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Girard Miller

Girard Miller

Finance Columnist

Girard Miller is the finance columnist for Governing. He is a retired investment and public finance professional and the author of “Enlightened Public Finance” (2019). Miller brings 30 years of experience in public finance and investments as a former Governmental Accounting Standards Board member and ICMA Retirement Corp. president.

Miller writes Governing's bi-weekly newsletter on public finance, which you can sign up for here.

He can be reached at millergirard@yahoo.com. 

Inflation rates are coming down, but state and local labor costs will be sticky, as will public-employee health-care expenses. Overall, though, it’s a better outlook for pension funding and astute government cash managers.
Attractive investment returns could accompany economic development if local public pension systems join forces with angel investors to capitalize on a marketplace void.
Most American households don’t save enough for retirement, so some states are pushing private employers to make it easier through state-sponsored payroll withholding plans. Getting the structure and strategy right is crucial.
A shortage of accountants and auditors has left dozens of municipalities without credit ratings, and new financial reporting requirements are likely to make things worse. There are ways to tackle this skill set supply chain problem.
Income tax and sales tax revenue projections are slipping. State and local policymakers need to avoid fiscal giveaways and gimmicks, and they need to beware of potential federal aid clawbacks.
State and local financiers now face interest rate markets that anticipate decelerating inflation and a weaker economy. Public treasurers and debt managers need fresh ideas, agility and prudent strategies.
Big-box retailers are using a controversial legal argument in their assessment appeals. As the courts sort it out and some legislatures step up, there’s a role for government associations to help strengthen the hands of local tax authorities.
Culture wars over environmental, social and governance factors used by pension fiduciaries are in the spotlight, but it’s the municipal bond arena where long-term analysis must trump short-term symbolic politics. Sustainability actually matters to investors.
Letting all depositors off the hook creates a moral hazard, but taxpayer money should be protected. If Congress won’t extend full insurance to states and localities, banks should be required to protect those deposits with their own collateral.
Remote work presents myriad fiscal challenges to cities as well as employers. Business tax incentives are also in peril. Are “15-minute cities” the ultimate remedy?