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