Establish financial systems and processes built on timing, transparency, and accountability
The financial processes include the transactional level controls and timely, accurate, and complete reporting of finances to stakeholders. Through open budget meetings, open board meetings, and posting financial data to LEISD’s website the District is able to reach a high level of transparency with the community. Accountability is additionally reinforced through periodic finance reviews with the Board’s financial chairs.
The combination of making financial information public and direct accountability to the Board of Trustees ensures LEISD’s overall finance system is built on transparency and accountability.
The success of the following five strategies is critical to the financial success of the District:
- Maintain a strong and forward planning fund balance policy
- Establish financial systems and processes built on timing, transparency, and accountability
- Identify and monitor the major variables which generate district revenue
- Identify, monitor, and control major appropriations
- Develop and monitor a forecasting model built on fiscally conservative budgeting methodology