Rethinking Revenues & Resilience Two Years After COVID Lockdowns
Government revenues must adapt to meet the needs of Budgeting in the 21st Century...
GFOA, ICMA and NLC aren't limiting their Rethinking Budgeting initiative to the expense side of things. Their Rethinking Revenue contends that outdated systems are not aligned with modern economic realities. ResourceX is working with our PBB Communities to move beyond those systems and to advance local government thinking beyond the traditional approach to revenues.
Thanks to the Rethinking Revenue initiative, research is readily available to organizations, and awareness has been raised that a more strategic approach towards revenue must be developed and implemented.
Indeed, one of the most critical factors is an adaptable and proactive budget. When the common and reliable sources of revenue, such as property and sales tax, seemingly evaporate, leaders must apply problem-solving techniques and pursue innovative approaches to ensure consistent and quality services that support the residents in their communities are consistently delivered.
Outdated systems limit the ability of organizations to identify the most efficient and strategic alignment of resources to most positively impact their residents and communities. Line items provide a great accounting of funds but can’t demonstrate where resources are most needed or their impact on the community.
Additionally, line items fail to provide the business intelligence on how fees and fines impact community equity. By measuring programmatic revenue impact on equity, organizations can adjust select revenues to invite resident program participation without regard to income level or ability to pay.
With a program budget aligned with the vision or strategic plan, called Priority Based Budgeting, local government leaders can ensure each program is aligned with clear community outcomes. Thus each line item is appropriately allocated to provide the maximum impact to the organization, community, and resident.
It’s been a hectic ride, to say the least. In the two years since the initial lockdowns, our communities have faced a myriad of crises, a once-in-a-lifetime disbursement of federal funds, and a slow but hopeful return to a new normal. Communities are poised to emerge and thrive, with revenue strategy at the forefront of their emergence.
Join Chris Fabian as he explores the evolution from emergency COVID response to disappearing revenues to the innovative, equitable, and entrepreneurial approaches we’ve seen from our program budgeting and PBB community.
ResourceX, CEO & Co-founder
Chris has been invested in solving the problems associated with resource scarcity in local government for over a decade. Through ResourceX, his team provides the software solution for Priority Based Budgeting (PBB) using data and evidence to transparently and exponentially improve results for citizens and the community. PBB is now practiced and applied by over 250 organizations across North America.
ResourceX believes in the purpose of government and its potential to lead the charge in tackling some of the world’s most significant challenges. Empowering the budget increases local government's ability to tackle massive societal challenges, from climate change and homelessness to equity and sustainability, through program identification and resource reallocation. As a thought leader and budget software innovator, we can support local governments in the vital work they do.
Program Data Just Got More Distinguished...
Learn more about updated GFOA Distinguished Budget Award Eligibility Criteria
GFOA is proud to announce updates to the Distinguished Budget Presentation Award program for budgets beginning on or after 1/1/2021. For more information about program changes or to view updated forms, click here.
Some important changes include:
- Clearly presented departmental program descriptions
- A narrative description of the assigned services, functions, programs and activities of organizational units should be included. Major priorities within each organizational unit should also be addressed.
- Clear linkage between identified programs and goals and objectives
- This criterion requires that departmental/program goals and objectives be described. The relationship of departmental/program goals to the strategic goals of the entity should be apparent.