Windemere Township Treasurer's Report and Financial Forecast Analysis
"Review the treasurer's report for Windemere Township's latest board meeting outlining unaudited monthly results, cash forecasts, and budget review. Explore key issues, future plans, and funding allocations for upcoming projects and services."
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Presentation Transcript
Windemere Township, September 12, 2024 Board Meeting Treasurer s Report UNAUDITED MONTHLY RESULTS AS OF 08/31/2024 UNAUDITED MONTHLY RESULTS AS OF 08/31/2024 CLAIMS PRESENTED (AUGUST 2024, PROCESSED SEPT 12, 2024) CLAIMS PRESENTED (AUGUST 2024, PROCESSED SEPT 12, 2024) KEY ISSUES AND SUMMARY COMMENTS KEY ISSUES AND SUMMARY COMMENTS
Report Outline 1. Review: August Month-End Financial Results 2. Transaction Exceptions 3. Update Financial Forecast 2024 & 2025 4. 15-Month Cash Forecast; 2025 Estimates 6. Budget Review; Chart of Accounts 2.0 7. Required 2025 Levy Forward Planning 8. Audit Proposal/Planning 9 Claims Policies, Claims Manifest, Records Retention 10. Future Plans: Support the Ballot Questions; Vote YES
Money Forecast $ Unofficial Estimates Cash on hand 9/12/24 after claims are paid 594,700 Approved 2024 Levy Due and Other Inc Approved 2025 Levy & Other Income 225,000 475,000 Cash Q4 2024 & 2025 Reserve Fund (Suggested) Net Cash Available Q4 2024 & 2025 $ 794,000 1,294,700 500,000
Plan and Allocate Money Supervisors Job 1 Projects and Services/Make this a specific as possible Serious work needs to be done regarding the 2025 budget. It is not a Feb 2025 issue. It is a now issue. I will do an analysis of the current financial status and possible future budgets using the Chart of Accounts 2.0 and present it at the upcoming meeting. If complete before the meeting I will send it to you. In the meantime, I suggest you do your own analysis. It can become quite clear what the next levy needs to be. Let s figure it out. 1. Public Works (Roads, bridges, ditches, signs, R.O.W., culverts) How much and when? 2. Town Board, Clerk, Treasurer, Zoning and Road Overhead How much and when? 3. Office, Meeting Space, Tech and Website How much and when? 4. Road Work of all kinds; including Asphalt Sinking Fund How much and when? 5. Elections, Legal, Assessment Expense and Ads How much?
Sturgeon Island Bridge Cover Budget Structure $119,979 Transportation -0- Construction 33,495 Parts 583 Total as of September 12, 2024 154,057 Estimate Pending 24,000 Estimate Completion $178,057
Coordinator Transition, Adding Efficiency Payroll Analysis 100% of Coordinator Salary is the initial expense added. However, can be reduced by implementing work transfers: -Supervisor Salaries -10% work transfer (or more) -Extra meeting costs -3% problems solved; work transfer; efficiency added -Zoning work transfer -10% part of coordinator s job responsibility -Road management work -10% part of coordinator s job; work transfer -Planning Commission work -1 % when the commission is more efficient; fewer meetings -Board of Adjustment work -1 % when the board is more efficient; avoid some meetings -Clerk-Treasurer work -15% with the passage of Ballot Question B and D -Elections -2 % part of the clerk-treasurer role Total of 52% of coordinator payroll expense load= $46,000
Commentary Outline Alternative Chart of Accounts (2.0); Is it of value to you? (See separate message) The case for planning. What is the proper reserve fund amount? The need to reduce admin expense; Increase investments in Public Works. Authorize coordinator to send out RFPs for year-end financial audit. How to avoid a financial crisis? How did this happen? Benefits of Passing Ballot Questions B and D. Implications of employing our coordinator. The net cost is less when the workload is fully distributed.
