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Best Financial Management Practices for Governmental Issuers

School Finance Update Series XXVII. 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.

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Best Financial Management Practices for Governmental Issuers

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  1. School Finance Update Series XXVII 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

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

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

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

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

  6. 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. Nonrecurring revenuepolicies

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

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

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

  10. 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. Debt Retirement

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

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

  13. Budgeting awards LISD has received 5 awards. Budget Awards

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