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Bitten by the boom-and-bust budgeting that typified the last pre-recession era, many local government agencies have since budgeted more cautiously given strained resources and many still function at pre-recession levels. Yet, as the Wall Street Journal noted late last year, “The U.S. must face one of two scenarios: Either the next president will face a recession in office, or the U.S. will have the longest economic expansion in its history.” The reality is that while the recession has been long and gradual, it cannot continue forever, highlighting the very real potential that local governments of all stripes may soon have to contend with further strained resources. Indeed, a recent National Association of State Budget Officers (NASBO) report found that nearly half of all states are facing revenue shortfalls in the coming year.
Between the prospects of reduced state funding and existing strains on local revenue sources, preparing for a slowdown requires preparing amid substantial uncertainty. As local government leaders and finance professionals seek stability, their budget planning processes will need to be more nimble -- capable of monitoring ongoing financial and operational performance, modeling budget scenarios and planning accordingly, and strengthening buy-in among critical stakeholders.
Join municipal leaders Bill Statler, Former Finance and IT Director of San Luis Obispo, CA; Hyun Kim, Finance Director of Boulder City, NV; and Mike McCann, Former Finance Director of Ukiah, CA and OpenGov’s VP of Government Finance Solutions in this video as they share their strategies for modernizing their governments’ budget planning, from analyzing ongoing monthly and multi-year financial trends, to budgeting strategically to achieve operational stability, to ultimately engaging stakeholders and preparing them for success amid uncertainty.
In this video you will learn how local leaders are leveraging technology to: