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Financial UPDATES and REPORTS – Does Your Board Understand You?

Financial UPDATES and REPORTS – Does Your Board Understand You?. Presented by Assistant Superintendents for Business: Mary Kalou, Maine Twp HSD 207 Stacey Mallek, Arlington Heights SD25 Hillarie Siena, Glenbrook HSD 225. Types of Board FINANCIAL Reports*. Budget

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Financial UPDATES and REPORTS – Does Your Board Understand You?

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  1. Financial UPDATES and REPORTS – Does Your Board Understand You? Presented by Assistant Superintendents for Business: Mary Kalou, Maine Twp HSD 207 Stacey Mallek, Arlington Heights SD25 Hillarie Siena, Glenbrook HSD 225

  2. Types of Board FINANCIAL Reports* • Budget • Monthly Treasurer Reports • Quarterly Financial Updates • Annual Financial Dashboards • Tax Levy • Financial Forecast *Strategies and sample reports from multiple districts will be presented with links to electronic resources

  3. What FINANCIAL information does your Board want? • How does your Board want to see financial data…Fund, Function, Object? • Is the Board aware of the timing differences between cash basis or accrual information? • How often do they want to see financial information? • Do they want to compare your District’s performance to similar districts?

  4. Budget Reports • Budget Parameter Discussion • Provides the framework in developing your budget • Board adopts or agrees to the major revenue, expenditure and surplus/deficit assumptions • Need to discuss philosophy for negotiations • Allows the Board to provide direction before the budget is developed in order to meet statutory timeframes for staffing • Legal Budget • Tentative Budget (Adopted by end of July) • Budget Workshop/Finance Committee • Final Budget (Adopted by end of September) • Working Budget • Provides narrative and detailed analysis/charts • Allows the community to see how the budget is developed • Provides detailed information on revenue and expenditure changes and the challenges facing the District • Provides comparative data • Meritorious Budget Award • All of the above • Recognition that your budget meets a high standard from a professional organization

  5. QUARTERLY FINANCIAL Reports • Quarterly Financial Updates • Do you really need one for the 1st quarter? • Provides the Board with an update on projected actual versus budget • Provides the Board with multiple year comparisons • Provides an update on the status of Federal/State funding • Identifies significant variances

  6. Monthly FINANCIAL Reports • Monthly revenues and expenditures • Comparison of percentage of the year complete versus percentage of the budget used • Comparison of year over year • Monthly student activity expenditures • Other Reports • Investments • Board bills • ACHs

  7. Tax levy presentation • Who is your target audience? • Board and public • Level of detail & explanation • Prior year levy vs. extension • Levy vs. projected extension

  8. Multi-year forecast • Self-prepared vs. purchased software? • External source can help substantiate your numbers • How many years do you project? • How often are they updated? • How are they used? • Growing enrollment & staffing additions • Federal/State reductions in funding • Negotiations

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