Using Strategic Financial Planning to Drive Change in your Organisation

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1 Using Strategic Financial Planning to Drive Change in your Organisation Presented by: Jaclyn Schokman Coordinator Systems Accounting Moreton Bay Regional Council

2 Presentation Outline What is the Strategic Financial Plan (SFP)? Why do we do the Strategic Financial Plan (SFP)? MBRC s process for 2009/10 Future Strategies & Risks Using strategic financial planning to drive organisational change

3 What is a Strategic Financial Plan (SFP)? Also known as the Long Term Financial Forecast Ongoing high level planning and building block process for the future Provides guidance on affordability when setting service levels and targeted deliverables

4 What is the Strategic Financial Plan (SFP)? The SFP consists of a minimum ten-year: Statement of Income and Expenses Statement of Financial Position Statement of Cash Flows Statement of Changes in Equity Council s One Page Statement format outlining operational and capital revenues and expenses Capital Expenditure Analysis A series of Key Financial Sustainability and Affordability indicators Modelled options affecting financial performance, position, sustainability and affordability indicators Under the Local Government (Finance, Plans and Reporting) Regulation 2010 many of the above items are now required as part of the long term financial forecast

5 The SFP s role in the Council s Financial Plan THE FINANCIAL PLAN

6 Why do we do the SFP? Responsible financial management Legislative Requirement Acts as the key document to be submitted to QTC for credit review and to secure loan borrowings

7 Why do we do the SFP? The SFP allows the Council to set a financial management framework in which it should operate into the future that outlines: An indication of the future financial performance and position of Council based on delivering the required service levels An indication of the financial sustainability of those service levels An indication of risks in delivering those required service levels An indication of financial implications of certain decisions and scenarios

8 MBRC s SFP Process Develop a Base Case Analyse Base Case Including identification of risks and weaknesses Develop a Sustainable case

9 Developing the 2009/10 Base Case Our adopted 5 year 2009/10 Operations Budget was loaded into the model Years 6-10 for Operations were extrapolated based on Year 5 and appropriate changes made as required Interest calculations were updated with current interest rates for investments & debt Depreciation calculations were updated with current asset base information A new 10-year capital works program was loaded into the model This base data was then escalated by price growth and real growth using factors such as the LGAQ LGCI, PIFU dwellings increase, PIFU population growth, CPI etc;

10 Developing the 2009/10 Base Operations Case Adjustments made for water business Operational Projects levels set Include an allowance for expected contributed assets This was included so that depreciation and operational costs can reflect the actual estimated growth in Council s asset base

11 Developing the 2009/10 Base Capital Case New 10-year capital program was loaded into the model including PIP, replacement and new assets

12 Analyse Base Case The Base Case is analysed for the key drivers some of which include: Operational Surplus/Deficit Cash levels Debt servicing levels DIP sustainability indicators

13 Why large capital works with large borrowings affect the bottom line. Need more money to fund CAPEX Need to borrow funds Less money for reserves or less general revenue The Capital Funding Cycle Increase Interest Expense Poorer operating result Increase operating expense

14 Recognising Financial Unsustainability Operating deficits Low/negative cash balances Inability to service debt Poor sustainability ratio results

15 Possible Base Case Outcomes Rising Operating Deficits Rising Capital Expenditure Rising Interest Expense How can this possibly be funded???

16

17 The journey to a financially sustainable future How is your Council tracking against the Financial Sustainability Indicators below? Working capital ratio Operating surplus ratio Net financial liabilities ratio Asset sustainability ratio Asset consumption ratio Interest coverage ratio Asset renewal funding ratio

18 Financial Sustainability These ratios are a key indicator of financial sustainability and many of these are assetrelated Reiterates the importance of asset management plans

19 Comparison Example - Working Capital Ratio Unsustainable Sustainable

20 Comparison Example - Net Financial Liabilities Ratio Unsustainable Sustainable

21 Comparison Example Interest Coverage Ratio Unsustainable Sustainable

22 Developing a Sustainable Case Desired Outcomes Operational surpluses Manageable capital expenditure with the right blend of PIP, replacement and new assets Manageable debt including the political realities not measured by the sustainability ratios (such as desired debt per capita) Meeting the desired targets of the financial sustainability indicators Delivering appropriate services and infrastructure to the community

23 Developing a Sustainable Case Tackling the affordability issues First tier Use of Operational Result (excluding Net Interest) as a major indicator of sustainability Second tier Reintroduce the Capital Funding decision to model Capital Affordability levels

24 Developing a Sustainable Case TIER ONE remove the capital funding decision (ie net interest expense) in order to reduce the modelled results to pure operations. Develop Strategies to review Operational Revenue Operational Expenditure Operational Projects

25 Developing a Sustainable Case TIER TWO CAPITAL AFFORDABILITY When Net Interest is brought back into the model, examine the effect of the Capital Works Program Set Capital Expenditure Targets to achieve Financial Sustainability

26 Future Strategies Examples of Areas to focus on: Identify rating strategies required to meet operational targets (consider political realities) Ensure Fees and Charges appropriately reflect the delivered service (cost recovery) Identify Operational Savings targets Set operational projects targets Set capital expenditure targets

27 Future Risks Identify any future financial risks such as: Legislative and environmental factors that affect returns or costs to Council Asset management planning trends and requirements Ability to actually deliver operational revenue targets (eg. rate increases) Depreciation expense (useful life & residual value review) Contributed Assets (the unknown factor?)

28 The way forward Integrate Long Term Financial Forecast (SFP), Community Plan and Asset Management Plans Implement Appropriate Budget Review Strategies to ensure targets are met Get the Council and the Management Team onboard

29 Using Strategic Financial Planning to drive organisational change The 2009/10 SFP was workshopped with Council and the foundations for the 2010/11 budget were established including the key drivers mentioned earlier of: - Operational expenditure reduction targets - Capital expenditure targets These targets were established with consideration towards: - Cash levels - Debt levels - DIP indicators

30 Messages to the Management Team Managers ARE accountable for their budgets Assess the value added by every process Eliminate processes that do not add value to the ratepayer Be innovative in your search for different and better ways to achieve the required outcome Identify and recommend to Council the removal or down-grading of services that are not well taken up by the community Avoid over-servicing Avoid duplication of services take advantage of the scale of your organisation

31 Questions??

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