Abbreviation | GFOAT |
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Formation | 1955 |
Legal status | Association |
Purpose | Government Finance in Texas |
Location | |
Membership | Municipal Finance Directors and Treasurers |
Board of Directors: | President : Bret W. Starr, City of Irving President-Elect: Mike Rodgers, City of Webster Past President: Don Jennings, City of Perryton Treasurer : Martie Simpson, City of Killeen Secretary : Janina Jewell, City of Euless North Representative: Clifford Blackwell, City of Bedford South Representative: Darla Honea, City of Port Aransas East Representative: Katina Hampton, City of Friendswood West Representative: Sarianne Beversdorf, City of Plainview Central Representative: Lorie Lankford, City of Round Rock |
Parent organization | Government Finance Officers Association (GFOA) |
Affiliations | Texas Municipal League (TML) |
Website | http://www.gfoat.org |
The Government Finance Officers Association of Texas (or GFOAT) 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. [1] GFOAT members are actively involved in the key issues facing cities, counties, and special districts in the State of Texas.
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." [2] Pronouncements in particular have trended to incorporate more comparable elements of business-sector.
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.
Glenn Hegar is the Texas Comptroller of Public Accounts of the State of Texas. The office of Texas State Treasurer was established in the Constitution of 1876. It superseded a similar office in the Republic of Texas. The treasurer was elected to serve for four years as head of the State Treasury Department. The office was abolished by Texas voters in 1995 and was formally closed in 1996, with duties taken over by the Texas Comptroller of Public Accounts.
Texas has 254 counties, by far the most counties of any state. As of 2000, six Texas cities had populations greater than 500,000. The two largest are Dallas and Houston. Texas has the most cities with populations exceeding 1,000,000 of any state: Dallas, Houston, San Antonio. [3] These three rank among the 10 most populous cities of the United States. Austin, Fort Worth, and El Paso are among the 25 largest U.S. cities. Texas has 25 metropolitan areas, four of which have populations greater than 1,000,000: Dallas-Fort Worth, Houston, San Antonio and Austin-Round Rock. The Dallas-Fort Worth and Houston metropolitan areas each has about 5 million residents.
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.
In addition to cities and counties, Texas has numerous special districts. The most common is the independent school district, which (with one exception) has a board of trustees that is independent of any other governing authority. Other special districts include Groundwater Conservation Districts (regulatory agencies), river authorities, water supply districts (for irrigation or municipal supply), public hospitals, road districts and community colleges.
Certification is a guide for municipal finance directors and treasurers to become valued administrators in local government. GFOAT encourages professional certification for public finance directors and treasurers who meet standards of education, experience and commitment to a code of ethics. GFOAT offers its own post-nominal professional certificate, the Certified Government Finance Officer (CGFO) similar to the GFOA-administered the Certified Professional Finance Officer (CPFO), and Certified Government Financial Manager (CGFM) certification in Federal, State and Local Government Financial excellence from the Association of Government Accountants (AGA).
All government finance officer members are enjoined to adhere to legal, moral and professional standards of conduct in the fulfillment of their professional responsibilities. Standards of professional conduct as set forth in this code are promulgated in order to enhance the performance of all persons engaged in public finance.: [4]
GFOAT'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.
Committee | Chair |
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Ethics | Rebecca Koo, City of The Colony and Rhonda Covarrubias, Texas Municipal Retirement System (TMRS) |
Financial Reporting | Robert B. Scott, City of Carrollton and Keith Dagen, City of Richardson |
Legislative | Bret Starr, City of Irving and Antonio Puente, Jr., City of Denton |
Membership | Collin Boothe, City of Conroe and Elizabeth Dietrich, City of Bellmead |
Newsletter / Website | Janina Jewell, City of Watauga and Vicki McCarthy, City of Grapevine |
Professional Awareness | Clay Caruthers, City of Hurst and Jennifer Brown, City of Sugar Land |
Professional Development | Laurie Brewer, City of Hutto and Carl Wessels, City of Lancaster |
Program Development | Kent Pfeil, City of Richardson |
Scholarship and Foundation | Teri Roche', City of Baytown and Michael Higgins, City of Missouri City |
GFOAT seeks to facilitate interagency communication for the purposes of sharing information and best practices, cooperating with and complementing the services provided by other organizations to increase the effectiveness of all.
Like GFOA nationwide, GFOAT sponsors award programs designed to encourage good financial reporting in Texas, for financial documents including the Comprehensive annual financial report, or CAFR, and the annual budget.
GFOAT provides technology information and analytical tools to help governments identify and apply appropriate, economical technologies to support efficient resource allocation, quality services, and effective decision making and to promote citizen involvement.
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.
Generally Accepted Accounting Principles (GAAP or U.S. GAAP or GAAP (USA), pronounced like "gap") is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC) and is the default accounting standard used by companies based in the United States.
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.
The state controller of California is a constitutional office in the executive branch of the government of the U.S. state of California. Thirty-three individuals have held the office of state controller since statehood. The incumbent is Malia Cohen, a Democrat. The state controller's main office is located at 300 Capitol Mall in Sacramento.
A comptroller is a management-level position responsible for supervising the quality of accounting and financial reporting of an organization. A financial comptroller is a senior-level executive who acts as the head of accounting, and oversees the preparation of financial reports, such as balance sheets and income statements.
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 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.
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.
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.
A government investment pool (GIP), or local government investment pool (LGIP), is a state or local government pool offered to public entities for the investment of public funds. These pools are important investments tools, offering safety with a competitive yield. GIP managers are vested with a public trust that the pool will maintain liquidity, diversity, and follow the investment pool’s guidelines. GIPs have a history of prudent management; however, there have been several isolated instances of fund losses. Despite these failures, GIPs are required to provide regularly reporting and disclosure to its participants, fund investors.
An Annual Comprehensive Financial Report, formerly called Comprehensive Annual Financial Report (CAFR)) is a set of U.S. government financial statements comprising the financial report of a state, municipal or other governmental entity that complies with the accounting requirements promulgated by the Governmental Accounting Standards Board (GASB). GASB provides standards for the content of a Comprehensive Annual Financial Report in its annually updated publication Codification of Governmental Accounting and Financial Reporting Standards. The U.S. Federal Government adheres to standards determined by the Federal Accounting Standards Advisory Board (FASAB).
The Financial Accounting Foundation (FAF) is located in Norwalk, Connecticut, United States. It was organized in 1972 as a non-stock, Delaware Corporation. It is an independent organization in the private sector, operating with the goal of ensuring objectivity and integrity in financial reporting standards. FAF operates four branches in its organization: the Financial Accounting Standards Board (FASB), the Governmental Accounting Standards Board (GASB), the Financial Accounting Standards Advisory Council (FASAC), and the Governmental Accounting Standards Advisory Council (GASAC).
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 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.
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 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.