Our clients benefit from our ability to provide a broad spectrum of services to suit all their financial needs.
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PFM’s professional teams include experts in every major area of public finance.
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PFM is the industry leader in virtually all segments of the municipal finance industry.
In 2004, the Commonwealth of Pennsylvania enacted an Early Intervention Program (EIP) to establish short-term and long-term financial and managerial objectives that strengthen the fiscal capacity of Pennsylvania's county and municipal governments, along with the integration of long term community and economic development strategies intended to grow each local government's tax base. The EIP is intended to assist local government in the state with financial planning before the finances become so troubled as to qualify the jurisdictions for the state's distressed municipality program.
The EIP program is designed, in part, on the experiences of the City of Philadelphia in operating under a state-appointed financial control authority, and on recommended financial management practices of the Government Finance Officers Association (GFOA). The development of Early Intervention Plans is funded by 50 percent state matching grants. PFM was selected by a number of cities in the first round of EIP grants in the winter of 2004-5, including Allentown, Easton and York. PFM had undertaken pilot EIP engagements in 2004 in the City of Wilkes-Barre and Luzerne County.
PFM's Early Intervention Plan engagements have focused on effective management of the City/County's current financial position and on maintaining long-term fiscal and economic viability. The approach includes proposals for expenditure reduction, revenue enhancement, community and economic development strategies and best management practices. EIP engagements normally consist of six general phases which can be amended or substituted to meet local needs. The standard phases are:
- Financial Condition Assessment- Financial Trend Forecasting- Emergency Plan for Current Fiscal Year- Management Audit- Multi-Year Plan Adoption- Multi-Year Plan Implementation
The Financial Condition Assessment and Financial Trend Forecasting phases of PFM's EIP engagements involve an assessment of the city's current financial condition and the development of a baseline forecast of revenue and expenditure trends over ensuing five years. To this end, PFM has built a projection model that identifies the structural budget relationship between recurring revenues and recurring spending for each City from 2005 through 2010. This enables PFM to present a fiscal gap forecast identifying the city's annual operating budget surplus or deficit for each of those years.
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.