I'm told that the EOFY is nigh. Uh? A few years ago I had no idea what 'EOFY' stood for and I still struggle a bit with the concept.
The 'End of Financial Year' is a construct that meets our financial accounting needs, including making the remaining expenditures to meet this year's objectives as well as for planning and reviewing priorities for the next year.
It's a discipline imposed on us that is not necessarily relevant to much else in the real world except finances. In my time in both the public and private sector, budgets have almost always been tight and getting tighter - no matter how the economy or the particular organization is performing.
Being in the information business however is an interesting experience at budget time. This is because expenditure on data, information and knowledge are increasingly moved from a discretionary or an almost 'like-to-have' spend for organizations, into the realm of 'need-to-have'.
For example, if you are cutting and tightening budgets (and there is nobody that isn't that I've ever talked to) then you need the evidence base upon which to make and justify those decisions. A wise local government CEO recently claimed, "Cutting 'information' budgets is cutting at the wrong end!"
In fact having a strong evidence base on which informed budget decisions can be made and on which the business case for, dare I say, extending a budget program can be made can be 'gold' in times of constraint.
For example, why would you cut preschool services expenditures when 0-4 year olds are on the increase in your community?
Alternatively you may find the need to move funds from pre-schoolers into aged care and retirement services as the baby boomers in your area enter their 70s in large numbers.
Good luck to those planners and service providers working in communities in which both phenomena are happening!
Take a look at our EOFY
price list for the full suite of .id products.
Anyway, happy EOFY and all the best for planning for the next one.... At .id we use the EOFY as an excuse for a boozy lunch - any excuse will do.
Best wishes,