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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. 

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?
With a bond issue earmarked for community projects and marketed to individual investors as well as institutional buyers, Chicago is trying to move the needle on social equity. Is it the start of a durable trend, or just a cute public finance anomaly?
As polluters pay up for absolution, state treasuries and public pension funds might be able to capitalize on carbon offset credits. Public forests and timberland investments could yield untapped value.
If a congressional debt ceiling deadlock persists and capital markets seize up, states and localities will still have to pay their bills. Public financiers need to be ready to adjust their portfolios to establish a liquid cash buffer.
A new federal law will eventually make some data searches and comparisons easier, but implementation will be a challenge. Software vendors will be staking their claims, but public-sector finance associations should take the lead.
Disinflation and economic deceleration will dominate state and local budgets and investments. Cash is king, at least for a while. Payroll costs will outrace revenues. It’s going to be a year for muddling through.
Inflation punished Wall Street and Main Street, and public financiers who ignored it squandered billions. Congress passed two bills important to states and localities. And pensions took a hit, but taxpayers won’t feel that pain for years.