Fiscally Ready Communities: Budgeting for Fiscal Sustainability
August 25, 2021 10:00AM - 11:30AM
Contact: Eric Walcott
Fiscally Ready Communities: Financial Best Practices Webinar
MSU Extension and the Michigan Department of Treasury will cover the fundamentals of budgeting during uncertain economic times, tracking long-term fiscal health, and operational best practices.
Michigan communities have experienced fiscal instability for a number of reasons, including the economic downturn resulting from the COVID-19 pandemic. This webinar will provide best practices for local government fiscal health, including budgeting, long-term planning, dealing with uncertainty, and financial policies and procedures.
Who should attend:
Elected and appointed officials in local government, administrators, and staff.
This training is geared toward appointed and elected officials with entry and intermediate budgeting knowledge.
What will be covered:
- The budget process and communicating your budget
- Dealing with uncertainty in a changing economy
- Understanding key financial variables, such as:
- The “rainy day fund”/fund balance/net position
- Understanding how the tax base provides revenue
- Understanding volatile revenue
- Forecasting revenue and expenditures
- How to track your budget performance, including reviewing and amending your budget
- How spending in the present will have an impact on the future.
What resources will be provided?
- Detailed guides that outline strong policies and procedures each local government should have. These guides include a checklist to track what your local government already has, what you are working on, and next steps.
- August 25, 10-11:30 a.m. ET