Home Skip to main content Skip to footer

Financing and Capital Markets

Tackling the Top Financial Challenges Facing Governments and Municipalities

Show Transcript

Hide Transcript

[Brian Orth] I think the most rewarding thing about my job or what keeps me going to work every day is bringing new ideas to my customers, whether they pursue them or not, bringing thoughts and ideas or options to them that they might not have previously known or explored.

[transition copy] As a Relationship Manager at SunTrust, Brian Orth works closely with governments and municipalities to help them forge relationships to find solutions for their communities.

[Orth] Keeping up with technology is a key priority for local governments almost in a productivity perspective. They have a fixed amount of employees. It's very difficult for them to hire more and to put on that expense. And so, the utilization of the employees they have is very important and finding ways to do things more efficiently without incorporating a large additional cost is important.

I think one of the biggest opportunities for most municipalities that I interact with to streamline processes and to increase productivity would be the use of a purchase card, for example.

A lot of municipalities have, like, 37 days to pay people, but yet they’ll run checks every week. I more try to push them to utilizing their role, say, "We will pay you with a purchasing card tomorrow, but if you want a check—because we're going away from issuing checks—that's going to be 30-35 days," whatever your policy allows.

And when you start doing that, you give people a method to get paid quickly and then you reduce the number of checks because people are going to go towards the method that gets them paid the quickest.

[transition copy] Failing to Adapt Means Losing Time and Money

[Orth] The primary benefit of using a card—a purchasing card, that is—for a municipality would be the rebate. It is basically giving municipalities money back on money they're already spending. It's just a matter of time before the purchasing card is the norm. So you either get on early and kind of it's a part of how you do things, or you're basically going to be coming to the game late and changing things, but you are going to change. Ultimately that’s where payments are going.

[transition copy] Know Your Options for Fighting Fraud

Local governments face fraud in a lot of ways. These are entities that have been around a long time. We bring out merchants sometimes with our municipal customers and have them look at their merchant statements, make sure they're getting a good and fair deal. In essence, they're funded one time. When you tell them to fund, you know, then the balance goes from zero to $100. And then you call the vendor and say, "Okay. That card's good. Take your payment." And then it goes back down to zero. So that card can't be used for fraudulent purposes 99 percent of the time.

[transition copy] Bankers Should Be Partners

[Orth] The best tool our bank can provide our local government clients in addressing their challenges is access to information, quite honestly.

I hope I'm a partner to my customers in my role at SunTrust in just advising them on the options that are out there. I often tell my customers that at SunTrust, we’re a purpose-led organization and our purpose is to the light the way to financial well-being.

I will remind them that we’re providing a process that helps them do things better, provides them advice, that educates them, aside from other governmental entities and how they look at it, educating them from a banking perspective on how we look at it. And provide a financial purpose for what they’re doing.

SunTrust expert Brian Orth, works closely with governments and municipalities to help them forge relationships to find solutions for their communities.

If you’re looking for tools and resources that can help run state and local governments more efficiently, contact a SunTrust banker near you.

This content does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.

What's New

Investment and Insurance Products:

Are Not FDIC or any other Government Agency Insured Are Not Bank Guaranteed May Lose Value

All Truist mortgage professionals are registered on the Nationwide Mortgage Licensing System & Registry (NMLS), which promotes uniformity and transparency throughout the residential real estate industry. Search the NMLS Registry.Link opens a new window

Truist, SunTrust^®, SunTrust PortfolioView, SunTrust Robinson Humphrey^®, SunTrust Premier Program^®, AMC Pinnacle^®, AMC Premier^®, Access 3^®, Signature Advantage Brokerage, Custom Choice Loan^®, SunTrust SummitView^®, LightStream^®, GFO Advisory Services^®, BB&T^®, BB&T Securities^®, BB&T Sterling Advisors, Sterling Capital^®, BB&T Investments, and BB&T Scott & Stringfellow^® are service marks of Truist Financial Corporation. All rights reserved. All other trademarks are the property of their respective owners.

Services provided by the following affiliates of Truist Financial Corporation: Banking products and services, including loans and deposit accounts, are provided by SunTrust Bank and Branch Banking and Trust Company, both now Truist Bank, Member FDIC. Trust and investment management services are provided by SunTrust Bank and Branch Banking and Trust Company, both now Truist Bank, and SunTrust Delaware Trust Company. Securities, brokerage accounts and /or insurance (including annuities) are offered by SunTrust Investment Services, Inc. and BB&T Securities, LLC, P.J. Robb Variable Corp., and Precept Advisory Group, LLC, which are SEC registered broker-dealers, members FINRALink opens a new window, SIPCLink opens a new window, and a licensed insurance agency where applicable. Investment advisory services are offered by SunTrust Advisory Services, Inc., GFO Advisory Services, LLC, BB&T Securities, LLC, Sterling Capital Management, LLC, and BB&T Institutional Investment Advisors, Inc., each SEC registered investment advisers. BB&T Sterling Advisors, BB&T Investments and BB&T Scott & Stringfellow, are divisions of BB&T Securities, LLC. Mutual fund products are advised by Sterling Capital Management, LLC. Mortgage products and services are offered through SunTrust Mortgage, a tradename for SunTrust Bank now Truist Bank.

"SunTrust Advisors" may be officers and/or associated persons of the following affiliates of Truist Financial Corporation: SunTrust Bank now Truist Bank, our commercial bank, which provides banking, trust and asset management services; SunTrust Investment Services, Inc., a registered broker-dealer, which is a member of FINRALink opens a new window and SIPCLink opens a new window, and a licensed insurance agency, and which provides securities, annuities and life insurance products; SunTrust Advisory Services, Inc., a SEC registered investment adviser which provides Investment Advisory services.

SunTrust Private Wealth Management, International Wealth Management, GenSpring, Business Owner Specialty Group, Sports and Entertainment Group, and Legal and Medical Specialty Groups are marketing names used by SunTrust Bank now Truist Bank, SunTrust Investment Services, Inc., and SunTrust Advisory Services, Inc.

SunTrust Robinson Humphrey is the trade name for the corporate and investment banking services of Truist Financial Corporation and its subsidiaries, including SunTrust Robinson Humphrey, Inc., member FINRALink opens a new window and SIPCLink opens a new window.

Thank you for choosing SunTrust now Truist. We welcome the opportunity to serve your financial needs. While SunTrust and BB&T have merged to become Truist, both institutions will continue to offer independent product lines for a period of time. This may include differing underwriting guidelines, product features, terms, fees, and pricing.

Our friendly teammates at your local BB&T branches will be happy to walk you through their products. You can also learn more by contacting them at 1-800-BANK-BBT or BBT.com.

Financing and Capital Markets

Tackling the Top Financial Challenges Facing Governments and Municipalities

Tackling the Top Financial Challenges Facing Governments and Municipalities

Related

Infographic: Use the 5 Cs of Credit to Your Advantage

Get Financing that Fits Your Business

Debt Financing vs. Equity Financing

What's New