Develop and monitor a forecasting model built on fiscally conservative budgeting methodology
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The five-year forecasting model compares major revenue to the major expenditure, which is payroll. Payroll is nearly 80% of the total general fund budget of the District. This methodology accentuates the total major revenue available for non-payroll expenditures. The analysis provides future financial information which helps the District maintain concrete decision making based on both current and future financial needs.
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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