Fiscal Responsibility and Transparency
Updated: Feb 6, 2021
Fiscal Responsibility and Transparency
Like any other business we need a clear path to Reduce Operating Expenses and Maintenance and have a responsible Projection of our Long Term Debt.
This proposal consists of three main drivers:
1. Audit and Control
2. Reorganization of structure
3. Long Term Financial Plan
1. Audit and Control
Short term implementation and review of existing controls:
- Transparency - All contracts should be available to the public.
- All Invoices should be properly supported.
- Review of Internal controls and approval matrix.
- Implementation of Internal Audit. Performed by members of the Audit Committee.
- Ensure budgetary controls are in place
Mid-term
- Review fund balance policy for reserves
- Seek out inefficiencies and opportunities for cost containment
- Minimize Administrative Costs
- Transition to automated work flows and approvals
- No more paper archives
2. Reorganization of structure
- Transition to a matrix organization
- Leverage common resources across campuses
- Leverage best practices across campuses
- Develop procedures and tools to secure savings and efficiencies
3. Long Term Financial Plan
- Timely and regular updating of five year financial projections
- Develop capital expenditure projections
- Establish clear policies to avoid the use of Bonds for maintenance or to capitalize expenses
- Create and adhere to a long range financial plan
- Perform cost-benefit analysis for future programs
- Re-structure our $488M of Long Term debt
- Retire 50 percent of the Principal within 10 years without creating a hard-ship for taxpayers.
