CB&H Seminar: Government Benchmark Survey Findings (April 9, Greensboro, NC)

Topics & Speakers
Government Benchmarking Survey Findings
John J. Gilberto, CPA
Partner, Cherry, Bekaert & Holland, L.L.P.

The Great GASB 54 / GASB Update
John B. Montoro, CPA
Partner, Cherry, Bekaert & Holland, L.L.P.

LGC Update
Sharon G. Edmundson, CPA
Director, Fiscal Management Section, State and Local Government Finance Division, North Carolina Department of State Treasurer

Understanding Internal Controls Management in a Changing Environment
John Richardson, CPA, CISA
Senior Manager, Cherry, Bekaert & Holland, L.L.P.

Panel Discussion
Best Practices and Thought Leadership for Municipalities, Counties and School Boards

Date
Wednesday, April 11, 2012
Registration Deadline:
Monday, April 9, 2012

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CB&H’s Annual 2012 NC Government Seminar Scheduled for 4/11/12 in Greensboro

On Wednesday, April 11, 2012, CB&H Hosts its annual 2012 NC Government Seminar in Greensboro, NC. Join other mid- to senior-level government finance officers and professionals from around the state as we discuss the following:

  • Government Benchmarking Survey Findings
    John J. Gilberto, CPA | Partner, Cherry, Bekaert & Holland, L.L.P.
  • The Great GASB 54 / GASB Update
    John B. Montoro, CPA | Partner, Cherry, Bekaert & Holland, L.L.P.
  • LGC Update
    Sharon G. Edmundson, CPA | Director, Fiscal Management Section, State and Local Government Finance Division, North Carolina Department of State Treasurer
  • Understanding Internal Controls Management in a Changing Environment
    John Richardson, CPA, CISA | Senior Manager, Cherry, Bekaert & Holland, L.L.P.
  • Panel Discussion – Best Practices and Thought Leadership for Municipalities, Counties and School Boards
    Ricky Lopes | Associate Superintendent, Cumberland County Schools
    Dena R. Diorio | Finance Director, Mecklenburg County
    Denise C. Bell | Chief Financial Officer, City of Winston-Salem

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CB&H Seminar: Critical Times & Critical Issues (March 28, Newport News, VA) (March 29, Virginia Beach, VA)

State and local governments face a difficult operational and economic landscape. Join Cherry, Bekaert & Holland for a half-day seminar on timely topics to help you and your government deal with these challenging times.

The seminar will focus on the results of CB&H’s 2011 Government Benchmarking Survey, which provides information on how local government financial leaders are dealing with key financial and operational issues during
the economic recovery. As revenues fall and local demands continue to rise, this information can be critical to planning and budgeting for the year ahead. Other topics to be discussed include the federal budget crisis and how it
affects everyone; and fraud and abuse awareness and prevention.

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Fiscal Responsibility is Chief Concern at VSCPA Town Hall Meeting

Experts from around Virginia, including CB&H’s John Montoro, Chairman-elect of the VSCPA Board of Directors, recently met with 80 local professionals to discuss the importance of fiscal responsibility in the coming year. Opening speeches were followed by an open forum to discuss a CPA’s role in navigating the economic recovery.

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Revenue Shortfalls Continue to Impact Local Governments Budgets, Decrease Expected in Intergovernmental Funding

CB&H’s Inaugural Government Benchmarking Study highlights concerns with budget shortfalls and intergovernmental dependency

Depressed economic conditions and rising federal deficits continue to have a profound impact on local governmental entities, according to a new survey of government financial and operational leaders throughout the Southeast. Yet despite revenue shortfalls, 59% of respondents state that the position of their board/commission on property tax is to maintain the current tax rate and reduce the cost of services. Only 3% plan to raise taxes in order to balance the budget.

The study, sponsored by Cherry, Bekaert & Holland, L.L.P. (CB&H), identifies a number of significant trends on a wide range of timely issues affecting local governments. The results indicate that local governmental units remain focused on cost containment and/or operational efficiency in light of budgetary restraints. For example, 69% of respondents have decreased benefits to new employees, and 91% believe that the increased use of technology will be necessary to keep costs under control.

“In presenting these findings, our goal is to provide government decision-makers with the information they need to compare their own performance and planning concerns with their peers across the Southeast,” said John Gilberto, Industry Leader of CB&H’s Government Services Group.

The new study also further highlights a troubling trend first identified by CB&H in the Firm’s 2009 Report Intergovernmental Financial Dependency and Related Risks with Proposed Reporting by State and Local Governments. Financial dependency remains a key concern as more than 60% of respondents expect funding from federal and state governments to decrease in the next one to three years.

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Understanding Intergovernmental Financial Dependency

Recent economic shifts have increased risk in both the private and public sectors. Particularly with regard to concentrations, the interdependency of governments at the local, state and federal level exacerbates this risk for many entities. As CB&H’s John Montoro discusses in the Journal of Accountancy, clearly understanding and reporting this dependency will be crucial to the future success of governments at all levels.

The 2008 economic crisis, subsequent recession, 2011 debt ceiling debate and pending legislative actions to further reduce federal deficit spending have taught us that the fiscal sustainability of all three levels of government—federal, state and local—is no longer a given if spending continues on its current course. We all need to become better educated on the fiscal strengths and weaknesses that contribute to the economic sustainability of our governmental units.

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Shrinking Budget? You Are Not Alone. Participate in Our Study.

CB&H is conducting an important study on key financial and operational issues impacting local government entities and we need your help.

Purpose
To collect, analyze and distribute different viewpoints on dealing with the unique needs of local government entities during the economic recovery.

Participation
As a decision-maker at a leading governmental entity in the Southeast, your views and opinions are critical for conducting an in-depth benchmarking study.

Incentive
For participating in the study, you will receive a detailed report of the study’s results so that you can compare your entity’s concerns with those of your peers throughout the region. The results of this study can help you determine what actions to take, and help you support those decisions to your board and stakeholders.

Investment
The survey should take less than 15 minutes to complete. Begin the survey now.

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Study Shows Continued Increase in State Tax Revenues

Tax collection data from the first quarter of 2011 shows state tax revenues continuing to increase for the fifth straight quarter. Data from 47 states shows a sustaining trend that increased collections 9.1 percent from Q1 2011 over Q1 2010. As Accounting Today reports, the study from The Nelson A. Rockefeller School of Government at the University of Albany shows tax revenues are growing, but still below their peak levels.

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New Benchmarking Survey to Explore Southeast Government Entities

CB&H is launching an industry-precedent benchmarking study for state and local government entities in the Southeast. The study will focus on cities, towns, counties, school boards, authorities and agencies in the states of Maryland, Virginia, North Carolina, South Carolina, Georgia and Florida. The survey will touch on a wide range of issues including:

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  • Workforce and benefits,
  • GASB and transparency,
  • Use of technology,
  • Green initiatives,
  • Debt structure,
  • Infrastructure ,
  • External audit,
  • ARRA, and
  • Budget.

3% Withholding on Payments for Sales and Services Delayed Until 2013

On May 6, 2011, the Internal Revenue Service (IRS) released final regulations that delay the mandatory three percent (3%) withholding on certain payments made by government entities. In general, the 3% withholding, which was scheduled to go into effect beginning next year, will apply to each individual payment over $10,000 made from federal, state and local government entities to persons providing property or services.

Under the final regulations, the new withholding requirements will apply to payments made after December 31, 2012. For existing contracts that are not materially modified, the new withholding requirements will not apply until payments made after December 31, 2013.

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