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Cities, counties, and other local government agencies are increasingly adopting long-term financial analysis and forecasting as a critical component of their financial management practices. Many governments have found out the hard way what can happen in the absence of a realistic financial analysis model, one that projects and quantifies the impact of potential revenue shortfalls and increased liabilities well into the future.
Government’s financial department often face challenges to:
- Analyse Trends and Forecasts that can be used to create a strategic context for evaluating the annual budget.
- Establish a baseline for measuring the long-term effects of decisions.
- Test the economic effects of best-case and worst-case funding scenarios.
- Establish a baseline projection of revenues, expenditures, and future cash flows and fund balances.
In particular, financial analysis include well-designed charts and tables can be used as visual aids in public presentations about the organization’s finances, helping elected officials, citizens, and other stakeholders gain a better understanding of financial issues.
Learn how EzDataMunch can help GCFOs to analyze financial information like never before – analyze all the trends, department wise funds, revenues and expenditures etc. It also provides predictive analysis capabilities so GCFOs can analyze the impact of revenue short-fall or additional unplanned expense and its impact on citizen services.