From the PresidentOne of my favorite times of the year, spring, is right around the corner. Technically spring doesn’t officially start until March 20th, but I believe everyone, especially this year, is thinking spring will be upon us very soon. Our local

weatherman says this is the warmest winter since 1931-32 (Grand Rapids area). He also said that during March 1932, we had over 25 inches of snow. Say it ain’t so Joe! It will NOT happen

this year.

One of the definitions of spring is, “a time of growth and renewal.” This can especially be said to be true for members of the MMTA as we have our Spring Workshop and Institutes very soon.

Both are going to be great prospects to learn more about our profession and renew your spirit with opportunities to network with your peers.

Again this year, we are co-hosting the Spring Workshop with the Michigan Government Finance Officer’s Association. Last year’s event worked out very well with great reviews, so the MMTA made the decision to run the event this way again. Mary Ann Kornexl is the MMTA Chair this year and she, and her Committee, have done a wonderful job putting together an agenda that looks to be packed with very interesting subject matter. The workshop will be on Friday, March 23rd at the James B. Henry Center at Michigan State University. If you have not signed up yet, please contact Mary Ann directly at: mkornex@mt-pleasant.org.

Our Basic and Advanced Institutes are coming along very well and registration materials will be available shortly. Lew and Mary Bender have worked with Barb Fandell and myself, and our Committee members, to put together an exciting and relevant agenda this year. Basic Institute will be held from Sunday, April 22nd through Friday, April 27th. The Advanced Institute will be held beginning Wednesday, May 2nd through Friday, May 4th. If you have any questions on Institute, please feel free to contact Barb (bfandell@ithacami.com) or myself (kmckay@rockford.mi.us). We would be happy to address any questions or concerns you may have.

The Board of Directors will have its third meeting of the year on the evening of Thursday, March 22nd at the James B. Henry Center. As always, our meetings are open to all of our

membership. If you think you may want to sit in on this meeting, we ask that you notify us prior to the meeting. You can contact me directly if you are interested. It’s a great way to

see how the Board works if you are thinking you may want to run for a position in the fall.

At our January meeting we approved Cheryl Rhein O’Neill’s request to host the 2014 Fall Conference at Frankenmuth. We have come to the conclusion that the MMTA

needs to plan out our conference sites well in advance. We are competing against

Ca l e n da r o f ev e n t sImportant Dates to Remember

Ca l e n da r o f ev e n t sImportant Dates to Remember

t h e q u a r t e r l y n e w s l e t t e r

Connectm i c h i g a n m u n i c i p a l t r e a s u r e r s a s s o c i a t i o n

M a r c h 2 0 1 2 w w w. m m t a - m i . o r g V o l u m e 6 2

Spring Workshop• James B. Henry Center Lansing, MI March 23, 2012

MMTI Basic • Comfort Inn Mt. Pleasant, MI April22-27,2012

MMTI Advanced • Comfort Inn Mt. Pleasant, MI MAy2-4,2012

2012

APT US&C Conference• Williamsburg, VA August12-15

34th Annual Fall Conference • Boyne Mountain Boyne Falls, MI OctOber7-10,2012

35th Annual Fall Conference • Grand Traverse Resort Traverse City, MI OctOber7-10,2013

Continued on page 1.

a lot of other Michigan organizations for the same conference space and so, it becomes necessary for us to investigate potential sites and confirm them many years before any of us are thinking of attending. The last time we went to Frankenmuth was in 2005 and that conference was a great success. We are anticipating that this site will be very popular with our membership again. As a reminder the 2012 Fall Conference will be held at Boyne Mountain and the 2013 will be held at the Grand Traverse Resort.

Back to discussing the subject of spring; growth and renewal. It’s been a difficult time for a lot of us lately, but if you think about those words, growth and renewal, we have all had to do that without really thinking about it. Most of us have had no choice but to accept bigger workloads and different (more?) responsibilities, but that doesn’t mean you have to look at it negatively. Take a moment to think about the new things you’ve learned in the past year. Stimulating your brain with new activity is not a bad thing. You’re making yourself a more valuable asset, both personally and professionally.

Take care and watch for those robins!

Kim McKay, MiCPTMMTA President

March 2012 page 1

Continued from Cover.

PRESIDENTKim McKay, MiCPT

City of Rockford(616) 825-5005

PRESIDENT-ELECTJan Steggerda, MiCPT

Park Township(616) 738-4236

VICE PRESIDENTMary Ann Kornexl, CPFA, MiCPT

City of Mount Pleasant(989) 779-5381

TREASURERCheryl Rhein-O’Neill, CPFA, MiCPT

Oregon Township(810) 664-5971

SECRETARYAnnge Klinger, CPFA, CMC, MiCPT

City of Tawas City(989) 362-8688

DIRECTORS

NEWSLETTERMatthew Horning, CPFA, CPFIM, MiCPT

City of Ann Arbor(734) 794-6541

EDUCATIONBarbara Fandell, CPFA, MiCPT

City of Ithaca(989) 875-3200

LEGISLATIONJanice Zuhlke, CPFA, CMC, MiCPT

City of Imlay City(810) 724-2135

MEMBERSHIPMargaret Birch, CPFA, CPFIM, MiCPT

Waterford Charter Township(248) 674-6217

PARLIAMENTARIANRachel Piner, MiCPTVillage of Webberville

(517) 521-3984

IMMEDIATE PAST PRESIDENTRose Dillon, CPFA, MiCPT

Fruitport Township(231) 865-3151

ASSOCIATE LIAISONSKimberly Goethe, FVP, CTP

Flagstar Bank(248) 312-6964

Annette Devereaux, VPFlagstar Bank

(888) 254-5417

Future APT US&C CONFERENCES

the Board of directors of the association of public treasurers of the united States and Canada has announced the following sites for future

apt uS&C conferences:

August 12-15, 2012Williamsburg, virginia

2013Houston, texas

2014 Salt Lake City, utah

2015Chicago, illinois 50th Anniversary of APT US&C

Kim McKay

MMTA in the U.P.

Save the Date

Date: June 1, 2012Location: The CiTy of MarqueTTe Lakeview arena401 e. fair avenue, Marquette, Mi

March 2012 page 2

MUNICIPALITIES. MADE IN MICHIGAN.

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Scott LeeschTreasury Management Specialist

231.775.8588

Linda HammerTreasury Management Specialist

989.839.5243

Tammy KerrTreasury Management Specialist

616.785.2575

Kate SeamanTreasury Management Specialist

269.983.8946

ChemicalBankMI.com

Julie M. GustManaging Director, Public Funds

jgust@talmerbank.comp: 248.498.2882

2301 West Big Beaver Road | Suite 525 | Troy, MI 48084 p: 800.456.1500 | www.talmerbank.com

Don JensenManaging Director, Public Funds

djensen@talmerbank.comp: 810.989.2604

“REVOLUTIONIzING TRENDS IN TREASURY MANAGEMENT”Submitted by Blinda BakerCity of East Tawas

The historic city of Williamsburg, Virginia is the site of the 47th Annual Conference of the Association of Public Treasurers of the United States and Canada (APT US&C). The dates are August 12-15, 2012. The Treasurers’ Association of Virginia is excited to host this year’s conference and has been busy working with the Conference Program Committee to plan the educational sessions and networking opportunities. This will be the first time the APT US&C conference has been held in Virginia.

In a continued effort to make it easier for our members to justify the expense of attending the conference to their governing bodies, APT US&C will be giving attendees the opportunity to earn up to 11.96 CPFA education points and 27.5 CPE points, as well as five CPFA experience points for attending the conference. There will also be several advanced sessions for those members working toward the Advanced Certified Public Finance Administrator designation.

Preconference sessions on Sunday, August 12th include the Certified Public Funds Investment Manager (CPFIM) Accreditation program and the Beginner and Advanced Treasury Academies. Individuals who have already received the CPFIM designation will

be eligible to participate in the Advanced CPFIM session which will be held on Tuesday, August 14th. Although the keynote speaker hasn’t been confirmed at this time, there will be many excellent speakers for the concurrent sessions in Investment Management, Cash Management, Information Technology, and Debt Management that will be held Monday through Wednesday.

The Conference Chair has negotiated some special lodging rates for attendees but the lower priced rooms are limited so please make your reservation as soon as possible. Sharing a room with a fellow treasurer is also a good way to make attendance at the conference more affordable! The Conference Program Committee is also working on negotiating special shuttle rates for transportation to and from the airport and hotel. Williamsburg and the surrounding area offer many sightseeing opportunities so there will be plenty to do when you aren’t in educational sessions.

Come and see what the APT US&C and Williamsburg, Virginia have to offer. You won’t be disappointed! For more details or to register for the conference, please visit the APT US&C Web site at www.aptusc.org.

Michigan Based, Michigan Focused.

(888) 254-5417

• CDARS® • Certif icates of Deposit • Treasury Management Services • Liquid Savings Account

Member FDICf lagstar.com/governmentbanking

Spring Workshop - March 23, 2012• James B. Henry Center, Lansing, MI

March 2012 page 3

2011 PRIME AWARD RECIPIENTSubmitted by Janice Thelen, Watertown Township PRIME Award Recipient

Thank you!I wish to thank the MMTA membership for bestowing on me, the honor of receiving the 2011 P.R.I.M.E. award last October. To receive this award during the Fall Conference, in front of colleges, friends and family made for a very exciting and memorable evening. Over the years, members of the MMTA have provided me with assistance as I faced the challenges of being a municipal treasurer and elected official. In addition, being a member of our wonderful Association has given me the opportunity and courage to stand in front of our membership as well as other Associations, to assist others as I have been assisted. It has been my pleasure to volunteer my time and energy to the various committees and to the MMTA Board of Directors.

I wish to thank the following members of the MMTA, who presented the P.R.I.M.E Award a second time, in front of additional family, residents and my Board of Trustees; Rose Dillon, Past President of the MMTA; Bruce Malinczak, Past President of the MMTA and PRIME recipient; Joe Ferrari, Past President of the MMTA and PRIME recipient; and Al Mooney, past PRIME recipient.

As a former President of the MMTA, I have had the pleasure of being in the know as to who would be receiving the P.R.I.M.E. award during my presidency and I must give kudos to those who were able to keep this a secret from me…I know all the tricks and you still manage to keep this from me!

Once again, thank you so much for this honor and remember…ROCK THE NOMINATIONS for 2012!!!

Association of Public Treasurers of the United States and Canada 47th Annual Conference

“Revolutionizing Trends in Treasury Management” Williamsburg Lodge, Williamsburg, Virginia

August 12-15, 2012

Please join your colleagues for the APT US&C 47th Annual Conference! We are revolutionizing the conference experience to help you meet your educational goals - you choose the tracks that will focus on your individual needs.

The conference offers up to 27.5 CPE credits and 12.21 CPFA points, and will feature four concurrent training tracks filled with cutting edge information on the subjects of investment management, cash management, information technology, and debt management.

Why do so many treasury management officers attend the APT US&C Annual Conference? Because they can’t afford not to attend. Take control of your professional development and learn how to do more for your government with fewer resources. Take advantage of the discounted registration fee when you sign up by June 30, 2012. Visit the APT US&C Web site at www.aptusc.org for more information and to register today!

President Barack Obama’s 2013 PrOPOsed Budget

includes two significant items related to municipal bonds.

first, the president has proposed “an expanded and permanent extension” of the Build america Bonds

program, through which eligible government entities issued $181.5 billion in debt in 2009 and 2010. Second,

the president has proposed easing restrictions on refunding (refinancing) municipal bonds.

please click Here for recent coverage by thomson reuters.

COLLABORATION BY WATERFORD TOWNSHIPSumitted by Margaret Birch,Waterford Township Treasurer

March 2012 page 4

Waterford Township is a large township, with over 71,000 residents. Our taxable value has declined nearly 20% since 2008, and the township has lost $5.5 million from this revenue source alone. Additionally, our state shared revenue has declined approximately $2.4 million since 2001. For 2012, we were facing a deficit of over $2.2 million.

The City of Pontiac was facing a huge deficit of $12.5 million and could no longer afford to maintain the Pontiac Fire Department with their legacy costs in the form of a defined benefit retirement plan and lifetime health care. Pontiac’s emergency manager was dissolving the Pontiac Fire Department and their union. He approached three communities to provide contracted fire services for the city. Waterford Township was the only community that responded.

Waterford Township Supervisor Carl Solden and our Waterford Fire Department took on the collaborative challenge to determine how we could provide contracted fire services for Pontiac and

help to remedy our declining revenues. Many factors had to be considered, from the utilization of Pontiac’s fire stations and equipment, to payroll & benefits, start up costs, an affordable retirement option, a way to give the Pontiac firefighters an opportunity to maintain employment, and to merge two sets of benefit packages into one. Also, the end result would have to provide a stream of revenue for our township.

After much effort on everyone’s part, an agreement was finally reached. We also applied for a state grant to help us with start up costs. Because of our collaborative effort, we were awarded over $560,000 in grant money to assist us in this regard. We were able to save the City of Pontiac over $3 million, employ 45 former Pontiac firefighters and generate $1,800,000 in revenue for Waterford Township. This was all completed in approximately 30 days! This collaborative effort was a win/win situation for all concerned. We welcome those firefighters from the City of Pontiac as part of our family.

Maureen L. DonehueSenior Vice President - Wealth ManagementFinancial AdvisorWealth Advisory Specialist

35055 W 12 Mile Road Tel 248 358 7027/258 358 5000Suite 101 Tel 800 283 7084Farmington Hills, MI 48331 Fax 248 358 7122 maureen.l.donehue@smithbarney.com

34 th AnnuAL FALL ConFeRenCe Boyne Mountain, Boyne Fal ls, MI oCToBeR 7-10, 2012Save the Date!

March 2012 page 5

Submitted by Kimberly Goethe, Flagstar Bank

MMTA Committee Participation CommitmentsNAMe oF

CoMMiTTee PurPoSe oF CoMMiTTee TiMe CoMMiTMeNT CurreNT ChAir

FAll CoNFereNCe CoMMiTTee

To plan Fall Conference each year.

One meeting in early spring - in person - centrally located - approximately 2 to 3 hours in duration. 2 hours at conference to assist with registration, microphones, introducing speakers, etc.

Jan SteggerdaPark Twp

ProFeSSioNAl DeveloPMeNT CoMMiTTee

Decides overall strategy of training required for MiCPT certification and re-certification and also planning of the Advanced Institute.

No Associate Members required for this committee.

Kim McKayCity of rockford

leGiSlATive CoMMiTTee

Purpose of committee is to review legislation being reviewed, proposed, or considered at the State and Federal level to determine the effect and what action may be required by the organization. Each member is responsible for bringing any new legislation they become aware of to the meeting to discuss.

Committee usually meets 4 times a year. Each meeting is about 1 1/2 to 2 hours long plus drive time. Locations are determined by the committee chair and are communicated well in advance. Two meetings tend to be in the Lansing area, one meeting at fall conference, and one meeting at MMTI in Mt. Pleasant.

Janice ZuhlkeCity of imlay City

WorKShoP CoMMiTTee

Purpose of committee is to jointly work with MGFOA to plan spring conference day event.

Committee meets at fall conference to strategize on topics. Then a sub-committee meets with MGFOA representatives to relay information. Committee members would need to commit to attend meeting at fall conference and additionally help with registration etc at spring seminar.

Mary Ann KornexlCity of

Mount Pleasant

NeWSleTTer CoMMiTTee

Purpose of committee is to generate interest in members creating articles, obtaining articles from other sources (reprinted with approval), and writing articles for the quarterly newsletter.

Time commitment is minimal, only the time to create an article or to find sources for articles.

Matt horningCity of Ann Arbor

MeMBerShiP CoMMiTTee

Purpose of committee is to mentor new members and sell MMTA merchandise. Also to actively pursue new members for the MMTA.

Planning meetings are minimal. Associate members would be helpful in pursuing new membership opportunities.

Margaret Birch Waterford Township

eDuCATioN CoMMiTTee

Purpose of committee is to plan the Basic Institute (held in late April or early May) with the help of our contractors Lew and Mary Bender.

Planning committee meets in November only in person for a couple of hours - usually in a central location like Lansing. Otherwise all communication is done by phone or internet and maybe requires another 2 to 4 hours of time total. Associate Members are only allowed at the Institutes if they are presenting a topic.

Barb Fandell City of ithaca

MMTA iN The uP

Purpose of this committee is to plan a one day training event for Treasurers, Assessors and other municipal employees in the Upper Peninsula - typically held in July or August.

Planning meetings vary, but usually very minimal. Most work done by phone or internet. Associate members are always needed to present at this event.

rose Dillon Fruitport Township

March 2012 page 6

SAVING MONEYBy: Sally Elmiger, Carlisle/Wortman Associates, Inc.Submitted By: Annge Klinger, City of Tawas CityThe mantra for municipalities today seems to be: “How will it save us money?” These difficult economic times have pressed communities to come up with new, creative ways to reduce expenses. However, an old-fashioned idea may be one answer to this question: plant trees. You may ask, “So how can trees help reduce costs? We’ll just have to spend money maintaining them!” Matching the right species to the site minimizes maintenance, and maximizes the economic benefits trees provide. And the benefits of trees have been found to outweigh their costs. Study results brought together by the US Forest Service have found:

• Trees properly placed around buildings can reduce air conditioning needs by 30 % and can save 20 – 50 % in energy used for heating. (USDA Forest Service)

• Using the city of Davis, California as a model, existing data on the benefits and costs of municipal trees were applied to the results of a sample inventory of the city’s public and private street trees. Results indicate that Davis maintained nearly 24,000 public street trees that provided $1.2 million in net annual environmental and property value benefits, with a benefit–cost ratio of 3.8:1. (Maco and McPherson, 2003)

• Trees can be a stimulus to economic development, attracting new business and tourism. Commercial retail areas are more attractive to shoppers, apartments rent more quickly, tenants stay longer, and space in a wooded setting is more valuable to sell or rent. (The National Arbor Day Foundation) More on this topic can be found at: http://www.naturewithin.info/consumer.html.

To calculate how much your community’s trees are worth, the USDA Forest Service has developed a free suite of computer programs, called i-Trees (http://www.itreetools.org/index.php). i-Trees Streets uses tree inventory data to quantify the dollar value of annual environmental and aesthetic benefits: energy conservation, air quality improvement, CO2 reduction, stormwater control, and property value increase. You can input data using a PDA for a street, neighborhood, or entire city, and it calculates the figures. So whether you plant shade trees at the municipal building, or begin a community-wide urban forestry program, trees will beautify your community and benefit your bottom line.

Carlisle/Wortman Associates, Inc. has offices in Ann Arbor and Clarkston. They work with local governments to create livable, healthy communities. Their professional staff offers expertise in a broad range of planning subjects and municipal services management to help communities plan for and respond to their unique cycles of growth and change.

888-775-6687 www.choiceone.com

March 2012 page 7

MMta baSic inStitute • April 22 - 27, 2012

MMta aDVanceD inStitute • May 2 - 4, 2012

2012

on behalf of the MMTA Board of Directors and the education and Professional Development Committees, I would like to encourage you to plan on attending the MMTI. It will be a valuable educational and networking experience.

This will be the third year the Basic and Advanced Institutes will be conducted as separate events. The format has been a great success for us and the reviews from members have been very positive. The separation of the Institutes has allowed the MMTA Board to continue exceeding your expectations by providing quality education and professional development at all levels.

Both Institutes meet the accreditation requirements for education points for state and international certifications: MiCPT, CPFA and ACPFA.

basic institute curriculum advanced institute curriculum • Principles of Public Finance • Best Practices in Coping with Change • Governmental Accounting • Changes in Lansing & effects on • Internal Controls Local Government • ethics & the Treasurer • Human Resources Hot Topics • State Laws & Regulations • Business Writing for the Treasurer • Political Science • Leadership Styles • oral Communication • organizational Culture

registration and accommodationsRegistration information has been mailed to members. You may also access it online at our website: www.mmta-mi.org The deadline to register for Basic Institute is April 6, 2012, and for Advanced Institute is April 18, 2012. Your registration includes classes and materials, break snacks and beverages, and limited meals (see registration form for details).

A block of rooms has been reserved for participants at the Comfort Inn and Fairfield Inn at a rate of $75.00 per night (see registration form for details).

Scholarships are available. See our website for details or contact Barbara Fandell at bfandell@ithacami.com or 989-875-3200.

I hope you can attend, Barbara Fandell education Committee Chair

mich igan munic ipa l t reasurer s in s t i tu tecomfor t inn hote l & conference center , mt . p leasant , mich igan

© 2012 Ameriprise Financial, Inc. All rights reserved.

Economic PerspectivesRussell T. Price, CFA® Senior Economist February 27, 2012

MOMENTUM IMPROVES, BUT GAS PRICES ONCE AGAIN POSE A MATERIAL THREAT. Economic measures continue to portray evidence of momentum building in the American economy. Manufacturing, auto sales, construction activity, and most importantly, employment, have all shown better than expected gains in the last few months. Fears of a European financial crisis have also abated significantly. As we discussed last month, the recent intervention of the European Central Bank (ECB) has substantially lowered the perceived near-term threat of a disorderly default leading to a crisis. Though encouraging, these developments have not yet been strong enough, or sustained long enough, to lead us to significantly alter our GDP expectations. We still anticipate the U.S. economy to grow at a 2.5% to 2.75% pace in 2012. Recent momentum improvements suggest potential upside to our outlook but rising gas prices could yet offset these gains. Oil and gas prices have been rising at a rapid clip in recent weeks amid mounting tensions with Iran. In the week-ended Feb 20th, the national average price for gasoline was $3.59 per gallon, according to the U.S. Energy Information Administration, or $0.40 (+13%) higher than year-ago levels. If gasoline prices were to maintain this $0.40 spread over year-ago levels throughout the entire year it would hit the average American driver with added fuel costs of about $240 (assuming 12,000 miles driven and a vehicle that gets about 20 miles per gallon). The negative impact on the broader economy would be about $55 billion in our estimation. The economic costs of higher gasoline prices as outlined above are unwelcome, but unlikely to fully offset the economy’s momentum, in our view. However, we estimate that each additional $0.10 increase in the price of gasoline (over average year-ago price levels) has the potential to shave an additional $15 billion from U.S. Real GDP. As such, a military strike against Iran, either from the U.S. (unlikely) or Israel (possible), would clearly alter our economic outlook to the downside. Crude oil prices could easily see $150 to $180/ barrel or possibly more under such a scenario, with resulting national average gasoline prices near, or above the $5 mark.

We are confident that the Obama Administration is loath to see the Iranian situation escalate to the point of military confrontation ahead of the November elections. However, Israel appears much less interested in waiting, and a unilateral strike against Iranian facilities (over U.S. objections) is a solid possibility. Unfortunately, there are no economic tea leaves to examine for an indication of how the Iranian situation may unfold – or more precisely, what Israeli officials may decide. Reports indicate that recently enhanced sanctions against Iran’s central bank do appear to be taking a material toll on the Iranian economy. Giving these sanctions more time to work could help. Additionally, many experts seem to question the effectiveness of Israeli capabilities to do the job. GDP Outlook: The U.S. economy grew at a modestly weaker than expected 2.8% in the final quarter of 2011. We had been forecasting a gain of 3.4% for the period. An unexpected decline in Federal government spending shaved 0.6 tenths from growth in the period and consumer spending over the holiday season was also a bit lighter than expected.

Source: Commerce Department, Ameriprise Financial Services, Inc.

FOR IMPORTANT DISCLOSURES, INCLUDING POSSIBLE CONFLICTS OF INTEREST, PLEASE SEE THE LAST PAGE OF THIS DOCUMENT.

March 2012 page 8

Economic PErsPEctivEs rEPort has bEEn ProvidEd courtEsy of JEff KingzEtt, financial advisor, amEriPrisE financial. This briefing is also available at www.ameripriseadvisors.com/jeffrey.r.kingzett

© 2012 Ameriprise Financial, Inc. All rights reserved.

Economic PerspectivesRussell T. Price, CFA® Senior Economist February 27, 2012

MOMENTUM IMPROVES, BUT GAS PRICES ONCE AGAIN POSE A MATERIAL THREAT. Economic measures continue to portray evidence of momentum building in the American economy. Manufacturing, auto sales, construction activity, and most importantly, employment, have all shown better than expected gains in the last few months. Fears of a European financial crisis have also abated significantly. As we discussed last month, the recent intervention of the European Central Bank (ECB) has substantially lowered the perceived near-term threat of a disorderly default leading to a crisis. Though encouraging, these developments have not yet been strong enough, or sustained long enough, to lead us to significantly alter our GDP expectations. We still anticipate the U.S. economy to grow at a 2.5% to 2.75% pace in 2012. Recent momentum improvements suggest potential upside to our outlook but rising gas prices could yet offset these gains. Oil and gas prices have been rising at a rapid clip in recent weeks amid mounting tensions with Iran. In the week-ended Feb 20th, the national average price for gasoline was $3.59 per gallon, according to the U.S. Energy Information Administration, or $0.40 (+13%) higher than year-ago levels. If gasoline prices were to maintain this $0.40 spread over year-ago levels throughout the entire year it would hit the average American driver with added fuel costs of about $240 (assuming 12,000 miles driven and a vehicle that gets about 20 miles per gallon). The negative impact on the broader economy would be about $55 billion in our estimation. The economic costs of higher gasoline prices as outlined above are unwelcome, but unlikely to fully offset the economy’s momentum, in our view. However, we estimate that each additional $0.10 increase in the price of gasoline (over average year-ago price levels) has the potential to shave an additional $15 billion from U.S. Real GDP. As such, a military strike against Iran, either from the U.S. (unlikely) or Israel (possible), would clearly alter our economic outlook to the downside. Crude oil prices could easily see $150 to $180/ barrel or possibly more under such a scenario, with resulting national average gasoline prices near, or above the $5 mark.

We are confident that the Obama Administration is loath to see the Iranian situation escalate to the point of military confrontation ahead of the November elections. However, Israel appears much less interested in waiting, and a unilateral strike against Iranian facilities (over U.S. objections) is a solid possibility. Unfortunately, there are no economic tea leaves to examine for an indication of how the Iranian situation may unfold – or more precisely, what Israeli officials may decide. Reports indicate that recently enhanced sanctions against Iran’s central bank do appear to be taking a material toll on the Iranian economy. Giving these sanctions more time to work could help. Additionally, many experts seem to question the effectiveness of Israeli capabilities to do the job. GDP Outlook: The U.S. economy grew at a modestly weaker than expected 2.8% in the final quarter of 2011. We had been forecasting a gain of 3.4% for the period. An unexpected decline in Federal government spending shaved 0.6 tenths from growth in the period and consumer spending over the holiday season was also a bit lighter than expected.

Source: Commerce Department, Ameriprise Financial Services, Inc.

FOR IMPORTANT DISCLOSURES, INCLUDING POSSIBLE CONFLICTS OF INTEREST, PLEASE SEE THE LAST PAGE OF THIS DOCUMENT.

Economic Perspectives February 27, 2012

© 2012 Ameriprise Financial, Inc. All rights reserved. - Page 2 of 8

EMPLOYMENT FUNDAMENTALS HAVE BEEN IMPROVING, BUT CONDITIONS ARE NOT QUITE AS GOOD AS THE UNEMPLOYMENT RATE WOULD HAVE US BELIEVE. This month we’d like to take a deeper look at the employment market, as job growth remains THE key to advancing the pace of U.S. economic growth and achieving a self-sustaining recovery. Although labor market trends have been quite encouraging over the last several months, job market conditions are still far from what one would call “healthy”. The Labor Department reported a solid 243,000 net new jobs were created in the month of January. It was the best singular month for job growth in nearly a year, as the three month average rate of payroll growth reached its second best level of the recovery (see chart below). Our 2012 GDP forecast is predicated on an assumption of average monthly payroll growth of 200,000 to 225,000. Thus, if recent trends are sustained or expanded upon, it should offer upside to our economic outlook all else remaining equal. Source: Labor Department, Ameriprise Financial Services, Inc.

New claims for unemployment insurance have also been declining at a steady pace over the last few months, thus indicating that further payroll gains are likely over the near-term. The 4-week moving average of new unemployment claims was near a 4-year low in the third week of February at 359,000. Such levels are comparable to the average claim rates seen in late 2003 /early 2004; a period when the U.S. economy was gaining momentum and growing at a fairly solid pace.

Source: Labor Department, Ameriprise Financial Services, Inc.

It is also important, in our view, to note that recent job gains have not

been overly concentrated in just one or two key sectors. Job growth has been fairly broad-based. The chart below depicts the Bureau of Labor Statistic’s monthly employment diffusion index. This index looks at the monthly percentage of private industries expanding payrolls against the number of industries cutting payrolls. January’s reading of 64.1 shows that job gains were widespread, with nearly two-thirds of industries adding to their workforce levels in the month. It was the second straight month the index was above 60; levels that have historically been associated with periods of generally solid employment growth.

Source: Labor Department, Ameriprise Financial Services, Inc.

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U.S. Private Sector Non-farm Payrolls

Mo/mo change

3 Mo moving avg.

March 2012 page 9

Economic Perspectives February 27, 2012

© 2012 Ameriprise Financial, Inc. All rights reserved. - Page 3 of 8

As with some other economic measures, there have been questions as to how much lift employment numbers may be receiving from this year’s milder winter weather. Construction activity, for example, has shown considerable strength over the last few months and at least some of this improvement is very likely due to this year’s more favorable weather conditions. On the other side of the equation, however, for every construction worker that may be getting extra hours this winter, there are likely an equal number of snow-plow drivers, ski lift operators, and winter apparel retailers that are not benefiting from the more mild temperatures. Additionally, new claims for unemployment insurance have continued to hit new lows even as climate conditions across much of the U.S. have generally returned to more normalized trends. In our view, this provides some confidence that the recent employment improvement trends are indeed credible. Not all that glitters is gold… One popular metric that we would NOT point to as an indicator of job market strength however, is the unemployment rate. Over the last few months, the unemployment rate has fallen sharply, hitting 8.3% in January versus 9.1% just six months prior, in August, 2011. The official rate is now well off its cycle peak of 10.0%, set in October, 2009. However, this sharp decline is deceptive. The vast majority of the unemployment rate’s improvement over the last several quarters has been due to a decline in the labor force participation rate (LFPR). The simple explanation here is that if people are not looking for work (within the last 4-weeks), the Labor Department does not consider them as part of the labor force. And if they are not part of the labor force, then they cannot be unemployed. The Labor Force Participation Rate: As shown in the chart below, the LFPR has declined significantly over the last three years. Source: Labor Department, Ameriprise Financial Services, Inc.

If the labor force participation rate had remained steady at the 66% level that it held for much of 2003 through 2008, the unemployment rate would currently be approximately 11% and still fairly close to its recent highs. Source: Labor Department, Ameriprise Financial Services, Inc.

So which measure is the better indicator of true job market health, unemployment or payrolls? As an economist and forecaster, changes in business payrolls are far more important. Like the unemployment rate, payrolls are far from a perfect measure. But they are drawn from a much larger survey and they provide an indication on the potential future direction of consumer income, and thus spending. In fact, as job market conditions improve, it is very common to see the unemployment rate rise as individuals that may have been discouraged and not looking for work previously, return to the job hunt.

63.0%

63.5%

64.0%

64.5%

65.0%

65.5%

66.0%

66.5%

67.0%

2002

M1

2002

M7

2003

M1

2003

M7

2004

M1

2004

M7

2005

M1

2005

M7

2006

M1

2006

M7

2007

M1

2007

M7

2008

M1

2008

M7

2009

M1

2009

M7

2010

M1

2010

M7

2011

M1

2011

M7

2012

M1

U.S. Labor force participation rate.

0%

2%

4%

6%

8%

10%

12%

14%

2002

M1

2002

M7

2003

M1

2003

M7

2004

M1

2004

M7

2005

M1

2005

M7

2006

M1

2006

M7

2007

M1

2007

M7

2008

M1

2008

M7

2009

M1

2009

M7

2010

M1

2010

M7

2011

M1

2011

M7

2012

M1

Official unemployment rate

Unemployment rate if labor force participation rate held steady at 66%

March 2012 page 10

Economic Perspectives February 27, 2012

© 2012 Ameriprise Financial, Inc. All rights reserved. - Page 4 of 8

Economic reports outside of the employment arena have also been broadly supportive. U.S. manufacturing output is 3% higher over the last six months and new orders for manufactured goods have been growing at an accelerating pace. According to the Institute of Supply Management’s (ISM) Manufacturing Index, the pace of new order growth has improved significantly over the last six months, hitting a 9-month high in January (see chart below). Source: Thomson Reuters

Activity on the services side of the economy also continues to improve as the ISM Non-manufacturing Index hit a new 10-month high in January (see chart below). As a reminder, the ISM reports are diffusion indexes; numbers above 50 indicate month-over-month expansion while numbers below 50 indicate mo/mo contraction.

Source: Thomson Reuters

INTERNATIONAL UPDATE: Conditions in Europe have also seen further stabilization over the last two months. As we pointed out in our 2012 Economic Outlook (published January 20, 2012), we believe the exceptionally strong liquidity pushed into the regional banking system by the European Central Bank in late December was a game changer in this crisis. The added liquidity does not solve the region’s government debt problems but it significantly improves the banking system’s ability to deal with it. Bond investors seem to agree. Government borrowing costs for some of the region’s most critical, yet beleaguered nations, most notably Italy and Spain, have declined materially since the start of the year. Italy remains the key indicator of progress in this fight, and the country has been fairly successful in rolling over the first of large sums of maturing debts that were due in February and March at manageable interest rates. The required interest rate on a 10-year Italian bond has declined from 7.2% in mid-December to a recent 5.5%. The country’s two year Note has likewise recently yielded 2.7% versus 6.0% in mid-December, evidencing the greater comfort of bond market buyers. European economic performance, meanwhile, has been generally as expected. Economic activity contracted slightly for the 17 nations that make up the Euro Zone during the fourth quarter. But some measures of economic activity have been better than expected and supportive of the notion that the contraction in the region will likely be modest overall. Meanwhile, economic activity in China has also been largely as expected. Reported inflation did pick-up in the month of January but most of the gain was concentrated in food prices, which may have been influenced by price hikes related to Chinese New Year celebrations. Also, Chinese leaders recently voiced support for further stimulus measures. In early February, Chinese Premier Wen Jiabao said that additional measures by the central government would start in the first quarter of the year to further “fine tune” the country’s economic policy.

March 2012 page 11

Economic Perspectives February 27, 2012

© 2012 Ameriprise Financial, Inc. All rights reserved. - Page 5 of 8

CORPORATE PROFITS: THE BRIDGE BETWEEN THE ECONOMY AND EQUITY MARKETS. Companies of the S&P 500 reported yr/yr earnings growth of 9% in the fourth quarter. The results were slightly ahead of analyst consensus estimates for the period, which as of December 31st had been forecasting earnings growth of 6%. Nevertheless, it was the slowest pace of yr/yr earnings growth in eight quarters.

Although Q4 results generally beat analyst estimates, this belies the fact that fourth quarter expectations had fallen significantly in the final months of 2011. At the end of September analyst consensus estimates had been projecting Q4 earnings growth of 14% on a year-over-year basis.

Estimates for 2012, in fact, continue to fall. Consensus estimates currently see 2012 S&P 500 earnings as likely to register a meager 3% gain. Much of the weakness is expected in the first half of the year due to economic weakness in Europe, a stronger U.S. dollar, and the limitation of productivity gains. As such, Q1 results (released in April) could be very telling of whether analysts have over-shot on trimming their forecasts or if they still have more downside to go.

The pace of revenue growth was generally sound in the fourth quarter. The Financial sector was the clear outlier to this assessment as weak trading and investment banking revenues, combined with the recent implementation of the Durbin Amendment (debit card usage fees) negatively impacted revenues.

Total S&P 500 revenues were 5.3% higher in Q4, and 8.1% higher if the financial sector were excluded.

Source: Bloomberg, Ameriprise Financial Services, Inc.

Year-over-year Operating EPS growth: Actuals and Estimates:→ → → → → → → → → →

Q1-2011 Q2-2011 Q3-2011 Q4-2011 Q1-2012 Q2-2012 Q3-2012 Q4-2012 Calendar Calendar Calendar2011 2012 2013 Forward

ACTUAL ACTUAL ACTUAL ACTUAL Estimate Estimate Estimate Estimate ACTUAL Estimates Estimates P/E

Consumer Cyclical 19% 16% 1% 6% 7% 7% 12% 20% 10% 9% 16% 15.3Consumer Staples 12% 10% 9% 3% 8% 9% 9% 12% 9% 8% 8% 14.8Energy 41% 37% 60% 12% 5% -4% -3% 22% 37% 4% 9% 11.0Financials 90% 8% -4% 13% -40% 7% 11% 23% 26% -5% 8% 10.4Health Care 9% 8% 9% 7% 3% 3% 2% 7% 8% 3% 5% 11.8Industrials 31% 18% 20% 19% 14% 11% 10% 6% 22% 10% 14% 13.6Materials 55% 51% 27% 0% -2% 1% 12% 53% 35% 10% 11% 12.7Technology 24% 26% 11% 11% 3% 3% 10% 4% 17% 2% 16% 13.6Telecom 2% 0% 13% -25% -7% -2% 1% 49% -2% 8% 13% 16.6Utilities -2% 3% 3% -3% -4% -6% -5% -5% 0% -2% 1% 14.1

S&P 500 Total 35% 18% 14% 9% 35% 18% 14% 9% 18% 3% NA 13.0

→ → → → → → → → → →

S&P 500 Trailing 12-month Operating EPS $93.60 $97.48 $100.49 $102.55 $99.92 $100.49 $101.89 $105.40 $102.55 $105.40 NA

Source: First Call via Thomson Reuters; data as of 02/22/2012

8.2

6.7

13.0

-13.6

5.3

5.7

7.1

10.4

9.6

1.3

5.3

-18 -13 -8 -3 2 7 12 17

Consumer Cyclical

Consumer Staples

Energy

Financials

Health Care

Industrials

Materials

Technology

Telecom

Utilities

S&P 500

Revenue Growth by Sector(Q4-2011, yr/yr %)

March 2012 page 12

Economic Perspectives February 27, 2012

© 2012 Ameriprise Financial, Inc. All rights reserved. - Page 6 of 8

Stock market valuation levels remain low by historical standards. Should global economic growth slow, valuations could offer stock prices some support. However, if economic growth were to accelerate to a better than expected pace, valuation levels could offer stock prices some added leverage.

S&P 500 Price to Earnings (P/E) valuation level:

Source: Thomson Baseline.

First Call S&P 500 earnings outlook:

Source: Thomson First Call, Ameriprise Financial Services, Inc.

S&P 500 Earnings Estimates02/27/2012 Actual Actual Actual Actual Estimate Estimate Estimate Estimate

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Quarterly $$ amount $26.63 $25.53 $25.61 $24.78 $23.98 $26.08 $27.00 $28.34 change since last week na na na $0.00 -$0.02 -$0.02 -$0.01 $0.05 yr/yr 35% 18% 13% 9% -10% 2% 5% 14% qtr/qtr 8% -4% 0% -3% -3% 9% 4% 5%

Trailing 4 quarters $$ $93.60 $97.48 $100.49 $102.55 $99.90 $100.45 $101.84 $105.40 yr/yr 18% 3%Implied P/E based on a S&P 500 level of: 1365.7 14.6 14.0 13.6 13.3 13.7 13.6 13.4 13.0

2011 2012

March 2012 page 13

Economic Perspectives February 27, 2012

© 2012 Ameriprise Financial, Inc. All rights reserved. - Page 7 of 8

SUMMARY U.S. economic fundamentals have made better than expected progress in these early weeks of the new year. Such gains however, are tenuous and are likely susceptible to any further increase in gasoline costs. At current levels we believe higher gas costs are economically digestible. We note that over the first half of 2011 U.S. national average gasoline costs were a sharp $0.78 higher, and the U.S. economy was still able to expand at a modest rate. The 2011 first half economic performance was also hindered by the consequences of Japan’s devastating earthquake and tsunami and exceptionally bad climatic conditions. We have also been very encouraged by the calming of European sovereign debt worries. The 27 nations that comprise the European Union (EU) make up nearly 26% of the global economy. A recession in this region will weigh on global growth prospects in the year ahead, but in our view, it should not be the dominant driver for the direction of global activity. This will be the third attempt for the U.S. economy to gain, and maintain, the momentum needed to reach “escape velocity” in this recovery. The economy had established considerable momentum in the first quarter of 2010 and again in the first quarter 2011, only to see those gains extinguished by various factors, but mostly the threats offered by the European Sovereign Debt Crisis. This time, we believe the continuation of recent momentum improvements should be capable of being maintained.

RISKS Though we have confidence in our forecast of a slow, continuing economic recovery, we recognize that a number of serious economic and financial market challenges remain.

The European Sovereign Debt crisis remains very dynamic and subject to market sentiment. Should this situation actually come to a make-or-break crisis momentum, we are now more confident that the ECB would step in as a lender of last resort, but such support is far from guaranteed. Government debt loads are exceptionally high in many of the world’s developed economies. The hard choices associated with correcting these imbalances are likely to weigh on economic performance, but allowing debt levels to continue higher would ultimately be much worse. The sharp economic slowdown experienced in the second quarter of 2010 underscores the recovery’s continuing susceptibility to adverse developments.

Additionally, we are in unchartered territory in terms of potential policy response should the current economic recovery falter. Monetary and fiscal policy, the traditional levers of stimulus employed to counter a downturn, are largely exhausted. Interest rates have very little room to go lower and government debts are already on an unsustainable path. Should another adverse global economic shock occur over the intermediate-term, there is little government officials could do to directly counteract the results.

Oil and other commodity prices also pose a risk to the economic outlook. Crude oil prices have the potential to place a “glass-ceiling” over global growth prospects as prices seem to rise with every sign of economic life, as would potential spikes related to tensions with Iran.

March 2012 page 14

Economic Perspectives February 27, 2012

© 2012 Ameriprise Financial, Inc. All rights reserved. - Page 8 of 8

DIRECTOR OF RESEARCH Lyle B. Schonberger - Vice President

SECTOR ANALYSTS Consumer Goods and Services Patrick Diedrickson, CFA

Energy/Utilities Leze Thaqi

Financial Services Lori Wilking

Health Care E. Eugene Robinson

Industrials/Materials Frederick M. Schultz

Technology/Telecommunication Justin H. Burgin

STRATEGISTS Senior Economist Russell T. Price, CFA

Senior Market Strategist Marc A. Zabicki, CFA

PACKAGED PRODUCT ANALYST (Open-End, Closed-End, & Exchange Traded Funds (ETFs))

Anthony M. Saglimbene

FIXED INCOME RESEARCH Brian M. Erickson, CFA - Director

ADMINISTRATIVE ASSISTANT Annie M. Kosek

IMPORTANT DISCLOSURES The views expressed in this publication reflect the personal views of the Ameriprise Financial Services, Inc. analyst(s) authoring the publication. Further, Ameriprise Financial Services, Inc. analyst compensation is neither directly nor indirectly related to the specific recommendations or views contained in this publication. For important disclosures on securities mentioned in this analysis, please review available third party research reports and charts with applicable disclosures on our website at ameriprise.com, or through your financial advisor, or by submitting a written request to Ameriprise Financial Services, Inc., 719 Griswold Street, Detroit, MI, 48226.

Standard & Poor's 500® Index (S&P 500®) is comprised of 500 stocks representing major U.S. industrial sectors. Performance figures are inclusive of dividends reinvested. S&P 500 is a registered service mark of The McGraw-Hill Companies, Inc. It is not possible to invest directly in an index.

International investing involves increased risk and volatility due to political and economic instability, currency fluctuations, and differences in financial reporting and accounting standards and oversight. Risks are particularly significant in emerging markets.

DISCLAIMER SECTION Except for the historical information contained herein, certain matters in this report are forward-looking statements or projections that are dependent upon certain risks and uncertainties, including but not limited to, such factors and considerations as general market volatility, global economic and geopolitical impacts, fiscal and monetary policy, liquidity, the level of interest rates, and historical sector performance relationships as they relate to the business and economic cycle.

This summary is based upon financial information and statistical data obtained from sources deemed reliable, but in no way is warranted by Ameriprise Financial Services, Inc. as to accuracy or completeness. This is not a solicitation by Ameriprise Financial Services, Inc. of any order to buy or sell securities. This Summary is based exclusively on an analysis of general current market conditions, rather than the suitability of a specific proposed securities transaction. We will not advise you as to any change in figures or our views. Past performance is no guarantee of future performance.

Brokerage, investment and financial advisory services are made available through Ameriprise Financial Services, Inc. Member FINRA and SIPC. Additional information on the securities mentioned is available upon written request. Some products and services described may not be available in all jurisdictions or to all clients.

Investment products are not federally or FDIC-insured, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value. Neither Ameriprise Financial, nor any of its advisors or representatives, provides tax advice.

March 2012 page 15

March 2012 page 16

How to Be a Magnificent PuBlic Servant: StrategieS tHat get reSultS

By: Mark “Tenacious” TowersSubmitted By: Margaret Birch Waterford Township Treasurer

Being a magnificent public servant is a marvelous mission! This “hands-on, how-to” article will provide five career strategies for you.

1. Be radically transparent. Nothing is more empowering or liberating than being honest, forthright and authentic. Be a public official who lives these words . . . “I do what I say and I say when I don’t!” There can be no substitute for managing change with unchanging values and playing the role of respectful rebel when you need to. As a city clerk once observed, “I know that I am an integral, trusted component in my community and no amount of money can ever replace that feeling.”

2. Realize that people always want more and less government at the same time. This leaves you with only one option . . . produce superb government and tout your accomplishments. As a county supervisor once noted, “Good government simultaneously serves as a freeway and a stoplight. It is akin to computer software. Without good computer software, the rest of the computer does not function. We are the software that makes our area of jurisdiction terrific! We are not egomaniacs who brag about our accomplishments, but we strategically let our constituents know about them.”

3. The process (of public service) is the product. Public servants are counted upon to make sound decisions. A magnificent public servant knows that people support what they help create. Public servants may not always have a vote, but they do want a voice. Provide that forum. As an insightful supervisor in a state agency said, “I spend seventy percent of my time listening and thirty percent talking. This ratio seems about right. My people want to feel significant, involved and engaged. This approach has always paid high dividends for me.”

4. A seasoned and wise federal government supervisor shared this: “I have a farming background and I enjoyed improving the process of baling hay. Some days were more challenging than others. Sometimes we were very effective and on other days, the hay was wet and we were slower. But I never tired of making the hay baler function as well as possible. I feel the same about doing my job each day. ” So it is with you . . . improve the process daily.

5. You’ve made a decision to serve others as a fine public servant. Please remember that success dies and significance never dies. Your work is significant and will last long after you are gone. Enthusiastically exude pride and never see your job as a series of tasks. See it as a responsibility.

In summary, let me simply say . . .

tHank you for wHat you do eacH day. Continue to enjoy doing the people’s work and being a magnificent public servant!

© Mark “Tenacious” Towers 817-421-4744 Email: mark@speakoutseminars.com

47th Annual Conference August 12-15, 2012 Williamsburg, Virginia

27.5 CPE Credits

March 2012 page 17

Funds for travel and training are often the first to go when times are tough. So why will hundreds of treasury management officers

attend the APT US&C 47th Annual Conference in Williamsburg? Here are some compelling reasons:

• It’s the one time during the year when, for just a few days, you can immerse yourself in information that you can take home and immediately apply to the treasury and financial issues with which your government is struggling.

• Shortages in staff, time, and resources are challenging our profession to re-think everyday practices and delivery methods. The APT US&C conference is packed with opportunities to learn new practices and successful strategies you and your government can use and can’t get at a single event anywhere else.

• The confence theme, “Revolutionizing Trends in Treasury Management” will permeate the educational tracks and discussion sessions. You will hear from practitioners and experts who have successfully implemented cutting edge technology to better utilize their jurisdictions’ resources.• To keep ahead of the curve and be ready for the next big fiscal challenge, you need to constantly hone your professional skills and knowledge. At the conference you will learn about the latest developments in your area of expertise.

So why do so many treasury management officers attend the APT US&C Annual Conference? Because they can’t afford not to attend. Take control of your professional development and learn how to do more for your government with fewer resources. Register today!

Why Attend?

It is possible to earn up to 27.5 continuing professional education (CPE) credits and 10.71 CPFA points at the APT US&C’s Annual Conference. Additional CPE credits and CPFA/ACPFA points can be earned by attending one or more of the APT US&C’s preconference seminars and additional training programs.

The APT US&C is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN 37219-2417, www.nasba.org.

March 2012 page 18

August 12-15, 2012 in Williamsburg, Virginia

APT US&C CONFERENCE

Investment Management Track

These sessions are designed to bring public funds managers the latest developments in the area of investing public funds. These sessions will be valuable to managers of all experience levels. Topics will range from basic investing for public funds managers to more sophisticated portfolio management strategies. Just a few of the topics previously covered in this track include: How to Maximize Interest Income and Maintain Flexibility and Liquidity; Model for Determing Fixed Income Securities vs. Daily Pools; Agency Debt Markets; and the Fate of the GSEs.

Cash Management Track

The Cash Management Track is designed to cover the latest cash management practices. Attendees will receive training and information on developing internal policies and procedures to manage cash in an efficient and organized manner. Just a few of the topics previously covered in this track include: The Cost of the Status Quo Economic Sector Solutions; Efficient Disbursement Management; Latest Developments in Electronic Payment Processing; and Aggregate, Automate, Accelerate Your Receivables.

Information Technology Track

The APT US&C conference will provide training, demonstrations, and the latest trends in information technology through a variety of educational sessions and interaction with exhibitors. Learning to leverage technology to enhance accountability and accuracy, and improve performance is critical to managing financial resources. Just a few of the topics previously covered in this track include: Data Security; Outsourcing Information Technology; Going Green in the Workplace; and Cyber Crime.

Debt Management Track

The Debt Management Track will address the appropriate uses, types and levels of debt. Attendees will learn about bond structure, principles of debt finance, and the latest GASB pronouncements. Just a few of the topics previously covered in this track include: Municipal Bond Market Update: From an Issuer’s Perspective; Capital and Economic Development Financing; and Tax-Exempt Bonds: IRS Compliance.

Concurrent Sessions

March 2012 page 19

August 12-15, 2012 in Williamsburg, Virginia

APT US&C CONFERENCE

Preliminary Schedule of EventsSunday, August 12, 2012 8:00 a.m. to 4:00 p.m.: CPFIM Program (Beginner Level) 8:00 a.m. to 5:00 p.m.: Board of Directors Nominating Interviews 8:30 a.m. to 2:00 p.m.: Treasury Academies (Beginner & Advanced) 11:45 a.m. to 1:00 p.m.: Lunch (training includes a boxed lunch) 2:00 p.m. to 5:00 p.m.: Committee Meetings 5:00 p.m. to 6:00 p.m.: New Members’ Welcome Reception 6:00 p.m. to 9:00 p.m.: Sunday Evening Social Event

Monday, August 13, 20127:00 a.m. to 8:00 a.m.: Continental Breakfast (Board of Directors & Committee Chair Breakfast Meeting)8:00 a.m. to 9:00 a.m.: Opening Session9:00 a.m. to 10:00 a.m.: Keynote Speaker10:00 a.m. to 10:30 a.m.: Break with Exhibitors10:30 a.m. to 11:20 a.m.: Concurrent Sessions11:30 a.m. to 1:00 p.m.: Treasurer-to-Treasurer Workshops1:00 p.m. to 3:00 p.m.: Awards Luncheon2:00 p.m. to 4:00 p.m.: CPFIM Program Testing (Beginner Level)3:00 p.m. to 3:50 p.m.: Concurrent Sessions4:00 p.m. to 4:30 p.m.: Break with Exhibitors4:30 p.m. to 5:20 p.m.: Concurrent Sessions6:00 p.m. to 8:00 p.m.: Monday Evening Social Event

Tuesday, August 14, 2012 6:30 a.m. to 7:30 a.m.: Fun Run/Walk 8:00 a.m. to 9:00 a.m.: Partnership Recognition Breakfast 9:00 a.m. to 10:50 a.m.: Concurrent Sessions 11:00 a.m. to 11:30 a.m.: Break with Exhibitors 11:30 a.m. to 12:20 p.m.: Concurrent Sessions 1:15 p.m. to 5:15 p.m.: Additional Training Programs (Cash Handling, Internal Controls, Debt Policy, Fund Balance Reserve, and Advanced CPFIM) 6:00 p.m. to 8:00 p.m.: Tuesday Evening Social Event

Wednesday, August 15, 2012 7:00 a.m. to 8:00 a.m.: Full Buffet Breakfast 7:00 a.m. to 9:00 a.m.: CPFIM Program Testing (Advanced) 8:00 a.m. to 9:50 a.m.: Concurrent Sessions 10:00 a.m. to 10:30 a.m.: Annual Business Meeting 10:30 a.m. to 11:00 a.m.: Morning Break 11:00 a.m. to 11:50 a.m.: Concurrent Sessions 12:00 p.m. to 1:00 p.m.: Past Presidents’ Luncheon 1:00 p.m. to 4:50 p.m.: Concurrent Sessions 3:00 p.m. to 4:00 p.m.: Board of Directors Meeting 6:00 p.m. to 7:00 p.m.: President’s Reception 7:00 p.m. to 11:00 p.m.: Installation Banquet

Earn up to

27.5 CPE Credits

March 2012 page 20

August 12-15, 2012 in Williamsburg, Virginia

APT US&C CONFERENCE

These intense, all-day seminars serve as basic training classes for new treasurers or great refresher courses for experienced treasurers. The Academies provide continued educational opportunities and points

toward the CPFA certification. The Beginner Academy will include classes such as: Role of the Treasurer, Budget Preparation, Muni Bonds 101, Cash Management Services and Paying for Banking Services, Basic Investing, and Understanding the Audit Process. The Advanced Academy will include classes such as: How to Deal with Office Issues, Budgeting to Get the Right Results, Financial Forecasting, Alternatives to Reduce Pension Costs, The Treasurer and GASB 54, Advanced Investing, and Identity Theft. A continental breakfast, boxed lunch, and afternoon snack will be provided.

Preconference SeminarsTreasury Academies: Beginner & Advanced

Certified Public Funds Investment Manager (CPFIM) Accreditation Program

The CPFIM is a nationally-recognized accreditation focused on the investment of public funds. Participants will learn basic level skills, tools, and fundamental concepts of investment portfolio management. The

course is designed for participants who have limited knowledge of cash management and public funds investing, and those looking to expand their knowledge base on the fundamentals of investing public funds. Who should attend: state and local government treasurers, business managers, investment officers, cash managers, finance officers, and employees who serve in similar roles. A continental breakfast, boxed lunch, and afternoon snack will be provided.

Additional Training Seminars Five APT US&C training programs are offered on Tuesday afternoon and registration includes purchase of the manual. An afternoon snack will be provided during the additional training programs.

The Guide to Internal Controls – This program features APT US&C’s NEWEST manual, which complements our successful internal controls checklist. The checklist has been updated and incorporated into a training manual to assist attendees on the importance of proper internal controls and how to apply the checklist to their public entities.

Cash Handling Certification - Improve your entity’s cash handling skills by becoming a certified cash handler. Once you complete the certification process, you can train your staff and improve your organization’s cash handling operations. APT US&C’s cash handling Seminars have been presented to more than 5,000 cash handlers throughout the United States.

Fund Balance Reserve Policy Certification - This is APT US&C’s NEWEST certification. In conjunction with establishing a debt policy, rating agencies are looking for fund balance reserve policies.

Debt Policy Certification - Utilizing APT US&C’s Debt Policy Manual, this program assists you in certifying your organization’s debt policy by establishing debt financing policies for your organization while considering today’s tighter regulations and laws.

Advanced Certified Public Funds Investment Manager (ACPFIM) Accreditation Program - After completion of the CPFIM, APT US&C recommends successful completion of the ACPFIM. The first module of the ACPFIM identifies and explains some of the more complex investment choices available to the public funds investor including: Treasury Inflation Protected Securities (TIPS), Mortgage Backed Securities (MBS), step-up agencies and agency floating rate securities. The second module of the ACPFIM illustrates how to analyze your current investment portfolio with Excel and other software tools. After your portfolio has been analyzed for current and potential risks, we will discuss repositioning to mitigate risk.

March 2012 page 21

August 12-15, 2012 in Williamsburg, Virginia

APT US&C CONFERENCE

Hotel Information

Williamsburg Lodge

Surrounded by the comforting warmth that’s a hallmark of American folk art, attendees will find themselves relaxed and ready to achieve their learning objectives at the Williamsburg Lodge. Extensively restored and vastly expanded, the Lodge is part of Colonial Williamsburg’s Historic Area. Southern hospitality, comfortable décor and regional cuisine are hallmarks of the Lodge, making it a favorite of guests and locals.

Standard Deluxe (1 person) - $189.00 Double Deluxe (2 person) - $189.00 Currently APT US&C is offering 35 first-come, first-served Superior guest rooms at the discounted price below. Standard Superior (1 person) - $169.00 Double Superior (2 person) - $169.00

Williamsburg Woodlands

Nestled on the edge of a secluded pine grove, this hotel is a family haven located at the Colonial Williamsburg Visitor Center, five (5) minutes from the Williamsburg Lodge. You can follow the nature trail to the Histroic Area, or just hop on a shuttle. All rooms overlook wooded grounds and gardens. Williamsburg Woodlands is convenient to dining, shopping, golf, spa, and many recreational amentities.

Standard (1 person) - $124.00 Double (2 person) - $124.00

One (1) Bedroom Suite - $169.00

Reservation deadline is July 18, 2012. For reservations call (800) 261-9530 and mention the group code (#8026) to receive the group rates. Sleeping room rates do not include a 10% state and local tax and $2.00 per night occupancy tax; tax rates are subject to change. Children under the age of 18 will not be charged as an adult.

Reservations require a one (1) night deposit (including tax) with a major credit card. Deposits are refundable if notice of cancellation is received by the Hotel Reservation Department at least three (3) days prior to the expected arrival date. Guest check-in is 4:00 p.m. and check-out is 11:00 a.m.

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August 12-15, 2012 in Williamsburg, Virginia

APT US&C CONFERENCE

Area Attractions

Perhaps nowhere else does the exciting story of America come to life more vividly than in America’s Historic Triangle: Williamsburg, Jamestown and Yorktown. A visit here affords the unique opportunity

to travel back through our country’s history, while offering world-class museums and art galleries, fabulous shopping and dining, outstanding golf and theme parks, and some of the most scenic nature trails and waterways in the country.

COLONIAL WILLIAMSBURG

Colonial Williamsburg offers a variety of activities that lets you experience firsthand what it was like to live during the 18th century. Talk with “People of the Past” who bring the restored capital to life. Walk into the buildings where the events took place, from the ornate splendor of the Governor’s Palace to the simplicity of the Raleigh Tavern, where Jefferson, Henry and other Virginia patriots plotted a revolution, to the Gaol where Blackbeard’s men were imprisoned. Lend a hand at Great Hopes Plantation or take home a living piece of the past from Colonial Williamsburg’s nursery. Dine in a colonial tavern and feast on the finest Virginia recipes. Watch as carpenters reconstruct buildings using 18th-century methods and tools.

JAMESTOWN

A variety of interpretive experiences await visitors to Historic Jamestown. Nearby to the Visitor Center, the Voorhees Archaearium showcases the discovery of the 1607 James Fort and interprets not only how archeologists found the fort, but what the excavation has revealed about the first English settlers. Exhibits trace the development of the Virginia colony from a humble outpost in 1607 to a politically and economically secure entity. Find out about the cultivation of tobacco, the cash crop that ensured the colony’s survival, and the evolution of social and government institutions throughout the 17th century, while Jamestown served as Virginia’s capital.

YORKTOWN

One of the true jewels of the Historic Triangle is Historic Yorktown, which has equal measures of history and charm, all in a breathtaking riverfront setting. On the waterfront, visit the Watermen’s Museum, which tells the story of the men and women who settled the Chesapeake Bay area and earned a living from the tributaries that feed it. Yorktown also is the home of several fine antique shops, art galleries and charming restaurants all nestled

in the village and overlooking the York River. After a stroll through the waterfront, visit the Yorktown Battlefield which is the site of the final major clash of the American Revolution and symbolic end of the colonial period of our nation’s history. Stop through the Yorktown Victory Center, a museum of the American Revolution, including an open-air exhibit walkway tracing the events leading to the America colonies’ split from Britain.

March 2012 page 23

August 12-15, 2012 in Williamsburg, Virginia

APT US&C CONFERENCE