Develop and monitor a forecasting model built on fiscally conservative budgeting methodology
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.
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