary Range: $75,800 to $121,200 Application Deadline: Open until filled Senior Accountant, Ralph Andersen & Associates Salary Range: 82,344-100,092 Application Deadline: 4-Mar-16

Assistant City Controller, City of Long Beach Salary Range: $110,000 to $130,000 annually DOQ, with competitive benefits Application Deadline: 1-Mar-16

General Ledger Accountant II, Olivenhain Municipal Water District Salary Range: $27.65 - $38.72 hourly Application Deadline: Thursday 2/18/16

Finance Manager, Calimesa Salary Range: $82,148 to $104,845 annually Application Deadline: 1-Mar-16

Deputy City Manager, City of Tulare Salary Range: 110,000 - 134,000 Application Deadline: 24-Feb-16

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C SMFO CONFERENCE 2017 SACRAMENTO FEBRUARY 7 - 10, 2017

SACRAMENTO

(Headquarters for CSMFO) HYATT REGENCY/SACRAMENTO CONVENTION CENTER SACRAMENTO, CALIFORNIA

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CSMFO Reception at GFOA Conference

Monday May 23, 2016 5:45pm – 7:30pm

CN Towers - Horizon 301 Front Street W, Toronto ON

www.csmfo.org

877.282.9183