Girard Miller

States and localities may have hidden treasure in their data that can be profitably unearthed by commercial interests. Governments need to be able to realize the value of their data while still protecting the public.

To compete for winning investment performance in capital markets, the plans need to build stronger internal bench depth. Compensation is part of the picture, but they also need to beef up their training camps.

Billions of dollars in tax-sheltered municipal bonds are sold to fund stadiums and arenas that enrich team owners while fueling federal deficits. Local politicians can’t say no, but Congress should.

Today's interest rates may tempt public financiers to try to play the spread between tax-exempt and taxable bond yields. That invites heightened federal scrutiny, but there are some strategies likely to avoid the bite of the IRS.

Congress could enable cities to employ tax-exempt bonds to help stabilize their office tax bases in a way that's friendly to both taxpayers and the IRS. There might already be opportunities for brave mayors and crafty public financiers.

Homeowners are being squeezed out of affordable coverage. Sustainable intergovernmental partnerships with the insurance industry offer a solution. And there may be a role for state and local pension funds.

The major public funds have almost doubled their investments in high-fee, nontraditional vehicles, and important new research shows how costly it's been. It's a wake-up call for greater scrutiny of fee structures and consultants' assumptions.

State and local treasurers have been playing it safe by capturing high short-term rates. Some are wary of longer maturities, but markets smell lower short-term yields. Tricky decisions are in store.

States can compensate with vehicle and odometer taxes, but local governments can harness new data technologies — including GPS, 5G and AI — to meet the need for more than states' hand-me-down dollars.

Pandemic money from Washington stimulated the economy but arguably ended up feeding inflation. Before the next downturn, governors, mayors and public financers need to be part of the conversation about how to open the countercyclical aid spigot quicker — and when to shut it off.