What does EFM mean in FINANCE
Emergency Financial Manager (EFM) is a position created by the government to address financial emergencies in local governments. In this role, the EFM has the power to oversee local finances and modify budgets. This position is designed to help local governments get out of fiscal distress.
EFM meaning in Finance in Business
EFM mostly used in an acronym Finance in Category Business that means Emergency Financial Manager
Shorthand: EFM,
Full Form: Emergency Financial Manager
For more information of "Emergency Financial Manager", see the section below.
Essential Questions and Answers on Emergency Financial Manager in "BUSINESS»FINANCE"
What does an Emergency Financial Manager do?
An Emergency Financial Manager is responsible for overseeing a local government's finances and making necessary modifications to their budget in order to ensure the government gets out of fiscal distress.
What kind of powers does an EFM have?
An EFM has the power to alter a local government's budgets and change financial policies in order to address underlying fiscal issues.
Who appoints an Emergency Financial Manager?
An EFM is appointed by either a state governor or legislature depending on the particular situation they are addressing.
How long will an Emergency Financial Manager stay in their role?
The length of time an EFM stays in their role will depend on when the financial crisis has been resolved and the local government is back on track with its budgeting.
Is there any recourse if someone disagrees with decisions made by an EFM?
Yes, citizens may file suits against any action taken by a manager that they feel violates rights protected under state law.
Final Words:
The role of Emergency Financial Manager exists as a safeguard for people living within local governments facing financial distress. The power of this position allows them to make changes needed for improvement, but also comes with accountability from those affected by new policies and procedures put in place during their tenure.
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