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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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