When you hear “financial communication” you probably think of the comprehensive annual financial report (CAFR) management’s discussion and analysis (MD&A). Or maybe the annual budget transmission letter. Or perhaps a well-designed website. You probably don’t think of social media. But you should. As today’s young folks like to say, if it’s not on social media, it didn’t happen.
On social media, for better or worse, citizens act like customers. They want useful information, and they want it in real time. For state and local governments that’s both an opportunity and a challenge. Social media is a cheap and easy way to share financial information with a huge audience. When used well, it can also put the right information in front of the right people at the right moment, and that can produce financial and other benefits.