Meeting Minutes, June 2009 - Government Finance Officers ...
Meeting Minutes, June 2009 - Government Finance Officers ...
Meeting Minutes, June 2009 - Government Finance Officers ...
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GOVERNMENT FINANCE OFFICERS ASSOCIATION<br />
Committee on Cash Management<br />
MINUTES<br />
Saturday, <strong>June</strong> 9, 2007<br />
Anaheim, California<br />
Members in attendance:<br />
John Payne (Chair), Robert Scott (Vice Chair), Terry Adams, Kent Austin, José M. Cisneros,<br />
Norman Cummings, Jan Hawn, Lisa Marie Harris, Kathryn Hewitt, Steven Mann. David Olsen,<br />
Eric Schertzing, John Sofley, LeaAnn Stagg<br />
Members not in attendance:<br />
Gavin Cohen, Donna Counts, Denise Hammond, Howard Keith Nelson, Glenda Probst, Stephen<br />
Teiper, Susan Woo<br />
Ex-officios in attendance:<br />
Joya de Foor, Alan Rolek<br />
Advisors in attendance:<br />
Ned Connolly, Lisa Hupp, M. Corinne Larson, Steven McArthur, Linda Patterson<br />
Staff in attendance:<br />
Sofia Anastopoulos, Greg Michel<br />
I. Welcome and Introductions<br />
Committee Chair John Payne initiated the meeting with introductions. The committee<br />
approved the minutes from the January 2007 meeting in Washington, D.C. The committee<br />
congratulated Kathryn Hewitt and Robert Scott on their nominations to the Executive Board.<br />
II. Subcommittee <strong>Meeting</strong>s<br />
Payne dismissed the full committee to meet in subcommittees. The committee broke into the<br />
Treasury/e-Commerce sub-committee and the Investments sub-committee for discussion and<br />
determination of action items. Topics on the agenda for each group included:<br />
Investments Subcommittee – Jan Hawn, Chair<br />
Recommended Practices and Sample Documents:
• Collateralization of Public Funds (review)<br />
• Market Risk (Volatility) Ratings (review)<br />
• Sample Broker-Dealer Certification (new)<br />
Outcomes:<br />
• Review current recommended practices and determine if recommended practices<br />
are ready for consideration by the full committee.<br />
• Agree on workplan and schedule.<br />
Treasury/eCommerce Subcommittee – John Sofley, Chair<br />
Recommended Practices and Sample Documents:<br />
• Revenue Policy (new)<br />
• Cash Receipts Controls (review)<br />
• Accounts Receivable Controls (review)<br />
• Procuring Banking Services (review)<br />
• Payment Consolidation Services (new)<br />
• Acceptance of Cards (new)<br />
• Sample RFP for Banking Services (new)<br />
Outcomes:<br />
• Review current recommended practices and determine if recommended practices<br />
are ready for consideration by the full committee.<br />
• Agree on workplan and schedule.<br />
III. Lunch<br />
IV. Full Committee <strong>Meeting</strong><br />
John Payne reconvened the full committee.<br />
V. Full Committee Meets for Subcommittee Reports and Approval of Recommended Practices<br />
Investment Subcommittee:<br />
Jan Hawn, chair of the Investment Subcommittee, gave a report on the subcommittee<br />
meeting. The Cash Management Committee discussed and decided to recommend the<br />
following recommended practices to GFOA’s Executive Board for approval:<br />
• Collateralization of Public Deposits (Revision)<br />
• Market Risk (Volatility) Ratings (Elimination)<br />
The Investment Subcommittee will be working on the following recommended practices and<br />
projects for the next meeting:<br />
• Broker-Dealer Certification (working with Leslie Norwood of SIFMA)<br />
• Use of Derivatives RP (review)<br />
• Mark-to-Market Practices of State and local <strong>Government</strong>s RP (review)<br />
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• Security Lending Programs RP (review)<br />
• Use of Cash Flow Forecasts in Operations RP (review)<br />
Treasury/e-Commerce Subcommittee:<br />
John Sofley, chair of the Treasury/E-Commerce Subcommittee, gave a report on the<br />
subcommittee meeting. The Committee on Cash Management discussed and decided to<br />
recommend two new recommended practices, “Payment Consolidation Services” and<br />
“Revenue Policy” to GFOA’s Executive Board for approval. The Cash Management<br />
Committee reviewed the existing “Procuring Banking Services” recommended practice and<br />
decided that no changes are necessary. The Committee updated the “Cash Receipts<br />
Controls” and “Accounts Receivable Controls” recommended practices and decided to<br />
recommend these two updated RPs in conjunction with the newly developed “Revenue<br />
Policy” recommended practice. The subcommittee worked to ensure these RPs are<br />
consistent and concise.<br />
The Treasury/E-Commerce Subcommittee will be working on the following recommended<br />
practices and projects for the next meeting:<br />
• Acceptance of Credit Cards RP (review)<br />
• Selection and Use of Credit Card Services (new)<br />
• Purchasing Card Programs RP (review)<br />
• Sample Banking Services RFP (new)<br />
• Sample Revenue Policy (new)<br />
VI. Federal Liaison Update<br />
Susan Gaffney, Director of the GFOA Federal Liaison Center, gave an update on federal<br />
government legislation and regulation. She discussed the progress in the federal budget and<br />
several bills in Congress. The discussion covered communications reform, tax-exempt bonds,<br />
pensions and retirement savings, the collection of the remote sales tax, and Off-Set<br />
Legislation.<br />
VII.<br />
Roundtable Discussion<br />
Committee members and advisors discussed various activities/projects they are working on<br />
in their jurisdictions and/or companies.<br />
VIII. Adjournment<br />
John Payne adjourned the meeting.<br />
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