Public Money Pod

We caught up with Ben McAdams, Senior Fellow at the Sorenson Impact Center at the David Eccles School of Business at the University of Utah, at the Government Finance Officers' Association 2023 annual conference in Portland, OR. We discuss how states and localities can evaluate the value and opportunity costs for capital assets, how to retrofit downtowns in the post-Covid, and why real estate assets are like public pensions, among other topics.

We continue our conversations with state/local CFOs, this time with City of Houston Controller Chris Brown. He explains Houston's remarkable $6 billion pension reform, why other post-employment benefit (OPEB) liabilities are the next big fiscal challenge, what other CFOs can learn from Houston's experience, and why "Structurally-Balanced Budget" is a hot new drinking game, among other topics. In Ripped from the Headlines we discuss the "fiscal cliff" for local transit systems.

The White House just released a progress report on its plan for more than a trillion dollars of new infrastructure spending (Spoiler Alert: A lot of work remains!). That report reminded us of one of our favorite episodes - Eric Horvath from the City of South Bend, Indiana. In that episode, Eric described how South Bend reinvented its wastewater/stormwater management infrastructure using lots of data, a bit of money and plenty of innovation. We thought it appropriate to share that episode once again.

We examine the ever-evolving relationship between state/local procurement and finance. Mariel Reed of Pavilion joins us to explore the interface of state/local procurement, technology and public finance. She explains how procurement can be a strategic resource and change agent, when procurement can make money, and what state/local government and tech companies can learn from each other, among many other topics. In Ripped from the Headlines we discuss how New York State - and other states and localities - use procurement processes to connect with historically underserved communities.

We take a deep dive on all things Medicaid, starting with its outsized impact on state budgets. Richard Auxier from the Urban-Brookings Tax Policy Center walks us through the state-federal Medicaid funding partnership, why "redetermination" matters, the Medicaid policy trade-offs states will face in the near future, and why FMAP rates should be part of everyone's dinner conversation, among many other topics. In Ripped from the Headlines we look at how Medicaid redetermination might affect children.

We continue our conversations with state treasurers, this time with Nevada's Zach Conine. He explains fiscal policy for financial booms and busts, the promise of baby bonds, how the Treasurer can build bridges within state government, why anti-ESG legislation complicates his fiduciary duty, and why COBOL programming is still sexy. In Ripped from the Headlines we discuss Indiana's emerging anti-ESG legislation.

We mull over the past, present and future of blockchain technology in public finance. Steve Winterstein from Alphaledger breaks down what it is, what it means for public finance professionals and taxpayers, why state and local governments are slow to adopt new technology, and why "complete provenance" and "genesis record" are coming to a municipal bond transaction near you. In Ripped from the Headlines we contemplate states' and localities' efforts to tax, or not tax, blockchain hosts.

Link to the article referenced in Ripped from the Headlines: https://cointelegraph.com/news/arizona-governor-vetoes-bill-targeting-taxes-on-blockchain-node-hosts.

We look back on our first 25 episodes and focus on lessons learned and surprising moments. Key themes include: the expanding definition of infrastructure, the expanding role of big data in state/local finance, the ongoing effects of economic uncertainty, and the human side of financial leadership.

We continue our conversations with state Treasurers, this time with Michigan Treasurer Rachael Eubanks. She explains how appointed treasurers are different, how her office is helping to "Fix the Damn Roads," forecasting revenues in an uncertain economy, and why spiffing up your vacation cottage is good tax policy, among lots of other topics. In Ripped from the Headlines we discuss South Carolina's $3.5 billion cash mishap.

We reflect on the "plus ça change" of state and local tax incentives. Professor Nathan Jensen of the University of Texas-Austin (and Justin's fellow Wisconsinite/Green Bay Packers shareholder) explains why tax incentives are "bad policy but good politics," with focus on why elected officials can't seem to get enough of them, why less is more for incentive transparency, and how the federal government may have accidentally set off the next generation of incentive wars, among many other topics. In Ripped from the Headlines we revisit the promises made and promises kept on Amazon's "HQ2" sweepstakes.

Link to the article referenced in Ripped from the Headlines: https://www.bloomberg.com/news/articles/2023-03-21/amid-stalled-construction-in-national-landing-amazon-gets-no-hq2-incentives