Governmental Accounting Finance Budget “101”

Slides:

Advertisements

Similar presentations

City of Miami PROPOSED Fiscal Year 2009 BUDGET. 2 Budget Focus To prepare a structurally balanced general operating budget. To provide a budget, which.

Advertisements

1 The Comprehensive Annual Financial Report Department of Administration Division of Executive Budget and Finance State Controller’s Office April 2003.

Chapter 2 Principles of Accounting and Financial Reporting for State and Local Governments McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies,

Advanced Forum Governmental Accounting April 1, 2014 NEW YORK STATE GOVERNMENT FINANCE OFFICERS’ ASSOCIATION, INC. 1.

Not-For-Profit Organizations Governmental State and Local Government City of Martin County of Weakley State of Tennessee Special School Districts Madison.

© The McGraw-Hill Companies, Inc., 2004 Slide 11-1 McGraw-Hill/Irwin Chapter Eleven Accounting for State and Local Governments (Part 1)

Chapter 8 Accounting for General Long-Term Liabilities.

Governmental & NPO Accounting Session 1-Government Accounting--Basics n GASB and other key terms n Uniqueness of government operations n Objectives.

© The McGraw-Hill Companies, Inc., 2001 Slide 16-1 Irwin/McGraw-Hill 16 C H A P T E R Accounting for State and Local Governments (Part One)

2 Chapter Fund Accounting.

McGraw-Hill/Irwin Governmental Entities: Introduction and General Fund Accounting 17 Copyright © 2009 The McGraw-Hill Companies, Inc. All rights reserved.

©2003 Prentice Hall Business Publishing, Advanced Accounting 8/e, Beams/Anthony/Clement/Lowensohn Accounting for State and Local Governmental Units.

ACCT Accounting 4070 Chapter 2. ACCT Types of Gov’t Activities Governmental Business-type Fiduciary.

Christopher M. Quinn, MACC, CPA, CFE, CGFO, CGMA Finance Director Tuesday, July 7, 2015.

City of Lino Lakes Public Hearing on Proposed 2010 Operating Budget and Property Tax Levy December 14, 2009.

©The McGraw-Hill Companies, Inc. 2006McGraw-Hill/Irwin Chapter 18 Governmental Entities: Other Governmental Funds and Account Group.

Accounting for State & Local Governments, I

Budget Integration to Governmental Accounting Reports.

Govt. Reporting - 1 GOVERNMENTAL REPORTING City Council Budgetary Hearing.

City of North Miami Beach Quarterly Financial Analysis Second Quarter – FY 2015 Data as of March 31, 2015.

Adjusting Entries. TWO METHODS  Some companies will employ different methods of accounting based on the nature of their operations.  These methods change.

The What and Why of Fund Accounting May 15, 2014 GFOAz 1.

McGraw-Hill© 2007 The McGraw-Hill Companies, Inc. All rights reserved. Principles of Accounting and Financial Reporting for State and Local Governments.

Town of Olympic Valley Negotiation Process April 1, 2014.

Christopher M. Quinn, MACC, CPA, CFE, CGFO, CGMA Finance Director Lina Williams Finance & Budget Analyst.

Transfer Payment and Financial Reporting Branch Ministry of Education New Reporting Model TPFR Information Sessions Fall 2007.

Essentials of Accounting for Governmental and Not-for-Profit Organizations Chapter 4: Accounting for the General and Special Revenue Funds.

Chapter 9 Objectives: Learn why governments engage in business activities Learn about proprietary funds Learn about the unique accounting issues of enterprise.

© Prentice Hall Publishing – Governmental and NonProfit Accounting 7e 1-1 Freeman / Shoulders7 - 1 CHAPTER 7 CAPITAL PROJECTS FUNDS.

Christopher M. Quinn, MACC, CPA, CFE, CGFO, CGMA Finance Director Lina Williams Budget & Financial Analyst Tuesday, July 28 th 2015.

©2003 Prentice Hall Business Publishing, Advanced Accounting 8/e, Beams/Anthony/Clement/Lowensohn An Introduction to Accounting for State and Local.

Basic Financial Statements: Overview. Principle 1: Accounting & Reporting Capabilities  Present fairly and with full disclosure funds and activities.

McGraw-Hill/Irwin Copyright © 2005 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 18 Governmental Entities: Special Funds and Government-wide.

Christopher M. Quinn, MACC, CPA, CFE, CGFO, CGMA Finance Director Tuesday, May 3 rd, 2016.

TOWN BUDGET MEETING Finance Department CITY OF AMES, IOWA Fiscal Year 2013/2014.

C APITAL I MPROVEMENTS P LAN C ITY M ANAGER R ECOMMENDATION October 28, 2014 FY 2016 – FY 2020.

REVENUE OVERVIEW FY2016 PROPOSED BUDGET July 28,

FISCHER | TAYLOR | CHENG Governmental Accounting: Other Governmental Funds, Proprietary Funds, and Fiduciary Funds.

Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Chapter 13 Governmental Entities: Special Funds and Government-wide.

Copyright ©2013 Pearson Education, Inc. publishing as Prentice Hall11-* Introduction to Governmental and Not-for-Profit Accounting, 7e Chapter 11: Federal.

BUDGET PROCESS & REVENUE & EXPENSE INFORMATION For FISCAL YEAR 2011.

Revised Budget Proposed budget

CITY SERVICES INSTITUTE

Not-for-Profit Accounting, 7e

Queen Anne’s County Commissioners FY2018 Proposed Budget April 24, 25, 26, 2017 Gregg A. Todd, County Administrator Jonathan R. Seeman, Director,

Proposed Budget for Adoption

Fund Accounting Overview

CITY OF NEW SMYRNA BEACH

Government and Non-Profit Accounting

Accounting for State and Local Governments (Part 1)

Greater Johnstown School District Budget and Finance Committee 1/14/16

University Planning and Budget

Governmental Accounting GOALS

Beams, Advanced Accounting 10e, Ch. 18

Basics of Accounting and Financial Management

Funding the Next Generation Los Angeles June 25, 2018

FINAL 2018 Budget December 14, 2017 City Council Meeting 12/14/2017

TENTATIVE BUDGET SUMMARY

WASHINGTON COMMUNITY HIGH SCHOOL BUDGET PRESENTATION

Work Session Follow UP Aug. 23, 2018.

Overview of City Budget

NJASBO School Finance/Accounting

Capital Improvement Plan

Year End, FY 2018 Financial Reports

Town Hall on Budget & Taxes

CITY OF Friendswood FINANCIAL HEALTH AT A GLANCE.

Budget office overview

2015 January February March April May June July August September

Principal Balance January 1

Presentation transcript:

Governmental Accounting Finance Budget “101”

Topics for Discussion Generally Accepted Accounting Principles (GAAP) Basis of Accounting Fund Accounting Governmental Budgeting Property Taxes Bond Issuance

Generally Accepted Accounting Principles Common standards and procedures set by policy boards used to record and report accounting information and compile financial statements

Basis of Accounting Determined by when transactions are recorded in the financial statement 4 Bases Cash Accrual Modified Accrual Budgetary

Budgetary Basis of Accounting Cash Basis of Accounting Transactions recorded when cash is received and disbursed Easy to understand Not GAAP compliant for governmental financial statements Budgetary Basis of Accounting Used for budget preparation Not GAAP compliant for governmental financial statements

Modified Accrual Basis of Accounting Used to prepare government-wide & fund financial statements Revenue recorded when earned or expected to be realized Expenses recorded when incurred or goods/services used Cash exchange is not a factor GAAP compliant Modified Accrual Basis of Accounting Used to prepare fund financial statements Cross between Cash Basis of Accounting and Accrual Basis of Accounting Revenue recorded when measurable & available to pay current expenses Expenditures recorded in period the liability is incurred GAAP compliant

Fund Accounting Consists of financial statements for governmental accounting entities (Funds) The number of separate entities (funds) varies by agency Legal requirements Management judgement City of Friendswood uses 19 separate funds for financial reporting

City of Friendswood Funds Listing GENERAL FUND POLICE INVESTIGATION FUND FIRE/EMS DONATION FUND COURT SECURITY/TECHNOLOGY FUND TDRA GRANT FUND SIDEWALK INSTALLATION FUND PARK LAND DEDICATION FUND STREETS IMPROVEMENT FUND ECONOMIC DEVELOPMENT IMPROVEMENTS FUND TAX DEBT SERVICE FUND GO BOND CONSTRUCTION FUNDS VEHICLE REPLACEMENT FUND WATER & SEWER FUND 2006 WATER & SEWER BOND CONSTRUCTION FUND 2009 WATER & SEWER BOND CONSTRUCTION FUND 2016 WATER & SEWER BOND CONSTRUCTION FUND WATER & SEWER CIP/IMPACT FEE FUNDS WATER & SEWER REVENUE DEBT SERVICE FUND 1776 PARK TRUST FUND City of Friendswood uses, both, Accrual Basis of Accounting and Modified Accrual Basis of Accounting.

City’s Budget Process December – January (Multi-Year Financial Plan Update) February – March (Departmental Narratives & Goals Determined) April (Departmental Decision Package Submission) May (Current Services Budget “Scrubbing”) June (Revenue Projections) July (Tax Rate Calculations & Property Tax Revenue Projections) August (Proposed Budget Delivered to City Council) September (Budget Work Sessions) October (Budget and Tax Rate Adoption)

Property Tax Rate & Levy Certified Property Values Galveston County received in Late July / Harris County received in September Net Taxable Value = Appraised value less exemptions Effective Tax Rate generates same levy on properties taxed in current and prior tax years. Total Tax Rate has 2 parts Debt Service Rate and Maintenance & Operations Rate Friendswood’s tax rate is $0.5324 (I&S Rate = $0.0952 and M&O Rate = $0.4372) Debt Service Rate is determined 1st Set to meet principal and interest payments on outstanding G.O. debt Debt Service Rate = Levy needed / Net taxable property value Maintenance & Operations Rate is based levy needed for City operations.

Financial Transparency https://www.ci.friendswood.tx.us/budget-and-financial-reports City of Friendswood is a great source of financial information! Financial Policy Comprehensive Annual Financial Reports Adopted Annual Budgets Debt Information

Questions???