Past Events 

Topic:


New England in New York!

Date: Friday, September 9, 2016
Speaker:

Connecticut State Comptroller Kevin Lembo – Kevin Lembo serves as the chief fiscal guardian -- reporting on the state’s financial status every month to ensure that Connecticut proceeds on a secure financial track, coordinating health care and payroll for hundreds of thousands of public employees and retirees, and administering the statewide electronic accounting system.  He has been hailed by advocacy groups and the media as a "champion of transparency" for his efforts to promote public access to vital state financial information.

Summary: Kevin will be speaking about fiscal sustainability and policy initiatives specific to Connecticut’s efforts to grapple with its budget challenges.  A spirited question & answer session will follow.  

Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 

Topic:


The MAGNY Analyst “Scrum”:  A no-holds barred, full-contact, municipal analyst cage match debate

Date: Monday, June 13, 2016
Speakers:

YOU – the MAGNY luncheon attendees - will be the featured speakers in a referee-controlled, round-table discussion about almost any topic you want.  

Summary: Several subject matter experts will help guide the conversation on municipal distress situations, pensions, infrastructure, higher education, healthcare or municipal market conditions or other topics.  No municipal subject is off-limits.  

This will be a complete audience participation styled event unlike any ever done before at a MAGNY luncheon.

FOOD FIGHTS WILL NOT BE PERMITTED. 

Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 

Topic:


New York City 2016-2017 Executive Budget Presentation

Date: Friday, May 13, 2016
Speaker:

Dean Fuleihan, NYC Budget Director
Widely recognized as one of the most accomplished, budget negotiators in the state, Mr. Fuleihan served more than three decades in top posts for the New York State Assembly, including as the chief fiscal and policy advisor to the Assembly leadership. NYC Mayor Bill DeBlasio appointed Mr. Fuleihan to his current role from the outset of his administration in January 2014.

Summary: NYC will release its Executive Budget for 2016-2017 on April 26.  Director Fuleihan will make a short presentation about the budget and take questions during an extended Q&A period afterwards.

Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 

Topic:


How 2016 Elections May Shape the Municipal Bond Policy Agenda

Date: Friday, April 8, 2016
Speakers:

Hon. Thomas M. Reynolds - Former Member of Congress Tom Reynolds served in the U.S. House of Representatives for five terms, and is currently Senior Strategic Policy Advisor at Nixon Peabody.

Mitch Rapaport - Mitch Rapaport is a former Treasury and IRS official, and a law partner at Nixon Peabody with 30 years of practice in tax and policy issues related to public finance and infrastructure finance transactions. 

Moderator: Susan Collet - Susan Collet of H Street Capitol Strategies, LLC has over 20 years of experience advocating on Capitol Hill and has represented both issuers and broker-dealers with a focus on tax policy.  

Presentation - 2016 Elections
Presentation - 2016 Tax Plans

Summary:
  • What does the rise of “game changing” politicians mean for the future of public finance?
  • The policy choices and political factors that can disrupt the status quo on municipal securities.
  • How do Democrats, Republicans and Game Changers view state and local government finance issues through their respective lenses? 
  • What the 1986 Tax Act, American Recovery and Reinvestment Act of 2009 and fiscal cliff reveal about how Congress may approach municipal securities in the future.
  • On the numbers: why the tax exemption for municipal securities will continue to be jeopardized in fiscal and budgetary debates

Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 

Topic:


Credit Clusters: Is there a spill-over effect with distressed municipalities?

Date: Friday, March 4, 2016
Speakers:

Richard Ciccarone (Panelist) – President & Chief Executive Officer, Merritt Research Services, LLC  Presentation

Alfred Medioli (Panelist) – Senior Vice President and Group Credit Officer, Credit Strategy and Standards at Moody's Investors Service Presentation

Barbara Flickinger (Moderator/Panelist) – Managing Director & Head of Portrfolio Surveillance, National Public Finance Guarantee Corporation

Summary:

As specific obligors become stressed, there seems to be a propensity for that pressure to affect related obligors. In light of the Detroit episode and its linkage to Wayne County, and the Water & Sewer bonds; the multiple downgrades of several issuers in Chicago; and the contagion effect on the various issuers in Puerto Rico, our panel will discuss the idea of assessing risk and opportunity in light of non-linear relationships among obligors, ratings categories, and other credit clusters or constellations.

Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 

Topic:

Drinking from a Fire Hose: how to effectively follow a vast number of municipal credits in real time with limited resources and evolving regulation

Date: Thursday, February 4, 2016
Panelists:

James Schwartz - BlackRock, Inc.
Jim Doyle 
- Assured Guaranty
Robin Prunty 
- S&P Ratings

Moderator: Stephen Winterstein – Wilmington Trust Investment Advisors, Inc.
Summary:

Constructing an effective workflow and risk management process is a formidable job.  The challenges that a municipal credit team faces will vary depending upon the nature of the firm.  Large mutual fund complexes have different needs than do NRSROs.  Moreover, the requirements of a monoline insurer may involve yet another unique set of practices.  Our panel will discuss the issues and trials that municipal credit teams face, and suggest a variety of structures, tools and protocols that may be effective in managing workflow and risk.

Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 

Topic:

What Would a Speculative-Grade US State Look Like?

Date: Friday, January 8, 2016
Panelists:

Ted Hampton, VP/Senior Credit Officer, Moody’s Investors Service
Lead analyst for State of Illinois and Commonwealth of Puerto Rico

Guy Davidson III, Partner, AllianceBernstein, L.P.
Director, Municipal Investments

Moderator: Thomas McLoughlinManaging Director, UBS Financial Services
Head of Fixed Income Research
Summary:

Can a state be rated less than investment-grade?  Based on the market values of Illinois GOs and New Jersey appropriation debt today, the answer is yes.  Are investors correct, or are they over-reacting? What would the rating agencies need to see in financial and debt metrics to lower a state to spec-grade credit quality? A panel discussion.

Powerpoint Presentation

Survey Results from Jan. 8 luncheon

NOTE: These survey results were not taken in a controlled environment and MAGNY makes no representations as to the validity or significance of these results to investment  analysis and decisions.  The results merely reflect the responses of the survey participants.

Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 

Topic:

A Fiscal Bite of the Big Apple: 
An overview of New York City’s budget and economy 

Date: Thursday, November 19, 2015
Panelists:

Tim Mulligan - Deputy Comptroller, New York City

Ronnie Lowenstein – Deputy Director, Independent Budget Office, City of New York

Moderator: Michael Dardia – Co Research Director, Citizens Budget Commission
Summary:

Our panel will provide an overview of the NYC region economic drivers, recent NYC budget issues, and commentary on the recent labor contract negotiations and economic development initiatives.  Finally, the panel will comment on the City’s future outlook for financial condition and credit trends. View all 3 powerpoint presentations.

Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 

Topic:

The Fiscal High-Wire Act

Date: Friday, October 9, 2015
Panelists: Mary Beth Labate – Budget Director, Division of the Budget, New York State

Dominick Ianno - Chief of Staff and Communications Director, Executive Office for Administration and Finance, Commonwealth of Massachusetts
Moderator: Kil Huh - Senior Director, State and Local Fiscal Health, Pew Charitable Trust - Pew PowerPoint Presentation
Summary:

Our seasoned panelists will discuss their state’s approaches to enacting structurally balanced budgets, the challenges in balancing budget priorities amidst revenue volatility, and their strategies for developing and maintaining budget reserves.

Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 

Topic:

Higher Education:
Around the Muni World in 80 Minutes!

Date: Tuesday, September 15, 2015
Speaker: Richard Ravitch - attorney, businessman, and public official, Dick has served as New York’s Lieutenant Governor, Chairman of the MTA, and a key player in the New York City fiscal rescue in 1975-76 and advisor to the court in the Detroit Chapter 9 bankruptcy.  He served as Co-Chair of the State Budget Crisis Task Force and makes a great batch of gazpacho. 
Summary:

Dick will provide a broad overview of topics that MAGNY will cover at future luncheons during 2015-2016.  Topics will include:  New York City’s fiscal condition, state budgeting and fiscal sustainability, pension and OPEB liabilities, distressed credits like Puerto Rico, City of Chicago, and the State of Illinois.  A spirited question & answer session will follow.

Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 

Topic:

Higher Education:
State Finances at FY End 2015: Unusual Variations among States

Date: Friday, June 12, 2015
Speaker: Scott Pattison - Executive Director, National Association of State Budget Officers - Bio - Presentation
Summary:

Please join us for the last MAGNY lunch of the 2014-2015 year as we welcome back Scott Pattison of the National Association of State Budget Officers (NASBO). Mr. Pattison will discuss the condition of state budgets and compare and contrast some of the differences between well performing states and those dealing with greater budget stress.

For nearly 70 years, NASBO has been the professional membership organization for state budget and finance officers, providing training, research, and a forum for member discussions on critical issues. Mr. Pattison has served as executive director since 2001, having previously served as Virginia's budget director. On June 12, he will share his knowledge and insights with us.

Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 

Topic:

Higher Education:
Pressures on the Sector and Strategies for Dealing with Distress

Date: Friday, May 8, 2015
Speaker: Richard Moche - Member, Mintz Levin - Bio
Speaker: Ken Rodgers - Director, Standard & Poor's - Bio - Presentation
Speaker: P. Miyoko Sato - Member, Mintz Levin - Bio
Downloads: Mintz Levin Presentation
DOE Ratio Model (for Non-Profit Institutions)
Title IV Eligibility Flowchart
Title IV Companion Narrative
Summary: Mr. Rodgers will set the stage with an overview of the higher education sector and a discussion of the particular pressures facing individual colleges.  Following that, Mr. Moche and Ms. Sato will analyze some of the particular pressures that are leading certain schools into stressed and distressed situations.  We look forward to you joining us for this lively discussion on the higher education sector.
Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 

Topic:Point/Counterpoint Debate:
The Pros and Cons of Pension Obligation Bonds
Date: Friday, April 17, 2015
Moderator: Jean-Pierre Aubry - Assistant Director for Research, Center for Retirement Research, Boston College - Presentation
Speaker: Kemp Lewis - Senior Managing Director, Raymond James Public Finance - Presentation
Speaker: Thomas M. Mayer - Partner, Kramer Levin Naftalis & Frankel LLP
Download: Panel Biographies
Summary: Mr. Aubry will set the stage with an overview of the utility and performance of pension obligation bonds. Mr. Lewis, who recently authored “A Defense of Pension Obligation Bonds” as an op-ed piece in the Bond Buyer (03-10-15), will offer his views on the positive aspects of POBs. Mr. Mayer will offer a counterpoint view given his experience representing COP Holders in the Detroit Chapter 9 and deep creditor experience with other municipal bankruptcies.
Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 

Topic:Identifying and quantifying new approaches to finding relative value in the Municipal market
Date: Friday, March 13, 2015
Speaker: Andrew Kalotay, Kalotay Associates
Speaker: Peter Orr, Intuitive Analytics
Speaker: Stephen Winterstein, Wilmington Trust Investment Advisors
Summary: How will technology and new advances impact how muni investment professionals do business over the next few years? Are there new ways to identify and quantify relative value in the muni market? Can municipal professionals utilize new and different means to do a better job of analyzing interest rate risks, credit risks, and tax risks? Do we have all the metrics we need or do new approaches provide valuable insights?
Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 

Topic:OUTLOOK? LOOK OUT.
Date: Friday, February 6, 2015
Speaker: George Friedlander - Citigroup Investment Research and Analysis, Managing Director and Chief Municipal Strategist
Speaker: Matt Fabian - Municipal Market Analytics (MMA), Managing Director & Partner
Speaker: Phil Fischer – Bank of America Merrill Lynch, - Managing Director & Head of Municipal Research
Summary: Our panel will discuss the state of the municipal markets including the economy, interest rates, Federal legislation, regulations and the effect of lower oil prices on municipalities and the markets.
Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 


Topic:Motown's Flipside: Plan Confirmed, Now What?
Date: Friday, Jan 9, 2015
Speaker: Marti Kopacz - Phoenix Management Services, court-appointed feasibility expert in Detroit Chapter 9 case - Bio
Speaker: John Popehn - Houlihan Lokey, served as financial advisor to FGIC in Detroit Chapter 9 case - Bio - Presentation
Moderator: Michael Imber - Alvarez & Marsal Public Sector Services, - served as financial advisor to COPs Holders in Detroit Chapter 9 case - Bio - Presentation
Summary: Our panel will discuss the lessons – both unique and universal – from the Detroit bankruptcy and the implications for other distressed municipalities and states; we will also discuss the key threats to plan feasibility and what does the City really need to be successful.
Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 


Topic:Why is U.S. Municipal Issuance Falling Despite Historically Low Interest Rates?
Date: Friday - November 14, 2014
Speaker: Tom Kozlik - Director and Municipal Credit Analyst, Janney Montgomery Scott - Presentation
Speaker: William Glasgall - Program & Editorial Director for State and Local Accountability & Improvement, The Volcker Alliance
Speaker: Richard T. Anderson - President, The New York Building Congress - Presentation
Summary: A discussion focusing on the factors – economic, political and capital markets related – that are suppressing issuance of municipal debt, and the consequences for US infrastructure investment.
Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 


Topic:A Discussion on the State of New Jersey
Date: Tuesday, October 14, 2014
Speaker: John Sugden - Senior Director, State and Local Governement Group, Standard and Poors - Presentation
Speaker: Jim Diffley - Senior Director, IHS Economics - Presentation
Summary: A discussion on the recent events and outlook for the State of New Jersey as well as the effects on the localities within the State.
Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 


Topic:A Discussion on the State of California
Date: Tuesday, September 23, 2014
Speaker: John Chiang - California State Controller
Summary: California State Controller John Chiang will present a new open data website listing financial data for cities and counties as part of his ongoing efforts to promote transparency in government. The site, ByTheNumbers.sco.ca.gov, is a significant step in enhancing transparency in government at all levels. The Controller will also address recent events in California and be available for questions on a variety of topics.
Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 


Topic:The New Fiscal Year: What's the Outlook for States?
Date: Friday, June 6, 2014
Speaker: Scott Pattison - Executive Director, National Association of State Budget Officers - Bio - Presentation
Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 


Topic:The Affordable Care Act and the Challenges/Opportunities for Hospitals
Date: Friday, May 2, 2014
Speaker: Thomas Weyl - Director, Barclays Capital - Bio - Presentation
Speaker: Martin Arrick - Managing Director, Standard and Poors - Bio - Presentation
Moderator: Robert Shapiro - CFO, North Shore LIJ Health System, NY - Bio - Presentation
Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 


Topic:Airports: Staying Aloft during the Storm?
Date: Friday, April 4, 2014
Speaker: Joseph Pezzimenti - Director, Standard and Poors - Bio - Presentation
Speaker: Betsy Taylor - Director of Finannce and Treasury, Massachusetts Port Authority - Bio - Presentation
Summary:

Municipal Airports continue to face numerous challenges, from airline bankruptcy and consolidation to federal regulatory and budget issues, all while struggling to reach the industry’s 2007 peak passenger volumes. An airport executive and a credit analyst will discuss their thoughts on this topic.

Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 


Topic:Local Governments Managing Distress
Date: Friday, March 7, 2014
Speaker: Mark Schroeder - City Comptroller, City of Buffalo - BioPresentation
Speaker: Stephen deGroat - Commissioner of Finance and Budget, County of Rockland - Bio
Speaker: Jon Kaiman - Chairman, Nassau County Interim Finance Authority (NIFA) - Bio
Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 


Topic:How States Deal with Local Government Distress
Date: Friday, February 7, 2014
Speaker: Joseph Boyle - Senior Research Associate, Pennsylvania Economy League - Bio - Presentation
Speaker: Karen Grande - Partner, Edwards Wildman Palmer LLP - Bio - Presentation
Speaker: William Rhodes - Chair, Public Finance Department & Practice Leader, Municipal Recovery Initiative, Ballard Spahr - Bio - Presentation
Summary: As a follow up to last month's presentation on monitoring fiscal distress.
Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 


Topic:Monitoring Local Municipal Fiscal Distress
Date: Friday, January 10, 2014
Speaker: Thomas Neff - Director of Division of Local Government Services, NJ Department of Community Affairs - Bio - Presentation
Speaker: Gregory Lipitz - Moody's - Bio
Speaker: Nancy Zielke - Senior Director, Alvarez & Marsal Public Sector Services - Bio - Presentation
Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 


Topic:Higher Education - Stresses and Strategies
Date: Friday, November 22, 2013
Speaker: Scott Jaschik- Editor, Inside Higher Education - BIo
Speaker: Martin S. Dorph - Executive VP of Finance and Information Technology, New York University - Bio
Speaker: Matthew Sapienza - Associate Vice Chancellor for Budget and Finance, The City University of New York (CUNY) - Bio
Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 


Topic:Detroit and Emergency Management in Michigan
Date: Friday, September 13, 2013
Speaker: Louis "Bud" Schimmel - Past Emergency Manager of Pontiac, MI - Bio - Presentation - City of Pontiac, Major Accomplishments
Speaker: Richard Larkin - Senior Vice President, Directory Of Credit Analysys, HJ Sims & Co., Inc. - Bio - Presentation - HJ Sims Special Report
Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 


Topic:Water Supply Issues
Date: Friday, June 7, 2013
Speaker: Upmanu Lall - Alan & Carol Silberstein Professor of Engineering, Columbia University and Director, Columbia Water Center - Presentation
Speaker: Sharlene Leurig - Senior Manager, Insurance and Water Programs Ceres - Presentation
Speaker: Angela Licata - Deputy Commissioner, New York City Department of Environmental Protection - Presentation
Summary: Dr. Lall will tell us about The Columbia Water Center's comprehensive initiative geared at understanding and predicting the state of water in America. As part of this initiative, in collaboration with Growing Blue they have done an analysis of water stress at the county level, including drought and how it manifests as water risk, and the dependence of a county on external water sources.

Ms. Licata will talk about delivering and planning essential water services for NYC.

Ms. Leurig will present Ceres' recent disclosure framework for water and sewer service providers and the results of a pricing and revenue study with the University of North Carolina, including proposed credit metrics for analysts to account for revenue volatility and affordability.
Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 


Topic:Puerto Rico: Economic Competitiveness
Date: Friday, May 10, 2013
Speaker: James Orr - Vice President, Research and Statistics Group, Federal Reserve Bank of New York - Presentation
Summary:

In June, 2012, the New York Fed released a report on the competitiveness of Puerto Rico's economy. The report highlighted challenges to raising living standards and restoring growth, and presented recommendations to help improve Puerto Rico's economic performance over time. Join Mr. Orr and other co-authors of the report for a discussion of its findings as well as an update on recent developments regarding the island's economy.

Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 


Topic:State Budget Update
Date: Friday, March 13, 2013
Speaker: Scott Pattison - Executive Director, National Association of State Budget Officers - Presentation
Summary:

Given the challenges and uncertainties facing state budgets from a number of directions, not the least of which is the federal government, this is an opportune time to hear the latest from an authoritative source. For over 60 years, NASBO has been the professional membership organization for state budget and finance officers, providing training, research, and a forum for member discussions on critical issues. Mr. Pattison has served as executive director since 2001, having previously served as Virginia's budget director. On March 15 he will share his knowledge and insights with us.

Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 


Topic:Inside the New GASB Pension Standards
Date: Friday, February 15, 2013
Speaker: Dean Michael Mead - Research Manager, Governmental Accounting Standards Board - Bio - Presentation
Speaker: Thad Calabrese - Assistant Professor of Public and Nonprofit Financial Management, Robert F. Wagner Graduate School of Public Service, New York University
Summary:

Last June, the GASB approved Statement No. 67, Financial Reporting for Pension Plans. and Statement No. 68, Accounting and Financial Reporting for Pensions. State and local governments will begin reporting under the new standards by fiscal 2015.

At this session we will hear Mr. Mead's insights into the process of developing the standards and what they are meant to accomplish.

Prof. Calabrese will then present his views about the pros and cons of the new standards and what he expects their implementation will tell investors and other users.

Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC

 


Topic:Impact of Hurricane Sandy on the New York/New Jersey Region
Date: Friday, June 7, 2013
Speaker: Dr. Charles Steindel - Chief Economist, New Jersey Department of the Treasury - Presentation
Speaker: Tim Sullivan - Deputy County Executive for Finance, Nassau County, NY - Presentation
Summary:

Superstorm Sandy has had a profound impact on the lives and infrastructure of coastal areas in New York and New Jersey. As the assessment of damage continues, the view turns towards the future -- how best to repair and restore what was lost, steps that need to be taken to prevent a recurrence of the devastation, what it will all cost and how it will be paid for. Dr. Steindel and Mr. Sullivan will speak about these issues from the perspectives of the state of New Jersey and one of the hardest-hit counties in New York.

Location: The Yale Club of New York - 50 Vanderbilt Avenue, NYC