Riverside Brookfield High School District 208

Financial Goals and Objectives

1. A Long-Term Financial Plan will be implemented to achieve financial sustainability.

Ø      Objectives:

• District 208 will update the five-year projection model at least two times per year (during budget process and levy process).
• Five-Year Enrollment Forecasts will be completed and presented at the December Board meeting every year.
• A long-term facility plan will be updated every year.
• A long-term technology plan will be updated every year.

2. Annual Budget will demonstrate to the community financial stewardship and target educational results.

Ø      Objectives:

• Board will approve a balanced budget in the operating funds (operating expenditures will not exceed operating revenues). If the District cannot balance the budget, the Finance Committee will meet to develop a long-term financial plan to achieve this objective.
• Budget will include a staffing analysis including a staffing allocation formula.
• Board will annually review student fees compared to other high schools in February or March.
• District will periodically bid out all current vendors providing purchased services.
• Tax levy will be prepared annually to collect the maximum amount allowed within the tax cap restrictions.
• Budget at a Glance publication will be developed as a tool to communicate school finance to the community.
• District will seek the GFOA Distinguished Budget Award.

3. Fund Balances will be 33% of the total annual expenditures in the Operating Funds.

Ø      Objectives:

• Board will review fund balance levels in the Annual Audit Report.
• Board will review the projected fund balance levels in the five-year projections.
• If fund balances decline below 33%, the Finance Committee will develop a financial plan to achieve the desired levels

1. 4.      Monthly financial reports will be reviewed by the Board so fiscal performance can be monitored in a timely manner.

Ø      Objectives:

·        Monthly financial reports will be prepared in a meaningful and understandable presentation.

·        Monthly financial reports will identify any unusual trends and identify significant variances from the budget.

5. Annual Financial (Audit) Report will adhere to the best accounting and management practices.

Ø      Objectives:

·        District will annually prepare a Comprehensive Annual Financial Report (CAFR).

·        District will prepare statistical tables, transmittal letter, MD&A, and other additional information for the CAFR.

·        District will seek recognition from the GFOA by seeking the Certificate of Excellence in Financial Reporting award.

6. A Measurement Scorecard Report will be developed for monitoring and measuring progress towards educational and financial performance goals.

Ø      Objectives:

• District will monitor and maintain an efficient amount for operating cost per pupil.
• District will produce financial benchmarking reports annually.

ü      Enrollment

ü      Attendance

ü      Graduation

ü      Dropout/Truancy

ü      Class Size

ü      Teacher to pupil ratios

ü      Education of staff

ü      Years of experience of staff

ü      AP Enrollment

ü      AP Scores

ü      ACT Scores

ü      PSAE Scores

ü      National Merit Recognition

ü      Operating Cost per pupil

• District will increase the Moody’s bondrating to AA.
• District will increase their score in the ISBE financial profile to the Recognition category.

7. Communication to the Stakeholders regarding the District’s finances will be achieved through a variety of methods including mailings, the website, and RBTV.

Ø      Objectives:

·        Distribute the Budget at a Glance publication and post it on the website.

·        Post the annual budget on the website.

·        Post the Comprehensive Annual Financial Report on the website.

·        Post the benchmarking reports on the website.

·        Post powerpoint on RBTV with benchmarking reports and budget at a glance information.