show me the keys library budget speaker jim smith, cpa chief financial officer daniel boone regional...
TRANSCRIPT
SHOW ME THE KEYSLIBRARY BUDGET
S P E A K E R
J I M S M I T H , C P A
C H I E F F I N A N C I A L O F F I C E R
D A N I E L B O O N E R E G I O N A L L I B R A R Y
INTRODUCTION
Goal of the Library Budget Presentation
This presentation focuses on Governmental Funds Particularly the General “Operating” Fund
WHY ARE BUDGETS IMPORTANT?
Budget is a legal document
Budgets are powerful tools
Budgets provide valuable trend Information
BUDGET POLICY
Identify Process Step by Step
Identify Opportunities for Stakeholder Input
Allow for Monitoring Budget Compliance
State Basis of Accounting
Address Long-Term Financial Stability
THE RIGHT INPUT IS IMPORTANT
HOW GOVERNMENT BUDGETS COMPARE TO PRIVATE SECTOR BUDGETING
Objective is DIFFERENT
Library Budgets have to Comply with Sections 67.010 RSMo.
Section 67.020 to Designate a Budget Officer
Section 67.030 Authority to Amend Budget
Section 67.040 Expenditure budget increase approved by formal motion
Section 67.070 Current Budget be Re-appropriated.
HOW GOVERNMENT BUDGETS COMPARE TO PRIVATE SECTOR BUDGETING CONTINUED
Section 67.080 gives library staff the authority to expend funds as established by the budget but staff can not expend more than the total expenditure budget.
Section 67.210 Authority to offer health insurance benefits
WHAT MAKES FOR GOOD BUDGET PROCESS?
Establishing Principles that include a budget to achieve an organization’s goal
Broad Principles include:
Governmental Decision Making
Approaches to Achieve Goals
Budget to Achieve Goals
Evaluate Performance Make Adjustments
WHAT MAKES FOR A GOOD BUDGET PROCESS? CONTINUED
Involve and Promote Communication with Stakeholders
Attract Quality Staff
Incorporate a long-term perspective
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
-
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
12,000,000
Total RevenueTotal Operating ExpendituresTotal Expenditures
NEED QUALITY STAFF
OPEN TO QUESTIONS
RELATED BUDGET TOPICS
Stabilization or “rainy day” Funds Policy
Fees and Charges Policy
Develop Debt Issuance and Management Policy
Develop Debt Level and Capacity Policy
Develop Use of One-Time Revenues Policy
Develop Use of Unpredictable Revenues Policy
Balanced Budget Policy
Capital Asset Acquisition, Maintenance, Replacement and Retirement
DIFFERENT TYPES OF BUDGET PRESENTATION
Line Item Preparation
Program Budget
Performance Budgeting Focus
METHODS OF BUDGET PREPARATION
Adjust Last Year’s Budget
Zero-Based Budgeting
Automatic Increase
NOT THE OBJECTIVE
SOURCES
Government Finance Officers Association (GFOA) Best Practices in Budgeting Website www.gfoa.org
International Budget Partnership (IBP) Budget Cycle Chart Website http:/internationalbudget.org
National Council on State and Local Budgeting Practices (NACSLB)
CONTACT INFORMATION
Address: Daniel Boone Regional Library
100 W. Broadway PO Box 1267
Columbia, MO 65205-1267
Phone: (573) 817-7012
Email: [email protected]