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.
Idaho ICMA - Fiscal Health PresentationChris Fabian
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.
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.
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.
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.
This document provides information on personal budgeting and why it is important. It defines a budget as a plan for managing money to meet personal needs and wants. Developing a budget can help achieve financial goals by identifying income and expenses, directing money flow, and increasing savings. The document outlines steps to create a budget, including setting financial goals, estimating income, recording expenses, and reviewing the budget monthly. Key parts of a budget include income, expenses, and an emergency fund.
This document provides an overview of financial planning, including what it is, its objectives, why it is needed, and the benefits it can provide. Financial planning is a process that identifies an individual's financial needs and goals over time and ensures they have the necessary funds available when needed. It involves savings and investment planning, asset allocation, insurance, taxes, retirement, and estate planning. The benefits of financial planning include having money available for needs and emergencies, maintaining one's standard of living in retirement, tax efficiency, funding education and marriage, and peace of mind.
This document provides an overview of guidelines for developing and monitoring organizational budgets. It discusses why budgeting is important, who should be involved in the budgeting process, and steps to take before developing a budget such as creating operational plans and estimating costs. The document explains that a budget translates organizational plans into estimated income needed to fund planned expenditures. It provides frameworks for estimating operational, organizational, staffing, and capital costs. The document also discusses where to estimate income from in a budget, such as promised, probable, and possible donations as well as income generated from sales, services, subscriptions, membership fees, special events, investments, and campaigns.
How to be your own Financial Planner?
Think a little, Things will be easier later on.
This Presentation is to support our readers by providing them with a road map to make right choices today for achieving bigger goals tomorrow.
Idaho ICMA - Fiscal Health PresentationChris Fabian
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.
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.
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.
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.
This document provides information on personal budgeting and why it is important. It defines a budget as a plan for managing money to meet personal needs and wants. Developing a budget can help achieve financial goals by identifying income and expenses, directing money flow, and increasing savings. The document outlines steps to create a budget, including setting financial goals, estimating income, recording expenses, and reviewing the budget monthly. Key parts of a budget include income, expenses, and an emergency fund.
This document provides an overview of financial planning, including what it is, its objectives, why it is needed, and the benefits it can provide. Financial planning is a process that identifies an individual's financial needs and goals over time and ensures they have the necessary funds available when needed. It involves savings and investment planning, asset allocation, insurance, taxes, retirement, and estate planning. The benefits of financial planning include having money available for needs and emergencies, maintaining one's standard of living in retirement, tax efficiency, funding education and marriage, and peace of mind.
This document provides an overview of guidelines for developing and monitoring organizational budgets. It discusses why budgeting is important, who should be involved in the budgeting process, and steps to take before developing a budget such as creating operational plans and estimating costs. The document explains that a budget translates organizational plans into estimated income needed to fund planned expenditures. It provides frameworks for estimating operational, organizational, staffing, and capital costs. The document also discusses where to estimate income from in a budget, such as promised, probable, and possible donations as well as income generated from sales, services, subscriptions, membership fees, special events, investments, and campaigns.
How to be your own Financial Planner?
Think a little, Things will be easier later on.
This Presentation is to support our readers by providing them with a road map to make right choices today for achieving bigger goals tomorrow.
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.
This document provides a roadmap for developing a better budget for nonprofits. It discusses key aspects of the budgeting process including determining the appropriate budget type (surplus, deficit, or break-even), accounting method (cash vs accrual), budget development practices, roles in the budget process, assessing and revising the budget, and using a budget calendar. Developing an effective budget requires considering factors like financial goals, program needs, funding projections, and monitoring actuals versus the budget throughout the year.
This document provides an overview and guidelines for developing organizational and project budgets. It discusses why budgeting is important for financial management and accountability. The key steps outlined include developing operational plans, estimating costs, and determining sources of income. Costs should be estimated for operational activities, organizational overhead, staffing, and capital assets. Multiple people should be involved in budget creation and review. The guidelines emphasize that budgets should be based on realistic cost estimates and plans rather than past expenditures.
The document discusses tying a school district's forecast to its operations budget. It recommends starting with the five year forecast in October and ensuring all budget documents tie back to the forecast for consistency. The key is tying forecast revenue and expense line items to the district's coding structure. Common problems like inconsistent revenue and wage coding are addressed. Maintaining consistency in coding helps reduce variances between forecast and actuals. Monthly cash flow projections tied to the forecast and budget are important to understand borrowing needs. Getting buy-in from those involved in the budget process is also discussed.
This document provides tips for effectively presenting financial information to boards. It recommends allocating 20% of presentation time to financial statements, 30% to bullet statements interpreting trends, and 50% to graphs and metrics that visually highlight trends. Key tips include designing short presentations, allowing comments, avoiding speculation, and ensuring relevance for non-accountant audiences. It emphasizes using metrics like EBITDA, cash levels, debt percentages, and coverage ratios to demonstrate financial stability. The goal is to engage rather than encage or enrage the board through clear, concise communication.
5 indicators to understanding your organization's financial healthAplos Software
To make good decisions for a nonprofit or church, leaders and board members not only need accurate, up-to-date, and clear financial information, but also the ability to interpret and use this data to inform decision making. The first step is a solid understanding of baseline financial indicators and health. This webinar explores the fundamentals of nonprofit finance so that nonprofit leaders, managers, and board members feel better equipped to interpret financial statements and assess their organizations’ financial position.
1) The personal financial planning process involves 5 steps: evaluating your current financial health, defining goals, developing a plan of action, implementing the plan, and reviewing/revising the plan over time.
2) Financial goals should be specific, assign a cost, and have a target date. Goals can be short, intermediate, or long-term and help motivate sticking to the financial plan.
3) Developing a plan requires determining actions needed to achieve goals like cutting expenses, increasing income through career choices, starting to save and invest, and ensuring flexibility, liquidity, and protection from unexpected costs.
K.Gandhi Present
Financial Literacy through Financial Planning and knowledge Coaching through Seminars And Article
Financial Literacy in India is very low
People invested there Harden money through mediators like Agents, Brokers , Banker’s Cross sell or Advt. world like T.V.,News paper, tips or own understanding through on line search, past track records etc.. etc.. Due to lack of time.
But when it realizes on later half then its too much late. To avoid this kind of situations with there harden money or trial and error method needs financial planning and update with financial literacy.
The document outlines the 4 main steps of financial planning:
1. Determine your current financial situation by calculating your net worth and analyzing cash flow
2. Set financial goals both short, medium, and long-term which include paying off debt, saving for retirement and children's education
3. Develop a financial plan that is flexible, provides liquidity, and minimizes taxes
4. Monitor your progress towards goals by regularly reviewing your budget, investment returns, taxes, inflation, and making adjustments if needed.
Atento provided its second quarter results for fiscal year 2016, highlighting growth, profitability, and liquidary priorities. Revenue declined slightly on a constant currency basis due to macroeconomic pressures in Brazil, though growth in the Americas nearly offset this. Adjusted EBITDA increased slightly with margins stable at 12%. Free cash flow before interest was strong at $39.4 million due to working capital improvements. Atento reaffirmed full year 2016 guidance and remains focused on balancing growth, profits, and reducing debt levels.
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.
This document summarizes a new online financial planning service that will provide clients with a personal financial advisor via a secure online account. The service will review clients' finances annually and provide personalized financial advice, coaching, and reports. Clients can access financial calculators and scenarios and request assistance from an advisor. The service offers different packages at annual fees and additional services can be purchased separately. It will be marketed online and through financial brokers and advisors.
The document provides an executive summary for a business plan for Project E, which will be Botswana's first private psychiatric hospital. It outlines the company's goals of increasing beds and admissions over time. Financial projections show an investment need of $9 million with positive cash flow and returns expected. The management team is experienced in the mental healthcare field.
This document is an assignment analyzing China's economy based on various economic indicators. It discusses China's current strong but slowing economic growth and healthy overall economic state. Key indicators like GDP, GDP growth, inflation and investment rates are examined. The assignment recommends monitoring inflation, current accounts, investment and foreign investment to evaluate risks and opportunities for expanding business in China. China's economy is expanding but may be reaching its peak, so the company needs to prepare for a potential contraction.
A financial plan is a personalized comprehensive strategy for accomplishing financial goals. It identifies a person's current financial position and sets short, medium, and long term goals while accounting for variables like inflation. A plan determines an appropriate asset allocation between stocks, bonds, and cash based on risk tolerance and includes purchasing appropriate insurance. It also establishes rules for investing and schedules for monitoring financial circumstances. Developing a financial plan leads to twice as much savings as not having a plan.
Narnolia Securities Limited natural view on the KPIT stock could be change after favorable update on stock and healthy earning guidance for FY15E. At a CMP of Rs 151, stock trades at 9x FY15E EPS. Also today buy UCO bank stock due to net profit growth of 207% YoY
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.
ICMA Conference 2013 - Center for Priority Based Budgeting Presentation (2/2)Chris Fabian
This document outlines steps for priority-based budgeting. It discusses determining community results that a government aims to achieve, clarifying definitions of results through "result maps", identifying specific programs and services, and valuing programs based on their influence on results. The document provides examples from various cities. It emphasizes that priority-based budgeting allows allocation of resources based on prioritization of programs according to their influence on important community results.
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.
This document discusses priority based budgeting and looking at budgets through a new lens. It introduces priority based budgeting and emphasizes defining community results and program priorities. It outlines steps for success, including determining results, clarifying result definitions with "result maps", identifying programs and services, valuing programs based on results, and allocating resources based on priorities. The document cautions against "across the board" budget cuts and emphasizes targeted cuts after serious discussion of community values and program benefits.
Technology & Tools of Priority Based Budgeting - 2013 conferenceChris Fabian
This document outlines the agenda and topics for the 2013 annual conference of the Center for Priority Based Budgeting. The conference will focus on bringing a new "lens" of priority based budgeting to government budgeting and resource allocation. Priority based budgeting uses data and performance metrics to identify priority programs and allocate funding accordingly. The conference will discuss tools and strategies for identifying priority programs, measuring results, and aligning resources and budgets with community priorities.
Idaho ICMA Presentation - Priority Based BudgetingChris Fabian
The document discusses various budget treatment options for addressing fiscal challenges, ranging from short-term "over the counter" treatments to long-term strategic initiatives. It notes that across-the-board budget cuts can spread cuts evenly but also spread mediocrity. Instead, it advocates for a priority-based budgeting approach involving determining community results, defining result areas, identifying programs, valuing programs based on their influence on results, and allocating resources accordingly. This allows for a more strategic approach to budgeting and managing fiscal challenges over the long term.
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.
This document provides a roadmap for developing a better budget for nonprofits. It discusses key aspects of the budgeting process including determining the appropriate budget type (surplus, deficit, or break-even), accounting method (cash vs accrual), budget development practices, roles in the budget process, assessing and revising the budget, and using a budget calendar. Developing an effective budget requires considering factors like financial goals, program needs, funding projections, and monitoring actuals versus the budget throughout the year.
This document provides an overview and guidelines for developing organizational and project budgets. It discusses why budgeting is important for financial management and accountability. The key steps outlined include developing operational plans, estimating costs, and determining sources of income. Costs should be estimated for operational activities, organizational overhead, staffing, and capital assets. Multiple people should be involved in budget creation and review. The guidelines emphasize that budgets should be based on realistic cost estimates and plans rather than past expenditures.
The document discusses tying a school district's forecast to its operations budget. It recommends starting with the five year forecast in October and ensuring all budget documents tie back to the forecast for consistency. The key is tying forecast revenue and expense line items to the district's coding structure. Common problems like inconsistent revenue and wage coding are addressed. Maintaining consistency in coding helps reduce variances between forecast and actuals. Monthly cash flow projections tied to the forecast and budget are important to understand borrowing needs. Getting buy-in from those involved in the budget process is also discussed.
This document provides tips for effectively presenting financial information to boards. It recommends allocating 20% of presentation time to financial statements, 30% to bullet statements interpreting trends, and 50% to graphs and metrics that visually highlight trends. Key tips include designing short presentations, allowing comments, avoiding speculation, and ensuring relevance for non-accountant audiences. It emphasizes using metrics like EBITDA, cash levels, debt percentages, and coverage ratios to demonstrate financial stability. The goal is to engage rather than encage or enrage the board through clear, concise communication.
5 indicators to understanding your organization's financial healthAplos Software
To make good decisions for a nonprofit or church, leaders and board members not only need accurate, up-to-date, and clear financial information, but also the ability to interpret and use this data to inform decision making. The first step is a solid understanding of baseline financial indicators and health. This webinar explores the fundamentals of nonprofit finance so that nonprofit leaders, managers, and board members feel better equipped to interpret financial statements and assess their organizations’ financial position.
1) The personal financial planning process involves 5 steps: evaluating your current financial health, defining goals, developing a plan of action, implementing the plan, and reviewing/revising the plan over time.
2) Financial goals should be specific, assign a cost, and have a target date. Goals can be short, intermediate, or long-term and help motivate sticking to the financial plan.
3) Developing a plan requires determining actions needed to achieve goals like cutting expenses, increasing income through career choices, starting to save and invest, and ensuring flexibility, liquidity, and protection from unexpected costs.
K.Gandhi Present
Financial Literacy through Financial Planning and knowledge Coaching through Seminars And Article
Financial Literacy in India is very low
People invested there Harden money through mediators like Agents, Brokers , Banker’s Cross sell or Advt. world like T.V.,News paper, tips or own understanding through on line search, past track records etc.. etc.. Due to lack of time.
But when it realizes on later half then its too much late. To avoid this kind of situations with there harden money or trial and error method needs financial planning and update with financial literacy.
The document outlines the 4 main steps of financial planning:
1. Determine your current financial situation by calculating your net worth and analyzing cash flow
2. Set financial goals both short, medium, and long-term which include paying off debt, saving for retirement and children's education
3. Develop a financial plan that is flexible, provides liquidity, and minimizes taxes
4. Monitor your progress towards goals by regularly reviewing your budget, investment returns, taxes, inflation, and making adjustments if needed.
Atento provided its second quarter results for fiscal year 2016, highlighting growth, profitability, and liquidary priorities. Revenue declined slightly on a constant currency basis due to macroeconomic pressures in Brazil, though growth in the Americas nearly offset this. Adjusted EBITDA increased slightly with margins stable at 12%. Free cash flow before interest was strong at $39.4 million due to working capital improvements. Atento reaffirmed full year 2016 guidance and remains focused on balancing growth, profits, and reducing debt levels.
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.
This document summarizes a new online financial planning service that will provide clients with a personal financial advisor via a secure online account. The service will review clients' finances annually and provide personalized financial advice, coaching, and reports. Clients can access financial calculators and scenarios and request assistance from an advisor. The service offers different packages at annual fees and additional services can be purchased separately. It will be marketed online and through financial brokers and advisors.
The document provides an executive summary for a business plan for Project E, which will be Botswana's first private psychiatric hospital. It outlines the company's goals of increasing beds and admissions over time. Financial projections show an investment need of $9 million with positive cash flow and returns expected. The management team is experienced in the mental healthcare field.
This document is an assignment analyzing China's economy based on various economic indicators. It discusses China's current strong but slowing economic growth and healthy overall economic state. Key indicators like GDP, GDP growth, inflation and investment rates are examined. The assignment recommends monitoring inflation, current accounts, investment and foreign investment to evaluate risks and opportunities for expanding business in China. China's economy is expanding but may be reaching its peak, so the company needs to prepare for a potential contraction.
A financial plan is a personalized comprehensive strategy for accomplishing financial goals. It identifies a person's current financial position and sets short, medium, and long term goals while accounting for variables like inflation. A plan determines an appropriate asset allocation between stocks, bonds, and cash based on risk tolerance and includes purchasing appropriate insurance. It also establishes rules for investing and schedules for monitoring financial circumstances. Developing a financial plan leads to twice as much savings as not having a plan.
Narnolia Securities Limited natural view on the KPIT stock could be change after favorable update on stock and healthy earning guidance for FY15E. At a CMP of Rs 151, stock trades at 9x FY15E EPS. Also today buy UCO bank stock due to net profit growth of 207% YoY
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.
ICMA Conference 2013 - Center for Priority Based Budgeting Presentation (2/2)Chris Fabian
This document outlines steps for priority-based budgeting. It discusses determining community results that a government aims to achieve, clarifying definitions of results through "result maps", identifying specific programs and services, and valuing programs based on their influence on results. The document provides examples from various cities. It emphasizes that priority-based budgeting allows allocation of resources based on prioritization of programs according to their influence on important community results.
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.
This document discusses priority based budgeting and looking at budgets through a new lens. It introduces priority based budgeting and emphasizes defining community results and program priorities. It outlines steps for success, including determining results, clarifying result definitions with "result maps", identifying programs and services, valuing programs based on results, and allocating resources based on priorities. The document cautions against "across the board" budget cuts and emphasizes targeted cuts after serious discussion of community values and program benefits.
Technology & Tools of Priority Based Budgeting - 2013 conferenceChris Fabian
This document outlines the agenda and topics for the 2013 annual conference of the Center for Priority Based Budgeting. The conference will focus on bringing a new "lens" of priority based budgeting to government budgeting and resource allocation. Priority based budgeting uses data and performance metrics to identify priority programs and allocate funding accordingly. The conference will discuss tools and strategies for identifying priority programs, measuring results, and aligning resources and budgets with community priorities.
Idaho ICMA Presentation - Priority Based BudgetingChris Fabian
The document discusses various budget treatment options for addressing fiscal challenges, ranging from short-term "over the counter" treatments to long-term strategic initiatives. It notes that across-the-board budget cuts can spread cuts evenly but also spread mediocrity. Instead, it advocates for a priority-based budgeting approach involving determining community results, defining result areas, identifying programs, valuing programs based on their influence on results, and allocating resources accordingly. This allows for a more strategic approach to budgeting and managing fiscal challenges over the long term.
Priority Based Budgeting - City of CincinnatiChris Fabian
Confronted with the 'new normal' of flat or declining revenues, spiraling health care and pension costs, and persistent structural imbalances, the City of Cincinnati chose Priority Based Budgeting an alternative to the traditional incremental budgeting approach that automatically makes this year's budget the basis for next year's spending plan.
Council approved the administration's recommendation to hire the Center for Priority Based Budgeting (Center for PBB) to help with the intensive citizen engagement that drives the new approach. According to Council: “Priority-driven budgeting offers a common-sense, strategic alternative to conventional budgeting. It creates a fundamental change in the way resources are allocated by using a collaborative, evidence-based approach to measure services against community priorities. By bringing together community leaders and citizens to determine strategic priorities, the city can align resources with what the community values most, and create service efficiencies and innovation.”
For 2013, the City faces a projected $34.0 million budget deficit for the General Fund Operating Budget and will need to cut spending and increase revenues to fill this need.
The document provides background information on Douglas County, Nevada and Wheat Ridge, Colorado. It outlines Douglas County's strategic priorities of financial stability, public safety, economic vitality, infrastructure, natural environment/resources, and managing growth. It also outlines Wheat Ridge's strategic priorities of economically viable commercial centers, financially sound city, and desirable neighborhoods. The document then provides detailed definitions and explanations for each strategic priority for both Douglas County and Wheat Ridge.
The document showcases French Connection Home's autumn/winter 2015 collection. It features photographs and descriptions of furniture, lighting, textiles, and accessories with an industrial yet elegant aesthetic. Concrete, wood, and metal materials are used alongside softer touches like mercurised mirrors, burnt wood, and marble accents. Styles include bistro, contemporary eclectic, soft industrial, and classic yet modern designs intended to age gracefully and be mixed and matched in different settings.
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.
Martin Hilario L. Mapolon is a Filipino man with 29 years of work experience in organizational development, training, and human resources. He has extensive experience working with organizations like the UN, USAID, and the Philippine government. His resume outlines his expertise in areas like strategic planning, training design, project management, monitoring and evaluation, and institutional capacity building. He holds international certifications in project management and has worked on projects in Afghanistan, Sierra Leone, and the Philippines.
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
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.
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.
This document provides guidance on developing and implementing an effective strategic marketing plan. It emphasizes the importance of having a clear strategic direction and measurable goals. Key aspects discussed include involving stakeholders, understanding the market environment, aligning the plan with organizational objectives, developing strategies and tactics, monitoring progress through metrics and reporting, and continually updating the plan based on results. The overall message is that an effective strategic marketing plan requires focus, accountability, and continuous optimization based on performance.
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.
This document provides guidance on performance management systems for non-profits. It discusses that non-profits need to focus on social outcomes rather than operating like a business. However, using good business practices around areas like financial management, fundraising, legal compliance, and board oversight can help non-profits better achieve their social missions. The document outlines key metrics and considerations for strengthening performance in these four areas.
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.
Social business or social enterprise needs careful planning. This slide series was developed and presented for the Social Business Launch Pad seminars by William P. Kittredge, PhD. The Social Business Launch Pad is a joint education seminar series co-sponsored by the Yunus Center at AIT and the Thai Social Enterprise Office http://www.tseo.or.th/
This document discusses how NGOs need to adapt to remain effective in a changing environment. It advocates for NGOs to become more agile and robustly funded. Agile organizations can respond faster to disruptions and learn better. NGOs also need diverse, flexible funding so they can scale up where needs arise. The document provides examples of NGOs that diversified funding and used data insights to attract donors. It argues the mindset needed is accepting things that can't change but having courage to change structures and systems to support the strategy.
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.
Retaining health plan members in the digital era requires a strategic, organization-wide approach that addresses the key drivers of attrition across all customer touchpoints. Analytics can help identify at-risk members, but health plans must convert insights into actions that enhance the customer experience. A focus on customer service, personalized benefits, and digital convenience can help provide a "WOW experience" and reduce churn rates, which currently average 40% annually for many plans. Success requires benchmarking competitors, prioritizing retention, investing in analytics to refine processes, and transforming all touchpoints based on customer feedback.
Read the scenario below. Then draft a 3–4 page business memorandum t.docxangelicar11
Read the scenario below. Then draft a 3–4 page business memorandum to Linda Hoff, Stanford's CFO. In your memo, codify your findings and interpretations from the horizontal and vertical analyses and the level of alignment between the company's fiscal management and its strategic direction. Include an Excel spreadsheet as an attachment to the memo. In this memo you will:
Review the year-over-year variances contained in the audited Stanford balance sheets and income statements, which are contained within the provided
Week 5 Assignment Spreadsheet [XLSX]
for fiscal years 2015 through 2018. You'll be expected to pay particular attention to the negative variances (color coded in "red") that
you believe
to be potentially the most impactful to Stanford.
Speculate as to the reasons for the negative variances.
Examine the common size balance sheets and income statements looking for abnormally low or high ratios based on what you know about the line item and what you observe in the data for the other fiscal years.
Look for patterns in the line items over time (2015 through 2018) and identify any unusual findings that may need to be examined further.
Make a judgement regarding the alignment of the organization's fiscal management with its strategic direction of the firm. Fiscal management is based on your horizontal and vertical analyses. The strategic direction is based on the vision, mission, and strategic priorities of Stanford.
Purpose
The purpose of this assignment is to familiarize you with financial statements, the need to align the financials with the strategic direction of the firm, and the process of performing a horizontal and vertical analysis of a company's balance sheets and income statements.
The Scenario
You're a Healthcare Administration Fellow at the prestigious Stanford Healthcare. You have been rotating through the various departments over the past 9 months and now you have the honor of working under the mentorship of Linda Hoff, Chief Financial Officer.
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 congruency in strategic focus by each entity. Before outlining the strategic priorities for Stanford Medicine, it is important to take note that a firm's directional strategy is comprised on three separate yet interwoven components: vision, mission, and goals (or, in this case, priorities). Armed with this knowledge, you have taken the necessary step and located and 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 fulfi.
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, ...
The Good Day at Work Conversation 2019 was a truly extraordinary event that challenged, inspired and created dialogue around breakthrough health & wellbeing ideas, thinking and innovations.
This presentation contains the slides from the Circle Foyer of 2019's conversation, which hosted Tom Kegode & Aidan Webb from Lloyds Banking Group, plus Jack Evans from Robertson Cooper.
1 1. Describe key methodologies for the practical applicat.docxhoney725342
1
1. Describe key methodologies for the practical application of financial management in healthcare
organizations.
Reading Assignment
Chapter 15:
Financial Statement Analysis
Chapter 16:
Financial Condition Analysis
Unit Lesson
The focus of Unit VIII is on providing a general framework for financial statement analysis to gain insight into
the financial status of an organization. The basic framework provided is to:
Carefully review the financial statements in detail, including reading the auditor’s opinion letter and
considering the information in that letter.
Examine the notes that accompany the financial statements.
Calculate a series of ratios and compare them with the organization over time, other specific similar
organizations, and the industry as a whole.
Make a final assessment of the financial situation of the organization, taking all of the available
information into account.
This unit will address the notes that accompany the financial statements. This includes significant accounting
policies that you need to understand and apply. There will be a review of the summary of the notes provided.
The unit will also explore ratio analysis and making comparisons within the major classes of ratios.
Key Learning
This is a good time to look back and reflect on your key learning from this course. Hopefully, you have a
better understanding now in terms of how healthcare finance actually works, how it gets reported, and how it
gets audited. As we conclude this unit, let’s look back at your key learning from this course.
Healthcare spending: Earlier in this course, we talked about healthcare spending; where does the money
come from, and where does it go? That is definitely a key concept from the course. You learned that private
insurance is the number one source of funding for healthcare in America, representing 32% of total healthcare
dollars. Even with so many Americans currently uninsured, health insurance is the number one source of
funding. Next comes Medicare at 20% and then Medicaid at 15%. Government programs overall make up
35% of spending. That may shed some light on why government has so much influence in our field. In terms
of out-of-pocket expenditures, they truly make up a small portion of healthcare spending in America, just 12%
of total healthcare spending (Finkler, Purtell, Calabrese, & Smith, 2013).
Where does the money go? Well, hospitals clearly get the largest piece of the healthcare dollar, receiving
31% of total medical spending each year. Doctors and clinics come next at 20%, and prescription medications
are next at 10%. Several other areas receive smaller amounts, about 5-7% each. Such areas include dental
services, health insurance administration cost, and nursing care (Finkler et al., 2013).
2
UNIT x STUDY GUIDE
Title
The big problem, as you likely recall, is that in America, we spend two to three times as much on healthcare
as any other developed nation aroun ...
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting, 8th Canadian Edition by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Ebook Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Pdf Solution Manual For Financial Accounting 8th Canadian Edition Pdf Download Stuvia Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Financial Accounting 8th Canadian Edition Ebook Download Stuvia Financial Accounting 8th Canadian Edition Pdf Financial Accounting 8th Canadian Edition Pdf Download Stuvia
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
1. PRIORITY BASED BUDGETING (Part I)
Achieving Fiscal HealthTools & Techniques for
Diagnosis & Treatment
Kathie Novak, Jon Johnson &
Chris Fabian
November 13, 2013
1
10. So - as an Elected Official:
o What does this mean for me?
o What should be I be paying attention to?
o Who should be watching?
o What else is on the horizon?
10
19. 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 ?
19
20. Are We Headed in the Right Direction?
• “If you don’t know where you are and
you don’t know where you are going –
any road will get you there.”
• "You've got to be very careful if you don't
know where you're going, because you
might not get there.” Yogi Berra
- SO Show me where we ARE and show me
where we are GOING!
20
22. 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)
22
23. 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
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Achieve
Fiscal Health
Fiscal
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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
23
24. Achieving Fiscal Health & Wellness
2 Strategic Initiatives
Fiscal Health
Long-term Fiscal Wellness
24
33. 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?
33
35. 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
35
36. 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”?
36
37. 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”?
37
38. 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
38
39. Standard & Poor's Views
Low
= 0% or “below”
Adequate
=1% to 4%
Good
= 4% to 8%
Strong
= 8% to 15%
Very Strong
= Above 15%
39
40. 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
40
41. 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”?
41
42. 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?
42
43. 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”
43
44. 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
44
46. 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
46
47. 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”????????
47
48. 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?
48
49. Key Components of Understanding the
“True Cost of Doing Business”
• 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
49
50. Developing Program Inventories
Create a comprehensive listing of all services
offered by each operating division (to both
“external” and “internal” users)
Provide a better understanding of “what we do” to
staff, administration, elected officials and citizens
Provide a framework to better understand how
resources are used to support “what we do”
Provide a valuable tool for staff, management and
elected officials to use when faced with budgetary
“choices” about how funds are distributed.
Allow for the preparation and discussion of a
“program budget” rather than a “line-item budget”
50
51. Developing Program Costs
1) Associate Salary & Benefit Costs with your
Personnel
2) Assign Personnel to the Programs they
Provide
3) Associate Non-Personnel Costs with
Programs
4) Line item Budget is now expressed as a
Program Budget!
51
52. 1) Associate Salary & Benefit Costs
with your Personnel
•
Key is understanding how personnel line items are distributed (per FTE, on a
percentage of salary basis, etc.)
52
53. 2) Assign Personnel to the
Programs they Provide
•
•
•
Estimate for a given year (this is not a time study!)
Accuracy, not precision, is the goal
Can’t allocate an FTE over 100% (no matter how overworked they think they are)
53
54. 3) Associate Non-Personnel Costs
with Programs
• Choose a reasonable allocation methodology:
• Divide costs by FTE (i.e. supplies line item)
• Assign costs directly to program (i.e. annual audit)
54
55. 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
55
56. 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………..”???
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57. 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)?
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58. KEY ECONOMIC INDICATORS
o Both External and Internal
o Focus on only what is relevant!!!!!!
o Utilize TRENDS over Benchmarks
o Demonstrate organizational impacts
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59. 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
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67. 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?
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68. 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?
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69. 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?
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70. 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?
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71. 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?
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