Assessing the State and Local Sector—Where Will the Money Come from?
Sponsors: Federal Reserve Bank of Chicago, National Association of State Budget Officers and National Tax Association
State and local governments are suffering from turbulent economic conditions. Access to revenue is being challenged as slower economic conditions depress tax revenues while turmoil in the financial markets strain the ability to issue debt. Are current conditions cyclical or will structural changes in the sector be required over the near and medium term future? This conference wis designed to examine structural and cyclical trends impacting state and local revenues, the role of Federal government assistance and access to capital.
Tuesday, 05/12/09
7:30 AM
Registration and Continental Breakfast
8:15 AM
Welcome and Opening Remarks
William A Testa, Vice President and Director of Regional Programs, Federal Reserve Bank of Chicago
Scott Pattison, Executive Director, National Association of State Budget Officers
J Fred Giertz, Chair, Economics Department, University of Illinois, and Executive Director, National Tax Association
8:30 AM
Session I: Revenue Performance over the Business Cycle
Moderator
Richard Mattoon, Federal Reserve Bank of Chicago
Leslie McGranahan, Federal Reserve Bank of Chicago
Richard Mattoon, Federal Reserve Bank of Chicago
Michael Pagano, Dean, School of Public Administration, University of Illinois–Chicago
9:30 AM
Session II: Are Assets Sales a Good Way to Meet Immediate and Mid-Term Budget Gaps?
Moderator
William A Testa, Vice President and Director of Regional Programs, Federal Reserve Bank of Chicago
Chicago's Use of Asset Sales and Leases—The Chicago Skyway and Parking Meter Leases
Gene Saffold, Chief Financial Officer, City of Chicago
Scott Pattison, Executive Director, National Association of State Budget Officers
Laurence Msall, President, Civic Federation
10:45 AM
Break
11:00 AM
Session III: Panel Discussion: Obama Fiscal Stimulus Program for the States
Moderator
Michael McCabe, Director, The Council of State Governments Midwestern Office
Panelists
Ginger Ostro, Director, Office Management Budget, State of Illinois
Impact of the Federal Stimulus Program on Illinois
Randy Blankenhorn, Executive Director, Chicago Metropolitan Agency for Planning
Use of Federal Stimulus Dollars in the Chicago Regional Economy
Academic Perspective: A New Fiscal Federalism?
J Fred Giertz, Chair, Economics Department, University of Illinois and Executive Director, National Tax Association
Donald Boyd, Senior Fellow, Rockefeller Institute of Government
12:15 PM
Lunch
1:30 PM
Session IV: Access to Capital—What Does the Debt Landscape Look Like?
Moderator
Leslie McGranahan, Federal Reserve Bank of Chicago
Panelists
Carl Tannenbaum, Vice President, Risk Specialists Division, Federal Reserve Bank of Chicago
A State Agency's Perspective on Capital Access
Geoffrey Cooper, Director, Single-Family Homeownership, Wisconsin Housing and Economic Development Authority
John Miller, Chief Investment Officer, Nuveen Asset Management
3:00 PM
Adjourn
