By Questica
The podcast currently has 6 episodes available.
On this episode of Quest for Better Budgeting, host Andrew Lewin interviews Natalie Harnett, the Principal Budget Analyst for the city of San Luis Obispo. They discuss the importance of transparency in budgeting and how San Luis Obispo engages with its citizens to build trust. Natalie shares insights on their feedback gathering process and future plans for enhanced transparency. Tune in to learn more about building trust with a transparent budget.
In this episode of "The Quest for Better Budgeting," the former mayor of Salt Lake City and state senator of Utah, Ben McAdams, discusses the concept of urban wealth funds. He shares his experience of discovering untapped wealth within the city's real estate assets and how he used it to fund new programs without raising taxes. McAdams also talks about his collaboration with the GFOA to help other cities realize their assets and generate revenue for various programs. Tune in to learn more about how to put assets to work in urban wealth funds.
Find out about the GFOA cohort project: https://www.gfoa.org/paw Connect with Ben McAdams: [email protected]
Links to articles about Urban Wealth Funds (UWF): Are local governments leaving billions on the table: https://www.governing.com/community/are-local-governments-leaving-billions-on-the-table New users of public assets are helping Atlanta fill its affordable housing app: https://www.governing.com/housing/new-uses-of-public-assets-are-helping-atlanta-fill-its-affordable-housing-gap Localities look to an untapped 'Goldmine' of Potential Revenue: https://www.route-fifty.com/finance/2022/07/underused-city-assets-local-government-revenue/373913/
Do you want to ensure that your budgeting process is fair and equal for all members of your community? Are you looking for a solution to achieve more equitable outcomes? Look no further. Our guest, Shayne Kavanagh, will be sharing her expertise on how to incorporate equity into your budgeting process. By using a balanced approach and engaging with the community, Shayne will show you how to achieve outcomes that are just and unbiased. With his guidance, you can achieve the goal of creating a budget that is truly equitable - one that benefits everyone in your community.
In this episode, you will be able to:
Gain insights into setting up fairness and equality in budgeting practices.
Learn to master conflicting forces in the budgeting process, including symbolic versus substantial matters and balancing idealism and pragmatism.
Acquire a roadmap to implement equity-based budgeting through dedication, adopting program budgeting, and strategic turn-the-curve planning.
Appreciate the role of community interaction and ongoing education in the development of significant and equitable budgeting results.
Shayne Kavanagh, an accomplished leader in the realm of government finance and equitable budgeting. With a steadfast commitment to advocating for fairness in budget decision-making, Shayne has made a profound impact in guiding government finance officials as they strive for equal outcomes. In his role as Senior Manager of Research at the Government Finance Officers Association (GFOA), Shayne's expertise has been instrumental in shaping budgeting practices throughout North America. Listen in as he shares his wealth of knowledge on the crucial importance of equity in budgeting and its impact on the well-being of communities.
If you're feeling frustrated and overwhelmed because despite your efforts to improve risk management through scenario planning, you're still struggling to prepare for inflation and stagflation scenarios, then you are not alone!
In this episode, you will be able to:
Comprehend the influence of inflation and stagflation on public sector financial decisions.
Learn about the primary contributors to inflation, including supply shock and monetary policies.
Recognize the value of strategic financial planning and risk management for local governments.
Explore the importance of cooperation between HR and finance directors for labor agreements.
Analyze the potential consequences of inflation and stagflation on bond ratings in public finance.
My special guest is Charlie Francis
With a wealth of experience in public sector budgeting, Charlie Francis is a highly respected financial professional who has navigated through periods of high inflation and economic uncertainty. As a former finance director, Charlie has firsthand experience in addressing the challenges of budgeting during times of inflation and potential recession. His deep understanding of financial planning, labor negotiations, and the effects of inflation on both urban and rural communities makes him an invaluable resource for public sector finance directors. Charlie's expertise in developing financial scenarios and strategies is crucial for those preparing for potential inflation and stagflation scenarios.
The resources mentioned in this episode are:
Consider developing game plans for three possible outcomes from the Federal Reserve's efforts to crush inflation: a soft landing with a slow recovery, a downturn with a quick recovery, or a severe crash with a protracted recovery.
Use contemporary budgeting systems like Questica's Foreman's Budgeting Systems to model revenue and expense scenarios and develop plans to prevent wage-price inflation spirals from setting in and causing significant problems for government budgets.
Collaborate between HR and finance directors during long-term financial planning and labor negotiations to avoid structural imbalances that might come from negotiating labor agreements without input on their impact on the long-term financial plan.
Develop strategies and plans to combat the impacts of inflation on vulnerable residents with the American Rescue Plan's state and local Recovery funds.
Consider preparing financial scenarios and scenario operation plans if stagflation occurs, which could trigger another recession.
Strategies for Preparing for a Recession To ensure financial stability during recessionary periods, local governments must develop a balanced and forward-thinking approach. This includes scenario planning, risk assessment, and execution of well-informed decisions that help public sector organizations weather the storm. By employing such strategies, local governments can better anticipate potential risks and be prepared for any possible economic downturn. When talking to Andrew, Charlie Francis shared valuable insights on preparing for a recession. He emphasized the importance of creating different scenarios and developing well-structured plans to cope with the challenges of each situation. He also encouraged a strong collaboration between HR and finance directors, ensuring that everyone is on the same page and working towards a financially sustainable future.
Stagflation and Bond Ratings Given the dual nature of stagflation, it's possible that public finance bond ratings could be affected if local governments struggle to make debt service payments during slowed revenue growth periods. Therefore, it's crucial for public sector finance directors to remain vigilant and effectively manage the risks associated with inflation, stagflation, and other potential economic downturns. Charlie Francis expressed his belief in the podcast that stagflation could indeed impact public finance bond ratings. He advised local governments to focus on risk management through financial scenario planning and the implementation of robust analytical tools. By preparing for the variety of possible scenarios, local governments can better safeguard their organizations against the uncertain economic environment and protect their bond ratings.
Strategies for Preparing for a Recession To ensure financial stability during recessionary periods, local governments must develop a balanced and forward-thinking approach. This includes scenario planning, risk assessment, and execution of well-informed decisions that help public sector organizations weather the storm. By employing such strategies, local governments can better anticipate potential risks and be prepared for any possible economic downturn. When talking to Andrew, Charlie Francis shared valuable insights on preparing for a recession. He emphasized the importance of creating different scenarios and developing well-structured plans to cope with the challenges of each situation. He also encouraged a strong collaboration between HR and finance directors, ensuring that everyone is on the same page and working towards a financially sustainable future.
Shayne Kavanagh, Senior Manager for the Government Finance Officers Association, discusses why governments need to rethink budgeting in 2023 and what your government's budget would look like after you followed Shayne's three facets including:
Learn why it is important for your govenrment to rethink budgeting.
Charlie Francis tells host, Andrew Lewin, about his career in public sector budgeting and how technology has evolved in his 30 years in public finance. Charlie recounts the efficiencies budgeting tools brought to the field in the face of recessions and a global pandemic.
Learn about the history of public sector budgeting through the eyes of Charlie Francis' 30-plus years in public finance.
The podcast currently has 6 episodes available.