Rethinking Budgeting in Action Part One: Why Should Local Governments Rethink Budgeting?

Please note that this is part one of a two-part series. You are not required to attend both sessions, but if you would like to do so, you must register for them separately.

Local governments have long relied on last year’s budget to make incremental, line-item changes around the margins to make next year’s budget. Though this form of budgeting has advantages and can be useful in times of stability, it can also make local governments slow to adapt in times of rapid change, like the volatile and uncertain times we live in today. GFOA’s Rethinking Budgeting initiative considers new ways of thinking, new technologies, and updated practices to better meet the changing needs of communities. The first part of this webinar series will provide an overview of GFOA’s Rethinking Budgeting initiative and introduce the FWLab, an initiative of the city of Fort Worth, TX focused on developing a more strategic approach to budgeting. Fort Worth leaders will explain why they believe it is necessary to rethink budgeting and share some of the initial benefits they are seeing.

Who Will Benefit: Budget Analyst, Budget Manager, CFO/Finance Director, City Manager

• Explain why traditional incremental budgeting can be insufficient for helping local governments address the challenges they are facing
• Describe what it means to “rethink budgeting”
• Discuss why the city of Fort Worth is adopting a more strategic and innovative approach to budgeting