Past Events 

Anne Ross
Principal Consultant
Muni Credit & Compliance Advisors, LLC

Emily Brock, Director, Federal Liaison Center, GFOA

Zoom only

Tiffany Tribbitt, Managing Director, Head of Municipal and Cooperative Power, S&P Global Ratings

Adam Barsky, CFO, New York Power Authority
 
Ksenia Koban, Director of Fixed Income ESG Investing, Neuberger Berman
 
Tom Falcone, President-Elect, Large Public Power Council

New York City Bar Association, 42 West 44th Street, NYC

The Gateway Program’s $16 billion Hudson Tunnel Project is the country's largest and arguably most important public works project currently underway. This long-delayed initiative will build a new two-track tunnel under the Hudson River and rehabilitate an existing tunnel. In July 2024, the project received final federal approval, securing a $6.9 billion federal grant—the largest ever issued to a mass transit project.

Early construction work has begun on both sides of the river, with the new tunnel expected to be completed by 2035. This complex project involves collaboration between the states of New York and New Jersey, the federal Department of Transportation, and Amtrak. It will significantly improve the reliability, resiliency, and redundancy of the Northeast Corridor, the nation's most heavily used rail line.

Please join us for a fireside chat with Pat McCoy, Chief Financial Officer of the Gateway Development Commission (GDC) and a longtime New York public finance veteran. Pat joined the GDC in February 2023 after managing debt issuance at the Metropolitan Transportation Authority (MTA) for two decades. The GDC is a public authority created in July 2019 by the states of New York and New Jersey to oversee the planning and financing of Phase 1 of the Gateway Program.

Pat McCoy, Chief Financial Officer of the Gateway Development Commission (GDC)

Tammy Gamerman
Director, Fitch Ratings

New York City Bar Association, 42 West 44th Street, NYC

Please join us in this participatory learning opportunity and stay for our social gathering that caps the end of MAGNY’s spring season before picking back up this September. 

Colleen A. Murphy
Carl McCarthy
Kevin J. Walsh
Charles W. Azano
Christopher Marks
Greenberg Traurig, LLP
Speaker Bios

New York City Bar Association, 42 West 44th Street, NYC

Over the next fifty years the Congressional Budget Office (CBO) estimates the U.S. population will grow by less than half the pace experienced since 1973. An aging populace, changes in household formation, and new workforce dynamics are among the trends impacting all sectors of the municipal market. Against this backdrop, New York City faces a perplexing problem of rising unaffordability and a declining population (according to Census figures).

The panel will explore how demographic trends impact credit quality, the housing affordability crisis, and implications for the New York City area. Audience members will come away from the discussion with a better understanding of key demographic shifts to watch, how they may impact the City’s finances, and potential policy options to address the region’s housing shortage.

Please join us and our panel of experts who will share their thoughts on these issues impacting municipal credit.

Alex Armlovich
Senior Housing Policy Analyst
Niskanen Center

Francesco Brindisi
Executive Deputy Comptroller for Budget and Finance
Office of the New York City Comptroller

Olu Sonola
Head of U.S. Economic Research
Fitch Ratings

Timothy Little
Municipal Markets and Public Finance
Federal Reserve Bank of New York

New York City Bar Association, 42 West 44th Street, NYC AND on Zoom

The recording of this event is available to those who registered for one week only.

The panel discussion will focus on the evolving dynamics of the municipal bond market. As the industry witnesses significant changes, with larger firms stepping back from municipal underwriting and the rise of SMA & hedge fund investor participation, the panel will explore the ramifications of these shifts and identify emerging opportunities.

Join our panelists to discuss:

• How the evolving landscape is influencing various stakeholders, including issuers, investors, and underwriters;
• Impact of headline disruptions on liquidity and trading flows in the market;
• Municipal asset managers’ approaches to take advantage of changing economic conditions and industry transformations, identifying new avenues for growth and adapting investment strategies in response to market changes;
• Expectations on the long-term consequences for the municipal bond business as a result of these shifts.

Bhanu Patil
Head of Municipal Credit
Flagstar Bank

New York City Bar Association, 42 West 44th Street, NYC AND on Zoom

The recording of this event was available to those who registered for one week only.

"History doesn't repeat itself, but it often rhymes."

This panel will explore key federal and macroeconomic influences on municipal bond markets in 2024. Municipal bonds were the best performing fixed income asset class in 2023, with solid total returns powered by a remarkable bond rally in late 2023.

However, near-term uncertainties persist which lends caution to issuer and investor sentiment. Market expectations for rate cuts in 2024 deviate from the official Federal Reserve narrative and mixed economic data complicates the near-term rate outlook. Federal legislative actions in a highly charged political landscape and impending elections present both risks and opportunities. Sequestration-driven extraordinary redemptions for BABs are back in focus for issuers. Credit fundamentals, resilient in recent years, will be tested in a slowing economic environment, with waning federal aid.

Join our panelists to discuss and highlight their expertise on:
• Near-term rate expectations underpinned by macroeconomic forces, both domestic and global;
• Supply side municipal market dynamics and assessing the trajectory of fund flows;
• Identifying pockets of relative value at a time of stretched valuations; and
• Prognosis for default/distress, highlighting the more vulnerable segments of the market.

This event is open to the press.

Amanda Del Bene
Public Finance Investment Banking
Raymond James & Associates, Inc
New York

Thomas G. Doe
President
Municipal Market Analytics, Inc. (MMA)
New York

Atsi Sheth
Managing Director Credit Strategy
Moody's Investors Service
New York

Vikram Rai
Head of Municipal Market Strategy
Wells Fargo
New York

New York City Bar Association, 42 West 44th Street, NYC AND on Zoom

The recording of this event is available to those who registered for one week only.

The panel will explore service enhancements that new technologies including AI can offer and the expected impacts on the municipal bond market. Technology is being utilized to enhance communication, improve portfolios management thorough timely and effective credit monitoring. This will allow investors to make more informed decisions that meet their investment strategies. However, as firms begin to incorporate new approaches including AI into their services, it is critical to understand the Strengths, Weaknesses, Opportunities and Threats (SWOT) in order to optimize the potential of this technology in meaningful and productive ways.

This event is open to the press.

Chris Fenske
Head of Capital Markets Research
S&P Global Market Intelligence

Susan Joyce
Head of Municipals Trading & FI Market Structure
Alliance Bernstein

William Kim
Chief Executive Officer
MuniPro

Casey Ryan
Credit Analyst
Invesco

New York City Bar Association, 42 West 44th Street, NYC AND on Zoom

The recording of this event is available to those who registered for one week only.

In early 2020, New Jersey's budget forecasters envisioned catastrophic revenue shortfalls as the US economy contracted sharply due to the strains of a once-in-a-century pandemic. The state had seemingly been on a slow road to fiscal recovery in 2018-19 until the pandemic derailed those plans, resulting in a short-term cash crunch and credit rating downgrades. Three years later, the picture is very different. The Garden State has accumulated its highest fiscal reserve balances since the mid-1990s, begun covering full actuarial payments on its pensions, and received seven credit rating upgrades. The state appears to be on a new fiscal trajectory. How did this happen, and where is NJ headed?

Please join us for a fireside chat with the Honorable Phil Murphy, New Jersey's governor and a veteran of the finance industry. Governor Murphy spent 23 years working in the financial markets, nearly all of it at Goldman Sachs. During his tenure at Goldman Sachs, Murphy headed the firm's Frankfurt office from 1993 to 1997 and Goldman Sachs Asia from 1997 to 1999, and was a member of the firm's senior management committee from 1999 to 2003. Murphy later served as the U.S. ambassador to Germany from 2009 to 2013 in the Obama Administration. He was elected governor of New Jersey in 2017 and won a second term in 2021, the first Democrat to do so since 1977.

In our conversation with Governor Murphy, we will wade deeply into the strategies pursued by his administration to stabilize New Jersey's long-term liability position, pay down debt, strengthen its finances, and promote budgetary sustainability, including by ramping up payments for the actuarially-determined contributions (ADCs) for New Jersey's public sector pension plans.

This event is open to the press.

Neene Jenkins
Executive Director
JP Morgan Chase Asset Management

Neene Jenkins is a member of the Global Fixed Income, Currency & Commodities (GFICC) group at JP Morgan Chase Asset Management. Based in New York, Neene leads municipal research efforts supporting Tax Aware strategies. Neene is also responsible for identifying investment opportunities in the High Yield and Investment Grade sectors. Prior to joining the firm in 2019, she was a senior vice president at Alliance Bernstein for 9 years, covering Municipal High Yield and Investment Grade sectors. Neene holds a B.A. in applied mathematics from the University of Buffalo and an MPA in public finance from the New York University's Robert F. Wagner School of Public Service, where she was also an adjunct professor. She is a member of the Society of Municipal Analysts, Former Chair of the Education Committee and of DEI Committee for the National Federation of Municipal Analysts (NFMA), currently Vice Chair of NFMA and a board member of the Northeast Women in Public Finance.

New York City Bar Association, 42 West 44th Street, NYC AND on Zoom

The recording of this event is available to those who registered for one week only.

Less than a year ago, the Metropolitan Transportation Authority (MTA) warned of recurring $3 billion operating deficits after federal pandemic relief ran out and ridership patterns failed to return to pre-pandemic levels. Recent New York State legislative action averted the looming crisis, completely eliminating projected deficits in the MTA’s most recent financial plan, an unprecedented turn of events. With the operating budget settled, the MTA can pivot to its $55 billion capital plan for 2020-2024, including one of the centerpieces of its capital funding plan, congestion pricing.

Please join us for a fireside chat with Kevin Willens, the MTA's Chief Financial Officer and public finance veteran. Kevin has more than 35 years in public finance, including most recently as Managing Director and Co-head of US Public Finance at Goldman Sachs and 10 years as the MTA's financial advisor.

We will take a deep dive into the assumptions and risks underlying the MTA's operating budget and discuss the authority's capital plans including its upcoming implementation of congestion pricing in 2024.

This event is open to the press.

Chandra Ghosal, Vice President - Senior Analyst
Moody's Investors Service, US Public Finance Group

Tammy Gamerman, Director
Fitch Ratings, US Public Finance - States Team

New York City Bar Association, 42 West 44th Street, NYC AND on Zoom

The recording of this event is available to those who registered for one week only.

• The key forces underpinning these sectors' operational challenges and how the pandemic greatly amplified staffing and cost pressures
• Can these sectors recover in the near term?  And, what would be the 'new normal' for these providers in a stabilizing economy?
• What strategies can industry executives and (state and local?) policymakers adopt to aid their operations and ensure access to critical healthcare needs for communities served?
• Key dynamics for the institutional investor base in evaluating, pricing, and trading bonds issued by these entities, many of which are speculative grade and/or non-rated.

George Huang
Biography

New York City Bar Association, 42 West 44th Street, NYC AND on Zoom

The recording of this event is available to those who registered for one week only.

Stephen Winterstein, Managing Partner
SP Winterstein & Associates, LLC

NYC Bar Association and Zoom

The recording of this event is available to those who registered for one week only.

Mary Francoeur
Managing Director, PFM Financial Advisors LLC

NYC Bar Association

This event was not recorded.

Jenny Poree (BIO)
Senior Director, Sector Leader Utility Revenue
S&P Global Ratings

Zoom only.

The recording of this event is available to those who registered for one week only.

Lourdes Germán
Executive Director
The Public Finance Initiative

Clyde Lane, Jr.
Municipal Credit Analyst
Ramirez Asset Management

Emily Thomas, CFA
Head of Investing with Impact
Morgan Stanley Wealth Management

Timothy Little
Municipal Markets Specialist
Federal Reserve Bank of New York

New York City Bar Association, 42 West 44th Street, NYC AND on Zoom

The recording of this event is available to those who registered for one week only.

 George M. Edwards-Stimola, Director, Fitch Higher Ed/Non-Profits

Pam Salmon, Vice President for Financial Affairs and Treasurer, Utica University

Chad Shandler, Senior Managing Director, FTI Consulting

Lindsay Wilhelm, Senior Municipal Credit Analyst, Raymond James Capital Markets

New York City Bar Association, 42 West 44th Street, NYC AND on Zoom

The recording of this event is available to those who registered for one week only.

Seth Klempner, Director, Rosemawr

Thomas Longino, Founder, Longino Public Finance LLC

Shivani Singh, Director and Lead Analyst, NY, S&P Global Ratings

Carl McCarthy, Of Counsel, Greenberg Traurig, LLP

New York City Bar Association, 42 West 44th Street, NYC AND on Zoom

The recording of this event is available to those who registered for one week only.

David Brace, Deputy to the Mayor & COO, City of Knoxville, TN

Margaret Danuser, Chief Financial Officer, City and County of Denver, CO

Zoe Roth, Research Associate, Internet of Things, S&P Global Market Intelligence

Douglas Goldmacher, Vice President-Senior Analyst, Public Finance Group, Moody’s Investors Service

Zoom

The recording of this event is available to those who registered for one week only.

Emily S. Brock - Director, Federal Liaison Center - GFOA

Dillon Gibbons - Policy Director - NAST  

William Glasgall - Senior Director, Public Finance - The Volcker Alliance

Anne Ross - Principal Consultant - Muni Credit & Compliance Advisors LLC

Palmira M. Cataliotti
SVP of Finance Operations & Accounting
NYU Langone Health

David Stephan
Executive Director
J.P. Morgan NFP Healthcare Group

Anne Cosgrove
Director
S&P Global’s not-for-profit healthcare

Vikram Rai
Managing Director, Fixed Income Strategy Group
Citigroup

Olu Sonola
Head of U.S. Regional Economics
Fitch Ratings

Shannon McCue
Senior Director, Public Finance
Fitch Ratings

Elizabeth “Libby” McCarthy
Chief Financial Officer
The Port Authority of New York and New Jersey

Mary Francoeur
Managing Director
PFM Financial Advisors, LLC.

Patrick McCoy
Deputy Chief, Financial Services
Metropolitan Transportation Authority

Timothy Little
Municipal Markets Specialist
Federal Reserve Bank of New York
The views expressed by the speaker are their own and do not necessarily represent those of the Federal Reserve Bank of New York or the Federal Reserve System.

Julie Egan bio
Director of Research & Portfolio Management
Community Capital Management

Geoff Proulx bio
Managing Director and Co-Head of the Affordable Housing and Community Development Group
Morgan Stanley

Gary Rodney bio
Managing Director, Head of Affordable Housing
Tishman Speyer

Marian Zucker bio
Housing Sector Leader
S&P Global

During the COP26 Climate Summit in 2021, the United States made an ambitious commitment to reach 100% renewable electricity generation by 2035 and to work with other leading carbon-emitting countries to reduce methane emissions, develop carbon capture, utilization, storage, and direct air capture technologies. As U.S. climate representatives and federal agencies work on developing domestic pathways to achieve these targets, they will likely find it necessary to pivot from historically carbon-intensive industries and aim to achieve economic output without reliance on an abundant and reliable supply of fossil fuels.

Transportation Entities and Power Utilities are two of the most affected industries from energy transition. We talk to experts in these industries about how these policy initiatives are affecting operations, what type of solutions exist to help manage the risk and specifically how the Long Island Power Authority is working to achieve not only federal, but state level requirements toward decarbonization.

Nora Wittstruck
Senior Director – ESG Sector Leader, U.S. Public Finance, S&P Global

Mass transportation was immediately and severely affected by the COVID-19 pandemic. Public transits systems were significantly impacted by drastic drops in ridership due to business closures, event cancellations, and social distancing regulations, that reduced the ability to generate revenue. Federal Stimulus provided a necessary lifeline by offsetting the immediate revenue losses but challenges remain. Please join us to discuss the post-pandemic challenges and potential solutions that ensure public transit systems remain financially viable after the stimulus funds are exhausted.

Martha R. Behan
Assistant Treasurer, Southeastern Pennsylvania Transportation Authority

William Viqueira
CFO & Treasurer, New Jersey Transit Corporation

Baye Larsen
Vice President/Senior Credit Officer, Moody's Investors Service

Commercial real estate (CRE) provides an essential foundation for tax revenue generation. Moreover, as an economic base of commerce, industry, and entertainment, it serves to concentrate consumers, colleagues, and intellectuals to optimize growth and innovation. However, that same utility is an Achilles heel during times of plague, as limiting access to infrastructure that draws large numbers of people together is necessary to slow the spread of pathogens like COVID-19.

Predicting the long term financial impact on municipalities and industries has been particularly challenging with COVID-19, as it is the first global pandemic to occur during the age of the internet, where for the first time in history a large segment of workers were able to effectively perform their functions remotely from the safety of their home and almost every type of purchase could be made online without stepping into a store. This decentralization of workers and consumers has already had a profoundly negative impact on hospitality, small businesses, and brick and mortar retail that has been slow to recover regardless of geography. The new dynamic could drive significant changes in the essential revenue streams that commercial properties provide to state and local governments if just some of these tactical behaviors become permanent.

Gay (Scholastica) Cororaton, Senior Economist, National Association of Realtors

Ms. Cororaton is a Senior Economist and the Director of Housing & Commercial Research with the Research Group of the National Association of REALTORS®. She manages the production of NAR’s proprietary housing, commercial, and international statistics, surveys, and research. Her research focuses on the effect of economic, demographic, and industry conditions on the current trends and outlook in the residential and commercial property markets.

Manish Rajguru, Commercial Mortgage Backed Securities Portfolio Manager, OFS Capital Management

As recent high profile cyberattacks show, security breaches continue to disrupt operations across all sectors. How do issuers protect critical infrastructure from cyberattacks? What type of investments should be made as attacks become more sophisticated and the frequency of attacks increases? Does the increasing integration of technology and operations in a post-COVID world increase risk to issuers? How does an organization recover from an attack if compromised?

Our panelists will provide insights on how issuers are working to prevent cyber breaches, and what they’ve learned from recent attacks. Additionally, they will discuss unique security challenges and vulnerabilities as they look to the future, given increased reliance on technology as a result of the COVID-19 pandemic.

Adam Barsky
EVP and Chief Financial Officer
New York Power Authority

Sarah Cunningham
Director
Summit Consulting (former Chief Financial Officer of Mecklenburg County, NC)

Dr. Joel Klein
SVP and Chief Information Officer
University of Maryland Medical System

Matt Cahill
Analyst
Moody’s Investors Service

US states have seen unprecedented financial shocks during the pandemic and have benefited from extraordinary federal aid and stimulus. Have rainy day funds played a significant part in helping US states navigate through the unprecedented financial shocks and extraordinary federal aid and stimulus of the last recession? Were they sized properly going into the recession? Does the recession hold lessons on sizing rainy day funds going forward?

Our panelists will provide insights on how states managed through the current crisis and what lessons they have learned to address future shocks. Shelby Kearns, executive director of NASBO, will discuss how states performed through the pandemic, while Phil Dean, Utah’s recent budget director, will discuss best practices for sizing state reserves for potential future budget shocks.

New York City spent April 2020 as the national epicenter of the COVID-19 pandemic. Now, a year later, new variants and uneven vaccine progress present new challenges. Public health challenges remain, as companies navigate returning to in-office work. What does this mean for the financial well-being of the city and the MTA?

Our panelists will provide insights on how health challenges, trends in the commercial real estate market, and changes to the local economy will affect New York City as we move past the pandemic.

Victor Calanog
Head of Commercial Real Estate Economics, Moody’s Analytics

Rahul Jain
Deputy Comptroller, New York State

Matthew Siegler
Senior Vice President for Managed Care, NYC Health + Hospitals

The pandemic has dramatically affected the nation’s transportation network and nowhere is this more visible than the tri-state and greater New York City area. Business and leisure travel have been upended, people are working and learning from home, and mitigating health and safety risks has changed the way transportation agencies operate. As the region recovers from the pandemic that began over a year ago, it faces new challenges and opportunities. Home to 23 million residents across 13 thousand square miles, the transportation network is “the backbone of the region’s economy” and essential for everyone’s quality of life.
 
Our panelists will provide a local and regional perspective on how the pandemic has affected the region’s transportation network and their thoughts on the challenges and opportunities ahead.

Water-related utilities are critical components of the nation's health and economic stability. However, utilities are wrestling with maintaining service quality while ensuring accessibility and affordability. What are the risks to the sector from coronavirus and how can the sector overcome them to achieve its mission? Is the regulatory process adequately addressing the concerns in protecting America's waters? What policies at the federal level are being discussed and how might these policies impact the industry? How is the federal government supporting the industry financially to ensure its success?

Our panelists will provide their perspectives on these questions facing the industry.

Kareem Adeem, Director, City of Newark, New Jersey Department of Water & Sewer Utilities.

Director Adeem is a Newark native who began working for the City of Newark in 1991 in the Department of Engineering and has moved up the ladder in his field. In 2013, Director Adeem was promoted to Superintendent of Public Works, where he oversaw daily maintenance operations of the Department of Water & Sewer Utilities. He was promoted Assist Director in 2016, and Acting Director position in 2018.

Director Adeem will receive his Bachelor’s Degree in Construction Management from Thomas Edison University in 2021. In 2018 he received his certification as a Public Works Manager and in 2015 he received his certification as a Public Manager from Rutgers University. Adeem is also a National Certified Storm Sewer Inspector, National Association of Sewer Service Companies (NASSCO), Certified Pipeline Assessment & Certification Program (PACP), and Manhole Assessment & Certification Program (MACP) Sewer Inspector, and holds a NJ DEP Water & Waste Water Operators license.

He was a key player in various municipal projects, including the Queen Ditch Restoration Project, which helped address chronic flooding along Frelinghuysen Avenue that has plagued the area for more than 30 years.

Currently, Director Adeem is credited with helping to rebrand the Department of Water & Sewer Utilities and upgrading the City’s infrastructure as the City works to replace every lead service line, upgrade to its water treatment plant. He is a dedicated public servant who has, and continues to, give back to his native community.

G. Tracy Mehan, III, Executive Director, Government Affairs, American Water Works Association.

G. Tracy Mehan, III was an independent consultant and served as Interim President of the U.S. Water Alliance and national Source Water Protection Coordinator for the U.S. Endowment for Forestry and Communities. He is also an Adjunct Professor at the Antonin Scalia Law School at George Mason University and Carnegie Mellon University's Heinz College. He was Principal with The Cadmus Group, Inc., an environmental consulting firm, from 2004 to 2014. Mehan served as Assistant Administrator for Water at the U.S. Environmental Protection Agency from 2001-2003. He served as Environmental Stewardship Counselor to the 2004 G-8 Summit Planning Organization (2004). Mehan also served as director of the Michigan Office of the Great Lakes (1993-2001) and as Associate Deputy Administrator of EPA in 1992. He was director of the Missouri Department of Natural Resources from 1989 to 1992. Mehan is a graduate of Saint Louis University and its School of Law. Mehan served on the Water Science and Technology Board and now the Committee on the Mississippi River and the Clean Water Act for the National Research Council of the National Academies. He was also an independent expert judge for the City Water Conservation Achievement Award program (2006 & 2011) sponsored by The U.S. Conference of Mayors and its Urban Water Council.

Mehan is a member of the Environmental Law Institute (ELI) and a regular book reviewer for ELI's flagship publication, The Environmental Forum.

Mehan served on EPA's Environmental Financial Advisory Board (2014-2018) as well as the boards of the U.S. Water Alliance and the Great Lakes Observing System. He is also a member of the Advisory Board of the Center for Environmental Policy, School of Public Affairs, American University and a past member of the board of the Potomac Conservancy (2006-2014).

Matthew Hobby, Senior Risk Manager, U.S. EPA WIFIA program

Matthew Hobby is a member of the U.S. Environmental Protection Agency’s WIFIA program, a multi-billion dollar federal loan program for water and wastewater infrastructure projects. Prior to joining EPA, Matt worked for Ernst & Young as financial advisor to public sector clients on major State infrastructure projects, the Georgia Department of Transportation’s office of Budget, and Standard & Poor’s as a senior bond rating analyst covering public finance, corporate and project finance and P3 infrastructure debt issuers in the transportation and power sectors.

Matt has an MBA from the Yale School of Management and a Bachelor’s Degree in Economics from Wesleyan University.

The coronavirus pandemic is one of many major global events that have significantly impacted the financial markets since the first US municipal bond was issued over 200 years ago. Unlike many past bouts of market volatility, the price dislocations driven by technical imbalances that occurred last March across every financial market took place purely on the expectations of deterioration in fundamentals, as it took weeks or even months for the initial credit impact of the pandemic to be quantified through municipal and corporate financial statements.

The best investment that asset managers had made prior to the pandemic was in the form of people and technology, as arming their experienced investment teams with data-driven credit modeling analytics enabled judicious sell decisions during the initial wave of redemptions and wise purchases as the markets were flooded with liquidity. The crisis provided the ultimate proving ground for the application of new technologies in the investment processes, as being able to rapidly assess the financial impact of state/city lockdowns became imperative in making enlightened investment decisions for their clients.

The outlook for municipal credit has changed disproportionally as a direct result of the pandemic, with the heightened level of uncertainty creating an ideal opportunity for asset managers who have the expertise and analytics to effectively identify price inefficiencies versus credit risk. What were the lessons learned by municipal bond investors during 2020? What enhancements were made to the investment process that enabled investors to better navigate the crisis? What do portfolio managers view as the longer term impact of the pandemic on the public finance?

The coronavirus pandemic has increased near-term risks for higher education institutions. Over the next two years, colleges will confront declining revenues and expense pressures, which will force difficult decisions around personnel and programs. In addition to budget strains, colleges will focus on bolstering liquidity and managing debt. Prospects for additional federal relief remain uncertain.

Over the longer term, shifting demographics, technological innovation, consumer preferences, and governmental funding/policies will influence the pace of change for the sector.

What will the higher education landscape look like in the future? How will liberal arts colleges adapt? Will the role of public universities change? What are the opportunities and constraints for the sector, and how will these impact credit quality?

Our panelists will provide a broad perspective on all of these issues from several points of view.

ZOOM recording - available to NFMA members only

Dr. Aaron Thompson- Kentucky Council on Postsecondary Education
Dr. Thompson was named president of the Council On Postsecondary Education in 2018 after serving for four years as senior vice president for academic affairs and for five years as executive vice president. In total, his leadership spans 27 years across higher education, business and numerous nonprofit boards The public universities in Kentucky face a number of challenges around demographics, state funding, and pensions. Dr. Thompson will speak both about the national landscape for public universities and how this might play out in a state like Kentucky.

Jim Hundrieser, Vice President of Consulting - National Association of College and University Business Officers (NACUBO)
Mr. Hundrieser oversees NACUBO’s work in providing institutions new strategies to match ambition with aspiration. He focuses on revenue growth, new program development, financial restoration, building capacity, providing pragmatic solutions, and conducting operational assessments. He has served as an institutional vice president at two private and one public university.

The healthcare industry was already facing disruption, with new business models competing for market share and upending traditional modes of patient care, all of which has been been exacerbated by the unprecedented global pandemic.

Where is the healthcare industry today and where is it going in the future? How does a large health system take risk across populations while managing the total cost of care? How are utilization trends affected as consumers seek more convenient care? Where does AI and telemedicine fit into the industry’s future, particularly in light of COVID-19?

Our panelists will provide different perspectives on the current trends from an academic research, business development and large insurer/provider views.

ZOOM recording - available to NFMA members only

Join us September 11th at noon ET as we kick off MAGNY’s 71st season!

We will hear from three very well informed speakers who will share their perspectives on the legislative and regulatory landscape in Washington, overall economic conditions and how issuers are navigating through these challenging times.

View the ZOOM Webinar.

View the Powerpoints.

The next three decades will see the largest transfer of inter-generational wealth in history. In the U.S alone, it is expected that between $30 and $40 trillion of wealth will be transferred from Baby Boomers to Generation X and onto Millennials. Wealth managers will be dealing with a new generation of investors who are far more values-driven than earlier ones. And research indicates that both women and millennials are more likely to invest consistently with their values. A survey by BlackRock found that 67% of millennials want investments that reflect their social and environmental values, while 76% of women said the same.

Hear the inside perspectives of institutional investors on what they focus on as it relates to environmental, social and governance activities of the entities in which they invest. They will provide a first-hand view of how ESG factors' importance has changed and what they expect going forward. They will discuss the contours of investors’ concerns as it relates to the municipal market.

View the Zoom replay.

Hear the inside perspectives of cybersecurity professionals in the field who have actually worked in or consulted with governments. They will provide a first-hand view of municipal cybersecurity threats and mitigation and what questions analysts should be asking. They will identify and discuss the major threats and issues, including the unique security challenges presented by the COVID-19 disruptions, what type of entities are most vulnerable and what questions to pursue to ascertain if a borrower has the capabilities, resources and processes in place to protect itself from cyber-attacks or recover from one if compromised.

View the Zoom replay.

Download the handouts.

Join a multi-disciplined panel to discuss the near- and medium-term impact of the COVID-induced recession on state and local budgets. Discussion topics will include tax revenue declines, budget flexibility, pension funding, rainy day fund reserves, Chapter 9 options, potential state defaults, and the need to stimulate demand to drive employment.

View the Zoom replay.

Download the handouts.

Tom Aaron – Moody’s
Emily Brock – Government Finance Officers Association
Vincent Marriott – Ballard Spahr
Hector Negroni – FCO Advisors

Michael Imber  - Conway Mackenzie

Demographic factors underpin a wide variety of sectors, from state and local governments, to schools, hospitals, and even federal reimbursements. We have three distinguished panelists who will explain how demographic changes affect credit quality in different sectors. 

Frank Mamo, Assistant Vice President at Moody’s Investor Service, will explain how demographic changes affect localities and school district bond ratings; Ken Rodgers, a Director at Standard and Poor’s, will discuss demographic influences on hospital and higher education ratings; while Jim Russell, a geographer mapping the links between geopolitical change and neighborhood health for Rust Belt Analytica, will discuss the impacts of global scale demographic decline on regional economic growth.

Although the multi-year restructuring of a certain Caribbean commonwealth continued to dominate headlines, 2019 was characterized by record low interest rates, positive municipal supply/demand dynamics, and credit spread compression. High yield issuance has seen a significant pickup in activity and focus as investors seek yield and borrowers seek to capitalize on a favorable market.

How can analysts/investors find appropriately priced high yield investments that are structured and positioned to withstand future challenges? What are the latest high yield credit developments of note? What are the signals that seasoned analysts will be watching on the forward?

The MAGNY High Yield Beyond Puerto Rico luncheon will begin with a recap of 2019’s HY market trends, presented by Richard Schwam (AllianceBernstein). This will frame a discussion by credit specialists discussing a handful of sectors: Neene Jenkins (JPMorgan Asset Management, Charter Schools), Marshall Kitain (JPMorgan, Transportation), Ron Mintz (Vanguard, Senior Living), and Avanti Paranjpye (Citi,Tobacco), moderated by Sandy Pae Goldstein (Fundamental Credit Opportunities).

We ask that the audience be prepared with good questions and in turn be prepared for candor!*

* This event is closed to the press.

Introduction:
Richard Schwam, VP/High Yield Municipal Credit Analyst, AllianceBernstein

Panelists:      
Neene Jenkins, Executive Director, JPMorgan Asset Management, Charter Schools
Marshall Kitain, Director, JPMorgan, Transportation
Ron Mintz, Principal/Senior Credit Analyst, Vanguard, Senior Living
Avanti Paranjpye, Director, Citi, Tobacco 

Wonderful food and drink and good holiday cheer will be shared as we celebrate our 70th Anniversary with a multi-media presentation and a short ceremony from our newly-created Next Generation Committee recognizing MAGNY’s Past Chairpersons.

MAGNY MEMBERS AND PAST CHAIRS ATTEND FREE OF CHARGE

 Mayor Bill De Blasio and the City of New York proclaimed December 13, 2019 as
“Municipal Analysts Group of New York Day” in recognition of our 70th anniversary.

December 6, 2019: The Bond Buyer has posted a 33-minute interview with MAGNY Board Members Michael D'Arcy and Michael Imber about the MAGNY's past and present achievements as well as a preview of the future of the organization. Click to listen to the podcast.

The basics of incorporating digitized fundamental data into municipal credit analysis has been around for at least three decades.  However, using data to systematically acquire and monitor bonds has only begun to be built into the municipal investment process in the last ten years. Where is the industry today and where is it going?

Alternative Data, Big Data, Artificial Intelligence and Machine Learning have been used in the equity markets for several years and have recently been applied to corporate bond investment strategies. Will the municipal bond market soon follow?  How advanced is quantitative analysis as a tool to support credit analysis, portfolio decisions and trading? How can municipal credit analysts and portfolio managers leverage these cutting-edge quantitative tools and techniques to increase their own impact and improve results?

Richard Ciccarone, President and CEO of Merritt Research Services LLC

Guy Davidson, Chief Investment Officer of Municipal Fixed Income, AllianceBernstein

Chris Fenske, Head of Americas Fixed Income Research, IHS Markit

John McLean, Founder and Managing Director of Toronto based ACRe Data Inc.

Mark Schmidt, Municipal Strategist, Morgan Stanley Fixed Income Research

Credit surveillance is a part of every credit analyst’s job: how should analysts think about unlikely risks, and how do muni issuers plan for the unexpected?  To what extent do existing actuarial and budgeting techniques already address scenario planning and risk management? Join us for an enlightening discussion with experts from actuarial science and public budgeting.

Todd Kanaster is Director at S&P Global Ratings. In addition to analyzing issuers & training analysts, Todd serves as nationwide specialist in the Local Industry Focus Team for municipal pension and retiree healthcare plans.  He is an Associate of the Society of Actuaries, a Member of the American Academy of Actuaries, and a Fellow of the Conference of Consulting Actuaries. 

Preston Niblack, Ph.D., is Deputy Comptroller for Budget, Office of the New York City Comptroller.  He oversees the work of the Budget Bureau, including monitoring New York City’s fiscal and cash position.  Prior to joining the Comptroller’s office, Mr. Niblack served as Director of the Finance Division, New York City Council, and as Deputy Director, New York City Independent Budget Office. 

Paul Gruenwald, Global Chief Economist, S&P Global Ratings, will offer an overview and commentary on the big macroeconomic picture as the U.S. drives forward to next year’s presidential election, including topics such as:

• Negative yields on non-U.S. debt and the inversion in the U.S. Treasury curve
• BREXIT and trade negotiations with China, Canada, Mexico, Great Britain and the European Union
• …and what about the “R” word?  Is it a real threat or “fake news”?

Paul leads the economic research agenda at S&P Global and serves as the primary spokesperson on macro-economic matters for the company. Overseeing a team of economists spanning the Americas, EMEA and APAC, Paul has studied and written about macroeconomic policy, banking and trading, and credit. He has a Ph.D. in Economics from Columbia University and a bachelor’s degree in Economics/Mathematics from the University of Texas.

Our membership base has spoken, and MAGNY's Analyst Scrum is back by popular demand!  This year we are combining our Third Annual Analyst Scrum with the end-of-the-season cocktail party to give attendees the chance to catch up with friends, relive the highlights of the 2018-19 MAGNY season, hob-nob about issues of common interest and engage in spirited, but friendly debate at a single event.   

You - the members of MAGNY - will be the featured speakers in a referee-controlled, round table discussion about virtually any muni topic you wish to introduce.  

A team of subject matter experts will help guide the conversation on pensions, infrastructure, healthcare, distressed municipal debt, public housing, recent legal rulings and other topics of your choice.  No municipal subject is off-limits. 

Subject matter experts will include: Legal - Bill Kannel (Mintz Levin), Markets - Vikram Rai (Citigroup), Healthcare - Anne Cosgrove (S&P), High Yield - Jim Lyman (Neuberger Berman), ESG/Infrastructure - Hector Negroni (Fundamental), Pensions - Doug Offerman (Fitch).  

This will be a complete audience participation event modeled after MAGNY's first two Analyst Scrums held in 2016 and 2017.   OK -- so this will not actually be the third ANNUAL analyst scrum since we skipped a year, but you get the idea...

There will be a period for introductions between 4:30-5pm, and the Scrum will begin promptly at 5pm and last for exactly one hour, to be followed by a 90-minute cocktail reception where drinks and light refreshments will be served.

(l-r) Doug Offerman (Fitch), Bill Kannel (Mintz Levin), Anne Cosgrove (S&P), Michael Imber (moderator/Eisner Amper), Jim Lyman (Neuberger Berman), Hector Negroni (Fundamental), Vikram Rai (Citigroup)

Leonard Jones, Moody's Investors Service - Biography

James E. Spiotto, Managing Director, Chapman Strategic Advisors LLC - Biography - Full Powerpoint - Shorter Version

Arturo C. Porzecanski, Ph.D., Distinguished Economist in Residence, International Economic Relations Program, School of International Service, American University - Biography - Speech

Howard Sitzer, Senior Municipals Analyst, CreditSights - Biography

Puerto Rico’s restructuring is by far the largest municipal default and debt restructuring in US history.  Many believe that the steps taken during the course of the island’s restructuring are setting consequential precedents for future municipal bankruptcies and restructurings.  

MAGNY's Puerto Rico luncheon will provide analysis and discussion of the latest developments in Puerto Rico’s workout including: the overall restructuring process, the status of the PROMESA Board after a recent ruling on the formation of PROMESA; and recent court rulings on special revenue designations that will help to dictate how the restructuring proceeds. Our panelists will also address the questions of how the economy of Puerto Rico can -- after decades of decline and clear vulnerability to ESG issues -- right size itself in a more resilient manner, what role the Federal government will likely take in helping Puerto Rico recover (or not), and if Puerto Rico will be able to re-gain access the traditional US municipal debt market in the future.      

Our panel of guest experts will include James E. Spiotto, Managing Director, Chapman Strategic Advisors LLCs, Arturo C. Porzecanski, Ph.D., Distinguished Economist in Residence at American University; and Howard Sitzer, Senior Municipals Analyst for CreditSights in New York.

Jim Lyman, Managing Director, Neuberger Berman
Sandy Pae Goldstein, Director, Fundamental Credit Opportunities
Kimberly Lyons, Senior Vice President, Dexia Credit Local

Laura Appleby, Partner, Chapman and Cutler
Larry G. Halperin, Partner, Chapman and Cutler

Municipal analysts and investors are challenged daily to make judgement calls on credit risk. Municipal bankruptcies, defaults, and restructurings flash through the news, but not all have had the opportunity (or unforeseen occasion) of working through a restructuring firsthand.
 
To address this, and to broaden the skillset of MAGNY members, please join us at our next luncheon on April 12th where Chapman and Cutler will lead a live, interactive case study on a corporate restructuring with many parallels to municipal enterprises (hospitals, health systems, project operating companies, e.g.) that have fallen into distress.
 
The case begins with a company showing the early warning signs of distress in a covenant violation. In turn, there are serious concerns about default, acceleration, bankruptcy, and potentially liquidation of assets. The result? A restructuring amongst creditors and equity.
 
Topics to be discussed:

• How did the company get into this situation?
• What were the warning signs?
• How does a board behave during insolvency?
• Should liquidity be raised by the addition debt or equity? 
• How would a liquidation work?
• What are the goals and steps in a court-adjudicated bankruptcy?
• How would an out-of-court restructuring actually work? 

Each attendee will be assigned to participate as a member of one of three creditor classes.
 
We expect an engaging, candid and lively discussion. Most importantly, this session offers applicable takeaways and considerations for municipal investors and analysts who are navigating an increasingly credit focused market environment.  

Moderator: Rahul Jain, S&P Global Ratings

Damon Burns, Chief Executive Officer - The Financial Authority of New Orleans - Biography - Presentation

Jainey Bavishi, Director – Office of Recovery and Resiliency at New York City Office of the Mayor - Biography - Presentation

Jeremy Alain Siegel, Partner – BIG Architects - Biography

According to the 2018 National Climate Assessment (NCA), global warming, rising sea levels, and increasingly frequent extreme weather events are expected to disrupt and damage critical infrastructure and property in major US population centers in the coming decades.  The epicenters of today’s major US communities emerged over the past three hundred years based on geographical and environmental advantages that enabled populations in those regions to flourish and grow. The climates of many of these regions are rapidly changing, resulting in more frequent flooding, droughts and wildfires. Adapting to these climatological changes will require significant investments to ensure the continued livability and economic dynamism of these regions.  

Mitigating the impact of climate change has moved from the planning to the adoption phase for several of the most exposed municipalities. Adoption of significant changes to infrastructure will require well thought-out strategies that include mechanisms for financing resilience initiatives and planning for state and federal responses to the human and economic costs posed by climate change.

Please join our distinguished panel of issuers and resilience experts in a discussion on how they, their financial advisors and their clients are confronting this complex challenge in ways that minimize the financial burden on their communities and the risk to municipal investors.

Moderator: Mark Schmidt, CFA, Morgan Stanley & Co.

Gerry Lewis is Senior Vice President and Chief Information Officer (CIO) for Ascension, and the President and CEO of the organization’s information technology (IT) subsidiary, Ascension Technologies. Biography

April Semilla is a Principal Consultant at IHS Markit, where she focuses on health care policy impacts, advanced medical technology, drug pricing and reimbursement strategy, among other areas.  She has conducted due diligence on proton therapy center municipal bond issues and has expertise in creating bespoke health impact assessments. Biography  Presentation

Dr. Paul Testa is Chief Medical Information Officer of NYU Langone Health. In this capacity, Dr. Testa works closely with physician and nursing informatics groups to transform and advance how NYULH delivers care via new technologies.  He holds a JD, an MD and a Masters' degree in Public Health. Biography

Rising healthcare costs are a top concern for patients, governments, and municipal bond investors. Providers are struggling to adapt to a new market that is increasingly rewarding them for more cost efficient and high quality care, and a new cohort of consumers who are demanding easier access to health services and more transparent pricing. Technology had historically failed to keep up with medical advances that significantly improved life expectancies and quality-of-life across a broad array of conditions. Now, however, tougher competition and lower margins are requiring hospital systems to rapidly deploy advanced technologies to improve the patient experience, decrease errors, minimize hospitalization time, and reduce costs, all while providing more effective treatment.

Join us at our next luncheon on February 8 where three expert panelists will discuss how hospital systems are investing in improving the patient experience and using new technologies like telemedicine and wearables to lower the cost of care and shorten hospitalization times.

Richard Prisinzano, Senior Economist and Tax Division Head with the Penn-Wharton Budget Model, will present the view that high tax rates on millionaires have not led to significant interstate migration by high income individuals, as summarized in a paper Dr. Prisinzano co-authored for the U.S. Treasury. (https://web.stanford.edu/~cy10/public/Jun16ASRFeature.pdf ). 
Biography

Nicole Kaeding, Director of Federal Projects at the Tax Foundation, will present a contrasting viewpoint, discussing the impact of high tax rates on corporate location decisions and interstate migration by residents in locations with high tax brackets. Biography

Dr. Olu Sonola, Group Credit Officer for U.S. Public Finance and Global Infrastructure for Fitch Ratings, will discuss recent U.S. aging patterns and their long-term economic and credit implications, particularly for state governments. Biography Presentation

Timothy Little, Associate Director in the U.S. States Team at S&P Global Ratings, will explore the use of demographics in the rating process and the rating implications of recent and projected U.S. demographic and population trends. Biography Presentation

Major U.S. demographic changes driven by continued high levels of immigration, changes in state tax law, the aging of the Baby Boomers, and a slower rate of family formation by Millennials have been generating a great deal of interest in the national media and the public finance community. Commentators have presented a variety of views, ranging from demographic change having a muted effect on municipal finance to full-bore "doom and gloom" scenarios.  Our upcoming event represents MAGNY's attempt to sift through the noise and provide our members with informed commentary and opinion.

Please join us at our next luncheon on January 11 where four expert panelists will discuss the relationship between forecasted U.S. demographic change and state and local creditworthiness including the existence or non-existence of interstate tax migration and what is driving it. 

Eva Rippeteau, Fitch Ratings

Elizabeth M. “Libby” McCarthy
Chief Financial Officer
The Port Authority of New York and New Jersey

Michael Evans
President
Moynihan Station Development Corporation

James Mueller, P.E.
Chief Engineer
New York City Department of Environmental Protection

MAGNY's New York City "Mega Projects" event will provide updates on some of the city’s largest ongoing infrastructure projects, both high-profile and “behind the scenes.” Leaders from three major local agencies will update the audience about the ongoing work of their largest and most transformational NYC projects, including the innovative funding mechanisms utilized, construction choices made by the agencies to minimize disruptions in our highly congested city setting, and the political, governmental, or environmental hurdles they have faced.

NYC’s "mega projects" include both those highly visible to the public – e.g. the region’s largest bridge and airport renovations and the Moynihan Train Hall re-development, as well as major initiatives that happen without much fanfare or visibility, such as the replacement of water mains and the construction of one of the largest water tunnels in the country, completely below the surface of NYC's streets (and the awareness of most residents).    

Our panel of experts will include Elizabeth M. “Libby” McCarthy, Chief Financial Officer for The Port Authority of New York and New Jersey; Michael Evans, President, the Moynihan Station Development Corporation; and James Mueller, P.E., Chief Engineer of the New York City Department of Environmental Protection. Our guest speakers will describe in detail how billions of dollars, both public and private, are invested to support the economic development, transportation access and public health initiatives that keep New York City running smoothly.

Joseph Campagna, BayernLB

Kevin Dunphy - Bio - Presentation
Managing Director & Head of Public Finance
MUFG Union Bank, N.A. 

Marjorie E. Henning - Bio - Presentation
Deputy Comptroller for Public Finance
New York City Comptroller’s Office

Nick Sourbis - Bio - Presentation
Managing Director
Municipal Market Analytics

Since the Financial Crisis of 2008, the municipal market has experienced significant upheaval.  One of the most deeply impacted areas has been the availability of credit enhancement.  Before 2008, about half of all new municipal bond issuance (46% in 2006) was insured. By the end of 2017, however, insured penetration of new issues was only 5% and the proportion of insured bonds in the Bloomberg Barclay’s Index was 0.24%.  Prior to 2008, the principal amount of outstanding variable rate demand bonds (VRDOs) topped $500 billion, but by 2017 VRDO outstandings had shrunk to $150 billion.  Bank-issued letters of credit (LOCs) and standby bond purchase agreements (SBPAs) were widely used to back VRDOs before 2008, but the number of LOCs issued in the market has fallen dramatically as VRDO outstandings have declined and the cost of obtaining LOCs has risen.   

Are we witnessing the slow, but steady death of credit enhancement in the municipal market?  Or, with rates finally moving up, will the bond insurance and VRDO propositions make a comeback?  After tax reform, will we see a gradual, wholesale conversion of direct bank loans back into LOC/SBPA-backed VRDOs, or is this a market sector whose time has passed?  Are innovative new forms of credit enhancement already evolving to replace older forms, requiring only broader market awareness and acceptance to take root? 

Our panel of experts including Marjorie E. Henning, Deputy Comptroller, New York City; Kevin Dunphy, Head of Public Finance, MUFG; and Nick Sourbis, Managing Director at Municipal Markets Analytics (MMA) will examine the current environment and give us their insights and prognosis concerning the future of credit enhancement.

Scott Pattison, Executive Director and Chief Executive Officer, National Governor's Association - Bio - Presentation

In 2018, all 50 states passed their fiscal 2019 budgets with more ease than during the prior year, when 11 states failed to pass on-time budgets. Even if an easier budget season reflects improved state tax revenues and a slowdown in new signups for Medicaid, what can we expect when recent demographic trends begin to catch up with the states? Will what some have described as "the twin squeeze on state finances" -- Medicaid and pensions -- continue to stress state budgets by crowding out spending on other priorities such as infrastructure and higher education? The National Governors Association's Executive Director and Chief Executive Officer, Scott Pattinson, will explore these long-term pressures on state budgeting and the overall state political landscape. 

Speaker Scott Pattison with Patricia Healy of Cumberland Advisors.

Donald Boyd, Boyd Research, LLC & Senior Research Fellow, Center for Policy Research, Rockefeller College, University at Albany, SUNY - Bio - Presentation

Satyam Panday, Senior Economist, Global Economics and Research S&P Global Ratings - Bio - Presentation

Chris Varvares, Vice President and Co-head US Economics | Economics and Country Risk
Macroeconomic Advisers, IHS Markit - Presentation

Please join us for a robust discussion on what to expect when the next economic retraction occurs. First, our distinguished economists will discuss their thoughts on factors that might lead us into recession, the likelihood of recession and its impact on the US economy. The economists will also discuss how economic retractions impact elements of our society differently due to changing demographics and how this translates into heightened credit risk for certain segments of the municipal market. Finally, Professor Boyd will discuss the policy impacts at the state and local level of the next recession given how governments have responded in terms of their policy decisions since the Great Recession during this atypical economic expansion.

Chris Fowle, Director Global Networks and Outreach, Principles for Responsible Investment (PRI) - Bio - Presentation

Joyce Coffee, LEED AP, founder and President, Climate Resilience Consulting - Bio - Presentation

Paul Brandley, CFO and Treasurer, Massachusetts Bay Transportation Authority (MBTA) - Bio - Presentation 

Please join us for a robust discussion on Environmental, Social and Governance (ESG) investing and Green Bonds. Our panelists will discuss the concept of sustainable investing, the market outlook, understanding green bond pricing and investor demand, standards, reporting and risk. What does “green” really mean? What is the difference between ESG investing and green bonds? How is the market evolving? As well, a discussion on investment strategies that include divestment in non-green industries- what are the implications?

Emily Swenson Brock, Federal Liaison, GFOA

Michael Decker, Managing Director, SIFMA

George Friedlander, Court Street Research Group - Bio

Kurt Rankin, Economist, The PNC Financial Services Group - Bio

The panelists will discuss a wide-range of issues that have emerged as a result of the recently adopted federal tax reform. Topics to be discussed will include the expected economic impact, potential state and local revenue paradigm shift, market reaction, and the congressional environment surrounding the federal tax law change. Analytic, economic, and government perspectives on the impact of the recent legislation will provide a robust discussion of what it means for market participants and the muni-market.

David R. Bean, Director of Research and Technical Activities, GASB - Bio - Presentation

Michael Zezas, Managing Director, Head of US Public Policy & Municipal Credit Strategy, Morgan Stanley - Bio

Todd Kanaster, Director, Municipal Pensions, S&P Global - Bio

James Lyman, Director of Research, Municipals, Neuberger Berman - Bio

Pension, OPEBs, Leases, Tax Abatements – the Governmental Accounting Standards Board has been busy improving clarity of guidance for preparers and disclosure for financial statement users. GASB also continues to solicit feedback on draft standards for capitalized interest and revenue and expense recognition, among other items. In this presentation-and-panel style forum, David Bean, GASB Director, will provide a summary of recent and ongoing pronouncements at GASB, followed by a panel discussion on improved disclosures and their utility in analyzing state and local government financial statements. 

Jason Helgerson- Medicaid Director, Office of Health Ins. Programs, State of New York - Bio

Kate McEvoy – Director, Division of Health Services, State of Connecticut - Bio

George Huang - Senior Analyst - U.S. Hospitals, Wells Fargo Securities - Bio

While wholesale U.S. healthcare reform was not realized at the federal level in 2017, the Trump administration and the U.S. Congress have voiced the desire to enact major changes to the healthcare system including, but not limited to, the eventual repeal of the Affordable Care Act (ACA) and changing Medicaid into a block grant program. Our panelists will assess the potential impact of these reform initiatives and the policy tools that state governments and regional hospitals have at their disposal adapt to major policy changes. The panelists will review the likely effects of the repeal of the individual mandate, and what effect this will have on the Medicaid populations in their states. Our panel includes the Medicaid Directors for the States of New York and Connecticut, as well as George Huang of Wells Fargo Securities, so expect a very lively and well-informed discussion. 

Robert Christmas - Partner, Nixon Peabody LLP - Bio - Presentation

Rachel Cortez - Vice President, Senior Credit Officer, Manager, Moody's Investors Service - Bio - Presentation

William Cox - Managing Director, Public Finance, Kroll Bond Rating Agency - Bio - Presentation

Chris Mier - Chief Strategist and Managing Director of the Analytical Services Division (ASD), Loop Capital - Bio - Presentation

The panel will discuss the impact of the 2017 state budget and its impact on local credit quality within Illinois. The panel will also discuss the creation of the Sales Tax Securitization Corporation and examine the legal framework designed to separate the corporation from the ongoing operational and financial risks of the city of Chicago. Finally, the panelists will discuss the evolving credit landscape for the city and the state in light of these developments.

Speakers: Kent Hiteshew, Senior Fellow at New York University’s Marron Institute and a Strategic Advisor to Ernst & Young’s municipal restructuring and infrastructure advisory services, and a rare stateside appearance by John Mudd, a Puerto Rico-based Attorney at Law specializing in local bankruptcy and constitutional law.

Speaker Bios

Joe Mysak will be moderating a discussion between Kent Hiteshew and John Mudd about recent PROMESA actions and legislation that is scheduled to be made public at the end of October and going into early November. They will also be discussing the updated financial plan, the collapse of the PREPA agreement, and the impact of the hurricane on the credit. 

Since Kent led the Treasury team that was instrumental in putting together the PROMESA legislation and John is one of PROMESA’s most vocal critics, we do 

Benjamin Barnes, Secretary of Connecticut's Office of Policy and Management

Benjamin Barnes was appointed by Governor Dannel Malloy to serve as the Secretary of the State of Connecticut Office of Policy and Management (OPM) effective January 5, 2011.  OPM is the Governor's staff agency in Connecticut and is responsible for all aspects of policy, planning, budgeting and management of state government.

Before joining OPM, Mr. Barnes was the Operating Officer for the Bridgeport Public Schools, overseeing the school system’s facilities, transportation, technology and $215 million budget.  Previously, Mr. Barnes was the Director of Operations for the City of Stamford, a department with 250 employees, an annual operating budget of $43 million and a capital budget of $40 million.  In this capacity, he was responsible for public works, solid waste and recycling, land use and zoning, sewage, parks and recreation, and engineering services.  Mr. Barnes also served as the Director of Administration and as the Director of Public Safety, Health and Welfare for the City of Stamford.

Mr. Barnes has worked as the Government Finance Director for the Connecticut Conference of Municipalities and as a planner for the Cities of Hartford, Connecticut and St. Petersburg, Florida. 

Mr. Barnes holds a Masters degree in Urban Planning from New York University and a Bachelor’s degree in History from Swarthmore College.  He has served on the Boards of Directors of the Housing Development Fund and the Childcare Learning Centers.  He has lived in Connecticut for 20 years.

Since the Great Recession, state revenues have not rebounded to the extent that they did following prior recessions. Connecticut, in particular, has not fared well, and its weak revenue growth has contributed to significant budgetary pressures due to the state’s high cost structure and elevated long term liabilities. Secretary Barnes will explore this new economic reality and the budgeting implications for Connecticut, as well as the impact this will have on its local units of government.

Municipal Airports continue to face numerous challenges, from airline bankruptcy and consolidation to federal regulatory and budget issues, all while struggling to reach the industry’s 2007 peak passenger volumes. An airport executive and a credit analyst will discuss their thoughts on this topic.

In June, 2012, the New York Fed released a report on the competitiveness of Puerto Rico's economy. The report highlighted challenges to raising living standards and restoring growth, and presented recommendations to help improve Puerto Rico's economic performance over time. Join Mr. Orr and other co-authors of the report for a discussion of its findings as well as an update on recent developments regarding the island's economy.

Given the challenges and uncertainties facing state budgets from a number of directions, not the least of which is the federal government, this is an opportune time to hear the latest from an authoritative source. For over 60 years, NASBO has been the professional membership organization for state budget and finance officers, providing training, research, and a forum for member discussions on critical issues. Mr. Pattison has served as executive director since 2001, having previously served as Virginia's budget director. On March 15 he will share his knowledge and insights with us.

Last June, the GASB approved Statement No. 67, Financial Reporting for Pension Plans. and Statement No. 68, Accounting and Financial Reporting for Pensions. State and local governments will begin reporting under the new standards by fiscal 2015.

At this session we will hear Mr. Mead's insights into the process of developing the standards and what they are meant to accomplish.

Prof. Calabrese will then present his views about the pros and cons of the new standards and what he expects their implementation will tell investors and other users.

Superstorm Sandy has had a profound impact on the lives and infrastructure of coastal areas in New York and New Jersey. As the assessment of damage continues, the view turns towards the future -- how best to repair and restore what was lost, steps that need to be taken to prevent a recurrence of the devastation, what it will all cost and how it will be paid for. Dr. Steindel and Mr. Sullivan will speak about these issues from the perspectives of the state of New Jersey and one of the hardest-hit counties in New York.