Plan. Procure. Report. Repeat.
Fund planning is not what it used to be.
We’ve all watched expectations around future-focused planning and reporting become more complex with each passing year, accelerated by federal stimulus dollars (ARPA and Infrastructure) that require more purposeful planning and documentation and deeper downstream reporting. Whether it’s equity, sustainability, engagement, and much more, the challenges for today’s local government leaders are greater than ever.
Is your team ready to meet these new expectations?
Today’s Guide to Fund Planning and Reporting
Let’s break it down. Whether it’s investments in parks, public facilities, water and sewer infrastructure, or roads and bridges, local governments must balance numerous needs, inputs, and impacts to ensure the long-term health and vibrancy of their communities. From plan to procure, here are the five biggest elements for today’s strategic fund planning and reporting. Plus, the best practices for each.
Want to dig even deeper on these five elements? Watch our webinar where we discuss this exact topic.
Plan: Transparently determine the use of funds.
Arguably the most important element, initial planning sets the stage for proactive, inclusive public engagement and prioritizing community values and long-term strategic priorities. This is your opportunity to determine what would have the biggest impact on your community. Know how to solicit and capture input on how both your community and internal teams wish to spend the funding.
Measure: Proactively measure performance.
To determine impact and highlight results, as well as prepare for federal reporting guidelines, adopt shared standards and processes for measuring performance out of the gate. Start by aligning your Chart of Accounts now and surfacing the data needed to drive the performance metrics that best reflect the project’s impact.
Collaborate: From budget to execution, use input across all teams.
When you think of this important ingredient, we have three words: transparency, efficiency, and strategy. These big three need to work hand in hand across all of your departments for a better process. Here’s how you manage your budget using input from all internal stakeholders.
Procure: Make your purchasing and contract management process more strategic.
Call your procurement team. It’s time to execute. From RFP creation to contract management, there are many opportunities to streamline the entire procurement process which makes it easier to keep projects on-time and under budget. Work smarter with efficient and timely bidding, leading to a more strategic spend plan. (Check out our top benefits of eprocurement for more.)
Report: Improve your reporting for compliance and transparency.
From start to finish, it’s important to effectively report and communicate progress to both the community and policy makers. Throughout the entire process, everyone will be expecting regular updates. At completion, internal stakeholders and your community want results. Make your life easier by ensuring data is easily accessible from the beginning.
Is your team ready to meet these new expectations?
Start working these five elements into your budgeting and planning process now. Watch our webinar for more insights on taking action. Download it here.
Last Updated on February 4, 2022 by Stephanie Beer
Categories: Government Finance, Performance Management, Strategic Impact
