Public Finance and Financial Literacy Biggest Financial Challenges

Public Finance and Financial Literacy

Biggest Financial Challenges

33%

27%

12%8% 6% 4% 4% 2%

“What’s a Fiscal Year?”

“You have people coming in who have absolutely no idea how the appropriations process works. Oftentimes they don’t even know what constitutes a fiscal year.”

Connecticut State Representative Diana Urban

No Finance Experience Required

“When you think about it, I’m a retired cop and now I’m chairman of a finance committee of a $3-billion organization and the 10th largest city in the nation. Can you imagine a corporation taking someone like that and putting them in charge of it with so little experience?”

San Jose, Calif. Councilman Pete Constant

A Steep Learning Curve

How Knowledgeable do you consider yourself in relation to public finance?

2% No knowledge of public finance

55% Somewhat knowledgeable

29% Very knowledgeable

14% Expert in public finance

A Steep Learning Curve

“Even assuming a person hits the ground running, they’re on such a steep learning curve, by the time they learn anything they are term-limited out.” Houston Controller Ron Green, who ran for Controller after reaching his six-year limit on the city council

utc.edu

These guys had career-long future skillsArstechnica.com: Wendy Rejan

flickr Sebastiaan ter BergThese folks have skills in demand now

flickr lynnecazaly.comNot the world of work you joined

Working Longer and Retirement flickr 401kcalculator

CIOsanticipate

20-30%of SLG IT workforce eligible to retire in

next five yearsCDG, 2013

Only

50%of retirees will be able to replace at least 90% of their income at 65

NRRI, 2014

22%of retire-eligible state

and local workers accelerated their

retirement in 2013CSLGE, 2014

Sense of the Public Sector Workforce flickr Steve

Only

25%said their organization

had a careerdevelopment strategy

in placeGoverning Institute ADP/IPMA HR,

2012

50%Less than

Of workers are very satisfied with their job

and working conditions.

Governing/Workday, 2014

Less than

50%Of workers strongly agree that they are

valued.

Governing/Workday, 2014

flickr Scott McLeod How far does it … er, do we … go?flickr.com/photos/retrocactus/717906710

A-Staffing is a Top 5 Priority for Public CIOs

Getting out of the Infrastructure Business Jim Fowler, CIO, state of Kentucky

o “I firmly believe I’ll be out of the infrastructure business within five years.

o “It’s becoming cost prohibitive to run it yourself.”

Getting out of the Infrastructure BusinessStu Davis, CIO, state of Ohio

o “Almost every RFP that you see coming from the state of Ohio will have a hosted option.”

New Procurement Report

Perspective Matters

“We’re here to put a dent in the universe.

Otherwise why else even be here?”

Steve Jobs, Apple

CONTACT

Joe MorrisDirector of Market IntelligenceGoverning Institute jmorris@governing.com 916-932-1395