The Importance of Continuing Education for Government CFOs

Navigating the finances of a municipality or county is both complex and ever evolving. Municipal and county CFO’s face never-ending changes in both regulatory and compliance issues. Staying informed of these changes in local, state and federal laws is essential to preventing legal and financial liabilities for their municipality or county.

That is why it is more important today than ever for municipal and county CFOs to stay up to date with their continuing education credits.

Important Knowledge Areas for CFOs

An informed CFO is an invaluable part of any Municipal or County Government team. Enhancing their knowledge and skill in budgeting, forecasting and debt management both support long-term growth and more accurate strategic planning around the financial issues CFOs face. CFOs should consider continuing education in each of the following areas:

• Accounting: Understanding the latest in GASB (Governmental Accounting Standards Board) updates ensures accurate financial reporting and transparency.
• Ethics: Ethics training helps CFOs navigate conflicts of interest, procurement integrity, and public trust—critical in maintaining accountability.
• Office Management: Effective leadership and workflow optimization can improve departmental efficiency and morale.
• Financial Debt Management: Learning about new debt instruments and refinancing strategies can reduce long-term liabilities and improve credit ratings.
• Budgeting: Advanced budgeting techniques, such as zero-based budgeting or performance-based budgeting, can align financial planning with strategic goals.

What CFOs Learn at Continuing Education (CE) Events

To assist our Municipal and County clients in pursuit of their continuing education requirements, Kearny Bank sponsors periodic CE events. Last month Kearny Bank was proud to sponsor a Government Finance Officers Association continuing education presentation at Sear Steak House in Little Falls, NJ.

John Rheinhardt, Bergen County CFO, and Melissa Howard, Bergen County Treasurer, made an excellent presentation on modernizing financial operations of NJ municipalities, which covered topics such as:

• Cloud-Based Solutions: These offer real-time access to financial data, reduce IT overhead, and improve disaster recovery capabilities.
• Service Deployment Models: Understanding SaaS, PaaS, and IaaS helps CFOs make informed decisions about technology investments.
• Cost Efficiency: Leveraging automation and shared services can reduce administrative costs and improve service delivery.
• Scalability and Flexibility: Cloud platforms allow municipalities to scale operations without major infrastructure investments.
• Enhanced Security and Data Protection: With increasing cyber threats, understanding encryption, multi-factor authentication, and compliance standards like CJIS is vital.

Staying On Top of Financial Trends

In a rapidly evolving financial landscape, taking deep dives into trending topics is also essential for staying ahead. Dan Marinello of NW Financial LLC underscored this point with his presentation on municipal bond ratings, a topic with significant implications for the financial industry.

His session explored how leading rating agencies such as Moody’s, S&P, and Fitch assess municipalities, offering practical insights that equip CFOs to better navigate the rating process. By examining the connection between strong bond ratings, investor confidence, and reduced borrowing costs, Marinello demonstrated how understanding these trends can directly influence long-term financial strategies. His discussion also broke down the economic and demographic factors that drive ratings, highlighting why industry professionals must continually engage with emerging topics like this to remain effective leaders in the financial sector.

Keep the Conversation Going

Knowing the importance of continuing education for government CFOs, we are excited to keep these types of conversations going. I’d love to hear more about the challenges you are facing, and topics you would like to cover in a future CE session. Email me directly or call me on my cell at 201-421-6627 to get in touch.

Authors

Jack D. Anastasi

Senior Vice President, Director of Government and Vertical Banking

Jack D. Anastasi is Kearny Bank’s Senior Vice President, Director of Government and Vertical Banking. Working in conjunction with the bank’s Government Banking Team and its Vertical Relationship Officers, Jack is charged both with managing and expanding Kearny Bank’s government and business banking relationships, through exceptional client service and enhanced product development.

Jack has a wealth of experience in government, retail and business banking sectors and provides our valued clients with precisely the type of outstanding banking service they’ve come to expect from Kearny Bank.

Jack currently sits on the Board of Directors of several charitable foundations and advisory boards, Anastasi has more than 20 years of experience in government, small business, and retail banking.

To learn more about Kearny Bank’s Government and public sector banking capabilities, contact Jack.