ResourceX provides financial forecasting tools as scenario planning for local governments during COVID-19 virus outbreak
Wednesday April 1, 2020 0 comments
DENVER -- ResourceX, a company providing powerful analytic tools to implement priority-based budgeting using data and evidence to transparently improve results for citizens and communities, announced it is offering three free months of the company’s Fiscal Health Scenario Planning + Forecasting Tool, plus training for their current clients.
New clients will be able to take advantage of a discounted opportunity for this valuable software tool and training, the company said.
Many local government decision makers are needing quick and efficient forecasting tools in order to make faster decisions and plan for multiple financial uncertainties – modeling the spectrum of scenarios, from best-case to worst-case scenario.
ResourceX offers both the training and the software systems for local governments, special districts and schools to best approach fiscal forecasting and scenario planning.
Many communities have already taken advantage of the ResourceX support package to quickly get their fiscal data loaded and financial team trained on how to efficiently model different fiscal forecasts and scenarios.
The training from ResourceX includes everything from loading data, to assembling unique forecasts, to building out scenarios that will dramatically decrease the amount of time it takes to make critical financial decisions.
Civic leaders in their organizations can create actionable business intelligence, maximize insights, and execute change to fund their future.
Communities are using financial forecasting to look at different scenarios: from major decreases in revenue sources such as sales tax, development and permitting fees, facility and service charges, and hotel (hospitality) taxes, to significant increases in expenses such as staff overtime, equipment, and investments in technology.
“In times like this, forecast planning helps to clarify financial scenarios as best as possible because you can plan for multiple uncertainties,” said Chris Fabian, ResourceX CEO.
Civic leaders want to have the resources they need to fund responses to COVID-19. But for this to happen, decision makers need to be able to identify where staff and money can be taken out of one program in order to boost investment and support for urgent needs such as public safety, public health and economic support.
“While there will be more challenges in the days and weeks ahead, we are also planning for how we can support our clients and partners in a strong recovery,” said Fabian.
“We’re excited to be helping so many local governments during this time and have plans to train more in the upcoming weeks.”