Published: October 22, 2020
A new reporting feature in the Financial Intelligence Tool makes it simple for a local government to project its data into the future. Governments, with their often limited or restricted resources, have a responsibility to plan for the future. That management responsibility is often required by state law through the budgeting process. Although a local government won’t hear from us about how to budget or plan for the future, it can still take advantage of our statutory requirement to publish each government’s financial data, which we do using FIT.
Local government users who log into FIT will now find a button allowing them to “Add Projection.” Selecting this option will prompt FIT to project a local government’s data three years into the future.
Scenarios for every occasion
We’ve mentioned before that scenario planning has many benefits. FIT allows clients to modify their projections based on any scenario they might think of. For example, if salaries are expected to increase by 5 percent next year but revenues are decreasing, how does that affect the data in FIT in subsequent years? We’ve made it simple to see how a local government’s data is affected by different user-defined scenarios.
Save and double-check
Local government users also have the ability to save, export, and print their scenarios. This could be useful as inputs change over time, allowing a government to see what the data looks like if circumstances change.
If you’re new to FIT or would like information on how to use FIT, click here. Keep your eye out for more tips, tutorials, and feature announcements about the next version of the Financial Intelligence Tool.