Financial Contingency Planning Research Paper

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Financial Contingency Planning: Sources of Funding AJS/522 Instructor Michael Walker University of Phoenix November 4, 2013 A contingency plan is a secondary plan prepared in case of a situational change, including disasters or if the original plan does not progress as anticipated. The amount of funding in response to a disaster or other unforeseen event will provide relief and is specific to these events. Financial contingency can be used in businesses, government, and personal planning. Funding derived from local, federal, and government agencies. Money that nonprofit and private organizations lend a financial assistance as well. A contingency plan is preparing for the worst and budgeting for the best. Limited budget is a major…show more content…
Private sectors have as much knowledge and skill as public sectors. The teams can conceptualize negotiations and requests that include performance goals based on efficiency and value for money calculations (National Council for Public-Private Partnerships, n.d.). The private partner would contract services and facilities with the public agency. Opening facilities operated through cost-effective private sector will alleviate current facility struggles. Services from uniforms to regular operations can be significantly less and just as successful as a public detention center. Other private partners such as nonprofit organizations, grants, and donations can fund operations or rehabilitation programs. Operation, maintenance, and management is another public-private partner. This partnership can contract lower operating costs; including cost per inmate per day. Eventually investors in the partnership will capitalize on the development of new prison…show more content…
It is suggested that this financing be applied at the highest level because of economy pitfalls such as recessions, inflation, or natural disasters affect the surrounding population. Public or government financial contingency planning will be better suited to manage prison facilities in the case of an emergency. The funding is more readily available to rebuild these facilities on tax revenue and other emergency funding. If the budget does not meet the necessary means to fund the prison or recover from emergencies, funding will be acquired from additional sources such as
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