Past PhAMAS Events

A Seminar for Credit Analysts on New Jersey Statutory, Current Fund Accounting

Date: Thursday, October 18, 2018

Time: 3:00 pm - 5:00 pm


Ballard Spahr
1735 Market Street, 51st Floor
Philadelphia, PA 19103


Jon Rheinhardt, Business Administrator, Chief Financial Officer, Purchasing Agent, Borough of Wharton, NJ.

Dave Miller, Director of Finance, Mercer County, New Jersey


Jon and Dave intend to help credit analysts understand the differences in current fund accounting versus GAAP-Based, Accrual accounting. What adjustments should municipal analysts make when analyzing these statements in order to understand a municipality's credit position in terms of liquidity and profitability, for example? They will take us through an example case study, showing the GAAP conversion.


Conversion from OCBOA to GAAP (.xls)
Statement of Operations - 10 Year Analysis (.pdf)
New Jersey OCBOA (.pptx)

Dave Miller, the current Deputy Administrator for the County of Mercer, New Jersey and the CFO for the Borough of Haddonfield, NJ.


Jon Rheinhardt is the Administrator, Finance Officer and Qualified Purchasing Agent for the Borough of Wharton, NJ.  Also, he is an instructor for Rutgers, teaching municipal finance courses to those seeking certification as a Certified Municipal Finance Officer in the State of New Jersey.


Healthcare M&A - Recent Activity and Potential Credit Implications

Date: Thursday, September 27, 2018

Time: 3:00 – 5:00 with a cocktail reception to follow

Sponsor: Kroll Bond Rating Agency


Janney Montgomery Scott
1717 Arch Street, 20th Floor
Philadelphia, PA 19103

Moderator: Shelley J, Aronson, First River Advisory LLC

Download the Presentation


Daniel Ahern, EVP of Business Development and Strategy, Tower Health

Tower Health is a nonprofit integrated healthcare system in the Philadelphia area, with six acute-care hospitals and related facilities. The system was formed through the acquisition of five former for-profit facilities by flagship Reading Hospital.

Kevin R. Cunningham, Partner, Ballard Spahr LLP

Kevin is a member of Ballard Spahr’s health care practice group, among a variety of other areas across the municipal bond market. He has extensive experience in a wide range of municipal bond financings, primarily taxable and tax-exempt public debt offerings.

Christine Doyle, Managing Director, Healthcare and Nonprofit Group, PFM Financial Advisors LLC | Public Financial Management, Inc.

Christine has more than 28 years of experience in healthcare and public finance. She works with a variety of organizations and advises on financial, capital planning and balance sheet management strategies as well as optimal financial execution.

Details: The panelists will discuss merger and affiliation “flavors” and implications of different formats for bondholders – asset purchases/bond redemptions, indenture substitution, JOAs, clinical affiliations. They will explore the motivations for continued growth, diversification away from traditional inpatient business, desire to achieve economies of scale and access to capital and the ability to negotiate better deals with insurers. Or are organizations just merging because everyone else is doing it? Have provider organizations become too big?

The session will touch on some interesting technical issues: par redemption of premium bonds, consolidation among providers of varying credit quality, and other ways that bondholder value can be diluted. 

 Shelley Aronson of First River Advisory introduces the interactive and informational panel and also frames the discussion about the different strategies and merger & acquisition options hospitals may pursue to gain market share, grow operations, or remain viable.


 Daniel Ahern, EVP of Business Development and Strategy at Tower Health tells the story about the formation of the new System through the acquisition of five former for-profit facilities by flagship Reading Hospital.

 Christine Doyle, Managing Director in the Healthcare and Nonprofit Group at PFM Financial Advisors, provides insight into different strategies used by healthcare systems, including community hospitals.

 Kevin Cunningham, Partner at Ballard Spahr, LLP discussing common structures of healthcare legal documents.


The Reality of Demographic Effects on Municipal Credit Quality

Date: Thursday, August 23, 2018

Time: 3:00 - 4:30 pm with a cocktail reception sponsored by Merritt Research Services, LLC and Investortools, Inc.


Ballard Spahr
1735 Market Street, 51st Floor
Philadelphia, PA 19103

Speaker: Richard Ciccarone, Merritt Research Services, LLC


Richard Ciccarone of Merritt Research Services, LLC will focus on the fundamental underpinning of demographic factors as the foundation for influencing credit quality now and in the future. The presentation will highlight quantitative demographic measures that help analysts and investors identify credits likely to catch the tailwind of positive changes or headwinds that can challenge fiscal stability. Using statistical financial metrics, Rich will examine whether preconceptions about the impact of demographic factors and trends actually play out relative to credit quality. Download the presentation.

The Need to Return to the Basics of Municipal Financing -- Puerto Rico, PROMESA and Coming Attractions in the Land of Distress

Date: Wednesday, May 23, 2018

Time: 3:00 - 5:00 pm, with a cocktail reception to follow - sponsored by TMC Bonds


Ballard Spahr
1735 Market Street, 51st Floor
Philadelphia, PA 19103

Speaker: James Spiotto, Chapman Strategic Advisors LLC - Bio


Jim intends to speak for about an hour and have a discussion with participants for a second hour. He will discuss special revenue bonds and the Assured decision in Puerto Rico. See this article on "Why Pledged Revenues Are Required to Be Paid to Revenue Bondholders in Chapter 9 Municipal Bankruptcy and Why the Assured Decision in Puerto Rico’s PROMESA Title III Proceeding Should Be Reconsidered or Reversed on Appeal." 

On January 30, 2018, the Court presiding over the Title III adjustment of debt proceeding for the Commonwealth of Puerto Rico and certain of its instrumentalities (including the Puerto Rico Highways and Transportation Authority (“PRHTA”)) entered a ruling on Assured Guaranty Corporation et al.’s Complaint requesting protection, relief and payment of pledged revenues (special revenues) of a revenue bond financing of PRHTA. The decision of the Court that pledged special revenues would not be paid during the Chapter 9 proceeding unless the municipality as debtor chooses to do so is contrary to the decisions or practices of the numerous Chapter 9 courts (including in Jefferson County, City of Stockton, Detroit, Sierra King Health Care District, San Jose School District and other Chapter 9 cases). No Chapter 9 bankruptcy court has interpreted Section 922(d) to prohibit the payment of pledged special revenues as collected to revenue bondholders during a Chapter 9. In the Jefferson County case, the timely payment of pledged revenues (special revenues) to the sewer bondholders was actively litigated and objected to by Jefferson County. The Chapter 9 bankruptcy court in the Jefferson County case specifically ruled in a series of decision that the net pledged revenues as defined in the revenue bond financing documents were to be timely paid to the bondholders as collected during the Chapter 9 case. 

The Article linked here sets forth the justifications for the payment of pledged special revenues to revenue bondholders as supported by municipal law, the Constitutional restrictions on Chapter 9 and bankruptcy courts not to interfere with state legislative control over municipalities including mandated payments, the 1988 Amendments to Chapter 9 and the Chapter 9 Bankruptcy Court decisions and  practices. 

Powerpoint #1: PROMESA

Powerpoint #2: Lessons Learned

Cybersecurity Risks for the Municipal Sector

Date: Thursday, April 19, 2018

Time: 3:00 - 5:00 pm


Janney Montgomery Scott LLC
1717 Arch Street, 20th Floor
Philadelphia, PA 19103


The increasing role of technology and automation in the municipal sector, while beneficial and widely expected, also comes with the cost of protecting infrastructure and technology systems. For localities it’s not just about securing data, but protecting the ability to deliver essential services. The recent cyber-attack on Atlanta’s systems has captured widespread media attention, highlighting that public finance entities are indeed targets. 

The panel discussion will focus on cyber risks specific to the municipal sector, including states, local governments and related entities, utilities, transportation, and not-for-profit healthcare and higher education. The panelists will share insights into both the financial and reputational implications, vulnerabilities, and provide possible questions to consider when evaluating the likelihood and magnitude of the risk.

Featuring a distinguished panel assembled by Erin Ortiz of Janney Montgomery Scott, LLC.:

Geoff Buswick is a Managing Director and Sector Leader in the U.S. Public Finance - Governments team at S&P Global Ratings in Boston. Geoff speaks regularly on the topics of cybersecurity, sustainability, direct purchase bank loans, distressed credits, and specific aspects of the local government criteria. Prior to joining S&P Ratings in 2000, Geoff served as the Chief Financial Officer, Treasurer & Collector for the City of Gloucester, Mass. In addition, he spent three years as the Administrative Officer for the City of North Adams, Mass. Download Presentation.

Darin Murphy joined the FBI as a Special Agent in 2003.He has experience investigating a variety of cyber crimes including network intrusions, DDoS attacks, and Internet fraud. He has a master's degree in computer engineering and prior experience in semiconductor design.

Download Cyber Risk Sample Questions.

Tax Reform and its Impact on the Municipal Market

Date: Thursday, March 22, 2018

Time: 3:00 - 5:00 pm, with refreshments to follow

PFM Financial Advisors LLC 
1735 Market Street, 42nd Floor 
Philadelphia, PA 19103 

Featuring a distinguished panel assembled and moderated by Erin Kelly of Vanguard who is a member of our Program Committee:

Jim D’Arcy, Senior Portfolio Manager, Vanguard

Tom Kozlik, Municipal Strategist, PNC Capital

Ellen Marshall, Principal, Marshall & Company

Topic: Electric Industry Transition Including Disruptive New Technologies Such as Battery Storage

Date: Thursday, January 18, 2018

Time: 3:00 - 5:00 pm, with a "Post-Holiday Reception" sponsored by Janney Montgomery Scott to follow


Janney Montgomery Scott LLC
1717 Arch Street, 20th Floor
Philadelphia, PA 19103

Featuring a distinguished panel assembled by Dan Aschenbach of Moody's:

Dan Aschenbach, Senior Vice President, Moody’s Investors Service will moderate the discussion and offer some perspective on cost recovery risk for public power electric utilities as electric transition takes place. Download Dan's presentation.

Michael Hagerty is a Senior Associate at The Brattle Group with experience in electricity wholesale market design, renewable and climate policy analysis, transmission planning and development, and strategic planning for utility companies. Michael has worked on several analyses in support of cost of new entry (CONE) estimates for ISO-NE and PJM. Michael has also focused on analyzing opportunities and challenges of existing and proposed renewable energy and climate policies, including the EPA’s Clean Power Plan (CPP), state-level Renewable Portfolio Standards (RPS), and California’s GHG cap-and-trade market. Mr. Hagerty holds a B.S in Chemical Engineering from the University of Notre Dame in South Bend, Indiana and an M.S. in Technology and Policy from the Massachusetts Institute of Technology in Cambridge, Massachusetts. Download Michael's presentation.

Tom Falcone is the CEO of the Long island Power Authority who is not only responsible for leading one of Nation’s largest utilities but has been at forefront of introducing new technology into the power grid.  Tom will  provide the context of the use of battery storage from the CEO utility perspective. Download Tom's presentation.

Emily Schapira, Executive Director of the Philadelphia Energy Authority is leading this major city’s efforts on solarizing Philadelphia and will discuss the opportunities and constraints on this effort including role of battery storage and solar. Download Emily's presentation.

Topic: Rainy Day Funds and State Credit Ratings: Presentation and Panel Discussion

Date: Thursday, September 21, 2017

Time: 4:00 - 6:00 pm


PFM Financial Advisors
1735 Market Street, 42nd Floor
Philadelphia, PA 19103

Refreshments will be served.

Presentation: Rainy Day Funds and U.S. State Ratings by Dr. Jon Moody, followed by a panel discussion led by Arnold Foundation’s Brenna Erford. Panelists include Baye Larsen from Moody's and Erin Kelly from Vanguard.

Topic: Trump: First 100 Days

Date: Thursday, July 27, 2017

Time: 4:00 - 6:00 pm


Ballard Spahr
1735 Market Street, 51st Floor 
Philadelphia, PA 19103


George Friedlander, Managing Partner, Court Street Group Research

John Godfrey, Government Relations Director, American Public Power Association

Pension Risks Moving from Balance Sheets to Budgets

Date: Thursday, June 1, 2017

Time: 3:00 - 6:00 pm


Cozen O'Connor
1650 Market Street, 28th Floor 
Philadelphia, PA 19103


Tom Aaron and Tim Blake, Moody's

Note: This event is closed to the press.

Sponsor: National Public Finance Guarantee

Inside the Mind of a Bankruptcy Expert: Thoughts on The Need for U.S. States to Access Bankruptcy and Puerto Rico's Status

Date: Wednesday, May 3, 2017

Time: 4:00 - 6:00 pm


PFM Financial Advisors 
1735 Market Street, 42nd Floor 
Philadelphia, PA 19103


David Skeel, UPENN Law, member of Puerto Rico Oversight Board

Note: This event is open to the press.

2017 Municipal Market Outlook

Date: Thursday, January 19, 2017

Time: 4:30 - 7:00 pm (the discussion will be in two parts with a networking break in-between)


Janney Montgomery Scott
1717 Arch Street
20th Floor
Philadelphia, PA 19103


Join your industry colleagues for the Philadelphia Area Municipal Analyst Society’s 2017 Municipal Market Outlook. This year the format will be an Unconference - a free-form exchange of ideas among top industry leaders in a peer-to-peer learning session. Audience participation is encouraged throughout the sessions.  Leading the discussion are:

· Sean Carney, BlackRock
· Natalie Cohen, Wells Fargo Securities
· Tom McLoughlin, UBS
· Tom Weyl, NPFG
·  Matt Posner, Court Street
·  Michael Zezas, Morgan Stanley 

Stephen Winterstein from Wilmington Trust will serve as moderator.

Presentation and Holiday Party

Date: Thursday, December 1, 2016

Time: 5:30 - 8:00 pm

Drinks available from 5:30 to 6, Nathan will speak, take questions for about an hour, sign books and heavy appetizers and drinks will be served


Ballard Spahr LLP 
1735 Market Street, 48th Floor 
Philadelphia, PA 19103


Nathan Bomey, former Detroit Free Press reporter (now at USA Today)


Nathan Bomey covered the Detroit bankruptcy while at the Detroit Free Press. His book, Detroit Resurrected: To Bankruptcy and Back covers the filing, the negotiations and near-term results. 

Sponsor: Assured Guaranty


Reception for Attendees of the NFMA Introduction to Credit Seminar

Date: Thursday, November 17, 2016

Time: 6:00 - 8:00 pm


Ladder 15
3rd Floor Private Room
1528 Sansom Street
Philadelphia, PA  19102

Featuring:  Heavy hors d'oeuvres stations

Who's Invited:  PhAMAS members, NFMA Intro Session Presenters, and Conference Attendees.

Sponsors: PhAMAS and National Public Finance Guarantee Corporation

The FBI and the Bernie Madoff Investigation

Date: Tuesday, September 20, 2016

Time: 12:00 - 1:30 pm


Racquet Club of Philadelphia
215 S 16th Street
Philadelphia, PA 19102

Hear from the FBI Case Agent who worked the notorious Bernard L. Madoff Investment Securities Ponzi Scheme investigation. Learn what it took to convict Madoff and his fraudster co-conspirators. Hear about aspects of the investigation not released to the public. Learn about some of the key players involved, and see photographs taken during search and seizures (including Madoff's office).  

This fascinating case study will detail the complexities of an investment scandal that cost its victims billions of dollars, and the trial that resulted in the convictions of five defendants on thirty-one guilty counts. 

Patrick J. Duffy is a Special Agent with the Federal Bureau of Investigation, Philadelphia Division. SA Duffy is currently assigned to a White Collar Crime Squad that specializes in Corporate and Securities Fraud, where his principal duties include the investigation of violations of federal securities laws. SA Duffy's cases include investigations of Insider Trading, Market Manipulations, and Ponzi schemes.

SA Duffy received a bachelor's degree in Accounting from LaSalle University in 2002. From 2002 to 2008, SA Duffy worked within the audit practice of KPMG, LLP Philadelphia where he was employed as an associate and senior associate on both public and private client engagements.

Sponsor: This program is co-produced by PhAMAS and CFA Society of Philadelphia. Visit them on the web at

Public Pension Day #2 (of 2), 2016

Date: Wednesday, July 13, 2016

Time: 10:00 am - 5:00 pm

Ballard Spahr, 1735 Market Street, 48th Floor, Philadelphia, PA 19103


Trends in Pension Funding around the US Post GASB 67 & 68Les RichmondBuild American Mutual

Pension Reform: Lessons from Around the CountryShannon D. Farmer, partner at Ballard Spahr 

Review of New Pension Accounting Standards for GASB 67 & 68Dean Mead, Research Manager at the Government Accounting Standards Board (GASB)

History and Politics of Pennsylvania PensionsJohn D McGinnis, PA Representative for District 79 (Blair County, including Altoona)

Public Pension Day #1

Date: Thursday, June 9, 2016 

Time: 9:00 am

Location: Janney Montgomery Scott, 1717 Arch Street, Philadelphia


Tom Aaron and Tim Blake from Moody's

Dr. Dan DiSalvo, CUNY and author of Government Against Itself, will give a presentation titled, "Pensions and Public Sector Unions: The politics of legacy costs."

Eugene DePasquale, Auditor General of Pennsylvania, will review his office's work on public sector pensions

Jay Hines ad Jeff Ammerman from the Pennsylvania Association of School Business Officials (PASBO)

Sponsored by: Assured Guaranty

A Compromise for Puerto Rico

Date: Friday, June 3, 2016

Time: 12:00 pm

Location: Janney Montgomery Scott, 1717 Arch Street, Philadelphia

Featuring: Kent Hiteshew, Director of the US Treasury Department's Office of State and Local Finance, who will discuss H.R. 5278 PROMESA 

Sponsored by: PhAMAS

Philadelphia Academic Medical Centers: Transforming from Volume to Value

Date: Thursday, April 14, 2016 

Time: 3:00 pm

Location: Cozen O'Connor, One Liberty Place, 1650 Market Street, Philadelphia


Herbert P. White, FHFMA, Assistant Vice-President at Temple Health

Dr. Daniel Quirk, Thomas Jefferson University Hospital

2016 Municipal Market Outlook

Date: Wednesday, February 17, 2016 

Time: 4:00 pm

Location: Ballard Spahr LLP, 1735 Market Street, 51st Floor, Philadelphia


Blake Anderson, Managing Director, High Yield Securities, Mesirow Financial

Natalie Cohen, Head of Municipal Research at Wells Fargo, N.A.

Michael Zezas, Managing Director and Chief Municipal Strategist, Morgan Stanley

Sponsored by: National Public Finance Guarantee Corporation

Presentation and Holiday Party

Date: Thursday, December 10, 2015 

Time: 4:00 pm

Location: Top of the Tower, 1717 Arch Street, Philadelphia

Featuring: Terry Smith, Founder and CEO of Smith's Research and Gradings

Sponsored by: Assured Guaranty

Accelerating Technological Change: Things for the Muni Market to Think About

Date: Thursday, November 19, 2015 

Time: 4:00 pm

Location: Arch Auditorium on the University of Pennsylvania Campus, Philadelphia

Featuring: George Friedlander, Municipal Strategist, Citigroup

Hosted by: Fels Institute of Government

Politics and Public Opinion in Pennsylvania

Date: Wednesday, October 14, 2015 

Time: 12:00 - 2:00 pm

Location: Ballard Spahr, 1735 Market Street, 48th Floor, Philadelphia

Featuring: G. Terry Madonna; Director of the Franklin & Marshall College Poll and Professor of Public Affairs at Franklin & Marshall College.

Sponsored by: Build America Mutual

The Municipal Information Age: New Media in the Municipal Bond Market (focus on Twitter)

Date: Thursday, October 1, 2015 

Time: 11:00 am - 3:00 pm

1600 Market Street
Philadelphia, PA 19103

Featuring: Kristi Culpepper, State of Kentucky; Joe Mysak, Bloomberg

Sponsored by: National Public Finance Guarantee Corp.

What are the Newest Perspectives on Puerto Rico Bond Investing?

Date: Thursday, July 30, 2015

Panel Participants:
Alan Schankel, Janney Capital Markets (Moderator)
Dan Loughran, Oppenheimer Funds
Hector Negroni, Fundamental Advisors LP
Tom Weyl, National  Public Finance Guarantee 

Sponsor:  National Public Finance Guarantee


April 9, 2015: US Public Pensions: Past Promises, Today’s Credit Challenge, by Moody’s Investor Service Tim Blake and Tom Aaron

January 15, 2015: 2nd Annual Municipal Analyst Market Outlook with presentations from: 2015 Municipal Outlook-- Tom Kozlik & 2015 Municipal Outlook- Chris Mier; Sponsored by BAM

November 4, 2014: Putting City Credit Quality Back Into the Spotlight -- The Post Detroit Aftershock - presentation by Rich Ciccarone of Merritt Research and Review of Creditscope Products

September 25, 2014: State of the Philadelphia Region's Housing Market by Dr. Kevin Gillen of the University of Pennsylvania 

March 6th, 2014: 1st Municipal Analyst Market Outlook, Speakers included: Peter DeGroot from J.P. Morgan; John Hallacy from Assured; and Meghan Robson from Morgan Stanley; Sponsored by Assured Guaranty 

Nov. 14, 2013: Nancy Winkler, Treasurer of the City of Philadelphia; Sponsored by Assured Guaranty