April Monthly Meeting
Positive Arbitrage has Returned!
Date: Wednesday, April 19, 2023
Time: 11:30 AM – 12:30 PM
Location: Wherever you are
Cost: Free
CEU: 1.0 on request. Please complete the online form to request an emailed certificate: CEU Request Form
Please register online at www.mngfoa.org
Topic: Positive Arbitrage has Returned!
Speaker: Joe Smith, David LaFlamme
Positive Arbitrage has Returned!
Positive arbitrage has returned! With the rapid rise in interest rates over the past several months, municipal bond issuers have seen significant improvement in interest earnings on invested bond proceeds. But the improved earnings have reintroduced an issue we haven’t seen for many years, positive arbitrage. During this month’s presentation, Joe Smith and David LaFlamme of Robert Thomas CPA will provide an overview of arbitrage rules and regulations and monitoring/reporting considerations for municipal bond issuers.
Joe Smith began his accounting career at Ernst & Young in 1985. In 1992 Mr. Smith joined Grant Thornton LLP for the purpose of building their verification and arbitrage rebate practices. During his 26 years at Grant Thornton Mr. Smith was involved in providing verification and arbitrage services to municipal issuers, financial advisors and underwriters across the country. His 30 plus year career serving the municipal finance industry has provided Mr. Smith a deep understanding of the arbitrage rules put in place by the Tax Reform Act of 1986 and knowledge of how they and subsequent revisions impact tax-exempt bonds. Mr. Smith has his undergraduate degree in accounting from the University of Arizona and master’s degree in finance from the University of Wisconsin – Madison. Mr. Smith is a Certified Public Accountant licensed in Minnesota, Arizona and California.
David LaFlamme began his accounting career at Grant Thornton in 2005. Mr. LaFlamme has over 17 years of experience in the Public Finance Industry providing services related to commercial loan defeasance verification, cash flow and yield verification and arbitrage rebate compliance. Mr. LaFlamme received a master of accountancy degree and a bachelor of science in business degree in finance and entrepreneurial management from the University of Minnesota’s Carlson School of Management. Mr. LaFlamme completed a study abroad with a focus on International Business from the University of Melbourne – Melbourne Business School.
Please use the link and information below to join the webinar.
Meeting URL:
https://us02web.zoom.us/meeting/register/tZAkf-ihqj8jGdQzeNYNKZhoFA6-7RuDKWU9
