Internet Explorer 11 is not supported

For optimal browsing, we recommend Chrome, Firefox or Safari browsers.
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. 

Not much for now, with next year’s insurance premiums jumping far more than general inflation and tax revenues. Employers’ only hope to begin stemming these costs long term is a stronger, unified front at the state and national levels. There also could be an important role for public pensions.
State and local retirement systems should collaborate to develop an AI-powered digital assistant to help government employees make better financial decisions throughout their careers. Hand-me-downs from the private sector won't cut it.
Innovators, investors and practitioners are on the hunt for fruitful applications of blockchain and other evolving financial technology. Undoubtedly some of their ambitions will involve government finance. Which ones might actually pan out?
No matter where they end up, import taxes aren’t likely to drive inflation enough to have much effect on state or local tax revenues. Public financiers have more to think about amid federal aid cutbacks, AI's impact on employment and rate-cutting by the Fed.
Are vehicles like private equity, crypto and real estate a good fit for 401(k)-style public retirement plans — or too risky for savers? Marketers will soon be pitching these “alternative investments” to public employers. Prudence dictates caution.
The new tax and spending law’s requirements for food assistance and Medicaid impose costly administrative burdens on states and localities. Widely misunderstood rules for taxing overtime will intensify the administrative pain. Public employers should start preparing their workers for the confusion to come.
Higher federal income tax offsets for state and local tax payments have morphed into a mostly upper-middle-class political perk, one unlikely to have any meaningful impact on state or local fiscal policies or politics. It’s time to look ahead to the next iteration of federal tax policy.
Even where abundantly available, the costs of clean water are rising faster than the CPI. Where it’s scarce, there’s double trouble. Ultimately, securing enough clean and affordable water will require state laws mandating realistic long-term pricing.
Now 25,000 members strong, financially secure and long blessed with thoughtful leadership, the Government Finance Officers Association is poised to address the challenges to come for those who manage the public purse.
The latest technology revolution will eventually eliminate some of the public funds’ internal staff. To avoid being AI roadkill, pension systems and key employees need to take the initiative collectively.