Over a year into the pandemic caused by COVID-19 and after $5 trillion in stimulus funding was released through six major pieces of legislation, CFOs face a new challenge -- making long-term decisions for the ‘new normal,’ meaning the post-pandemic future of work. In the first article in our COVID-19 CFO Survey Series, federal and state CFOs and budget officers described the ways they moved to respond, restore and resume finance operations, as well as monitor and disburse more than $2.6 trillion in funds related to the pandemic. The leadership demonstrated by the CFO community extends well beyond financial management (FM). In this report, Grant Thornton and AGA explore the methods used by public sector CFOs to build resiliency in their organizations and make decisions in the wake of the crisis.
To better understand the challenges and the measures CFOs are using to approach them, Grant Thornton conducted nearly a dozen interviews with federal CFOs and FM executives in large and small federal agencies.
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Grant Thornton Public Sector, in partnership with the Association of Government Accountants (AGA), conducts an annual survey of the Chief Financial Officer (CFO) community in federal and state governments. Throughout this year, the CFO Survey will be iterative, published as a series of articles with timely and topical insights. Our theme for the 2021 fiscal year is: COVID-19 Impacts to the CFO.
The following is the second article in the CFO Survey Series, entitled, “The COVID-19 Challenge: CFO Views on Organizational Resiliency in Pandemic Conditions.” It addresses input collected during a series of interviews completed in March – April 2021. Any significant changes (e.g., legislative, health response, etc.) that occurred after April 2021 were not considered in this report.