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Posts by Mike Bailey

Goodbye from Finance Consultant Mike Bailey

October 5, 2020 by Mike Bailey
Category: MRSC News and Updates

Finance Consultant Mike Bailey is retiring. In this blog post, he reflects on his many years working with and for local governments in Washington State.

Locating Good Data for Your Revenue Forecasting

August 21, 2020 by Mike Bailey
Category: Revenues , COVID-19

Traditional approaches to revenue forecasting will not be sufficient during the COVID-19 pandemic. This blog post explores where to find good data and get more accurate ways to predict future revenues.

Choosing the Right Annual Financial Report for Your Entity

May 11, 2020 by Mike Bailey
Category: Financial Reporting

In the final installment of this four-part series, this blog post compares cash-basis and GAAP-reporting options for filing the required annual financial report.

Annual Financial Reporting Options: GAAP-Basis

March 12, 2020 by Mike Bailey
Category: Financial Reporting

This blog post describes the GAAP-reporting option for annual financial reporting for local governments.

Annual Financial Reporting Options for Washington Local Governments

February 27, 2020 by Mike Bailey
Category: Financial Reporting

This blog article describes the annual financial reporting options available to local governments in Washington State.

Finding Success in Using Community Resources to Deliver Value as a Newly Elected Official

January 16, 2020 by Mike Bailey
Category: Administrative and Elected Officials

This blog article looks at the role of an elected official as policymaker, one who brings value to the community by overseeing use of its financial resources.

New Guidance in Accounting for and Reporting Leases

November 4, 2019 by Mike Bailey
Category: Accounting , Revenues , Financial Reporting

This blog post looks at the new standards the Governmental Accounting Standards Board has released regarding accounting for and reporting leases.

Key Takeaways from the AWC Budget and Finance Management Workshop

September 4, 2019 by Mike Bailey
Category: Budgets and Budgeting , Financial Management

This blog covers some key financial management takeaways from the 2019 Association of Washington Cities (AWC) Budgeting and Financial Management Workshop.

Financial Policies: Travel, Expense Reimbursement, Credit Cards, and More

July 8, 2019 by Mike Bailey
Category: Accounting , Financial Management

MRSC has partnered with the State Auditor’s Office (SAO) Center for Government Innovation to expand the Financial Policies Tool Kit we first launched two years ago. This blog post covers some of the highlights.

Time To Set The Policy Framework For Your Next Budget

May 16, 2019 by Mike Bailey
Category: Budgets and Budgeting

Developing sound policy goals as a preface to budget planning is one of the most important ways an elected official can make a real difference in their community.

Financial Management: The “Big Picture,” Part 2

March 20, 2019 by Mike Bailey
Category: Financial Management

In Part 2 of this 2-part series, Finance Consultant Mike Bailey looks at tools that can help a local government monitor its fiscal progress or setbacks.

Financial Management: The “Big Picture,” Part 1

March 18, 2019 by Mike Bailey
Category: Financial Management

This 2-part series will look at how all staff can contribute to the big-picture fiscal health of an agency, from establishing an agency-wide blueprint to finding the right tools to monitor fiscal progress or setbacks.

Reading the Economic Tea Leaves: When and How to Prepare for an Eventual Downturn

January 18, 2019 by Mike Bailey
Category: Financial Management

While it's impossible to predict the economic future, this blog post pulls together insights from a variety of sources to help you try to understand when and how to prepare for a slowing economy.

Trust: The Secret Ingredient in Your Budget Deliberations

November 8, 2018 by Mike Bailey
Category: Budgets and Budgeting

Can trust building be a part of a local government's budget process? In this post Finance Consultant Mike Bailey argues that trust is a critical component to creating a high-functioning team that can then make the best possible decisions in how to serve their constituents.

Reported, Remote Sales Taxes Likely to Increase

October 22, 2018 by Mike Bailey
Category: Sales and Use Taxes

Washington local governments should see an increase in reported, remote sales taxes thanks to a recent landmark U.S. Supreme Court decision in South Dakota v. Wayfair. This post provides an overview of the case and its potential impact locally.

Having Great Budget Discussions

March 26, 2018 by Mike Bailey
Category: Budgets and Budgeting

Budget discussions offer local governments the opportunity to identify concerns, priorities, and goals. It's also a great opportunity to get and provide updates on key issues, challenges, and accomplishments across the organization. Finance Advisor Mike Bailey offers suggestions on how to make your budget conversations work more efficiently.

Which Financial Policies Work Best? 'It Depends.'

April 26, 2017 by Mike Bailey
Category: Financial Management , Fund Balance and Reserves

What is the right level of fund balance for local government? For many reasons, "It depends" is the best place to start when answering that question.

It’s Time to Sharpen those Budget Skills

July 7, 2016 by Mike Bailey
Category: Budgets and Budgeting

In a recent AWC survey, public officials identified budget topics as their second most important area of interest (after economic development). This article explores the survey results more deeply and sees how they align ewith the efforts of organizations like MRSC and AWC to help you create your best budget.

It’s Not Too Early to Think about Laying the Foundation for Your Next Budget

February 9, 2016 by Mike Bailey
Category: Budgets and Budgeting , Guest Author

If you want to have a great budget experience next fall (and who doesn't?), then it is never too early to think about how to lay the best foundation. Building a budget starts with a strong policy discussion and early policy guidance.

Building the Budget around the Community it Serves

June 23, 2015 by Mike Bailey
Category: Budgets and Budgeting

Redmond Finance Director Mike Bailey explains how Redmond shifted its budgeting process to better focus on citizen priorities.

Fall is in the Air – and Budget Workshops are Filling Your Agendas

September 11, 2014 by Mike Bailey
Category: Budgets and Budgeting

You can tell that summer is winding down. The nights are longer – and cooler; Seahawk football has returned; and councils are about to start their workshops to review the preliminary budget. While the Seahawks are always an interesting subject, this article will focus on how to make the best use of your upcoming budget workshops and hopefully create the “best budget” for your organization.

The Economy is Better - So Why is My Budget So Hard To Balance?

December 1, 2013 by Mike Bailey
Category: Budgets and Budgeting

You may have seen some of the headlines recently: "Boeing: Record 777X order placed in Dubai"; "Many small business owners are saying they're ready to hire"; "S&P 500 trades above all-time high"; "Construction spending up 45% over last year"; "Retail sales grow again". But if you've looked at your budget forecasts, they don't...

Year-End is a good time to get a financial "checkup"

March 1, 2012 by Mike Bailey
Category: Finance Advisor , Investments

The end of the year approaches. I know because my budget is in the capable hands of our city council. Another way I know is that we have started our annual year-end "checkup." In this article, we will share some ideas about how you can use the "slower time" around the holidays to review some important financial vital signs.

Who Makes the City and County Accounting Rules We Must Follow?

March 1, 2012 by Mike Bailey
Category: Finance Advisor

RCW 43.09.200 says the Washington State Auditor shall prescribe a uniform system of accounting and reporting for all local governments. This is not totally unique in the country as a few other states have a statewide office establishing the accounting rules. What is completely unique is that the State Auditor then conducts the audits of all these local governments.

Financial Statements - GAAP or Cash Basis? You Decide

March 1, 2012 by Mike Bailey
Category: Finance Advisor

Is GAAP (generally accepted accounting principles) was better for local governments than the non-GAAP cash basis alternative offered by the Washington State Auditor's Office? This blog post explores the issues to consider.

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