Question

Review the fiscal monitoring program in New York State. State the strengths and how they can be improve and weaknesses and how they can be eradicated.

After reviewing:

1) three things you have learned about assessing fiscal health in terms of why monito, how to measure, how to report fiscal stress, and 2) how changing social, political, economic and demographic factos impact fiscal health.

Thanks!

Answer 1

The fiscal monitoring program of the NewYork is done based on a three-pronged approach

a.The first among them all consists of routine and periodic on site visits.

b. The second consists of the federally mandated comprehensive assessment process that is conducted tri-annually.

c. The third is an annual compliance review of the grantee organizational standards

The process of fiscal monitoring consists of two major components – Pre-visit meeting and joint site visit protocol

Evaluation of strength and weakness with scope for improvement

· The routine monitoring process reviews, assesses and evaluates CSBG grantees and is pro-active and result oriented and provides assistance to improve their capacity to achieve measurable results.

· The Individual Monitoring Plan [IMP] helps to establish and define the partnership between the analyst and the grantee during a given program year

· The Fiscal monitoring frequency assessment tool helps in identifying the previous areas of concern and areas of potential risk which can help in improving monitoring in those areas of concern.

· Although a lot of effort has been done in fiscal monitoring, the collection of real data has always remained a challenging task

· There are scopes for development in many sectors of monitoring that are being done currently in New York. For example, the individual assessment could be made with clear comparison statistics of the previous year so that the problem od non-compatibility could be reduced.

1)The analysis of the fiscal monitoring program has helped in arriving at the following conclusions

· The fiscal health should be monitored continuously so that the fiscal variations at the lower level are identified at the earliest so that proper actions could be implemented to maintain fiscal stability

· The monitoring process should be done in a comprehensive manner encompassing all the fiscal features that are applicable to the area under monitoring

· The fiscal stress that are identified should be reported to the government machinery so that they take pro-active measures and fiscal actions to curtail the increasing stress.

2) Social, political, economic and demographic factors have great influence in the fiscal health of a nation in general and a state in particular. The following impacts may be found

· Political instability leads to economic variations and will have a detrimental impact on the fiscal health

· With factors like age, job background etc of the population, the stability of fiscal health is found to vary.

· Unstable economic factors like inflation, recession etc are found to have effect on the fiscal health