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Financial Position

Objective 2: Maintain the university’s sound financial position through effective management of resources as evidenced by the and bond rating.

Strategy 2.1

Deliver balanced budgets by expanding and enhancing the Five-Year Financial Forecast.

Tactics:

  • 2.1a - Review and update the forecast annually as a kickoff to the annual budget development process.
  • 2.1b - Expand to other areas of the university (regionals, colleges, auxiliaries).
  • 2.1c - Continually add new forecasting variables and assumptions to enhance completeness, accuracy and precision.
Strategy 2.2

Leverage technology and automation to optimize business processes.

Tactics:

  • 2.2a - Select and implement procure-to-pay software. 
  • 2.2b - Implement Ellucian Banner salary planning tool.
  • 2.2c - Implement Ellucian Banner budget development platform. 
Strategy 2.3

Explore opportunities to restructure the 2013 Series B Private Placement Bonds in a cost-neutral manner. 

Tactics:

  • 2.3a - Review debt structure on a regular basis and develop recommendations based upon current market conditions and assumptions.
  • 2.3b - Initiate and execute the restructuring transaction (terminate the swap and extend/optimize the debt service term) when the financial analysis is favorable.
Strategy 2.4

Develop a Northeast Ohio University Shared Services Initiative.

Tactics:

  • 2.4a - Assess the feasibility of a shared services function.
  • 2.4b - Develop recommendations and secure authorization to proceed.
  • 2.4c – Develop an implementation plan and proceed with next steps.
Sample Metrics
  • Senate Bill 6 Ratio
  • Bond Ratings
  • Current unrestricted year-end budget surplus/deficit