navigating “what’s next”
TRANSCRIPT
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Navigating “what’s next”using local government financial data
IACC Conference, 2020
Duane Walz, Data and Business Systems Specialist Niles Kostick, Financial Management and Data Tools Specialist
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So…what is next?
• FIT and its recent evolutions
• Scenario planning and those “what if” scenarios
• Data use around the globe (and for you, too), and
• The future
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Non-audit division provides resources and training to help governments help the people the serve
The Center for Government Innovation
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The Center offers a wealth of tools for governments• Financial Intelligence Tool (FIT)
• Customized Lean trainings
• #BeCyberSmart resources
• Training videos and technical assistance
• Best practices, guides, checklists and more
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What to know before we begin
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So let’s go.
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What’s new and important for you.
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The data timeline
May (filing deadline)
June 30, baseline snapshot
September 30, fall
snapshot
December 31, winter snapshot
March 31, spring
snapshot
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ForecastingScenarioPlanning
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Into unknown space..
…collections also took a severe initial hit, with April sales tax receipts falling 20.8% compared to the same period a year ago…
- Governor’s Office, October 13th, 2020
Washington state's projected $9-billion budget shortfall has been cut in half as sales tax revenue increases.
- Seattle Times, September 23, 2020
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https://www.cbpp.org/research/state-budget-and-tax/states-grappling-with-hit-to-tax-collections
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Forecasting
Historical & Current Data Quality Anticipatory
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Scenario Planning
Considers Uncertainty Data Quality Anticipatory
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What do you currently see or foresee happening this year?
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A glimpse of FIT’s projection tool (beta)
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Plan stronger!
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How is the data used
Financial Condition. Data Analysis
Peer & Industry CompsBudgeting
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Becoming a FIT champion has never been easier...
FIT Personal Training Sessions
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What else?
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In summary
• FIT and its recent evolutions
• Scenario planning and those “what if” scenarios
• Data use examples
• Becoming an expert and the future to come