Presentation is loading. Please wait.

Presentation is loading. Please wait.

Office of Operations 2009 Fall Conference Navigating Uncertain Times October 21-22, 2009 NYS Financial, Economic, and Demographic Reporting Suzette Baker,

Published byBarnard Chandler Modified over 9 years ago

Similar presentations

Presentation on theme: "Office of Operations 2009 Fall Conference Navigating Uncertain Times October 21-22, 2009 NYS Financial, Economic, and Demographic Reporting Suzette Baker,"— Presentation transcript:

1 Office of Operations 2009 Fall Conference Navigating Uncertain Times October 21-22, 2009 NYS Financial, Economic, and Demographic Reporting Suzette Baker, CPA, CGFM Assistant Director Jennifer Hallanan Associate Accountant Maria Moran, CPAAssociate Accountant Sandi Trzcinski, CGAP, APMSenior Accountant

2 Office of Operations 2009 Fall ConferenceOverview General Background General Background State’s GAAP Financial Statements State’s GAAP Financial Statements State’s Financial Condition State’s Financial Condition Agency Financial Reporting Package Agency Financial Reporting Package Current GASB Statements Current GASB Statements Summary/Questions/Comments Summary/Questions/Comments

3 Office of Operations 2009 Fall Conference General Background Financial Reporting Comprehensive Annual Financial Report Comprehensive Annual Financial Report Financial Condition Report Financial Condition Report Interim GAAP Financial Statements Interim GAAP Financial Statements Chapter 551 Functional Reporting Chapter 551 Functional Reporting Five Year Comparative Financial Statements Five Year Comparative Financial Statements Schedule of Expenditures of Federal Awards Schedule of Expenditures of Federal Awards Citizens’ Guide and Citizen-Centric Report Citizens’ Guide and Citizen-Centric Report Certification of Tax Revenues Certification of Tax Revenues LGAC & Oil Spill Fund Financial Statements LGAC & Oil Spill Fund Financial Statements Implementation of GASB Standards Implementation of GASB Standards

4 Office of Operations 2009 Fall Conference Financial Reports

5 Office of Operations 2009 Fall Conference General Background What is GAAP Financial Reporting and why is it important? Generally Accepted Accounting Principles (GAAP) Generally Accepted Accounting Principles (GAAP) Chapter 405 of the Laws of 1981 Chapter 405 of the Laws of 1981 Report to Legislature MUST be completed by July 29 th Report to Legislature MUST be completed by July 29 th Accounting Bases Accounting Bases Cash Basis Reporting (pre-1982) Cash Basis Reporting (pre-1982) Modified Accrual (Fund Accounting) Modified Accrual (Fund Accounting) Full Accrual (GASB 34) Full Accrual (GASB 34)

6 Office of Operations 2009 Fall Conference CAFR Comprehensive Annual Financial Report

7 Office of Operations 2009 Fall ConferenceCAFR Statistics for 2009 CAFR: 1. $210 billion in entries 2. 171 entries 3. 7,634 entry lines

8 Office of Operations 2009 Fall ConferenceCAFR Three Major Sections: 1. Introductory 2. Financial 3. Statistical

9 Office of Operations 2009 Fall ConferenceCAFR Introductory Section 1. Comptroller’s Letter 2. Financial Overview 3. Certificate of Achievement 4. Organization Chart and State Officials

10 Office of Operations 2009 Fall ConferenceCAFR Financial Section 1. Management’s Discussion and Analysis 2. Basic Financial Statements Entity-wide Financial Statements Entity-wide Financial Statements Governmental Funds Governmental Funds Enterprise Funds Enterprise Funds Fiduciary Funds Fiduciary Funds Discretely Presented Component Units Discretely Presented Component Units

11 Office of Operations 2009 Fall ConferenceCAFR Financial Section 3. Required Supplementary Information (RSI) 4. Other Supplementary Information Financial Statements by Fund Financial Statements by Fund Non-Major Discretely Presented Component Units Non-Major Discretely Presented Component Units

12 Office of Operations 2009 Fall ConferenceCAFR Statistical Section 1. Demographic 2. Economic 3. Miscellaneous 4. Ten year presentation, when available

13 Office of Operations 2009 Fall Conference State’s Financial Condition

14 Office of Operations 2009 Fall Conference Financial Condition Report:   Provides citizens with an overview of the financial condition of the State.   Illustrates the future trends in the State.   Discusses the State’s ability to meet current and future financial and service obligations.

15 Office of Operations 2009 Fall Conference General Fund Change in Fund Balance Cash vs. GAAP Reporting General Fund Change in Fund Balance Cash vs. GAAP Reporting (amounts in millions of dollars) YEARCASHGAAP 2009(805)(6,895) 2008(291)1,567 2007(212)202 20067111,636 2005245827

16 Office of Operations 2009 Fall Conference Total Receipts

17 Office of Operations 2009 Fall Conference Total Receipts *Estimated ** Projected

18 Office of Operations 2009 Fall Conference Total Receipts (amounts in billions)

19 Office of Operations 2009 Fall Conference Total Spending ** Projected

20 Office of Operations 2009 Fall Conference Total Spending

21 Office of Operations 2009 Fall Conference Federal Stimulus (amounts in millions) * Total does not include approximately $90 billion in other federal spending items included in the Act which do not impact NY or cannot be quantified. * Reflects revised figures March 2009.

22 Office of Operations 2009 Fall Conference Federal Stimulus (amounts in millions) Spending as of August 2009

23 Office of Operations 2009 Fall Conference Public Health (amounts in billions)

24 Office of Operations 2009 Fall Conference Public Welfare (amounts in thousands)

25 Office of Operations 2009 Fall Conference Education (amounts in billions)

26 Office of Operations 2009 Fall Conference Local Government (amounts in millions)

27 Office of Operations 2009 Fall Conference Capital (amounts in billions)

28 Office of Operations 2009 Fall ConferenceDebt

29 Debt * Actual ** Projected

30 Office of Operations 2009 Fall Conference Economic and Demographic Trends

31 Office of Operations 2009 Fall Conference Economic and Demographic Trends

32 Office of Operations 2009 Fall Conference All Government Funds Projected Growth (amounts in billions)

33 Office of Operations 2009 Fall Conference Agency Financial Reporting Package On-Line System Agency Financial Reporting Package  Collects information from approximately 215 State agencies  Used for annual and interim reporting

34 Office of Operations 2009 Fall Conference Agency Financial Reporting Package Gross Accounts Receivable  Approximately 50 agencies and $590 million Gross Miscellaneous Liabilities  Approximately 20 agencies and $90 million Compensated Absences  Over 4,000 employees and $2.4 billion

35 Office of Operations 2009 Fall Conference Current GASB Statements GASB 51- Accounting and Financial Reporting for Intangible Assets GASB 53- Accounting and Financial Reporting for Derivative Instruments GASB 54- Fund Balance Reporting and Governmental Fund Type Definitions

36 Office of Operations 2009 Fall ConferenceSummary Financial Reporting is required to:   Recognize the true financial position and condition of the State, and reports the condition to the taxpayers.   Prepare GAAP financial statements presenting timely modified accrual and full accrual-based financial statements to the public, bond rating agencies, investment banks, etc.   Enable comparability with other states, and over a period of time.

37 Office of Operations 2009 Fall ConferenceQuestions/Comments? Suzette Baker (518) 486-1234 sbaker@osc.state.ny.us Jennifer Hallanan (518) 486-3048 jhallanan@osc.state.ny.us Maria Moran (518) 474-3691 mmoran@osc.state.ny.us Sandi Trzcinski (518) 473-8990 sttrzcinski@osc.state.ny.us

Download ppt "Office of Operations 2009 Fall Conference Navigating Uncertain Times October 21-22, 2009 NYS Financial, Economic, and Demographic Reporting Suzette Baker,"

Similar presentations

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

1 The Comprehensive Annual Financial Report Department of Administration Division of Executive Budget and Finance State Controller’s Office April 2003.
McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 9 Financial Reporting of State and Local Governments.

McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 9 Financial Reporting of State and Local Governments.
Chapter Seventeen Accounting for State and Local Governments (Part II) Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or.

Chapter Seventeen Accounting for State and Local Governments (Part II) Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or.
Review of Audited Financial Statements as of and for the Year Ended June 30, 2013.

Review of Audited Financial Statements as of and for the Year Ended June 30, 2013.
Not-For-Profit Organizations Governmental State and Local Government City of Martin County of Weakley State of Tennessee Special School Districts Madison.

Not-For-Profit Organizations Governmental State and Local Government City of Martin County of Weakley State of Tennessee Special School Districts Madison.
Www.gfoa.org/conformance.  2008 Research Report by the Government Accounting Standards Board (GASB) › In summary, thousands upon thousands of small.

 2008 Research Report by the Government Accounting Standards Board (GASB) › In summary, thousands upon thousands of small.
STATE OF NEW YORK OFFICE OF THE STATE COMPTROLLER New York State Office of the State Comptroller Thomas P. DiNapoli, Comptroller Office of Operations John.

STATE OF NEW YORK OFFICE OF THE STATE COMPTROLLER New York State Office of the State Comptroller Thomas P. DiNapoli, Comptroller Office of Operations John.
ANATOMY OF A CAFR Comprehensive Annual Financial Report

ANATOMY OF A CAFR Comprehensive Annual Financial Report
Government-Wide Financial Reporting l Level One Financial Statements l Accrual Basis of Accounting l Economic Resources Measurement Focus l General Government.

Government-Wide Financial Reporting l Level One Financial Statements l Accrual Basis of Accounting l Economic Resources Measurement Focus l General Government.
Governmental & NPO Accounting-2008 1-1 Session 1-Government Accounting--Basics n GASB and other key terms n Uniqueness of government operations n Objectives.

Governmental & NPO Accounting Session 1-Government Accounting--Basics n GASB and other key terms n Uniqueness of government operations n Objectives.
McGraw-Hill/Irwin©2007, The McGraw-Hill Companies, All Rights Reserved Essentials of Accounting for Governmental and Not-for-Profit Organizations Chapter.

McGraw-Hill/Irwin©2007, The McGraw-Hill Companies, All Rights Reserved Essentials of Accounting for Governmental and Not-for-Profit Organizations Chapter.
© 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)

© 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)
Principle #1 - Accounting and reporting capabilities

Principle #1 - Accounting and reporting capabilities
Technical Update Presented by Chris Ray Partner - KPMG LLP KPMG LLP.

Technical Update Presented by Chris Ray Partner - KPMG LLP KPMG LLP.
McGraw-Hill/Irwin©2007, The McGraw-Hill Companies, All Rights Reserved Essentials of Accounting for Governmental and Not-for- Profit Organizations Chapter.

McGraw-Hill/Irwin©2007, The McGraw-Hill Companies, All Rights Reserved Essentials of Accounting for Governmental and Not-for- Profit Organizations Chapter.
Chapter 10 Accounting for Fiduciary Funds and Permanent Funds.

Chapter 10 Accounting for Fiduciary Funds and Permanent Funds.
Chapter 1 Financial Reporting for Governmental and Not-for-Profit Entities.

Chapter 1 Financial Reporting for Governmental and Not-for-Profit Entities.
Personal Financial Statements and Accounting for Governments and Not-For-Profit Organizations Chapter 13 © 2011 Cengage Learning. All Rights Reserved.

Personal Financial Statements and Accounting for Governments and Not-For-Profit Organizations Chapter 13 © 2011 Cengage Learning. All Rights Reserved.
Chapter 17 Financial Reporting Issues. C172 The New Reporting Model GASB Statement No. 34 Basic Financial Statements – and Management’s Discussion and.

Chapter 17 Financial Reporting Issues. C172 The New Reporting Model GASB Statement No. 34 Basic Financial Statements – and Management’s Discussion and.
© 2003 The McGraw-Hill Companies, Inc., All Rights Reserved Chapter 17 Governmental Entities: General Fund.

© 2003 The McGraw-Hill Companies, Inc., All Rights Reserved Chapter 17 Governmental Entities: General Fund.

Similar presentations

Ads by Google