Financial benchmarking is a process that involves running a financial analysis and making a comparison of the results to assess the city of New York overall competitiveness, efficiency and productivity. Comparing the city of New York financial data of the year 2020 and that of Chicago city. in the year 2020, Chicago was in a better financial position than the City of New York since it had more assets than the liabilities with a difference of $197836 while on the contrary to New York City which was having more liabilities than assets (Jain, Chandrasekaran & Gunasegaram, 2020). Also, the debt ratio of Chicago was lower than that of New York City since it was at 1%, which shows they have maximized the utilization of the available resources more effective without using external debts. The taxpayer burden of Chicago city is minimal compared to that of New York City since it is at $-8200 compared to that of New York City, which is $-68200.
Also, Chicago city has minimized the amount of debts compared to New York City since they have majored in investing and utilizing the available resources in a more economical way to meet the demands of the people according to the projected budget. During the process of bench making, there were different limitations which I had encountered like benchmarking helped in spotting areas that need improvement, but it does not contribute to solving the issue at hand like how to reduce the taxpayer burden in the city; thus, benchmarking is the first in many steps which will help in improving the economy. Also, the benchmarking only compares the numbers. It does not consider the micro and micro factors that influenced the Chicago city to be more improved in the financial statements and the economy (Jain, Chandrasekaran & Gunasegaram, 2020). Also, the benchmarking process brought the main focus to the areas that require more attention, like high taxpayer burden and how it can be reduced. It also sets the base for improvements, thus enhancing change within the city financial management system.
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