meeting communications southeast regional directors’ institute may 17, 2015

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Meeting Communications Southeast Regional Directors’ Institute May 17, 2015

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Page 1: Meeting Communications Southeast Regional Directors’ Institute May 17, 2015

Meeting Communications

Southeast Regional Directors’ Institute

May 17, 2015

Page 2: 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

Page 3: Meeting Communications Southeast Regional Directors’ Institute May 17, 2015

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

Page 4: Meeting Communications Southeast Regional Directors’ Institute May 17, 2015

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

Page 5: Meeting Communications Southeast Regional Directors’ Institute May 17, 2015

Example Meeting Packet FY2012

• Agenda

• Financials

Page 6: Meeting Communications Southeast Regional Directors’ Institute May 17, 2015

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

Page 7: Meeting Communications Southeast Regional Directors’ Institute May 17, 2015

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

Page 8: Meeting Communications Southeast Regional Directors’ Institute May 17, 2015

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.

Page 9: Meeting Communications Southeast Regional Directors’ Institute May 17, 2015

Example Meeting Packet FY 2015

• Agenda• Dashboard• Financials

Page 10: Meeting Communications Southeast Regional Directors’ Institute May 17, 2015

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

Page 11: Meeting Communications Southeast Regional Directors’ Institute May 17, 2015

In Closing

• Questions will be answered after the final presentation