Abbreviation | CMTA |
---|---|
Formation | 1959 |
Legal status | Association |
Purpose | Government Treasury in California |
Location | |
Membership | Municipal Finance Directors and Treasurers |
Officers: | President: Michelle Durgy, CCMT, Chief Investment Officer San Diego County President-Elect: Pamela Arends-King, CCMT, Finance Director City of Tustin Vice President: Cass Cook, Finance/Budget Manager City of Dinuaba Secretary: Mike Whitehead, Administrative Services Director/City Treasurer City of Rolling Hills Treasurer: Tracey Lovely , Investment Analyst, City of Richmond |
Affiliations | Association of Public Treasurers of the United States and Canada (APTUSC) |
Website | http://www.cmta.org |
California Municipal Treasurers Association (CMTA) is the professional society of active public treasurers of California counties, cities, and special districts. It sets ethical standards for the treasury profession in state and local government in California.
The treasurer of a public agency is elected [1] by the voting public or are appointed staff. Public treasurers are primarily responsible for managing the revenue and cash flow of the agency. This officer is also responsible for banking, collections of user fees such as utility usage and business licenses, and communicating financial performance and forecasts to the community.
Members are treasurers of municipalities and other local government agencies, whether elected or appointed, having responsibility for collection, receipt, reporting, custody, investment or disbursement of municipal funds. Municipal funding sources are commonly property tax, sales tax, income tax, utility users tax (UUT), transient occupancy tax (hotel occupancy), and user fees such as licensing and permit fees.
John Chiang is the California State Treasurer. There are 480 California cities, [2] 58 California counties [3] about 3,400 special districts [4] and school districts, each with independent fiscal stewardship. Many city treasurers are elected, and are therefore directly accountable to their constituents; the remainder are appointed either by city council or city manager.
CMTA offers a Certified California Municipal Treasurer (CCMT) certification program, launched in 1978. CCMT is a professional post-nominal awarded to a public treasurer who meets standards of education, experience and a stated commitment to a code of ethics. [5] CCMT candidates must meet or exceed requirements in two areas; 50% educational standards and 50% experience and training requirements. Certification is also designed as a guide for municipal treasurers to become valued administrators in local government.
CMTA has technical and professional committees that deal with issues facing treasurers, their agencies and the public. CMTA also provides web-based technical support resources, educational material, conferences and technical publications for its members. CMTA's annual statewide conferences provide an array of education across many topics and alternate annually between various northern and southern cities. The association conducts workshops to provide training and education on investments, cash management, bond sales, management skills, communications, and legislation. An on-line resource library is also maintained to support municipal treasurers. [6]
Standing Committees Financial Leadership is furthered by engaging in efforts to assist statewide finance officers to develop the skills and capabilities necessary to enable them to become organizational leaders as well as technical experts.
Committee | Chair |
---|---|
CCMT Certification | Donna Mullally, CCMT, City of Irvine |
Commercial Associates Liaison | Camee Lewis, De La Rosa & Co. |
Education | Tracey Lovely, CCMT, City of Richmond |
General Conference | Victoria Beatley, CCMT, CFO, Mesa Consolidated Water District |
Legislation | Tim Lilligren, CCMT, City of Manhattan Beach |
Membership and Budget | Mike Whitehead, City of Rolling Hills |
Newsletter and Public Relations | Pamela Arends-King, CCMT, City of Tustin |
Standing Rules and Bylaws | Mary Morris, MBA, CCMT, San Juan Water District |
The objective of municipal investments is to enhance the economic status of a given agency consistent with the prudent protection of the agency’s investments. Agencies are required to create a publicly reviewed investment policy, prepared in conformance with all pertinent existing laws of the State of California including California Government Code Sections 53600, et seq. [7] This section of California Government Code defines permitted and prohibited investments. California public treasurers must abide within the limits of this code.
The following Code of Ethics, governing the professional conduct of active members of the California Municipal Treasurers Association, [8] sets a standard of conduct in government finance:
1. To protect, preserve and maintain intact cash, investments and other assets placed in trust with the Treasurer on behalf of the residents of the community.
2. To promote principles of good government. To be dedicated to the concepts of effective and efficient local government service being provided by elected and appointed Treasurers.
3. To maintain personal conduct in such a manner as will enhance the stature of the profession and its ability to serve the public.
4. To observe the profession's technical standards and continually strive to improve the Treasurers’ level of competence.
5. To be dedicated to the highest ideals of honor, integrity, and objectivity in all public and professional relationships, and to function within existing legal guidelines.
6. To promote cooperation, good relations, bonds of friendship and mutual understanding among the membership.
7. To encourage the development of clear lines of communication between residents and elected officials, administrative officers and employees.
8. To resist encroachments upon areas of responsibility, as the Treasurer must be free to carry out official duties without interference.
9. To seek no personal advantage or gain as a result of the position occupied, or due to the commission of a questionable act.
The worldwide credit market crisis on 2008 put states, cities and other bond-issuing government entities in jeopardy. [9] California Treasurer Bill Lockyer and 19 municipal treasurers sought to work together, asking for an emergency Federal Reserve program to restore liquidity and help drive rates lower. [10]
Professional certification, trade certification, or professional designation, often called simply certification or qualification, is a designation earned by a person to assure qualification to perform a job or task. Not all certifications that use post-nominal letters are an acknowledgement of educational achievement, or an agency appointed to safeguard the public interest.
A city manager is an official appointed as the administrative manager of a city, in a "Mayor–council government" council–manager form of city government. Local officials serving in this position are sometimes referred to as the chief executive officer (CEO) or chief administrative officer (CAO) in some municipalities.
A treasurer is a person responsible for the financial operations of a government, business, or other organization.
The state treasurer of California is a constitutional officer in the executive branch of the government of the U.S. state of California. Thirty-five individuals have held the office of state treasurer since statehood. The incumbent is Fiona Ma, a Democrat. The state treasurer's main office is located in the Jesse M. Unruh State Office Building in Sacramento.
The municipal government of Toronto is the local government responsible for administering the city of Toronto in the Canadian province of Ontario. Its structure and powers are set out in the City of Toronto Act.
The State Treasurer of Oklahoma is the chief custodian of Oklahoma’s cash deposits, monies from bond sales, and other securities and collateral and directs the investments of those assets. The treasurer provides for the safe and efficient operation of state government through effective banking, investment, and cash management. The state treasurer has the powers of a typical chief financial officer for a corporation.
In the state governments of the United States, 48 of the 50 states have the executive position of treasurer. New York abolished the position in 1926; duties were transferred to New York State Comptroller. Texas abolished the position of Texas State Treasurer in 1996, transferring the duties of that office to the Texas Comptroller of Public Accounts.
A hotel tax or lodging tax is charged in most of the United States, to travelers when they rent accommodations in a hotel, inn, tourist home or house, motel, or other lodging, generally unless the stay is for a period of 30 days or more. In addition to sales tax, it is collected when payment is made for the accommodation, and it is then remitted by the lodging operator to the city or county. It can also be called hotel occupancy tax in places like New York City and Texas. Despite its name, it generally applies to the same range of accommodations.
Proposition 218 is an adopted initiative constitutional amendment which revolutionized local and regional government finance and taxation in California. Named the "Right to Vote on Taxes Act," it was sponsored by the Howard Jarvis Taxpayers Association as a constitutional follow-up to the landmark property tax reduction initiative constitutional amendment, Proposition 13, approved in June 1978. Proposition 218 was approved and adopted by California voters during the November 5, 1996, statewide general election.
The government of the City and County of San Francisco utilizes the "strong mayor" form of mayoral/council government, composed of the Mayor, Board of Supervisors, several elected officers, and numerous other entities. It is the only consolidated city-county in California, and one of only thirteen charter counties of California. The fiscal year 2019–20 city and county budget was approximately $12.3 billion.
Following is a partial list of professional certifications in financial services, with an overview of the educational and continuing requirements for each; see Professional certification § Accountancy, auditing and finance and Category:Professional certification in finance for all articles. As the field of finance has increased in complexity in recent years, the number of available designations has grown, and, correspondingly, some will have more recognition than others. Note that in the US, many state securities and insurance regulators do not allow financial professionals to use a designation — in particular a "senior" designation — unless it has been accredited by either the American National Standards Institute or the National Commission for Certifying Agencies.
A Certified Government Financial Manager (CGFM) is a professional certification issued by the Association of Government Accountants (AGA) in the United States. It was created in 1994 to provide a professional standard of financial expertise and ethics in government and a standard by which government financial management professionals are measured. Its education, experience and ethics requirements have served to elevate the most seasoned financial professionals.
The Pennsylvania State Treasurer is the head of the Pennsylvania Treasury Department, an independent department of state government. The state treasurer is elected every four years. Treasurers are limited to two consecutive terms.
A Certified California Municipal Treasurer (CCMT) is a post-nominal professional certification awarded by the California Municipal Treasurers Association (CMTA) to California public treasurers who meet standards of education, experience, and a stated commitment to a code of ethics. It was created in 1978 to provide a professional standard of financial expertise and ethics in California government treasury.
The municipal treasurer is a position of responsibility for a municipality according to the locally prevailing laws. The treasurer of a public agency is elected by the voting public or is appointed by the municipal council or municipal manager. City treasurers are primarily responsible for managing the revenue and cash flow of the agency, banking, collection, receipt, reporting, custody, investment or disbursement of municipal funds.
The California Society of Municipal Finance Officers is a professional association of state, county, and local government finance officers in California. The California Society of Municipal Finance Officers is the statewide organization serving all California municipal finance professionals, an affiliate of the nationwide Government Finance Officers Association (GFOA). Membership is open to anyone in the State of California actively engaged in government finance in any city, county, or special district.
The Government Finance Officers Association of Texas is a professional association of state, county, and local government finance officers in Texas. The Government Finance Officers Association of Texas is the statewide organization serving all Texas municipal finance professionals, an affiliate of the nationwide Government Finance Officers Association (GFOA). Membership is open to anyone in the State of Texas actively engaged in government finance in any city, county, or special district. Its stated mission is to enhance the quality of local government finance, to assist and support local government finance professionals in Texas, and to promote the public service profession. GFOAT members are actively involved in the key issues facing cities, counties, and special districts in the State of Texas.
Association of Public Treasurers of the United States and Canada (APTUSC) is the professional society of active public treasurers of counties, provinces, cities, and special districts in the United States and Canada. It sets ethical standards for the treasury profession in state and local government.
California has an extensive system of local government that manages public functions throughout the state. Like most states, California is divided into counties, of which there are 58 covering the entire state. Most urbanized areas are incorporated as cities, though not all of California is within the boundaries of a city. School districts, which are independent of cities and counties, handle public education. Many other functions, especially in unincorporated areas, are handled by special districts, which include municipal utility districts, transit districts, health care districts, vector control districts, and geologic hazard abatement districts.
The Municipal Technical Advisory Service (MTAS) is an agency of the University of Tennessee Institute for Public Service (IPS) that provides assistance and training to municipal officials and employees in Tennessee, among them mayors, council members, city managers, city administrators, city recorders, and department heads.