Best Financial Management Practices for Governmental Issuers As recommended by FITCH Rating Services, GFOA, and the National Association of State Auditors,

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Presentation transcript:

Best Financial Management Practices for Governmental Issuers As recommended by FITCH Rating Services, GFOA, and the National Association of State Auditors, Controllers, and Treasurers For Finance Committee March 18, 2003 School Finance Update Series XXVII

Fund Balance Fund Balance reserve policy – working capital reserves LISD has a board policy

Multi Year Forecasting LISD prepares annual budgets and multi year general projections. Additional projections will be developed based on 5 year targets

Monthly Reports Monthly or quarterly financial reporting and monitoring LISD prepares monthly financial statements

Contingency Planning Policies Contingencies planning policies LISD implements conservative budget forecasts as contingencies for unknown costs. FIRST rating reviews budgets each year.

Nonrecurring revenue policies Policies regarding nonrecurring revenue LISD allocates expenditures based on revenue projected. Only one time costs are used for one time expenditures. FIRST Rating reviews expenditure levels each year.

Debt Affordability Review Debt affordability reviews and policies FIRST rating reviews debt burden each year

Debt Disclosure Practices Superior debt disclosure practices Debt disclosure complies with GFOA standards. LISD will develop superior practices for additional debt disclosures.

Pay as You go Policy Pay as you go capital funding policies LISD has implemented these policies in capital projects.

Debt Retirement Rapid debt retirement policies (greater than 65% in 10 years) LISD depends on the state and does not engage in early debt retirement, but it engages in refunding for interest savings.

Capital Improvement Plan Five year capital improvement plan integrating operating costs of new facilities LISD has a five year capital improvement plan for new construction

Financial Reporting Awards Financial reporting awards LISD has received 5 awards.

Budget Awards Budgeting awards LISD has received 5 awards.