Magazine article Government Finance Review

A Place at the Table: Finance Officers and Economic Development

Magazine article Government Finance Review

A Place at the Table: Finance Officers and Economic Development

Article excerpt

For better or worse, the role of finance officers in government organizations continues to expand. One area in which finance officers are assuming a higher profile is economic development. This makes sense in that many development projects require some form of public financial support, with the potential for imposing significant impacts on a government's financial condition.

As finance officers have assumed ever-greater responsibility for economic development, member demand for guidance in this area has increased. As a first step toward meeting this demand, GFOA recently created the Committee on Economic Development and Capital Planning, whose appointed mission is "to assist finance officers to become knowledgeable participants in planning, evaluation, and execution of community/economic development and capital issues through the drafting and promotion of policies, procedures, and recommended practices."

The committee convened for the first time at the annual Winter Meeting in Washington. D.C., January 22-23. There the committee organized itself into three subcommittees--economic development, capital planning, and major capital projects--and formalized its work plan. The committee is now working to develop resources in the areas of economic development and capital planning, including recommended practices and public policy statements, checklists, training programs, and publications. …

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