Site Key - Financial Recovery

Site Key - Financial Recovery

Home Page - Recovery from Financial Distress

Process for Recovering from Financial Distress Diagram

GFOA Members who Contributed to this Site

Stages of Financial Recovery

1. Recognition

  • Engage the Audience
  • Visualizing Data
  • Using a Crisis to your Advantage
  • Bringing in Outsiders
  • Presenting Economic Data

2. Mobilizing

  • Building a Core Recovery Team
  • Developing Other Teams
  • Analyzing Stakeholders

3. Generic Treatments

4. Initial Diagnosis

  • Fiscal Health Model Example
  • Fiscal Position and Parameters
  • Budget Practices
  • Liabilities
  • Political and Economic Environment

5. Fiscal First Aid

  • Primary Treatments
  • Treatments to Use with Caution
  • Treatments to Use with Extreme Caution
  • Treatments Not Advised

6. Detailed Diagnosis

  • Category 1 - Political / Internal Causes of Financial Distress
  • Category 2 – Internal, Economic/Technical causes of Financial Distress
  • Category 3 – External, Political Causes of Financial Distress
  • Category 4 – External, Economic/Technical

7. Recovery Plan

  • A Portfolio of Strategies
  • Comprehensive, Yet Concise Format
  • Communicate Efficiently
  • Use a Team Approach
  • Consider Citizen Engagement Carefully

8. Long-Term Treatments

  • Treatments by Cause of Distress
    • Category 1 – Internal, Political
    • Category 2 – Internal, Economic/Technical
    • Category 3 – External, Political
    • Category 4 – External, Economic/Technical
  • Long-Term Treatments by Topic
    • Enhance Planning
    • Reform the Budget Process
    • Address Long-Term Liabilities
    • Contain Personnel Costs
    • Improve Leadership and Management
    • Increase Accountability
    • Improve Efficiency
    • Support Economic Development
    • Metropolitan Area Restructuring
    • Improve Community Attachment
    • Become More Innovative
    • Address Legal Constraints

9. Long-Term Financial Planning

  • What is a Long-Term Financial Plan?
  • Why is Regular Long-Term Financial Planning Important?
  • The Pillars of a Sound Financial Planning Process
  • Major Phases in the Financial Planning Process
  • Mobilization Phase
  • Analysis Phase
  • Decision Phase
  • Execution Phase

10. Recovery Leadership

  • Who is the Leader?
  • Leadership Behaviors
  • Leadership Credibility
  • Recovery Leaders and Elected Officials
  • Communication
  • Leadership Tasks in the Three Phases of Recovery
    • Leadership Tasks in the Bridge Phase
      • Initiate the Recovery Process
      • Get a Handle on the Situation
      • Build a Recovery Team
      • Build Support for the Recovery
      • Deal with Dissent
    • Reform Phase
    • Transform Phase

11. Manage the Recovery Program

  • Crisis Management
  • Develop Recovery Plan
  • Implement the Recovery Plan
    • Project Management
      • Keys to Project Management in a Recovery
        • S.M.A.R.T. Goals
    • General Project Management Concepts
        • Planning the Project
        • Mobilization
        • Implement the Project
        • Project Close-Out
  • Progress Reporting
  • Implementation Teams
    • Teambuilding for Temporary Teams
  • Managing the Budget Process

12. The Outcome of Recovery

  • Characteristics of a Financially Resilient Government

13. When Recovery Fails

Definitions

  • Definitions - Recovery Leader
  • Definitions - Generic Treatments