California Society of Municipal Finance Officers

Last updated
California Society of Municipal Finance Officers
AbbreviationCSMFO
Formation1958
Legal statusAssociation
PurposeGovernment Finance in California
Location
  • Flag of California.svg California
Membership
California local government agencies
Officers:
President:
Pauline Marx, City and County of San Francisco
President-Elect:
Pamela Arends-King, City of Tustin
Past President:
Laura Nomura, City of Riverside
Board of Directors:
John Adams, City of Thousand Oaks
Joan Michaels Aguilar, City of Dixon
Teri Albrecht, City of Merced
Drew Corbett, City of Sunnyvale
Margaret Moggia, West Basin Municipal Water District
Terri Willoughby, City of Menifee
Affiliations Flag of the United States.svg Government Finance Officers Association (GFOA)
Flag of Texas.svg Government Finance Officers Association of Texas (GFOAT)

The California Society of Municipal Finance Officers (or CSMFO) 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.

Contents

The Challenge to Excellence in Government Finance

The Chief Financial Officers Act of 1990(CFO Act) was signed into law by President George H. W. Bush. For each of 23 federal agencies, the position of chief financial officer was created. Since that time, federal efforts have been intended to improve the government's financial management and develop standards of financial performance and disclosure. Similar financial expectations exist at State and Local government levels.

The chief financial officer (CFO) of a public agency is the corporate officer primarily responsible for managing the financial risks of the business or agency. This officer is also responsible for budgeting, financial planning, record-keeping, cash flow management, higher management. communicating financial performance and forecasts to the community. The title may vary, such as finance director or treasurer, from agency to agency. The CFO typically reports to the city manager or other chief executive officer.

Financial reporting has multiple audiences, with a responsibility to citizens, taxpayers and voters to provide transparent accountability for use of public funds (taxes). Additionally, financial reporting must provide internal guidance to program managers to maintain budgetary control and to governing city councils and boards of directors to provide adequate financial policy guidelines.

The United States government in general has sought to improve the quality of financial reporting. The Government Accounting Standards Board (GASB) has a stated mission to "establish and improve standards of state and local governmental accounting and financial reporting that will result in useful information for users of financial reports and guide and educate the public, including issuers, auditors, and users of those financial reports." [1] Pronouncements in particular have trended to incorporate more comparable elements of business-sector.

Role of CSMFO Membership

Members are finance directors and 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.

Michael Genest is the Finance Director and Bill Lockyer is the Treasurer of the State of California. 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. Finance Directors typically are appointed by the City Manager.

Professional Standards Setting

Certification is a guide for municipal finance directors and treasurers to become valued administrators in local government. CSMFO encourages professional certification for public finance directors and treasurers who meet standards of education, experience and commitment to a code of ethics. CSMFO does not offer its own post-nominal professional certificate since GFOA already administers the Certified Professional Finance Officer (CPFO), CMTA offers the Certified California Municipal Treasurer (CCMT) certification program, [5] and the Association of Government Accountants offers the Certified Government Financial Manager (CGFM) certification, requiring six hours of testing on Federal, State and Local Government Financial material.

CSMFO Code of Ethics

Members are enjoined to adhere to legal, moral and professional standards of conduct. [6]

Training and Education in California Finance and Treasury

CSMFO has technical and professional committees that deal with financial issues facing government and the public. CSMFO also provides web-based technical support resources, educational material, conferences and technical publications for its members. CSMFO's annual statewide conferences provide an array of education across many topics and alternate annually between various northern and southern cities.

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.

CommitteeChair
AdministrationRobert Burns, City of Chino
Annual SeminarJanet Salvetti, City of Stockton
Budget and Management ReportingPamela Arends-King, City of Santa Ana
Career DevelopmentDennis Danner, City of Newport Beach
Fiscal PolicyJosh Betta, City of Glendora
MembershipSteve Chapman, City of Moreno Valley
Professional and Technical StandardsJesse Takahashi, City of Campbell
TechnologyJohn Adams, City of Thousand Oaks

Resources

The CSMFO website is a statewide resource for a variety of documents relevant to local government. CSMFO's library of resources includes sample RFPs, job descriptions, and a variety of documents and information relevant to local government. Categories of posted information include Accounting/Financial Reporting, Budgeting, Consultants, Investments/Cash Management, Job Descriptions, Payroll, Human Resources, Policies & Procedures, Revenue Management, RFPs/RFQs, and Technology.

See also

Related Research Articles

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.

The chief financial officer (CFO) is an officer of a company or organization that is assigned the primary responsibility for making decisions for the company for projects and its finances The CFO thus has ultimate authority over the finance unit and is the chief financial spokesperson for the organization.

<span class="mw-page-title-main">American Institute of Certified Public Accountants</span> American trade group of financial transaction trackers

The American Institute of Certified Public Accountants (AICPA) is the national professional organization of Certified Public Accountants (CPAs) in the United States, with more than 428,000 members in 130 countries. Founded in 1887 as the American Association of Public Accountants (AAPA), the organization sets ethical standards and U.S. auditing standards. It also develops and grades the Uniform CPA Examination. The AICPA maintains offices in New York City; Washington, DC; Durham, NC; and Ewing, NJ.

<span class="mw-page-title-main">Certified Public Accountant</span> Title of qualified accountants in many countries

Certified Public Accountant (CPA) is the title of qualified accountants in numerous countries in the English-speaking world. It is generally equivalent to the title of chartered accountant in other English-speaking countries. In the United States, the CPA is a license to provide accounting services to the public. It is awarded by each of the 50 states for practice in that state. Additionally, all states except Hawaii have passed mobility laws to allow CPAs from other states to practice in their state. State licensing requirements vary, but the minimum standard requirements include passing the Uniform Certified Public Accountant Examination, 150 semester units of college education, and one year of accounting-related experience.

<span class="mw-page-title-main">Treasurer</span> Person responsible for running the treasury of an organization

A treasurer is a person responsible for the financial operations of a government, business, or other organization.

<span class="mw-page-title-main">Certified Management Accountant</span> Professional credential

Certified Management Accountant (CMA) is a professional certification credential in the management accounting and financial management fields. The certification signifies that the person possesses knowledge in the areas of financial planning, analysis, control, decision support, and professional ethics. There are many professional bodies globally that have management accounting professional qualifications. The main bodies that offer the CMA certification are:

  1. Institute of Management Accountants USA;
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<span class="mw-page-title-main">Municipal government of Toronto</span> Local government of the City of Toronto

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.

<span class="mw-page-title-main">Government Finance Officers Association</span>

The Government Finance Officers Association is a professional association of approximately 19,000 state, provincial, and local government finance officers in the United States and Canada. GFOA is headquartered in downtown Chicago.

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.

<span class="mw-page-title-main">Oklahoma State Auditor and Inspector</span> Elected official

The Oklahoma State Auditor and Inspector is an elected Constitutional officer for the U.S. State of Oklahoma. The State Auditor and Inspector is responsible for auditing and prescribing bookkeeping standards of all government agencies and county treasurers within Oklahoma. The office in its current form is a consolidation of the office of State Auditor with that of the office of State Examiner and Inspector, both of which dated back to statehood in 1907. The two positions were combined in 1979 after passage of State Question 510 in 1975. Tom Daxon was the first person to hold the combined office and the first Republican as all previous occupants of either position were Democrats.

<span class="mw-page-title-main">State auditor</span> Executive officer of a U.S. state

State auditors are fiscal officers lodged in the executive or legislative branches of U.S. state governments who serve as external auditors, financial controllers, bookkeepers, or inspectors general of public funds. The office of state auditor may be a creature of the state constitution or one created by statutory law.

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.

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.

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 California Taxpayers Association is an advocacy organization in the U.S. state of California founded in 1926 to promote lower taxes in the state. The association, also known simply as CalTax, serves its members through research and advocacy on significant tax and spending issues in the legislative, executive and judicial branches of government. CalTax is led by President Teresa Casazza, a certified public accountant with many years of experience working on tax policy.

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 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.

The European Training ProgramsCertification & Examination is the examination administered to most people who wish to become Certified Public Training Accountants for Banking, Management of Human Resource, Or Information & STATICO in the European Union. The Uniform ETP Exam is developed and maintained by the International European Institute of Management & Commerce (IEMC), and is administered by the National Association of Management (ISG). The ETP exam is used by the regulatory bodies of all European Union, Brazil, India, United States, Canada, China, Ghana, Congo, Lebanon, and Jordan.

The AGA is a professional organization for government financial management professionals. Its activities include work in government financial management across sectors and worldwide, working to increase government financial performance and accountability. Based in Alexandria, Virginia, the AGA was founded in 1950 and currently has more than 14,000 members. In addition, the AGA grants the professional designation of Certified Government Financial Manager.

References

  1. Government Accounting Standards Board
  2. State of California, Cities Archived 2012-04-28 at the Wayback Machine
  3. State of California, Counties Archived 2010-05-27 at the Wayback Machine
  4. A Citizen's Guide to Special Districts in California Archived 2011-07-04 at the Wayback Machine Retrieved 2009-04-04
  5. Institute for Local Government, Ethics Codes
  6. CSMFO Code of Ethics Archived 2006-09-26 at the Wayback Machine Retrieved 2009-04-08