197
Washoe County School District
Financial Section | Page 115
EXECUTIVE LEADERSHIP: CHIEF FINANCIAL OFFICER
Other Major Projects (not Initiative based) - Business Office
• We have moved all elementary schools from MYOB to Blue
Bear software for student activity fund accounting.
• Developed a process to make annual W-2 Payroll forms
available on-line.
• Developing an electronic Independent Contractor Form in
BusinessPLUS to replace a paper process.
• Implementing Budget Item Detail in BusinessPLUS to
streamline the budget development process.
• Updating Credit Card Services to help schools and
departments with fee collections and to save on fees.
• Developing various web forms to replace paper forms for
improved customer service.
• Cross-training staff for better backup and succession planning.
• Updating the Student Activities Fund Policies and Procedures
Manual.
Other Key Performance Indicators (not Initiative based)
Key Performance Indicator 1: Unmodi
fi
ed Audit Opinion
Explanation:
Gold standard assessment of financial audit reports
for private and public entities. This indicates the effectiveness
of the Department’s system of internal controls over accounting,
budget and financial reporting when measured against the national
metric of Generally Accepted Acc
ounting
P
rinciples. The standard
provides assurance to users of the District’s financial information,
including banks, bondholders, state and federal agencies. This
assurance helps to provide the District with lower interest rates on
medium-term and bond financing, to secure grants, and provides
favorable reviews from state and federal oversight bodies.
FY 10-11 FY 11-12 FY 12-13 FY 13-14 FY 14-15
Goal
Receive
Receive
Receive
Receive
Receive
Actual
Received Received Received Received
TBD
Strategies to accomplish this KPI:
Working with the Board, the
Superintendent, schools and departments to establish a balanced
budget that aligns to our strategic plan. Once the budget is
established, managing it with disciplined internal controls to make
sure that funds are properly accounted for in all material respects.
Key Performance Indicator 2: Government Finance Of
fi
cers
Association Certi
fi
cate of Achievement for Excellence in
Financial Reporting
Explanation:
Indicates achievement of the highest standards in
governmental accounting and financial reporting. This provides
assurance to the users of the District’s financial information as
measured by standards set for school districts, cities, counties and
other major governmental entities throughout the United States.
(Award lags one year.)
FY 10-11 FY 11-12 FY 12-13 FY 13-14 FY 14-15
Goal
Receive
Receive
Receive
Receive
Receive
Actual
Received Received Received
TBD
TBD
Strategies to accomplish this KPI:
Keeping current on and
implementing new Governmental Accounting Standards Board
pronouncements as they become required, and attending state
and national conferences that assist the Office in learning these
standards.
Key Performance Indicator 3: Maintain Bond Rating
Explanation:
Indicates the financial strength of the District. This
provides assurance to bondholders that they will be paid timely,
and reduces the District’s borrowing costs.
FY 10-11
FY 11-12
FY 12-13
FY 13-14
FY 14-15
Goal
Moody’s:
Aa2
S&P: AA
Moody’s:
Aa2
S&P: AA
Moody’s:
Aa2
S&P: AA
Moody’s:
Aa3
S&P: AA
Moody’s:
Aa3
S&P: AA
Actual
Moody’s:
Aa2
S&P: AA
Moody’s:
Aa2
S&P: AA
Moody’s:
Aa3
S&P: AA
Moody’s:
Aa3
S&P: AA
TBD
Strategies to accomplish this KPI:
Managing the District’s
budget in a fiscally sound manner and working to achieve stable
fund balances. This rating is also tied to the rating agency’s
view of the entire state’s economy. Because of Nevada’s slow
economic recovery and the fact that the District has had to use its
fund balance reserves to balance the budget, Moody’s reduced our
rating in FY13 (Aa3 with a stable outlook), and S&P has upgraded
our outlook in FY14 (AA with a stable outlook).
Key Performance Indicator 4: Maintain General Fund
Assigned for Subsequent Year’s Expenditures Ending Fund
Balance at a Minimum of 2% of Expenditures
Explanation:
The ending fund balance assigned for subsequent
year’s expenditures reflects the opening balance for the
forthcoming year. This is in accordance with Board policy, reflects
disciplined budgeting and proactive financial management to adjust
to an economy that has been very unstable the last six years, and
signifies the District’s ability to absorb funding decreases or other
adverse financial events.
FY 10-11 FY 11-12 FY 12-13 FY 13-14 FY 14-15
Goal
2%
2%
2%
2%
2%
Actual
2.83%
2.04%
2.08%
2.00%
TBD
Strategies to accomplish this KPI:
Building a realistic budget
based on sound forecasts of revenues and expenditures.
Monitoring the actual outcomes in relation to the budget and making
adjustments, as needed, to provide for the internal and external
uncertainties or changes that are inherent in organizations.
Key Performance Indicator 5: General Fund Expenditure
Ef
fi
ciency of 95% Actual Expenditures as a Percent of the
Final Amended Budget)
Explanation:
Maintaining a balanced budget that supports the
goals of the organization is key to building a sustainable school
district. Building the budget and managing the actual outcomes
includes the Board, the Superintendent, schools, departments,
and our employees who perform their functions every day. Every
person in the organization makes decisions that can help or hinder
the budget, so having disciplined structures in place and training
staff helps the organization succeed with limited resources.
FY 10-11 FY 11-12 FY 12-13 FY 13-14 FY 14-15
Goal
95%
95%
95%
95%
95%
Actual
94.8%
95.9%
95.3%
96.1%
TBD
Strategies to accomplish this KPI:
A Business Leadership
Team that is highly skilled at managing the finances of the school
district in a proactive way to allow for change and reform that is
critical to organizations that seek to be great. Having an integrated
Enterprise Resource Planning (ERP) technology system allows us
to manage financial data in an effective and efficient manner.
