At MACo’s Summer Conference, Ted Zaleski, Carroll County Director of Management and Budget shared an overview of county financial processes including the budget and Annual Comprehensive Financial Report (ACFR).
To start the session, Director Zaleski defined the differences between the budget and the ACFR documents. Budgets are forward-looking financial plans, while the ACFR is the
audited report of previous year data used to evaluate the jurisdiction’s fiscal strengths and weaknesses.
In reviewing the budget process, he discussed the mix of revenue sources for jurisdictions, including taxes, grants, state aid, and fees/charges. The two largest sources were
property and income taxes. Expenditures are on the other side of the budget equation, and as costs continue to rise, difficult service decisions are required.
Director Zaleski said, “a choice made to fund one service is a choice not to fund another service”.
The ACFR provides historical insight into long-term liabilities, net assets and captures the financial position which will influence future budget plans.
Additional information on government finance best practices is available at:
Session Title: County Financial Management
Description: A challenge faced by new and veteran county officials is understanding and using the government budget process, the Comprehensive Annual Financial Report, and other financial documents effectively as tools for setting priorities and managing the government while maintaining the fiscal integrity of the jurisdiction. Fiscal management can be infused with economic assumptions, technical jargon, and a process that seems foreign to the uninitiated. In this class, veteran public administrators discuss the budget process and financial reporting, as well as giving practical tips for county officials. This is a Core course in the Academy for Excellence in Local Governance program. Any conference attendee is welcome to participate. Academy Fellows must complete an evaluation form to receive credit.
Speaker: Ted Zaleski, Director of Budget and Management, Carroll County
Moderator: The Honorable J. Patrick McLaughlin, Commissioner, Queen Anne’s County
The session was on August 14 at the Roland Powell Convention Center in Ocean City, Maryland.