1 establishing your credibility as a finance officer...finance superheroes nicholas winton, the...

Presenters:

Establishing Your Credibility as a Finance Officer

• Dan Huge, CFO/COO, Indiana Finance Authority• David Turley, Interim Finance Manager for the Finance and

Business Operations Division, King County, Washington• Kenneth “Ken” Smith, Senior Lecturer, Evans School of Public

Affairs

May 18, 2014

Establishing your CREDIBILITY as a finance officerKen Smith, PhD, CPA (inactive‐CA)

University of Washington –Evans School of Public Affairs

kensmith@uw.edu

Outline of Slides

• Start with a familiar story: Oz– Scarecrow: A Brain– Tin Man: A Heart– Cowardly Lion: ….Courage

• GFOA Code• Balancing multiple duties/accountabilities• 3 Recommendations (P.A.D.)• Oz Again

5/18/2014 Enhancing Credibility 3

If I only had a Brain

Technical competence is important and one essential component

Is it enough to be credible and trustworthy – to “just” know the rules and standards?

If I only had a Heart

Those of us in finance often try to distance ourselves from emotion and feelings –

…we need to be the rational and sane person bringing the sometimes unpleasant financial realities to bear in discussions and deliberations.

Do we lose our credibility if we add more feel and emotion into our professional activities?

…..Courage

If I only had the Nerve

What would it mean to have Nerve in finance?

•Talking truth to power•Taking the initiative to warn of future concerns•Reminding leaders of their other preferences and commitments•Holding the line in every transaction or policy – to signal the tone

•Get it done – no matter….•Do it – even if it costs most/takes more time….

•What examples of “Courage” in Finance have you seen from someone else?

Recent “credibility” events

• Big Bertha…. Digging up the Seattle Viaduct• General Motors…. Recalls of a dangerous ignition switch

• Bond rating downgrades (New Jersey and Kansas)• 520 “floating bridge”• Ongoing issues at Hanford (Nuclear Waste)• Seattle Police Department• 3 pedestrian fatalities in 6 months in Kenmore (population 20,000)

• Mudslide in Snohomish County (Oso)

5/18/2014 7Enhancing Credibility

Financial Credibility Stories/Cases

• Smithville’s Bridge is Falling Down

• Kentown School District: More for Less

• Alan Fire District, or “smALL in the Family”

Code of Professional Ethics• The Government Finance Officers Association of the United

States and Canada is a professional organization of public officials united to enhance and promote the professional management of governmental financial resources by identifying, developing and advancing fiscal strategies, policies and practices for the public benefit.

• To further these objectives, all government finance officers are enjoined to adhere to legal, moral and professional standards of conduct in the fulfillment of their professional responsibilities. Standards of professional conduct as set forth in this code are promulgated in order to enhance the performance of all persons engaged in public finance.

GFOA Code ‐ Overview

• 6 categories

• 20 specific lines

I. Personal Standards

• Government finance officers shall demonstrate and be dedicated to the highest ideals of honor and integrity in all public and personal relationships to merit the respect, trust and confidence of governing officials, other public officials, employees, and of the public.

• They shall devote their time, skills and energies to their office both independently and in cooperation with other professionals.

• They shall abide by approved professional practices and recommended standards.

II. Responsibility as Public Officials• Government finance officers shall recognize and be accountable for

their responsibilities as officials in the public sector.• They shall be sensitive and responsive to the rights of the public

and its changing needs.• They shall strive to provide the highest quality of performance and

counsel.• They shall exercise prudence and integrity in the management of

funds in their custody and in all financial transactions.• They shall uphold both the letter and the spirit of the constitution,

legislation and regulations governing their actions and report violations of the law to the appropriate authorities.

III. Professional Development

• Government finance officers shall be responsible for maintaining their own competence, for enhancing the competence of their colleagues, and for providing encouragement to those seeking to enter the field of government finance. Finance officers shall promote excellence in the public service.

IV. Professional Integrity in Information

• Government finance officers shall demonstrate professional integrity in the issuance and management of information.

• They shall not knowingly sign, subscribe to, or permit the issuance of any statement or report which contains any misstatement or which omits any material fact.

• They shall prepare and present statements and financial information pursuant to applicable law and generally accepted practices and guidelines.

• They shall respect and protect privileged information to which they have access by virtue of their office.

• They shall be sensitive and responsive to inquiries from the public and the media, within the framework of state or local government policy.

V. Professional Integrity in Relationships

• Government finance officers shall act with honor, integrity and virtue in all professional relationships.

• They shall exhibit loyalty and trust in the affairs and interests of the government they serve, within the confines of this Code of Ethics.

• They shall not knowingly be a party to or condone any illegal or improper activity.

• They shall respect the rights, responsibilities and integrity of their colleagues and other public officials with whom they work and associate.

• They shall manage all matters of personnel within the scope of their authority so that fairness and impartiality govern their decisions.

• They shall promote equal employment opportunities, and in doing so, oppose any discrimination, harassment or other unfair practices

VI. Conflict of Interest

• Government finance officers shall actively avoid the appearance of or the fact of conflicting interests.

• They shall discharge their duties without favor and shall refrain from engaging in any outside matters of financial or personal interest incompatible with the impartial and objective performance of their duties.

• They shall not, directly or indirectly, seek or accept personal gain which would influence, or appear to influence, the conduct of their official duties.

• They shall not use public property or resources for personal or political gain.

Resource: Other Professional Codes

• AICPA– http://www.aicpa.org/research/standards/codeofconduct/page

s/default.aspx• CFE (Fraud Examiners)

– http://www.acfe.com/code‐of‐ethics.aspx• CMA (Management Accountants)

– https://www.imanet.org/PDFs/Statement%20of%20Ethics_web.pdf

• Public Treasurers– http://www.aptusc.org/storage/documents/aptcode.pdf

• CGFM– http://www.agacgfm.org/AGA/About/Documents/AGA‐Code‐of‐

Ethics.pdf

Burning Questions

• WHO was responsible?• FOR WHAT were they responsible?• What are the NEXT STEPS?• How much will this COST?• What did they know – WHEN did they know it?

• WHEN will we know (cost, survivors, heroes perpetrators, broken laws, broken trust, etc)?

Transparency

• Did the organization reveal the facts of its performance?

Transparency

Liability

• Did the organization face consequences for its performance?

Liability

Responsibility

• Did the organization follow the rules?

Responsibility

Controllability

• Did the organization do what the principal (e.g. Congress, president, governor, mayor) desired?

Controllability

Responsiveness

• Did the organization fulfill the substantive expectation (demand/need)?

Responsiveness

CONFLICTS

• Responsibility & Responsiveness

• Controllability & Responsibility

• Transparency & Liability

• ….others…..

Responsiveness

Responsibility

TransparencyLiability

Controllability

Don’t get M.A.D.(Multiple Accountabilities Disorder)

“The current practice of agreeing to disagree about the meaning of the accountability is dissatisfying and undermines good administration.

In the absence of clearly articulated expectations, organizations are left to manage the many meanings of accountability…

Don’t Get M.A.D.(Multiple Accountabilities Disorder)

…Organizations cast about and sometimes take advantage of the uncertainty to justify questionable behavior. As a result, unhappiness with the institutions of public administration grows.

Ultimately, this is the most severe consequence of M.A.D.”

(closing paragraph of Koppell 2006 “Pathologies of Accountability: ICANN and the Challenge of Multiple Accountabilities Disorder” – Public Administration Review, p. 105)

3 Ways to Increase your Credibility

• Persistence

• Agreement

• Dialogue

Three Tools

1. Persistent (patient & polite).. Before & After– Grieving process – continually push through – lots

of anger and resistance (Sisyphean or Herculean)

2. Agreement about performance expectations (BEFORE the fact)– Greatly reduces risk of responsiveness failure

3. Dialogue (AFTER the fact – problem solving)

Sisyphus

Hercules had to Deal with Supervisors in Denial also…

Three Tools

1. Persistent (patient & polite).. Before & After– Grieving process – continually push through – lots of

anger and resistance (Sisyphean or Herculean)

3. Dialogue (AFTER the fact – problem solving)

Agreement Requires Meeting of the Minds

Three Tools

1. Persistent (patient & polite).. Before & After– Grieving process – continually push through – lots of

anger and resistance (Sisyphean or Herculean)

3. Dialogue (AFTER the fact – problem solving)– Actually….. Why not BEFORE, DURING & AFTER???

425/18/2014

Decision Matrix

WHAT is expectation, agreement, or need?

WHO is responsible or influential?

WHICH accountabilitieswill be prominent?

HOW should we proceed(next steps)?

Past Agree‐persist‐dialogue‐???

Future

Finance Superhero

More Technical Sit‐ups won’t help our Accounting Abs

But have you skipped Courage Leg Day?

Outline of Slides

• Start with a familiar story: Oz– Scarecrow: A Brain– Tin Man: A Heart– Cowardly Lion: ….Courage

• GFOA Code• Balancing multiple duties/accountabilities• 3 Recommendations (P.A.D.)• Oz Again

Finance SuperheroesNicholas Winton, the British accountant and banker that funded, ran, and organized the system of smuggling Jewish Children out of Nazi‐occupied Czechoslovakia.

Presenter:

Establishing Your Credibility as a Finance Officer

King County, Finance and Business Operations Division• Dave Turley, Finance Manager

May 18, 2014

King County Strategic Plan

In 2010 King County Executive, Dow Constantine, and his office developed the first County-wide Strategic Plan.

King County Strategic Plan Overview

Mission/Vision

Goals 2010 -2014

Top Priorities

King County’s Three Main Initiatives• Health and Human

Services • Public Safety• Healthy, Local,

Affordable Food

• Transportation• Access to Parks • Equity in Business

• Reduce Emissions • Local Farming• Energy Efficiency

• Transparency • Strategic Planning• Smart Communities• Technology

• Green Commuting• Forest and Wetland

Preservation

• Green Initiatives• Lean Government• Most Efficient

Advocates for King County Strategic Plan Initiatives

and…Finance?

Why not Finance? Why not now?

King County CAFR32 Consecutive Years – Certificate of Achievement for

Excellence in Financial Reporting

• Realigned Funds • Biennial Budgets• Included Major Initiatives of Strategic Plan

• Lean Government• Transparency in Reporting

• Statistical Section• Demographics

• Online Availability• SharePoint Collaboration

ENABLING VALUES & BEHAVIORS

CONTINUOUS PROCESS IMPROVEMENT

ENTERPRISE ALIGNMENT

CUSTOMER RESULTS

lead with humility, respect every individual

create value for the customer

consistency of purpose,think systemically

focus on process,assure quality at the source

Our Four Dimensions of Operational Excellence

FBOD Value Streams

Each Value Stream has Activities

And each Activity has Core Processes

How We Prepare Our Leaders

Thank you for your time.

1 establishing your credibility as a finance officer...finance superheroes nicholas winton, the...

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