Do You Have a Financial Roadmap to the Future?
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The start of a new year and (if it applies) a new administration is a good time to develop a plan for the future. Many communities across Indiana, large and small, are facing the challenge of how to do more (or even just stay the same) with less revenue. The economic downturn, property tax caps, declining distributions of state revenues and reductions in local incomes taxes make it difficult to balance revenue decline with demand for services. This imbalance underscores the need for local governments to extend their planning horizons beyond one year.
A long-term financial plan provides a road map to help you accomplish priorities over the next several years. It defines your current financial position, forecasts receipts and disbursements, and identifies potential funding gaps. A financial roadmap can provide necessary data and be an effective framework to manage uncertainties and anticipate future risk — allowing you to be proactive rather than reactive. It can also be used as a planning model to update periodically as revenues, expenditures and legislation change.
If you have questions or need assistance with developing a long-term financial plan, please contact us at footnotes@umbaugh.com.
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Information in this article was believed current as of the date of publication. As you know, changes occur frequently. The information presented is of a general educational nature. Before applying to your specific circumstances, please contact us at footnotes@umbaugh.com.