skip to main content
X

UHY IN THE NEWS: HOW PUBLIC SECTOR FINANCE MANAGEMENT CAN ADJUST TO COVID-19

UHY IN THE NEWS: HOW PUBLIC SECTOR FINANCE MANAGEMENT CAN ADJUST TO COVID-19

Local governments have always been asked to "do more with less", but the COVID-19 pandemic has stretched those already tight budgets with no sign of relief. While taxes are the primary source of revenue for the public sector, even those revenue streams have decreased as the use of taxable services--such as tolls, parking, and sales--dropped significantly.

Jack Reagan, a partner in UHY's Mid-Atlantic region, said high demand for services and political difficulty in raising taxes are not new issues, but "the pandemic only exacerbated these existing pressures, and most of the financial structural issues present prior to the pandemic will definitely be there once we reopen government."

But how do they hold out now? Reagan suggests governments follow the data they have and then monitor and react to these trends. "The effective governments continuously monitor because in reality, 'what gets monitored gets done,'" he said. "Don't be afraid to change course if that is what the data is telling you."

Read the full article here.

Hide Firm Disclaimer

©2020 UHY LLP. ALL RIGHTS RESERVED.

UHY LLP is a licensed independent CPA firm that performs attest services in an alternative practice structure with UHY Advisors, Inc. and its subsidiary entities. UHY Advisors, Inc. provides tax and business consulting services through wholly owned subsidiary entities that operate under the name of "UHY Advisors." UHY Advisors, Inc. and its subsidiary entities are not licensed CPA firms. UHY LLP and UHY Advisors, Inc. are U.S. members of Urbach Hacker Young International Limited, a UK company, and form part of the international UHY network of legally independent accounting and consulting firms. "UHY" is the brand name for the UHY international network. Any services described herein are provided by UHY LLP and/or UHY Advisors (as the case may be) and not by UHY or any other member firm of UHY. Neither UHY nor any member of UHY has any liability for services provided by other members.

On this website, (i) the term "our firm", "we" and terms of similar import, denote the alternative practice structure conducted by UHY LLP and UHY Advisors, Inc. and its subsidiary entities, and (ii) the term "UHYI" denotes the UHY international network, in each case as more fully described in the preceding paragraph.