Fiscally Ready Communities: Financial Best Practices
May 23, 2023 10:00AM - 11:30AM
Contact: Eric Walcott
Fiscally Ready Communities: Financial Best Practices Webinar
Is your local government fiscally prepared for the future? This webinar presented by MSU Extension and the Michigan Department of Treasury will cover the fundamentals of tracking long-term fiscal health and operational best practices.
Michigan communities have experienced fiscal instability for numerous reasons. This webinar will help you prepare for these challenges through fiscally sustainable best practices. The foundation for fiscal stability is a well-educated team and a strong governance structure to support community needs, both now and into the future. Financial planning assists a local government with providing key services such as public safety, quality of life, and economic development. These are the principles for creating and sustaining a vibrant community. Additionally, the training will assist both elected and appointed local officials with creating a dynamic budgeting process that supports essential investments while addressing current and future challenges.
This webinar will provide an understanding of your local government’s financial position. Participants will review the debt burden as a future fixed cost, what debt can be used for, the relationship between debt and population change, and financial balance sheets.
Who should attend: Elected and appointed officials in local government, administrators, and staff.
What will be covered:
- How to compare your community with other distinguished local budgets in Michigan.
- 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 spending in the present will have an impact on future decisions
- Fundamental best practices for fiscal and operational planning
- Overview of best practices in financial policies and good governance
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.
May 23, 2023 - 10 - 11:30 a.m. ET
Fiscally Ready Communities
The Fiscally Ready Communities program was created to assist communities that want to establish, measure, and maintain policies to increase operational and financial effectiveness and safeguards. This partnership between MSU Extension and the Michigan Department of Treasury helps local governments work towards fiscal health by sharing best practices in fiscal sustainability. There are currently four webinars that are part of the Fiscally Ready Communities program, with a fifth to be added later in 2023.
- Financial Best Practices
- Budgeting for Fiscal Sustainability
- Capital Asset Management and Planning
- Managing Internal Controls