18843_Authority_Dec

14 The Authority │ December they adequately describe the methods and procedures of the authority. Successful financial planning for your authority will ensure that your authority is moving it the right direction and that the authority will be able to reach its financial goals in the future. Financial planning for your authority will include inputs from a wide range of areas including: the documents previously listed as well as other documents including customer growth projections and capital improvement plans for a minimum of five years. The process should have transparency with the public, both current and future customers of the system. Steps necessary for the development of a financial plan should include: • Set clear goals and definable milestones • Collect financial data from the past audits as a baseline • Forecast capital additions and required renewals and replacement • Project funding sources and projected revenues • Develop the financial plan • Engage with the public and seek input and approval • Implement the financial plan while monitoring results and adjust as necessary • Evaluate results to original goals Depending on the staff of your authority, it may be necessary to enlist the help of a financial advisor and engineer to complete some of this effort. The time and effort to do so will pay dividends well into the future. S e aCh of these doCuments offer key InsIght Into your authorIty ’ s fInanCIal sItuatIon as well BeIng BuIldIng BloCks for your system ’ s fInanCIal future .