Confronted with Ohio's multimillion-dollar budget gap, CIO Gregory Jackson knew state lawmakers weren't about to appropriate $100 million to $150 million for a much-needed enterprise-resource-planning system. So he turned to the state budget office for help and secured a lease based on certificates of participation, which Ohio has used to fund non-IT capital projects. Investors buy the COPs and then get a share of the lease payments.
The certificates let Ohio raise money for IT projects without raising the state's debt ceiling. That's a plus when it comes to keeping the state budget director happy. As Jackson notes: "Developing a good relationship with the CFO is a critical success factor."