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Thinking About the Future

By Jason G. Semler, CPA, Partner, October 05, 2017

When we say the future we don’t mean 2018, we mean 2019 and beyond.  You have probably just finished adopting your community’s 2018 budget. Now that your 2018 budget is adopted this is the perfect time to start planning for 2019 using the 2018 budget as a starting point.

The fiscal challenges of rising costs and property tax losses due to circuit breaker tax caps create difficult budget decisions for many communities across Indiana. It’s possible you have already cut your budget to the bare essentials only to learn from the Department of Local Government Finance you are required to make additional cuts for 2018.

Unfortunately, revenue growth is often not keeping up with the increasing costs of providing services. It is increasingly more difficult for Hoosier communities to improve or even maintain the services they provide citizens. It is also more difficult to forecast the future requirements of your community by looking at only a one year budget.

Conclusion:  Extend your horizons

Extend your planning horizons beyond one year and take a more comprehensive view so you can develop long-term cash flow projections and identify potential budget deficits and cash flow shortages before they occur. A long-term financial plan, as part of an overall strategic plan, assists your community by identifying other priorities, including capital projects, over the next several years.

Umbaugh can assist you in developing a comprehensive long-term financial plan or reviewing and analyzing your financial situation. 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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