Texas CLASS 2021 In-Person Public Funds Investment Act Training

We are excited to host an in-person Texas CLASS Public Funds Investment Act Training on Wednesday, October 27, 2021, at the Hotel Drover in downtown Fort Worth 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 basic, 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/Public Trust Advisors 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 PFIA/CPE training credits.

Agenda

7:30 a.m.
Registration and Breakfast

8:00 – 9:00 a.m.
Making Sense of Zero Interest Rates

Speaker: Dr. Holland Toles, CFA® | Senior Lecturer – Texas State University-San Marcos

Field of Study: Finance | CPE Credit(s): One | Program Level: Basic | Pre-Requisites: N/A | Advanced Preparation: N/A

Session Description: This session will explore the causes of zero/negative interest rates and the consequences for investors and the economy. Topics include nominal vs real interest rates and their movement over the business cycle; inflation and monetary policy; and the impact of interest rates on asset values.

Learning Objective: At the end of this session, attendees should have a better understanding of determinants of real vs nominal interest rates; the behavior of interest rates over the business cycle; the role of inflation in determining interest rates; the effect of monetary policy on inflation expectations, and the impact of valuation of real and financial assets.


9:00 – 10:00 a.m.
Upcoming GASBs and Implementation

Speaker: A.J. Bowers, CPA | Partner – Carr, Riggs, & Ingram, LLC

Field of Study: Accounting | CPE Credit(s): One | Program Level: Overview | Pre-Requisites: N/A | Advanced Preparation: N/A

Session Description: In today’s world, there is one thing that stays the same… constant change. GASB is no different, constantly issuing new pronouncements. This session will provide an overview of current GASB pronouncements and implementation items, current GASB projects, and upcoming GASB agenda items.

Learning Objective: At the end of this session, attendees will have received an overview of the current and upcoming accounting guidance that applies to local and state governments.


10:00 – 10:15 a.m.
Break

10:15 – 11:15 a.m. 
U.S. and Texas Economic Update

Speaker: Dr. Bill Chittenden | Associate Dean & Presidential Fellow – Texas State University

Field of Study: Economics | CPE Credit(s): One | Program Level: Overview | Pre-Requisites: N/A | Advanced Preparation: N/A

Session Description: This session will discuss the current state of the U.S. and Texas economies as well as GDP, unemployment, inflation, interest rates, and other economic indicators. The economic impact of the Federal Reserve’s actions and the Federal government’s fiscal policy will also be discussed.

Learning Objective: At the end of this session, attendees should have a better understanding of the relationship between GDP growth and unemployment as well as between interest rates and recessions. Attendees will also be able to make an informed judgment about the future direction of the U.S. and Texas economies.


11:15 – 12:15 p.m.
Municipal Debt & Securities 101

Speaker: Adrian Galvan, Managing Director and Esther Young, Senior Consultant | Tijerina Galvan Lawrence, LLC

Field of Study: Finance | CPE Credit(s): One | Program Level: Overview | Pre-Requisites: N/A | Advanced Preparation: N/A

Session Description: This session will cover the process of issuing municipal debt and securities, debt instruments and options available to Texas municipalities, recent market considerations, and recent legislative changes that may have important implications for the sector.

Learning Objective: At the end of this session, attendees should be able to identify the key participants involved in municipal debt issuance and understand the duty each owes to an issuer; understand rating metrics and the credit rating scale; analyze current market trends; differentiate between the various debt instruments available and identify which is best suited to their projects; and use debt prudently, understanding when and how to access capital markets.  


12:15 – 12:45 p.m.
Lunch

12:45 – 1:45 p.m.
Back to the Basics

Speaker: Laura Glenn, CFA® | Director, Investment Advisory Services – Public Trust Advisors, LLC

Field of Study: Finance | CPE Credit(s): One | Program Level: Overview | Pre-Requisites: N/A | Advanced Preparation: N/A

Session Description: In this session, we will examine the types of investments in which Texas municipalities can invest. We will discuss the various asset classes and dive in deep on structure, the impact of rates and spreads on these eligible investments, accounting, and financial reporting.

Learning Objective: At the end of this session, attendees should be able to understand the various asset classes and the differences between them and how the change in rates and credit spreads impact various investment types; attendees will have a better understanding of the accounting terms used in conjunction with the eligible investments and how to report the various investments monthly, quarterly, and within the CAFR at fiscal year end.


1:45 – 2:45 p.m.
Public Funds Investing

Speaker: Ethan Klos | Treasurer – City of Arlington

Field of Study: Finance | CPE Credit(s): One | Program Level: Overview | Pre-Requisites: N/A | Advanced Preparation: N/A

Session Description: This presentation will provide a high-level overview of key investment decisions that are made when investing public funds. Attendees will take a deep dive into investment policy, cash flow, market conditions, economic data, and fiduciary duty.

Learning Objective: At the end of this session, attendees should have a high-level understanding of best practices when investing public funds.


2:45 – 3:00 p.m.
Break

3:00 – 4:00 p.m.
Litigation in Retirement Plans, Retirement Plan Components Under Attack 

Speaker: Paul Nacario, Vice President and Jared Martin, Principal | Innovest Portfolio Solutions

Field of Study: Finance | CPE Credit(s): One | Program Level: Basic | Pre-Requisites: N/A | Advanced Preparation: N/A

Session Description: This session provides an overview of the developing trend with litigation in employer-sponsored retirement plans. Having served as an expert witness in more than 70 retirement plan lawsuits, the speakers will detail retirement plan components that are under attack by litigators and offer best practices for public plan sponsors and their boards or committees.

Learning Objective: At the end of this session, attendees will have a better understanding of developing lawsuit trends in employer-sponsored retirement plans. Attendees will be able to identify the retirement plan components that are under attack and the best practices to safeguard against litigation.


4:00 – 5:00 p.m.
Rating Agency Credit Considerations of Public Pension

Speaker: Joshua Travis | Senior Director & Analytical Manager – S&P Global Ratings

Field of Study: Finance | CPE Credit(s): One | Program Level: Basic | Pre-Requisites: N/A | Advanced Preparation: N/A

Session Description: This presentation will provide an overview of S&P Global Ratings’ analysis of public pension plans with a particular focus on how the risks are incorporating into their bond ratings.

Learning Objective: At the end of this session, attendees should understand pension plans and their relation to bond ratings as well as actuarial assumptions and how they can result in elevated credit risks.


Registration

Register for the In-Person Texas CLASS PFIA Training on October 27, 2021

Please fill out the information below to register for the upcoming training! We hope to see you there.
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Dr. Toles is a Senior Lecturer in the McCoy College of Business Administration at Texas State University where he has taught courses in investments, portfolio management, and financial markets since 1998. He is a Co-Founder and Faculty Advisors for the McCoy Student Managed Investment Fund which currently manages over $1.3 billion for the McCoy College of Business Foundation. He received a Ph.D. in Finance from Texas Tech University in 1993 and is a CFA charterholder. His academic research is published in Economic Inquiry, The Financial Review, and The Journal of Financial Planning.

A.J. is a Partner at Carr, Riggs, & Ingram, LLC where he has provided audit services to numerous government entities during his twelve years of experience. He now oversees all services provided to government-industry clients. A.J. is a regular presenter on a variety of industry topics including OMB Uniform Guidance, updates to GASB Standards, and government accounting best practices for entities such as NM ASBO, regional AGA Chapters, and clients and non-clients in state and local government. A.J. is a Certified Information Technology Professional, a CPA, and a member of the GFOA Special Revenue Committee.

Dr. Chittenden is an Associate Professor of Finance in the McCoy College of Business Administration and the 2020-2021 Presidential Fellow at Texas State University. He previously served as Associate Dean for Graduate Programs and Department Chair. Dr. Chittenden is also on the faculty of the Southwestern Graduate School of Banking at Southern Methodist University. He has been quoted in USA Today and the Austin American-Statesman and has given radio interviews in the U.S. and Canada. His recent articles for TheConversataion.com have been viewed more than 90k times.

Previously, Dr. Chittenden has served as a Consultant to the Bank of Montreal/Harris, ABN/AMRO, Household International, Fitzsimons Federal Credit Union, TAP Pharmaceuticals, Ozona Bank, and other regional, national, and international firms. He regularly speaks to professional organizations across the United States and Canada on a variety of financial and economic topics. Dr. Chittenden earned both a Bachelor of Business Administration in Finance and a Master of Science in Economics from the University of Texas at El Paso and a Ph.D. in Finance from Texas Tech University.

Adrian currently serves as Managing Director of TGL where he is responsible for the firm’s overall quantitative analysis as well as transaction structuring supervision. He has more than 25 years of experience in public finance, having personally structured over 1,300 bond financings totaling more than $28 billion. Adrian has significant experience in structuring complex project financings (both tax-exempt and taxable), developing short- and long-term plans of finance for issuers of various sizes, and managing all phases of financing from the initial approval process to closing. Adrian received a Bachelor of Science in Economics from the Wharton School of the University of Pennsylvania. He is registered with the MSRB as a Municipal Advisor Representative (Series 50).

Esther currently serves as Senior Consultant to TGL where she is responsible for business development and transaction structuring and execution. She has ten years of experience in public finance and municipal investment having structured more than $4 billion of municipal debt for a range of issuers including cities, counties, utilities, school districts, higher education authorities, transit and transportation authorities, housing authorities, special districts, and public-private partnerships. Esther assists issuers with structuring complex project financing, developing short- and long-term plans of finance, and managing all phases of financing from bond election to closing. She received a Bachelor of Science in Business and Finance from the University of Alabama. She is registered with the MSRB as a Municipal Advisor Representative (Series 50) and Municipal Advisor Principal (Series 54).

Laura is a Director of Investment Advisory Services for Public Trust based in Atlanta, Georgia, where she is responsible for providing individually tailored and customized investment management, administrative, and advisory solutions to public sector entities across the U.S. Prior to joining Public Trust, Laura most recently served as a Portfolio Manager for the State of Georgia where she was responsible for the management of the State’s commingled LGIP, served on the Office of State Treasurer Investment Committee, and was the point person for fund distribution for hundreds of state and local government clients.

Laura received a Bachelor of Science in Accounting from Auburn University and is a CFA charterholder. She is an active member and former president of the Government Investment Officers Association (GIOA) and a frequent expert panelist on LGIPs at the National Association of State Treasurers (NAST) and GIOA Conferences. Laura led the states response to the Governmental Accounting Standards Board (GASB) exposure draft on GASB Statement 79 regarding external investment pools and pool participants.

Ethan currently serves as the Treasurer for the City of Arlington, and he has been with the City since August of 2009. As Treasurer, Ethan is responsible for cash management, debt financing, and investments for the City’s portfolio. Other responsibilities include managing the banking relationships, credit card acceptance, capital budget, hotel occupancy tax program, and working closely with economic development.

Prior to joining the City, Ethan worked for a number of Fortune 500 companies in their Treasury departments beginning at Dell Computer in 1995. He received a Bachelor of Science in Radio-TV-Film from the University of Texas Austin and a Master of Business Administration in Finance from Texas State University-San Marcos.

Paul is a Vice President for Innovest where he is responsible for business development and serves as a consultant. He has 30 years of experience in the defined contribution retirement marketplace. He is a member of Innovest’s Retirement Plan Practice Group, a specialized team that identifies best practices and implements process improvements to maximize efficiencies for our retirement plan clients. Paul is experienced in plan administration and recordkeeping, participant education, retirement plan design, Request for Proposal (RFP) process management, fee negotiation, investment portfolio construction, compliance testing, and fiduciary training.

Paul received a Bachelor of Science in Marketing from the University of San Francisco and has passed the FINRA Series 7, 63, and 65 exams. He holds an Accredited Investment Fiduciary (AIF®) designation and having successfully completed this course of study, he uses his expertise to ensure that Innovest institutional clients are following a prudent investment process utilizing the Uniform Fiduciary Standards of Care.

Jared is a Principal and Consultant at Innovest Portfolio Solutions where he provides consulting services to committees, boards, and individuals. He also manages the relationships between service providers and plan sponsors, provides ongoing vendor management for clients, and leads many special projects for retirement plan clients. Jared is a member of Innovest’s Retirement Plan Practice Group, a specialized team that identifies best practices and implements process improvements to maximize efficiencies for our retirement plan clients.

Jared is a Certified Financial Planner® and he holds an Accredited Investment Fiduciary (AIF®) designation. Having successfully completed this course of study, he uses his expertise to ensure that Innovest institutional clients are following a prudent investment process utilizing the Uniform Fiduciary Standards of Care. Jared received a Bachelor’s Degree in Business and Economics from Regis University.

Josh currently serves as a Senior Director and Analytical Manager for the south region within the U.S. Public Finance Group at S&P Global Ratings. The south region covers nine states including Texas and specializes in states with a dependence on the petroleum industry. As the analytic manager of the team, he is responsible for managing 14 analysts covering cities, counties, school districts, and other issuers of tax-backed debt obligations throughout the region.

Before joining S&P, Josh previously served as a Credit Portfolio Manager in the Government and Institutional Banking group at Regions Bank. In this position, he structured deals and performed credit analysis for private placements and bank loans throughout the tax-exempt financing sector. Prior to Regions Bank, Josh was a Ratings Analyst for the Local Government Southwest team at Moody’s Investors Service. He also has experience working at the City of Denton. Josh received both a Bachelor’s Degree and a Master’s of Public Administration from the University of North Texas. He is a member of the National Federation of Municipal Analysts and the Southern Municipal Finance Society.

Public Trust Advisors, LLC is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have the final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.