FY 2018 YEAR-END TRAINING Schedule W – Revolving Funds Auditor-Controller’s Office Presented By: Susana Garcia-Bocanegra 2018 Year End Training – Chapter 14

Schedule W - Revolving Funds A revolving fund is an authorized amount of cash in the form of currency, a bank checking account or both. Revolving funds are established for specific operational needs to facilitate certain expenditure and cash transactions. 2018 Year End Training – Chapter 14 2

Schedule W - Revolving Funds California Government Code Section 29321.1 requires the Auditor-Controller to render a written report to the Board of Supervisors at the end of each fiscal year identifying the revolving funds in existence during the fiscal year, the amount of such fund, and the officer using the fund. 2018 Year End Training – Chapter 14 3

Schedule W - Revolving Funds Scenario The Building Department has a lockbox which maintains a $600 balance and a bank account which always maintains a $5,000 balance. These funds are used for miscellaneous items and when funds are used the lock box and bank account are always replenished. 2018 Year End Training – Chapter 14

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Schedule W - Revolving Funds Question The Building Department provides building inspections for a fee. When customers make payments with large bills the department gives them change from a locked box. What schedule must be completed at year end? 2018 Year End Training – Chapter 14 8

Schedule W - Revolving Funds Answer Since the Building Department has a locked box it will be Schedule W. 2018 Year End Training – Chapter 14 9

Schedule W – Revolving Funds Mail Schedules and Supporting Documents to: ACO Year-End Mail Stop #1050 Questions? Submit them by email to acoyearend@rivco.org 2018 Year End Training – Chapter 14