Patrick McCoy, the finance director New York's Metropolitan Transportation Authority, was named president-elect of the Government Finance Officers Association, effective in late May.
McCoy, whose actual presidency will take effect in May 2017, manages the $36.3 billion bond portfolio and related capital markets activities for the state-run agency that operates New York City's subway and bus system, Metro-North and Long Island commuter railroads and several intraborough bridges and tunnels. He will continue in his current job.
McCoy directs the issuance of more than $3 billion in municipal bonds annually under the MTA's multiple credit structure, using proceeds to fund its capital program. The 2015-2019 capital program – roughly $29 billion overall with $3 billion self-funded through bridge and tunnel toll revenue -- is expected to be the MTA's largest in its history, even when adjusted for inflation.
GFOA has more than 18,000 members who are officials in finance-related roles at thousands of state and local governmental organizations across the U.S. and Canada. Its mission is to promote the professional management of governmental financial resources by advancing fiscal practices for public benefit.
"I look forward to working with my colleagues from around the country to develop training, best practices and other educational resources," McCoy said in a statement.
MTA chief financial officer Robert Foran, to whom McCoy reports, said McCoy's elevation "is a recognition that the strategies and techniques that Pat puts in place every day to help us reduce our expenses through management of our bond portfolio are seen as best practices that can help other government agencies across the country."
McCoy joined the MTA since 2002 and became finance director in 2008.
He has also been executive director of the New York City Municipal Water Finance Authority, and he has also worked in the New York City Office of Management and Budget, the New York City Transitional Finance Authority, and the New York City Municipal Water Finance Authority as well as positions in the private sector.
He joined the GFOA in 2003, and spent two three-year periods on its debt committee.
