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Finance staff previews 'fact dashboard' to track revenue, spending and cash metrics
Summary
Staff presented a draft 'fact dashboard' showing revenue and expenditure summaries by fund, percent-collected/spent benchmarks tied to an 83% year-to-date target, and two financial-distress metrics (cash as a percent of expenditures and change in fund balance). Committee requested breakdowns of revenue drivers such as sales and property tax.
The Budget and Finance Advisory Committee reviewed a draft "fact dashboard" intended to provide a concise, month-by-month snapshot of fund revenues, expenditures and two financial-distress metrics.
Miss Holden presented a four-part draft dashboard: revenue summary by fund with percent collected, expenditure summary by fund with percent spent, cash-balance metrics and change-in-fund-balance metrics. "We're 10 months through the year, so we should be at about 83% collected," she explained, and said the dashboard uses an 83% benchmark for red/yellow/green highlighting.
Holden described two financial-distress metrics the comptroller uses annually that staff want to track monthly: cash as a percentage of expenditures (above 15% is no concern; under 8% indicates distress) and change in fund balance as a percent of expenditures. She said the dashboard would show month-to-month changes and help staff spot cash-flow issues earlier.
Committee members asked for more detail on revenue drivers. One committee member asked whether sales and property taxes could be broken out and whether collections could be calendarized to reflect known timing of receipts. Holden agreed that adding breakdowns for sales tax and property tax and showing collection rates versus billed amounts would be useful.
No formal action was taken; the item was presented for feedback and will be further developed based on the committee's suggestions.
