Case Studies

  • City of Newark (NJ)

    Mayor Cory A. Booker first took office in Newark in July 2006, to lead New Jersey's largest city. The Booker administration found a City with a large and increasing structural budget deficit, and challenging localized economic conditions.  PFM was hired to support the development of the FY2007 budget process, with a particular focus on the City's presentation of the budget and its ability to communicate the administration’s vision to City residents.  PFM constructed a multi-year financial model that identified the size of the City's structural deficit, identified the City's major cost drivers, and projected the current and future costs of the Mayor's priorities. PFM revised the budget presentation, including the creation of templates, addition of narrative and data, graphics, and other supporting information to improve communication of the City's goals, priorities, and financial condition.  As a result of the efforts of the City and the support of PFM, the City's FY2007 budget was awarded the GFOA Distinguished Budget Presentation Award – making Newark the only municipality in the State of New Jersey to earn this recognition.

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    These materials are based on factual information from actual projects that The PFM Group of companies has engaged in for a client. They are for general information purposes only and are not intended to provide specific advice or a specific recommendation. The results of individual projects will vary significantly depending upon the size and structure of each transaction, permitted investments, prevailing market conditions at the time of the transaction, and other events or circumstances beyond our control. Past performance does not necessarily reflect and is not a guaranty of future results. The information contained in these case studies is not an offer to purchase or sell any securities.