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| Operating
Budget Highlights: Sound Management |
| Audit
Savings
One year
ago, performance and financial audits identified total savings
of $80.8 million dollars resulting from full implementation
of the Audit savings program. Metro’s current savings
are projected at $9.9 million, but Metro has surpassed that
initial projection with realized savings to date of $24.8
million. Cumulative savings have been achieved in large part
as a result of audits focused on the operations of the Benefit
Board, Metro Schools, Bordeaux Hospital, and state sales taxes.
With the cost of the audits currently at $2.9 million dollars,
Metro has achieved an astounding 869% return on investment
(ROI).
| Identified
Savings |
$9.9 |
| |
| Realized
Savings: |
|
| • |
Benefit
Board Investments |
$16.7 |
| • |
Benefit
Board Operations |
$1.0 |
| • |
Schools |
$1.5 |
| • |
Bordeaux
Hospital |
$2.6 |
| • |
Fleet |
$0.1 |
| • |
State
Taxes |
$2.9 |
Total
Realized Savings |
$24.8 |
| |
| Cost
of Audits |
$2.9 |
| 869%
Return on Investment |
While
the financial benefits realized from these audits are clearly
outstanding, improvements to public safety, enhanced internal
controls and more effective operations across several departments
as directed by audit recommendations continue to strengthen
Metro’s capacity to more effectively manage its operations.
Management
Savings Including
the $24.8 million in audit savings to date, Metro projects
that by end of FY 2004, total management savings will total
$133 million. These dollar savings further exemplify Metro’s
commitment to making every tax dollar count for the well being
of the citizens of Nashville and Davidson County.
| FY
2001-2004 |
| Cumulative
Audit Savings |
$24.8 |
| FY01 - |
Reductions
to Base |
$12.9 |
| |
Operational
Saving |
$21.8 |
| FY02 - |
Operational
Savings |
$43.1 |
| FY03 - |
Operational
Savings* |
$12.9 |
| FY04 -
|
Budgeted
Savings* |
$12.9 |
| |
Technology
Savings* |
$4.5 |
| Total
|
$132.9 |
| *
Estimate |
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