In this episode of Full Disclosure, hosts Tyler Traudt and Nina Enholm sit down with Rick White, an independent consultant and veteran of the municipal finance world with over 20 years of experience in underwriting and remarketing tax-exempt variable rate debt. Rick pulls back the curtain on Variable Rate Demand Notes (VRDNs), Tender Option Bonds, and money market eligible products and explains their structure, benefits, risks, and how they've evolved since the 2008 financial crisis.

From his early days on the trading floor at First Union to managing a $30 billion variable rate portfolio at Wells Fargo, Rick provides a front-row view of how the market has shifted over the years. He walks listeners through the mechanics of liquidity facilities, remarketing agents, and the crucial role of bank letters of credit, breaking down complex financial concepts in a clear and candid way.

The episode explores what happened when the auction rate market froze, how banks responded, and why investor trust in liquidity dried up seemingly overnight. The conversation wraps with a look at current rate trends, as Rick, Tyler, and Nina analyze recent charts and discuss what might come next for variable rate debt in today’s market environment.

(1) Lessons from the Auction Rate Crisis: The 2008 financial crisis exposed the fragility of auction rate securities and highlighted the importance of strong liquidity support. Rick recounts how frozen markets forced issuers to pivot to VRDNs, often overnight.

(2) Modern Tools, Smarter Strategy: Post-2008 reforms like EMMA brought much-needed transparency to the market. Today, issuers can (and should) monitor rates across multiple series and remarketing agents to make data-informed decisions.

(3) Variable Rate Debt is Evolving: Despite its complexity, variable rate debt can offer real advantages in the right circumstances. With volatility back in the market, and daily vs. weekly reset modes now diverging by 100+ basis points, the time to re-evaluate strategies is now.

In this episode of Full Disclosure, hosts Tyler Traudt and Nina Enholm sit down with Mark Vitner, Chief Economist at Piedmont Crescent Capital, for an in-depth economic update. Mark unpacks key trends shaping the U.S. economy, analyzing the impact of tariffs, Federal Reserve policy, and shifting supply chains on growth and inflation.

With years of experience forecasting economic conditions, Mark provides valuable insights into the current slowdown, explaining how uncertainty in trade policy and capital investment decisions is influencing business strategy. He breaks down the real effects of tariffs on consumer prices and how the Federal Reserve is managing inflation while avoiding recession.

During the episode, you’ll gain a deeper understanding of how economic conditions are evolving and what to watch for in the coming months, from potential rate cuts to shifts in housing and manufacturing. If you're looking for an analysis of where the economy is headed, this is an episode you won’t want to miss.

Featured Guest:

Mark Vitner is the Chief Economist at Piedmont Crescent Capital, where he provides strategic economic insights and forecasting for clients across industries. With over 30 years of experience in economic analysis, Mark specializes in assessing U.S. and regional economic conditions, financial markets, and geopolitics, with a focus on their impact on consumers, local economies, housing, and commercial real estate.

Before founding Piedmont Crescent Capital, Mark spent nearly three decades at Wells Fargo as a Managing Director and Senior Economist, where he led macroeconomic research and regularly briefed corporate leaders, investors, and policymakers. His expertise also extends to roles at Wachovia, First Union National Bank, and Barnett Bank, where he developed strategic economic outlooks and provided critical analysis for financial institutions.

Mark is a recognized thought leader in economic forecasting and has been a frequent speaker at industry conferences, corporate events, and policy discussions. He has also contributed to numerous publications on inflation, monetary policy, and economic development.

Top Takeaways from Episode 03:

1. Tariffs & Trade Policy Impact – Tariffs can distort supply chains and increase costs, but their inflationary impact is often overstated. The long-term effects depend on whether they’re used for revenue generation, trade leverage, or reshoring efforts.

2. The Federal Reserve’s Balancing Act – The Fed faces the difficult task of cutting rates to sustain growth while avoiding a resurgence of inflation. Mark predicts three rate cuts in 2025 but sees potential rate hikes resuming in 2026.

3. Federal Debt & Fiscal Concerns – Interest payments on national debt have surpassed defense spending, raising long-term concerns. Future policy shifts may focus on entitlement reform, tax policy adjustments, and government efficiency to curb deficits.

In this episode of Full Disclosure, our hosts Tyler Traudt and Nina Enholm explore the unique role of bond banks with Michael Gaughan, Executive Director of the Vermont Bond Bank. Michael shares his expertise on how bond banks provide critical access to capital for small and rural communities, ensuring they can fund essential infrastructure projects without the complexities of direct market access.

Michael takes us through the origins of the Vermont Bond Bank, the first of its kind in the nation, and explains how it continues to evolve, offering innovative financing solutions that help municipalities manage challenges like rising interest rates, disaster recovery, and sustainability projects. From a small town rebuilding after a devastating fire to statewide efforts to address climate resilience, listeners will gain valuable insights into how bond banks operate, the challenges of financing public projects in rural areas, and why access to equitable, long-term capital is crucial for the sustainability and growth of small communities.

Featured Guest:

Michael Gaughan is the Executive Director & Secretary of the Vermont Bond Bank, where he has led efforts to support municipal financing and infrastructure development across the state since 2018. In this role, Michael oversees lending programs that enable local governments, school districts, and other public entities to secure funding for essential projects. He also serves as the Executive Director of the Vermont Educational and Health Buildings Financing Agency, further advancing access to cost-effective capital for educational and healthcare institutions.

Michael represents the Bond Bank on the State of Vermont’s Capital Debt Affordability Advisory Committee, providing expert insight on the state's long-term borrowing capacity. His extensive experience in public finance includes serving as a Director at the National Development Council (NDC), where he worked on community development finance initiatives nationwide, and as a public finance banker at PNC, specializing in governmental, housing, and community facilities transactions.

In addition to his leadership roles, Michael is actively involved in public finance and economic development organizations. He is a board member of the Northeast State Government Finance Officers Association (NESGFOA), an advisor to the Government Finance Officers Association’s (GFOA) Committee on Economic Development and Capital Planning, and a member of the Executive Committee for the City of Burlington’s Planning Commission.

Top Takeaways from Episode 02:

1. How Bond Banks Level the Playing Field – The Vermont Bond Bank provides small and rural communities with access to affordable financing, ensuring that even towns with just a few hundred residents can fund essential infrastructure projects at the same rates as larger municipalities.

2. A History of Innovation – Vermont was home to the first bond bank in the U.S., created to address a capital crunch in the 1970s. Since then, the model has evolved to meet modern financial challenges, offering solutions beyond traditional municipal bonds.

3. Bridging the Gap for Disaster Recovery – Vermont’s Municipal Climate Recovery Fund is a forward-thinking initiative that helps communities secure financing for rebuilding after floods and other climate-related disasters.

In this episode of Full Disclosure, we share an extraordinary story of resilience, leadership, and community effort in the face of disaster. Our hosts, Tyler Traudt and Nina Enholm, are joined by Melissa Moore, CFO of Buncombe County, and Matt Evans, Financial Planning & Analysis Manager, as they recount their experiences navigating the aftermath of Hurricane Helene, which devastated Western North Carolina.

Melissa and Matt share personal and professional accounts of the storm’s impact, from the harrowing challenges of managing emergency operations without communication systems to ensuring that first responders were fed, roads were cleared, and resources were distributed. Melissa reflects on stepping into her role at the Emergency Operations Center (EOC) while Matt describes the importance of documenting every expense for FEMA reimbursement and the painstaking process of modeling the financial impacts of the disaster on the county’s tax base.

This episode shows the remarkable spirit of the Buncombe County community, where residents and local businesses rallied with heavy equipment, supplies, and sheer determination to assist in rescue and recovery efforts.

Episode Images

Featured Guests

Melissa Moore is the Finance Director for Buncombe County Government, bringing over 15 years of experience in public finance and local government to her role. Since stepping into this position in September 2023, Melissa has focused on advancing financial strategies, managing government bonds, and ensuring sound budgetary processes that align with the County’s goals.

Prior to her current role, Melissa served as the Director of Finance for the City of Pflugerville, Texas, where she oversaw financial operations for over two years. Her extensive career includes key positions such as Assistant Director of Finance for the City of San Marcos, Texas, and Finance Program Manager at CPS Energy, one of the largest municipally-owned utilities in the nation.

Matt Evans, MPA, CLGBO, is the Financial Planning & Analysis Manager at Buncombe County Government, where he oversees debt issuance, financial forecasting, and the implementation of fiscal regulations to ensure the County’s financial health. With almost ten years of experience at Buncombe County, Matt has spearheaded initiatives ranging from managing multi-million-dollar grants to leading strategic financial planning and risk mitigation efforts.

An expert in public finance, Matt has presented on government reporting at the national Workday Rising conference and is a certified Workday Financials power user. He holds a Master of Public Affairs from Western Carolina University, where he was recognized as Public Management Student of the Year, and is passionate about driving innovation and efficiency in local government finance.

In this episode of Where Public Finance Works, we sit down with Dan Wiles, Assistant Treasurer for Los Angeles County and newly appointed MSRB Board Member, as he reflects on his nearly 40-year career in public finance and prepares for retirement.

Join host Tyler Traudt and guest co-host Nina Enholm as they explore Dan’s remarkable journey—from growing up in a small town in Minnesota to becoming a leader in municipal finance for one of the largest counties in the U.S. Dan shares his path from law school to public finance, recounting career-defining moments, including his pivotal role in the landmark 2013 financing of the Riverside County SR-91 Corridor Improvement Project. Dan takes us through the intricacies of structuring multi-layered deals involving sales tax, toll revenue bonds, and federal TIFIA loans while navigating challenges like volatile markets and rigorous rating requirements.

In this episode, you’ll gain insight into the teamwork, innovation, and strategic decision-making that shaped the success of this $1.4 billion transportation project, which continues to benefit Southern California commuters today.

As Dan prepares to leave LA County, he reflects on his legacy and new role on the MSRB, offering valuable lessons in leadership, collaboration, and the lasting impact of public finance.

Featured Guest

Daniel Wiles is the Assistant Treasurer and Tax Collector for Los Angeles County, overseeing the Finance Branch of the Treasurer and Tax Collector’s Office (TTC). His responsibilities encompass Public Finance, Cash Investments, and Defined Contribution Plan Investments, where he brings nearly 40 years of extensive experience in public finance and investment management.

Since his appointment to this role in 2019, Dan has played a pivotal part in managing the financial strategies and operations for one of the largest counties in the United States. Before joining the TTC, Dan served as Principal and Chief Compliance Officer at Fieldman, Rolapp & Associates, Inc., a leading municipal advisory firm, where he spent 17 years providing strategic guidance and compliance oversight. His career also includes roles as a financial and investment advisor, as well as bond and underwriters counsel, giving him a well-rounded expertise in public finance.

Dan earned his Bachelor of Science in Economics, magna cum laude, and Juris Doctor, magna cum laude, from the University of Minnesota, where he also served as an editor for the Minnesota Law Review. He holds MSRB licenses as a Municipal Advisor Representative (Series 50), Municipal Advisor Principal (Series 54), and Registered Investment Advisor (Series 65).

Episode Resources

• How to Negotiate Your Earnings Credit Rate
  
• Common Cash Flow Issues for Government and Nonprofit Finance Teams
• Solving the Challenges of Decentralized Data in Treasury and Accounting

In this episode of Where Public Finance Works, we meet Kevin Bueso, Chief Financial Officer at the Regional Transportation Authority (RTA) of Northeastern Illinois. Kevin shares his inspiring journey from Honduras to leading finance operations at one of the country’s largest transit oversight agencies.

Join host Tyler Traudt as he explores Kevin’s strategic initiatives to address the challenges of post-pandemic public transit, the ongoing fiscal cliff, and the role of technology in transforming operations. Kevin discusses the unique challenges the RTA faces as an oversight and funding agency for Chicago’s vast transit system, and how coordination between the RTA and its sister agencies—CTA, Metra, and Pace—is essential for managing public transit services across the metropolitan area.

Kevin also shares his approach to future-proofing his team, encouraging staff to continuously question their methods and think strategically about their roles. His leadership balances innovation with operational efficiency, offering valuable lessons for anyone in public finance, transportation, or leadership.

Featured Guest

Kevin Bueso is the Chief Financial Officer and Senior Deputy Executive Director of Finance, Innovation, and Technology at the Regional Transportation Authority (RTA) of Northeastern Illinois. Kevin is responsible for overseeing the financial strategies and operations of the RTA, providing crucial leadership at a pivotal moment for the region’s transit system. His areas of focus include financial planning, budgeting, treasury operations, IT strategy, and capital project management.

Before joining the RTA in 2023, Kevin served as Chief Financial Officer for McHenry County, where he contributed his expertise in strategic financial management, change management, and succession planning. His extensive background in local government finance spans roles such as Finance Director for the Village of Round Lake Beach and Assistant Director of Finance for the City of Waukegan, where he gained deep experience in fiscal oversight, budget development, and internal controls.

Kevin holds both a Bachelor’s and an MBA in Accounting & Finance from Roosevelt University. He is actively engaged with professional associations and was instrumental in establishing the Illinois Chapter of the Local Government Hispanic Network (LGHN). Fluent in Spanish and originally from Honduras, Kevin brings a unique and global perspective to his work in public finance.

Episode Resources

• Earnings Credit Calculator for Treasury & Finance Teams
• Breaking Down the Math Behind Municipal Bonds
• A Treasurer’s Guide to Understanding the Account Analysis Statement

Join us for an insightful episode of Where Public Finance Works, featuring Melissa Moore, the Finance Director for Buncombe County, North Carolina. Host Tyler Traudt explores Melissa’s unique transition from the private sector to public finance, sharing how her analytical background and experience in financial planning have driven meaningful change in local government.

Melissa discusses her journey from Texas to North Carolina, offering a behind-the-scenes look at her strategic approach to financial planning and cash flow management. She explains how Buncombe County is handling growth and public trust challenges, and how her team focuses on maximizing taxpayer dollars through smart cash investments and long-term financial forecasting.

This episode sheds light on the critical role of finance in local government, from managing bond proceeds to planning for future capital projects.

Featured Guest

Melissa Moore is the Finance Director for Buncombe County Government, a role she has held since September 2023. With over 15 years of experience in public finance and local government, Melissa has developed expertise in managing government bonds, overseeing budgetary processes, and fostering financial strategies for municipalities.

Before joining Buncombe County, Melissa served as the Director of Finance for the City of Pflugerville, Texas, where she led financial operations for over two years. Her career also includes positions such as Assistant Director of Finance for the City of San Marcos, Texas, and Finance Program Manager at CPS Energy, one of the largest municipally-owned utilities in the U.S.

Melissa's well-rounded experience in financial planning, debt management, and government budgeting positions her as a leading voice in public finance, ensuring that government resources are allocated effectively to benefit the community.

Episode Resources

• Guide to Liquidity Management Strategies for Treasurers
• From Bond Proceeds to Rebates: The Lifecycle of a Construction Account
• Debt Service Calculator for Tax-Exempt Bonds

In this episode of Where Public Finance Works, we explore the remarkable career of Denise Laussade, a distinguished leader in university treasury operations with roles at both Purdue University and Virginia Commonwealth University (VCU).

Join host Tyler Traudt as he uncovers the deep-seated love for dance and music that has been a guiding force in Denise’s life. These artistic passions have seamlessly intertwined with her career in finance, providing a unique perspective.

Denise’s professional journey spans different industries, from futures trading in oil, gold, and silver at Texaco to handling a Chapter 11 bankruptcy in the retail and manufacturing sectors. During her 13 years at Purdue University, Denise served as Director of Treasury Operations, where she oversaw cash management, investment partnerships, and debt issuance. Her tenure there deepened her expertise in municipal debt and compliance, while she played a vital role in maintaining the University’s financial health by freezing tuition rates and optimizing financial strategies.

Denise’s journey then led her to VCU, where she embraced the role of Treasurer. She shares insights into the unique challenges of managing finances in a smaller, more constrained environment, including the innovative establishment of a quasi-endowment to strengthen VCU’s financial stability. Throughout the episode, Denise highlights the importance of innovation, imagination, and adaptability in the world of finance.

Featured Guest

Denise Laussade is a finance professional with a distinguished career in higher education treasury operations. Her most recent role was as Treasurer at Virginia Commonwealth University, where she was responsible for managing debt, investments, cash, and collections for a university serving over 30,000 students. Her tenure at VCU was marked by her strategic approach to financial management, which included the innovative use of quasi-endowments to bolster VCU's financial stability.

Prior to VCU, Denise spent nearly 15 years at Purdue University, where she served as the Senior Director of Treasury Operations. At Purdue, she oversaw a broad spectrum of treasury functions, including daily cash management, banking relationships, and credit card services.

In addition to her roles in higher education, Denise has held leadership positions at Darden Restaurants and Dan River Inc., where she honed her skills in corporate finance and strategic planning. Her diverse background and commitment to continuous improvement have made her a respected leader and mentor in the finance community.

Episode Resources:

• Debt Service Calculator for Tax-Exempt Bonds
• Strategies for Financing New Municipal Capital Projects
• Bank Fee Management: Challenges & Insights for Treasury Teams