Basic understanding of public finance.
This session is intended for finance officers, elected officials, or other public sector employees that are tasked with developing financial policies. The class will cover the importance of financial policies in overall financial management, best practice examples, and how to develop effective policies.
Financial policies articulate the baseline standards for financial stewardship for a local government and they express the governing board and staff’s intent for how financial management will be conducted. In this course, you will learn how to engage elected officials and executive managers in the development of financial policies in order to maximize the organization’s commitment to acting in accordance with the policies. The class will cover the technical details of key types of financial policies, such as fund balance, revenue, and budget policies. The class will introduce a risk-based policy development method to help you create policies that are of the greatest relevancy to the risks your organization faces. The second day of the class will feature a hands-on workshop where participants conduct policy analysis and development for their own organizations.
Those who successfully complete this seminar should be able to:
- Articulate why financial policies are important to elected officials and public managers
- Engage elected officials and executive managers in policy development
- Analyze risks that the organization faces and develop policies in response
- Write clear and succinct policies
- Integrate policies into financial decision-making processes