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Office of the State Comptroller - Local Government & School Accountability

Local Government and School Accountability

Multiyear Financial Planning

A Tutorial for Local Government Officials

Module 1: Elements of a Successful Plan
The Process of Multiyear Financial Planning

STEP 5: Revisit the multiyear financial plan at least annually. Plans are not static documents and must be updated regularly in order to accurately guide budget and other policy decisions.

New York City, for instance, updates its plan quarterly throughout the year as part of its budget monitoring process. Smaller entities may update the plan as infrequently as once a year, as new data becomes available, or as often as necessary to demonstrate the effects of proposed policy changes or changing economic projections.

  Next: Step 6 - Use the Plan to Generate Public Discussion