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Board Report: 2020-FMIC-B-010 March 25, 2020
The Board's 2018 annual operating budget was $766.7 million and included 2,847 authorized positions. We assessed the design and implementation of the Board's processes for formulating and executing its annual operating budget.
Although the Board has made changes over the past several years to improve its budget process, it can make further enhancements by communicating an overarching budget process document, strengthening the connection between budget and strategy, and implementing a Boardwide approach to executing the approved budget. Doing so may help the Board define a more predictable and repeatable process, prioritize funding and monitor progress against strategic goals, and allocate financial and human capital resources more effectively.
This report contains recommendations.