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Board of Trustees Meeting October 9, 2007 |
Agenda Item: Informational Item
Report from Assistant to the General Manager Glanz regarding
Special Districts Seminar in
Report:
The speaker’s stressed a need for public agencies to handle taxpayer money with an exaggerated sense of caution and accountability. The financial responsibility is spread among a money team – the Board of Directors, Finance Committee, General Manager, Chief Financial Officer, and auditors. The Board of Directors mange the money and is responsible for making macro decisions rather than operational details.
Many of the presentations reinforced the importance of a strategic plan to drive financial details—to create the annual budget. The budget should be developed to show the relationship to the Strategic Plan and the Financial Plan.
The section on successful budget formats was excellent. They suggested a mid-year or quarterly budget review. Additionally, they recommended a special Board study session/workshop prior to Board budget approval to allow time to address all questions and concerns. They provided sample graphs showing trend analyses—a great way to visualize what is happening in an organization for “right-brain” people. They also provided useful samples of budget formats and suggested items to include that might make budgets more useful to staff as well as Trustees and residents.
This seminar was the last in a series of three, and I received my certificate of completion during the Friday afternoon session. The seminar was very informative and I truly appreciate the Board’s support in allowing me the opportunity to attend these conferences. The information will assist me greatly as I continue my duties and responsibilities at the District.