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Access the Conference Program • FY2020 State Fiscal Conference • • • TRUTH AND INTEGRITY IN STATE BUDGETING: LOOMING RISKS, DURABLE SOLUTIONS July 10, 2019 5:30 p.m. to 8:30 p.m. July 11, 2019 8:00 a.m. to 4:30 p.m. • • • FEDERAL RESERVE BANK OF ATLANTA 1000 Peachtree St. NE Atlanta, GA 30309 • • • • FY2020 STATE FISCAL CONFERENCE • • • AGENDA WEDNESDAY, JULY 10, 2019 SHEILA AMOROSO Senior Vice President and Director 5:30 p.m.–6:30 p.m. Municipal Bond Department Franklin Templeton Fixed Income Group WELCOME COCKTAIL RECEPTION ANDREW HAUGHWOUT AT THE ATLANTA MONETARY MUSEUM Senior Vice President and Policy Leader for Household/Regional Microeconomic Studies Function 6:30 p.m.–8:30 p.m. Federal Reserve Bank of New York DINNER AND KEYNOTE JULIETTE TENNERT INTRODUCTION Director of Economic and Public Policy Research Kem C. Gardner Policy Institute THOMAS W. ROSS University of Utah President The Volcker Alliance 9:45 a.m.–10:45 a.m. KEYNOTE PANEL SESSION NO. 2 SHIRLEY CLARKE FRANKLIN Infrastructure: Quantifying Risks to former Mayor of Atlanta Reap the Rewards IN CONVERSATION WITH MODERATOR JAMES SALZER DENNIS LOCKHART Assistant Senior Editor, State Government and Politics Distinguished Professor-of-the-Practice Atlanta Journal–Constitution Georgia Institute of Technology Sam Nunn School of International Affairs; Former President and Chief Executive Officer THURSDAY, JULY 11, 2019 Federal Reserve Bank of Atlanta 8:00 a.m.–8:30 a.m. PANELISTS REGISTRATION AND CONTINENTAL BREAKFAST THOMAS G. DOE Founder and President Municipal Market Analytics Inc. 8:30 a.m.–8:45 a.m. TRACY GORDON WELCOME AND OPENING REMARKS Senior Fellow DAVID E. ALTIG Urban–Brookings Tax Policy Center Executive Vice President and Director of Research GEORGE “MAC” MCCARTHY Federal Reserve Bank of Atlanta President and Chief Executive WILLIAM GLASGALL Lincoln Institute of Land Policy Senior Vice President and Director of CAMILA FONSECA–SARMIENTO State and Local Initiatives Research Associate The Volcker Alliance Institute for Urban and Regional Infrastructure Finance, Humphrey School of Public Affairs 8:45 a.m.–9:45 a.m. University of Minnesota PANEL SESSION NO. 1 10:45 a.m.–11:00 a.m. Better Budget Forecasting: Identifying and Lessening Revenue Risks BREAK MODERATOR 11:00 a.m.–12:00 p.m. JEFFREY HOLLAND PANEL SESSION NO. 3 Vice President of Research Peter G. Peterson Foundation Workforce Development: Challenges, Solutions, and Budget PANELISTS Consequences • • • 2 • • • • • • FY2020 STATE FISCAL CONFERENCE • • • AGENDA MODERATOR SENATOR JACK HILL Chairman, Senate Appropriations Committee THOMAS W. ROSS Georgia State Senate President The Volcker Alliance GABRIEL PETEK Legislative Analyst, Legislative Analyst’s Office PANELISTS state of California DAVID E. ALTIG 2:20 p.m.–2:30 p.m. Executive Vice President and Director of Research Federal Reserve Bank of Atlanta BREAK KAYE HUSBANDS FEALING 2:30 p.m.–3:55 p.m. Chair and Professor, School of Public Policy Georgia Institute of Technology PANEL SESSION NO. 4, PART 2 MARTI FISCHBACH Workshop: Rainy Day Funds and Reserves Director of Economic and Employment Assistance Dakota County, Minnesota MODERATOR KIL HUH 12:00 p.m.–1:15 p.m. Vice President of Government Performance The Pew Charitable Trusts LUNCH AND KEYNOTE ADDRESS INTRODUCTION FACILITATORS CHRIS CUNNINGHAM KATHERINE BARRETT Research Economist and Associate Adviser Special Projects Consultant Federal Reserve Bank of Atlanta The Volcker Alliance KEYNOTE THAD CALABRESE Associate Professor of Public and Nonprofit Financial RAPHAEL W. BOSTIC Management and Director of Finance Specialization, President and Chief Executive Officer Robert F. Wagner Graduate School of Public Service Federal Reserve Bank of Atlanta New York University 1:15 p.m.–1:30 p.m. RICHARD GREENE Special Projects Consultant BREAK The Volcker Alliance MARY MURPHY 1:30 p.m.–2:20 p.m. Project Director Fiscal and Economic Policy, State Fiscal Health PANEL SESSION NO. 4, PART 1 The Pew Charitable Trusts Rainy Day Funds and Reserves: LISA WASHBURN Ameliorating Revenue Risks Managing Director Municipal Market Analytics Inc. MODERATOR MARY MURPHY 3:55 p.m.–4:00 p.m. Project Director Fiscal and Economic Policy, State Fiscal Health CLOSING REMARKS The Pew Charitable Trusts WILLIAM GLASGALL PANELISTS Senior Vice President and Director of State and Local Initiatives KATHERINE BARRETT The Volcker Alliance Special Projects Consultant The Volcker Alliance 4:00 p.m.–4:30 p.m. RICHARD GREENE Special Projects Consultant NETWORKING The Volcker Alliance • • • 3 • • • • • • FY2020 STATE FISCAL CONFERENCE • • • ABOUT THE SPEAKERS RAPHAEL W. BOSTIC SHIRLEY CLARKE FRANKLIN Keynote speaker Keynote speaker Raphael Bostic became the fifteenth Shirley Franklin is executive board chair of president and chief executive officer of the Purpose Built Communities and the former Federal Reserve Bank of Atlanta in 2017. In Barbara Jordan Visiting Professor of Ethics addition, he serves on the Federal Reserve’s and Political Values at the LBJ School of chief mon etary policy body, the Federal Public Affairs at the University of Texas in Open Market Committee. Austin. In 2002, Franklin was elected mayor From 2012 to 2017, Bostic was the Judith of At lanta, becoming the first African and John Bed rosian Chair in Governance American female mayor of a major South- and the Public Enterprise at the Sol Price ern city, and served two terms. School of Public Policy at the University of South ern Atlanta experienced unprecedented growth over California. From 2009 to 2012, Bostic served as assistant Franklin’s eight years as mayor. That growth afforded her secretary for policy development and research at the US the opportunity to partner and collaborate with many Department of Housing and Urban Development. From local and regional leaders in addressing policy challenges. 1995 to 2001, Bostic served at the Federal Reserve Board of Franklin is best known for tackling major government Governors as an economist and then a senior economist in operations and ethics reform. the monetary and financial studies sec tion. Franklin serves on the board of directors of Mueller Bostic graduated from Harvard University in 1987 with Water Products. Her civic engagement includes her work a combined major in economics and psychology. He earned as chairman of the board of the National Center for Civil his doctorate in economics from Stanford University in and Human Rights and as a board member of the Volcker 1995. Alliance and the Centers for Disease Prevention and Health Bostic is a board member of the Lincoln Institute of Promotion Foundation. Land Policy. Born and reared in Philadelphia, educated at Howard University and the University of Pennsylvania, Franklin has lived with her family in Atlanta since 1972. DAVID E. ALTIG SHEILA AMOROSO KATHERINE BARRETT AND RICHARD GREENE David E. Altig is Sheila Amoroso is a executive vice presi- senior vice president dent and director and the director of of research at the the municipal bond Atlanta Fed. In addi- department at the tion to advising the Franklin Temple- bank’s president on ton Fixed Income monetary policy and Group, as well as related matters, he portfolio manager serves as a member of its manage- of the Franklin Federal Tax-Free ment and discount committees. Altig Income Fund. Amoroso, who joined Katherine Barrett and Richard is an adjunct professor of economics Franklin Templeton Investments in Greene are principals at Barrett at the University of Chicago’s Booth 1986, holds a bachelor of science and Greene Inc. and special project School of Business. Altig has served degree from San Francisco State consultants to the Volcker Alliance, as a director of the National Associa- University and an MBA from Notre where they have collaborated on tion for Business Economics and as Dame de Namur University. She is a three Truth and Integrity in State vice president and associate director member of the California Society of Budgeting reports and working of research at the Federal Reserve Municipal Analysts and the National papers that include Rainy Day Fund Bank of Cleveland. He earned his Federation of Municipal Analysts. Strategies: A Call to Action. They are bachelor’s degree in business admin- senior advisers at the Government istration from the University of Iowa Finance Research Center, fellows and his master’s and doctorate in at the National Academy of Public economics from Brown University. Administration, columnists for Gov- erning magazine, and senior fellows at the Governing Institute. • • • 4 • • • • • • FY2020 STATE FISCAL CONFERENCE • • • THAD CALABRESE CHRIS CUNNINGHAM THOMAS G. DOE Thad Calabrese is an Chris Cunningham is Thomas G. Doe is the associate professor at a research economist president of Munici- New York Universi- and policy adviser in pal Market Analytics ty’s Robert F. Wagner the research depart- Inc., an independent Graduate School ment of the Fed- research firm he of Public Service. eral Reserve Bank founded in 1995 that Calabrese studies of Atlanta. He has provides strategic public and nonprofit examined issues of analysis and com- financial manage- land development mentary on historical ment, as well as the institutions that and housing supply, the intersection and quantitative conditions of the affect managerial decision-making of mortgage and labor markets, edu- US municipal market. Doe’s atten- in these entities. His research focuses cation in the developing world, ag- tion has been on innovative ways to on organizational slack resource glomeration and workers’ skills, and generate new revenue for states and management, debt management, the political economy of the property cities. He is currently focused on the and the relationships between the tax. He has published papers in sev- impact of climate risk on investor state and not-for-profits. Calabrese eral leading journals, including the behavior and the ability of issuers to is treasurer of the Association for Review of Economics and Statistics, raise capital for essential infrastruc- Research on Nonprofit and Volun- the Journal of Urban Economics, the ture needs. Doe served a three-year tary Action and the chair-elect of National Tax Journal, and Regional term, from 2002 to 2005, as a public the Association for Budgeting and Science and Urban Economics.
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