meeting communications southeast regional directors’ institute may 17, 2015
TRANSCRIPT
Meeting Communications
Southeast Regional Directors’ Institute
May 17, 2015
Communications with the BoardHow much is too much – or not enough?
Financial
Reporting
What to report When to report How to report Who to report
Thomas Jefferson Planning District Fiscal Years 2012 through 2015Financial
Reporting
FY12 Audited gain in Net Position = $ 53,932
FY13 Audited loss in Net Position = $ 120,391
FY14 Audited loss in Net Position = $ 165,386
FY15 Budgeted loss in Net Position = $ 23,531
FY15 Estimated gain in Net Position = $ 7,398
Thomas Jefferson Planning District Fiscal Years 2012 through 2014What
When
How
Who
Reported Income Statement Compared to budget
Reported Balance Sheet Compared to previous year
Reported Savings Accounts Status Annual Audit
Quarterly Commission Meeting
Self generated spreadsheet Narrative Summary
Commission
Example Meeting Packet FY2012
• Agenda
• Financials
Concerns
2 Years Losses Totaling Almost $300,000
Information was not timely. Information provided no trending. Information was not clear to non-accountants. Commissioners provided no direction to what was
financially important. Caused a crisis mode with increased meetings,
review of all financials and monthly reporting, financial document review and lengthy discussion at Commission meetings.
Went from not enough and non-relevant reporting to crisis mode with detailed reports, meetings and discussion.
NOT ENOUGH to TOO MUCH
Thomas Jefferson Planning District Fiscal Years 2014 - 2015
What
When
How
Who
Dashboard Summary Current, Historical and Comparison of Commission Prioritized
Financials
Support Documents Income Statements Balance Sheet Projected revenues
Director’s Narrative Report
Monthly Commission Meeting Monthly Finance Committee Meeting
Visual Dashboard Report Software Generated Reports
Commission Finance Committee
Changes in FY 2014 - 2015
• Dashboard reports financial priorities and benchmarks as defined by the Commissioners.
• Dashboard is easy to understand.• Committee reviews dashboard and detailed
financial reports and budget comparisons.• Commission receives all, but is only
presented Dashboard at meeting, accompanied by narrative executive summary.
Example Meeting Packet FY 2015
• Agenda• Dashboard• Financials
Successes
• Finance Committee now has a good understanding of financials and reports to Commission if necessary
• Commission only spends about 5 minutes at meetings on financials
• Commissioners have stated their financial goals and benchmarks towards goals
• Commissioners understand budget better• Keeps staff in alignment with Commissioners
expectations• Forces timely changes to meet benchmarks• Budget includes financial goals
In Closing
• Questions will be answered after the final presentation