GOVERNMENT FINANCE OFFICERS ASSOCIATION, ALBERTA … · Provincial Outlook: Budget & Growth Alberta is exceeding expectations in reducing its deficit, as evidenced by the ~$9.1bn

GOVERNMENT FINANCE OFFICERS

ASSOCIATION, ALBERTA CHAPTER

"Going back to basics strengthens

your foundation”

Author: Unknown

In This Issue

• 2018 Conference Registration..………..Page 1

• Conference Schedule……...………..….Page 2

• Post Conference Session……………....Page 3

• Golf Registration Reminder…………….Page 3

• GFOA & BLOOM Partnership..………..Page 4

• Professional Development Info…….…Page 5

• Professional Development Info…..…....Page 6

• Asset Management Workshops…….....Page 7

• Task Force Recruitment ……….……....Page 8

• GFOA NEW logo………………………...Page 9

• Economic Update………………..Page(s) 10-11

• Municipal Affairs Training……….Page(s) 12-13

• CAGFO Update…………………………Page 14

• Welcome NEW GFOA members……...Page 15

GFOA Newsletter SPRING 2018

2018 Conference Early Bird May 4th Register NOW!

1-WEEK REMAINING

Golf Registration Deadline May 7th

June 3-6, 2018 Delta Lodge Kananaskis

A reminder first time attendees and finance interns re-

ceive 50% off the conference registration. To qualify

please contact Candace regarding eligibility via email

at: [email protected]

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POST CONFERENCE SESSIONS IN KANANASKIS PRESENTED BY CIBC WOOD GUNDY

Municipal Investment Management

Join us for a comprehensive and unbiased overview of municipal investing. Topics include: investing within the MGA (Section 250-investments); investment policy best-practices; short-term and long-term investments; investment tools; risk management and portfolio construction; investing in a rising interest

rate environment; advanced investment strategies; cash flow forecasting; accounting for bonds; communicating with Council; and investment management RFPs.

WEDNESDAY, JUNE 6TH 12:15 3:15PM

DURATION: SESSIONS WILL BE 3 HOURS IN LENGTH

LOCATION: OLYMPIC BALLROOM

INTERESTED IN ATTENDING? EMAIL: [email protected]

AND LET US KNOW! THAT’S IT!

FEE: FREE TO ALL CONFERENCE ATTENDEES

JUST A REMINDER... DUE TO STRICT GOLF REGULATIONS IN KANANASKIS, ALL

REGISTRATIONS MUST BE IN NO LATER THAN MAY 7TH, 2018 TO AVOID

DISAPPOINTMENT.

REGISTER HERE

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Typically, our workshop locations are found along the Highway 2 corridor for ease of travel and convenience.

In partnership with BLOOM, additional new workshops for 2018 are ready for registrations.

Should a municipality desire to have one of our workshops held at their location and can find enough interest in the area, please contact [email protected] for consideration.

For all the Professional Development details or to register today, please go to the website: GFOA homepage and click on the Events tab. Please contact [email protected] with any questions.

Professional Development 2018

Workshops/Dates/Links Locations Member Non-Member

Capital Budgeting and Planning: May 2-4/18 New for 2018

Delta Edmonton Centre Suites Tim Duhamel, Presenter $1,200 $1,500

Stakeholder Relations: May 11/18

New for 2018

Cochrane RanchHouse Frank Saccucci, Presenter $ 350 $ 450

Long Term Financial Planning: May 16-18/18 Cochrane RanchHouse Tim Duhamel, Presenter $1,275 $1,575

Municipal Fundamentals: May 23-25/18 Deerfoot Inn & Casino, Calgary Frank Saccucci, Presenter $975 $1,275

Treasury, Risk Management & Investments: Jun.27-29/18 New for 2018

Holiday Inn, Calgary Tim Duhamel/Hugh Bell, Presenters $1,200 $1,500

Treasury, Risk Management & Investments: Sept.6-8/18 New for 2018

Holiday Inn, Grande Prairie Tim Duhamel/Hugh Bell, Presenters $1,200 $1,500

Budget Analyst Academy: Sept.12-14/18

Best Western Plus, Leduc Mindy Smith, Presenter $1,200 $1,500

Leadership for Municipal Professionals: Sept.25-27/18 New for2018

Holiday Inn, Canmore Tim Duhamel, Presenter $1,275 $1,575

Preparing Audit Working Papers: Sept.28/18

Webinar format (BDO Canada LLP, Presenter) $250 $300

Long Term Financial Planning : Oct.3-5/18

Royal Hotel, Lloydminster Tim Duhamel, Presenter $1,275 $1,575

Leadership for Municipal Professionals: Oct.17-19/18 New for 2018

Lake Louise Inn, Lake Louise Tim Duhamel, Presenter $1,200 $1,500

Capital Budgeting and Planning: Nov.7-9/18 New for 2018

Holiday Inn, Lethbridge Tim Duhamel, Presenter $1,200 $1,500

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Spring/Summer 2018: Asset Management Workshops for

Municipal Staff

RMA, AUMA, and Infrastructure Asset Management Alberta (IAMA) are excited to bring you asset

management workshops for municipal staff! Through support of the Government of Canada and the

Federation of Canadian Municipalities (FCM) workshops will be offered free of charge. As municipal staff,

you will be introduced to asset management through three modules with the following goals:

Module 1: Asset Management Awareness

Asset management terminology

How asset management can support organizational strategy and objectives

Key asset management concepts

Introduction to asset management frameworks, policy and strategies

Module 2: Asset Management Data Requirements

Basic registry requirements (i.e. data structure and basic attributes), template and spatial component

(i.e. maps)

Overview of existing data and public resources that can support their asset management plan

development

Overview of data they may need to collect, that may not be readily available, to enhance their asset

management plan

Module 3: Basic Asset Management Plan

Key asset management decision making

Asset management objectives related to level of service

Asset management plans

To register, visit RMA’s website on the Events and Programs page: http://rmalberta.com/events/asset-

management-workshops-for-elected-officials-and-municipal-staff/

Any inquires can be directed to Chelsea Parent, Policy Analyst, RMA – [email protected]

This initiative is offered through the Municipal Asset Management Program, which is delivered by the

Federation of Canadian Municipalities and funded by the Government of Canada.

Date Time Location Registration

May 3 and May 4 8:30 am – 4:30 pm Executive Royal Hotel, Leduc Open – click here to register!

May 8 and May 9 8:30 am – 4:30 pm Pomeroy Inn & Suites, Vermillion Open – click here to register!

May 24 and May 25 8:30 am – 4:30 pm Pomeroy Hotel, Grande Prairie Open – click here to register!

May 30 and May 31 8:30 am – 4:30 pm Holiday Inn, Lethbridge Open – click here to register!

June 6 and June 7 8:30 am – 4:30 pm Best Western Plus, Okotoks Open – click here to register!

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GFOA Task Forces Are Looking for YOU!

GFOA task forces are looking for volunteer members. The commitment would be once a month, with the majority of meetings taking place via tele-conference with a face-to-face once or twice a year. If you would like to work with a great group of doers and contribute in a meaningful manner to your association, we would love to hear from you.

All interested members can speak directly to the following chairs of the task forces, during the conference in Kananaskis.

We look forward to hearing from you.

Barry Sawada, Chair Communications Task Force

Robert Osmond, Chair Professional Development Task Force

Shelley Thomas, Chair Emerging Issues Task Force

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Provincial Outlook: Budget & Growth

Alberta is exceeding expectations in reducing its deficit, as evidenced by the ~$9.1bn shortfall for outgoing 2017/18, a

figure that is ~$1.4bn less than the initial budgetary projection. Following the turmoil of 2015 and 2016, Alberta’s econ-

omy bounced back sharply last year. Nominal GDP is currently estimated at 5.5% for 2018, supported by strong in-

creases in retail sales and manufacturing shipments, as well as the rebound in oil. The updated projections anticipate

growth to continue, albeit at a slightly cooler rate in the years ahead. CIBC’s average forecast of 2.5% real GDP

growth is slightly higher than our forecast and the private sector average, but not markedly so.

Canadian Key Rates, Inflation & Growth Forecast

In line with our expectations, the Bank of Canada (BoC) is refraining from further rate hikes for the time being. We

remain confident that the BoC will remain in its current holding pattern until July, and we anticipate that a quarter point

will be the last we hear from them until 2019. While there is growing optimism that a NAFTA deal can be reached, we

believe that the BoC will need sufficient evidence that the 1.6% growth pace over the last half of 2017 was an

anomaly rather than a trend. Furthermore, more time is needed to assess the impact of the new mortgage regulations

and the rate hikes to date (please see last quarter’s issue for a more comprehensive discussion of these topics)

The rate of inflation continues to rise and will likely accelerate in the months ahead before peaking at approximately

2.5% around mid-year. This figure may seem high by the standards we have seen since the oil slump of 2014, but it

only falls slightly above the BoC’s target. As such, we continue to view the recent deceleration in growth as a central

factor for the BoC in assessing the longer-term inflation trend, and relatedly, when to hike interest rates again. Thus,

we remain comfortable with our call for only one more move this year.

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Canada’s economy unexpectedly shrank by 0.1% in January. Even with the Statistics Canada release displaying a

0.1% upward revision to December’s data, GDP remains lower than the consensus was expecting. There are

reasons to excuse January’s GDP decline, but the Canadian economy is now clearly on a slower track. These

details, combined with an upward revision to the prior month, leave the economy in better shape than the January

print alone would indicate. Regardless, the data was disappointing and lead us to adjust our Q1 GDP forecast down

from 2.2% to 1.9%. The lion’s share of the blame for this decline belongs to the real estate market. Since the B20

guidelines took effect, home sales plunged in Canada, with early indicators suggesting that the sector continue to

weigh on GDP in February. The silver lining in this glum outlook is that other industries, including wholesaling,

retailing, and construction all expanded in January. Manufacturing activity also posted a healthy rate of growth, a

pleasant surprise after prior industry sales data indicated an imminent slowdown.

Currency

Facing a number of potential headwinds, BoC Governor

Stephen Poloz will welcome the competitive improvement of a

weaker loonie. Triggered by trade data and uncertainty, the

5% decline since the end of January largely matched out call

for an underwhelming Q4. We still see room for additional, but

modest weakening against the U.S. dollar, and a more

material slide against other crosses. Concerning trade,

Canada won at least a temporary reprieve from American

steel and aluminum tariffs, the threat that brought U.S.

protectionist risks into sharper focus for markets. NAFTA

uncertainties are unlikely to be resolved this year, as the

Mexican general election and U.S. mid-terms will likely put

negotiations on hold for the next few months. Chart (right)

shows the ‘Economic Surprise Index’ has trended lower in

recent months; given this is a leading indicator we expect the currency to weaken slightly against the USD.

Crude Oil

The recent price rally for oil lends support to forecasts, with Alberta leading the provinces in growth forecasts. Yet, it

is critical to realize that the news we see concerning the price of oil is only one side of the story. With the increase in

prices, oil producers across North America have ramped up activity, leading to pipeline capacity becoming

constrained once again. This restriction made it difficult for our Canadian crude to reach desired markets. Over the

short-term, this capacity constraint is more of an infrastructure issue that will likely discount Canadian crude further.

However, from a long-term perspective, global oil demand continues to rise alongside growth in emerging markets.

In our view, the recent price rally is well supported with fundamentals, and the market may continue to push higher to

find a new, sustainable balance. Sources: Bloomberg, Daily Oil Bulletin, Statistics Canada, U.S. Census Bureau, BCA Research, CREB, EREB, CHBA, Alberta Treasury Board of Finance, CMHC, CIBC World Markets Inc.

Todd Poland, CIM, PM, First Vice-President, and Investment Advisor at 403-260-0412, James Hobson, CFA, PM, Investment Advisor at 403-260-0574 or 1 (800) 665-6864,

Charet Chahal, CIM, Investment Advisor at 403-260-0440

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SUBJECT: 2018 Alberta Municipal Affairs Regional Training Sessions

ATTENTION: GFOA Members

Alberta Municipal Affairs, in partnership with the Local Government Administration Association and the Alberta Rural Municipal Administrators’ Association, will be continuing the annual Regional Training Sessions for 2018. This year is a return to years past in that each session is made up of eight workshops focusing on items identified by stakeholders. As always the sessions are open to all municipal administrators and staff with participation free of charge.

To ensure ample opportunity for your attendance, sessions will be held in six locations for 2018. Each day will run from 8:45 a.m. – 4:00 p.m., with registration opening at 8:15 a.m.

Again this year, you have opportunity to participate in selecting the topics to be included on the afternoon’s agenda. The afternoon’s agenda will be based on registrants’ feedback to a brief survey providing a choice of which sessions attendees would find most useful. The four topics receiving the most votes via the survey will be the four topics presented at each session, allowing for the afternoon to be tailored to the individual needs of each region. While registration will remain open, the survey to select the afternoon’s agenda will close May 2

nd to allow presenters sufficient time to prepare their session materials.

The morning agenda and a list of topics available for the afternoon are included on the registration website and include the new Corporate Planning requirements for 3 year financial plans and 5 year capital plans. Please click on the link below and complete the registration information for the session of your choice. (Please note: we ask that each individual staff member attending a session complete a separate registration.)

The sessions are being offered in the following communities:

Session #1

May 31: City of Lacombe –- Lacombe Memorial Centre - 5214 50 Avenue

Session #2

June 8: Town of Onoway – Onoway Heritage Centre/Museum - 4708 Lac Ste. Anne Trail N.

Session #3

June 13: Town of Hanna - Hanna Community Hall - 503 - 5th Avenue West

Session #4

June 14: Town of High River – Highwood Memorial Centre - 125 5th Avenue West

Session #5

June 21: Town of Valleyview -– Valleyview Memorial Hall - 4810 50 Street

Session #6

June 28: Town of Two Hills - Centennial Hall - 5301 45 Avenue

Opens April 3 Register Here

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Please note it is important that each individual attending sign up for the Regional Training Sessions as organizers require accurate numbers for hosting and logistics. We encourage CAOs to send those staff members they feel would benefit most but would advise that they register early as these sessions will likely fill up quickly.

Should you have any questions, please contact Faye, Angela or LaRae from Municipal Affairs directly.

Faye Sheridan Angela Bilski

Municipal Resource Advisor Municipal Training Advisor Alberta Municipal Affairs Alberta Municipal Affairs Phone: (780) 422-8426 Phone: (780) 422-8101

E-mail: [email protected] Email: [email protected]

LaRae Ellis

Senior Election Advisor

Alberta Municipal Affairs

Phone: (780) 638-3056

E-mail: [email protected]

ATTENTION: NEW Portal

Municipal Affairs has launched a new web portal to receive the annual financial reports from municipalities and regional services commissions.

For the 2017 reporting year, the financial statements complete with a signed and dated copy of the auditor’s report, the signed financial information return (FIR) and FIR xls template are to be submitted to Municipal Affairs by May 1, 2018.

Starting in April, municipalities and regional services commissions will be sent an email with a unique link that will enable them to directly submit their documents into the ministry. Municipalities and regional services commissions are encourage to use this method to submit their annual financial reports.

For more information, please contact the Information Services Team toll free at 310-0000 then 780-427-2225 or via email at [email protected]. Additional information regarding the new web portal can be found at www.municipalaffairs.alberta.ca/mc_financial_information_return_statements.

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Join us in “Building on Diversity” in Winnipeg!

We wish all our Alberta members a wonderful conference in Kananaskis in June. If you are unable to

attend, or if you have enough funds in your budget, we would love for you to come to the Canadian

conference in Winnipeg, September 12-14th.

Winnipeg is a truly diverse city and appropriately home to Canada’s new Canadian Museum for

Human Rights. The spectacular museum represents the true meaning of what it is to be

Canadian – it’s a must see for your visit and the perfect symbol for this year’s conference theme,

“Building on Diversity.”

Our technical program will cover PSAB standards, risk management, financial leadership, as well as

regular features like the Canadian economic update and our discussion forums. We have several

exciting speakers confirmed already: Tim Beauchamp, the director of PSAB (see article below);

Janice Baker, City Manager and CAO of the City of Mississauga; and Gail Stephens, who has

served as CAO for Winnipeg, Victoria and the Canadian Museum of Human Rights. We are adding

more speakers each week - stay tuned for announcements.

The local committee is planning great social events for

the welcome reception and the banquet and will be l

etting you know what events will be happening in the city

in September, for those delegates that wish to extend

their stay.

We look forward to seeing you in Winnipeg!

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