Agenda - 12-01-1998 - 9b - Laserfiche WebLink

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~~ ~~ ~-~ .I000A BUDGET STATUS 1998-1999 SUPPLEMENTARY REQUEST DECEMBER. 1998 I. Causes of Deficit 1. Has existed for most of the 1990's. Yearly Surplus / (Deficit) has rangP.d from $57,969 to ($68,649). 2. Accepting programs with inadequate administrative funding, e. g. Kellogg Community Based Initiative. 3. Providing more service than called for in contract, e. g. Title III-C nutrition program. We've never turned anyone away. Some years Triangle J has funds to cover, some years it doesn't. 4. Expansion of programs during the FY that require matching funds, e.g. CBA. No money in county budgets to provide required match. 5. Sudden loss of nutrition program in Chatham County (FY 1996-97). 6. Inadequate financial management. II. Financial Results for Fiscal Year 1998. s~, 9~q 1. Reduced deficit by $~E,9-9i~ from $83 652 to $25 683 Action taken included • Prepared a 3 year Strategic Plan and put it into use. • Tight control on all spending. • No salary increases for 4th consecutive year. • Consolidated office space. • Hired a new, professionally trained financial director. • Made vacation plan less generous. • Changed auditors. • Many of these steps aze one-time events. III. Looking Ahead 1. Current budget projects a surplus of $21,000 for year ending June 30, 1999. 2. As of start of 1999 fiscal year (July 1, 1998), Cash Deficit = $69,017. To operate properly need cash balance of about $50,000 (two weeks expenses). Goal is to achieve this over next three years. 3. Will do additional fund raising. 4. Will update Strategic Plan annually to be sure that JOCCA keeps well focused on both the programs it provides and its financial health. This includes not accepting new programs that do not provide adequate funds for administration. 5. Requesting aone-time payment from Orange County to help reach a positive operating cash balance.