A place at the table: finance officers and economic development.(Perspectives)

For better or worse, the role of finance officers in government organizations continues to expand. One area in which finance officers are assuming a higher profile is economic development. This makes sense in that many development projects require some form of public financial support, with the potential for imposing significant impacts on a government's financial condition.

As finance officers have assumed ever-greater responsibility for economic development, member demand for guidance in this area has increased. As a first step toward meeting this demand, GFOA recently created the Committee on Economic Development and Capital Planning, whose appointed mission is "to assist finance officers to become knowledgeable participants in planning, evaluation, and execution of community/economic development and capital issues through the drafting and promotion of policies, procedures, and recommended practices."

The committee convened for the first time at the annual Winter Meeting in Washington. D.C., January 22-23. There the committee organized itself into three subcommittees--economic development, capital planning, and major capital projects--and formalized its work plan. The committee is now working to develop resources in the areas of economic development and capital planning, including recommended practices and public policy statements, checklists, training programs, and publications.

This special issue of Government Finance Review is intended to raise awareness of economic development and capital planning among GFOA members and address a few of the many important issues in these areas. Committee members Michael Daun, Patricia Phillips, and Robena Reid contributed articles to this issue, as did advisor Nicole Westerman. The committee will continue to contribute these kinds of articles, and we invite you, the members, to do likewise.

I am excited to be a part of such a talented group of GFOA members. We as a committee take very seriously our charge to serve the membership, and we are dedicated to providing useful guidance in the exciting, yet challenging, realm of economic development and capital planning. If you have any suggestions on how we might best serve the interests of GFOA members in these areas, please contact Jeff McElravy or Peter Christensen on the GFOA staff.

Kenneth L. Rust

Chair, Committee on Economic Development and Capital Planning Director of Financial Management, City of Portland, Oregon

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