Fiscal responsibility is understanding the causes and consequences of federal, state and local budget deficits, the challenges facing America's entitlement programs, such as Social Security and Medicare, and how to build a sound foundation for economic growth.
Government Fiscal Responsibility Philosophy
The VSCPA will inform and educate members, the public and lawmakers about financial facts related to the government and promote the use of the following principles:
Sustainability: Promote economic and financial sustainability on a long-term basis.
Transparency: Government financial information should be transparent and understandable to decision makers and the public at large.
Stewardship: Responsible planning and management of public resources is critical at all levels of government.
CPAs Take Action on Fiscal Situation
The VSCPA recently spoke with three CPAs who are spreading the word on the federal budget deficit. VSCPA member Ed Mazur, CPA, Ernie Almonte, CPA, and Dave Walker, CPA (see below), have all held government positions and firsthand experience with governmental fiscal issues.
After reading the interview and watching the video, you can help spread the word yourself. The VSCPA offers two PowerPoints you may use in presentations to your civic organizations and other groups. One offers detailed financial information (PPT), including slides for several Virginia localities, for more knowledgeable groups. The other breaks down the issue (PPT) into simpler terms.
CPAs Define Fiscal Responsibility at the Virginia Society of CPAs First-Ever Fiscal Responsibility Town Hall
Former U.S. Comptroller General David Walker Speaks on the Federal Fiscal Crisis
David M. Walker is the founder, president and CEO of the Comeback America Initiative (CAI). In this capacity he leads CAI's efforts to promote fiscal responsibility and sustainability by engaging the public and assisting key policymakers on a non-partisan basis to help achieve solutions to America’s federal, state and local fiscal imbalances.
Prior to assuming his current position, he served as the first president and CEO of the Peter G. Peterson Foundation. Previously, Walker served as the seventh comptroller general of the United States and head of the U.S. Government Accountability Office (GAO) for almost 10 years (1998–2008). Download a PowerPoint presentation (PDF) that Walker presented during a webcast co-sponsored by the Virginia Society of CPAs (VSCPA).
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