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Girard Miller

Girard Miller

Contributor

Girard Miller retired in January 2026 as Governing’s finance columnist, having contribued some 200 biweekly columns after five years of monthly commentary for his “Benefits Beat” series. He expects to continue submitting occasional guest commentaries.

Miller was formerly an investment and public finance professional, and the author of numerous professional publications including the 2019 book “Enlightened Public Finance.” His professional career spanned 45 years of leadership in public finance and investments, which included the presidency of two national mutual funds. He has sponsored collegiate scholarships in his field for 25 years. Now residing in southern California, he can be contacted through LinkedIn.

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.
They must soon decide whether tariffs will push money market rates above or below market expectations — and place their bets. But shrinking tax receipts and federal cost shifting are likely to have a bigger budgetary impact.
Borrowing to finance infrastructure is now more expensive. Meanwhile, congressional tax writers are toying with the municipal bond tax exemption, scaring both investors and issuers. State and local debt managers have a lot to think about — and worry about.
Traditional pensions and 401(k)-style government plans have undergone major changes in portfolio structure since 2000, mostly for the better. But recent market gyrations remind us that there are always opportunities for improvement.
Trade wars, federal aid cutbacks and IRS layoffs will all have an impact on revenues, though the shocks may not be as bad as some fear. Still, for most jurisdictions budget and staffing freezes or cuts lie ahead. But for now leaders should resist the temptation to raid rainy day funds.