ogfoa update...nancy m. mcclain - june 28, 1949 - april 9, 2018 nancy (jones) mcclain was born in...
TRANSCRIPT
OGFOAUpdate
June 2018
Inside
A Message From the PresidentBy Lisa Young
Hopefully everyone has survived budget season and, with a slight break before audit season, I would like to reconnect with a health moment for the summer. Summer begins on June 21st . I challenge everyone to find time to enjoy their summer in Oregon by jumping into the deepest lake in the U.S., climbing a mountain, seeing where the goonies grew up, eating crab the size of your head, taking your
inner beer snob on the adventure of a lifetime or experiencing one of the many other 35 awesome things to do in Oregon! I can’t wait to hear about your adventures.
At the April BOD meeting, the FY 2018-2019 OGFOA budget was proposed by the President and adopted by the BOD. I am pleased to report that the organization is financially stable. This solid foundation provides an opportunity to enhance our programming. The Board is committed to offering high quality sessions and speakers. For the few last years the Board has dedicated increased funding toward conference speakers and regional training; we are continuing this trend in the fiscal year 2018-2019.
For the upcoming Fall Conference on October 15-17, 2019, at the Salem Convention Center, the Education Committee met on May 24th to brainstorm session topics and speakers for the conference program. Over 15 committee members attended in person with a few others on the phone. Great session ideas were proposed for the conference and on June 14th the conference committee will sort through all the options and start putting together the event calendar. I would like to acknowledge and thank Toby LaFrance, Education Committee Chair, Education Committee members and the sub-committee chairs for all their time and efforts for putting together another valued conference experience. Also I would like to acknowledge and thank fellow BOD members, Kathleen Leader and Ron Harker, for volunteering to be Fall Conference Co-Chairs.
OGFOA is committed to informing our members of training opportunities and upcoming events. • In July the OGFOA will offer regional trainings in LaPine and Hermiston. More information
to come. • In August the GFOA will be offering a series of seminars in Sacramento, CA. There is a 10%
discount for anyone who registers by July 20! Check out the GFOA website (http://www.gfoa.org/search-for-training) for more training opportunities.
The OGFOA will be sending out a membership survey so please look for that in your email in box.
OGFOA Buddy Program .....................2
In Memoriam: Nancy McClain ...........3
GFOA Training ....................................3
Calendar of Events .............................3
PERS Happenings ..............................4
GFOA Conference Report ...................5
Board Bios .........................................6
Emerging, Through A FOG ...............10
Sustainability Bonds ........................11
GFOA 2018 Standing Committee Membership Application Process ....12
Scholarship application ...................13
OGFOA Update is published by the Oregon Government Finance Officers Association.Inquiries 503/[email protected]
OGFOA Newsletter EditorsJennifer Cuellar, Columbia CountyMargo Sharp, Hawkins, DelafieldDebbie Blanquie, Eugene Water & Electric BoardErin Blue, Clackamas County continued on next page
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It is really exciting to be part of OGFOA and I am honored to serve as the 2018-2019 President. Thanks to all of you for making OGFOA an outstand-ing organization. The Board is set to meet again in July, so my next message will include an update from that meeting. Until then, I hope you all have a great summer and please feel free to contact me if you have any questions or comments.
Lisa YoungOGFOA President
A Message From The President - continued from page 1
OGFOA Buddy ProgramIn an effort to engage OGFOA members that are new to the organization, we have developed a “Buddy” program that pairs new members with more experienced members.
Through the Buddy Program, OGFOA first-time conference attendees and other new members will be matched with experienced OGFOA members in advance of conferences. The experienced member will provide the new member with lessons learned from OGFOA conferences attended over the years, tips on how to get the most out of OGFOA and the conference, and be a friendly face to connect with at OGFOA social events.
Program guidelines include:• Connecting experienced members with first-time conference attendees by email or telephone in the week prior to the conference.• Meeting at breakfast on the first day of the conference.• Introductions and inclusion in conversations and similar networking opportunities during welcome reception, banquet, and other conference
social events.• Invitation to dinner on nights with no scheduled events.• Acquaintance with the various committees and encouragement to join.• Following up after the conference to discuss questions or feedback.
If you would be interested in participating in the Buddy Program, either as a new or experienced member, please let us know!
To get involved with the
Buddy Programcontact Liz Schuette at
541-447-5627 [email protected]
Quote of the Quarter
“Like a welcome summer rain, humor may suddenly cleanse and cool the earth, the air and you.”
Langston Hughes
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In Memoriam: Nancy McClain Thanks to Marc Gonzales, Clackamas County Finance Director, for forwarding the following about Nancy McClain: “Nancy was a mentor to me, and the person I owe much credit for the faith she put in me; without that trust and support, I expect my professional life may have gone a profoundly different direction.”
Nancy M. McClain - June 28, 1949 - April 9, 2018
Nancy (Jones) McClain was born in San Jose, Calif., June 28, 1949 and left this world in Mesa, Ariz., April 9, 2018. Her resolute spirit led her to a resiliency and determination that carried her through her personal and professional life.
After graduating in 1981 with a Bachelor of Science degree from Marylhurst College, Nancy later passed her Certified Public Accountant (CPA) exams and was to serve as a CPA from 1984 until her death. Her long career, based out of Milwaukie, led to many professional experiences, including serving as the Finance Director of Clackamas County, being elected to the position of Clackamas County Treasurer, a three- year stint as Vice President of Public Finance for U.S. Bancorp, the Finance Director for the City of Redmond from 1999-2001, the Chief Financial Officer for the Portland Development Commission from 2003-2005 and being the owner of her own consulting firm. Her abundant thirst for knowl-edge led her to an advanced understanding of software applications and the early adoption of technology, knowledge that she incorporated into her professional life.
A celebration of life will be held from 3-7 p.m., Saturday, July 14, 2018. For more information about this celebration, please call 503-245-4105.
Please sign the online guest book at www.oregonlive.com/obits (excerpted from obituary published in The Oregonian on May 27, 2018).
Calendar of Events
July 6
OGFOA Board of Directors Meeting
July 23
Regional Training in LaPine (Registration for regional trainings will open online soon)
July 24
Regional Training in Hermiston
July 27
GFOA Standing Committee Membership Application Due
August 20-24
GFOA Training in Sacramento, CA (Discounted Registration through July 20)
October 15-17
OGFOA Conference in Salem
GFOA Training GFOA is hosting a series of CPE-accredited seminars at the Hyatt Regency Sacramento, California. Sign up to participate in one or more training courses and take advantage of available discounts.
Early Bird Discount through July 20.
Scheduled Classes
August 20-21 Intermediate Governmental Accounting
August 20-21 Long-Term Financial Planning
August 22-23 Advanced Financial Reporting
August 22 Budgeting Best Practices
August 23-24 School Budgeting Best Practices
Registration Form
Registration Online
Hotel Information
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PERS Happenings: Update from the PERS Employer Advisory Group (EAG)By Nancy Brewer
PERS is working on a project to be sure they have correct date-of-birth (DOB) information on all members. This is critical for them to be sure they are placing members in the correct Target Date Fund (TDF) for investment of the IAP. Employers are responsible for providing PERS with this info, and PERS reports for the most part they believe the data is accurate. However, in their own internal testing the have found several dozen entries that could not possibly be correct. Most common errors? A start date and DOB that are the same or a DOB before 1900 (seriously, at 118+ you should retire to make way so an 80 year old can do some career devel-opment). PERS is including DOB on member annual statements and is asking employers to encourage members to check the DOB and let the employer know if the date is wrong.
In addition, PERS staff is working to implement member choice for TDF decisions. There will be outreach directly to members, but your HR staff probably need a heads up. I suspect some PERS hosted meetings may be in the mix.
PERS is also implementing rules for the Employer Incentive Fund (EIF). This is the fund the legislature created to provide a match to local entities who make supplemental deposits with PERS. The specifics of this program are yet to be defined. At the EAG meeting, we raised several questions for PERS staff to consider:
• Can an employer apply and use the match for a deposit made after the law goes into effect, but before the application process is defined?
• What will happen when the first set of applications is oversubscribed?• The bill states the monies are on a first come-first served basis, but what does that mean?
If on the date applications are accepted Marion County applies first, with a UAL of 210% of payroll, and Corvallis applies 15 minutes later as the 25th application with a UAL of 310% of payroll will Marion County still get the match if funds have run out?
• The bill references a match of 25% of the amount deposited, but also references a maximum amount than can be “reserved” at 5% of the UAL for the employer or $300,000, whichever is greater. These produce seriously different numbers for each employer. For most, “reserving 5%” could drain the small pool of State match monies with a couple of employer applications.
• What will be the measurement date for calculating the UAL percentage of payroll?
We got confirmation that the State match money would be moved from Treasury into the employer’s PERS account and would not move “through the books of the employer.”
Rulemaking is scheduled for October, and PERS staff have already submitted a placeholder bill for the 2019 Legislative Session for “clean-up” of the current language. Getting imple-mentation questions in front of PERS staff is critical to get to a smooth implementation, so if you have questions not identified here, you can send them to me to forward on to PERS. My contact email is [email protected].
2018-19 Board MembersLisa Young, President [email protected]
Kathleen Leader, President Elect Clean Water Services [email protected]
Tod Burton, Past President Tualatin Valley Water District [email protected]
Don Hudson, GFOA Representative City of Tualatin [email protected]
Susan Brown, Director City of Gresham [email protected]
Gloria Butsch, Director City of Independence [email protected]
Craig Gibons, Director Tax Supervising & Conservation Commission [email protected]
Ron Harker, Director City of Roseburg [email protected]
Eric Johansen, Director City of Portland [email protected]
Toby LaFrance, Director City of Tigard [email protected]
Carol Samuels, Associate Director Piper Jaffray & Co. [email protected]
Laurie Steele, Director-At-Large Marion County [email protected]
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GFOA Conference ReportBy Don Hudson
One of the advantages of being an OGFOA Past President is the opportunity to represent our great organization at the National GFOA Conference. This year’s conference was held in St. Louis and GFOA did not disappoint in putting on an outstanding conference in a great location. If you were there, you know what I am talking about. If you were unable to attend, mark your calendars for May 19-22, 2019. The conference will be in Los Angeles, just a short plane ride south.
My official duties began Saturday afternoon with the State and Provincial Representatives meeting - a great opportunity to glean ideas about what is working in other states and share our experi-ences in Oregon. GFOA’s incoming President, as well as GFOA’s Executive Director and other staff, provides information about what GFOA is working on and how GFOA can help all of us at the State level. Besides myself, Past President Tod Burton and current Presi-dent Lisa Young attended the meeting. There was also a sighting of OGFOA and GFOA Past President Marc Gonzales.
While that was the official beginning of my duties, I unofficially started my conference by taking in some St. Louis BBQ and a Cardinals/Cubs game on Friday night. Our group was quite Presidential with Tod and I, along with Board Member Eric Johansen, being joined by Washington Past President Ade Ariwoola and California Past Presidents John Adams and Drew Corbett. It started with dinner at Sugarfire Smokehouse and then a leisurely (after such a good meal, that was the best pace we could muster) stroll to the ballpark. The weather was perfect to watch a great game between two rivals (not quite Giants/Dodgers, but a good rivalry nonetheless).
The conference itself began on Sunday evening with a keynote speech by Shawn Achor, sharing ideas about how to transform your life, raise both happiness and success rates and become a “positive genius”. His insight and his book The Happiness Advantage and Before Happiness were well received by the crowd.
Monday morning started with another interesting keynote speaker,
Betsy Myers, who discussed “true” leadership with the audience and provided practical strategies to help us discover who we really are, embrace our personal story, and build better relationships with those around us.
To kick off Tuesday, GFOA’s Business Meeting was held. The gavel was passed from Patrick McCoy to current President Steven Gibson. The speech by Mr. McCoy was well done, though not as impressive as Marc Gonzales’ speech last year. Now, the Oregon delegation may be a little biased, but that just goes to show you how well Marc did last year.
The last keynote speaker of the 2018 GFOA Conference, Thomas Friedman, entertained the delegates with an intriguing presentation about the exponential increase in computing power, an explosion of
economic interdependency creating new riches (and spiraling debt), and dramatic changes to our environment. The Pulitzer Prize winning New York Times columnist opened my eyes to how much technology has changed since I entered the work force (I remember using Lotus for DOS – some of you will remember what that was).
The Oregon delegation always is well represented as session presenters and mod-erators, though I think GFOA was desperate this year when
the booked Tod Burton and me to moderate a small government forum. Our job was to keep the dialogue moving and we didn’t have to do much given numerous interesting questions from the group and audience members weighing in to provide guidance to their colleagues in the room. Of course, a medium to medium/large entity here in Oregon fits the definition of small government elsewhere.
After presenting, I was ready for a relaxing evening and really enjoyed the Tuesday night Closing Event. While I was originally looking forward to seeing Huey Lewis and the News (yes, another reference that is showing my age), we were not disappointed with Pat Benatar and Neil Giraldo. Her voice is as strong today as it was during the 1980’s.
Overall, it was another great GFOA experience. If you attended, I hope you felt the same way. And if you haven’t attended a GFOA conference, what are you waiting for?
Eric Johansen (City of Portland), Ade Ariwoola (City of Federal Way), Tod Burton (Tualatin Valley Water District), Drew Corbett (City of San Mateo), Don Hudson (City of Tualatin)
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Board Bios
Lisa Young, President Lisa Young has been working in the accounting/finance field for over 15 years in both public and private. Most recently she was the Finance Director for the City of Sandy, Oregon. Before coming to Sandy, Lisa was the Director of Finance and Administration with the City of Sisters for six years and Senior Accountant for the City of Redmond.
Lisa enjoys volunteer activities including as a GFOA Reviewer for the Distinguished Budget Award and working on OGFOA’s Board, education and membership committees as well as the League of Oregon Cities Finance & Taxation and General Government committees. Historical Societies in Oregon and Alaska have also benefitted from her time and she has served as an Oregon Swim Official and, last but not least, an Oregon Soccer Referee.
Kathleen Leader, President Elect I am the Finance Manager for Clean Water Services where I have been since 2007. Prior to joining the District, I was the Finance Director for the City of Troutdale, Oregon. I have over 20 years’ experience in finance management, including over five years in non-profit healthcare finance as Fiscal Services Director for Holgate Center in Portland, Oregon. I have a Bachelor’s Degree in Business Administration with an emphasis in Accounting from Portland State University.
I hit the gym during the week to stay fit and relieve stress. I run half marathons with a group of close friends, usually traveling to other places for added adventure and a lot of good memories. I also enjoy gardening and being outdoors in the sun.
Tod Burton, Past President Tod has been with the Tualatin Valley Water District (TVWD) since 2006 where he is involved with financial planning, capital planning, rates and charges, debt management, treasury, and investments. He serves as TVWD’s Budget and Investment Officer. His prior experience includes positions with the Portland Devel-opment Commission, Portland’s Bureau of Environmental Services, the City of Simi Valley, CA and the League of California Cities. Tod has presented on a number of finance-related topics where the audience occasionally laugh at his jokes.
Tod has an MBA from Claremont Graduate University and BS from Lewis and Clark College. During his high school years, Tod enjoyed photography, American history, literature, public service, baseball and the Grateful Dead. He graduated unscathed by the disco era…
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Board members sent in pictures from their highschool days. See if you can recognize all of our colleagues!
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Don Hudson, GFOA Representative I have been the Finance Director with the City of Tualatin since January 2008, moving north from the City of Stayton, where I served in the same capacity for just over 4 years. My prior experiences in the 28 years I have been in local government include time spent in both Minnesota and Arizona, after beginning my career in the San Francisco Bay Area with the City of Walnut Creek.
I create a work/life balance by spending time with my wife, and being a born and raised Bay Area Sports fan, I enjoy following the San Francisco Giants and 49ers, as well as the Golden State Warriors and San Jose Sharks (you don’t want to know what my Directv bill looks like). I began my “career” when I was ten years old by hanging around Triangle Sporting Goods by my house and they shortly thereafter took me in and taught me the tricks of the trade. After they closed, I was hired by the video store that took its place. There is no truth to the rumor that the landlord wrote into the lease that I came with the building…
Susan Brown, Director I am the Finance and Accounting Services Manager for the City of Gresham, where I have been since March 2015 after almost 16 years working for Multnomah County in various roles within the Finance Division. Accounting Services at the City is responsible for the City’s financial management and reporting including cash, investment and debt management, financial analysis, general ledger, capital and cost accounting, grant accounting, internal control management, annual financial audit and preparation of the Comprehensive Annual Financial Report, and various other accounting and reporting functions.
Described as a “professional student” by my grandma, I have earned my B.S. in Business/Accounting from Portland State University, my MBA in Accounting from the University of Phoenix, and my Executive MPA from Portland State University.
Gloria Butsch, Director I’m from a small town in the mountains of Northern California. After high school and a couple of detours I moved to Alaska where I began my accounting career in the hospitality industry, then in the fishing industry. In Kodiak, I had my own bookkeeping and tax service.
My family & I moved to Newport, Oregon in 1996. I returned to school at that time and earned an Associates in General Studies and a Business Management Certificate. In 1999, I began working for a local CPA firm. I am now a recovering auditor. Working on governmental audits is where I found my real love of government finance. I began my public service at Seal Rock Water District in 2009 and have been Finance Director at the City of Independence since 2011.
I married my best friend and soul mate in 2009. In addition to my two sons, I have a step-son and step-daughter. My husband & I are both foodies who love to cook, avid golfers and love to travel (with our golf clubs).
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Board Bios - continued from page 6
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Craig Gibons, Director Four years ago, I happily landed at the Tax Supervising and Conservation Commission. At TSCC, we monitor the budgets, taxes, and debt of the 45 school districts and local governments in Multnomah County. We also provide consulting services to member districts, annual budget law training, and publish the TSCC Weekly Update. Our mission is to serve our constituent districts and, thorough my work with OGFOA, that mission spills over to serve districts throughout the state. The work is a privilege.
When I was in high school and college, I explored the world of work washing dishes at a country club, manufacturing sewer pipes, and building stage sets and doing lighting in college theater. I decided to transition to other opportunities and, after college, with absolutely no accounting experience, I applied for an accounting job with Simpson Timber Company in Seattle. At the interview, the accounting supervisor noted my lack of experience and then spent most of the interview talking about his second job as a Hollywood producer. And he offered me the job. Suddenly, I was in charge of a $23 million monthly general ledger inventory entry. I had no idea what I was doing, but I learned.
Ron Harker, Director I joined the staff at the City of Roseburg in January 2014 where I oversee all financial, court and IT operations. I’m especially fond of budgeting, long-range forecasting/planning and modeling; budgeting is fun! Prior to Roseburg, I held the same position with the City of Sutherlin for 15 years. Rounding out my experience, I also worked with the Umpqua Regional Council of Governments on many public grant funded projects, and developed several projects for the Cities of Lathrop, California, and Bountiful, Utah. I hold an MPA (with emphasis in Public Finance) from Brigham Young University’s Marriott School of Management (Go Cougars!) and a BA from the University of Calgary. I’ve been an active member of the Oregon Government Finance Officers Association for 20+ years.
Both a Yankee and a Canuck, I finally set roots in Oregon some 22 years ago with my beautiful wife of 29 wonderful years and I’m blessed with four amazing children; two boys and two girls. In my spare time I can be found cycling the undulating roads around Roseburg on one of my many ‘epic’ rides, or chasing the play on the soccer pitch as a credentialed OSAA referee in a futile attempt to stave off old age. I’m also known to compete in the occasional Triathlon and I love to backpack the many trails of Oregon.
Eric Johansen, Director I have served twice with the City of Portland, most recently returning in January 2016 as the City’s Debt Manager. Previously I was served as Treasurer of the City of Portland from 2010-12 and as Debt Manager from 1997 until 2010. As Debt Manager, I am responsible for all aspects of the City’s debt management program, including management of nearly $3.5 billion in outstanding debt. Sharing what I’ve learned in my career with others is important for me so I’ve served on GFOA’s Debt Management committee for years now.
\After graduating from U of O, I basically went straight into banking and investments starting with Shearson Lehman Brothers for five years. Then I moved to Public Financial Management an independent financial advisor. I also worked twice with PFM, before and after my first 14-year run with Portland. But I guess a second run with Lehman is probably not in the cards.
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Board Bios - continued from page 7
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Toby LaFrance, Director Toby LaFrance thinks of himself as being pretty easygoing, but has discovered that others find him to be high-maintenance. According to Billy Crystal in “When Harry Met Sally,” that makes him the worst kind of person. Much of the high-maintenance perceptions comes from Toby having a few firmly held beliefs. Some are philosophies that are applied to work, like: “50% of life is showing up, if you don’t show up, you can’t make anything happen”, or “10% of life is what happens to you, the rest is how you choose to react to it.” Being a finance guy, Toby likes philosophy in percentages.
Other theories of life are a bit less useful, but just as important. Some food related examples include: “Fungus (mushrooms) should not be eaten and does not belong on pizza,” “never ruin an oatmeal cookie with raisins (or a spice cake with carrots),” and “beer tastes lovely just as it is and shouldn’t try to taste like grapefruit, salted caramel, or something else.” This is the kind of stuff that makes Toby high-maintenance. Unfortunately for public sector finance, Toby discovered early in his career that he liked working in this sector and has been subjecting his co-workers to his peculiarities for nearly 25 years, including the last decade as the Finance and Information Services Director for the City of Tigard.
Carol Samuels, Associate Director Carol Samuels is OGFOA Associate Member of the Board and is a Managing Director at Piper Jaffray. She graduated from the Bronx High School of Science in Bronx, New York, where she took the subway to get to school every day. Her yearbook quote was ‘laughter is not at all a bad beginning for a friendship, and it is far the best ending for one.’ So said Oscar Wilde.
Not bad.
Laurie Steele, Director-At-Large Laurie Steele is the elected county treasurer for Marion County Oregon since 2003. She was designated as the PCI Compliance Manager for Marion County in 2011. Laurie is a Certified Public Funds Investment Manager and serves on the Oregon Short Term Fund Board, the Oregon Municipal Debt Advisory Com-mission and the Board of Directors for the Association of Oregon Counties. She is past president of the Oregon Association of County Treasurers and is a contributing author and instructor for the Public Treasury Institute.
Board Bios - continued from page 8
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Emerging, Through A FOGBy Marc Gonzales, Clackamas County Finance Director
OGFOA members have a lot of choices when it comes to improving our knowledge and sharpening expertise - including two conferences a year, or traveling to take advantage of educational offerings of some of our sister state associations such as WFOA and CSMFO. We also have the benefit of online or in-person training put on by GFOA at regular intervals.
But, if we work in an entity like a water district or a small city with less plentiful training budgets, or if our job is located in a more remote part of the state, traveling for professional education, or paying for those internet trainings that are available without the need to travel can still be difficult.
What then do we have available that meets our needs?For over ten years, groups of finance folks have been creating their own pods of learning - regular gatherings of colleagues that are based in common geographical location. No hotel costs, no price of admission - except to arrive with information to exchange, and a desire to meet, support, and get to know better others who do what we do for a living. And on a good day, a chance to have lunch in that setting.
These groups have been dubbed FOGs - Finance Officer Groups. They have been institutionalized in places like Washington and Clackamas Counties.
The first FOG started with Washington County governments getting together; at Wayne Lowry’s urging, Washington County CFO Mary Gruss (then at City of Hillsboro) brought together colleagues for occasional, and then quarterly gatherings. The need for this kind of less formal learn-ing was immediately recognized by those outside of the Washington County circle, and people from Clackamas County and some from cities in Marion County started being regular attendees. Soon the representation in the group included multiple entities from outside Washington and Clackamas Counties and the gatherings grew larger and larger. The meetings hit a peak of attendance in about 2014.
Topics discussed and examined in the FOGs include budgeting, legislative issues, regulatory changes, PERS, how-to’s for some technology solutions, and ways in which to enhance the influence of our profession on the operations of our governments. Speakers have included department heads and elected officials from the State of Oregon, and experts in finance and retirement system mechanics like Nancy Brewer and Carol Samuels and others.
OGFOA President Lisa Young has noted the great contributions to professional development that FOGs have added to the other ways we grow knowledge and skills. She is asking for members of our Association to reach out to one another - and if there’s not an active FOG in your area, to consider bringing your local colleagues together to form one. Already, newer groups are active in Portland, Corvallis, and over in Central Oregon in the area surrounding Bend with regular attendees numbering 15-25 finance officers from Deschutes, Crook and Jefferson Counties. In a perfect world a statewide network of such groups will come into being, so that we can add another set of opportunities to the already great options we have for professional development.
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Oregon’s First Sustainability Bond Sale Exceeds Expectations, Will Finance Affordable Housing StatewideDemand was high for initial opportunity to obtain sustainability bonds via ‘Buy Oregon Bonds’ portal
SALEM News Release – State Treasurer Tobias Read announced that the first sale of innovative Oregon Sustainability Bonds exceeded expecta-tions, with more buyers than the supply of available bonds.
As a result, in addition to helping Oregonians invest in themselves, Treasury was able to shave interest costs with competitive long-term financing rates. The first Sustainability Bond sale is a $40 million federally taxable issuance for affordable housing construction and home ownership programs throughout the state.
Based on the highly successful sale, Treasury will explore future potential sales dedicated to sustainable communities and environmental protection, said Treasurer Read, who originated the new Oregon municipal debt classification. The bonds are tailored for socially responsible investors.
“Sustainability is an Oregon value,” said Treasurer Read. “This landmark sale by the State Treasury proves there is robust demand to invest in strengthening our communities and conserving our resources.”
The first series of Oregon Sustainability Bonds will finance grants for the construction of affordable housing projects via the State’s Local Innovation and Fast Track (LIFT) Affordable Housing Program. The projects selected for inclusion in the LIFT program by the Oregon Housing and Community Services Department are in historically underserved communities and for households earning at or below 60% of Area Median Income.
The bonds were priced and allocated to buyers last week, and the issuance will be final as of May 22. Buyers include Oregon retail buyers and managers of institutional mutual funds, including a number of firms that focus particularly on socially responsible investments and who bid for Oregon bonds for the first time.
Because the bonds were approximately three times oversubscribed, it allowed for slightly lower yields on most bond maturities, which will save about $75,000 in interest costs over the life of the bonds.
The bonds will mature between one and 20 years, with coupons ranging from 2.29 to 3.98 percent. They earned ratings of AA+/Aa1/AA+ from Standard & Poor’s, Moody’s Investor Service, and Fitch Investor’s Service, respectively.
In addition to being dedicated to sustainable public priorities, such as affordable housing, Oregon Sustainability Bonds have a higher level of transparency: Annual reports will be made available on the uses and spend-down of the bond proceeds, until the funds are spent in full. The new bond program helps fulfill the goals of the Oregon Sustainability Act, which calls for developing and protecting resources in ways to enable people to meet current needs while also providing that future generations can meet theirs -- from the joint perspective of environmental, economic and community objectives.
The $40 million will finance grants for the construction of affordable housing projects via the State’s Local Innovation and Fast Track (LIFT) Affordable Housing Program, managed by the Oregon Housing and Community Services Department. Projects that receive financing assistance from the LIFT program are in historically underserved communities and for households earning at or below 60% of Area Median Income.
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GFOA 2018 Standing Committee Membership Application ProcessServing on a standing committee is an excellent opportunity for GFOA members to contribute their experience and knowledge to the entire membership. GFOA’s seven standing committees meet twice each year and develop best practices, advisories and policy statements for the approval of the Executive Board and membership. GFOA associate members from the private sector may also apply to be advisors to one of the committees.
Please note that GFOA does not provide for the reimbursement of expenses incurred in connection with committee activities. Please review the Standing Committees Policies and Procedures for other committee guidelines.
The GFOA’s seven standing committees are • Accounting, Auditing and Financial Reporting• Canadian Issues• Economic Development and Capital Planning• Governmental Budgeting and Fiscal Policy• Governmental Debt Management• Retirement and Benefits Administration• Treasury and Investment Management
Applications to become a GFOA standing committee member are being accepted through July 27, 2018.
Complete the application here.
If you are a current GFOA committee member (and at the end of your first term), please complete the application for re-appointment here.
Because
Excellence
Matters
Please return this
application to
Association
Manager
Misty Slagle
by 5:00pm
September 7, 2018
E-mail: misty@
westernadvocates.com
with the subject :
“18 Scholarship
Application”
Fax: 503-597-3668
Mail:
6745 SW Hampton
St., Suite 101
Portland, OR
97223
Scholarship Application
Applications are due no later than 5:00 pm on Friday September 7, 2018
Prior to filling out this application please read the attached OGFOA Scholarship Policy for further
information and eligibility requirements.
First Name: ____________________________ Last Name: ________________________________
Title: _______________________________ Organization:_________________________________
Mailing Address: __________________________________________________________________
Work Phone: _______________________ Email Address:________________________________
Population Served: __________________________ Number of Finance Staff: __________
Have you attended this event before? Yes No
Number of years as a member of OGFOA? _____ Years in government finance? __________
Have you received an OGFOA Conference Scholarship before?___Spring ____Fall ____No
Please indicate the level of scholarship(s) you are applying for:
________Conference Only __________Conference & Overnight Accommodations
Please include the following with this application:
A short essay about yourself and your need for this scholarship
If applying for accommodations please provide a copy of your jurisdiction’s travel policy
Cancelation Policy -- If a scholarship is awarded to our employee, our entity will
support the employee's attendance at the conference and we acknowledge that
any cancellation may result in costs incurred by OGFOA and will be
reimbursed by our entity in full.
_________________________________________________________________________________________
SUPERVISOR SIGNATURE DATE
PLEASE SEND YOUR COMPLETED APPLICATION BY FAX OR MAIL TO:
OMFOA 6745 SW Hampton Street, Suite 101 ▪ Portland, OR 97223 Fax: 503.597.3668
Or by email to [email protected]
Applicant
Initials:
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2018 Fall Conference
October 15-17, 2018
The Salem Convention Center
Salem, OR