We are excited to host the fourth Texas CLASS Public Funds Investment Act Training on Wednesday, May 1, 2019, at the Sheraton Austin Georgetown Hotel and Conference Center from 7:30 a.m. – 5:00 p.m. Join us for an informative day of learning; this is a great opportunity to enhance your knowledge of current topics in public funds management. The overall program knowledge level for this group live seminar is intermediate, and there are no prerequisites or advanced preparation necessary. Lunch will be provided, and the seminar is free of charge! There are limited seats available, so save your spot today. Please fill out the form below to register.
Texas CLASS is a registered CPE sponsor through the Texas State Board of Public Accountancy and a Certified TASBO Educator; attendees can earn up to 8 hours of certified CPE or PFIA credits from a variety of organizations.
Registration and Breakfast
8:00 – 9:00 a.m.
Prudent Stewardship of Public Funds
Speakers: Sheila Duffy, Director of Investment Advisory Services – Public Trust Advisors, LLC and Karen Proctor, Regional Director – Texas CLASS & Public Trust Advisors, LLC
Field of Study: Finance | CPE Credit(s): One | Program Level: Overview
Short Description: This presentation will provide a high-level overview of the various roles of the finance directors, treasurers, and other stewards of public funds. It will apprise attendees of best practices and take a deep dive into the priorities of safety and liquidity in managing public funds including talking about policy, risk management, and the various investment vehicles that can be used to manage liquidity.
Learning Objective: At the end of this session, attendees should have a high-level understanding of the many aspects of being good stewards of the public’s funds as well as an understanding of the various options for managing their funds that are compliant with the Public Funds Investment Act.
9:00 – 10:00 a.m.
How Will the Global Slowdown Impact the U.S. and Texas Economies?
Speaker: Mark Vitner, Managing Director and Senior Economist – Wells Fargo Securities, LLC
Field of Study: Economy | CPE Credit(s): One | Program Level: Intermediate
Short Description: Economic growth slowed late this past year, as the Fed’s more aggressive rate hikes cooled the financial markets and growing trade friction with China slowed global economic growth. Slower global growth and uncertainty surrounding Brexit have caused the Fed to take a step back and hold off on additional rate hikes. Texas has so far proved resilient to slowing global growth, although hiring has somewhat moderated. The outlook for the U.S. and Texas economies will largely be driven by the resolutions of major outstanding issues this spring such as Brexit and ongoing trade negotiations with China.
Learning Objective: At the end of this session, attendees should have a better understanding of the risks facing the global economy and how they are likely to impact the U.S. and Texas economies. Attendees should also have a better understanding of why the Texas economy has proved so resilient to slowing growth elsewhere and whether or not that is likely to continue.
10:00 – 10:15 a.m.
10:15 – 11:15 a.m.
Developing an Arbitrage Compliance Plan
Speaker: Sandee Stallings, Chief Operating Officer – BLX Group
Field of Study: Finance| CPE Credit(s): One | Program Level: Intermediate
Short Description: This session focuses on developing an arbitrage compliance plan by reviewing the requirements and proper documentation to support compliance. A review of the arbitrage rebate and yield restriction requirements relating to tax-exempt bonds will include reporting and filing requirements, document retention, exceptions to the rules, and best practices.
Learning Objective: At the end of this session, attendees should be able to develop their own arbitrage compliance plan with an understanding of the complex arbitrage rebate regulations and utilizing the tools presented to effectively manage compliance.
11:15 a.m. – 12:15 p.m.
Hot Topics in Tax-Exempt Bonds
Speaker: Barbara League, Of Counsel – Orrick
Field of Study: Finance | CPE Credit(s): One | Program Level: Update
Session Description: The public finance market went through tremendous changes in 2018 from tax law changes to rising interest rates, the looming end of LIBOR, and a number of regulatory changes. This session takes a look at the market one year later to see which issues have been settled, which issues remain hot topics, and what new topics of discussion may be headed our way.
Learning Objective: At the end of this session, attendees should understand the hot topics facing bond issuers today.
12:15 – 12:45 p.m.
12:45 – 1:45 p.m.
The Thief in Your Organization
Speaker: Missy Pope, Founder – Pope Consulting
Field of Study: Accounting | CPE Credit(s): One | Program Level: Overview
Session Description: This presentation will go over the impacts of fraud within an organization and cover how to detect and deter fraud. The presentation also includes several case examples including current trends in the fraud industry.
Learning Objective: At the end of this session, attendees should be able to identify high-risk areas for fraud within their organizations and learn how to deter fraud.
1:45 – 2:45 p.m.
The Audit – Common Pitfalls and Lessons Learned
Speaker: Rebecca Goldstein, Senior Manager, Assurance Services – Weaver Assurance, Tax, & Advisory
Field of Study: Accounting | CPE Credit(s): One | Program Level: Intermediate
Session Description: This presentation will discuss common pitfalls noted during financial statement audits of local government entities as well as how these deficiencies can best be corrected. Our discussion will also include examples of common errors noted in comprehensive annual financial reports submitted to the Government Finance Officers Association as part of the Certificate of Achievement for Excellence in Finance Reporting Program.
Learning Objective: At the end of this session, attendees should understand the nature of some common audit pitfalls and how they can best be corrected.
2:45 – 3:00 p.m.
3:00 – 4:00 p.m.
Evaluating the Risk Profile of Various Short-Term Liquid Investments
Speaker: Raphaele Hunter, Senior Credit Analyst – Public Trust Advisors, LLC
Field of Study: Finance | CPE Credit(s): One | Program Level: Intermediate
Session Description: This presentation will cover the risk profiles of agency securities, commercial paper, and asset-backed commercial paper. The discussion will also include an introduction to supranationals as an alternative investment option and how to evaluate the credit risk of each of these asset classes.
Learning Objective: At the end of this session, attendees should be able to compare and contrast different short-term liquid investment options and understand why they can allow for safety, liquidity, and yield.
4:00 – 5:00 p.m.
LGIP: Prime vs Government Pools
Speaker: Tony Sekaly, Regional Director – Texas CLASS and Public Trust Advisors, LLC
Field of Study: Finance | CPE Credit(s): One | Program Level: Intermediate
Session Description: This session will discuss the rules and regulations that govern U.S. money market funds and Texas local government investment pools. A review of eligible asset classes, market trends, and investment strategy will be incorporated throughout the session.
Learning Objective: At the end of this session, attendees should be able to recognize the differences between government and prime style funds regarding regulation, asset allocation, and historical trends.