Copyright © All rights reserved. Utah Government Finance Officers Association Terms of use | Privacy policy
THE OFFICIAL WEBSITE FOR THE UTAH GOVERNMENT FINANCE OFFICERS ASSOCIATION
The first thing public managers need to do in a case of fiscal distress is stabilize the ailing government. Fiscal first aid techniques can be used to stop the decline and provide immediate support. Even in severe cases, fiscal first aid can
often buy time to develop lasting treatments.
The GFOA’s Fiscal First Aid Web Site offers fiscal first aid techniques in four categories. See a sample below. Go to
www.gfoa.org/fiscalfirstaid for the full list and to learn how to apply fiscal first aid.
often buy time to develop lasting treatments.
The GFOA’s Fiscal First Aid Web Site offers fiscal first aid techniques in four categories. See a sample below. Go to
www.gfoa.org/fiscalfirstaid for the full list and to learn how to apply fiscal first aid.
GFOA and Fiscal First Aid
Revenue
Audit revenue sources
Improve billing and collections procedures
Explore fees for services
Propose taxes with a strong nexus
Audit revenue sources
Improve billing and collections procedures
Explore fees for services
Propose taxes with a strong nexus
Human Resources and Benefits
Evaluate overtime use
Address health-care costs and workers
compensation claims patterns
Re-examine labor structures
Evaluate overtime use
Address health-care costs and workers
compensation claims patterns
Re-examine labor structures
Capital and Debt
Start comprehensive capital project planning
Start comprehensive capital project planning
Financial Planning and Analysis
Evaluate financial condition and get benchmark
data
Evaluate financial condition and get benchmark
data
TREATMENTS TO USE WITH CAUTION may be called for if the go-to techniques are not sufficient. However, these treatments must be used carefully because they may cause side effects.
Revenue
Sell assets
Obtain better returns on idle cash
Sell assets
Obtain better returns on idle cash
Human Resources and Benefits
Offer early retirement program
Increase part-time labor
Institute hiring/wage freezes
Reduce hours worked and pay
Offer early retirement program
Increase part-time labor
Institute hiring/wage freezes
Reduce hours worked and pay
TREATMENTS TO USE WITH EXTREME CAUTION might help the near-term financial situation, but may eventually work against financial sustainability.
Revenue
Levy a broad tax increase
Create special taxing districts
Levy a broad tax increase
Create special taxing districts
Human Resources and Benefits
Make across-the-board wage cuts
Defer compensation
Make across-the-board wage cuts
Defer compensation
TREATMENTS NOT ADVISED may look attractive on first glance but are dangerous.
Human Resources and Benefits Underfund accrued liabilities such as pensions
Human Resources and Benefits Underfund accrued liabilities such as pensions
PRIMARY TREATMENTS are the first line of defense and should be considered as a preferred option. In many cases, the go-to treatments not only provide immediate help but also improve the long-term prognosis.