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The Government Finance Officers Association <br /> V Long-Term Financial Planning ( - <br /> • An Introduction �] ~ <br /> financial position,the causes of those imbalances,weaknesses in financial policies,and <br /> threats in the financial environment. <br /> Decision Phase-Informed Response <br /> After first mobilizing your organization and alerting it to the importance of long-term <br /> planning and then analyzing the forces affecting financial stability,you develop strategies <br /> to confront anticipated challenges and capitalize on opportunities. These strategies are <br /> developed collaboratively between elected officials, staff,and,perhaps, citizens. After <br /> developing your new strategies,you evaluate the planning process,celebrate successes, <br /> and commit to the tangible steps needed to execute the financial strategies and ultimately <br /> achieve and maintain long-term financial sustainability. <br /> Credibility and Communication <br /> Long-term financial planning is not solely or even primarily a technical exercise. It is <br /> essential that different stakeholder groups be actively engaged in the process,endorse the <br /> plan and trust the results. A successful long-term financial plan builds in opportunity for <br /> meaningful communication with stakeholders like staff, elected officials, and your <br /> citizens. A broad base of participation is a proven means for building the credibility of <br /> the plan and gaining commitment to financial strategies. <br /> • How GFOA can Help You with Financial Planning <br /> Long-term financial planning emphasizes the long-term impacts of decisions made today. <br /> By making apparent the long-term consequences of decisions through long-range <br /> forecasts and financial analysis,financial planning transforms the dialog between <br /> decision-makers in your organization by placing the focus of the conversation squarely <br /> on financial sustainability. GFOA can lead you through the process of long-term financial <br /> planning by providing proven tools and techniques, serving as a trusted advisor, <br /> conducting financial analysis,and by working with elected officials and staff to develop <br /> strategies for financial balance. If you would like to learn more about how long-term <br /> financial planning works and how GFOA can help you,please feel free to contact the <br /> GFOA's Research and Consulting Center at 312-977-9700 or at consulting@gfoa.org. <br /> Page 3 of 3 <br />