In this order of ideas, the following are noteworthy for consideration:
a) Attracting more sponsorships
The targets of these actions would be large corporations or other significantly wealthy institutions. On the one side, these contributors would benefit in image and reputation from the support they offered to the fire department. The improved image would materialize in increased trust from the part of community and even higher sales levels. On the other hand however, the corporations would receive tax incentives for the sponsorships meaning as such that they would once again be remunerated for their financial support. Given these two benefits, it would be rather efficient to approach corporations for sponsorships and the success rates estimated for this endeavor are high.
b) Individual support
There is also the opportunity of attracting funds from the members of the local community. Aside the already traditional donations they are encouraged to make, individuals could financially support the Honolulu Fire Department in exchange for a service or activities offered by the HFD in exchange. The most common example in this sense is the annual creation of calendars with the firefighters and the sale of the calendars. Another event could include voluntary car washes for fund raising purposes.
c) Accessing public funds from other sources
This means of attracting more funds is in fact an artifice and it revolves around the creation of new departments or the offering of new services in order to justify the necessity for more funds. The disadvantage of this measure is however that the money attracted will have to be used for the purposes for which it was intended. The most relevant example in this sense would be constituted by the opening of a research and development department. This measure, alongside with the others presented above have the benefit of generating cost efficiencies and making the HFD's financial state more stable.
In a numeric format, the recapitalization of the Honolulu Fire Department fleet would be characterized by the following:
Element
Efficiency generated
1. Improved fleet maintenance
$500,000
1.1. Needs identification
$100,000
1.2. Efficient purchases
$100,000
1.3. Early repairs
$400,000
2. Additional financial sources
$10,000,000
2.1. Sponsorships
$7,500,000
2.2. Individual support
$2,000,000
3. Total
$1,500,000
5. Conclusions
Throughout the past decades, the business community has witnessed impressive changes in terms of liberalizing forces of globalization, the advent of technology and so on. While the institutions in the public sector were not the promoters of change, they were in fact forced to adapt alongside with the private sector. In this age of the internationalized economic crisis, it becomes more obvious than even that public institutions need to maintain an improved control over their financial state, to diversify their sources of capitals and to ensure their financial stability.
In light of this context, the Honolulu Fire Department is searching for new ways to restructure its capitals in order to increase the stability of its financial state. The initial target for the recapitalization process is constituted by the institution's fleet.
At the first level, the proposed model revolves around the increase in the operational efficiency of the fleet and integrates efforts such as better negotiated contracts with the purveyors or higher levels of fleet maintenance. At a secondary level, the model introduces the idea of collecting financial resources from other sources, such as corporations, the community members or other public sources. The initial estimations foresee cost efficiencies of E$1.5 million, all to be used in fleet management and maintenance.
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