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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 

With federal deficits soaring, bond issuers may face higher financing costs. State and local cash managers shine for now, but all eyes will be on the coming congressional budget battle.
Many Americans are at risk of outliving their retirement savings. State pension plans could have a new role: selling longevity insurance. It could even save states money in the long run.
An online resource now being built out has the potential to become an important intellectual hub for public-sector investment practitioners. They need to articulate what they most want to find there.
Private credit has gained a growing share of pension portfolios over the past decade. It’s time to take a second look under the hood.
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.