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CSMFO MAGAZINE MARCH 2016 CSMFO.ORG 1 CSMFO MAGAZINE CALIFORNIA SOCIETY OF MUNICIPAL FINANCE OFFICIALS PREMIERE ISSUE MARCH 2016 #1

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The premiere issue of CSMFO Magazine. Articles and features on finance in California by the professionals who make it happen and how.

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Page 1: CSMFO Magazine March 2016

CSMFO MAGAZINE MARCH 2016CSMFO.ORG

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CSMFO M A G A Z I N E

C A L I F O R N I A S O C I E T Y O F M U N I C I P A L F I N A N C E O F F I C I A L S

PREMIERE ISSUE

MARCH 2016 #1

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Page 3: CSMFO Magazine March 2016

CSMFO MAGAZINE MARCH 2016CSMFO.ORG

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Kentucky Municipal Power

Agency

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South Tahoe Joint Powers Financing

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Rhode Island Infrastructure

Bank

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Electric System Revenue Bonds, Series 2015-B

Dawson County Hospital District

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Page 4: CSMFO Magazine March 2016

CSMFO.ORGCSMFO MAGAZINE MARCH 2016

CSMFO M A G A Z I N E

C A L I F O R N I A S O C I E T Y O F M U N I C I P A L F I N A N C E O F F I C I A L S

MARCH 2016 #1

2016 Board of DirectorsPresident John Adams, City of Thousand OaksPresident-Elect Drew Corbett, City of San MateoPast President Jesse Takahashi, City of CampbellBarbara Boswell, City of LancasterJimmy Forbis, City of MontereyBrent Mason, City of RiversideMarcus Pimentel, City of Santa CruzKaran Reid, City of ConcordChu 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

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CONTENTSMARCH 2016

6 President’s LetterJohn Adams

Executive Director’s LetterMelissa Dixon

Avoiding the Headlines: Navigating the Challenges of an IT System ImplementationScott Johnson, CPA, CGMA

Chapter Chair Q&ACarrie Corder and Steve Heide

A Meeting to RememberStephen Parker

Got Accounting?Will Fuentes

Swimming Safely in Treacherous Waters: Paying Attention to Financial HealthMichael Coleman

Savvy Nonprofits Create a Solid Funding StrategyFirst Nonprofit Group

A Year with the Program CommitteeDrew Corbett

Using Your Leadership Position to Improve Budget OutcomesMichael Newsome

Understanding Retirement Plan Fees and Keeping Them “Level”Edward Wagner

The Pending StormDan Schaaf and Tim Seufert

Connect with CSMFO’s CoachesDon Maruska

Has Auditing Become a Commodity Service?Kenneth Pun

CSMFO STAFF Q&AStaff

Job Opportunities

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1618202324263032

36384145

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PRESIDENT’S LETTERJOHN ADAMS

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!

Instead, I decided to write about past CSMFO conference experiences that have made an impact on my career in municipal finance. I am not sure how many municipal finance professionals planned to go into the public sector while in college…it’s not like going to school to be an urban planner or a civil engineer. Having a background in finance or accounting provides you the opportunity to go into any industry and, like most I believe, I just fell into it. I believe my involvement in CSMFO and experiences at past conferences have actually kept me in the field and helped me grow as a municipal finance professional.

Burbank – 1996 – “Lights, Camera, Finance”

In 1995, I had been working at the City of West Hollywood for less than two years before attending my first CSMFO meeting. It was not just any meeting, but a CSMFO Conference

A CONFERENCE LIFE FOR ME

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 the only one with a tie on and a coat ready to go. I remember him stopping by my cubicle and asking if I had plans for the afternoon. You can imagine my response: “Nope, whatever you need, let me know.” He said “Let’s go,” and I soon figured out he was going to need support as he volunteered at the Committee meeting for several projects, including “special events” on Saturday and an opening video (which you can watch here https://www.youtube.com/watch?v=gUEQRJ84Nc8 on YouTube). I learned a lot and had loads of fun. The best part was that Paul introduced me to many wonderful CSMFO members, people like Joan Michaels Aguilar (past CSMFO Board Member, City of Dixon), Derek Hanway (Past President), Bob Elliot (City of Glendale) and Al Holliman.

Al Holliman is in the introduction video and was the Conference Host & Finance Director in Burbank and, no surprise for those that know him, just a great person.

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:

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

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To this day, I believe he gave me some of the best advice I have ever received. After a contentious meeting with the LA County Fire Chief (long story), he told me, “John, there are three things you need to remember to be a successful Finance Director: 1) Don’t Piss Off the Fire Chief, 2) Don’t Piss Off the Police Chief, and 3) Never Trust an Engineer’s Estimate.” We were close to breaking rule one (luckily it all worked out), but to this day I always remember those words, especially when my city engineer provides an estimate on a capital project.

I mentioned Paul Arevalo earlier. He has not been actively involved in CSMFO since his appointment as city manager for West Hollywood in 2000, a post he continues in to this day. But that doesn’t mean he’s not involved in municipal finance, as he has been a member on the League’s Revenue & Taxation Committee for 16 years. He continues to be supportive of CSMFO, and many of the West Hollywood finance employees are active CSMFO members. Paul was a CSMFO Board Member in the late ‘90s, but his real impact on CSMFO was as the first chair for the Technology Committee that was formed in 1996. With his vision and leadership, and the support of Kirk Biglione, CSMFO established the Committee and its “web presence” at www.csmfo.org, and created a great resource called the CSMFO ListServ. As the CSMFO President, I am recognizing his contributions to CSMFO in my message but, more importantly, thanking him for his mentoring and friendship the past 22 years.

Pasadena – 2000 – “Expanding Horizons in Government Finance”

In 1999, when Paul was on the Board, he volunteered to be on the 2000 Annual Conference Host Committee in Pasadena with Jay Goldstone. Of course, you know what that meant for me: I was also

volunteered to participate. The Annual Conference in 2000

was going to be a big deal, as it was one of the first conferences for CSMFO that was going to have an Exhibit Hall. The problem was that when Jay proposed

to host the Conference, he did not know that he would

need to have an Exhibit Hall. Soon after the Committee started its

work to plan the Conference, Paul was appointed Interim City Manager, which meant I would have to take more of a lead role in assisting Jay and others on the Conference. (By now I am an accounting manager and had been a member of CSMFO for four years.) Ultimately I was tasked with coordinating the Exhibit Hall, working with commercial members and the convention services company. It was a complete learning experience, since I had no idea what I was doing…but neither did Jay or anyone else on the Committee, so if I messed something up they would never know. On that Committee, there were three people that played significant roles for that year: Jay Goldstone (Pasadena Finance Director), Tracey Hause (Arcadia Finance Director), and Viki Copeland (Hermosa Beach Finance Director). Hopefully many of you know Jay, Tracy and Viki, since all are still very active in CSMFO and our profession. Tracey is currently the San Gabriel Valley Chapter Chair and Viki Copeland is the Chair of the Annual Conference Program Committee. Viki was also involved in developing the Conference Program in 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.

What’s your favorite CSMFO Annual Conference memory?

Email your story to [email protected] for a chance to be highlighted

in the April issue!

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EXECUTIVE DIRECTOR’SLETTERMELISSA DIXON

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.

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.

INTRODUCING CSMFO

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.

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.

MELISSA DIXON FACTSMelissa also runs a non-profit organization as her hob-by--a theatre company called The Alternative Arts Collective.

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to spend more time maximizing the effectiveness of

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Page 10: CSMFO Magazine March 2016

CSMFO.ORGCSMFO MAGAZINE MARCH 2016

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

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

FEATURE STORY

BACKGROUNDLast 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.”) Regard-less 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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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

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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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 long-range IT needs, along with the specific parameters of an IT project before sending out the project’s RFP, dramatically improve their chances of success.

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.

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: [email protected].

“Large projects are much less likely to fail because of large-

scale fraud or abuse...”

entity-wide strategic planning

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GASB update. This year, Jennifer Farr from Davis Farr, LLP will provide the GASB update on March 17, 2016

3. Your last meeting of 2015 was a new format, which included a panel discussion with municipal CEOs who

had started their careers in finance. What sort of advice did the panelists have for those CSMFO members

looking to move up in their respective agencies? Is this a meeting format you’ll repeat for 2016?

It was interesting to hear about the variety of paths our speakers took on their respective roads from financial professional to local government CEO.

A couple of common themes in the discussion were, “Be politically astute without being

political,” and “Try to achieve a balance between your work and

personal life. It only gets harder when you move to the top, but you should strive to find it.”

We generally meet bi-monthly. As Carrie references above, our chapter typically hosts an annual GASB update and an annual economic

update, both of which are very popular with our members.

While the CEO panel discussion was well received, we have so many

other worthy topics to choose from for our remaining meetings, we probably won’t be able to

do squeeze in a repeat of the panel of this year.

WITH Carrie CorderAssistant General Manager/CFOCucamonga Valler Water District

AND Steve HeideFinance ManagerChino Valley Independent Fire District

1. What made you volunteer to chair the Inland Empire Chapter?

Carrie: I initially served as chapter chair in 2009 when our previous chair retired. I thought that this would be a great opportunity to meet more people in our profession. As it turned out, I really enjoyed planning the meetings and expanding my network. In 2015 the spot became open again and Steve and I agreed to partner up to plan the meetings, plus who wouldn’t want to work with Steve? He tells the corniest jokes I have ever heard!!

Steve: Having been previously active in a couple of different CSMFO committees, I saw this opportunity to get involved in our chapter leadership as a chance to connect with members on more of a grass roots level. We’ve had a number of outstanding chapter chairs in the Inland Empire over the years, including Carrie in her previous tenure, so I knew I was coming into a good situation.

2. As a Chapter Chair, what kinds of resources are at

your disposal? Do you ever get ideas from other chapters

around the state?

When we meet to discuss potential meeting topics we take a look at popular sessions at the annual conference, trending issues, and interesting topics from other chapters. Each year we include the annual Inland Empire Economic Update with Dr. John Husing (7 years in a row) and include an annual

CHAPTER CHAIR Q&AA TALE OF TWO CHAIRS

Inland Empire Chapter Meetings

CHAPTER REPORTS

“My advice to people new to CSMFO is to be involved“

“There are so many generous, experienced and

knowledgeable professionals associated with CSMFO“

Page 15: CSMFO Magazine March 2016

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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Page 16: CSMFO Magazine March 2016

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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.

By Stephen ParkerOrange County Chapter Vice ChairCity 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

A MEETING TO REMEMBER

Orange County Chapter Meeting

CHAPTER REPORTS

We’ve made a career out of serving them.People who dedicate their lives to serving others deserve an organiztion

that dedicates itself exclusively to them. For over forty years, we’ve met the challenge to help public sector workers realize their retirement dreams.

icmarc.org/infoAC: 27885-1115-7938

Public sector workersmake a career outof serving others.

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We’ve made a career out of serving them.People who dedicate their lives to serving others deserve an organiztion

that dedicates itself exclusively to them. For over forty years, we’ve met the challenge to help public sector workers realize their retirement dreams.

icmarc.org/infoAC: 27885-1115-7938

Public sector workersmake a career outof serving others.

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“Extremely helpful information…appreciate Susan’s enthusiasm and passion about her line of work.” –

Customer Support Manager (Consultant)

“Susan is easy to listen to and understand.”

– Finance Supervisor

“[Susan] was captivating and kept the audience intrigued…she taught the information very eloquently. Thank you!”

–Senior Accountant

“Very good. I only wish there were more classes offered

locally.” – Financial Services

Manager

By Will FuentesCareer Devel. Committee Vice ChairCity 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.

In addition to being a tremendous class loaded with great content, Intermediate Governmental Accounting 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 twenty-five years of public agency and government auditing experience. She was previously Chief Finance Officer for the City of Stockton and currently maintains a consulting practice providing financial project support to California cities. During her active retirement, Susan has also been Interim Finance Director for cities such as Vallejo and Ukiah. Susan strives to make her classes both informative and entertaining and creates an interactive class environment that fosters student engagement and encourages questions. Here are some testimonials from her recent classes:

GOT ACCOUNTING?

WILL FUENTES

STARTING A CAREER IN THE PUBLIC SECTOR RIGHT

INSIDE LOOK

“...taught by a very knowledgeable, enthusiastic

and engaging instructor, Susan Mayer“

Susan Mayer, teaching her Intermediate class.

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“A tremendous class loaded with great content”

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 [email protected]. Host agencies receive two free attendees and are assisted along the way by a Career Development Committee member to ensure a successful day.

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 one-on-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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Swimming Safely in Treacherous Waters: Paying Attention to

Financial HealthBy Michael Coleman

EXPERT

“Only when the tide goes out do you discover who’s been swimming naked.” ~ Warren Buffett

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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:

• Deep and protracted declines in our core revenues.

• The dissolution of redevelopment agencies as we knew them and the fractious and costly mess left over.

• The capricious wiping out by the Legislature of the remainder of city VLF finds such that inhabited annexations and incorporations are no longer fiscally viable. The Governor’s vetoes of several solutions to this, reflecting an apparent inability to recognize the severe implications for state and local environmental as well as fiscal needs.

• The long term and accelerating decline in sales and use tax revenues due to an outdated structure and continuing massive kickbacks of local revenue to corporations through rebate agreements.

• 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

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.

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 even granted more employee compensation without fully addressing outyear costs or how they will be covered. Some have given up policy discretion to rules

in charters in contracts: binding arbitration, obligatory survey driven compensation

levels, barriers to staffing reductions, etc. They have relied excessively

and sometimes illegally on short term borrowing from special funds and have not corrected growing subsidies of malfunctioning public enterprises. Some are once again becoming dependent on the short-term boost of

new land use development year after year after year to

fund ongoing public service funding.

These are not sustainable strategies, and depending on their extent and

combination, they can lead to financial insolvency. The severity and combination of these bad practices 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

“A shared understanding of the financial condition of the local

government is the starting point to remedy financial distress”

By Michael Coleman

Page 22: CSMFO Magazine March 2016

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

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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 re-evaluations, 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”

Savvy Nonprofits Create a Solid Funding Strategy TIPS

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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.

By Drew CorbettPresident-ElectCity 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

A YEAR WITH THE PROGRAM COMMITTEE

“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”

DREW CORBETT

AN AMAZING AND INSPIRING GROUP

INSIDE LOOK

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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.

I look forward to seeing you all in Anaheim!The 2015 CSMFO Annual Conference

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Using Your Leadership Position to Improve

Budget OutcomesBy Michael Newsome, Senior Consultant, Questica

EDUCATION

Make the budget your personal project. Be its champion. Lead, participate, support and inspire.

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:

1. Take the budget seriously, not just as a legislated mandate but as something that can assist you in managing your municipality. No matter how much of a dyed in the wool “back of an envelope” person you are, don’t convince yourself that technology is not important.

2. Take an active role in the budget technology decisions. Don’t be intimidated by the jargon or overly influenced by the latest fashions. If you cannot follow the logic in what you are being told it either doesn’t exist or isn’t being communicated properly. Dig into the details, and shake the facts to make sure that they are not just opinions.

3. Understand that the most important part of any budget system is its structure and its ability to deal effectively with the key elements of the budget. Budgeting doesn’t require high math, but it does require strong organization.

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

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 of the data is considered paramount. The accuracy of

the resulting data should be beyond question. On the other hand, a good financial

planning and analysis application supports more complex math

used in the determination of tax rates and other funding

decisions. The accuracy of the resulting data can be affected significantly by the computational assumptions made by the analyst. Trying to accomplish both with the same technology

may appear efficient but can be very messy;

akin to serving five courses simultaneously on a single

plate.

6. Choose your technology for the long haul but not for an eternity. The reality

is that all software products evolve. Take the time to discuss the vendor’s future direction and make sure that it aligns well with your own plans.

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

“A shared understanding of the financial condition of the local

government is the starting point to remedy financial distress”

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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.

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For more information, contact the following representatives from our California public finance team:

Mark AdlerManaging Director301 [email protected]

Dennis McGuireManaging Director916 [email protected]

Katie KosterManaging Director949 [email protected]

Russell ReyesManaging Director310 [email protected]

Victor Ume-Ukeje Managing Director415 [email protected]

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

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Understanding Retirement Plan Fees & Keeping Them “Level”

By Edward Wagner - Managing Director, SageView Advisory Group

EDUCATION

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As retirement plan fees have come under increased scrutiny lately, more people, including regulators and plaintiff’s attorneys, are paying close attention to how much employees pay to participate in their retirement plan. One of the most popular methodologies utilized to pay for plan administration costs is the revenue generated and shared by the investments within the plan. All participants benefit from the costs associated with plan administration, including having their assets held in trust, receiving a quarterly statement, online access to their account, investment education, etc. Many people understand that every investment option (or fund) charges a fee in order to operate the investment, which is commonly referred to as the fund’s expense ratio. A portion of the expense ratio pays for the expertise of the fund manager, but what many people don’t know is that a portion of that fee is sometimes shared with the retirement plan provider (or record-keeper) in order to offset the cost of administering the plan. It is incumbent upon the employer to understand all of those fees and determine if the total amount collected and then used to offset the cost of the plan is reasonable given the marketplace and the level of services provided. Since some funds do not share any revenue to offset plan costs and other funds may share varying amounts, it can be very difficult for an employer to assess the total cost of the plan they offer. Additionally, this disparity in revenue sharing can lead to an unfair allocation of plan fees paid by your employees. For example, if the funds in your retirement plan contain different revenue sharing arrangements, which is very common, an employee may unknowingly be paying more toward the cost of plan administration, than his co-worker. Below are two hypothetical funds that may be very similar in risk and style, but have very different fee structures.

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

• Fund B also has an expense ratio of 1.00% but does not share any revenue back to the record-keeper to offset plan expenses.

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

Fund A ends up allocating 0.50% of his or her fund management costs towards the administrative costs of the plan. The employee in Fund B doesn’t pay for any of the plan related costs because that fund’s expense ratio does not include any revenue sharing back to the record-keeper. The end result; both employees paid the same amount for their investments but one

ended up paying for a portion of the plan-level costs while the other did not. Not only is

there a question of fairness under these circumstances, but most employees

have no idea that this disparity in cost exists. Currently, required

fee disclosures don’t provide enough information for the average person to identify the level of overall plan costs they’re subsidizing.

So how do we fix this? With today’s technology,

many record-keepers are now able to offer a solution that

allows you to levelize the cost of your plan to all participants equally,

regardless of the investment options they choose. Within this type of solution, any revenue

shared by a fund is credited back to the participant and then a level fee is calculated and assessed to everyone. Although offering a plan with unequal costs to employees is still commonplace and considered acceptable, its prudence is constantly being debated. With enhancements in technology and record-keeper capabilities, many feel it’s only a matter of time before all plans will eventually migrate to platforms that are more equitable to all employees. A good example of this improved fee arrangement platform in action is the California Public Agency Self-Directed Tax Advantaged Retirement System (or STARS program).

The STARS program is available to most California public agencies and can be used as a stand-alone solution, or in conjunction with your existing retirement plan program. More information about the program can be found at www.starsca.org.

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“Although offering a plan with unequal costs to employees is still

commonplace and considered acceptable, its prudence is constantly

being debated”

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The Pending Storm

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

EDUCATION

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

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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.

Planning and Engineering: Storm drain management requires proactive planning, the right infrastructure, along with regular operations and maintenance. Developing, or updating, a storm drain master plan is a good place to start, as you contemplate the needs, design requirements, and unique attributes of your community. For many years in many communities, storm drain management has been low on the priority list, until recently. With more population and increased impervious surface area due to development, storm drain 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.

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),

the California State Association of Counties, the League of

Cities, and the Association of California Water Agencies jointly filed “The California Water Conservation, Flood Control and Stormwater Management Act of 2016” which would provide for a fee mechanism for

stormwater funding, as well as significant water-related legal

changes. However, any of these efforts would be a constitutional

amendment which will require a vote of the people if one finally passes through the

legislature.

“A couple of bills have been introduced which would allow local governments to establish property related fees for storm drain costs”

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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

• The General Fund – the last recourse when

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: [email protected]

Tim Seufert: [email protected]

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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.

By Don MaruskaMaster Certified Coach and DirectorCSMFO 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.

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.

CONNECT WITH CSMFO’S COACHES

“Coaching offers value for people at any stage in their careers. As in sports,

coaching helps even the best players do better “

DON MARUSKA

PROFESSIONAL VOLUNTEERING

INSIDE LOOK

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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.

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 [email protected] or 714-961-7141 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

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

the field...”

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Has Auditing Become a Commodity Service?

By Kenneth Pun, Managing Partner, The Pun Group

EXPERT

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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

The increasing frequency and severity of these cases raises a number of serious – and legitimate - questions for anyone involved in the stewardship of public funds: What can and should stakeholders expect from an annual audit? Why were so many issues either not identified or overlooked in the aforementioned cases? What process or measures were in place to evaluate the quality of the audit work performed?

Providing answers to these questions becomes crucial for the CPA profession, considering the reputational issues at stake. I would submit that the path leading to those solutions is well marked – assuming, of course, one chooses to follow it.

An audit is an independent examination of the books and records in order to ascertain that the financial statements presented reflect a fair financial picture of the organization. It should also provide an organization the reliable information needed to address operating issues and/or concerns. This requires 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

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 well-established and vetted professional standards.

What is a “good” audit?

Auditors must begin with a 360-degree view of the organization, including

management’s philosophy and how they operate. Does leadership

demonstrate commitment in terms of transparency, honesty, integrity, and ethical behavior? The evaluation process must involve more than simply looking at a website or documents provided by management. It

must include a comprehensive interview process involving not

only key operations personnel, but also stakeholders within the

governing board, management, and accounting personnel.

Second, the process should include a comprehensive audit plan. This document serves as a guideline for auditors to follow and helps each engagement team member to obtain sufficient evidence to accomplish pre-determined objectives.

“A more effective model involves open dialogue between the auditor

and organization, including its governing body”

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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.

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

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.

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CSMFO STAFF Q&A

AMANDA RAE SMITH

THE PEOPLE BEHIND THE 2000 MEMBERS

INSIDE LOOK

CANDY RETAMOZA

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 confer-ence 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 learn-ing 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 incredi-ble as I am sure mine will be.

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 sub-sequently 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 ex-perience 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”.

CARMEN BERRY

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 Mon-terey 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 Disne-yland!

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JANET SALVETTI

You used to be the Finance Offi-cer/Assistant Director of Admin-istrative Services for the City of Stockton, and you’re a past CSMFO President! How did you get started as a meeting plan-ner? 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 depart-ment 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 success-ful. 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 pri-mary 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 Fi-nance 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 comrad-ery 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!

ELIZABETH CARDWELL

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 experi-ences 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 Disney-land, and as a total Disney nerd, I’m sure something here will stick with me for a long time to come.

DAVID BLUE GARRISON

As a designer, you deal with a lot of individual and varied opin-ions 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 design-er 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!

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crack about being too old to remem-ber 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 as-sured 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.

JUSTIN LEWIS

What do you like most about working with CSMFO? The mem-bership 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 los-ing 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

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 specifi-cally 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 in-volved 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 en-joy 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 confer-ence 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 bud-get awards. That’s it. No Board mate-rials, no education templates, nothing. We had to recreate everything from scratch (and with the help of some re-ally wonderful CSMFO volunteers, like David Cain). Because of that I feel a great sense of ownership with CSMFO. Its success is my success.

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 confer-ences. 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 histori-cally 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 peo-ple 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 Com-mittee had the same idea!

TERI ANTICEVICH

How long have you been with CSMFO? What’s your favorite part of working with this orga-nization? 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 comrad-ery 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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Administrative Officer, CPS HR ConsultingSalary Range: Annual salary: $76,709 - $107,937 DOQApplication Deadline: Friday, April 1, 2016

Assistant Finance Director, DowneySalary Range: $9,440 - $11,517 MonthlyApplication Deadline: Continuous

Director of Finance, City of Crescent CitySalary Range: salary range $78,183-$98,037/annualApplication Deadline: 3/17/2016

Accountant III, County of MontereySalary Range: $5,430 - $7,417 per monthApplication Deadline: Open Until Filled, Priority Screening Date: 3/12/16

Internal Review Accountant I/II/III/IV, San Bernardino CountySalary Range: $37,232 - $83,428 AnnuallyApplication Deadline: Continuous

Accountant, City of Huntington ParkSalary Range: $4812-$5908/monthlyApplication Deadline: 3/3/2016

Director of Cash Management Services, City of Los Angeles Office of FinanceSalary Range: Annual Salary: $120,645 - $171,654Application Deadline:

Purchasing & Contracts Analyst, Los Angeles Superior CourtSalary Range: $4,667.64 - $6,463.27 MonthlyApplication Deadline: Open Continuous

Accounting Supervisor, Garden GroveSalary Range: $6,107 - $8,185 monthlyApplication Deadline: March 7, 2016, 12:00 p.m.

Internal Auditor, City of RenoSalary Range: $87,194-$105,985Application Deadline: March 4, 2016

Business Manager, Tehachapi-Cummings County Water DistrictSalary Range: $91,524-$111,240Application Deadline: 11-Mar-16

Financial Services Manager, Bob Murray & AssociatesSalary Range: $124,896-$151,800 annually; DOQApplication Deadline: 11-Mar-16

Accounting Manager, El MonteSalary Range: $80,174.00 - $97,448.00 AnnuallyApplication Deadline: 2/28/2016Principal Accountant, El MonteSalary Range: $78,626.00 - $95,571.00 AnnuallyApplication Deadline: 2/28/2016

Accounting Technician I/II, City of HemetSalary Range: LEVEL I: $2872 - 3491/mo.; LEVEL II: $3331 - 4049/mo.Application Deadline: 22-Feb-16

Utilities Principal Analyst, Riverside Public UtilitiesSalary Range: $6,534.67 - $8,756.80 Monthly $78,416.00 - $105,081.60 AnnuaApplication Deadline: Continuous

Accounting & Budget Manager, Santa MariaSalary Range: $7,839.13 - $9,528.88Application Deadline: 03/25/16 BY 5 PM

Payroll Technician, ShafterSalary Range: $3,238 - $3,936Application Deadline: 25-Feb-16

Controller, Fresno Housing AuthoritySalary Range: $60,000-$90,000/yearApplication Deadline: Open Until Filled

Accounting Supervising, StocktonSalary Range: $5,949.71 - $7,638.67 / monthlyApplication Deadline: 2/18/2016 17:30

Senior Accountant/Grants, GardenaSalary Range: $67,860 - $86,616 annuallyApplication Deadline: March 4, 2016 @ 4:00 p.m.

Accountant I II III, United Water Conservation DistrictSalary Range: Depends on level of hireApplication Deadline: 2/25/2016

Assistant City Controller, City of Long BeachSalary Range: $110,000 to $130,000 annually DOQ, with competitive benefitsApplication Deadline: 1-Mar-16

Finance Manager, CalimesaSalary Range: $82,148 to $104,845 annuallyApplication Deadline: 1-Mar-16

Finance (Accounting) Manager, SausalitoSalary Range: +/- 96000/yearApplication Deadline: 2/19/2016

Director of Finance, Ralph Andersen & AssociatesSalary Range: 120,000 to 140,000Application Deadline: 4-Mar-16

Accounting Manager, City of Santa Fe SpringsSalary Range: $6,457.77 - $8,000.04Application Deadline: Continuous; first review 2/25/16

Accountant I, San LeandroSalary Range: $5,777.00 - $7,022.00/monthApplication Deadline: 2/19/2016

Accountant, City of TustinSalary Range: $4,816-$6,175Application Deadline: 29-Feb-16

Senior Accounting Assistant, Central Contra Costa Transit AuthoritySalary Range: $51,000 - $68,000Application Deadline: 17-Feb-16

Finance Director, Bob Murray & AssociatesSalary Range: $176,216-$207,312 annuallyApplication Deadline: 7-Mar-16

Assistant Finance Director/Accountant, FillmoreSalary Range: $75,000 - $95,000Application Deadline: 19-Feb-16

Finance Manager, RialtoSalary Range: $89,280-$119,652 AnnuallyApplication Deadline: Open Until Filled

Accounting Manager, PomonaSalary Range: $8,137 - $9,892 MonthlyApplication Deadline: 25-Feb-16

Budget Manager, City of LovelandSalary Range: $75,800 to $121,200Application Deadline: Open until filled

Senior Accountant, Ralph Andersen & AssociatesSalary Range: 82,344-100,092Application Deadline: 4-Mar-16

General Ledger Accountant II, Olivenhain Municipal Water DistrictSalary Range: $27.65 - $38.72 hourlyApplication Deadline: Thursday 2/18/16

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

JOB OPPORTUNITIES

CAREERS

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C S M F OCONFERENCE 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, 20165:45pm – 7:30pm

CN Towers - Horizon301 Front Street W, Toronto ON

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www.csmfo.org 877.282.9183