June 19, 2023
By Sarah Rae
A joint project between the Association of Government Financial Officers (GFOA) and Rutgers University uses artificial intelligence (AI) to more easily extract financial data from local government financial reports.
This effort aims to improve the speed and accuracy of financial data collection. It uses advanced natural language processing algorithms and machine learning techniques to extract financial data such as revenues, expenses, budget variances and debt levels.
The increased availability of data will enable financial officers to make more informed decisions and ensure transparency in financial management, the groups say.
GFOA Executive Director Chris Morrill said: “By harnessing the power of AI, we aim to transform the way local governments access and leverage financial data. will enable financial professionals to better inform elected officials and the public.”
GFOA and Rutgers will identify approximately 10 county governments within a single state, work with the team to test whether data can be extracted, and pilot the integration of information from the counties into a large-scale language model. It’s planned.
This work focuses on extracting a few of the most important information, including quantitative and qualitative information. The project will also consider integrating non-financial and financial information.
Miklos A. Vasarhelyi of Rutgers University commented: “Combining our AI research capabilities with GFOA’s expertise presents an incredible opportunity to leverage cutting-edge technology to improve government financial management. We look forward to developing innovative solutions that address this and contribute to its financial success.”
The first results of this project are expected in early fall of this year.