Better Financial Management

By Craig A.T. Jones

We need to apply the basic principles of better business management to the financial affairs of our Town.

1. Capital Expenditures

The Town had to write off $400,000 when we discarded the first Town Hall designs. This occurred because we did not have sufficient town input prior to initiating the project. I am committed to reforming the process for all capital expenditures over a set limit. This will involve a new subcommittee of the Finance and Investment committee.

2. Budget Process

The Finance and Investment Committee has a group of experienced senior executives and their input can be enhanced by improving the entire annual Town budget process. We need to move the review of the budget to earlier in the year, so each major line item can be examined closer.

3. Best Practices

I want the Town to utilized "best practices" comparisons from other Towns such as Woodside and Portola Valley. In many cases, we already have the best practice. In some cases we can learn from them.