Board Retreat

April 22, 2014Goal 5Fiscal ResponsibilityDr. Rodney Thompson, SuperintendentArchie Franchini, Deputy SuperintendentBrantley Thomas, Chief Financial OfficerBerkeley County School DistrictGoals and Focus Areas

1Goal 5: Fiscal Responsibility

We will be responsible stewards of our resources and insure that we provide a quality education for all students.

(2013-2014) Areas of Focus Continue to provide transparent financial information and support to the educational process for the students of Berkeley County to include budget reports. Continue to receive overall unqualified audit opinion to ensure the financial stability of the district. Provide professional development training in all areas of finance focusing on best practices. 2Priority # 1: Continue to provide transparent financial information and support to the educational process for Berkeley County students to include budget reports

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Fiscal ResponsibilityFinancial Transactions Posted on District Website

Quarterly Financial and Semi-Annual Procurement Reports

2014 Board Budget Workshop:Tuesday, February 11, 2014 District Office, 5:00 p.m.Tuesday April 8, 2014, District Office, 6:30 p.m.

This Years Public Meeting Workshops:Thursday, April 24, Cainhoy/Elementary Middle Informational Meeting Tuesday April 29, H.E Bonner Elementary PT0 MeetingThursday, May 8, Goose Creek Primary SIC MeetingThursday , May 15 Daniel Island Elem/Middle, PTA MeetingTuesday, May 20, Cane Bay Elementary, PTA MeetingSlide 28Discuss transparency items

3Goal 5: Fiscal ResponsibilityEvidence of transparency: Budget Reports

4Goal 5: Fiscal ResponsibilityEvidence of transparency: Expenditures posted on the Web monthly

5Goal 5: Fiscal ResponsibilityEvidence of transparency: Expenditures posted on the Web monthly

6Goal 5: Fiscal ResponsibilityEvidence of transparency: Procurement Solicitations and Awards

7Area of Focus 1 Fiscal Responsibility Continue to provide transparent financial information and support to the educational process for the students of Berkeley County to include budget reports.Procurement Code Contains the Following Sections:

SECTION 2440. Records of procurement actions.(1)(a) Contents of Records. The Chief Procurement Officer shall submit semi-annually a record listing all contracts made pursuant to Section 1560 (Sole Source Procurement) or Section 1570 (Emergency Procurements) to the Superintendent and School Board.

SECTION 5240. Minority business enterprise (MBE) utilization plan.(2) MBE utilization plans must be submitted to the Board for approval no later than the first Board meeting on or after July thirtieth, annually. Upon petition by the District, the Board may authorize an MBE utilization plan that establishes a goal of less than ten percent of the Districts total dollar amount of School District of Berkeley County funds expended. Progress reports must be submitted to the Board no later than thirty days after the end of each six-month fiscal period.

Area of Focus 1 Fiscal Responsibility Procurement Reports:Semi Annual Procurement Reports for July 1, 2013 March 31, 2014Sole SourceEmergency ProcurementMinority Business,Purchase Orders over $100,000

Priority # 2: Continue to receive overall unmodified audit opinion to ensure the financial stability of the district

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Fiscal ResponsibilityFiscal Year 2012-2013 Financial Audit Finding:

An Unmodified Opinion the best opinion a school district can receive

Slide 29Im pleased to report that financially we are in very good shapeOur auditors gave us an unmodified opinion, the best opinion a school district can receive

10Goal 5: Fiscal ResponsibilityEvidence of transparency: Audited Financial Statements

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30Fiscal Responsibility

Unassigned fund balance is $36.1 million, which is 18.3% of 2013 actual expenditures and 16.8% of 2014 budgeted expenditures

GFOA recommends a minimum of 16.7% (two months)2013 Financial Audit: General FundSlide 30It is important that we maintain a healthy fund balance especially during our bond programs. The healthy balance has helped us secure competitive interest rates that save the tax payers millions of dollars

We hope to revise our fund balance policy next month

12Area of Focus 3 Fiscal Responsibility Provide professional development training in all areas of finance focusing on best practices. Head Start Training/Financial Reviews PCG Training (Public Consulting Group) Medicaid Billing Collaborating with Federal Programs with Staff Development and Involved in providing assistance with Audits from SEA.Meeting with School Principals and Bookkeepers on Financial Procedures when new staff arrives or as requested.Being in involved in interviews with schools and departments when hiring finance related staff like bookkeepers and administrative assistance. Internal Reviews of departments schools on finance related procedures. Bookkeeper and Staff Training on Best Practices from all aspects of financial procedures. (To Include Payroll, Accounts Payable, Procurement, P Card, Budget, accounting, etc.. Finance Procedures is on web site) Also Participating at local Colleges and Universities as a guest speaker on School Finance

Goal 5: Fiscal Responsibility

We will be responsible stewards of our resources and insure that we provide a quality education for all students.

(2014-2015) Areas of Focus Continue to provide transparent financial information and support to the educational process for the students of Berkeley County to include budget reports. Continue to receive overall unmodified audit opinion to ensure the financial stability of the district. Continue to use audit results to determine professional development needs.Implement Policies to support an adequate Fund Balance while providing an exceptional financial value based on per pupil spending

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