Workshop Brings Together Chief Resilience Officers, Chief Financial Officers, and Subject Matter Experts to Discuss and Explore the Emerging Role of Resilience in City Budgeting and Financial Decision-Making
Boulder, CO, USA – The City of Boulder, in partnership with 100 Resilient Cities – Pioneered by the Rockefeller Foundation (100RC), has convened a group of leading government officials and experts from across the U.S. to explore innovative approaches to city budgeting and financing projects in support of urban resilience efforts. The event, “Realizing the Resilience Dividend,” which runs Oct. 2 to Oct. 3, is being facilitated by RMS, a global risk modeling and analytics firm.
The workshop will bring together Chief Resilience Officers from Boulder, Dallas, Greater Miami and the Beaches, Honolulu, Minneapolis, New Orleans, Norfolk, Pittsburgh, San Francisco, along with the officials responsible for budgeting and financial matters in those cities. They will be joined by experts in the fields of finance, insurance-linked securities, municipal credit ratings, and resilience modeling.
“Boulder, like cities around the world, is challenged to deliver responsive and effective services in an increasingly uncertain economic environment,” said Boulder Chief Resilience Officer Greg Guibert. “Because the annual budget is one of the clearest representations of the community’s priorities, our resilience strategy released in April 2016 identified creating a more adaptive and resilient budgeting and capital improvement planning process as a major frontier for action. Hosting this convening is a major step in realizing that vision.”
“Investments in resilience, like all investments, must be made with deep understanding. Nowhere is this more true than in city governments where, with limited resources, officials must choose between competing priorities that range from providing the services their citizens rely on now, to infrastructure programs lasting decades,” said Daniel Stander, Global Managing Director at RMS. “With the world’s cities under increasing stress from demographic and environmental pressures, placing the right bets has never been more important; never more urgent. Get the analytics right, and the capital will flow. Get the capital flowing, and our children will inherit a more resilient future.”
As more and more cities seek to institutionalize urban resilience, they are presented with the opportunity to draw on the resilience dividend: to channel investments in ways that achieve multiple benefits, reduce risk to lives and property, encourage a thriving and just economy, and allow resilience value to grow over the lifetime of an initiative.
Working from this starting point, participants in the Boulder workshop will develop a shared understanding of challenges to funding resilience-building interventions. By focusing on the intersection of resilience and budgeting, the cities will explore mechanisms for:
- Articulating resilience targets in the language of finance
- Quantifying the economic value of potential investments in resilience
- Prioritizing and cost-justifying resilience-building interventions
- Aligning planned expenditure with desired resilience outcomes
- Monetizing resilience dividends
- Realizing co-benefits from capital investments
- Diversifying risk and revenue in a rapidly changing economy
- Establishing long-term financial plans to absorb catastrophic shocks and chronic stresses
“100 Resilient Cities is proud to convene this group of CROs and city finance leaders,” said Andrew Salkin, 100RC Senior VP, City Solutions. “As cities grapple with ever increasing macroeconomic challenges and threats, finding ways to incorporate resilience goals in the budgeting process is imperative to achieving multidimensional impact.”
Deep, strategic collaboration between resilience and finance practitioners is crucial for a truly resilient city. It is vital to integrate resilience into operational and financial decision-making processes. The workshop on Realizing the Resilience Dividend is a critical step to institutionalize funding for public policy initiatives that build urban resilience.
About 100 Resilient Cities—Pioneered by The Rockefeller Foundation
100 Resilient Cities – Pioneered by The Rockefeller Foundation (100RC) helps cities around the world become more resilient to social, economic, and physical challenges that are a growing part of the 21st century. 100RC provides this assistance through: funding for a Chief Resilience Officer in each of our cities who will lead the resilience efforts; resources for drafting a Resilience Strategy; access to private sector, public sector, academic, and NGO resilience tools; and membership in a global network of peer cities to share best practices and challenges. For more information, visit: www.100ResilientCities.org.
RMS solutions help insurers, financial markets, corporations, and public agencies evaluate and manage catastrophe risks throughout the world. We lead an industry that we helped to pioneer—catastrophe risk modeling—and are delivering analytics, data, and risk management solutions on the RMS(one)® platform to transform the world’s understanding and quantification of risk through open, real-time exposure and risk management. More than 400 insurers, reinsurers, trading companies, and other financial institutions trust RMS solutions to better understand and manage the risks of natural and human-made catastrophes, including hurricanes, earthquakes, floods, terrorism, and pandemics.
Visit RMS.com to learn more and follow @RMS.