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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 training 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 training 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. 

Cost: Free

Date: March 25, 10 - 11:30 a.m. EST

Registration for Fiscally Ready Communities: Financial Best Practices Webinar is open.

Registration closes at 11:59 p.m. on March 24, 2021.

Accommodations

Michigan State University is committed to providing equal opportunity for participation in all programs, services and activities. Accommodations for persons with disabilities may be requested by contacting the event contact two weeks prior to the start of the event. Requests received after this date will be honored whenever possible.

Contact Information

For questions about the program, please contact Eric Walcott at 517-353-9106 or walcott3@msu.edu.