CSMFO 2023 Annual Report

2023 ANNUAL REPORT

CSMFO 2023 Annual Report

Executive messages 3

President Message Rich Lee, City of South San Francisco With 2023 in the rear-view mirror, I look back fondly at my time as CSMFO President and appreciate the significant achievements that CSMFO leadership has brought to fruition or continued to provide for our members: Mentorship Program Throughout my time in CSMFO leadership, one of the recurring themes has been the value of membership.

CSMFO’s modest membership fee in comparison to its member benefits is the best value in local government. Of those benefits, one of my favorites is the Mentorship Program. As a mentor, it has provided an opportunity to give back to the profession, share my personal and professional experience, and help guide colleagues that are in the earlier stages of their public service career. It is by far one of the most rewarding experiences I have had in my career. If you have yet to participate in the program, I highly recommend it.

Changes to Municipal Membership Fees | Core Courses for Early Career Members During my year as President, the Board authorized a change in membership fees for municipal members, to make the cost of membership more accessible – especially for early career members.

My favorite recurring CSMFO News articles are those that interview outgoing Board Members. One of the questions that is asked is if they had any regrets or could change anything in their careers, what would it be? The common refrain from many outgoing Board Members has been that they wished that they got involved in CSMFO earlier. I believe the change in the municipal membership structure goes a long way towards addressing that. In addition, the change in membership fees addresses GFOA’s research on the recruitment and retention crisis in government finance. Part and parcel to their recommendations is to provide for training through professional organizations like CSMFO and GFOA in order flatten the learning curve for those new to government finance. CSMFO recognized the need for training focused on early career members and enhanced its core course offerings with the ABCs of Municipal Finance in 2023.

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Representing CSMFO CSMFO has long-standing relationships with other state public finance officer organizations, including Washington Finance Officers Association (WFOA), Oregon Government Finance Officers Association (OGFOA), and Alaska Government Finance Officers Association (AGFOA). The relationship provides for the President of each organization with complimentary attendance at the annual conferences of the other organizations.

In 2023, I was able to attend the OGFOA’s semiannual conference in Seaside, Oregon. The OGFOA members were warm and welcoming. Despite living and working in a different state, I found that we have quite a bit in common. My thanks to Susan Brown, then-OGFOA President for her hospitality.

I returned to Oregon later in 2023 for GFOA’s annual conference in Portland to represent CSMFO and present two sessions. The first was an opportunity to share my story as a follow up discussion to my interview on GFOA’S FINE(ance) Fridays Podcast with a session called “I Just Want You to Know Who I Am: Why I Became a Finance Officer”. The second was a panel discussion with colleagues from OGFOA called “Trust is our Most Valuable Asset: Living the GFOA Code of Ethics”, which gave me a chance to share video excerpts from City Council meeting juxtaposed against GFOA’s Code of Ethics and share my reflections in hindsight with my peers.

Executive Reports

CSMFO also has a reciprocal agreement with the California Municipal Treasurers Association (CMTA).

Thank you to Michael Solorza, then-CMTA President for the invitation! I took the long trip from San Mateo City Hall to the Marriott in San Mateo to attend CMTA’s annual conference in April. I joined a panel discussion with Lisa Marie Harris, CFO of San Diego County Water Authority, and Hank Levy, Alameda County Treasurer. Each of us shared our unique life paths to lead us to the roles we were in at that moment.

I’m thankful for many opportunities over the past couple of years to share my story with colleagues and peers, whether on a panel at a conference or a podcast. Each of us has life experiences that resonate with others and may help them in ways that we may not know at the time. I encourage you to find similar opportunities to do likewise. In addition to being cathartic, sharing my story is a reminder of how blessed I am - I have much to be thankful for!

As a part of the 2023 annual conference, we selected three nonprofit organizations that provide critical support to families in need in the Sacramento region to support through fundraising and service – Sacramento Food Bank & Family Services, Sacramento Loaves and Fishes, and My Sister’s House. The pandemic highlighted the disproportionate impact to the most vulnerable populations in our local communities, and I felt compelled as a local government representative and as CSMFO’s President to leverage our members’ resources to action. Through CSMFO’s Wellness Challenge, we raised over $40,000 thanks to generous support from family, friends, commercial sponsors, and a matching contribution from CSMFO. My sincere thanks to the CSMFO Board

for their support of this initiative. Thank you to the army of volunteers that supported the Day of Service at Sacramento Food Bank & Family Services that donated 150 aggregate hours of time and prepared 5,500 bags of produce for community members in need in the Sacramento area.

Gratitude In closing, thank you to CSMFO for the honor of serving as your President in 2023. I look at the list of CSMFO Past Presidents and am grateful to be among such revered names in our profession.

A heartfelt thank you to the CSMFO Board of Directors, our Committee and Chapter leadership, our Executive Director, Smith Moore & Associates (SMA), and Meetings & Association Management Services (M&AMS) for their dedication to our organization and serving our members. Thank you to my former city manager, Drew Corbett, for providing me with the support and flexibility to represent CSMFO at several conferences throughout 2023 and for your sage guidance.

When I told my wife that I was elected as CSMFO President for 2023, she peppered me with questions – “Does this mean I’m the First Lady?

Do I get a sash?” While she was disappointed that she did not get a ceremonial First Lady sash, without her love and support, I could not have served in CSMFO over the past nine years.

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President Elect Message Ernie Reyna, City of Perris In preparation for the 2024 CSMFO Annual Conference, the Host Committee I assembled was carefully chosen to help build the best possible conference experience for all members. When the conference shifts back to Anaheim and more specially, at the Disneyland Hotel, attendance tends to increase, and it was especially important that this committee carefully think out every aspect of the conference. Some of the assignments of the Host Committee include the scheduling of the Wednesday Night Event, booking the keynote speakers in coordination with the Program Committee, the President’s Dinner, exhibitor relations, and the everpopular decision of what swag gifts to give members upon check-in of the conference.

The Host Committee was comprised of the following municipal and commercial members: John Adams, Stephen Parker, Karla Romero, Stephanie Reimer, Jason Al-Imam, Jennifer Becker, Joan MichaelsAguilar, Wing-See Fox, Terry Shea, and Mark Petrasso.

In addition to the municipal and commercial members, staff providing their assistance included Marisa Villanueva, Evelyn Meza, Janet Salvetti, Harriet Commons, and Jean Rousseau.

As I began to think of the types of initiatives I wanted to implement, I was reminded about some of the comments our members indicated to leadership that they cared about and one recurring theme was inclusivity. My goal was to help empower and make sure every member felt as though they were included in as many of their day-to-day activities as possible, whether personally or professionally. The conference was my conduit to help make this a reality through breakout sessions and finding the right keynote speakers, as well as those I enlisted to help me build the conference.

From the moment I joined CSMFO, I knew there was something special about this organization and I would make it my mission to recruit others to join so they could reap in the benefits of being part of this extra special family. And as President-Elect, I could begin to shape what my upcoming year as President was going to look like and how I could help advance the initiatives, strategic planning, and overarching goals that leadership wanted to hit. To do this, it was important to begin identifying members who wanted to make a difference by joining a committee or leading a chapter by becoming a Chapter Chair.

Both of these paths are great beginnings that can lead anyone to the board and ultimately, becoming President.

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It's not just committees and chapters that make CSMFO so special, but there are also cohort and mentorship programs. The latter help guide members in their everyday careers and lives, and ensure they are on the right trajectory to hit their own personal goals. If members are interested in rising up in CSMFO, they should reach out to anyone in leadership, including myself, to help jump start their professional development and investment into CSMFO. People join CSMFO for many reasons and the benefits are many, including the creation of a very strong network of like-minded professionals, which sometimes blossoms into a lifetime of friendship.

The network of CSMFO professionals stretches from Northern California, down to Southern California and everywhere in between. Joining CSMFO also ensures you can work with those in leadership that have experienced every possible outcome that you may come across in your career. Lastly, by joining CSMFO, you will be able to get a first-hand experience on how the annual conference gets shaped and have early priority to booking your hotel for the conference. So, with so many benefits, it makes so much sense to be a member!

Executive Reports

Past President Message Marcus Pimentel, County of Santa Cruz As a proud CSMFO squiggle (see our 2017 Conference article on Connie Podesta if you want to learn about shapes), I admit I can often have a peculiar take on things. As I end my “two-year” Past President term, I’m inspired by the idea of Marshmallows, as related to delayed gratification, and those great Resse’s Peanut Butter Cup commercials little Marcus loved about different things coming together to make a great outcome.

Stanford’s 1972 study where children who were willing to delay gratification eating one marshmallow were given a second later. Those who did were tracked in life and found to have higher SAT scores, lower levels of substance abuse, lower likelihood of obesity, better responses to stress, better social skills as reported by their parents, and generally better scores in a range of other life measures.

I’m thinking about this as I reflect on the honor I’ve had to serve on the CSMFO Board and pass along my board seat to our next better leader. I suppose that when I became the 2021 President Elect and rejoined the Board, I probably could have celebrated that moment by telling friends and all my peers and could have plastered it across social media and such.

But I didn’t, I looked at that “marshmallow” and said later. And now, I feel like I’ve got a pallet worth of marshmallow bags to enjoy.

Today I can celebrate and continue to appreciate the work our host committee did together in 2020 to plan for the then “in person” 2021 San Jose conference and some of the groundwork it laid out for our 2025 President Jennier Wakeman and what promised to be a fabulously collaborative and connected San Jose Conference experience.

Today I can celebrate the work we did together as an Ad Hoc group that led to the formation of the Commercial Partner Committee. And I can celebrate the subsequent work that led to the historic inclusion of a Commercial Member representative, to add a representative voice for many CSMFO members to our board. And, subsequently, with our members 2023 vote, we welcomed CSMFO’s first Commercial Member representative to our CSMFO Board. Congratulations to everyone’s good friend Tim Seufert and to the incredible list of inaugural commercial candidates and great friends who were all so deserving.

Liaison to our Chapter leadership. I’m so proud of all current and former Chapter Leaders who, through their leadership and local chapter member participation, are a key part of CSMFO’s success. I’m proud of the work your Chapter Leadership has done with upgrading the Chapter Chair Handbook and creating, in partnership with the Commercial Partner Committee, a chapter speaker list.

Today I can celebrate the expansion of the Student Engagement work to connect future finance leaders to CSMFO now and into the rewards of serving our communities in local government. Today I can celebrate the creation of our CSMFO Cohort program that enlivens CSMFO leadership by opening pathways to include new voices and perspectives within CSMFO leadership.

Today I can celebrate having gone from being part of CSMFO first mentorship program way back and now continuing to serve as a Mentor (where honestly, I find I learn more that I give… shout out to Lana McBroom and Nina Lodhia).

Today I can celebrate and still enjoy having my life enriched by the 2023 Washinton Finance Officers Association conference where I reconnected with old friends like Craig Warner at Yakima County, Dan Legard, and connecting with new friends like fellow Disney fanatic and WFOA President Stacie Tellers and her inspirational stage presence. Honestly, I will never forget her game of “Stacie Says” she performed on stage at her conference kickoff.

Today I can celebrate the amazing times serving on CSMFO Board and leadership roles that has led to this introvert expanding his friend group from honestly two hands to over 200 and counting across CSMFO and all our professional partners and their staff.

In closing, today I can celebrate the amazing leadership and friendship of our former Executive Director Melissa Manchester and all she has taught me over the years… and I should say “told me to do” over the years that always led to another CSMFO success. As a shy guy who was afraid of standing up Continued on next page

Today I can celebrate having served now for nearly 15 years as a Chapter Chair and as a Board Member 7

in front of a small crowd, it was her confidence and outgoing attitude (and often direction) that got me to join other CSMFO committees. That got me (again told) to join and then being appointed as Tech Committee Vice Chair and Chair. That inspired me (aka, she said do it) to lead the 2013-ish massive update and rebranding of our website and continuing the modernization by PPAC Founder John Adams of website and later the CSMFO monthly magazine into CSMFO News. She was the diverse chocolate to my regular old peanut butter that allowed me to evolve into a confident leader who can stand on stage, sing the line to Dionne Warwick’s “Do You Know the Way to San Jose” in front of thousands at the 2020 Conference in Disneyland, and that embolden me to embrace the calming power of flip flops.

And of course, thank you to my friend and now Past President Rich Lee for your trust and friendship over the years. You are by far the most diversely talented leader I’ve ever had the luck to be around and learn from.

And I will continue to celebrate and be grateful every day to my wife Laurie who put up with me doing CSMFO stuff always during “our” time and my daughters Kaitlynn and Kirsten who could never really figure out what CSMFO is or what my day job really is.

“Some people care too much. I think it’s called love.”

- Winnie the Pooh.

TTFN.

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Executive Director Message Jean Rousseau, CPA Welcome to the CSMFO 2023 Annual Report. This report is issued annually to membership to provide an overview of your organization’s initiatives and accomplishments. CSMFO depends almost entirely on the work of volunteers with administrative support from Smith, Moore and Associates (SMA) to provide educational and professional development services to our membership. These volunteers participate in one or more of numerous committees that predominately meet monthly to ensure annual strategic goals are worked on and ultimately accomplished. The volunteer run committees include Administration, Career Development, Commercial Partner, Communications, Executive, Finance, Host, Membership, Professional Standards, Program, Recognition and Student Engagement. I commend the volunteers who work in these committees for their significant efforts and collective desire to move CSMFO forward. CSMFO could not function without these volunteers. If members have an interest in participating in these committees, please email or contact me and I will make it happen. It is truly an honor and a privilege to support this leadership as CSMFO’s Executive Director.

CSMFO also has 20 regional chapters, some of which are unfortunately dormant, that meet on a regular basis throughout the year. There were 60 Chapter events in 2023. Chapters provide grass roots networking and educational services to its members.

They also are the training ground for future volunteer leaders to move up into CSMFO leadership. I want to thank the Chapter Chairs and Vice-Chairs for their efforts throughout the year in organizing meetings and holiday events.

In 2023, there were six Board of Director’s (Board) meetings with three being in-person and three held virtually. The Board transitioned to bi-monthly meetings in 2022. Board meetings are not just attended by Board members but are also attended by Committee and Chapter chairs and Vice-Chairs, along with Senior advisors and members.

The Board addressed several significant issues during 2023. I commend the leadership of President Rich Lee, with the support of fellow Executive Committee members Ernie Reyna, President-Elect, and Marcus Pimentel who filled the role of Prior-President due to Scott Catlett’s transition to the private sector, for doing a great job.

If members are interested in learning more about Board meetings, the meeting materials are posted on the CSMFO website at the link here.

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The following are highlights of the bi-monthly Board meetings during 2023: All in all, 2023 was a very productive year for CSMFO. February 2023 The Board approved the development of a new ABCs of Municipal Finance course designed for new government finance professionals entering the workplace. They also approved a contract with SMA for an update to CSMFO’s website. The Board approved the creation of an ad-hoc committee to continue to focus on supporting the impact of membership on early career members. Among the committee reports was the Recognition Committee who reported receiving 121 budget award submissions.

April 2023 The Board approved extending the Strategic Planning Session in October to a three-day timeframe allowing more time for planning purposes and to move the Board meeting to another day in October. The Board discussed the role of the CSMFO Treasurer considering numerous options for the function and decided the Finance Committee Chair would serve as the Treasurer. The Board discussed the impact of the California Business Round Table (CBRT) initiative and decided to establish an ad-hoc group to develop a response letter. The Membership Committee presented an item regarding the Mentorship Program and reported the program had 104 participants, 76 mentees and 28 mentors.

June The Board discussed the extension of contracts with Smith, Moore and Associates (SMA), CSMFO’s administrative support firm, and Meeting and Association Management Services (MAMS), CSMFO’s conference planning firm. After some discussion, the Board directed the MAMS services be in a separate contract from the contract with SMA and be brought back to the Board in a future meeting. A presentation was given of the recommended Orientation Plan for new Board members, committee chairs/vice chairs and chapter chairs/vice chairs. A discussion ensued with some suggested additions to the plan.

The Board directed the plan to be circulated to leadership for additional feedback and be brought back to the Board in the August meeting. Members of the Finance Committee provided an update on their efforts to develop a Long-Term Financial Plan.

A discussion ensued and minor additions were requested by the Board and a request was made that additional comments be sent directly to the Committee. The Board received an overview from the Career Development Committee regarding a new

Executive Reports

course on financial management and analysis. The Board approved moving forward with development of content for the class.

August The August Board meeting was a very busy and productive meeting. The Board approved an extension of the contracts with SMA to April 30, 2025 and included the provision for two one-year extensions based on satisfactory performance. The updated orientation plan for new Board members, committee chairs/vice chairs and chapter chairs/ vice chairs were brought back with changes resulting from Board directed input from leadership. The plan is a living document and will be updated as changes arise in CSMFO business practices. The Board approved the plan. The Board considered an update to the CSMFO’s bylaws providing for commercial members to participate in various leadership positions including one director position on the Board. The bylaw changes were approved by membership at the end of July. The Board approved the bylaw changes. The Board considered potential changes to the Annual Conference rates charged to members. Modest conference rate increases occurred beginning in 2020 but have not kept up with inflation; especially during this high inflation environment. Different cost increase scenarios were explored with the intention of generating a modest conference surplus. After a great deal of discussion, the Board approved an increase to the rates by 10% over the next three years and continuing to charge for the Wednesday night event. The Finance Committee presented a follow up item from the June Board meeting with an update on the Long-Term Financial Plan and recommended fee increases. The purpose of the plan was to eliminate the current budgeted operating deficit starting in 2024 and to establish principles to achieve fiscal sustainability.

There was a lengthy discussion on the recommended fee increases. The Board ultimately approved the recommended fee increases for members’ dues ($5 for professionals and $10 for managers), job posting fees for both members and non-members, a 15% increase in training fees and incorporate these changes in the proposed 2024 budget. The Board also directed the Commercial Partners and Membership Committees to determine the appropriate structure for recommended fee increases and approved the adoption of the policy principles for the Long-Term Financial Plan.

October 2023 The Board approved an extension of the contract with MAMS to April 30, 2025 and included the provision for two one-year extensions based on

satisfactory performance. The MAMS contract provisions were removed from the contract with SMA and combined three separate contracts. The Finance Committee presented the 2024 Operating Budget for consideration. After some discussion, the Board tabled final approval to the meeting in December. The Finance Committee also reviewed proposed revisions to the Policies and Procedures Manual based on current practices, the creation of the Finance Committee in 2020, and the hiring of an Executive Director. The Board approved the updated Policies and Procedures Manual. A presentation was made regarding the Prior Presidents Advisory Committee (PPAC) roles and responsibilities and it was recommended to include the PPAC in the Policies and Procedures Manual. The Board approved the recommended action. The Board approved the purchase of a Together Mentoring software program to assist the Membership Committee in administering CSMFO’s Mentoring Program.

December 2023 An agenda item was verbally added to the agenda regarding the number of Board meetings in 2024.

The Board approved the updated schedule of Board meetings for 2024. The Board will now hold Board meetings every other month instead of monthly.

The odd months starting with January 2024 will concentrate solely on the status of CSMFO’s Strategic Planning Goals. The Board meetings will be held every third Thursday of the month except the in-person meetings in April and August which will be held on the Wednesday before the third Thursday.

The Board approved the operating budget for 2024 which had not changed from the Draft Operating Budget presented in October 2023. The Board then discussed the strategic goals for 2024 and the unfinished goals from 2023 that should be carried over to 2024. The Board ultimately approved strategic goals for CSMFO to concentrate on in 2024. The Board approved the extension of the contract with Michael Coleman for 2024. The Board approved the creation of an Ad-Hoc committee to analyze CalPERS Asset Liability Management mid-cycle review and represent CSMFO’s perspective on the matter. A discussion was held regarding a potential change in the process followed in the Strategic Planning session from October 2023. It was also suggested to add some categories to the Board’s template such as Timelines and Milestones, Fiscal Impact, and Staffing and Operational Impacts. Work will continue on the document and be followed up in the April meeting.

Based on a recommendation from the Career Development Committee, the Board approved a new core course on public speaking.

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committee Reports

Committee Reports

Administration Committee Chair: Kyle Johnson, City of Glendora Vice Chair: Don Patterson, Las Virgenes Municipal Water District Vice Chair: Gloriann Sasser, Moraga Orinda Fire District Members: Mary Bradley, City of Fremont, Senior Advisor Jeanine Thrash, City of Roseville Troy Grunklee, City of La Puente Mike Sung, City of Millbrae Felicia Galindo, City of Tracy Alberto Preciado, City of Citrus Heights Grace Castaneda, City of Belmont The Administration Committee is responsible for maintaining the various policy and procedures documents of the organization, administering CSMFO's contracts, enhancing the effectiveness and use of the technology used by the CSMFO, maintaining an internet presence and CSMFO website, and facilitating the information sharing among members. The Committee is also responsible for miscellaneous special projects at the direction of the Board of Directors.

During 2023, the Committee embarked on the strategic planning item to re-design the CSMFO website. On February 3, 2023, the Administration Committee received Board approval to contract with Smith Moore & Associates (SMA) for the website resign. Subsequent to the SMA contract approval an Ad-Hoc Committee was formed of representatives from the standing committees, the Executive Director and President. The variety of perspectives provided by the makeup of the Ad-Hoc Committee ensured the new website would represent all aspects of CSMFO. Surveys and general conversations with the membership at large were used to gather valuable information to help the Ad-Hoc Committee to design the new website. The overall feedback received from the surveys was the membership wanted a website with more intuitive navigation. With this information in-hand the Ad-Hoc Committee worked through late March to December and launched the new website at the 2024 CSFMO Annual Conference.

The website is a living platform with future phases planned for 2024 to bring over the CSMFO News webpages and to bring Michael Coleman’s website californiacityfinance.com under CSMFO control.

The Committee also reviewed various contracts in 2023. The first contract reviewed was the agreement with Smith Moore & Associates (SMA) that was expiring in April. This contract initially received Board approval to be extended to the end of the 2023 calendar year. The Committee participated in reviewing subsequent updates to the SMA and M&AMS contracts amended to be individual contracts receiving Board approval on August 17, 2023. Throughout the year the Committee assisted in reviewing contracts for the Career Development Committee and the Membership Committee. The Committee next worked with Michael Coleman to renew his contract for providing webinars, training, and support on governmental revenue matters through the Knowledge Base.

A one-year contract extension was presented to the Board of Directors and approved.

Finally, the Committee started work on developing a standard template for professional services agreement (PSA). The intent of this project is to bring standardization for preparation and review of PSAs used across all committees. This work continues into calendar year 2024.

We would like to sincerely thank the volunteers that contributed to all the work put forth by this committee during 2023, without whom this work could not have been completed: Mary Bradley, Felicia Galindo, Jeanine Thrash, Troy Grunklee, Alberto Preciado, and Mike Sung.

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Committee Reports

Career Development Committee Report Chair: Nick Kurns, Scotts Valley Water District Vice Chairs: Grace Zheng, City of Mountain View and Onyx Jones, City of Culver City Senior Advisor: Mary Bradley, City of Fremont; and David Cain, Retired Member Board Liaison: Amber Johnson, Contra Costa Transit District Members: Pam Arends-King, South Coast Water District; Margaret Moggia, Town of Discovery Bay; Laura Nomura, Eastern Municipal Water District; Lorena Quijano, City of West Hollywood; Terri Willoughby, Douglas County, Nevada SMA Staff Support: Amanda Rae Hall, Janelle Mollgaard Other Consultant Support: Harriet Commons, Jean Rousseau, and Craig Lesner, GFOA One of the core elements of CSMFO’s mission is to provide continuing education and professional development. Each year, hundreds of members take advantage of high quality, low cost, and CPEqualified professional training. In 2023, the Career Development Committee (CDC) continued to support CSMFO’s mission by providing a variety of training opportunities to our members.

Training programs in the 2023 core course curriculum were all offered virtually. In 2023, nine core courses were provided throughout the year, as follows: • Introduction to Governmental Accounting (six sessions) • Intermediate Accounting (five sessions) • Advanced Specialty Accounting Topics (four sessions) • Budgeting Course I (two sessions) • Budgeting Course 2 (two sessions) • Accounting for Capital Assets (one session) • Investment Accounting (one session) • Fundamentals of Tax Revenues (one session) • ABC’s of Municipal Finance – new course (one session) Program enrollment continues to be very strong.

CSMFO provided core course training to over 1,100 members across California, with class sizes ranging from a low of 18 to a high of 81. Offerings of one of our most popular classes, Introduction to Governmental Accounting, typically hit the 60-person registration cap. Utilizing the virtual platform continues to provide opportunities to reach many of our members, particularly those located in more remote areas. For 2024, we plan to add to our virtual core course offerings two new course offerings, Financial Management and Analysis, and Public Speaking for Finance Professionals.

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The CSMFO Webinar Program was successfully executed in 2023 with the help of our business partner, Government Finance Officers Association.

Craig Lesner from GFOA is our moderator for our webinar program. During 2023, the committee executed 10 CSMFO webinars – another banner year in providing webinar content to our membership. We estimate participation in our webinars reached over 3,300 locations. The following were the 2023 webinar offerings: • What Finance Professionals Need to Know About Effective Financial Management and Analysis to Help Their Organizations Be Successful • Are You Audit Ready? (Part 1 – Preparing for the Audit) • California Legislative Analyst’s Office (LAO) Update – May Review • Hot Topic – Threats to Local Revenues: The Taxpayer Protection and Government Accountability Act, and Zolly. V. Oakland • Embezzled: Lessons Learned from a Recent Fraud Case Study in Internal Controls, Procurement, and Contract Management • Are You Audit Ready (Part 2 – Closing the Books) • Interpreting and Communicating the New CalPERS Actuarial Report • Opposites Attract – Cultivating A Collaborative HR / Finance Relationship • Sales Tax 101 • Financial Data Transparency Act The CDC also coordinates the annual Weekend Training Program which takes place in mid-November and alternates annually between locations in Northern and Southern California. Unfortunately, we were not able to offer this program in 2023.

However, planning is already underway to bring the Weekend Training program to San Jose in November of 2024.

Committee Reports

In addition to these programs, the Committee executed the planning and implementation of many of the three-year strategic goals established by the Board for 2023. One multi-year initiative that the CDC has contributed to strengthening the programs for early career members. CDC led the development of a new course, The ABC’s of Municipal Finance, which sold out when introduced in the Fall of 2023 and will be offered four times in 2024. One strategic objective, New Opportunities for Member Engagement, will carry-forward into the new strategic plan adopted by the Board in 2024.

In closing, I would like to express my sincere appreciation to each member of the CDC for their dedication to our training mission. Major thanks to Harriet Commons for her diligent work ensuring that programs are delivered. Thanks also to Jean Rousseau, Craig Lesner (GFOA), Amanda Rae Hall & Janelle Mollgaard (SMA), and our core course instructors for your tireless work to provide worldclass training to our membership during another challenging year. I would also like to thank the Board of Directors for their steady support in executing our CDC programs.

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Committee Reports

Commercial Partner Committee Report Chair: Neil Murthy, Chandler Asset Management Vice Chair: Mark Petrasso, Zions Bank Board Liaison: Marcus Pimentel, County of Santa Cruz Senior Advisors: Scott Catlett, Eide Bailey; Joan Michaels Aguilar, HdL Committee Members: Wing-See Fox, Urban Futures Inc.; Tim Seufert, NBS The Commercial Partner Committee was formed in 2023 as a part of a broader effort to incorporate Commercial members into the leadership and organizational structure of CSMFO. The purpose of the Commercial Partner Committee is to solicit feedback from and drive engagement among CSMFO Commercial members. Duties of the Committee include: 1.

Host quarterly commercial member roundtable meetings with Commercial members.

2. Raise awareness of opportunities and events with CSMFO. 3. Promote Conference sponsorship and membership for Commercial Members.

4. Engage with commercial members at the CSMFO conference and Chapter Meetings.

The Committee met monthly throughout 2023 and led the following initiatives: • Creation of the Chapter Chair Resource – The Committee identified a need among CSMFO Chapter Chairs to access the knowledge and resources of Commercial members to support Chapter meetings. The Committee collaborated with the Chapter Chair Committee to create a short list of speakers and subject matter experts that could be contacted for upcoming Chapter meetings.

• Commercial Member Roundtable Meetings – With support from CSMFO Leadership, the Committee held quarterly meetings to connect with Commercial members. The meetings addressed upcoming events and ways to maximize CSMFO Membership. Participants provided valuable feedback on the annual conference and their experiences with CSMFO. • Commercial Member Dues Structure – Following direction from the CSMFO Board, the Committee began to evaluate the dues structure for Commercial members. The Committee began the initial stages of research and formed an action plan for deliverables to the Board in 2024.

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• Outreach to over 200+ commercial members with lapsed memberships were encouraged to renew CSMFO membership while promoting the 2024 annual conference benefits. While many members had retired or moved to other agencies, several reached out for renewal and were directed to association management for follow-up.

Looking forward to 2024, the Committee welcomed the appointments of Tim Seufert as the new Board Liaison and Evelyn Morentin-Barcena as a Committee Member. The Committee will play an expanded role in evaluating CSMFO’s Conference Sponsorship prospectus and seek new ways to add value to CSMFO Commercial members and enrich the organization.

Committee Reports

Communications Committee Report Chair: Will Fuentes (City of Campbell) Vice Chair: Jennifer Becker (City of Burbank) Vice Chair: Susan Talwar (City of Citrus Heights) Senior Advisors: Drew Corbett (DKG Consultants) & Wing-See Fox (Urban Futures Inc.) Board Liaison: Karla Romero (Coachella Valley Water District) Publication lead, ad, and logistics: Audie Whitt (SMA) Members: Kofi Antobam (City of Rancho Mirage) Erika Gomez (City of San Jacinto) Marcus Pimentel (County of Santa Cruz) Ernie Reyna (City of Perris) Jean Rousseau (CSMFO Executive Director) James Russell-Field (Fairfield-Suisun Sewer District) Heidi Schoeppe (Webb Municipal Finance) The Communications Committee completed another active and successful year, providing relevant and timely information through CSMFO News and social media. The Committee continued to focus on sharing a variety of communications with diverse topics and viewpoints designed to engage members at all levels of the organization.

Between January and December of 2023, 56 articles were published through CSMFO News, in addition to the Annual Conference Magazine. The Communications Committee focused on content that pushed breaking news, provided technical tips and insights, shared local Chapter activities, supported the CSMFO Annual Conference, and highlighted current and past CSMFO leadership team members and CSMFO Committee initiatives.

CSMFO continued to bolster its presence on social media, republishing CSMFO News content through Facebook, LinkedIn, and Instagram. In addition to CSMFO News content, CSMFO utilized social to publicize networking events and opportunities, such as the CSMFO Scattergories virtual event, summer vacation memory sharing, virtual trivia hours, and, of course, the CSMFO Annual Conference.

Authors, Contributors, and Committee Members

was missed: Joan Michaels Aguilar, Jason Al-Imam, Michelle Bannigan, Jennifer Becker, Matt Benati, Dan Buffalo, David Cain, Grace Castaneda, DeAnna Christensen, Michael Colantuono, Drew Corbett, Sara Cowell, Ryan Domino, Charlie Francis, Will Fuentes, Jorianne Jernberg, Lauren Lai, Rich Lee, Dan Meulrath, Margaret Moggia, Stephen Parker, Ernie Reyna, Karla Romero, Jean Rousseau, James Russell-Field, Julia Shanker, Dallas Shattuck, Susan Talwar, Jennifer Ustation, and Antonio Watson, as well as features from each CSMFO Committee and Chapter.

The Communications Committee operates under a very short turnaround for publishing content. Thank you to our committee members who are willing to write, coordinate, edit and plan content for the CSMFO News.

Statistics • CSMFO News Articles Published: 56 • CSMFO News website visitors: 8,768 • Total 2023 Ad Revenue: $6,888 • Most clicked articles: ⚪ 2023 Annual Conference Update – 1,372 ⚪ A City Manager’s Perspective on Finance – 1,065 ⚪ 2022 CSMFO Award Program Recipients – 894 ⚪ GFOA’s CPFO Scholarship Opportunity – 650 ⚪ CSMFO And GFOA Budget Award Criteria Mapping for Local Governments – 631 • Social Media Visitors: ⚪ LinkedIn: 311 ⚪ Facebook: 277 ⚪ Instagram: Under 60

The Communications Committee relies on the hard work and support of volunteers. Special thanks to the many authors who contributed to and/or published an article in the last year, and apologies if anyone

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Committee Reports

Finance Committee Chair: Margaret Moggia, Town of Discovery Bay Vice Chair: Brian Mohan, City of Moreno Valley Senior Advisors: John Adams, Eastern Municipal Water District and Drew Corbett, DKG Consultants Board Liaison: Amber Johnson, County Connection Members: Dave O’Toole, Sacramento Metropolitan Fire District Grace Castenda, City of Belmont Jackie Rice, City of Sacramento Stephen Parker, City of Upland As a newly formed standing committee in 2022, the Finance Committee is responsible to identify and act upon continuous improvement for the fiduciary and financial oversight of CSMFO. For 2023, the focus of the Finance committee accomplished work in these key areas: Long Term Financial Plan • Long term financial plan development • Allocation of association management contract (AMC) staff time • Understand fiscal impact AMC Contract Renewal and staffing needs impact Financial Reporting • Review of Chart of accounts • Executive Director understanding of the Financial Reports Development • Development of Semi-annual reports • Review of Conference Accounting • Budget Development Policy and Procedures • Review of current or update for new polices • Impact of new bylaws for Secretary-Treasurer As we look forward to 2024, the Finance Committee will continue to refine its long-range financial plan to ensure the fiscal resources are available to meet the operational needs of the organization and financially support the Board and committee initiatives to meet CSMFO’s mission of delivering professional development to its members. Furthermore, we will be defining the role of the finance committee and continue to improve reporting and policies that will benefit the organization.

Thank you to the committee for their dedication for continuous improvement of the financial reporting, enhancing policies and procedures, and charting a course forward with recommendations for long term fiscal sustainability. In addition, we extend our appreciation to the accounting support provided by Smith Moore & Associates to prepare timely financial information for our review and comment.t 18

Committee Reports

Membership Benefits Committee Chair: Debbie Rosales, Las Vírgenes Municipal Water District The membership committee started the year with a successful presence at the annual conference in Sacramento. Committee activities kicked off Wednesday morning with “This is Heavy!” A How-to Session on Navigating your First CSMFO Conference.

The room was filled, no seat left vacant and featured a roundtable style opportunity for new attendees to hear from the experts. Topics discussed included member benefits, an overview of committees and local chapter meetings, how to use the Guidebook App., conference sessions, vendor exhibit hall connections to be made, a reminder of the fabulous 80’s night event on Thursday, and much more.

Over 100 members participated in the second year of the Mentorship program – paring 50 Mentees with experienced Mentors to develop and expand leadership skills, build confidence while providing Mentors an opportunity to give back to their profession and assist in developing the next generation of leaders. In November, the Board approved a SAAS agreement for the implementation of Together software to assist with managing the program as we move to our third year and continue to expand.

The committee also successfully staffed the CSMFO membership booth where we shared the benefits of CSMFO membership with all who visited. Located in the exhibit hall, the booth also housed several “ask the expert” volunteers and ran a Superbowl pool that raised more than $450 for local charities as part of this year’s overarching theme of giving back.

The Membership Committee continued its focus on member benefits through the ongoing Mentorship and Cohort programs.

In 2023, Cohort #5 had 20 participants from various agencies across the state.

The cohort program met for nine sessions covering the following topics:

• Introductions & Getting to know you • All About CSMFO & Cohort #5 Small Group Mentoring Program

• Finance Directors & Preview cohort book & assessment – Clifton StrengthFinders

• Recruiter, Resumes & Cohort small group

discussion of individual StrengthFinders assessment results • CSMFO Annual conference preview and networking opportunities with Ernie Reyna • City Manager and General Manager • All About You – Cohort individual presentations on their StrengthFinders key take-a-ways • Continued Cohort presentations and Conference Insider tips from Tori Roberts • Graduation & Final Cohort small group discussion – What did you learn from Cohort #5 that will help you in 2024?

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Professional Standards Committee Chair: Buffalo, City of Ukiah Vice Chair: Donna Lee, City of Concord Senior Advisor: Grace Castaneda, City of Belmont Board Liaison: Jason Al-Imam, City of Newport Beach The Professional Standards Committee operates as a technical resource to CSMFO members by keeping CSMFO members informed of emerging issues and best practices through “Committee Highlights”.

Committee Highlights provide succinct information (approximately 250 words or less) on hot topics, while directing members to other resources such as GFOA Best Practices, CSMFO webinars, GASB Pronouncements, and CSMFO News.

The Committee is comprised of municipal and commercial members that are assigned to one of the following seven practice areas:

• • • • • • •

Financial Management and Budgeting Accounting and Financial Reporting Retirement and Benefits Administration Treasury and Investment Management Capital Finance and Debt Administration Grant Management Organizational Best Practices for Finance Departments

The Professional Standards Committee engaged in a variety of discussions throughout the year, focusing on the following key areas: •

•

•

•

•

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Financial Management and Budgeting: Regular roundtable discussions were held on potential topics for "Committee Highlights," emphasizing financial management and budgeting.

Accounting and Financial Reporting: The committee continued to explore accounting and financial reporting, discussing updates on GASB accounting guidance and the impacts of legislative changes on financial reporting.

Investment and Treasury Management: Discussions included updates on investment returns, particularly concerning CalPERS, and the effects of banking environment changes on treasury management.

Legislative Impacts: The Financial Data Transparency Act and the Taxpayer Protection and Government Accountability Act were significant discussion points, focusing on their potential implications for financial management and public accountability.

Technology and Process Improvement: The integration of Michael Coleman's website with the CSMFO site was explored, along with the use of Basecamp for tracking current topics and projects.

•

Organizational Best Practices: The committee focused on enhancing organizational best practices, considering collaboration with the Government Finance Officers Association (GFOA) to research and establish guidelines for building robust and adequately staffed teams.

Throughout these discussions, the committee aimed to serve as a technical resource for CSMFO members, keeping them informed of emerging issues and best practices in municipal and commercial financial management. Resulting from these discussions, specific highlights were published for CSMFO membership, including: • •

• • • •

Free Online Access to GASB Guidance Material, June 9, 2023 Failure of Silicon Valley Bank & the Importance of Collateralizing Public Deposits, Jason, AlImam, July 7, 2023 GASB Implementation Guide No. 2023-1, Implementation Guidance Update-2023, Kenneth Pun, September 11, 2023.

Immediate Action Needed to Protect Local Control, September 13, 2023 An Update on the CBRT Initiative, November, 2023 PRIMER: Opioid Settlement Funds, Use and Accounting, Ryan Domino, November 22, 2023

The Professional Standards Committee has demonstrated a steadfast commitment to enhancing the knowledge and practices of municipal finance professionals throughout the year. Through thoughtful discussions, the committee successfully addressed a spectrum of topics relevant to the evolving landscape of governmental finance. By focusing on key areas like financial reporting, legislative impacts, investment management, and organizational best practices, the committee has fortified its role as a pivotal resource for the CSMFO members. The dedication of each committee member has been instrumental in navigating the complexities of public finance, ensuring that the CSMFO community remains well-informed and ahead of the curve in professional standards and regulatory compliance.

Committee Reports

Program Committee Chair: Laura Nomura, Eastern Municipal Water District Vice-Chairs: Stephen Parker, City of Upland; Jennifer Wakeman, City of Lafayette Senior Advisors: Viki Copeland, City of Hermosa Beach and Margaret O’Brien, City of Alameda Board Liaison: Dennis Kauffman, City of Roseville Members: Mary Bradley, City of Fremont, David Cain, Retired, Rich Lee, City of San Mateo; Margaret Moggia, Town of Discovery Bay; Karen Reid, City of Concord After a successful Annual Conference January 31 – February 3, 2023 in Sacramento, and subsequent Virtual Conference component held in March 2022, the Program Committee was energized to begin planning for the 2024 Annual CSMFO Conference, “May the Magic of Finance be With You,” to be held at the Disneyland Hotel in Anaheim. The Committee began meeting in April 2023. With the very low response for registrations, a virtual conference component was not pursued for 2024. This will be reevaluated in the future.

The Call for Sessions kicked off on May 10, 2023, and the Committee received 121 submissions. In reviewing the submissions, the Committee was focused on providing high quality educational content and the program offered 65 concurrent sessions over three days, including four “early bird” sessions Wednesday morning including topics on CalPERS pensions, preparing staff for a new audit team, CSMFO membership benefits and water infrastructure capital charges. In addition, pre-conference sessions were offered: Who is Next in Line?

Succession Planning for Finance Officers; Financial Management & Analysis, Modules 1 & 2; The Magic of Public Speaking - Communication Fundamentals; Water and Wastewater Rates Workshop: 101; and Fundamentals of Municipal Taxation: Property and Sales Taxes. Overall, attendees had the opportunity to earn up to 23.5 credits of Continuing Professional Education (CPE) during the in-person conference.

A big thank you to Harriet Commons, who kept us organized, on track and handled all the neverending details that ensured the success of both the in-person and virtual conferences. Special thanks to everyone on the Program Committee for your commitment, support, and enthusiasm in planning the 2024 Annual Conference program.

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Recognition Committee Chair: James Russell-Field, Fairfield-Suisun Sewer District Vice Chair: Natalia Lopez, City of Moreno Valley Senior Advisor: Yolanda Rodriguez, Retired Board Liaison: Stephanie Reimer, Monte Vista Water District Committee members: Kofi Antobam (City of Rancho Mirage) Bill Clayton (Beaumont-Cherry Valley Water District) Lorena Lopez (Eastern Municipal Water District) Brenda Manriquez (Orange County Cemetery District) Isarel Perez-Hernandez (City of Wasco) Matthew Schenk (City of Perris) Antonio Aiello (City of San Luis Obispo) Amanda McGarr (City of Chico)

for examples of each Budget Award criteria can download two documents and check the bookmarks to see examples, instead of individually clicking on 42 links. The ease of navigation should increase the ability of website users and program participants to see examples readily.

•

Physical Award: 2023 was the third year offering budget award winners a physical award option. When an agency purchases a physical award, the agency receives both a head plaque and a plate to affix to the plaque. Each year, the agency can continue to purchase the plate to affix to the plaque.

A total of 45 physical orders were placed, including 17 first-time orders. The Committee looks forward to continuing to promote and offer this option.

•

Budget volunteer recognition: The Recognition Committee relies on the commitment and dedication of volunteers to help with the annual Budget Program Award reviews. 132 budget volunteers offered their time in 2023 to review budget applications. The Committee continued the prior year's initiative to email each volunteer an electronic “Thank You” certificate that reviewed a budget.

Additionally, the names of volunteer reviewers were published for recognition in a CSMFO News recap.

The Recognition Committee oversees and promotes the CSMFO Awards Program, which includes the Operating and Capital Budget and Innovation Awards.

The success of the Recognition Committee relies heavily on volunteers from participating agencies to help review budget applications.

2023 Recap Operating Budget Award Winners - 122 Capital Budget Award Winners - 21 Innovation Award Winners - 2 Total Award Program Applications - 147 (15% increase over prior year) Volunteer Budget Reviewers - 139 Goals Achieved in 2023 •

Sample Document Review and Update: The Committee completed a goal to update award-related sample documents and resources on CSMFO’s website. For the Budget Award Program, there was a list of “sample document” links on CSMFO’s website corresponding to each Budget Award criteria. When a reviewer clicked on the link, it showed the requirements for earning full points on every question and provides a sample of a document that meets the criteria for earning full points. Unfortunately, the criteria and samples provided were from budgets from 2000. This resource needed to be examined and updated.

To replace these links, the Committee picked two budgets, one from a City and one from a Special District, that consistently received top scores in the Budget Award Program.

The Committee then bookmarked the Budget Award Program criteria in each document. As a result of the change, prospective program participants or existing participants looking

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Goals for 2024 •

Automation of Award Force: The Recognition Committee utilizes Award Force software to manage the award applications, judging, scoring, and communication. This requires significant administration by committee members to set up users, manage broadcasts, upload PDF certificates, and tag entries for review. To help ease the administrative burden of Award Force, the committee will work with CSMFO staff to identify areas of automation within Award Force.

Continued on next page

Committee Reports Succession Planning and Documentation: In 2024, the Committee will continue to update and enhance the “Guide to Award Season” document. This document includes a manual for the committee members and leadership. The "Guide to Award Season" will be enhanced in 2024 to ensure the smooth transition of Committee members and leadership.

•

Transparency Award: The Committee will continue to work on finalizing and promoting a Transparency Award Program. The purpose of this Award is to recognize governmental agencies that promote transparency in operations and reporting.

Concluding Remarks The Recognition Committee would like to thank CSMFO Executive Director Jean Rousseau and all SMA staff for their continued support of the Recognition Committee. The success of the Recognition Committee and its Awards program is due to the hard work of each Committee member.

We are profoundly grateful for their commitment and the continued support of Stephanie Reimer, Board Liaison, and Yolanda Rodriguez, Senior Advisor, who always willingly provided guidance and support to the Recognition Committee leaders. Thanks also, of course, to our magnificent budget review volunteers, who are the reason the Budget Award Program is successful.

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Student Engagement Committee Chair: Michelle Bannigan, Central Contra Costa Transit Authority Vice Chairs: Jessica Brown, City of Fontana and Alberto Preciado, Citrus Heights Senior Advisor: Jennifer Wakeman, City of Lafayette Board Liaison: Craig Boyer, County of Alameda Members: Pamela Arends-King, South Coast Water District; Daniel Buffalo, City of Ukiah; Veronica Bustillos, Eastern Municipal Water District; Siamlu Cox, Midway City Sanitary District; Sara Cowell, City of Tracy; June Du, City of Los Altos; Ernestine Jones, Retired; Michael Gomez, City of Newport Beach; Sandra Laureano, City of La Quinta; Krysten Lee, City of Newark; Ryan Pham, City of Sacramento; Rui Sun, CSU Dominguez Hills; Kate Zawadzki, City of Dixon; Li Zhang, Transportation Authority of Marin The purpose of the Student Engagement Committee is to engage the next generation of potential municipal finance officers – graduate and undergraduate students – to let them know about CSMFO, promote municipal finance as a rewarding career choice, and increase the number of student memberships.

During the year 2023, the Committee focused its efforts on the following primary goals: 1.

Continue to seek opportunities to speak to students about CSMFO – in classrooms, at school-wide recruitment events, and at student association meetings. Coordinate volunteer CSMFO speakers to attend student events.

2. Continue to build relationships with colleges and universities while ensuring existing relationships are maintained.

3. Complete the update of the “Communications Plan” document that includes outreach tools and marketing strategies for student engagement.

4. Conduct outreach to schools in the same area as the annual conference to share scholarship information and encourage student attendance.

School relationships and presentation opportunities – The Committee remained very active in attending opportunities to interact with students, both virtual and in-person engagements. Approximately 500 students were reached throughout the State at 10 school-sponsored events – with Committee members and other CSMFO members volunteering to speak at career fairs, meet the firms’ events, accounting society meetings, and classroom presentations. The Committee mostly engaged with contacts that had previously been established in prior years and struggled to expand its network of schools. In 2023, our classroom presentations included one presentation at a community college.

Our prior school relationships have focused on four-year colleges and universities. In 2023, our Committee is made connections at local community 24

colleges in an effort to expand our messaging to those college students who are beginning the pursuit of bachelor’s degree education at a community college before transferring to a four-year college or university. In 2024, while we still plan to attend certain campus-wide events, we hope to increase the number of presentations to smaller, focused groups, such as presentations to classrooms and accounting/ finance related clubs and groups.

Communication Plan Document – Tocomplement and round out the efforts of the Committee over the past four years, an internal Communication Plan document was created in 2021. This document is a resource to current and future Committee members, providing tools such as presentations, e-mail templates, cold call scripts and marketing materials, as a way to provide continuity and ensure that future volunteers do not have to reinvent this content.

The Communication Plan is intended to be a living document, with resources and materials updated at least annually. In 2022, efforts were underway to update the document to include recurring outreach efforts to schools, timelines/cycles for pushing out internship opportunities, and other areas of outreach such as letting people know about the O’Dell Scholarship. This plan was finalized at the start of 2023.

Conference Area Outreach Effort – In 2021, the Committee developed a template for conducting outreach to schools surrounding the geographic location of the upcoming annual conference. In 2022, the Committee utilized this procedure to focus on Sacramento-area schools – both four-year institutions and junior colleges – in preparation for the 2023 conference. Unfortunately, these efforts did not result in a significant number of students utilizing the scholarship opportunity. However, the Committee is confident that the groundwork laid with these schools will continue to produce opportunities for connections in the years to come.

Challenges and Opportunities - While the committee felt there was adequate outreach to students at schools where there are established relationships, it struggled to expand the existing network of schools and reach a wider audience. Student and Early Career members are a key focus for the CSMFO Board in the coming year. The committee is excited to move forward with initiatives developed in the CSMFO strategic plan, and hopes to engage in meaningful ways with students in the years to come.

Committee Reports

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chapter reports

Chapter Reports

Central Los Angeles & South-Bay Chapters Chairs: Central Los Angeles: Monica Lo, City of Brea (Chair) and Kim Sao, City of Paramount (Vice-Chair) South Bay L.A.: Jeff Muir, City of Beverly Hills (Chair) The Central-LA & South-Bay chapters continued to host joint meetings in 2023, all in an effort to increase both attendance and volunteer participation. Meetings are generally held on the fourth Thursdays of every other month. The chapters cover a densely populated geographic area that reaches north to the City of West Hollywood, east to the City of Industry, and south to the City of Long Beach; and encompasses 46 cities.

The Chapters had their first joint meeting on April 27, 2023 with Steve Berliner, Partner with Liebert Cassidy Whitmore. Mr. Berliner presented on “Hiring CalPERS Retirees”, where he discussed the requirements for hiring retirees and potential penalties for violations. He also discussed the common mistakes made and how to avoid them.

The meeting was held at Progress Park Plaza in Paramount with an attendance of 43 municipal and commercial members.

On December 7, 2023, the joint chapter holiday luncheon was held at the Cheesecake Factory in Redondo Beach. There were 86 registered attendees, and Neil Kupchin presented on “Leadership That Creates Meaningful Impact”. Generous sponsorships from Fieldman Rolapp, Shuster Advisory Group, Chandler Asset Management, JP Morgan Chase and PFM helped defray registration costs.

Monica will continue to serve as Chapter Chair for the Central L.A. chapter for 2024, and Kim Sao from the City of Paramount has volunteered to serve as Vice Chair. Jeff will continue to serve as the Chapter Chair for South Bay L.A. in 2024.

On July 20, 2023, Michael Coleman provided an update on the latest in California local revenues, legislation, important legal cases, financial conditions and other issues of critical concern to municipal treasurers. Participants heard about the rules and trends in taxes, fees and other city revenues, the relationship with the state budget, problems and prospects for reform. The meeting was held at the Zimmerman Automobile Driving Museum in El Segundo with an attendance of 89 municipal and commercial members.

On October 26, 2023, Alex Southern, Executive Director Cybersecurity & Technology Controls with JP Morgan Chase provided a presentation on Cybersecurity and Fraud Prevention. The meeting was held at Progress Park Plaza in Paramount with an attendance of 38 municipal and commercial members. It was announced that Kim Sao, Finance Director from the City of Paramount has expressed interest in volunteering as the Vice Chair for the Central L.A. Chapter. This was great news since there hasn’t been a volunteer for this Vice Chair position.

We are happy to have her!

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Chapter Reports

Central Valley Chapter Chair: Sara Cowell, City of Tracy Vice Chair: DeAnna Christensen, City of Modesto Summary of 2023 Events During 2023, the Central Valley chapter took a hybrid approach to meetings, which allowed our chapter to reach a wider group of members. The chapter held three in person meetings and one virtual meeting.

In person meetings averaged 30-40 members per meeting. The virtual chapter meeting reached maximum attendee registration. The 2023 meetings and topics were as follows: April 6, 2023: Marc Coopwood and George Passidakis from Apex Technology Management presented on cybersecurity and how it is not just an IT issue, it is an Enterprise Risk Management issue. Members were briefed on recent local government ransomware attacks and what the impacts are on service. Marc and George also talked about safeguards that members can take now to prevent such attacks.

May 18, 2023: Louis Stratton from DebtBook provided a virtual presentation on how to implement GASB96 and maintain compliance. Implementation of new GASB standards can be challenging, members were presented with a step-by-step roadmap of how to begin, starting with creating a list of tasks, gathering subscription info, on through preparing the note disclosures and ongoing compliance.

August 24, 2023: Ben Sehy from Meeder Investments gave members a presentation on Investment best practices and real-world case studies. Ben gave a market update, talked about inflation and its relationship to interest rates. He also talked about current events such as housing affordability, bank headlines, and how that can translate into opportunities for investing.

November 30, 2023: For our winter meeting, members heard a panel discussion on Recruitment and Retention strategies by Chapter Chair and Director of Finance for the City of Tracy, Sara Cowell, Vice Chair and Director of Finance for the City of Modesto DeAnna Christensen, and Karin Schnaider, Assistant City Manager for the City of Tracy. The discussion was followed with question and answer and was well received.

Chapter goals for 2024: For 2024, the Central Valley chapter has four meetings planned, with its first two meetings already scheduled in April and June 2024. Our goal is to increase the number of attendees this year and to continue to use these meetings to further the mission of CSMFO through education and networking opportunities.

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Chapter Reports

Chapter Reports

Channel Counties Chapter Chair: Debbie Rosales, Las Vírgenes Municipal Water District The Channel Counties Chapter returned to in-person meetings in 2023. The chapter meets quarterly, on the fourth Thursdays of the months of March, June, September, and December. The year kicked off with great participation from the Chapter at the annual conference in Sacramento where they participated in many key and breakout sessions. Members then enjoyed camaraderie while having breakfast on the last day of the event.

The meetings held in 2023 featured the following topics and speakers: March 23, 2023 In an effort to capture members who may commute and are unable to attend lunch meetings, we scheduled a breakfast meeting. Unfortunately, due to low registrations, we were forced to cancel the meeting.

June 22, 2023 Topic: Cybersecurity – Disaster Recovery Planning Speaker: Tom Jakobsen, Client First Technologies Members met at Las Virgenes Municipal Water District and were treated to a presentation of the ever-changing requirements that are imposed by insurance companies providing Cyber Security policies. Participants were surprised to learn of recent breaches in security of local agencies and the amounts that these agencies were required to pay to recover their data.

At the conclusion of the meeting, participants were invited on a tour of the Las Virgenes-Triunfo JPA’s Pure Water Demonstration facility where they discovered how the Pure Water Project Las VirgenesTriunfo will be the first sustainable water source for our region. At the end of the tour, we got to taste the advanced purified recycled water and take a photo to commemorate the visit.

activity on the rise and affecting many local agencies; participants engaged in a lively discussion ensued about check issuances, various methods of protection available to agencies, internal controls and what each agency does to protect their assets.

The discussion even crossed the Atlantic as one attendee shared the differences in how Europe views the need for checks versus all electronic payments (spoiler alert, many parts of Europe do not deal with paper checks).

December 7, 2023 Topic: A State of California Speaker: Fiona Ma, State Controller The final meeting of the year, held at the Camarillo Library, and members were honored to have Treasurer Ma present. Treasurer Ma provided valuable insight to all municipal staff in attendance on the overall state of the California economy. Attendees took the opportunity to discuss various challenges facing our local communities and those we serve. With the release of the California budget deficit news the very morning of our meeting, the discussion revolved around topics such as water resources (the battle of water needs vs environmental concerns) and the need for new sources of water in the region – how to get it from Northern California to Southern California. There was quite the discussion regarding the homeless crisis across the state and the need for affordable housing).

Treasurer Ma also focused part of her discussion on staffing and the challenges facing governments, at all levels, in recruitment and retention and the need to look at what applicants are looking for and what is being offered.

Special thanks go out to all presenters and participants who attended the meetings to make them a success. Meetings in 2024 are scheduled for March 28, June 27, September 26, and December 12, 2024.

September 28, 2023 Topic: Cyber payments: Fraud and Risk Speaker: Jeannie Kabilafkas and Jamie O’Connell, Wells Fargo Bank September saw the chapter return to Dave and Busters in Thousand Oaks. In this session, Jeannie and Jaime discussed the challenges of preventing fraudulent activity in banking. With fraudulent 29

Coachella Valley Chapter Chapter Chair: Kofi Antobam, City of Rancho Mirage Vice Chair: Claudia Martinez, City of La Quinta With the many challenges that finance professionals are facing such as limited time and resources, changing technology, ensuring financial transparency, and keeping up with new regulations and compliance requirements- the Chapter strives to provide learning opportunities for members to be proactive to face these challenges. We strive to provide amazing speakers and relevant topics while supporting our local finance professionals.

Thank you to all of our speakers and members for continuing to support the chapter and for their willingness to share knowledge, passion for government finance, and support for the profession.

The Chapter would also like to thank CSMFO leadership who has provided support and guidance as the industry continues to evolve and their continued perseverance to address the challenges that finance professionals face.

Below are summaries of the meetings held by the Chapter in 2023: March 24, 2023 Topic: Leadership Roundtable: Intentionally Propelling your Career Forward Speakers: Isaiah Hagerman, City Manager, City of Rancho Mirage; Veronica Chavez, Finance Director, City of Palm Desert; Mark Petrasso, Senior Vice President, Zions Bank; and Rick Aragon, Finance Director, Coachella Valley Water District This amazing roundtable discusion on how to purposreflly propel your carrer fowardd inspired us all! The panelists shared what makes a difference to management, what should you be actively doing to stand out, how to ensure you are ready for a promotion, and what are some essential skills or lessons learned that have shaped their careers. The panelists had a diverse background and are in various stages of their careers with cities, special districts, or as a commercial vendor. All are incredible leaders, mentors, supporters of career advancement, and yet no two stories are alike in how they progressed in their careers or how they continue to thrive. This session was well received with smiles and laughter across the room as the members appreciated great stories from local leaders.

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August 30, 2023 Topic: Elements of an Effective Cover Letter & Resume, and the Interview Process Speaker: Tony Dahlerbruch, Executive Recruiter & Managing Member of Peckham & McKenney Executive Search The key to getting a new job or promotion is marketing yourself. This session dove into ways to deliver a message that helps you stand out and show your value and what you should know to be successful in an application process for a new position. Not only did Finance staff attend, but this session was attended by other departments which was a great opportunity for multiple disciplines to interact and share their experience. The session provided tips for a top recruiter how to present skills, experience and competencies in ways that align with a recruiter’s needs, and tips and strategies that will help crush the interview.

December 6, 2023 Topic: Fiduciary Responsibility in Administering 457 Government Programs Speaker: Javier Obando, Retirement Plan Consultant, SageView Advisory Group Employee benefits are important for any organization and having cost effective and specific needs to help drive Financial Wellness retirement outcomes for employees is a key component. This session was ideal for human resources benefits administration, payroll, and fiscal officer roles who are administering a 457-retirement plan for their employer but may not know it. n the realm of public sector retirement savings, Governmental 457 plans play a pivotal role in securing the financial futures of public servants.

This session did a deep dive into the intricacies of fiduciary responsibility within Governmental 457 plans. Attendees were able to gain a comprehensive understanding of their roles and obligations in managing these vital retirement accounts, ensuring the financial security of those who serve our communities.

Chapter Reports

CSMFO 2023 Annual Report

Imperial Valley Chapter Chapter Chair: Adriana Aguis City of Holtville Chapter Vice Chair: Adriana Amezcua Heber Public Utility District The Imperial Valley CSMFO Chapter was reignited in 2023 after nearly 15 years of dormancy. Adriana Anguis, Finance Supervisor at the City of Holtville and Adriana Amezcua former Finance Manager at the Herber Sanitation District took on the roles of Chair and Vice Chair respectively. They held a total of four meetings during the year with an average of 25 attendees and are excited to continue to unite the finance professionals in the Imperial Valley.

The first meeting was held on May 23, 2023, with a session by Wells Fargo regarding Fraud Education & Awareness. Speakers included Jamie O’Connell, Relationship Manager, Yolanda Mates, Treasury Management Consultant and Anil Khilnani. The session included the magnitude of the threat that is growing and increasingly digital, while criminals’ tactics continue to evolve. Outsmarting fraudsters and protecting your organization requires a new way to think about fraud – an integrated approach that involves everyone in the organization, layers of fraud security, and technology-based tools.

and opportunities. The session focused on regional economic risks and actionable strategies to protect agency funds and public sector credit scores.

The City of Brawley hosted the fourth meeting on November 15, 2023, with an intimate one-of-a-kind California government finance overview presented by Michael Coleman a leading expert in the California local government finance industry. Participants learned about how government revenues are shaped and changed, future challenges to monitor, voter requirements, and other legislative actions impacting the future of government agencies. This was a rare opportunity to be attend an intimate training session usually provided to hundreds of attendees.

The City of Holtville hosted the second meeting on July 12, 2023. Julio Morales, Senior Managing Director from Kosmont Financial Services provided a session titled CalPERS Update - Addressing Your Pension Liability Without POBs. During the session participants where provided an overview of pension basics and were given a customized update of their projected CalPERS liability. The session included other strategies that can be used to address unfunded pension liabilities, such as targeted annual discretionary payments, leveraged refunding, taxexempt exchange, internal loan/fund exchange, and 115 Trusts.

The third meeting was held on September 14, 2023.

A session titled Navigating the Current Economic Shifts for Public Finance Executives was presented

by Michael Mejia, Managing Director from Samuel A. Ramirez & Co., Inc. This chapter meeting was geared towards finance professionals, elected officials, and management staff to understand agency’s municipal credit, credit readiness, and how to plan for economic changes and rising interest rates.

Imperial Valley agencies face unique challenges

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Chapter Reports

Inland Empire Chapter Chapter Chair: Tori Roberts, CPA, City of Hemet Chapter Vice Chair: Veronica Bustillos, CPA, Eastern Municipal Water District Chapter Leadership Team: Daisy Banuelos, Western Municipal Water District; Jessica Brown, City of Fontana; Charles De Simoni, Omnitrans; Jennifer Ustation, City of Beaumont; Sid Jain, City of Colton and experiences. The event was not only designed to equip attendees with a strategic vision of how to ascend to the City Manager role but to inspire and motivate finance directors to step up their game, envision their potential in a larger role, and take strategic steps towards fulfilling their career ambitions.

In 2023, the Inland Empire Chapter held five in person chapter meetings with attendance reaching capacity, ranging from 50 to 167 attendees, based upon location. The March 8, 2023 meeting, held at Dave & Buster’s Ontario Mills and Sponsored

by Public Trust Adviors, featured speakers Dan Matusiewicz, Sr. Consultant, GovInvest, and Mike Harary, B.B.A., M.B.A. Project Manager, Koft & Associates. Speaking on Evolving Economic and Workforce Concerns, these two experts discussed how the pandemic continues to be the catalyst for change, challenging many norms and the future ahead.

The second meeting of the year held on May 18, 2023 at the Riverside County Training Center, and sponsored by Workday, was well attended as speaker Brent Mason of Eide Bailly engagingly stepped through the busy, day to day life for today’s finance officer; highlighting issues such as having too few staff to get daily tasks done and lacking time to do much needed financial planning and analysis.

Brent provided a common sense look at several of the financial management tasks that could help to manage fiscal operations more effectively. Providing insight into Interim Budget Reporting, Long-term Financial Reporting, Analyzing Revenue Mix and Sustainability, Evaluating Current Potential Future Liabilities, and Appropriate Cost Allocation and Cost Recovery spurred many questions from the crowd.

In July, Scott Ochoa, City of Ontario City Manager, greeted attendees at our familiar location, Dave & Buster’s, Ontario Mills. The chapter meeting, sponsored by Ramirez & Co, was designed for City Finance Directors and up and coming staff who are looking to expand their career horizon and transition into the role of a City Manager. Ochoa offered his unique perspective on the ascension from Finance Director to City Manager, drawing on his career path 32

Shifting gears slightly, in September 2023, the Inland Empire Chapter embarked on a more active event at Top Golf in Ontario. The close nit group had the opportunity to hear from Jim McCourt and Benjamin Sehy of Meeder along with Patricia Song, Finance Director, City of Garden Grove speaking on Investment Decisions: Best Practices and Real World Case Studies. After learning about best practices to apply when making investment decisions, including setting interest rate expectations, identifying and comparing investment opportunities, and factors to consider when constructing your entity's investment portfolio, the group of attendees enjoyed comradery as they trained diligently for the CSMFO Annual Conference Golf Tournament. This exceptionally fun event wouldn’t have been possible without sponsorship by Meeder Public Finance and US Bank.

Wrapping up the year of exceptional attendance and comradery was the Inland Empire Chapter Holiday Luncheon meeting on December 7, 2023. This festive, record attendance event, sponsored by Eadie Payne, LLP, Eide Bailly, Webb Municipal Finance, LLC, RAMS, Oracle, LSL, Wells Fargo, CalTrust, Harris & Associates, Chandler Asset Management, was hosted at the Mission Inn, in Riverside California. Speaker Mark Prestwich led a presentation on the Golden Era of CSMFO Leadership & Lessons providing and insightful overview of CSMFO historical leadership, lessons learned, and included key takeaways of: learn and gain experience during difficult times, in the end, your jobs are quite entrepreneurial, and every day and each policy issue is different and in a world of unlimited needs that are constrained by limited dollars, we are required to deploy innovation and creativity to softly land these complex policy issues for our communities. Attendees departed with not only insightful wisdom and delicious cupcakes, but also an eagerness for what the Inland Empire chapter has in store for 2024.

Chapter Reports Backup Details: March 8, 2023 Topic: Evolving Economic and Workforce Concerns Speakers: Dan Matusiewicz, Sr. Consultant, GovInvest; Mike Harary, B.B.A., M.B.A. Project Manager, Koft & Associates The pandemic has and continues to be the catalyst for change, challenging many norms and the future ahead. As the world adapted and became accustomed to remote working, many workers reevaluated going back to the office and pursued more flexible work opportunities and/or simply resigned. Attracting and retaining employees has never been more difficult. Efforts to tame inflation have set off a chain reaction of threats and opportunities.

Learning Objectives: • Understanding the cascading impact of inflation on local government finances • Why rising interest rates have accelerated the need to reexamine investment opportunities • How are agencies adapting to more flexible workplace demands • What are other agencies are doing to attract and retain talented employees Sponsors: Public Trust Advisors Location: Dave & Buster’s Ontario Mills Registered Attendees: 50 May 18, 2023 Topic: Financial Management and Analysis– Doing Finance Right Speaker: Brent Mason, Senior Consultant, Eide Bailly In his presentation, Brent engagingly stepped through the busy, day to day life for today’s finance officer; highlighting issues such as having too few staff to get daily tasks done and lacking time to do much needed financial planning and analysis. Brent provided a common sense look at several of the financial management tasks that could help to manage fiscal operations more effectively. Providing insight into Interim Budget Reporting, Long-term Financial Reporting, Analyzing Revenue Mix and Sustainability, Evaluating Current Potential Future Liabilities, and Appropriate Cost Allocation and Cost Recovery spurred many questions from the crowd.

CSMFO 2023 Annual Report July 20, 2023 Topic: The Patch to Executive Leadership- A City Manager’s Perspective on What it Takes to Climb the Ladder Speaker: Scott Ochoa, City of Ontario City Manager We are thrilled to announce the July 20, 2023, CSMFO Inland Empire Chapter Meeting. The event is designed for City Finance Directors and up and coming staff who are looking to expand their career horizon and transition into the role of a City Manager.

This event will serve as a platform where attendees can gain crucial insights into the world of city management and get acquainted with the requisite skills, roles, and responsibilities.

The highlight of the event will be the leadership and guidance of Scott Ochoa, the City Manager of Ontario, who has earned an esteemed reputation through his dedication, strategic planning, and successful leadership. With years of invaluable experience, Ochoa will offer his unique perspective on the ascension from Finance Director to City Manager, drawing on his own career path and experiences.

The event is designed to equip attendees with a strategic vision on how to ascend to the City Manager role and an interactive session on essential topics such as strategic decision making, leadership, and how to sell the City’s credit to investors. Attendees will have the opportunity to engage in a Q&A session with Mr. Ochoa, during which they can seek tailored advice and delve into specific challenges or concerns they may have.

The event not only aims to impart knowledge but also to inspire and motivate finance directors to step up their game, envision their potential in a larger role, and take strategic steps towards fulfilling their career ambitions.

Sponsors: Ramirez & Co Location: Dave & Buster’s, Ontario Mills Registered Attendees: 78

Sponsors: Workday Location: San Bernardino County Building Registered Attendees: 78

Continued on next page

33

Chapter Reports September 21, 2023 Topic: Investment Decisions: Best Practices and RealWorld Case Studies Speakers: Jim McCourt, Director, Advisory Services, Meeder; Benjamin Sehy, Director, Advisory Services, Meeder; Patricia Song, Finance Director, City of Garden Grove This session will provide examples of best practices to apply when making investment decisions. Topics will include setting interest rate expectations, identifying and comparing investment opportunities, and factors to consider when constructing your entity's investment portfolio. Since one of the best forms of education is learning from the successes and struggles of others, our presenters will walk through some real-life examples of issues faced by fiscal officers. These case studies will include determining cash vs. core investment portfolios, knowing the roles of service providers, and communication and self-advocacy related to banking.

Sponsors: Meeder Public Finance and US Bank Location: Top Golf, Ontario CA Registered Attendees: 51 December 7, 2023 Topic: A Golden Era of CSMFO Leadership & Lessons Speaker: Mark Prestwich, City Manager, City of Hemet We learn and gain experience during difficult times.

In the end, our jobs are quite entrepreneurial. Every day and each policy issue is different. In a world of unlimited needs that are constrained by limited dollars, we are required to deploy innovation and creativity to softly land these complex policy issues for our communities.

Sponsors: Eadie Payne, LLP, Eide Bailly, Webb Municipal Finance, LLC, RAMS, Oracle, LSL, Wells Fargo, CalTrust, Harris & Associates, Chandler Asset Management Location: Mission Inn, Riverside Registered Attendees: 167

34

Chapter Reports

Chapter Reports

Orange County Chapter Chair: Michelle Bannigan, City of Stanton Vice Chair: Barbara Arenado, City of Irvine The Orange County Chapter returned to hosting all meetings in-person since the COVID-19 pandemic.

The Orange County Chapter held six meetings during 2023, which included two meetings held outside the typical lunch afternoon. One meeting was held in the morning where we provided a breakfast taco bar.

Another meeting was held in the late afternoon to provide attendees with the opportunity to connect during Happy Hour after the event. The average attendance was 70. The meetings held were: January 19, 2023 “Post-Pandemic Employee Retention and Local Agency Impacts of Inflation” presented by Dan Matusiewicz, Senior Finance Consultant, Government Resource Group, and Georg Krammer, Managing Director, Koff & Associates (47 RSVP) April 20, 2023 “Case Studies of Recent Cybersecurity Incidents and Security Threats” presented by Alex Southern, JP Morgan Chase & Co. and “Best Practices in Physical and Logical Security, Information Systems Terms and Buzzwords” presented by Kyle Haas, Davis Farr LLP (59 RSVP) June 21, 2023 “Applying Best Practices in Making Investment Decisions” presented by Benjamin Sehy, Director, Advisory Services and Jim McCourt, Director of Advisory Services, Meeder Public Funds (48 RSVP)

We would like to offer our deep appreciation to our presenters who set aside their time to share their topics with our members. In addition, we are grateful for the continued generosity of our commercial vendors who faithfully provided gift cards and other items to be raffled at our meetings. In particular, our December event at Mile Square Golf Course would not have been possible without the generous sponsorships we received from our Platinum Sponsor, Crowe, LLP, and our Gold Sponsors: Best Best & Krieger LLP; Chandler Asset Management, Inc., DTA, Fieldman Rolapp & Associates; and HdL Companies.

Finally, I would like to personally thank the members of the Chapter’s Planning Committee: Barbara Arenado, Andrea Roess (DTA), Robin Harnish (City of Fountain Valley), and Khushboo Ingle (Matrix Consulting). Thank you for your support and assistance in coordinating the events for 2023 such as brainstorming topics for discussion and reaching out to presenters.

Also, a big thank you to Smith Moore & Associates, particularly Delicia Donatien. Thanks for your patience and customer service throughout the year.

As 2023 ends, we are looking forward to getting together again in 2024.

August 17, 2023 “2023 Annual CalPERS Update” presented by Kerry Worgan, Supervising Pension Actuary, CalPERS (70 RSVP) October 12, 2023 “Local Government Finance Update” presented by Michael Coleman, CaliforniaCityFinance. com (72 RSVP) December 5, 2023 “Life is a Rough Draft: Resilience, Work & Life Balance and the Will to Succeed” presented by Forrest L. Story, Public Sector Excellence (129 RSVP)

35

Chapter Reports

Peninsula Chapter Chair: Derek Rampone, City of Mountain View Vice Chair: Tim Kirby, City of Sunnyvale The Peninsula Chapter restarted in person events this year. We held one chapter meeting featuring Michael Coleman for a Local Government Finance update with approximately 30 people in attendance.

The even was hosted at the new Sunnyvale City Hall and the presentation included a discussion on how the new facility was built and financed. Additionally, Peninsula chapter members participated in and directly supported CSMFO training efforts including participation as panelists or moderators in multiple webinars.

Although the Chapter didn’t conduct two meetings due to time and facility constraints, the first chapter meeting for 2024 is already planned with and Economist lined up to present right around budget preparation time.

36

Chapter Reports

Chapter Reports

San Diego County Chapter Chair: Roxanne Muhlmeister, City of Carlsbad Vice Chair: vacant Summary of 2023 Chapter Events

Chapter Goals for 2023

The San Diego County Chapter moved to in person chapter meetings for the first time since December 2019. The chapter held three meetings during 2022.

It was a bit of a challenge to move from planning for virtual meetings to in person as all of my experience with planning and running chapter meetings until that time had been only in the virtual environment.

A lot of time was spent in 2022 finding meeting locations and learning how to plan, organize and execute in person meetings. The chapter members were very happy to be able to meet, socialize and network again in person.

The chapter plans to schedule and host quarterly in person chapter meetings. The chapter will continue to encourage member participation in the annual CSMFO conference and other CSMFO sponsored webinars and trainings. The chapter also needs to fill the vacant chapter vice chair position and solicit the chapter members for help in planning and organizing chapter meetings as this has been solely done by the chapter chair for the last three years.

The chapter’s first meeting was held at Dave & Buster’s in Mission Valley on July 13, 2023. The topic was property taxes and assessed valuation update.

The guest speaker was Jordan Marks, County of San Diego Assessor, Recorder, County Clerk. This meeting was attended by 53 people (42 government members and 11 vendor members). This is an annual meeting topic and is usually one of the chapter’s most attended events.

The chapter’s second meeting was held at the City of Carlsbad’s administration center on September 9, 2023. The topic was Cybersecurity as an Enterprise Risk Management Issue with guest speakers from Apex Technology Management and Alliant Insurance Services. Our main speaker had a family emergency a few days before the meeting and we were unable to secure a new speaker. We decided to hold this lunch meeting as an opportunity for members to meet informally and network. This meeting was attended by 43 people (30 government members and 13 vendor members).

The chapter’s third and final meeting of the year was held at Dave & Buster’s in Mission Valley on November 16, 2023. The topic was Local Government Revenue Update with guest speaker was Michael Coleman. This meeting was attended by 56 people (43 government members and 13 vendor members).

37

San Gabriel Valley Chapter Chair: Kyle Johnson, City of Glendora Vice Chair: Jennifer Becker, City of Burbank The San Gabriel Valley (SGV) Chapter enjoyed a record-breaking year in terms of participation in both our online and in person events. The SGV Chapter held four quarterly meetings, with two virtual meetings and two in-person meetings taking place. Both formats were equally popular among SGV Chapter members, with attendance for in person events averaging roughly 80 and attendance for the virtual sessions at around 100. Virtual events were largely attended by individuals who were not necessarily members of the San Gabriel Valley chapter, so further consideration is needed to determine whether those events are still meeting the needs of our local chapter.

The meetings held in 2023 featured the following topics and speakers: February 22, 2023 Topic: Telecommuting and Remote Work Speaker: Oliver Yee, Leibert Cassidy Whitmore This was a virtual meeting held via Zoom. Remote work has become part of our “normal.” Because remote work is being viewed less as a temporary or emergency measure, and more of an important employee option, having a clear and comprehensive remote work policy is critically important. Mr. Yee covered key areas and terms for a remote work policy to help your agency successfully navigate the remote and hybrid remote work option and related workplace environment.

July 19, 2023 Topic: How to Implement GASB 96 & Maintain Compliance Speaker: Louis Stratton, Managing Director, DebtBook This was an in-person luncheon held at the Dave & Busters in Arcadia. Mr. Stratton discussed the new GASB-96 standard requiring subscription-based IT arrangements, or SBITAs, to be reported on the face of the financial statements that takes effect for fiscal years beginning after June 15, 2022. The session walked participants through a step-by-step guide on how to implement and comply with the new GASB-96 standard. Mr. Stratton also showed attendees a powerful, easy-to-use debt, lease, and subscription management software that makes GASB-96 implementation and compliance easy for their organizations.

September 27, 2023 Topic: Indirect Costs and Cost Recovery Speaker: Nicolie Cass, HdL

38

This was a virtual meeting held via Zoom. In this session, Ms. Cass discussed the Problems, Solutions and Outcomes needed to realize the true cost of delivering a service. As the diversity of state, local and tribal government services increases, determining true cost becomes increasingly opaque.

This blurring of costs across different programs is not due to poor accounting practices or lack of proper planning and budgeting; it is due to the uncertainty of indirect costs and how to apply it. In the world of ARPA funding and all the projects that are being executed on, understanding indirect costs has never been more important. By leveraging a cost allocation plan and indirect cost rates, true costs can be fully understood.

November 29, 2023 Topic: A Local Government Finance Update Speaker: Michael Coleman This very special in-person holiday luncheon was held in the South Club Lounge at the world-famous Rose Bowl Stadium in Pasadena. The always popular Mr. Coleman provided an update on the latest in California local revenues, legislation, important legal cases, financial conditions and other issues of critical concern to city, county and special district finance professionals. He spoke about the rules and trends in taxes, fees and other city revenues, the relationship with the state budget, and problems and prospects for reform and answered attendees’ questions about pressing fiscal issues facing public agencies.

After lunch, attendees had the option of participating in a guided behind the scenes tour of this historic landmark venue. Tour guides shared the fascinating history of America’s first “Bowl,” walked participants through the Court of Champions and locker rooms, and provided an up-close look at the iconic field as it was being prepped for the 2024 Rose Bowl Game.

Attendees also toured the press box, the Rose Bowl Hall of Fame, and the California High School Hall of Fame. Overall, the event was a real treat for sports fans and a great way for all Chapter Members to honor the beauty and history of the San Gabriel Valley.

Special thanks go out to our generous sponsors from Chandler Asset Management, HdL Coren & Cone, Piper Sandler, and Raymond James, who made this event possible, along with Matt Hawkesworth from the City of Pasadena for connecting the Chapter with this fantastic venue.

Chapter Reports

Chapter Reports

South San Joaquin Valley Chapter Chair: Margarita Moreno, City of Fowler Vice Chair: Scott Meyer-Mina, Fresno Irrigation District Summary of 2023 Events 2023 was a big year for our South San Joaquin Chapter. Margarita (Maggie) Moreno, Finance Director for the City of Fowler was promoted to Chapter Chair.

Scott Meyer-Mina, Payroll Administrator for Fresno Irrigation District was confirmed as Vice Chair.

Since becoming Chair and Vice Chair, Maggie & Scott have hosted two well attended meetings with great content: August 2023: De Ann Hailey-Stork, Controller/CFO of Fresno Irrigation District, was our featured speaker. De Ann was kind enough to offer tips to start the Fiscal Year off on the right foot with an emphasis on internal controls. De Ann provided tips and tools to establish and follow best practices. De Ann shared amazing ideas for setting up internal controls and separation of duties. Big thanks to De Ann Hailey-Stork for being our featured speaker and to Fresno Irrigation District for hosting our Chapter Meeting.

November 2023: Josh Giosa, Auditing & Consulting Partner of Price Paige & Company CPA’s, was our featured speaker.

Josh gave an extremely informative presentation on GASB 96 – SBITAs updates. Josh was also kind enough to provide an excel spreadsheet that will walk you through the Lease and SBITA Identifications.

Price Paige & Company was gracious enough to offer their facilities as a meeting space. A big thank you to Fausto Hinojosa, Managing Partner of Price Paige & Company for the meeting space as well as Josh Giosa for a great presentation. Another big thank you to Neil Murthy, Senior Relationship Manager for Chandler Asset Management, for the generous donation to our Chapter that covered our Food, Desserts, and Beverages!

39

CSMFO 2023 Annual Report

2023

41

2023 Action Plan Focus Area: Communication and Organizational Effectiveness Goal/Objective

Responsible Parties

Dedicated member benefits session that does not compete with other concurrent sessions

Membership Committee/ Program Committee

Quick Hit "A Day in the Life of a Finance Officer"

President

QR Codes for membership directory, first time chapter meetings, and conference program

SMA

Volunteer Brochure and website update (to be separated out)

Communications Committee Membership Committee

Produce data‐driven analytics to measure program success via LMS and registration. Data to include membership, engagement (trainings & participation, and career growth).

Executive Director

Evaluate areas of duplication of effort among committes and chapters

Executive Director

Bulletin boards at conference for interest

Membership Committee SMA

More strategic approach to communication; internal and external communication audit (members, industry, and internal communications)

Communications Committee & Executive Director

Find a new way or repeat an old way of assessing needs

Chapter Leadership / Past President

Annual performance measurements on website; track membership professional growth/career advancement; cohort and mentorship programs, not just technical class attendance/growth.

Executive Director and CDC

More presence on LinkedIn / More analytics; evaluate contracted/hired communications manager; update membership brochure; Gap analysis

Executive Director and Administrative Director

Focus Area: Innovation and the Future

42

Goal/Objective

Responsible Parties

Market to decision makers (City Managers, General Managers, Directors, Electeds)

Membership Committee

Training for electeds, CSAC, CSDA, CalCities

Past Presidents Advisory Council Career Development Committee

Pilot program for cross‐association government career faire (have broader approach with MISAC, CALPELRA ‐ share coordination/ communication efforts)

Student Engagement Committee

Look at Long Beach as reference for internship/fellowship opportunity

Student Engagement Committee

Accounting 101 training for private‐sector to governemnt accounting professionals and early career members

CDC

CSMFO 2023 Annual Report

Focus Area: Leadership Identification and Development Goal/Objective

Responsible Parties

PPAC roles & responsibilities

PPAC

Formalize and organize existing grassroot outreach efforts (i.e.

LinkedIn) and solicit more help

Student Engagement Committee

Focus Area: Unfinished Business Goal/Objective

Responsible Parties

Chapter Meeting Consistency and Quality Control

Administration Committee Membership Communications

Succession Planning

Executive Committee Executive Director

Engage New Agencies

Membership Committee Executive Director

Develop a Long‐Term Financial Plan

Finance Committee

Define "Finance Officer" and Establish Criteria for Leadership Participation

Ad Hoc Committee

43

Statement of Financial Position As of December 31, 2023 and 2022

ASSETS

2023

2022

Cash and Investments

2,178,411

1,660,598

Accounts Receivable

5,845

18,665

Other Current Assets

375,752

225,068

2,560,008

1,904,331

2,560,008

1,904,331

Accounts Payable

143,684

29,677

Other Current Liabilities

1,540,558

921,048

1,684,242

950,725

1,684,242

950,725

3020 · Retained earnings

26,941

231,767

3100 · Net Assets-Chapters

25,990

28,793

Net Income

(77,841)

(180,814)

Unrestricted

(24,910)

79,746

3101 · Operating reserve

200,675

173,860

3102 · Conference reserve

700,000

700,000

Restricted

900,675

873,860

Total Net Assets

875,765

953,606

2,560,007

1,904,331

Current Assets

Total Current Assets TOTAL ASSETS LIABILITIES & NET ASSETS Liabilities Current Liabilities

Total Current Liabilities Total Liabilities Net Assets

TOTAL LIABILITIES & NET ASSETS

44

CSMFO 2023 Annual Report

Statement of Activities As of December 31, 2023 and 2022 2023

2022

Revenue and Support Annual Conference Membership Dues Magazine/Job Postings Education Workshops Chapters Interest Award Fee GFOA Reception Subtotal Operating Revenues

1,098,523 253,938 205,238 170,202 101,630 43,532 23,050 0 1,896,113

1,013,907 226,695 234,225 155,986 68,439 (6,052) 19,600 5,000 1,717,800

Expense Program Services Annual Conference Chapter Expenses Education Workshops Subtotal Program Services

1,155,690 108,725 56,972 1,321,387

1,147,065 68,578 62,719 1,278,362

Management Services Payroll & Staff Travel Web and Technology Board and Committee Provision for Income Tax Merchant Fees/Bank Chgs.

Donations Miscellaneous Magazine Audit & Tax Filing Printing President's Expense Postage Marketing/Membership Insurance Equipment Lease/Rental One-Time Budgeted Expenses Subtotal Operating Services

256,716 97,448 84,089 68,542 38,610 34,887 23,477 10,799 10,284 9,845 9,437 4,639 2,004 1,527 173 88 0 652,565

251,587 87,406 37,897 67,004 67,928 21,795 16,198 5,676 11,046 11,855 5,902 8,154 402 1,484 2,668 0 23,250 620,252

Total Expenses

1,973,952

1,898,614

Total Expenses over Revenues

$ (77,839)

Operating Services

$

(180,814)

45

Membership Statistics

46

YEAR

MUNICIPAL MEMBER

COMMERCIAL MEMBER

OTHER GOVERNMENT MEMBER

2023

2,578

242

78

2022

2,090

220

2021

2,149

2020

RETIRED

STUDENT

COMPLIMENTARY

PROFESSOR MEMBERS

TOTAL

54

72

4

0

3,030

63

52

61

2

0

2,489

254

95

66

70

4

0

2,638

1,992

221

107

64

76

2

9

2,474

2019

2,021

269

91

65

39

6

2

2,493

2018

2,007

292

62

66

21

1

0

2,449

2017

1,940

266

54

79

14

18

0

2,371

2016

1,823

241

39

68

13

6

0

2,190

2015

1,711

243

26

67

22

19

0

2,088

2014

1,526

236

24

59

18

14

0

1,877

2013

1,449

256

18

59

13

19

0

1,814

2012

1,417

262

8

65

14

15

0

1,781

2011

1,299

232

60

60

15

21

0

1,687

2010

1,264

248

55

58

17

21

0

1,663

2009

1,288

255

45

45

14

18

0

1,665

2008

1,362

268

40

41

9

17

0

1,737

2007

1,158

204

21

28

1

14

0

1,426

2006

986

204

4

17

1

22

0

1,234

CSMFO 2023 Annual Report

47

CSMFO

2023 Annual Report www.csmfo.org Dedicated to Excellence in Municipal Financial Management