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SPS Financial Forecasting, Budgeting and Tracking ( Swampscott Public Schools)

SPS Financial Forecasting, Budgeting and Tracking ( Swampscott Public Schools). Neil Bernstein Swampscott School Committee www.schoolcommittee.nsbernstein.com June 22, 2007. Agenda. Background Financial Forecasting Financial Budgeting Financial Tracking Proposed Policies

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SPS Financial Forecasting, Budgeting and Tracking ( Swampscott Public Schools)

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  1. SPS Financial Forecasting, Budgeting and Tracking(Swampscott Public Schools) Neil Bernstein Swampscott School Committee www.schoolcommittee.nsbernstein.com June 22, 2007 Neil Bernstein, Swampscott School Committee

  2. Agenda • Background • Financial Forecasting • Financial Budgeting • Financial Tracking • Proposed Policies • Spreadsheet Examples Neil Bernstein, Swampscott School Committee

  3. Background - Purpose • Dramatically reduce budgetary and operational “surprises” • Improved financial management • More aggressive and disciplined approach • Objectives – • Establish SPS new policies and goals • SPS implements policies • Align SPS financial management time line with Town time line • Concept validation • Detailed examples are meant to demonstrate the concept, not necessarily what actual reports may contain • Note: This is my own “strawman” proposal Neil Bernstein, Swampscott School Committee

  4. Background - Expectation • Should be feasible and effective • Questions to be answered, at this time: • Does proposal capture all essential components required to adequately address problem? • Is there anything extraneous in proposal? • Does proposal contain anything objectionable or inappropriate to public interest or any town bodies? Neil Bernstein, Swampscott School Committee

  5. Financial Forecasting • Financial forecast • Plan that represents an estimate of future financial situation, based upon past trends, current financial status and expected range of changes, into the future under consideration. • Town Charter • Currently requires two forecasts (although one is referred to as a “Budget Plan” (1). (1) Swampscott Town Charter Neil Bernstein, Swampscott School Committee

  6. Financial Forecasting –Town Charter • SECTION 9-9: Annual Financial Forecast • The town administrator shall report to the board of selectmen, the finance committee, and the school committee no later than November 15 of each year and present a financial forecast for the next fiscal year detailing anticipated revenues, transfers and expenditures. • SECTION 9-10: Five-Year Budget Plan • The town administrator shall submit as supplemental information to town meeting a five-year budget plan detailing anticipated revenues and expenditures. Neil Bernstein, Swampscott School Committee

  7. Financial Forecasting –Comments about Town Forecasting • Town Administrator currently presents the “Five-Year Budget Plan” at the same time as the “Annual Financial Forecast”, by November 15th of each year. • “Financial Forecast.” • I will refer to these, jointly, as the Town of Swampscott “Financial Forecast.” • Recommendation: • SPS follow a coordinated time line, in which SPS “Financial Forecast” will inform subsequent Town of Swampscott Financial Forecast, and both Town of Swampscott Financial Forecast and SPS Financial Forecast will inform public, in preparation for a subsequent public comment hearing on SPS Financial Forecast. Neil Bernstein, Swampscott School Committee

  8. Financial Budgeting • Budgeting refers to the process of preparing a financial plan for a specific fiscal year. Neil Bernstein, Swampscott School Committee

  9. Financial Tracking • Financial Tracking refers to the process of comparing actual funding and expenditures to the planned (forecasted or budgeted) funding and expenses. Neil Bernstein, Swampscott School Committee

  10. Proposed Policies • Attached, under separate cover, are proposed changes to SPS Policy. All changes are highlighted by appearing in red, italicized font (2). (2) Due to the convoluted nature of the NEPN/NSBA classification, new proposals have temporary “numbers.” Neil Bernstein, Swampscott School Committee

  11. Spreadsheet Examples • Attached, under separate cover, are examples of “informative” spreadsheets and clear and concise graphs. (school_cost_tracking_070325c_nsb.xls) Neil Bernstein, Swampscott School Committee

  12. Spreadsheet Examples (con’t) • In the spreadsheet, are the following examples: • Tracking the SPS budget (3): • School Budget 95-04 • Financial forecasts (4): • Town-GeneralFundForecast • Town-SurplusDeficitForecast (3) Data compiled by copying summary page of Swampscott School budgets, which I found in Swampscott Library. (4) Spreadsheet extracted from Town Administrator’s November 2006 Powerpoint presentation, from which I created town deficit graph. Neil Bernstein, Swampscott School Committee

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