Each year state and local governments spend $4 trillion dollars. Where does that money come from? Where does it go? Who manages it? And what do citizens and taxpayers have to show for it? In this podcast we explore the budgets, bonds, and bureaucrats at the heart of state and local public finance. The Public Money Pod is a production of the University of Chicago's Center for Municipal Finance. It is co-hosted by Liz Farmer and Justin Marlowe.
Banking on Bond Banks, with Michael Gaughan
We talk to Michael Gaughan, Executive Director of Vermont Bond Bank (and rumored long-time Public Money Pod fan). He tells us why bond banks are well-equipped to meet the unique capital markets challenges of small and rural communities, how the Bank is focused on climate adaptation investments, and how they are leveraging federal dollars from the IRA and IRJA, among many other topics. In Ripped from the Headlines, we discuss a report on the nation's crumbling drinking water systems, and how breakdowns in those systems impact local communities and economies.
2/26/2024 • 44 minutes, 21 seconds
Public Money and Opportunity Zones, with Matt Wachter and Drew Whiting
We visit with Matt Wachter and Drew Whiting, co-founder and current Executive Director, respectively, of the Erie (PA) Downtown Development Corporation. They share Erie's experience with Opportunity Zones (OZs), including a remarkably fast launch; building community around OZs; the challenge of sustaining progress; what OZs mean for local public finance; and how they define success. In Ripped from the Headlines, we review a story covering the proposed changes in the renewal of the federal OZ legislation.
2/12/2024 • 46 minutes, 25 seconds
Accounting for Public Assets, with Dag Detter
We talk to Dag Detter, author of The Public Wealth of Cities and advisor to governments around the world. We consider how state/local governments account for long-term assets, why he thinks current accounting rules are not up to the task, and his vision to fix it. He also lays out his argument for public wealth funds in the United States. In Ripped from the Headlines, we continue the conversation about public finance and real estate with a story about Meriden, Connecticut's plan to sell vacant public land.
2/5/2024 • 37 minutes, 39 seconds
Financial Leadership from the GFOA, with Laura Allen
We welcome Laura Allen, budget analyst with the Maryland Department of Budget and Management AND current President of the Government Finance Officers Association (GFOA). We discuss GFOA's priorities for the year, with special emphasis on Diversity, Equity, and Inclusion in public finance; GFOA's research agenda; and why public money is a great career for women, among many other topics. In Ripped from the Headlines, we discuss a story about the future of government jobs with the emergence of artificial intelligence.
1/29/2024 • 34 minutes, 16 seconds
Optimizing Innovation, with Kansas Treasurer Steven Johnson
We continue our state treasurer series with Kansas Treasurer Steven Johnson. We discuss his office's role in distributing federal funding; his take on the Kansas "Income Tax Experiment"; the state’s philosophy on ESG investing, why Modern Portfolio Theory is alive and well in the Sunflower State; and adventures in unclaimed property. In Ripped from the Headlines, we discuss the National Association of State Budget Officers' latest edition of the Fiscal Survey of the States.
1/22/2024 • 42 minutes, 30 seconds
Baby Bonds and Banking for Bud, with Washington State Treasurer Mike Pellicciotti
We continue our state treasurer series with Washington State Treasurer Mike Pellicciotti. We discuss how his office has led the legislative effort on savings at birth (Baby Bonds) and for retirement (auto IRAs), and why savings is a rural economic development tool; his advocacy for the federal SAFE Banking Act for financial services for recreational marijuana businesses; and why he sees the anti-ESG movement as dangerous. In Ripped from the Headlines, we discuss Citi's exit from the municipal bond business.
1/15/2024 • 44 minutes, 21 seconds
Public Money in the Bayou State, with Louisiana Treasurer John Schroeder
We talk to Louisiana Treasurer John Schroeder about Louisiana's finances. He shares his views on ESG investing, how pension investing can drive economic development, and why integrity is everything in public finance. In Ripped from the Headlines, we continue the discussion about Louisiana with a story about how changes in property insurance coverage in the state is affecting public school districts finances.
1/9/2024 • 38 minutes, 41 seconds
Causes, Costs and Creative Solutions to Homelessness, with Dawn Lang and Riann Balch
We talk to Dawn Lang (CFO) and Riann Balch (Community Resources Manager) from the City of Chandler, AZ. They walk us through the causes and consequences of their city's rise in homelessness, the success of their Community Navigators program, how homelessness touches both the revenue and the spending side of the Activity Statement, and how they're planning for the coming fiscal cliff, among other topics. In Ripped from the Headlines, we look at an article about how Colorado has worked to create a better user experience to improve participation in their family leave program.
1/9/2024 • 42 minutes, 21 seconds
Visions of a Public Finance Futurist, with Megan Kilgore
We visit with Megan Kilgore, City Auditor for the City of Columbus, Ohio. She explains the challenges and opportunities of an income tax-driven municipality; the keys to timely financial reporting; transparency and timeliness in the wake of the Financial Data Transparency Act (FDTA); and the future of municipal finance, among many other topics. In Ripped from the Headlines, we discuss S&P’s warning to Santa Fe, NM following that city's chronic lateness in financial reporting.
12/18/2023 • 43 minutes, 59 seconds
Financial Leadership in the Silver State, with Abbe Yacoben
We visit with Washoe County, Nevada CFO Abbe Yacoben. She describes the County's unique financial challenges and opportunities; its efforts to address housing affordability; why it's investing in election infrastructure; and how to build a career in financial leadership, among many other topics.. In Ripped from the Headlines, we talk about some analysis of the San Francisco-to-Seattle exodus.
12/11/2023 • 39 minutes, 6 seconds
"Two Questions Deep" on AI and Public Money, with Morgan Wright
We talk to Morgan Wright, a renowned expert on government tech, AI, and cybersecurity. He shares his view on tech talent in the public sector, how cities and states should think about tech infrastructure investment, and where he thinks AI can help or hurt governments. In Ripped from the Headlines, we talk about a story giving more details about a growing interest in the public sector in hiring private sector tech talent, and what that might mean for the future of tech in the public sector.
12/4/2023 • 41 minutes, 51 seconds
Observations on OPEB Obligations, with Travis Ahern
We visit with Travis Ahern, Town Administrator of Holliston, Massachusetts. He explains the challenges and opportunities of other post-employment benefit (OPEB) liabilities, Holliston's approach to funding OPEB, how OPEB and pensions are both alike and unlike, and why "soft liabilities" matter to credit ratings, among many other topics. In Ripped from the Headlines, we talk about the State of Connecticut’s progress on pension funding and ongoing challenges with OPEB funding.
11/27/2023 • 43 minutes, 40 seconds
Financial Leadership for Sustainability, with Pamela Frederick
We talk to Pamela Frederick, CFO of the Battery Park City Authority in New York City. She describes Battery Park City's unique sustainability challenges, the opportunities for investing in the infrastructure of sustainability, the broad skillset required of today's state/local CFO, and some thoughts on further research in the climate and resiliency finance arena. In Ripped From the Headlines, we recap one of Liz’s recent Route Fifty articles about the challenging property/casualty insurance markets in California and Florida.
11/20/2023 • 42 minutes, 20 seconds
SPECIAL EPISODE - 2023 Election Recap with Alan Greenblatt
We have a family meeting with Alan Greenblatt, reporter from Governing, to recap what the 2023 election results mean for state and local public money. We talk about tax cuts in Texas and Colorado, why voters are more likely to pass sin taxes, and what this election tells us about 2024 and the potential public money landscape.
11/14/2023 • 28 minutes, 31 seconds
Non-Profit Hospitals' Financial Health, with Bobby Bruning
We talk to Bobby Bruning from Kaufman Hall about the financial health of non-profit healthcare. He talks about the financial challenges facing some non-profits; why non-profit hospitals are not a "credit stressed" sector; the many ways that non-profit hospitals provide community benefits; and the sector's unique exposure to the 2024 election. In the Ripped from the Headlines, we look at trends in employment in the healthcare sector with a story from Healthcare Dive.
11/6/2023 • 33 minutes, 30 seconds
Big and SMAll Opportunities in Municipal Bonds, with James Pruskowski
We visit with James Pruskowski, Chief Investment Officer at 16Rock Asset Management. He explains the remarkable growth in municipal SMAs (Separately Managed Accounts), what advice he has for issuers of municipal bonds to take advantage of the increase in SMA investment, and his view on the trends in the municipal bond market going forward. In Ripped from the Headlines, we talk about three Chicago governments' recent bond issuance with a story from Bloomberg.
10/30/2023 • 38 minutes, 57 seconds
Candy Crush, Call of Duty and Capital Budgets, with Joost Van Dreunen
We cover the state of play in interactive entertainment (i.e. video games) with Professor Joost van Dreunen from NYU's Stern School of Business. He tells us how video gaming is different from entertainment and music; what video gaming means for state/local fiscal policy and economic development; how we might regulate the industry; and why we need more video gamers in government. In Ripped from the Headlines, we discuss how the Wayfair ruling has allowed state and local governments to adapt state/local tax policy to the digital world generally, and video gaming in particular.
10/23/2023 • 39 minutes, 46 seconds
Spock, Mr. Miyagi and Government Performance, with Michael Jacobson
We talk to Michael Jacobson, Deputy Director of Performance Strategy in the King County (WA) Office of Performance, Strategy, and Budget. He shares insights about all things performance management; why performance management belongs in the budget office; how to make accountability less daunting; and what Spock and the Karate Kid have to do with performance management. In Ripped from the Headlines, we discuss how Henderson, Nevada is using data to confront their biggest challenge: the water shortage.
10/16/2023 • 42 minutes, 32 seconds
Financial Leadership, Public School Style - with Tamara Mitchell
We talk school finance with Tamara Mitchell, Assistant Superintendent for Business & Financial Services for the Joliet, IL School District 86. She talks where public money for schools comes from and where it goes; the good and the bad of being state funded versus property tax funded; how Joliet School District 86 won 70% approval for a referendum on last year’s ballot; and how they were impacted by the influx of federal funding during COVID. In Ripped from the Headlines, we continue the discussion about COVID funding talking about the incoming fiscal cliff for school districts.
10/2/2023 • 42 minutes, 10 seconds
EMERGENCY EPISODE - Surviving the Shutdown - with Emily Brock
On this "emergency family meeting" episode we talk federal government shutdown with the Government Finance Officers Association's federal government guru Emily Brock. She shares what we've learned from past shutdowns, how the forthcoming shutdown will affect state and local finances, and how state and local finance officials can respond, among many other topics.
9/28/2023 • 26 minutes, 9 seconds
Antiquated to AI in Muni Finance, with Matthew Gerstenfeld
We talk to Matthew Gerstenfeld, CEO and Founder of Munichain. He talks about the evolution of the municipal market, why the muni market is slow to adopt new technology, and what AI could offer to the market in the future, among many other topics. In Ripped from the Headlines, we talk about an article from CityLab titled "What it Looks like when AI Designs a City" that brings to life the many ways AI might transform city planning, economic development and finance.
9/25/2023 • 42 minutes, 2 seconds
Paying for Results 2.0, with Caroline Whistler
We talk to Caroline Whistler of Third Sector Capital Partners, who reflects on her decade plus in the Pay for Results space with state and local governments. She explains how that space has evolved, the importance of data in outcomes oriented government, and how civil servants are crucial to ensure public money has the biggest impact possible. In Ripped from the Headlines, we talk about the impact of the child tax credit, as highlighted in a new comprehensive Urban Institute report.
9/18/2023 • 46 minutes, 5 seconds
Investing in People in the First State, with Treasurer Colleen Davis
We continue our conversations with state treasurers, this time with Delaware Treasurer Colleen Davis. She tells us about her work in expanding the state’s 529 program, how she’s addressing banking deserts, and the highs and lows of being a AAA credit state, among many other topics. In Ripped from the Headlines, we look into some surprising trends in higher education enrollments and investments with an article from the Pittsburgh Post Gazette.
9/11/2023 • 40 minutes, 50 seconds
Smart Investments for Cybersecurity, with Omid Rahmani
We talk to Omid Rahmani from Fitch Ratings about the intersection of cybersecurity and public finance. He describes the many types of cyber risks governments face, how to budget for digital infrastructure, why cyber risk is a national security concern, and why Sly Stallone is a cybersecurity expert. We continue to the discussion about the impact of cyber attacks in Ripped from the Headlines with a report from Blackberry's Cyber Security Report.
8/28/2023 • 43 minutes, 8 seconds
Sales Taxes in the Wake of Wayfair, with Max Behlke
Liz talks to Max Behkle, Deputy Executive Director for the Institute for State Policy Leaders, about South Dakota v. Wayfair, the Supreme Court that allowed states to collect sales taxes on remote sales. Max worked for the National Conference of State Legislatures at the time and was instrumental in the case as well as remote sales tax policy across the country. Max also shares what he's currently working on at the Institute for State Policy Leaders. There is no Ripped from the Headlines segment, and Justin is on vacation.
8/21/2023 • 39 minutes, 9 seconds
Win-Win Investments in Water Infrastructure, with Josh Weimer
We visit with Josh Weimer from the Turlock (CA) Irrigation District about the challenges and opportunities of water infrastructure. We focus the discussion on Project Nexus, a plan to cover canals with solar panels. He shares how this is a project with many co-benefits and the potential for other water and irrigation districts across the country and the world. In Ripped from the Headlines, we discuss a Route 50 article about the federal government's investment in the new Arizona-California-Nevada deal to conserve Colorado River water.
8/14/2023 • 38 minutes, 57 seconds
Public Money in the Media Capital of the World, with Jennifer Becker
We talk to Jennifer Becker, Director of Financial Services for the City of Burbank, about how the actors and writers strike is affecting finances in Burbank, the highs and lows of being an industry town, Southern California's economic challenges, and how she'd fix California's Proposition 13. In Ripped from the Headlines, we take a deeper dive into the economic impact of the strike.
8/7/2023 • 38 minutes, 11 seconds
Building Better Defaults, with David Schleicher
We visit with Yale law professor David Schleicher about his new book, In a Bad State: Responding to State and Local Fiscal Crises. We talk about why the tradeoffs when cities address fiscal distress, how the Chapter 9 process could be improved, and why Arkansas is the American Argentina. In Ripped from the Headlines, Liz talks about her reporting on Chester, Pennsylvania's receivership and the political fallout of a municipality declaring bankruptcy.
7/31/2023 • 43 minutes, 10 seconds
State Revenues Today and Tomorrow, with Lucy Dadayan
We talk to state budgeting expert (and Public Money Pod fan!) Lucy Dadayan from the Urban-Brookings Tax Policy Center about all things state revenues. She explains the wide variation in revenue trends across sources and states; the many challenges of inflation; and her best predictions for FY24 and beyond, among many other topics. In the Ripped from the Headlines segment, we take a closer look at how states are managing their debt.
7/24/2023 • 39 minutes, 16 seconds
Tractors, TRA and Timeless Finance Tools, with Mitchell Smith
We talk to Mitchell Smith, Director of Government and External Affairs for the Council of Development Finance Agencies. We cover the history and development of Community Development Finance Institutions; how CDFIs finance everything from tractors to solar panels; how new finance tools are a lot like old finance tools; and exciting pending legislation that would expand opportunities for CDFIs. In Ripped from the Headlines, we talk about new studies showing inequalities in urban heat stress and its impact.
7/17/2023 • 44 minutes, 21 seconds
Taxation without Representation, with Glen Lee
We kick off season 2 with Glen Lee, the CFO of Washington D.C. We talk about the federal government’s role in D.C’s finances, the challenge of reviving D.C’s downtown and transit system, and why D.C is similar and different to other cities we’ve heard about. We again revisit the transit discussion in Ripped from the Headlines to learn more about the Washington Metropolitan Area Transit Authority (WAMATA's) future.