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 factor in overcrowded prison facilities today. Consequently, the states implemented a realignment of the prison population by moving or releasing lower level offenders from prison to county jail. The realignment was projected to reduce the population by 40,000 and releasing 6,000 inmates early (Legislative Analyst’s Office, 2013). This appears risky and not ideal for the community, but necessary to relieve the severe congestion in our prisons.
Requests for increase in budget for future planning suggests that $315 million for 2013-2014 (Legislative Analyst’s Office, 2013). This will help in the expansion of facilities, more beds, and housing costs. Additional financial planning is essential to ensure accomplishment of the administration’s proposal and requests.
By associating with private sector agencies, the state can emp0loye its resources with those in the private partner to develop a stronger more effective service and facility. 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.)....