Our new reality demands a rapid response and a fundamental look at how a changing economic landscape will alter the current budget, next year’s budget, and long-range forecasts for our communities.
COVID-19 is causing every government to confront a new financial landscape. As state and local governments (including special districts and schools) work through the updates they will need to make in their current, next-year, and long-term forecasts, they need to be able to model scenarios that include options for a wide range of possible recession recovery curves.
Changes are going to be needed in all areas of planning and budgeting: Revenue forecasts, personnel complements, operating budgets, and capital budgets. The use of reserves must be considered, and the unpredictable future of federal assistance is a wildcard. Planning must address both the remainder of the current year and the upcoming work for next year’s budget.
Watch this webinar to learn: How a checklist for financial decision packages for executives Ways to effectively amend the current budget Best practices to revise expectations for future budgets, and plan for updated personnel and workforce costs Strategies for scenario-planning, what-if analysis, and the ways to do both in OpenGov Documentation approaches and strategies surrounding FEMA, CARES Act, and other grant assistance