Vermont’s Financial Vermont’s Financial Future: Future: Truth, Transparency Truth, Transparency and Transformation and Transformation Thomas M. Salmon, CPA Thomas M. Salmon, CPA Vermont State Auditor Vermont State Auditor August 19, 2010 August 19, 2010
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Vermont’s Financial Future: Truth, Transparency and Transformation Thomas M. Salmon, CPA Vermont State Auditor August 19, 2010.
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Vermont’s Financial Vermont’s Financial Future: Future: Truth, Transparency and Truth, Transparency and
TransformationTransformation
Thomas M. Salmon, CPAThomas M. Salmon, CPAVermont State AuditorVermont State Auditor
August 19, 2010August 19, 2010
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• Truth ExerciseTruth Exercise 1.1. Are we in a permanent fiscal crisis spiral?Are we in a permanent fiscal crisis spiral?2.2. Are we humbled by the reality?Are we humbled by the reality?3.3. Are most of us over 40 yrs old?Are most of us over 40 yrs old?4.4. Do we expect to finish strong?Do we expect to finish strong?
Are we planning to do something about it?Are we planning to do something about it?
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Transparency to Transformation:Transparency to Transformation:
What are states doing?What are states doing?Internally:Internally:
1.1. How much revenue – what is the How much revenue – what is the price of price of governmentgovernment we charge our citizens? we charge our citizens?
2.2. What results matter most to our citizens What results matter most to our citizens – what are the – what are the priorities of governmentpriorities of government we will deliver to citizens?we will deliver to citizens?
3.3. How much should we spend to achieve How much should we spend to achieve each result?each result?
4.4. How can we BEST deliver the results that How can we BEST deliver the results that citizens expect?citizens expect?
FourFour Questions That MatterQuestions That Matter
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State of Washington’s 10 State of Washington’s 10 “Priorities of “Priorities of Government”Government”
• Student achievement in elementary, Student achievement in elementary, middle and high schoolsmiddle and high schools
• Quality and productivity of the work Quality and productivity of the work forceforce
• Value of a state college or university Value of a state college or university educationeducation
• Health of our citizensHealth of our citizens• Security of our vulnerable children and Security of our vulnerable children and
adultsadults
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• Vitality of businesses and individualsVitality of businesses and individuals
• Statewide mobility of people, goods, Statewide mobility of people, goods, information and energyinformation and energy
• Safety of people and propertySafety of people and property
• Quality of our priceless natural Quality of our priceless natural resources; and resources; and
• Cultural and recreational Cultural and recreational opportunities.opportunities.
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State of WA Changed the State of WA Changed the GameGame
• Treated agency budget submissions as Treated agency budget submissions as offers to deliver results at a price.offers to deliver results at a price.
• Measured each offer against results Measured each offer against results important to citizens – Priorities of important to citizens – Priorities of Government.Government.
• ““Bought” those offers that contributed Bought” those offers that contributed most to the key results – left the rest.most to the key results – left the rest.
• BUDGET = the most result for the BUDGET = the most result for the money.money.
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Respectfully Changed the Respectfully Changed the Deal with CitizensDeal with Citizens
• Priorities of Government delivered at Priorities of Government delivered at the Price of Government.the Price of Government.
• Results for the Money.Results for the Money.
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What is Vermont doing?What is Vermont doing?
What are the goals and What are the goals and objectives Vermont is trying objectives Vermont is trying
to achieve?to achieve?
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Vermont’sWorking Landscape
1Private-Sector Job Growth: +0.6%
(In inflation-adjusted 2010 dollars)
Total Vermont
State Spending:
+115%
1997
(Act 60)
2010
(June)
State & Local Gov. Job Growth: 17%
Income Growth: 4.8%
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Government Accountability Government Accountability CommitteeCommittee
(GAC) (GAC)One of the most important One of the most important vehicles in Vermont State vehicles in Vermont State government to improve government to improve
government performance; A government performance; A non-partisan leg+exec branch non-partisan leg+exec branch
“work arena”.“work arena”.
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State Way Forward:State Way Forward:
Truth + Transparency + Action = Truth + Transparency + Action = TransformationTransformation
• Review, re-prioritize and re-engineer the base Review, re-prioritize and re-engineer the base of the state government to focus on the future of the state government to focus on the future and generate real resultsand generate real results
• Ensure that we have a sustained, non-Ensure that we have a sustained, non-glamorous, process that will enable us to glamorous, process that will enable us to achieve these confirmed objectives within a achieve these confirmed objectives within a reasonable period of timereasonable period of time