AWARDS FOR INNOVATION

Awards for innovationCongratulations!

The CSMFO Innovation Award recognizes innovation in public sector finance in the areas of accounting, budgeting, treasury, debt administration, procurement, risk management, and technology. An Innovation Award Review Panel composed of CSMFO board members and Recognition Committee leadership score the applications. The Innovation Award Review Panel can choose to present up to three awards per year. In evaluating the applications, the Review Panel looks for originality, purpose, effectiveness, practicality, and transferability. We are pleased to present this year’s Innovation Award to the City of Cupertino for their “Engage Residents with Interactive Dashboards” submission! In an effort to promote financial transparency and engage its residents, the City of Cupertino created not one, but two dashboards. The City created the Resident Tax Calculator and the Budget Forecast Tool. The Resident Tax Calculator gives residents personalized estimates of how much they pay in sales and property taxes. When a resident enters how much money they spend on goods and services and the assessed value of their home, the calculator shows the resident how much tax they pay and where the tax dollars go. By allowing residents to follow the money, the calculator aids residents in understanding how their tax dollars pay for City services.

The Budget Forecast Tool gives residents the opportunity to “build” their own version of the City’s budget forecast. With this tool, residents select from various revenue and spending options and can then immediately see how each choice impacts budget surpluses and deficits. To balance their budget, residents can select revenue generation or expense reduction strategies. By illustrating the tradeoffs of each option, the simulation promotes informed discussion on how the City can chart a fiscally sustainable course. The two dashboards created by the City of Cupertino provide innovative solutions for engaging residents on how tax dollars are received and spent. Congratulations to the City of Cupertino in promoting ways to effectively engage its residents and in promoting fiscal transparency. Additionally, the Recognition committee awarded over 100 Budget awards this year. You can see the winners rotating on the screens during lunch. Congratulations to all winners and thank you to the Recognition committee!