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WBD Launches State & Local Financial Management
January 22, 2021
WBD Launches State & Local Government Service Line, Delivering Financial Management Aid to COVID-19 Strained Local Governments
Municipalities hard-hit by COVID-19 have experienced a throng of challenges – from broken communications channels to clogged supply chains. While dedicated public servants across the country have tirelessly steered their communities through the pandemic, the quantity and novel nature of the problems faced by local governments has led to a compelling demand for external assistance.
Applying its wealth of federal and international expertise, WBD is assisting municipalities in navigating the unchartered territories associated with the COVID-19 pandemic. To launch this new state and local government service line, WBD has secured a contract supporting Kansas City’s Office of Management and Budget (OMB) with financial management and advisory services that will ultimately build resiliency for the municipality in the post-pandemic world.
WBD is helping Kansas City create tools for expenditure tracking, reviewing contracts using CARES Act funding, and recommending changes to reporting structures to comply with funding guidelines. Additionally, WBD will assist Kansas City’s OMB in reviewing and updating revenue and expenditure projections for the current year and five years into the future based on the impact of COVID-19.
From a financial perspective, the impact of COVID-19 on state and local budgets has been significant. Driving down revenues across multiple sectors while also creating new health and administrative costs, the economic effects of the pandemic will likely continue to impact state and local revenue projections for years to come.
“Unlike many organizations, most municipalities have a requirement to balance their budget, meaning that revenue shortfalls over the next several years could lead to continued cuts to local programs as municipalities struggle to make up for lost revenue,” explained Kevin Myers, WBD Senior Associate. “While federal aid has helped to cushion these costs and lost revenues, the lack of certainty regarding future funding creates concerns regarding how municipalities will continue to respond to revenue shortfalls in the coming months and years.”
Local governments are making a tactical decision when choosing WBD to provide targeted support where it matters most. Financial management is a complex environment, and we are uniquely prepared because of our experience supporting federal clientele.
“While COVID-19 has challenged our government, seeing the opportunity to help local municipalities handle governance during this unprecedented time is growth we are proud to be called upon to support,” said Julie Barth, WBD Director of Business Development. “This is a time to be part of supporting our nation as we work through challenges presented by COVID-19, and WBD is at the forefront of this effort.”
Washington Business Dynamics (WBD) is a veteran-owned management consulting firm specializing in strategy, procurement, finance, and international development services. We work with our clients as partners to achieve institutional change, enhance operational performance, and build sustainable processes that deliver exceptional results.