Stage 5: Fiscal First Aid


Stage 5: Fiscal First Aid

 

When afflicted with financial distress, you first need to stabilize the situation. Fiscal first aid techniques can be used to stop the bleeding and provide immediate relief. Cases of more severe distress may not be completely resolved by fiscal first aid, but fiscal first aid can provide a short-term respite and time to develop more permanent treatments. In less severe cases of financial distress, fiscal first aid alone may be sufficient. This section of the GFOA's financial recovery website presents the four fiscal first aid techniques over five different topics. Use the diagram below to navigate between the types of treatments used for: Revenue, Capital and Debt, Management Practices, Human Resources and Benefits, and Financial Planning.


FOUR TYPES OF TREATMENTS
  Primary Treatments are the first line of defense. In many cases, these treatments provide immediate help and improve long-term prognosis.
  Treatments to Use with Caution may be called for if the primary techniques are not sufficient. However, these treatments could potentially worsen financial condition if used improperly.
  Treatments to Use with Extreme Caution may help the near term financial situation, but could likely work against financial stability.
  Treatments Not Advised are ones that can result in trouble.

 

RevenueCapital & DebtManagement PracticesHR & BenefitsFinancial Planning

 

Main Page