CONFERENCE INFORMATION
The California Municipal Treasurers Association (CMTA) is pleased to present the 2023 CMTA Annual Conference. This conference is designed to improve the treasury function in local government. Our organization continues to grow and evolve, offering current and relevant training to its members; as well as providing networking opportunities among both treasurers and industry partners. CMTA is excited for our conference and we look forward to connecting with friends and colleagues for networking, socializing, and quality education.
REGISTRATION INFORMATION
REGISTRATION RATES:
Government Member:
Early Bird: $365/ Regular: $460/ Late: $515
Government Non-Member:
Early Bird: $580/ Regular: $685/ Late: $750
Commercial Member:
Early Bird: $640/ Regular: $735/ Late: $805
Commercial Non-Member:
Early Bird: $876/ Regular: $1,050/ Late: $1,125
DAILY REGISTRATION
(Includes all meals and social functions for the day.)
Government Attendee Wednesday: $265/ Thursday: $315
Commercial Attendee Wednesday: $555/ Thursday: $560
ADD ON OPTIONS
Pre-Conference Sessions
(You can only attend one Pre-Conference Session Track.)
Session One: Investment Training
April 25-26 (8 Hours) - Registration: $120
Session Two: Debt Training
April 26 (4 Hours) - Registration: $55
CANCELLATION POLICY:
Cancellation more than 30 days before an event, a full refund minus a 25% administrative fee will be provided. Cancellation 15 days before an event, a 50% refund minus a 25% administrative fee will be provided. No refunds will be given for cancellations received within 14 days of an event or after the event.
HOTEL INFORMATION:
Marriott San Mateo San Francisco Airport 1770 S. Amphlett Blvd.
San Mateo, California 94402
Discounted Rate: $219 plus taxes
(currently 14% plus $3.64 tourism fee per night, subject to change)
Deadline to Book: Tuesday, April 4, 2023.
Link to Book
ADDITIONAL CONSIDERATIONS:
• Conference dress attire is casual. It is recommended that you have a jacket or sweater, as meeting rooms are kept at a cool temperature.
• Attendees requiring ADA accommodations should contact Teri Anticevich (teri@cmta.org) to ensure that appropriate arrangements are made prior to the event.
•
TUESDAY, APRIL 25, 2023
PRE-CONFERENCE SESSIONS: INVESTMENTS
Synergy 4
11:00 am – 4:00 pm
Registration Open
11:30 am – 12:00 pm
Pre-Conference Registration and Box Lunch
Box lunches generously sponsored by State Street Global Advisors
12:00 pm – 12:20 pm
Introductions and Housekeeping
Program Moderators:
• Vishal Thacker, Chief Investment Officer & Assistant Treasurer, Alameda County
• Susan Munson, Managing Director, National Markets Group, Cantor Fitzgerald & Co.
12:20 pm – 1:35 pm
Investment Program Check Up - Are There Cracks in the Foundation?
Investment programs of all shapes and sizes must consider the same fundamental concepts to set up for success. In this session, you will learn the basics on cash flow, custody, and compliance to help your agency identify potential cracks in your financial foundation.
After completing this session, a successful learner will be able to:
• Identify various options suitable for investing cash;
• Compare and contrast key characteristics of custodial relationships;
• Name required elements needed to ensure compliance with investment policy and code.
Speakers:
• Vishal Thacker, Chief Investment Officer & Assistant Treasurer, Alameda County
• Robert Dearth, Senior Vice President, US Bank
• Laura Labenieh, Chief Executive Officer, CalTrust
CPE: 1.5
Program Level: Basic
Field of Study: Finance
Prerequisite: None
Advanced Preparation: None
Instructional Delivery Method: Group Live
1:45 pm – 2:35 pm
Investment Policy Overview & CA Investment Code Update
Learn how California Government Code prescribes the authorized investments available to California public agencies and the importance of your investment policy in guiding your investment program within the legal parameters. Develop a better understanding of the Investment Policy through what is important to include while learning to identify common trouble spots.
After completing this session, a successful learner will be able to:
• Identify California Code, understand code parameters, and Investment Policy Importance
• Demonstrate Investment Policy best practices
• Illustrate Investment Policy guidelines specific to your entity
• Define upcoming legislative changes to Code and the importance of timing for board/council approval.
Speakers:
• Deborah M. Higgins, President, Higgins Capital Management, Inc.
• John Johnson, Jr., Chief Deputy Treasurer, San Bernardino County Treasury Division
CPE: 1
Program Level: Intermediate
Field of Study: Specialized Knowledge
Prerequisite: Two years of treasury, finance, or capital markets education and/or experience
Advanced Preparation: None
Instructional Delivery Method: Group Live
2:45 pm - 4:30 pm
Investment Policy Workshop
Learn how to prepare your investment policy for CMTA certification with an exercise in reviewing, grading and understanding an investment Policy “submitted” for certification.
After completing this session, a successful learner will be able to:
• Identify the importance of investment policy structure
• Analyze the eighteen (18) areas of an investment policy from the perspective of an evaluator to score/grade accordingly
• Evaluate the results in preparation for the certification of your investment policy.
Speakers:
• Deborah M. Higgins, President, Higgins Capital Management, Inc.
• John Johnson, Jr., Chief Deputy Treasurer, San Bernardino County Treasury Division
CPE: 2.0
Program Level: Intermediate
Field of Study: Specialized Knowledge
Prerequisite: Two years of treasury, finance, or capital markets
education and/or experience
Advanced Preparation: None
Instructional Delivery Method: Group Live
4:30 pm - 5:00 pm
Takeaways and Q&A
WEDNESDAY, APRIL 26, 2023
7:30 am - 8:05 am
Continental Breakfast - Pre-conference Attendees Only
PRE-CONFERENCE SESSIONS: INVESTMENTS
Synergy 4
8:05 am - 8:55 am
Property Tax 101 - Follow the Money
Although property taxes are a key component of revenue for municipal entities in California, how those revenues flow from taxpayer to municipal portfolios is a mystery for many. In this session, gain a rounded view of the flow of funds to assist when projecting revenues throughout economic cycles.
After completing this session, a successful learner will be able to:
• List the key factors influencing property tax revenues in the State of California;
• Define the primary roles of tax and finance professionals as related to property tax collections;
• Identify the tools available to assist in tax revenue projections and collections.
Speakers:
• Henry (Hank) Levy, Treasurer-Tax Collector, Alameda County;
• Phong La, County Assessor, Alameda County
• Margaret O’Brien, Director of Finance, City of Alameda
CPE: 1.0
Program Level: Basic
Field of Study: Specialized Knowledge
Prerequisite: None
Advanced Preparation: None
Instructional Delivery Method: Group Live
9:05 am - 10:20 am
Internal Controls - Common Pitfalls and Real-Life Solutions
Local governments are facing increasing difficulty to maintain strong internal controls due to staff shortage, high turnover, and changing working arrangements. This session will discuss common pitfalls of internal control and provide practical tips on how to improve from both financial and cybersecurity perspectives. Audience participation and questions will be encouraged.
After completing this session, a successful learner will be able to:
• Name the five elements of the Internal Control Integrated Framework
• Identify internal control deficiencies commonly seen by auditors and cybersecurity experts
• Develop strategies to strengthen internal control to minimize opportunities for fraud to occur.
Speakers
• Katherine Yuen Krisch, CPA, Partner, Maze & Associates
• Donald Hester, CISA, CISSP, Cybersecurity Manager, City of Livermore
CPE: 1.5
Program Level: Intermediate
Field of Study: Specialized Knowledge
Prerequisite: Two years of treasury, finance, or capital markets education and/or experience
Advanced Preparation: None
Instructional Delivery Method: Group Live
10:30 am - 11:30 am
New Developments in Treasury Operations
Evolving constituent expectations, advancing technological capabilities, and increasing organizational demands challenge municipal treasurers to optimize their payables and receivables operations. The panel will discuss leading practices by which governments can expand payment options, while maximizing operating efficiency and mitigating risk.
After completing this session, a successful learner will be able to:
• Identify ways the global pandemic influenced the ways agencies make and receive payments;
• Describe ways to optimize payables utilizing new technologies;
• Compare and contrast ways to strategically “future proof” your agency’s receivables operations.
Speakers:
• Andre Johnson, CFA, CTP, Senior Treasury Management Officer, J.P. Morgan
• Jeremy Appel, Executive Director, Electronic Payments, Product Solutions Delivery, JP Morgan Chase
• Jennifer Davis, Assistant Treasurer, Irvine Ranch Water District
• Oliver Mendoza, CTP, Treasury Analyst, Irvine Ranch Water District
CPE: 1.2
Program Level: Intermediate
Field of Study: Specialized Knowledge
Prerequisite: Two years of treasury, finance, or capital markets education and/or experience
Advanced Preparation: None
Instructional Delivery Method: Group Live
PRE-CONFERENCE SESSIONS: DEBT
Synergy 1
7:30 am - 8:00 am
Continental Breakfast
8:00 am – 12:00 pm
Municipal Debt Issuance: Building Fundamentals and Exploring Market Trends
Municipal debt has been a tool for public agencies to build infrastructure and improve facilities for over two centuries. Participants in this program will gain a better understanding of the fundamentals of municipal debt financing, from the core terminology and roles and responsibilities of issuers and their financing team members, to the types of debt state and local governments can issue. Additionally, amid a dynamic market environment, this program will address evolving debt issuance topics, including rising interest rates and implications for borrowing rates and investment rates, Environmental-Social-
Governmental bonds, and primary and continuing disclosure responsibilities.
After completing this session, a successful learner will be able to:
• Develop a deeper understanding of the fundamentals of municipal debt issuance in California.
• Review the municipal debt insurance process, including basic terminology, key players, and legal and disclosure documentation.
• Identify best practices in ongoing debt management, including continuing disclosure responsibilities.
• Evaluate changing market conditions and discuss the impact of a rising interest rate environment on debt issuance and treasury investments.
• Discuss the integration of Environmental-SocialGovernment (ESG) principles into the municipal market, including background on ESG trends, the issuance of “designated bonds”, and rating and disclosure implications.
Speakers:
• Diane K. Quan, Partner, Hawkins Delafield & Wood LLP
• Melissa Shick, Director, KNN Public Finance
• Natalie Perkins, Director of Treasury, Metropolitan Transportation Commission
• Tyler Old, Executive Director, J.P. Morgan
CPE: 4.8
Program Level: Intermediate
Field of Study: Economics
Prerequisite: Two years of treasury, finance, or capital markets education and/or experience
Advanced Preparation: None
Instructional Delivery Method: Group Live
7:30 am – 11:00 am
Exhibitor Set Up
Inspire
7:30 am – 5:00 pm
Registration Open
Convene Lobby
11:00 am – 5:00 pm
Exhibit Hall Open
Inspire
12:00 pm – 1:30 pm
Lunch and Business Meeting
Convene
Welcome by Sandie Arnott, Treasurer for San Mateo County and California Treasurer Fiona Ma
1:30 pm – 1:45 pm
Dessert Break in Exhibit Hall
1:50 pm – 2:40 pm
General Session 1: Treasurers’ Panel
Convene
The duties performed by treasurers and finance professionals across the State are as diverse as the individuals responsible
for doing them. Still, no matter your role, stewardship of public funds is paramount. Join us for a candid conversation exploring challenges and possible solutions facing finance professionals today.
After completing this session, a successful learner will be able to:
• Identify the most pressing challenges currently facing debt and treasury managers.
• Compare and contrast the process of developing debt and investment strategies depending on your entity’s size and goals.
• Gain a better understanding of maximizing career opportunities in public sector finance.
Speakers:
• Lisa Marie Harris, Finance Director/Treasurer, San Diego County Water Authority
• Rich Lee, Finance Director, City of San Mateo
• Henry (Hank) Levy, Treasurer-Tax Collector, Alameda County
Moderator:
Susan Munson, Managing Director, National Markets Group, Cantor Fitzgerald & Co.
CPE: 1.0
Program Level: Intermediate
Field of Study: Specialized Knowledge
Prerequisite: Two years of treasury, finance, or capital markets education and/or experience
Advanced Preparation: None
Instructional Delivery Method: Group Live
2:40 pm – 3:30 pm
General Session 2: Market Update
Convene
Imbalances formed across the economy in the wake of the pandemic which resulted in the fastest inflation since the early 1980s. The Fed responded by overnight raising interest rates 475 bps over the past 12 months. Despite the formation of several cracks in the economic foundation, there has not yet been compelling evidence that inflation has capitulated. Investors are now wrestling with two opposing risks: 1) that inflation, and interest rates, continue higher and 2) that the economic expansion is cut off by the monetary policy response. Given the opposing and binary nature of these outcomes, the economic and interest rate outlooks remain uniquely uncertain today.
After completing this session, a successful learner will be able to:
• Evaluate the factors influencing the U.S. economy, including the historic nature of inflation and how the Fed has responded.
• List the factors driving interest rates, including the prevailing risks that inflation continues higher or that the monetary policy response leads to an economic downturn.
• Attendees will gain a more informed outlook for interest rates which they can apply to various aspects of their roles in government finance.
Speaker:
• Craig Dismuke, Managing Director and Market Strategist, Stifel Financial
CPE: 1.0
Program Level: Intermediate
Field of Study: Finance
Prerequisite: Two years of treasury, finance, or capital markets education and/or experience
Advanced Preparation: None
Instructional Delivery Method: Group Live
3:30 pm – 3:45 pm
Break
3:45 pm – 5:00 pm
General Session 3: Recruiting for Retention - Expanding the Public Finance Workforce
Convene
Since the start of the pandemic, state and local public finance entities are experiencing challenges around recruiting and retaining talent. There is a growing gap between the supply of available positions and insufficient demand for these opportunities, which will only grow as new workers are needed to fill positions from an expected wave of retirements. Research from a recent Government Finance Officers Association publication, Meeting Demand for State and Local Public Finance Jobs, will be presented along with case studies of recent entrants into public finance to first understand the landscape of public finance employment, and second explore strategies to recruit, retain, and grow the public finance workforce.
After completing this session, a successful learner will be able to:
• Describe the historic, current, and projected landscape of public finance employment.
• Communicate strengths of public sector employment for potential candidates.
• Identify recruitment and hiring strategies to expand the public finance workforce.
Speakers:
• Chris Morrill, Executive Director/CEO, Government Finance Officers Association
• Brandon Marquez, County Investment Officer, County of Santa Cruz
• Karen McMillen, Treasurer-Tax Manager, County of Placer
CPE: 1.5
Program Level: Intermediate
Field of Study: Finance
Prerequisite: Two years of treasury, finance, or capital markets education and/or experience
Advanced Preparation: None
Instructional Delivery Method: Group Live
5:00 pm – 6:30 pm
Icebreaker Reception
Engage Ballroom/Courtyard
THURSDAY, APRIL 27, 2023
7:30 am – 5:00 pm
Registration Open
Convene Lobby
8:00 am – 4:30 pm
Exhibit Hall Open
Inspire
8:00 am - 8:25 am
Breakfast
8:25 am – 9:15 am
General Session 4: Geopolitical Update
Convene
Major General James A. “Spider” Marks will address and discuss the major geopolitical themes, tensions, and issues driving international policy and creating headline risk in today’s markets. He will open by discussing the era of great power competition through the lens of the war in Ukraine and the increasing friction between the U.S. and China. He will examine the use of diplomacy, information, military, and economics (DIME) as the U.S. builds alliances and exerts its influence around the globe. General Marks will also highlight other significant geopolitical issues that may create risk or have policy implications, including current events at the time of the conference.
After completing this session, a successful learner will be able to:
• Identify how international actors being labeled as a strategic competitor to the US will impact strategies across the main elements of national power.
• Compare and contrast how the Biden administration’s foreign policies may differ from the previous administration.
• Identify current geopolitical risks and how our relationships with our allies, adversaries and partners may evolve.
Speaker:
• Major General (Ret.) James A. “Spider” Marks, Head of Geopolitical Strategy and Academy Securities’ Senior Advisory Board Member
CPE: 1.0
Program Level: Intermediate
Field of Study: Economics
Prerequisite: Two years of treasury, finance, or capital markets education and/or experience
Advanced Preparation: None
Instructional Delivery Method: Group Live
9:15 am – 10:15 am
Breakout Sessions
BREAKOUT: INVESTMENTS
Synergy 4
9:15 am – 10:15 am
Guarding Your Back: Credit Analysis for Public Investment Programs
This session will focus on the fundamentals of credit analysis as they apply to local government investment programs. Panelists
will discuss the tools and procedures commonly used to mitigate credit risk associated with non-governmental securities. Attendees will learn the importance of applying credit analytics in their investment process to address quantitative and qualitative risks. Discussion will include the different categories from a top-down and bottom-up approach, different corporate and capital structures, key metrics crucial to the process, and a case study in an actual practitioner’s investment program.
After completing this session, a successful learner will be able to:
• Define the building blocks of credit analysis.
• Identify and mitigate risk associated with nongovernmental securities.
• Apply a credit process within the context of a public agency investment program.
Speakers:
• Carlos Oblites, Senior Vice President and Portfolio Strategist, Chandler Asset Management
• Alayne Sampson, Senior Portfolio Strategist, Chandler Asset Management
• Liana Whyte, San Diego County Water Authority
CPE: 1.2
Program Level: Intermediate
Field of Study: Finance
Prerequisite: Two years of treasury, finance, or capital markets education and/or experience
Advanced Preparation: None
Instructional Delivery Method: Group Live
BREAKOUT: TREASURY MANAGEMENT
Synergy 1
9:15 am – 10:15 am
Mitigating California Public Finance Cyber Threats
Join the U.S. Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency (CISA) in a discussion on protecting and enhancing the resilience of the Nation’s physical and cyber infrastructure. The speaker will present case studies of cyber incidents, discuss state and local best practices to mitigate cyber fraud in the financial sector, discuss CISA services and insight, and also provide an update on the 2022 State and Local Cybersecurity Grant Program.
After completing this session, a successful learner will be able to:
• Identify red flags that could indicate fraud.
• Describe best practices to mitigate cybersecurity fraud in public finance.
• Understand Federal services offered by CISA to help local agencies mitigate fraud.
Speaker:
• Mario Garcia, California Cybersecurity State Coordinator, Cybersecurity and Infrastructure Security Agency (CISA), Department of Homeland Security
CPE: 1.2
Program Level: Intermediate
Field of Study: Finance
Prerequisite: Two years of treasury, finance, or capital markets
education and/or experience
Advanced Preparation: None
Instructional Delivery Method: Group Live
BREAKOUT: DEBT
Synergy 2
9:15 am – 10:15 am
Considerations for Issuing Debt in 2023: A Bond Counsel and Issuer Perspective
This discussion will focus on key considerations for issuers entering the public debt markets in 2023. Topics will include investing the proceeds of tax-exempt bonds in an elevated interest rate environment, trends in issuer disclosure, managing on-going continuing disclosure requirements and other topics of note relating to the municipal debt market.
After completing this session, a successful learner will be able to:
• Understanding the available financing and funding options for public entities
• Understanding the various requirements, pros and cons of the available options (this will touch on things like federal securities law and federal income tax law)
• Understanding the post issuance compliance associated with the options
Speaker:
• Allison Edmisten, Chief Financial Officer, Yucaipa Valley Water District
• Jon Guz, Shareholder, Stradling Law
• Joseph Zoba, General Manager, Yucaipa Valley Water District
CPE: 1.2
Program Level: Intermediate
Field of Study: Finance
Prerequisite: Two years of treasury, finance, or capital markets education and/or experience
Advanced Preparation: None
Instructional Delivery Method: Group Live
BREAKOUT: ROUNDTABLE
Synergy 5
9:15 am – 10:15 am
ASK ANYTHING! Topical Round Table: Debt
Join this intimate group of experts to ask anything and everything you want to know about debt. Conversations are meant to be interactive so space will be limited.
10:15 am – 10:45 am
Specialty Coffee Break in Exhibit Hall
10:45 am – 11:45 am
Breakout Sessions
BREAKOUT: INVESTMENTS
Synergy 4
10:45 am – 11:45 am
The ’80s vs. Today – Are We Still Livin’ on a Prayer?
The DeLorean fires up and takes you to a time in history influenced by war, inflation, supply chain bottlenecks, rising rates, and recession concerns. The younger population is wondering if their wages will keep up with inflation, middle-aged folks are wondering if they’ll ever be able to afford a home, and the older people are wondering if their decimated retirement portfolios will last them during their golden years. Are you in the 1980s or did you never leave the 2020s? Join us for a lively history lesson that offers wisdom for today, told through a first-hand perspective of what it was like to navigate record-high interest rates in the ’80s. After this session, you’re sure to walk away from the ’80s with more than great music and iconic fashion.
After completing this session, a successful learner will be able to:
• List the differences between the economic challenges of the ’80s and today.
• Define the relationship between interest rates and inflation.
• Identify three takeaway lessons from the financial environment of the ’80s.
Speakers:
• Monique Spyke, Managing Director, PFM Asset Management
• Connie Mobley-Ritter, Director, Treasury, San Mateo County Transit
CPE: 1.2
Program Level: Intermediate
Field of Study: Finance
Prerequisite: Two years of treasury, finance, or capital markets education and/or experience
Advanced Preparation: None
Instructional Delivery Method: Group Live
BREAKOUT: TREASURY MANAGEMENT
Synergy 1
10:45 am – 11:45 am
Really F’in Painful. Procurement RFP, Examples, Lessons Learned
The RFP process can be rather daunting if not painful to navigate. This session is designed to allow attendees to interact with subject matter experts from various public and private sector entities that will share their experiences and lessons learned in their personal RFP experiences. Questions from the audience are encouraged as our experts share insight and suggestions to make the RFP process as less painful and as efficient as possible. Examples of various RFPs that have been used will be available to attendees at the conclusion of the session.
After completing this session, a successful learner will be able to:
• Compare and contrast available procurement methods.
• Apply lessons learned to avoid common procurement challenges.
• Describe strategies to make the competitive process nimbler.
• Identify and find currently available that you can adapt for your needs
Speakers
• Tajel Shah, Chief Assistant Treasurer, City & County of San Francisco
• Mariel Reed, CEO & Co-founder, Pavilion
• Karen McMillen, Treasurer-Tax Manager, County of Placer
• Michael A. Solorza, Director of Finance, City of Montebello Moderator
• Hubert R. White, III, CFA, CTP, Chief Investment Officer, City and County of San Francisco
CPE: 1.2
Program Level: Intermediate
Field of Study: Finance
Prerequisite: Two years of treasury, finance, or capital markets education and/or experience
Advanced Preparation: None
Instructional Delivery Method: Group Live
BREAKOUT: TREASURY MANAGEMENT
Synergy 5
10:45 am – 11:45 am
Best Practices in Mitigating Cyberpayments Fraud & Risk
The magnitude of cybersecurity threats continues to grow and the highest risk to those involved with public finance is payments fraud, including ACH. This panel will discuss an integrated approach to protect agencies against fraud that involves everyone in the organization, layers of fraud security, and technology-based tools. After completing this session, a successful learner will be able to:
• Identify types of payment fraud that affect public agencies.
• Describe strategies and best practices in in preventing payment fraud.
• Implement best practices to protect public agencies against fraud.
Speakers:
• Anil G. Khilnani, VP, Lead Business Execution Consultant, Fraud Prevention, Wells Fargo Bank
• Zina Monroe, Vice President, Senior Relationship Manager, Wells Fargo Bank
CPE: 1.2
Program Level: Intermediate
Field of Study: Finance
Prerequisite: Two years of treasury, finance, or capital markets education and/or experience
Advanced Preparation: None
Instructional Delivery Method: Group Live
BREAKOUT: DEBT
Synergy 2
10:45 am – 11:45 am
Infrastructure Financing Options Beyond Municipal Bonds
Learn about Federal and State infrastructure funding programs such as WIFIA, SRF, and iBank and how these programs can be leveraged to serve as a critical piece of funding for your infrastructure program.
After completing this session, a successful learner will be able to:
• Identify how to optimize loan products available to finance infrastructure projects while potentially lowering overall borrowing costs.
• Learn how to utilize alternative financing strategies to optimize your debt structure to meet your project’s needs.
• Understand general terms and conditions of alternative financing programs.
Speakers:
• Greg Swartz, Senior Vice President, Government, Piper Sandler
• Jorianne Jernberg, Director, WIFIA Management Division
• Ross Culverwell, Chief Credit Officer, iBank
• Christopher Stevens, Assistant Deputy Director, DFA - SRF
CPE: 1.2
Program Level: Intermediate Field of Study: Finance
Prerequisite: Two years of treasury, finance, or capital markets education and/or experience
Advanced Preparation: None
Instructional Delivery Method: Group Live
12:00 pm – 1:30 pm
Lunch and Keynote Speaker - The Current Work of GFOA National Convene
2023 is a pivotal point for many of the recent federal stimulus and infrastructure programs: nearing the midpoint of ARPA, the second year of the Infrastructure Law (IIJA) and prepping for tax credits proposed in the Inflation Reduction Act (the IRA). Municipal treasurers have been vigilant - but staying on top of Washington, D.C.’s alphabet soup seems to be another fulltime job. What do you need to know about each? And how is a divided congress slowing down or speeding up implementation?
Keynote Speakers:
• Terri Velasquez,President, GFOA
• Emily Brock, Director, Federal Liaison Center, GFOA
1:30 pm – 2:00 pm
Dessert Break in Exhibit Hall
2:00 pm – 3:00 pm
General Session 5: Unrealized Losses, Gains, and Myths Convene
This will be a data driven session discussing myths and truths of public fund investment programs. Some of the topics covered will be optimal duration (depending upon cash flow modeling), unrealized gains/losses, ESG, market timing, benchmarking/ performance, following GAAP/GASB, LAIF/JPAs, credit allocations, and reporting to your governing body.
After completing this session, a successful learner will be able to:
• Develop an optimal portfolio duration.
• Analyze interest rate risk and credit risks of their investment programs.
• Implement best practice benchmarking and performance.
Speaker:
• Rick Phillips, President & CIO, FHN Financial Main Street Advisors
CPE: 1.2
Program Level: Intermediate
Field of Study: Finance
Prerequisite: Two years of treasury, finance, or capital markets education and/or experience
Advanced Preparation: None
Instructional Delivery Method: Group Live
3:00 pm – 3:10 pm
Break
3:10 pm – 4:10 pm
Breakout Sessions
BREAKOUT: INVESTMENTS
Synergy 4
3:10 pm – 4:10 pm
Making the Most Out of Cash: Bank Fees and Beyond
This session will review hard and soft dollar bank fees and analyze the benefit of paying hard dollar fees in a high interest rate environment, using interest income to pay the fees. Speakers will provide talking points for a discussion with the board or other constituents and the role of operating and core reserves in an overall investment strategy. Let’s maximize income while preserving principal and take advantage of these higher rates!
After completing this session, a successful learner will be able to:
• Recall the role of soft dollar fees in bank fee management.
• Define the benefits of analyzing bank balances and fee schedules to minimize bank fees.
• Recall the calculations utilized to determine when paying hard dollar bank fees may be beneficial.
• Monitor cashflow to maximize interest earnings on core funds.
Speakers:
• Laura Glenn, CFA, Senior Director, Investment Advisory Services, Public Trust Advisors
• Hubert R. White, III, CFA, CTP, Chief Investment Officer, City and County of San Francisco
CPE: 1.2
Program Level: Intermediate
Field of Study: Finance
Prerequisite: Two years of treasury, finance, or capital markets education and/or experience
Advanced Preparation: None
Instructional Delivery Method: Group Live
BREAKOUT: TREASURY MANAGEMENT
Synergy 1
3:10 pm – 4:10 pm
Digital Innovations in Treasury
Evolving constituent expectations, advancing technological capabilities, and increasing organizational demands challenge municipal treasurers to optimize their payables and receivables operations. The panel will discuss leading practices by which governments can expand payment options, while maximizing operating efficiency and mitigating risk.
After completing this session, a successful learner will be able to:
• Identify ways the global pandemic influenced the ways agency’s make and receive payments.
• Describe ways to optimize payables utilizing new technologies.
• Compare and contrast ways to strategically “future proof” your agency’s receivables operations.
Speakers:
• Andre Johnson, CFA, CTP, Senior Treasury Management Officer, J.P. Morgan
• Jeremy Appel, Executive Director, Electronic Payments, Product Solutions Delivery, JP Morgan Chase
• Jennifer Davis, Assistant Treasurer, Irvine Ranch Water District
• Oliver Mendoza, CTP, Treasury Analyst, Irvine Ranch Water District
CPE: 1.2
Program Level: Intermediate
Field of Study: Specialized Knowledge
Prerequisite: Two years of treasury, finance, or capital markets education and/or experience
Advanced Preparation: None
Instructional Delivery Method: Group Live
BREAKOUT: DEBT
Synergy 2
3:10 pm – 4:10 pm
Best Practices for Issuing Bonds in Choppy Markets
The municipal bond market continues to be battered by macro forces that are making issuing bonds for infrequent issuers very challenging. Surging interest rates, consistent weakening of investor demand, and secondary market activity are making bond investors very selective in 2023. As the “new normal” synchs in, how are issuers pivoting their capital programs? What are the best practices that bond investors have experienced that all issuers should consider as they approach the market with a bond sale? What can infrequent issuers do to put their best foot forward to make sure as many investors as possible are interested in their bonds?
Speakers:
• Colin MacNaught, CEO, Bond Link
• David Moore, Vice President, American Century Investments
• Jennifer Johnston, Senior Vice President, Director of Municipal Bond Research, Franklin Templeton
CPE: 1.2
Program Level: Intermediate
Field of Study: Finance
Prerequisite: Two years of treasury, finance, or capital markets education and/or experience
Advanced Preparation: None
Instructional Delivery Method: Group Live
BREAKOUT: ROUNDTABLE
Synergy 5
