Transparency
• Implement Audit Committee recommendations for financial reporting
Consistent financial accounting and adherence to Board policies
• Establish Board Capital Investment sub- committee to review all investments > $50k to ensure robust financial analysis
• Prior Board approval required for all unbudgeted new expenditures
• Full visibility and detailed monthly reporting of all expenditures
• New ventures/initiatives/proposals/studies to be subject to Board review prior to any expenditure
Accountability
• Ensure Board is committed to primary role of effective oversight, stewardship and governance
• Clear delineation of responsibilities:
- Board - strategy, policy and direction
- Staff – efficient delivery of services in line with Board policies and priorities
• Monitor and report on delivery of projects against schedule and budget
• Clearly demonstrate delivery of benefits and savings that investments are predicated on
• Where funds are collected for a specific purpose – e.g. effluent pipeline – they must be kept separate, not dissipated elsewhere
Value
• Ensure expenditures and capital investments are targeted to provide services and facilities for the benefit of residents
• Identification of continuous improvement opportunities
• Provide clearly defined delivery and benefits objectives for all proposed expenditures
• have clearly defined delivery and benefits objectives
• Adoption of competitive bidding process for all expenditures >$10,000