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Fourth Quarter 2008
In
an effort to streamline the financial reporting process and provide
the Board with more timely and meaningful financial information, the
finance team consolidated and redesigned most of the financial reports
being forwarded to the Board. Specifically, in the past, the Board
received three separate quarterly reports, often at different intervals:
- Investment
Portfolios Status Report — investment activities and results
for the DIF and the National Liquidation Fund;
- Financial
Analysis Report (FAR) — financial statements for the DIF and
FRF; and
- Budget
Variance Report — year-to-date budgeted vs. actual results, broken
out both by major categories of expenditures as well as by divisions
and offices.
While these reports provided a good deal of useful information, there
was no attempt to integrate this information and provide it at a more summary
level. By doing so, we believe that the Board will have a better sense of
what our overall financial results imply about our performance as a financial
steward. As a result, we believe that the attached consolidated financial
report will be much more useful to the Board in that regard and we welcome
your comments on what we view
as a work-in-progress.
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