Fiscal Responsibility and Transparency

Updated: Feb 6

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.

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