multiyear financial planning_pfp 6-19-12
TRANSCRIPT
-
7/31/2019 Multiyear Financial Planning_PFP 6-19-12
1/12
Multiyear Financial
PlanningPresented To:
Hudson Valley Pattern for Progress
June 19, 2012By: Liz Davis, Research Unit
Office of the State Comptroller
Thomas P. DiNapoli
Division of Local Government andSchool Accountability
Steven J. Hancox, Deputy Comptroller
-
7/31/2019 Multiyear Financial Planning_PFP 6-19-12
2/12
Goals for This Session
Define multiyear financial planning
Show how planning can help your localgovernment or school district
Leave you ready to complete your own plan
Go over elements of a good plan
Show where you can get information and data
Work collaboratively to fill out a sample plan
-
7/31/2019 Multiyear Financial Planning_PFP 6-19-12
3/12
What is a multiyear plan?
At its most basic, a multiyear plan: Projects revenues and expenditures several
years out based on current policy
Calculates the bottom line: requiredproperty tax increases or resulting budgetdeficits
Slightly more sophisticated plans project:
Multiple scenarios based on costs and savingsfrom policy adjustments
Specific gap-closing actions, if necessary
-
7/31/2019 Multiyear Financial Planning_PFP 6-19-12
4/12
How can planning help?
Focusing on the long term helps preservefiscal stability
Discourages one-shots
Helps avoid sudden tax increases or service cuts
Improves communication with governingboards and taxpayers about difficult decisions(aka tax cap)
How can we prioritize cuts to minimize servicedisruption?
Do we want/need to override?
-
7/31/2019 Multiyear Financial Planning_PFP 6-19-12
5/12
A good plan is:
Comprehensive Includes all major operating funds
Shows the bottom line (surplus/deficit,
reserves) Depicts history as well as projections
Realistic Assumptions reflect actual expectations
Living Generates discussion
Updated regularly
-
7/31/2019 Multiyear Financial Planning_PFP 6-19-12
6/12
Types of Plan
Line item Follows annual budget line items
Labor intensive, but gives insight into particular
spending programs Aggregated
Looks at the big picture: Breaks out major sources of revenue
Aggregates expenditures by object or function Uses existing OSC template
Updated as needed
-
7/31/2019 Multiyear Financial Planning_PFP 6-19-12
7/12
Select Local Government
and School Accountability
from drop down list.
-
7/31/2019 Multiyear Financial Planning_PFP 6-19-12
8/12
-
7/31/2019 Multiyear Financial Planning_PFP 6-19-12
9/12
Quiz:Tests your LGs fiscal
knowledge and conditionTutorial:Step-by-step guide to
creating a useful multiyearfinancial plan
Template:Use this to create
your own plan.Municipal for counties,cities, towns, villages;
separate form forschool districts.
-
7/31/2019 Multiyear Financial Planning_PFP 6-19-12
10/12
Lets get started
-
7/31/2019 Multiyear Financial Planning_PFP 6-19-12
11/12
Questions?
Contact Info:
www.osc.state.ny.us/localgov
(518) 474-4037
mailto:[email protected]://www.osc.state.ny.us/localgovmailto:[email protected]:[email protected]://www.osc.state.ny.us/localgovmailto:[email protected] -
7/31/2019 Multiyear Financial Planning_PFP 6-19-12
12/12
Thank You
Division of Local Government andSchool [email protected]
518-473-0005