1. Meeting Communications Southeast Regional Directors’ Institute May 17, 2015

2. Communications with the Board How much is too much – or not enough? Financial Reporting  What to report  When to report  How to report  Who to report

3. Thomas Jefferson Planning District Fiscal Years 2012 through 2015 Financial Reporting  FY12 Audited gain in Net Position = $ 53,932  FY13 Audited loss in Net Position = $ 120,391  FY14 Audited loss in Net Position = $ 165,386  FY15 Budgeted loss in Net Position = $ 23,531  FY15 Estimated gain in Net Position = $ 7,398

4. Thomas Jefferson Planning District Fiscal Years 2012 through 2014 What When How Who  Reported Income Statement  Compared to budget  Reported Balance Sheet  Compared to previous year  Reported Savings Accounts Status  Annual Audit  Quarterly  Commission Meeting  Self generated spreadsheet  Narrative Summary  Commission

5. Example Meeting Packet FY2012 Agenda Financials

6. Concerns 2 Years Losses Totaling Almost $300,000  Information was not timely.  Information provided no trending.  Information was not clear to non-accountants.  Commissioners provided no direction to what was financially important.  Caused a crisis mode with increased meetings, review of all financials and monthly reporting, financial document review and lengthy discussion at Commission meetings.  Went from not enough and non-relevant reporting to crisis mode with detailed reports, meetings and discussion. NOT ENOUGH to TOO MUCH

7. Thomas Jefferson Planning District Fiscal Years 2014 - 2015 What When How Who  Dashboard Summary  Current, Historical and Comparison of Commission Prioritized Financials  Support Documents  Income Statements  Balance Sheet  Projected revenues  Director’s Narrative Report  Monthly Commission Meeting  Monthly Finance Committee Meeting  Visual Dashboard Report  Software Generated Reports  Commission  Finance Committee

8. Changes in FY 2014 - 2015 Dashboard reports financial priorities and benchmarks as defined by the Commissioners. Dashboard is easy to understand. Committee reviews dashboard and detailed financial reports and budget comparisons. Commission receives all, but is only presented Dashboard at meeting, accompanied by narrative executive summary.

9. Example Meeting Packet FY 2015 Agenda Dashboard Financials

10. Successes Finance Committee now has a good understanding of financials and reports to Commission if necessary Commission only spends about 5 minutes at meetings on financials Commissioners have stated their financial goals and benchmarks towards goals Commissioners understand budget better Keeps staff in alignment with Commissioners expectations Forces timely changes to meet benchmarks Budget includes financial goals

11. In Closing Questions will be answered after the final presentation