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The Erie County Fiscal Stability Authority hired The PFM Group to provide financial suggestions to the County Executive and Legislature. Their completed report was delivered to the Legislature in mid-October 2005. Here's what's referred to as the "Initiative Matrix"; we'll also be linking each initiative to it's relative budget line in the near future.
Initiatives 1-13 Initiatives 14-25 Initiatives 26-37 Initiatives 38-42 Initiatives 43-50
Initiatives 51-57 Initiatives 58-68 Initiatives 69-75 Initiatives 76-86 Initiatives 87-89
Initiatives 90-93 Initiatives 94-98 Initiatives 99-105 Initiatives 106-110 Initiatives 111-115
Initiatives 116-123 Initiatives 124-130 Initiatives 131-134 Initiatives 135-141 Initiatives 142-147
Initiatives 148-152 Initiatives 155-159 Initiatives 160-162 Initiatives 164-167 Summary
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# Name of Initiative Summary Description Department Page Revenue Savings or Productivity Strategy FY2005 Impact FY2006 Impact FY2007 Impact FY2008 Impact FY2009 Impact Total Impact Approval Authority
90 Develop and Implement Market-Based Revenue Program Maximize the revenue-generating capacity of County assets by employing various entrepreneurial concepts, including advertising, exclusivity arrangements, rental agreements, and corporate sponsorships. Div of Budget, Management & Finance AND Comptroller's Office V-6 Revenue Cost Recovery $0 $166,000 $416,000 $1,039,000 $1,850,000 $3,471,000 C
91 Develop Meaningful Budget Monitoring Reports Produce Budget Monitoring Reports with accurate year-end forecasts- It is important that the County finance professionals provide estimated year-end forecasts. Forecasts caveats and assumptions should be explicity stated and updated when appropriate Div of Budget, Management & Finance AND Comptroller's Office VIII-1 Productivity Internal Controls CQ CQ CQ CQ CQ CQ C
92 Develop Meaningful Monthly Budget Various Status Reports Produce monthly budgets cariance status reports- The County financial systems should be updated to provide monthly budget variance reports. This can be very useful to the County since it can help decision makers identify 'off-track' budgets variances. Recommendations and clear action plans should then be produced to help diminish or eliminate 'off-track' budgets variances Div of Budget, Management & Finance AND Comptroller's Office VIII-2 Productivity Internal Controls CQ CQ CQ CQ CQ CQ C
93 Develop Meaningful Monthly Budget Reports Provide meaningful monthly budget numbers/reports -Monthly budgets should be more accurate than a 1/12th partition of the annual budget. Though this methodology is valid for many revenues and expenditures it is not a valid method for 'seasonal' revenues and expenditures. The County's system-generated reports appear to have most of th monthly budgets set at a fixed 1/12th per month. The County recoqnizes this, and has provided some high level adjustments that correct for seasonality. While manual intervention helps, the county needs to make its system generated monthly budget reports reflect the expected seasonality in its revenues and expenses. Div of Budget, Management & Finance AND Comptroller's Office VIII-2 Productivity Internal Controls CQ CQ CQ CQ CQ CQ C