"Every family in America knows they have to do a budget. Every small business in America knows they have to do a budget. Every local government, every state, knows they have to do a budget." – Former Speaker of the House of Representatives, John Boehner.
In celebration of the New Fiscal Year, National Research Center, Inc. (NRC) is sharing a compilation of fiscal budgeting tips for local government, business and personal finances. Here are some of our favorite tips to keep in mind when budget planning for the fiscal year ahead.
1. Strategy is King
Focus on today’s budget strategy for tomorrow’s success. The plans you implement now will not come to fruition immediately, the results are spread out over a period of time. Plans based off of recent trends will help you grasp a better understanding of what your fiscal year budget should include.
2. Plan for the unexpected
Seems fairly basic, right? Well, setting a portion of funds aside now can help prevent over-spending, service cuts and tax increases in future when something unexpected requires government resources.
3. Carefully balance the assets coming in and going out
Income and expenditures should be equally scaled. This allows for proper allocation of resources and a sound, balanced budget built upon a sturdy foundation.
4. Be transparent
Sharing the budget plans publicly, following completion, promotes public trust and transparency. It also allows for open dialogue with residents on where the city has planned for its resources to be allocated.
5. Keep the community goals and values in focus
Where and when you decide to implement budget strategy reflects the core principles, values and goals of your community. Numbers can be intimidating to take action on, but when you use those resources to improve the lives of people in your community, you have an even greater responsibility to use those numbers thoughtfully and strategically.
National Research Center, Inc. (NRC) is a leading full-service survey research and evaluation firmfocusing on the information requirements of the public sector, including local governments, health care providers, foundations and non-profit organizations. Visit our home on the Web at www.n-r-c.com. Check out our media page for more news, tips and human-interest stories from NRC.