05.09.040 Financial Planning System.
(1) The financial management planning system shall be a formally maintained system that shall incorporate:
(A) By reference, an inventory of all financial policies, plans and programs which have an impact on the financial condition of the Tribe.
(B) All assumptions utilized in making financial projections, presented formally and clearly.
(C) An automated forecasting system, which permits projection of revenues and expenditures for all tribal funds based on approved assumptions and permits ease of making comparative projections based on differing assumptions or potential financial decisions.
(D) An automated financial history necessary to compare future projections with actual historical financial information of the Tribe.
(E) Documentation of mathematical formulas and other financial and statistical data utilized to make projections as well as the sources for such data.
(F) A written record of all presentations of projections to tribal council, which shall include tribal council observations and directions.
(G) A written record of additional assumptions or changes to assumptions approved by the tribal council for incorporation into the system.
(2) System Standards.
(A) Financial status and forecasts of the Tribe are to be measured in sufficient detail to:
(a) Identify all existing policies, plans and funds, which impact or contribute to the financial condition of the Tribe in the present and future.
(b) Accurately project all revenue to be received for the period to be covered by the forecast.
(c) Accurately forecast expenditures to be required by the Tribe for the period to be covered by the forecast.
(d) Clearly present assumptions utilized in making projections.
(e) Facilitate financial planning, goal and priority setting by providing accurate projections of the potential impact of policy decisions that are being considered.
(f) Project impacts of anticipated revenue generating activities on the anticipated financial outcomes.
(g) Document recommended financial policy and measure impact against existing policy.
(h) Document financial goals established by the tribal council.
(i) Document financial priorities established by the tribal council.
(3) Scheduled Projections. Financial projections shall be made and updated to accommodate changes in financial matters, which impact tribal finances.
(4) Assumptions utilized in fiscal projections shall be approved by the tribal council.
(5) The general rule in forecasting or in projecting financial outcomes calls for conservative estimates. Revenues should be conservative to the low side while expenditures should be reasonably conservative to the high side.
(6) Documentation of Information.
(A) Record of Changes: Shall include a formal record of changes to assumptions which impact the forecast from previous presentations to ensure that comparisons can be properly made between forecasts made at different times.
(B) Documented formulas and sources of data shall include all tables and other data as well as formulas designed to drive the forecast on the basis of approved assumptions. [Res. 22-120, 2022.]