Virginia Local Finance » News & Notices

Meeting Notice – VACo/VML OPEB Board of Trustees

Robert — Tue, 25 Sep 2012 23:08:22 +0000

The Board of Trustees of the VACo/VML Pooled OPEB Trust will meet on Friday, March 8th, 2013, at 10:30 a.m., at 919 E. Main Street, 24th Floor, Richmond, VA 23219.

The Board of Trustees will consider several items of business, including 1) conducting due diligence interviews with fund managers; 2) receiving updates on economic and portfolio performance; and 3) such other matters as may come before the meeting.

For additional information, contact:

Steven C. Mulroy, Deputy Director
VML/VACo Finance
919 E. Main Street, Suite 1100
Richmond, VA 23219

(804) 648-0635

VACo/VML Pooled OPEB Trust Holds FY 2013 Annual Meeting

Robert — Thu, 20 Sep 2012 15:08:06 +0000

The largest of two portfolios managed by the VML/VACo Pooled OPEB Trust Fund realized a 17.7 percent market return over the past 12 months, according to a report presented at the at the trust fund’s annual meeting held Oct. 26 in Richmond. The second portfolio realized a market gain of 14.6 percent during the same period. The performance of both portfolios exceeded their respective targeted rates of return – 7.5 percent for the larger portfolio and 6.5 percent for the second portfolio.

The total size of the fund grew from $321.9 million to $435.2 million since the last annual meeting.

Because of the healthy growth of the fund, membership fees have been reduced and program-level custodial expenses are now paid from the regular quarterly fees, instead of being deducted from investments.

Governments have been required to show liabilities for “other post employment benefits (OPEB) on financial statements since the requirement was phased-in fully in 2010. OPEB are non-pension benefits, such as health insurance, available to retirees. Even if retired employees who participate on their former employer’s plan pay their own health insurance premiums, there generally will be an implicit liability that has to be shown on the governments’ financial statements.

To avoid increasing liabilities, governments instead can fund the liabilities each year. The funds are then invested with the earnings helping to hold down long-term costs. By pooling contributions, the participants have a larger fund that can generate a higher rate of return with less volatility. Participants also have access to the highest quality professional fund managers that they would not have access to on their own.

All local governments can take advantage of discounted actuarial studies through an agreement that VML/VACo Finance, the trust fund administrator, has with Milliman Inc. An actuarial study is the first step in determining the amount of liabilities for OPEBs.

Forty trust accounts are maintained under the OPEB program, which includes cities, towns and counties ranging in size from the town of Ashland to Fairfax County. Other political subdivisions, primarily school boards, participate in the fund as well.

The fund is governed by a board of trustees made up of local officials of participants in the trust fund. New members elected to the board include Dean Daniel, Loudoun County; Laura M. Rudy, Stafford County; and Lance W. Wolff, Stafford County Public Schools. Virginia Beach Finance Director Patricia A. Phillips was re-elected to the board as well.

[Reprinted from eNews, the newsletter of the Virginia Municipal League. See the Resources & Links tab for copies of presentations made at the Annual Meeting.]

Statewide Recruitment: Accounting Consultants

Robert — Wed, 18 Jul 2012 18:31:56 +0000

VML/VACo Finance seeks excellent, experienced accountants for temporary or continuous placement with our fast-growing Accounting Services consulting program. A local governmental background is required. Governmental auditing experience is also acceptable. CPAs or CPA candidates are encouraged to apply.

This is an excellent opportunity for highly motivated, self-starting accounting professionals who seek challenge and prefers working in flexible and varied assignments. The assignments will also be appealing to those who have retired from a governmental accounting position and would like to continue working with flexible hours as well as those who may be seeking new opportunities.

Due to our geographically diverse client base, this is a statewide recruitment in which Accounting Consultants may be based anywhere in Virginia. Some overnight travel may be required, usually scheduled in advance. Compensation is commensurate with experience.

Typical duties may include:

Analyzing complex financial transactions to resolve outstanding issues
Reconciling various accounts to expected balances, preparing transactions to resolve outages
Assisting clients with year-end accrual entries
Preparing non-routine transactions in areas such as long term debt
Researching and recording fixed asset acquisitions and disposals
Preparing various accounting schedules for review by clients and auditors
Assisting with complex bank and balance sheet reconciliations
Preparing financial statements and notes in accordance with GAAP for governmental entities
Creating financial policies or procedural documentation for routine and non-routine financial transactions

In addition to having experience in a local government setting (or audit setting with local government clients), applicants should have: familiarity with governmental GAAP, solid references, and the ability to effectively communicate and interact with clients and auditors. Our senior accountants oversee and support Accounting Consultants throughout their engagements, as needed.

Interested persons should submit a confidential resume with references and salary history to info@valocalfinance.org. Additional information on VML/VACo Finance is available at valocalfinance.org.