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GGFOA 2018 Annual Conference

News and Events

Legislative Report - April 5, 2019

GEORGIA GOVERNMENT FINANCE OFFICERS ASSOCIATION GOVERNMENT RELATIONS/STRATEGIC PLANNING COMMITTEE 2019 GEORGIA LEGISLATIVE REPORT APRIL 5, 2019 [2019 – 2020 LEGISLATIVE SESSION] Click here to download the report. Prepared by: Peter K. Floyd, Esq. Partner (Development Incentives, Energy, Infrastructure & Public Finance) Alston & Bird LLP One Atlantic Center 1201 W. Peachtree Street Atlanta, Georgia 30309 404.881.4510 peter.floyd@alston.com



Winter 2019 President's Letter

Hello, Fellow GGFOA Members! Happy New Year, everyone! A new year always symbolizes new beginnings and a fresh start. I hope you all find new and continued success in 2019. Our board and committee chairs have hit the ground running in the new year working diligently to provide the best services possible to you. We are working on ways to provide an internship network to our membership to help find new and upcoming talent in the governmental accounting field. We are working on updating our...



UCOA Update

Since 2001, local governments across Georgia have used the Uniform Chart of Accounts – or UCOA - to guide budgeting, accounting, and auditing processes. The UCOA has standardized the way our state’s city, county, and consolidated governments account for financial assets, revenues such as taxes and charges for services, expenses for essential public functions, and debt service on capital expenditures. It is no surprise to anyone working in local government that our communities are...



Accrued Interest in Governmental Funds – What?

Measurement focus and basis of accounting are two very important terms with significant meaning as it relates to the preparation of external financial statements. Measurement focus is a term accountants use to describe what transactions and events are reported in a given set of financial statements; whereas, basis of accounting is a term accountants use to denote when revenues, expenditures, expenses, transfers and the related assets, deferred outflows, liabilities, and deferred inflows are...



Are you Issuing a Bond?

Are you issuing a bond? Depositing bond proceeds into a safe and collateralized bank issued Money Market Account (MMA) at a competitive interest rate can help you offset the cost of your bond. Example: The final bond rate is 2.00%. Depositing the bond proceeds into a bank issued MMA account paying a rate of 1.00% will reduce the bond cost to around 1.00%. What is a bank issued Money Market Account (MMA): Account Definition: A Money Market Account (MMA) is a bank issued...



How Internal Control Impacts the Payroll Process

Picture this – you are down to the wire in running payroll for the pay period. As a new employee, you have only generated payroll once and that was with the help of your supervisor. Your supervisor is on leave, and now you are literally on your own. You know the electronic payroll file has to be transmitted to the bank by 5 pm in order to pay employees the following week. Your supervisor handed you a printed copy of instructions, but you can’t put your hand on them. You are thinking to...



Post Issuance Compliance in a Rising Interest Rate Environment

In recent years, low interest rates have essentially mitigated any realization of positive net yield from the investment of bond proceeds. However, arbitrage earnings are beginning to return after nearly a ten‑year absence. Are you and your organization adequately prepared? Weeks, even months, of planning and negotiating go into issuing tax-exempt debt. After several meetings with bond counsel, financial advisors, and leadership teams, closing a bond issue can feel like the end of the...



Cybersecurity Myths - Busted

In today’s digital environment, it’s certain we will see more devastating data breaches as the year unfolds. Many organizations that are just getting started on the path to cyber resiliency have misconceptions about cybersecurity that can lead them astray. For organizations to defend themselves against the risks they face, these cybersecurity myths must be busted. Myth # 1: Cybersecurity is about IT. There is a tendency to associate cybersecurity primarily with technology, but YOU...



Arbitrage Rebate - Small Issuer Exception to Rebate Requirement

Arbitrage rebate has not been at the forefront of most governmental finance officer’s minds in recent years. Times are changing, and so should the attention given toward the arbitrage rebate rules. As background, the Federal Government prohibits state and local governments from borrowing tax-exempt debt, and then earning a higher investment yield than its tax-exempt borrowing yield (i.e. positive arbitrage). Generally speaking, if positive arbitrage occurs, the local government is...



Member Spotlight John "Kevin" Hutcheson

1. What is your current job title? Budget and Purchasing Manager 2. How long have you been in the position? 1.5 Years 3. How did you decide to go into local government finance? After getting my Master’s in Public Administration, I worked for a smaller City being split between two departments; planning and finance. After working almost 5 years there I developed a love for public finance. It has always fascinated me the amount of craftwork it takes to assemble a budget and to keep...



Committee News (Winter 2019)

ANNUAL CONFERENCE COMMITTEE Save the Date! GGFOA’s 34th Annual Conference September 29th – October 2nd 2019 GGFOA will celebrate its 34th Annual Conference September 29th – October 2nd, 2019, at the Savannah Marriott Riverfront Hotel, located at 100 General McIntosh Boulevard in Savannah, Georgia. The Savannah Marriott Riverfront, located on the Savannah River, is connected to fun and historic River Street, and is the perfect location for the general and breakout sessions. The...



Legislative Report - March 5, 2019

GEORGIA GOVERNMENT FINANCE OFFICERS ASSOCIATION GOVERNMENT RELATIONS/STRATEGIC PLANNING COMMITTEE 2019 GEORGIA LEGISLATIVE REPORT MARCH 5, 2019 [2019 – 2020 LEGISLATIVE SESSION] Click here to download the report. Prepared by: Peter K. Floyd, Esq. Partner (Development Incentives, Energy, Infrastructure & Public Finance) Alston & Bird LLP One Atlantic Center 1201 W. Peachtree Street Atlanta, Georgia 30309 404.881.4510 peter.floyd@alston.com