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Do You Have a Financial Roadmap?

By Paige E. Sansone, CPA, Partner, May 18, 2017

Many communities across Indiana, large and small, are facing financial challenges due to rising costs, declining revenues, lack of economic growth, and property tax losses due to Circuit Breaker Tax Credits. All of these factors are changing the way we budget.  Taking a short-term approach to budgeting is no longer sufficient. There is a greater need to extend planning horizons beyond one year and develop long-term cash flow projections to identify potential budget deficits and cash flow shortages before they occur. 

Developing a three to five year comprehensive financial plan can provide your community with a financial road map to the future.  The plan can be used as a tool to map out priorities and estimate the impact of increasing costs, changing revenue streams, and legislative mandates. It can define your government’s financial position, forecast receipts and disbursements, and identify potential funding gaps or investment opportunities.  A comprehensive financial plan can provide the framework for developing plans and priorities for capital projects and better manage debt obligations.

If you have any questions about developing comprehensive long-term financial plans or need assistance, please contact us at .(JavaScript must be enabled to view this email address).

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 vision@umbaugh.com.


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