Effective budgeting is about aligning your government finances and resources with priorities that benefit your community and stakeholders. Of course, this is easier said than done, especially during times of uncertainty.
So how can your government achieve budgeting success when the future looks a little foggy?
We’ve got you covered with three valuable insights that will help you out.
1. Transition to priority-based budgeting
Local governments today are working to adopt a priority-based budget. This means making budget decisions and allocating funds based on your community’s needs, while working with available resources as a starting point.
To implement a successful priority-based budget, you’ll want to make sure that the needs of your organization and communities are well-defined and budget data is clearly understood.
A successful priority-based budget will:
- ensure that funded initiatives will truly reflect the needs of your community
- provide city and county managers more flexibility to fund programs they see fit
- allocate funding and resources directly to community projects and programs
- result in greater transparency and accountability for resource allocation
In the face of uncertainty, putting an emphasis on priorities is crucial to achieving budget success — especially when resource needs and availabilities can change on a whim.
2. Achieve an IT partnership that’s business-driven
Once upon a time, your organization might have benefitted from a traditional “service centre” approach to IT.
Now, shifting your IT partnership to one that’s business-driven is key to allowing your organization to achieve budget success when times get rough.
Achieving a business-driven partnership allows IT to be a part of your organization, rather than problem-solver on an as-needed basis. In turn, this provides IT with insight into your organization’s budget needs and functionalities.
Maintaining a collaborative, business-centric approach with IT will enable your organization to request and implement necessary solutions, alongside increased budget data transparency and accountability for data-owners.
3. Implement a cloud-based budgeting solution
Developing an effective budget is no small task, and local governments are under immense pressure to get their budgeting processes done efficiently, with little difficulty and cost.
During times of uncertainty, this pressure is only amplified.
The good news? Implementing a cloud-based budgeting solution can do wonders to simplify your organization’s budget process and take the pressure off.
The right cloud-based budgeting solution:
- enhances data accuracy and transparency to make the most informed decisions
- provides a collaborative and user-friendly platform to develop budgets in a centralized location
- eliminates manual data entry to save time, money, and resources
A cloud-based budgeting solution, in tandem with a priority-based approach to budgeting and a strategic partnership with IT, allows your organization to budget with greater efficiency so that your stakeholders and communities are always a top priority — no matter the uncertainties.
Ready to boost your organization’s budget success in times of uncertainty? Our cloud-based solution, Euna Budget, powered by Questica, is here to help. Schedule a demo with a member of our Solutions team today.