Funding Guidelines

 

The budget established by the Olmsted County BRIDGE Collaborative in collaboration with its organizational partners will be consistent with the mission, guiding belief and strategic priorities of the Collaborative. The budget will provide good stewardship of federal LCTS dollars and integrated funds while providing incentives for productivity and accomplishments.

Overarching Framework:

  • The budget is a plan of action expressed in financial terms.

  • Budgets will:

    • Be reflective and active.

    • Be simple and easy to understand.

    • Be mission driven.

    • Encourage innovation and efficiency.

    • Be sustainable.

  • Budget allocation decisions will be:

    • Based on programmatic contributions to one of the strategic priorities.

    • Allocated based on action plans for each strategic priority.

    • Data driven and data informed.

Processes:

  • An annual detailed budget will be developed in the associated workgroup and approved by the Steering Committee for each objective.

  • An annual budget summary will be presented for approval to the Executive Committee.

  • The annual budget can be amended and reviewed by the steering committee on a quarterly basis if the amended budget revisions do not exceed 10% of the total budget. If the requested amendment exceeds 10% of the overall budget, the Executive Board will vote on the requested amendment.

  • Coordinator takes a lead role to assure work groups stay focused on meeting their objectives and expending funds as outlined in plan of action.

Restrictions:

  • Action plans cannot create an ongoing financial commitment. Budgets can plan for building capacity that can be sustainable over time through alternative funding sources.

  • Budgets must have measurable outcomes associated with expenditures.

  • LCTS funds may not be used for capital expenses as defined as equipment, buildings, land or expenditures to make improvements to capital assets that materially increase their value or useful life.

  • LCTS funds must be spent within 48 months of being received.

  • If requests for funds from workgroups exceed the amount of funds available, the steering committee will reevaluate each budget to determine if requests can be diminished to reach objectives at a lower cost. If an agreement cannot be reached or further direction is needed, the information will be brought to the Executive Board for a final decision.

Checks and Balances:

  • Budgeting is a continuous process.

  • The budget will allow for sufficient flexibility to deal with changing circumstances.

  • Budget Guideline Principles should be reviewed annually and approved by the executive board.