At MACo’s summer conference, Ted Zaleski, Carroll County Director of Management and Budget, provided an overview of the county’s financial processes, including the budget and the Annual Comprehensive Financial Report (ACFR).
At the beginning of the meeting, 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 containing previous year’s data used to assess the jurisdiction’s financial strengths and weaknesses.
In reviewing the budget process, he discussed the composition of jurisdictions’ revenue sources, including taxes, grants, state aid and fees/levies. The two largest sources were
Property and income taxes. Expenses are on the other side of the budget equation, and as costs continue to rise, difficult service decisions are required.
Director Zaleski said, “The decision to fund one service is the decision not to fund another service.”
The ACFR provides historical insight into long-term liabilities and net assets and captures financial positions that will influence future budget plans.
For more information on best practices in public finance, see:
Meeting title: Financial management of the district
Description: A challenge for new and experienced county officials is to understand and effectively use the government budget process, the comprehensive annual financial report, and other financial documents as tools for setting priorities and managing government while maintaining the financial integrity of the jurisdiction. Financial management can involve economic assumptions, technical jargon, and a process that may seem foreign to the uninitiated. In this course, experienced public administrators discuss the budget process and financial reporting and provide practical tips to county officials. This is a core course in the Academy for Excellence in Local Governance program. Any conference attendee is welcome to attend. Academy Fellows must complete an evaluation form to receive credit.
Speakers: Ted Zaleski, Director of Budget and Management, Carroll County
Moderator: The Honorable J. Patrick McLaughlin, Commissioner, Queen Anne’s County
The meeting took place on 14 August at the Roland Powell Convention Center in Ocean City, Maryland.
