This document provides an overview of achieving fiscal health and wellness through priority based budgeting. It discusses four key approaches to achieving fiscal health: 1) spending within your means by distinguishing ongoing vs one-time revenues and expenditures, 2) establishing and maintaining reserves, 3) understanding variances between budgets and actuals, and 4) being transparent about the true cost of doing business. For each approach, it provides diagnostics to assess an organization and available treatments to improve. The document is intended to help elected officials think strategically about key fiscal questions and make financially sound decisions.
This document provides an overview of priority based budgeting and achieving fiscal health for elected officials. It discusses diagnosing a jurisdiction's financial situation and developing treatment plans to improve fiscal health. Key areas of focus include spending within available revenues, establishing and maintaining reserves, understanding variances between budgets and actuals, and ensuring transparency around the true costs of programs and services. The document aims to help elected officials make informed financial decisions for their communities.
Ontario Municipal Leadership Institute (OMLI) and Alliance for Innovation for...Chris Fabian
This document discusses achieving fiscal health and wellness through priority based budgeting based on a presentation given by Jon Johnson and Chris Fabian. It outlines four key approaches to achieving fiscal health: 1) spending within your means by distinguishing ongoing and one-time revenues, 2) establishing and maintaining appropriate reserves, 3) understanding variances between budgets and actuals, and 4) being transparent about the true cost of doing business through full cost allocation. The presentation provides diagnostics and treatment options for organizations to assess their current practices and make improvements in each of these areas to achieve long-term fiscal wellness.
ICMA Conference 2013 - Center for Priority Based Budgeting Presentation (1/2)Chris Fabian
This document provides an overview of leading an organization to fiscal health and wellness through priority based budgeting. It discusses the current fiscal challenges facing many governments, including operating deficits, eroding tax bases, and rising health care and student loan costs. It then outlines five key approaches to achieving fiscal health: 1) spending within available revenues, 2) establishing and maintaining reserves, 3) understanding variances between budgets and actuals, 4) determining the true cost of programs and services, and 5) incorporating long-term economic analysis and planning. Specific diagnostic questions and treatment options are provided for each approach.
The document provides steps for proper budgeting. It begins by defining a budget and the key types of information included - needs versus wants. It then discusses the importance of budgeting to live within your means. The main steps outlined are to set financial goals, estimate income, budget for unexpected and fixed expenses, budget variable expenses, and record spending. Tips are provided such as decreasing impulse purchases, carrying less cash, and shopping smart with coupons.
Unit one of Floyd Saunders' Personal Money Management Seminars - Learn the basics of budgeting and why managing your money starts with controlling spending. This is the first unit in a series of six that include: buying your first home, credit cards, living on your own, handling credit and savings/investing. Contact me for the instructor's guide and participant workbooks.
The document presents a presentation on budgeting. It discusses the meaning of budgeting, why budgeting is important, and different types of budgets. Budgeting is defined as a plan for saving and spending that helps allocate resources and formulate financial goals. Good budgeting requires careful planning, practicality, flexibility and accessibility. Budgets are classified based on time frame, function, and flexibility. Important budgets discussed include sales, production, materials, cash, and capital expenditure budgets. In conclusion, budgeting teaches people to spend money wisely and is a key part of achieving financial success.
This document provides a financial plan for Mr. Sumantra Pal. It analyzes his current financial situation, outlines goals and recommendations, and projects his financial status into retirement. Key areas assessed include investment allocation, assets, liabilities, net worth, education savings needs, retirement income needs, asset depletion over time, life insurance needs, and risks of long term care costs. The plan finds his current retirement plan may leave him with only a marginal amount at life expectancy and recommends actions to improve his financial arrangements and protection.
This document provides an overview of priority based budgeting and achieving fiscal health for elected officials. It discusses diagnosing a jurisdiction's financial situation and developing treatment plans to improve fiscal health. Key areas of focus include spending within available revenues, establishing and maintaining reserves, understanding variances between budgets and actuals, and ensuring transparency around the true costs of programs and services. The document aims to help elected officials make informed financial decisions for their communities.
Ontario Municipal Leadership Institute (OMLI) and Alliance for Innovation for...Chris Fabian
This document discusses achieving fiscal health and wellness through priority based budgeting based on a presentation given by Jon Johnson and Chris Fabian. It outlines four key approaches to achieving fiscal health: 1) spending within your means by distinguishing ongoing and one-time revenues, 2) establishing and maintaining appropriate reserves, 3) understanding variances between budgets and actuals, and 4) being transparent about the true cost of doing business through full cost allocation. The presentation provides diagnostics and treatment options for organizations to assess their current practices and make improvements in each of these areas to achieve long-term fiscal wellness.
ICMA Conference 2013 - Center for Priority Based Budgeting Presentation (1/2)Chris Fabian
This document provides an overview of leading an organization to fiscal health and wellness through priority based budgeting. It discusses the current fiscal challenges facing many governments, including operating deficits, eroding tax bases, and rising health care and student loan costs. It then outlines five key approaches to achieving fiscal health: 1) spending within available revenues, 2) establishing and maintaining reserves, 3) understanding variances between budgets and actuals, 4) determining the true cost of programs and services, and 5) incorporating long-term economic analysis and planning. Specific diagnostic questions and treatment options are provided for each approach.
The document provides steps for proper budgeting. It begins by defining a budget and the key types of information included - needs versus wants. It then discusses the importance of budgeting to live within your means. The main steps outlined are to set financial goals, estimate income, budget for unexpected and fixed expenses, budget variable expenses, and record spending. Tips are provided such as decreasing impulse purchases, carrying less cash, and shopping smart with coupons.
Unit one of Floyd Saunders' Personal Money Management Seminars - Learn the basics of budgeting and why managing your money starts with controlling spending. This is the first unit in a series of six that include: buying your first home, credit cards, living on your own, handling credit and savings/investing. Contact me for the instructor's guide and participant workbooks.
The document presents a presentation on budgeting. It discusses the meaning of budgeting, why budgeting is important, and different types of budgets. Budgeting is defined as a plan for saving and spending that helps allocate resources and formulate financial goals. Good budgeting requires careful planning, practicality, flexibility and accessibility. Budgets are classified based on time frame, function, and flexibility. Important budgets discussed include sales, production, materials, cash, and capital expenditure budgets. In conclusion, budgeting teaches people to spend money wisely and is a key part of achieving financial success.
This document provides a financial plan for Mr. Sumantra Pal. It analyzes his current financial situation, outlines goals and recommendations, and projects his financial status into retirement. Key areas assessed include investment allocation, assets, liabilities, net worth, education savings needs, retirement income needs, asset depletion over time, life insurance needs, and risks of long term care costs. The plan finds his current retirement plan may leave him with only a marginal amount at life expectancy and recommends actions to improve his financial arrangements and protection.
Financial planning is for everyone. If you're like most people, financial planning might seem very complicated and confusing, and you might not know where to start. However, here are some ideas to help you get started.
Money management involves tracking spending, budgeting, savings, and investment to control cash flow and meet daily, short-term, and long-term financial goals. Key aspects of money management include maintaining a budget to analyze income and spending, determining immediate and long-term financial goals, analyzing spending regularly, and revising the budget periodically. Effective money management follows a cycle of planning and budgeting, allocation of resources, operation and monitoring, and evaluation and reporting.
The document discusses creating an income and expense statement and cashflow statement to assess financial position over time. It explains that an income statement shows income and expenditures over a period, while a cashflow statement only includes actual cash inflows and outflows. The key steps are to list all sources of income, expenditures, and determine the surplus or deficit. Creating these statements makes it easy to see where money is being spent and how earnings and expenses impact net worth over time.
This document discusses key concepts in personal financial planning including short and long term goals, anticipated and unanticipated income and expenses, calculating net worth, creating personal budgets, and how government and economic factors can influence financial planning. Short term goals are for needs above the regular budget like emergencies while long term goals require extensive saving like buying a home. Net worth is calculated by subtracting total liabilities from total assets to understand one's financial position. Government policies on taxes and economic conditions like inflation and unemployment can impact personal financial planning.
The document discusses the importance of budgeting. It explains that budgeting involves creating a spending plan to determine if you will have enough money for needs and wants. Following a budget ensures you have money for important items and avoids debt. The document also discusses how governments must budget wisely to allocate resources, promote growth, reduce inequality, and address various social and economic factors. Effective government budgeting classifies spending into revenue and capital budgets and influences society by controlling spending, allocating resources, and achieving goals through efficient programs.
The document discusses personal money management and financial planning. It covers creating a personal balance sheet and cash flow statement to track assets, liabilities, and income/expenditures. It also discusses budgeting, including purposes of a budget, categories to include, and characteristics of effective budgets. Finally, it outlines the financial planning process, including developing goals, creating a plan, implementing it, and reviewing it over time.
The document discusses key aspects of budget planning and financial reporting for hospital administrators. It explains the importance of creating an operating budget, cash flow budget, and capital budget. The operating budget includes a statistical budget to estimate department activity, an expense budget, and revenue budget. Financial reports discussed include the balance sheet, which lists assets, liabilities, and fund balance; the profit and loss statement, which shows revenue and expenses; and the cash flow statement. Understanding these tools is important for evaluating financial performance and controlling costs.
The document provides information on budgeting and its importance. It defines a budget as a plan for spending resources like time and money. Creating and following a budget allows you to know your earning capacity, gain control over finances, prepare for emergencies, reduce waste, and relieve stress. The document outlines steps for creating a budget, including listing income and expenses, and recommends allocating spending to needs, wants, and savings. It emphasizes developing a healthy mindset around money and financial freedom through budgeting.
Jour597 final project amazon 2014 ir planCarol Zhu
The 2014 investor relations plan for Amazon outlines delivering effective financial communications to enhance company value, including preparing for earnings reports and calls, prioritizing outreach to top institutional investors and analysts, refining key messaging around Amazon's long-term investments and sales growth, and conducting market intelligence through a $10,000 monthly budget.
Budgeting and maintaining financial records are important parts of financial planning. A budget balances income with expenses to determine how to spend and save money. Key terms include fixed and variable expenses, assets, liabilities, and net worth. Good record keeping of income, expenses, assets, liabilities, and taxes helps with budgeting, planning, and completing important financial forms.
This document discusses proposed changes to GASB 45 rules for reporting other post-employment benefits (OPEB). It covers the motivation for changes due to criticisms of GASB 45, an overview of the key proposed changes including bringing the unfunded liability to the balance sheet and using a single discount rate, preparations districts can make, and a timeline for implementation. The proposed changes would substantially revise OPEB accounting and reporting to be more similar to the new pension reporting rules.
The document discusses different types of budgets including operating, cash, and capital budgets. It provides examples of items that would be included in each type of budget. Capital budgets cover significant purchases like equipment and facilities that have useful lives of over two years. Effective budget preparation requires setting goals and objectives, developing strategies to achieve them, and translating strategies into estimated costs. Budgets should be realistic, consistent with organizational goals, and flexible enough to adapt to changing conditions.
This document provides an overview of topics covered in Accounting and Financial Management Week 7. These include basic budgeting for churches, reviewing an audit report, and internal controls. The budgeting section discusses budget basics, development, approval process, cash flow budgets, and making the budget work. The audit report review covers levels of engagement and what to look for in an independent auditor's report. Finally, the internal controls section defines internal accounting control and its key components, including control environment, control activities, risk assessment, information and communication, and monitoring activities.
The white paper analyzes how investment portfolios may perform in a rising interest rate environment based on a case study of the US Federal Reserve's interest rate actions from 1982 to 2015. It identifies 5 periods of rising rates and finds that equities generally performed better when rates rose slowly, while performance was more complex when rates rose rapidly. The paper recommends strategies for protecting and enhancing portfolios, such as adjusting allocations to equities, fixed income, and currencies based on factors like an individual investor's risk tolerance.
What Is Monetary Policy?: Unlock The 2 Important Types Of It Compare Closing LLCCompareClosing
Monetary policy is a set of tools built with the intention of promoting sustainable economic growth.
A country’s central bank promotes these tools by controlling the overall supply of money that is available at the nation’s banks, its consumers, and its businesses.
The document discusses the importance of personal financial planning, which involves determining financial goals and objectives, understanding priorities, and creating a realistic plan to meet goals by periodically reviewing investments and adjusting as needed. It covers various concepts relevant to financial planning like risk profiling, goal planning, compound interest, and the roles and responsibilities of a financial planner in developing and maintaining an effective plan. The overall message is that financial planning leads to sustainable wealth creation and peace of mind.
If you are between 25- 45 yrs. of Age,Working & Serious about achieving success in your Financial Future, here are some guidelines.......... which can help you.
The document discusses how HSAs can boost retirement plans. It provides an overview of HSA plan designs, trends in the HSA marketplace, and how rising healthcare costs and longer lifespans are affecting retirement savings needs. Integrating HSAs into retirement planning can help offset these costs and provide additional tax-advantaged savings opportunities for employees.
The students created a map on their classroom wall showing the origins of their families, connecting colored strings from grandparents' hometowns in various countries to the students' four hometowns. The map revealed that half of the French students' families came from abroad, from countries like Italy, Germany, and North Africa, showing France has long been an immigrant nation. In contrast, the Polish students' families were all native to Poland, and the same was true for most Norwegian and Southern Italian students, though those countries have recently seen more immigration from Africa. Creating the map helped the students understand how migration has interconnected the peoples and histories of different European countries.
Financial planning is for everyone. If you're like most people, financial planning might seem very complicated and confusing, and you might not know where to start. However, here are some ideas to help you get started.
Money management involves tracking spending, budgeting, savings, and investment to control cash flow and meet daily, short-term, and long-term financial goals. Key aspects of money management include maintaining a budget to analyze income and spending, determining immediate and long-term financial goals, analyzing spending regularly, and revising the budget periodically. Effective money management follows a cycle of planning and budgeting, allocation of resources, operation and monitoring, and evaluation and reporting.
The document discusses creating an income and expense statement and cashflow statement to assess financial position over time. It explains that an income statement shows income and expenditures over a period, while a cashflow statement only includes actual cash inflows and outflows. The key steps are to list all sources of income, expenditures, and determine the surplus or deficit. Creating these statements makes it easy to see where money is being spent and how earnings and expenses impact net worth over time.
This document discusses key concepts in personal financial planning including short and long term goals, anticipated and unanticipated income and expenses, calculating net worth, creating personal budgets, and how government and economic factors can influence financial planning. Short term goals are for needs above the regular budget like emergencies while long term goals require extensive saving like buying a home. Net worth is calculated by subtracting total liabilities from total assets to understand one's financial position. Government policies on taxes and economic conditions like inflation and unemployment can impact personal financial planning.
The document discusses the importance of budgeting. It explains that budgeting involves creating a spending plan to determine if you will have enough money for needs and wants. Following a budget ensures you have money for important items and avoids debt. The document also discusses how governments must budget wisely to allocate resources, promote growth, reduce inequality, and address various social and economic factors. Effective government budgeting classifies spending into revenue and capital budgets and influences society by controlling spending, allocating resources, and achieving goals through efficient programs.
The document discusses personal money management and financial planning. It covers creating a personal balance sheet and cash flow statement to track assets, liabilities, and income/expenditures. It also discusses budgeting, including purposes of a budget, categories to include, and characteristics of effective budgets. Finally, it outlines the financial planning process, including developing goals, creating a plan, implementing it, and reviewing it over time.
The document discusses key aspects of budget planning and financial reporting for hospital administrators. It explains the importance of creating an operating budget, cash flow budget, and capital budget. The operating budget includes a statistical budget to estimate department activity, an expense budget, and revenue budget. Financial reports discussed include the balance sheet, which lists assets, liabilities, and fund balance; the profit and loss statement, which shows revenue and expenses; and the cash flow statement. Understanding these tools is important for evaluating financial performance and controlling costs.
The document provides information on budgeting and its importance. It defines a budget as a plan for spending resources like time and money. Creating and following a budget allows you to know your earning capacity, gain control over finances, prepare for emergencies, reduce waste, and relieve stress. The document outlines steps for creating a budget, including listing income and expenses, and recommends allocating spending to needs, wants, and savings. It emphasizes developing a healthy mindset around money and financial freedom through budgeting.
Jour597 final project amazon 2014 ir planCarol Zhu
The 2014 investor relations plan for Amazon outlines delivering effective financial communications to enhance company value, including preparing for earnings reports and calls, prioritizing outreach to top institutional investors and analysts, refining key messaging around Amazon's long-term investments and sales growth, and conducting market intelligence through a $10,000 monthly budget.
Budgeting and maintaining financial records are important parts of financial planning. A budget balances income with expenses to determine how to spend and save money. Key terms include fixed and variable expenses, assets, liabilities, and net worth. Good record keeping of income, expenses, assets, liabilities, and taxes helps with budgeting, planning, and completing important financial forms.
This document discusses proposed changes to GASB 45 rules for reporting other post-employment benefits (OPEB). It covers the motivation for changes due to criticisms of GASB 45, an overview of the key proposed changes including bringing the unfunded liability to the balance sheet and using a single discount rate, preparations districts can make, and a timeline for implementation. The proposed changes would substantially revise OPEB accounting and reporting to be more similar to the new pension reporting rules.
The document discusses different types of budgets including operating, cash, and capital budgets. It provides examples of items that would be included in each type of budget. Capital budgets cover significant purchases like equipment and facilities that have useful lives of over two years. Effective budget preparation requires setting goals and objectives, developing strategies to achieve them, and translating strategies into estimated costs. Budgets should be realistic, consistent with organizational goals, and flexible enough to adapt to changing conditions.
This document provides an overview of topics covered in Accounting and Financial Management Week 7. These include basic budgeting for churches, reviewing an audit report, and internal controls. The budgeting section discusses budget basics, development, approval process, cash flow budgets, and making the budget work. The audit report review covers levels of engagement and what to look for in an independent auditor's report. Finally, the internal controls section defines internal accounting control and its key components, including control environment, control activities, risk assessment, information and communication, and monitoring activities.
The white paper analyzes how investment portfolios may perform in a rising interest rate environment based on a case study of the US Federal Reserve's interest rate actions from 1982 to 2015. It identifies 5 periods of rising rates and finds that equities generally performed better when rates rose slowly, while performance was more complex when rates rose rapidly. The paper recommends strategies for protecting and enhancing portfolios, such as adjusting allocations to equities, fixed income, and currencies based on factors like an individual investor's risk tolerance.
What Is Monetary Policy?: Unlock The 2 Important Types Of It Compare Closing LLCCompareClosing
Monetary policy is a set of tools built with the intention of promoting sustainable economic growth.
A country’s central bank promotes these tools by controlling the overall supply of money that is available at the nation’s banks, its consumers, and its businesses.
The document discusses the importance of personal financial planning, which involves determining financial goals and objectives, understanding priorities, and creating a realistic plan to meet goals by periodically reviewing investments and adjusting as needed. It covers various concepts relevant to financial planning like risk profiling, goal planning, compound interest, and the roles and responsibilities of a financial planner in developing and maintaining an effective plan. The overall message is that financial planning leads to sustainable wealth creation and peace of mind.
If you are between 25- 45 yrs. of Age,Working & Serious about achieving success in your Financial Future, here are some guidelines.......... which can help you.
The document discusses how HSAs can boost retirement plans. It provides an overview of HSA plan designs, trends in the HSA marketplace, and how rising healthcare costs and longer lifespans are affecting retirement savings needs. Integrating HSAs into retirement planning can help offset these costs and provide additional tax-advantaged savings opportunities for employees.
The students created a map on their classroom wall showing the origins of their families, connecting colored strings from grandparents' hometowns in various countries to the students' four hometowns. The map revealed that half of the French students' families came from abroad, from countries like Italy, Germany, and North Africa, showing France has long been an immigrant nation. In contrast, the Polish students' families were all native to Poland, and the same was true for most Norwegian and Southern Italian students, though those countries have recently seen more immigration from Africa. Creating the map helped the students understand how migration has interconnected the peoples and histories of different European countries.
The document contains design drawings and specifications for signage at the Jumeirah Messilah Beach Hotel project in Qatar, including details for wall-mounted and freestanding signs identifying areas of the hotel and providing directions. The drawings provide dimensions, materials, mounting methods, and color specifications for over a dozen different sign types. Notes indicate the designer's intent and responsibilities of the fabricator in developing construction documents and verifying site conditions.
SKF reported lower sales and profits for the third quarter of 2009 compared to the previous year, due to the economic downturn reducing demand, but cash flow remained strong. While some divisions like automotive struggled, others like industrial showed signs of stabilizing. SKF continued restructuring efforts and expected a slight sequential improvement in the fourth quarter, but sales would still be significantly lower than the previous year.
- SupportSoft reported financial results for Q1 2009 with total revenue of $10.5 million, down from $12.8 million in Q4 2008 and $11.6 million in Q1 2008.
- On a GAAP basis, net loss was $7.4 million or $0.16 per share for Q1 2009, compared to a net loss of $6.8 million or $0.15 per share for Q4 2008.
- On a non-GAAP basis, net loss was $5.3 million or $0.11 per share for Q1 2009, compared to a net loss of $3.4 million or $0.07 per share for Q4 2008
The document provides an overview of Sallie Mae's business fundamentals and financial outlook. It discusses that Sallie Mae has:
1) Strong fundamentals in student lending, competitive scale, and assured FFELP profits through 2010.
2) Adequate liquidity to meet debt obligations and unlimited funding for new FFELP loans through 2009/2010.
3) Expanding deposit funding and $20 billion in expected FFELP originations for 2008/2009.
4) Private loan originations increased despite economic challenges, with improving credit quality in recent vintages.
Performance based budgeting by sumayya naseem optometrist, mmsph student abas...Sumayya Naseem
This document discusses performance-based budgeting. It defines key terms like budgets, budgeting, and types of budgeting including line-item, incremental, zero-based, and performance-based budgeting. Performance-based budgeting links funding to results by using performance measures and evaluation to improve effectiveness and efficiency of public spending. It emphasizes clear objectives, performance measures to assess progress on objectives, and linking funding to performance.
IntroductionThe budgeting process is an attempt to estab.docxmariuse18nolet
Introduction
The budgeting process is an attempt to establish a set of realistic standards for operating a health care organization. The budget is a set of specific objectives for the year ahead. The finance system provides the cost and revenue data and sometimes assists with other measures.
Formulating a budget is the beginning of the process. Every budgeting system must contain provisions for preparing the budget and implementing a system. This system must include coordination, control, follow-up, and maintenance. An effective budget must be tailored to the organization’s specific needs. The budget must be comprehensible and attainable. There should be innovation and flexibility to meet unexpected occurrences.
A health care organization’s budget provides a fully detailed description of expected financial transactions, by accounting period, for at least an entire year. The review of future expectations is useful in making smooth progress toward financial goals.
The major parts of an annual budget address operational and financial planning needs. The operating budgets are made up of the following:
· Expenditure or cost budgets anticipated by reporting period and responsibility center: Costs are often identified as fixed, semi-variable, or variable. Anticipated volumes of demand or output are incorporated into cost budgets.
· Revenue budgets reflect the receipt of income from services rendered. Standard gross revenue accounting reports a profit increase to the responsibility center, creating an incentive for productive activity.
· Income and expense budgets consist of expected net income and expenses incurred by the organization.
· Financial budgets embrace the effects of the organization’s financial decisions. These plans include a budgeted balance sheet that shows the effects of planned operations and capital investments on assets, liabilities, and equities. The plans also include a cash budget that forecasts the flow of cash and other funds in the business.
· Cash budget is for cash planning and control, presenting expected cash inflow and outflow for a designated time period. The cash budget helps management keep cash balances in a reasonable relationship to needs. You must know how much cash will flow in and out of the organization. You must also have an idea when these will take place. The cash budget is primarily used to spotlight periods of too little or too much cash rather than for continual control.
· Capital budgets are lists of proposed capital expenditures and new or significantly revised programs, with the implications for the operating and cash budgets by period and responsibility center. The capital budgets include all anticipated expenditures for facilities and equipment and for sources of funds.
Cost accounting is the process of determining the full and incremental costs of providing services and goods to patients and customers. To determine the full cost of providing a service, you must ensure that all costs are in.
Validating & Promoting your Program's Success Using ROI and other Evaluation ...Practical Playbook
The document outlines steps for developing a performance measurement and evaluation plan for public health programs. It discusses developing logic models and selecting process and outcome measures, collecting interim data, and calculating return on investment. The goal is to show stakeholders like funders and policymakers how programs are performing and achieving impacts in a manner that promotes continuous program improvement.
The document discusses key aspects of nonprofit business models and finances. It introduces components of the nonprofit business model including who/what the organization serves, how it operates, how it is financed, and where it works. It also discusses the concept of surpluses being reinvested in the organization. The document then explores differences between for-profit and nonprofit models in relation to customer fees and service costs. Key financial statements for nonprofits are outlined including the income statement, balance sheet, and rules around restricted and unrestricted assets. The importance of budgeting, variance analysis, and scenario planning are discussed to help nonprofits achieve financial sustainability while maximizing social impact.
Embracing the decade of local govt 11-21-13 webinarChris Fabian
This document discusses tools and strategies for local governments to achieve fiscal health and long-term fiscal wellness in the coming decade. It outlines two strategic initiatives - fiscal health and long-term fiscal wellness. To achieve fiscal health, the document recommends analyzing revenues and expenditures, establishing reserves, conducting variance analyses, and creating long-range financial forecasts. To achieve fiscal wellness, it suggests identifying community priorities or "results", evaluating programs based on their influence on priorities, and allocating resources accordingly through a "resource alignment diagnostic tool". The tools and frameworks presented aim to help local governments make sound financial decisions and align their budgets with community needs.
Week 5 Assignment - Strategic Financial Analysis
Overview
The purpose of this assignment is to familiarize you with financial statements, the need to align the financials and the strategic direction of the firm, and the process of performing horizontal and vertical analyses of a company's balance sheets and income statements.
You will be provided with a scenario and a variances analysis. You will use the information in both to create a memo in which you demonstrate your audit financial statements and expenditures based on organizational priorities.
Instructions
Scenario
You're a healthcare administration fellow at the prestigious Stanford Healthcare. You have been rotating through the various departments over the past nine months and now you have the honor of working under the mentorship of Chief Financial Officer Linda Hoff.
Stanford Medicine includes Stanford Healthcare, Stanford Children's Hospital, and Lucile Packard Children's Hospital Stanford. This organization uses an integrated approach to strategic planning, which incorporates jointly agreed upon strategic priorities from its various entities. It also ensures a high degree of congruence in strategic focus by each entity.
Before outlining the strategic priorities for Stanford Medicine, it is important to note that a firm's directional strategy comprises three discrete yet interwoven components: vision, mission, and goals (or, in this case, priorities). Armed with this knowledge, you have familiarized yourself with the vision, mission, and priorities of Stanford Medicine. Below is what you found.
When examining a company's financials, it is prudent to keep the directional strategy of the company in mind. After all, in order to advance many strategic priorities, which include fulfilling the mission and positioning the organization to achieve its vision for the future, proper management of the firm's scarce resources is vital. Failure to properly manage the financial performance of the organization can compromise the company's ability to maintain a competitive advantage in the marketplace.
Our Vision
Precision Health: Predict. Prevent. Cure. Precisely.
We will heal humanity through science and compassion by leading the biomedical revolution in precision health.
Our Mission
Improving Human Health Through Discovery and Care.
Through innovative discovery and the translation of new knowledge, Stanford Medicine improves human health locally and globally. We serve our community by providing outstanding and compassionate care. We inspire and prepare the future leaders of science and medicine.
Strategic Priorities
A collaborative endeavor involving the entire community, the Stanford Medicine integrated strategic planning process yielded a framework that is human-centered and discovery-led, focused on three overarching priorities for our enterprise.
By enhancing our strengths and achieving our goals in these priority areas, we will amplify our preeminence and remain uniquely po.
1. The document provides an overview of budgetary control for intrapreneurs, including defining budgets, standards, and the budgetary control process.
2. It describes the types of budgets like cash, expenditure, production, and capital budgets. It also discusses budget committees and their roles in budget preparation and oversight.
3. The document concludes by emphasizing that budgets should be flexible and involve employee participation to be effective for control while also achieving organizational goals.
1. The document provides an overview of budgetary control for intrapreneurs, including defining budgets, standards, and the budgetary control process.
2. It describes the types of budgets like cash, expenditure, production, and capital budgets. It also discusses budget committees and their roles in budget preparation and oversight.
3. The document concludes by emphasizing that budgets should be flexible and involve employee participation to be effective for control while also achieving organizational goals.
This document provides an overview of benefits management and measuring social return on investment (SROI). It discusses identifying stakeholders and mapping benefits to understand the outcomes of projects. Measuring SROI involves establishing the scope, mapping outcomes including indirect impacts, valuing outcomes, establishing what would have occurred without the project, and calculating the SROI ratio. Engaging stakeholders is important for understanding what benefits they value. Benefits are then mapped from project actions and enablers to strategic objectives and outcomes for stakeholders. Non-financial benefits like empowered patients can be measured based on their value to quality of life, happiness, and impact on resource use.
Managing benefits from projects - the NHS wayMinney org Ltd
Within Project Management, Benefits Management can both make sure that the right things are done well, and can also drive the realisation of benefits through stakeholder engagement.
This workshop uses an NHS example to show how return on investment, even in hard cash terms, can be delivered within a non-profit environment
Budgeting is an important process for both personal finances and business planning. It involves estimating revenues and expenses over a set period of time. For individuals, creating a budget helps gain control over spending, build savings, improve credit scores, and gain financial freedom. For businesses, budgeting aids in planning, coordination, allocating resources, and performance reviews. Overall, budgets provide a financial blueprint and guide for meeting financial goals.
The document summarizes how organizations can effectively execute their strategies using a Balanced Scorecard approach. It provides examples of strategy maps that translate high-level strategies into operational terms across four perspectives: financial, customer, internal processes, and learning and growth. Specifically, it shows a sample consumer bank strategy map and the American Diabetes Association strategy map to illustrate how non-profits can describe their strategies to key stakeholders and constituents.
Fin well sponsor presentation may 2019-web nycCarol Buckmann
This document discusses empowering employees with financial wellness programs. It defines financial wellness and outlines the business case for why companies should care about it, including reducing absenteeism and health care costs. The document provides an overview of different types of financial wellness programs and considerations for determining if a company is a good fit and selecting a provider. The goal is to help companies move from intending to implement financial wellness programs to taking action.
The document discusses how non-profit organizations can use scenario planning to help with financial planning during uncertain times. It provides tips for creating financial scenarios, including involving different parts of the organization and understanding how income and expenses may change under various scenarios. The key aspects of a good scenario plan are to illustrate the potential impacts on the budget, revenue, costs, reserves and future plans under three condensed financial scenarios using the latest budget as a baseline. Scenario planning is a tool to help manage an organization during unpredictable periods.
This document provides an overview of financial wellness programs. It discusses how financial stress affects employees and employers, and the benefits of implementing a financial wellness program, including decreased turnover and increased productivity. It describes the key components of an effective program, such as creating awareness, providing education, and promoting behavior change. It also covers measuring impact, starting a program, and basic concepts in financial education like budgeting, savings, and loans. The overall purpose is to train people to implement successful workplace financial wellness initiatives.
T. Rowe Price has provided a article for Advisors regarding Financial wellness programs:
an opportunity to differentiate your practice and broaden your reach. Employers are increasingly seeking to offer holistic financial education that benefits both the employees and the company itself.
Running head DEPARTMENTAL BUDGET AND PROPOSAL OUTLINE 1DEPART.docxhealdkathaleen
Running head: DEPARTMENTAL BUDGET AND PROPOSAL OUTLINE 1
DEPARTMENTAL BUDGET AND PROPOSAL OUTLINE 3
Departmental Budget and Proposal Outline
Venice Family Clinic
PART 1
Options:
I believe Venice Family Clinic (VFC) need to implement a major asset of Electronic Health Record (EHR) Systems that would be beneficial for both the population it will serve and the hospital as well (Grain, Martin-Sanchez & Schaper, 2014). Using AHIMA along with Webinars, a certified coder will be chosen that will serve both the inpatient and outpatient, as an alternative option for providing coding updates services. Outpatient coders will meet with certified outpatient coders within the facility while, inpatient coders meet with certified inpatient coders. This exercise will need a trainer who will train the facility’s coding experts once every 3 weeks in a session of 2 hours. I estimate this exercise to cost an approximate of $2000 per year to cater for the two employees who will be teaching the coders. Through webinars, AHIMA lasts 1 hour, starting at noon Eastern Time and their charges start at $98.9 for members and $118 for non-members (Venice Family Clinic, 2018).
Financial Research:
These opportunities come with low or fee charges, though they bring a huge impact to the facility and also improving patient care delivery. According to VFC (2018), various factors determine the types of health care used in a facility, the timing of care and how much health care people use. Cash flow statements are indicated in a separate financial statement as cash flows (VFC, 2018). This implies the company’s health status is indicated by cash flow statements; because a cash flow statement serves as an important organizational asset that assists in determining the facility’s capacity to pay its existing expenses.
Communication:
Support from information technology
Organizational Resources
VFC has an opportunity of using a multitude of resources when organizing its annual financial status. For example, when the organization wants to draft its budget, it can hire an outsider professional consultant. Also, an excel system can be used as an alternative electronic method.
PART 2
Statements
It is important for an organization to do regular statements when doing financial budgeting. The regular statements will help VFC to be accountable for every coin spent and ensure that it is not losing a huge amount of money through unnecessary budgets. I would recommend brief quarterly review statements and a comprehensive annual statement.
Expenses
I estimated my budget for VFC salaries to remain the same; however, there was a slight decrease in RN and staffing salaries. I did this projection for a short period of the term to allow the facility to settle other medical supplies expenditure. Subsequently, the facility will not purchase other equipment in the year to come; this has reduced our equipment's financial budget by $100,000. Though in case of an emergency purchase, ...
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Overall life span (LS) was 1671.7±1721.6 days and cumulative 5YS reached 62.4%, 10 years – 50.4%, 20 years – 44.6%. 94 LCP lived more than 5 years without cancer (LS=2958.6±1723.6 days), 22 – more than 10 years (LS=5571±1841.8 days). 67 LCP died because of LC (LS=471.9±344 days). AT significantly improved 5YS (68% vs. 53.7%) (P=0.028 by log-rank test). Cox modeling displayed that 5YS of LCP significantly depended on: N0-N12, T3-4, blood cell circuit, cell ratio factors (ratio between cancer cells-CC and blood cells subpopulations), LC cell dynamics, recalcification time, heparin tolerance, prothrombin index, protein, AT, procedure type (P=0.000-0.031). Neural networks, genetic algorithm selection and bootstrap simulation revealed relationships between 5YS and N0-12 (rank=1), thrombocytes/CC (rank=2), segmented neutrophils/CC (3), eosinophils/CC (4), erythrocytes/CC (5), healthy cells/CC (6), lymphocytes/CC (7), stick neutrophils/CC (8), leucocytes/CC (9), monocytes/CC (10). Correct prediction of 5YS was 100% by neural networks computing (error=0.000; area under ROC curve=1.0).
16. What are your Elected Officials
really thinking?
• What does all this financial information really tell me?
o Are you saying everything is fine ?
o Are you saying we need to make cuts ?
o Are you saying we need to raise taxes ?
o Are you saying we have more money to spend ?
• What are you asking me to decide ?
OR
• Are you just wanting my “rubber stamp” of approval ?
16
18. DOES THIS LOOK FAMILIAR ?????
$300,000,000
Fund Balance
Uses of Funding
$250,000,000
$200,000,000
$150,000,000
$100,000,000
2010-2011 Budget Forecast
2009-2010 Projected Budget
Sources of Funding
$50,000,000
$2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
$(50,000,000)
$(100,000,000)
$(150,000,000)
18
19. Become a Diagnostician
Solano County, California
Achieving Fiscal Health & Wellness
Phase I: Initial Diagnosis, Prescription and Treatment Plan
ess
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“Spend Within
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Fiscal
Health
Transparent About
the “True Cost of
Doing Business”
Achieve
Fiscal Health
Fiscal
Wellness
Systematically
Evaluate Program
Efficiency
Establish and
Maintain Reserves
Understand
Variances
(Budget vs. Actual)
Value Programs
Based on
Evidence of their
Influence on
Results
Identify, Define
and Value the
Results of
Government
Prescription of Fiscal Wellness
Treatment Options to:
ü
ü
ü
ü
ü
Sustain Fiscal Health Achievements
Identify, Define and Value Results of
County
Value Programs (Based on Results)
Evaluate Program Efficiency
Support Resource Allocation
Decision Making with Program
Prioritization
19
20. Achieving Fiscal Health & Wellness
2 Strategic Initiatives
Fiscal Health
Long-term Fiscal Wellness
20
22. Who is Looking through the “New Lens”
ARIZONA - Chandler ; Queen Creek ;
Goodyear
IDAHO – Post Falls
CALIFORNIA - Walnut Creek ; San Jose;
Monterey; Sacramento; Seaside;
Fairfield; Placentia; Mission Viejo;
Salinas; Temple City
KANSAS - Shawnee
CANADA - Edmonton; Alberta Ministry of
Health
ILLINOIS – Boone County
MISSOURI - Branson
MONTANA - Billings
NEBRASKA - Grand Island
NEW MEXICO - San Juan County
COLORADO - Boulder; Longmont; Fort
Collins; Wheat Ridge; Jefferson
County; Thornton; ; Dillon Valley
Water/Sewer District; Manitou
Springs; Victor; Mountain View Fire
Protection District; Loveland
NEVADA - Douglas County
FLORIDA - Lakeland ; Delray Beach; Pasco
County; Plantation
TEXAS - Plano; Southlake
GEORGIA - Roswell; Cobb County
WYOMING - Green River
NORTH CAROLINA - Cary
OHIO - Blue Ash; Cincinnati
OREGON - Tualatin; Springfield
PENNSYLVANIA - Lehigh County
VIRGINIA - Chesapeake; Christiansburg
22
29. Approach to Fiscal Health #1:
“Spend Within Your Means”
Apply Diagnostics – DO YOU…
o Start with revenues?
• Know what “drives” each major revenue source?
• Prepare a formal organization-wide Revenue
Manual?
o Distinguish one-time from ongoing sources and uses?
• Have a process in place to “track” them
separately?
• Demonstrate this differentiation in your forecasts
and other financial documents?
o Differentiate Program Revenues from General
Government Revenues?
• Adjust budget allocations to departments for
changes in associated Program Revenues?
29
32. Approach to Fiscal Health #1:
“Spend Within Your Means”
Available Treatments:
o Achieve ongoing alignment
• Fund operating expenditures with reliable ongoing
revenues
• Prevent reliance on volatile revenues (that might not
come in!)
o Achieve one-time alignment
• Fund one-time costs with one-time sources
• Ensure reserves aren’t used for ongoing expenses
o Promote revenue diversification and enhancement
32
33. Strategic Questions
1. How much do we have available to spend? -
(not “How much do you need”?)
2. Why do we need to keep “money in the
bank”?
33
34. Approach to Fiscal Health #2:
Establish and Maintain Reserves
Apply Diagnostics – DO YOU…
Understand what makes up Fund Balance(s) and why you
hold reserves?
Have a formal “inventory” of all restricted or designated
fund balance reserves, stating their purpose, the authority
establishing them and how they are to be calculated?
Have a written fund balance reservation policy?
Monitor fund balances to ensure that reserves are
maintained?
Ensure established working capital reserves are sufficient to
meet emergency needs or short-term revenue shortfalls?
Monitor Fund Balance levels to ensure they “aren’t too little”
OR “too much”, but “just right”?
34
35. Determining the “Right” Level
Baseline recommendation (General Fund)–
5% to 15% of operating revenue
1 to 2 months operating expenditures
Adjust for:
Historic Events and Past Experience
Government Size
Revenue Stability
Future Capital Needs
35
36. Standard & Poor's Views
Low
= 0% or “below”
Adequate
=1% to 4%
Good
= 4% to 8%
Strong
= 8% to 15%
Very Strong
= Above 15%
36
37. Approach to Fiscal Health #2:
Establish and Maintain Reserves
Available Treatments
o Establish a written Working Capital/Emergency
Reserve policy
• Provides back-up plan for emergencies, revenue
shortfalls, or other unforeseen changes
o Identify, document and understand all reserves
o Review adequacy of Fund Balance levels
• Hold only appropriate amount in reserve to
establish credibility with internal and external
stakeholders
o Set aside funding for long-range plans, major
maintenance and asset replacement
37
38. Strategic Questions
1. How much do we have available to spend? -
(not “How much do you need”?)
2. Why do we need to keep “money in the bank”?
3. What’s the “difference”?
38
39. Approach to Fiscal Health #3:
Understand Variances
Apply Diagnostics – DO YOU…
Include cyclical (one-time) expenditures in ongoing
operating budgets?
Allow Departments to budget for contingencies?
Consistently have revenue/expenditure variances at
year-end?
Overlook thorough analysis of budget-to-actual
variances?
Count on “savings” resulting from budget-to-actual
variances?
Have large capital project “carry-forwards” at year
end?
39
40. Types of Variance Analysis
o Revenues & Expenditures
•
•
•
•
Budget to Actual
Historical year to year actuals
Cyclical trends
Ongoing vs. one-time occurrence
o Multi-year Capital Projects
• Eliminate Carry-forwards
• Avoid excessive “change orders”
40
41. Types of Variance Analysis
o Employee Compensation
• Comp Plan vs. Actual Wages Paid
o Hiring Range
o Maximum Range
• Market Comparison - based on total
compensation
• Approved FTE Count
o Accounts Receivable
• Difference between amounts due
and amounts billed?
• Difference between amounts billed
and amounts collected
41
42. Approach to Fiscal Health #3:
Understand Variances
Available Treatments:
Strive to align budget with actuals (a source of
“hidden treasure”)
Refine salary and benefit projections, to align with
actual costs incurred
Provide more effective budget monitoring and
management to eliminate variances
Identify and eliminate the “fluff”
Fund cyclical expenditures with one-time funding
sources
Consolidate contingencies maintained in department
budgets
Analyze and understand revenue variances
Promote multi-year budgeting for capital projects
42
43. Strategic Questions
1. How much do we have available to spend? -
(not “How much do you need”?)
2. Why do we need to keep “money in the bank”?
3. What’s the “difference”?
4. “It costs how much”????????
43
44. Approach to Fiscal Health #4:
Transparent About “True Cost of Doing Business”
Apply Diagnostics – DO YOU…
o Allocate overhead and administrative costs to Funds
and/or Departments that benefit from those services?
o Utilize Internal Service Funds to align delivery and
cost of internal services with customer demand?
• Know what services are best adapted to an
Internal Service Fund approach?
• Understand how internal charges are established
and distributed?
• Ensure that internal customers perceive that costs
are transparent and there is an ability to influence
those costs by altering their own demand?
44
45. Approach to Fiscal Health #4:
Transparent About “True Cost of Doing Business”
Apply Diagnostics – DO YOU…
Identify total cost (direct AND indirect) for all
programs?
• Prepare a Full Cost Allocation plan in addition
to an OMB A-87 Cost Allocation Plan?
• How is this Plan incorporated into the budget
process?
Establish fees for service that recapture appropriate
level of total costs of providing that service?
45
46. Internal Service Funds (ISF)
• What Do We Mean?
o Approach to fairly and equitably allocate costs of
“internally focused” services to those who use them
o Usually involve internal service providers such as Fleet,
I.T. and Facilities
• Why Should They Be Used?
o Better articulate what services are provided
o Identify the “true cost of doing business”
o Generate better conversations about value of these
services to end user
o Facilitate better dialogue about service delivery
options and choices
46
47. Key Components of an ISF
• Program Inventory
o Identify programs – distinct from “tasks” (too small) or
divisions (too large)
o Determine base level of service
o Determine discretionary levels of service above base
levels
• Program Costs
o Direct costs
o Indirect costs (internal services have these too!)
o Organizational administrative/overhead costs
• Basis for “Charging” Program Costs to End
User
o Identify how “demand” or “need” is generated
o Determine appropriate allocation methodology
47
48. Approach to Fiscal Health #4:
Transparent About “True Cost of Doing Business”
Available Treatments:
Establish Internal Service Funds and engage
Departments in assessing demands for these services
Promote enhancement of cost recovery for programs
where appropriate
Diversify cost burden from General Fund by
appropriately sharing costs among other dedicated
revenue streams
Inventory and cost all programs
• Utilize Full Cost Plans to better determine the true
cost (direct and indirect) of offering programs/
services
48
49. Strategic Questions
1. How much do we have available to spend?
- (not “How much do you need”?)
2. Why do we need to keep “money in the
bank”?
3. What’s the “difference”?
4. “It costs how much”????????
5. “What’s the plan” and what could cause
it to change?
6. What does the future look like?
7. “What if………..”???
49
50. Approach to Fiscal Health #5:
Economic Analysis & Long-term Planning
Apply Diagnostics – DO YOU…
Incorporate ALL long-term plans developed within the
organization into your financial forecasts?
Prepare comprehensive, multi-year Capital
Improvement Plan, and clearly identify associated
ongoing operating costs?
• Understand how the CIP impacts the budget
process and your long-term financial forecasts?
Identify only relevant economic indicators to
monitor?
Effectively utilize appropriate “tools” to communicate
financial position to all stakeholders (elected
officials, citizens and staff)?
50
51. KEY ECONOMIC INDICATORS
o Both External and Internal
o Focus on only what is relevant!!!!!!
o Utilize TRENDS over Benchmarks
o Demonstrate organizational impacts
51
52. Approach to Fiscal Health #5:
Economic Analysis & Long-term Planning
Available Treatments:
Prepare a 5 to 10 year financial forecast
Use relevant key indicators and trend analysis to improve
decision-making
Update and present on regular basis throughout the year
Identify potential points of failure and plan for needed
changes
Utilize simple, graphic communication tool to illustrate fiscal
health position to all stakeholders
Keep decision makers focused on high-level stewardship
role
Access impact of “today’s” decisions on future financial
sustainability
Allow scenario-planning which encourages flexible and
adaptive decision-making
52
53. Looks like a Financially
“Healthy” Organization – Right?
53
58. Tools of Fiscal Wellness
• Identify Community “ RESULTS”
o Supplemented by Internal Organization’s “Governance” Results
• Communicate meaning of Results using “RESULTS
MAPS”
• Inventory of Programs and Services
o Supported by associated Program Costs; Program Revenues and FTE
• Evaluate “what we do” against “what we are in
business to do”
• Allocate resources based on Community Priorities
o Looking through the “NEW LENS” of the “Resource Alignment
Diagnostic Tool”
58
59. Diagnostic Questions to Ask
Does your organization differentiate between
ONE-TIME
and
ONGOING
revenues
and
expenditures?
If yes, how are they tracked? Does your forecast
demonstrate this differentiation?
How does your organization differentiate
“program” revenues from “enterprise” revenues
such as taxes, earnings on investments, franchise
fees, etc.?
Does your organization prepare a formal Revenue
Manual?
If yes, what type of information is included?
59
60. Diagnostic Questions to Ask
Does your organization have a written fund balance
reservation policy?
If yes, how are you monitoring those reserves to ensure
that they are properly and adequately maintained?
Are established working capital reserves sufficient to
meet emergency needs or short-term revenue
shortfalls?
Does your organization have an inventory of all
restricted or designated fund balance (reserves)?
If yes, does it indicate the purpose for the reserve, cite
the authority for its establishment and show how it is
calculated?
60
61. Diagnostic Questions to Ask
Are variances between budgeted and actual
revenues and expenditures analyzed and
explained?
If yes, how do those variances impact future
budget cycles?
Does your organization utilize
Compensation Plan to establish
salary/wage ranges?
a formal
employee
If yes, how often is the plan updated?
When assessing the adequacy of employee
compensation, are employee benefit packages
included in this assessment?
61
62. Diagnostic Questions to Ask
Does your organization utilize Internal Service
Funds?
If yes, what are the services provided by each fund and
how are internal charges established and distributed?
Are appropriate demand metrics evaluated when
determining how internal charges are to be assessed or
distributed?
Do internal customers perceive that the calculation and
assessment of those internal charges is transparent and
that they can influence those charges by altering their
own demand?
Does your organization prepare a Full Cost
Allocation plan in addition to an OMB A-87 Cost
Allocation Plan?
If yes, how is this plan incorporated into the budget
process?
62
63. Diagnostic Questions to Ask
Does your Five-Year forecast incorporate ALL other
long-term plans developed by your organization?
Does your organization
Improvement Plan (CIP) ?
prepare
a
Capital
If yes, what information is included and how is it
utilized in your budget process and your financial
forecasts?
What tools does your organization use to
communicate financial information to its elected
decision-makers?
63