Southeast Regional Directors Institute May 17 2015 Communications with the Board How much is too much or not enough Financial Reporting What to report When to report How to report ID: 544221
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Slide1
Meeting Communications
Southeast Regional Directors’ InstituteMay 17, 2015Slide2
Communications with the Board
How much is too much – or not enough?Financial ReportingWhat to reportWhen to reportHow to reportWho to reportSlide3
Thomas Jefferson Planning District
Fiscal Years 2012 through 2015Financial ReportingFY12 Audited gain in Net Position = $ 53,932FY13 Audited loss in Net Position = $ 120,391FY14 Audited loss in Net Position =
$ 165,386
FY15 Budgeted loss in Net Position
=
$ 23,531
FY15 Estimated gain in Net Position
= $ 7,398Slide4
Thomas Jefferson Planning District
Fiscal Years 2012 through 2014WhatWhen 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
CommissionSlide5
Example Meeting Packet FY2012
AgendaFinancials Slide6
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 Slide7
Thomas Jefferson Planning District
Fiscal Years 2014 - 2015WhatWhen 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 CommitteeSlide8
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.Slide9
Example Meeting Packet FY 2015
AgendaDashboardFinancials Slide10
Successes
Finance Committee now has a good understanding of financials and reports to Commission if necessaryCommission only spends about 5 minutes at meetings on financialsCommissioners have stated their financial goals and benchmarks towards goalsCommissioners understand budget betterKeeps staff in alignment with Commissioners expectationsForces timely changes to meet benchmarks
Budget includes financial goalsSlide11
In Closing
Questions will be answered after the final presentation