Parks and Recreation System Master Plan Update (2016) parks_and_recreation_system_master_plan_update_oct | Page 239

Objective 4: Fiscal Integrity and Fiduciary Duty – Implement financial policies and practices
that enable staff to responsibly improve revenue streams, adhere to cost recovery
procedures, and execute appropriate oversight in business transactions, service deliver,
and the care, acquisition and disposition of assets.
 Goal 4.1: Increase Re venue – Pursue a revenue growth strategy that increases revenue by
5% annually and identifies opportunities to increase resources through appropriately priced
services, marketable community events, Community Partners, sponsorships, foundation-
based collaborative (e.g., Toyota, Bloomberg), grants, and public/private partnerships.
 Goal 4.2: Improve Cost Recovery – Create and implement a comprehensive cost recovery
model that monitors and sets appropriate fee schedules for programming, rentals,
externally-marketed services, and ensures an acceptable rate of return.
 Goal 4.3: Improve Fiscal Management – Establish a valuation and cost analysis
methodology that assesses the financial and operational feasibility of business ventures;
ensures effective and efficient execution of budgets within each division; and accurately
tracks and appraises fees, volunteer hours, pro-bono partnership services and donations of
goods and services, while establishing costs of goods and services offered to the public and
fellow metro agencies.
Initiatives
Draft initiatives are in place and will be confirmed as the initiative teams begin meeting and work in
Summer, 2016.
Key Performance Indicators
To maintain and track the implementation of the Strategic Plan goals and initiatives, key
performance indicators (KPIs) will be utilized to track baseline, current and future implementation
targets. KPIs will be set in Fall, 2016 after the initiative teams begin meeting.
Risks or Challenges
Risks or Challenges faced by the Strategic Planning teams that could prevent achieving our goals
or initiatives will be assessed in Fall, 2016 after the initiative teams begin meeting.
Timelines and Milestones
Timelines and major milestones for each process and project will be assigned in Winter, 2016.
Metro Parks and Recreation will be tracking progress and reporting three times annually to the
Louisville Leadership Team and the general public.
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