4 Ways the Pandemic Has Forced Governments to Rethink Budgeting
The urgency of the COVID-19 pandemic has forced state and local governments to react when it comes to budgeting, focusing on short-term reporting on an annual basis rather than proactively assembling long-term 5–10-year strategic budget plans ahead of time. The problem with this reactive approach is it creates redundancies, cost inefficiencies, and fails to set governments up for any potential future crises. This is especially detrimental during a time when budget transparency and community impact are more important than ever before.
That’s why adopting a continuous approach to financial management is vital to short-term and long-term fiscal recovery. By reading this guide you’ll learn:
- 4 ways the pandemic has forced governments to rethink their budgeting approaches
- The ins and outs of continuous budgeting
- 4 best practices outlined in GFOA Budget Award criteria
- How to align with best practices through cloud-based budgeting software
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