Economic Development and the Finance Officer

By Kinney, Anne Spray | Government Finance Review, October 2006 | Go to article overview

Economic Development and the Finance Officer


Kinney, Anne Spray, Government Finance Review


[from the editor]

Today's local government finance officer has an important role to play in economic development. In 2003, the GFOA Executive Board created the Committee on Economic Development and Capital Planning "to assist finance officers to become knowledgeable participants in planning,evaluation, and execution of community/economic development and capital issues." One of the committees first initiatives was to develop a recommended practice describing the finance officer's role in economic development. The resulting RP on the finance officer's role (http://www.gfoa.org/services/rp/documents/RoleofFinanceOfficer inED.pdf), provides specifics on how finance officers can most productively participate in economic development.The article "The Role of the Finance Officer in Economic Development" spells out what that means.

What keeps you awake at night? For some, it's the possibility of cost overruns that not only create fiscal problems but can draw negative media attention and the ire of elected officials. A capital program reporting system is a critical component of effective financial management of a capital program.The challenge for government finance officers is to develop successful methods for monitoring and controlling project costs. "Staying on Track: Grafting a Capital Program Reporting System" provides an effective approach to creating such a system.

Economic development isn't just for the big cities. …

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