As a result of the economic crisis, State Budget Officers are grappling with very tough conditions. Tax revenue is down, unemployment is up, and there’s a commercial real-estate bubble that is just about ready to burst. In an effort to close budget gaps in excess of hundreds of millions of dollars, many states have taken dramatic actions including issuing IOUs, cutting services, mandating unpaid furloughs, instituting hiring freezes, raising healthcare co-pays, asking for voluntary givebacks, and much more. Many governors have been quoted as saying that nothing is off limits in terms of what can be cut.
This live webcast aims to help State Budget Officers, finance, legal professionals, analysts, economists and industry participants by offering practical guidance in critical areas concerning the budget crisis. During this live two hour webcast, our panel of key thought leaders and experts will conduct an end-to-end discussion on the most critical issues including:
- Comparing & contrasting the various state “Recovery Plans”
- How to make the most of reduced resources
- Fewer staff to share the load
- Less money to fund services
- Making budget cuts in areas that will have the least impact on services
- How to work strategically with local governments
- Accounting considerations
- Policy & legal strategy
- Up-to-the-minute regulatory updates
Upon conclusion of the prepared material, the audience will be invited to participate in a live question and answer session, where they will have to interact directly with the distinguished panel of experts.
There’s no question about it, 2010 is going to be a challenging year for most and everyone agrees that the time to act is now. Practical Solutions to The State Budget Crisis in 2010 LIVE Webcast will help you understand and manage the critical issues surrounding your state’s budget crisis. Join this webcast and the expertise gained will help you become a keys person in your state’s financial recovery efforts. Advanced registration is recommended as space for this course is limited.
Course Level: Intermediate
Prerequisite: None
Method Of Presentation: Group-Based-Internet
Developer: The Knowledge Conference
Recommended CLE/CPE Hours: 2.0
Important Note: Your State Bar or Accounting Board will make the final determination with respect to continuing education credit. If you are applying for CLE credit in Texas you must register 20 days before the event date or you will not be able to obtain CLE credit.
Advance Preparation: Print and review course materials
Course Code: 093906
Robert N. Campbell III
U.S. State Government Leader
James R. Rieger
Vice President, Fixed Income Indices
Harley T. Duncan
Managing Director, Washington National Tax
Michael Genest
Former Director of Finance for California
Robert N. Campbell III, U.S. State Government Leader, Deloitte LLP
Even with the market turning up, states whose revenue lag the economy are not. The Rockefeller foundation reported current state revenue is down $63B from same time last year.
Across the board cuts and ARRA supplementation are expedient but do not address fundamental structural issues.
State leaders are taking advantage of the protracted downturn to drive alignment around fundamental state transformation. States need to be creative - the obvious things have already been done. What now?
Some encouraging examples are emerging in the states including use of technology to improve service and reduce costs/Shared services/Public/private financing
To do so, states must better understand expenditure patterns/administration costs and revisit program policies avoiding major program costs and look at revenue enhancement possibilities
State behaviors in good times have been shown to affect the depth of the budget issues in tight times. There are things states should be thinking about now to position for the upturn
Harley T. Duncan, Managing Director, Washington National Tax, KPMG LLP
We need to expect that states will be dealing with the effects of the recession for the next 2-3 years at least. That means that tax changes – both incremental changes and fundamental reform – will be on the agenda.
Reviewing past actions can provide an indication as to the types of tax measures states are likely to consider. It seems likely as the impact of the recession drags on that states will resort to more broad-based tax increases.
The recession places a spotlight on the weaknesses in state revenue systems and points the direction they are likely to take if they consider fundamental reform. Some of the proposals under consideration have substantial ramifications for the burden of multistate businesses.
James R. Rieger, Vice President, Fixed Income Indices, Standard & Poor's Indices
The Municipal Bond Market: How have bond issues from states performed?
- Market performance
- Key trends and indicators to watch
- Where to get the data to track the trends
Michael Genest, Former Director of Finance for California
California continues to struggle with massive budget deficits
Even when the current crisis is past, in the longer term (5 to 15 years and beyond) federal health care reform, Medicaid, state pensions and retiree health care will put massive pressure on the budget
It is hard to see how California can achieve a sustainable budget without a major realignment of state/federal responsibilities
It may be time for states to get out of the health care business all together.
- State Finance Executives
- Governors & Staff
- Controllers
- Treasurers
- CFOs, Executive Directors
- Financial Managers
- Accounting & Financial Reporting
- Economist
- Director of Budget & Management Operations
- Director of Financial Operations
- Director of Statewide Reporting
- Budget & Management Analyst
- Risk Management
- General Counsel
- Board members
- Municipal Finance Attorneys
- Accountants
- Consultants
- Credit Rating Agencies
This is a must attend event to hear and understand the up-to-the-minute and most relevant updates concerning the budget crisis in 2010.
- New guidance explained by the most qualified key leaders & experts
- Hear directly from key regulators & thought leaders
- Interact directly with panel during Q&A