public finance and financial literacy biggest financial challenges
TRANSCRIPT
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
