How do I re c ord… Pre se nte d b y: L o c a l Go ve rnme nt Se rvic e s Disc ussion will inc lude … • Ne w F unds • F E MA mo nie s • OPWC/ OWDA pa yme nts • De b t I ssua nc e s • T ra nsfe rs a nd Adva nc e s • F und Ba la nc e Cla ssific a tio ns • Budg e ta ry • a nd muc h mo re … 2 Ne w F unds Que stio n: Wha t do I ne e d to do to c re a te a ne w fund? Answe r: T e c hnic a l Bulle tin 1999-006 3 1
Ne w F unds May I . . . Que stio n: Do I ne e d AOS a ppro va l? Answe r: I f it is no t e sta b lishe d b y la w, e ithe r spe c ific a lly, o r in g e ne ra l, pe rmissio n to e sta b lish a ne w fund c o me s fro m the Audito r o f Sta te ’ s Offic e 4 AOS P E RMISSION Re q uire d unde r the fo llo wing • c irc umsta nc e s: Whe n ma na g e me nt wa nts to c a pture a dditio na l • fina nc ia l info rma tio n a b o ut a spe c ific re ve nue so urc e o r a c tivity Whe n the fund will b e use d to a c c o unt fo r • re stric te d g ifts o r b e q ue sts tha t will no t b e he ld in trust; o r Whe n ma na g e me nt wa nts to impo se • inte rna l re stric tio ns no t o the rwise re q uire d b y la w 5 AOS A PPROVAL Whe n it is ne c e ssa ry to • de mo nstra te c o mplia nc e with le g al o r c o ntra c tua l re stric tio ns Use o f fund must b e c o nsiste nt • with GASB fund de finitio ns (Se e AOS Bulle tin 2011-004) 6 2
F E MA Gr ants Que stio n: I re c e ive d F E MA mo nie s, wha t do I ne e d to do ? Answe r: F E MA mo nie s ne e d to run thro ug h the F E MA fund (e ve n if re imb ursing a no the r fund) AOS Bulle tin 1998-013 AOS Bulle tin 1999-005 F E MA Ha za rd Mitig a tion 7 OPWC/ OWDA Payme nts Que stio n: OPWC is pa ying the c o ntra c to r dire c tly, do I ha ve to re c o rd the pa yme nts? Answe r: Ye s, yo u ne e d to re c o rd b o th the re ve nue a nd the e xpe nditure . AOS Bulle tin 2002- 004 8 L oans Que stio n: Villa g e re c e ive d a lo a n fro m the b a nk to purc ha se a b a c kho e . T he b a nk pa id L GOC E q uipme nt Co mpa ny dire c tly. Do I ha ve to re c o rd the pa yme nts? Answe r: Ye s, yo u ne e d to re c o rd b o th the re ve nue a nd the e xpe nditure . 9 3
De bt Pr oc e e ds Que stio n: I issue d $100,000 in no te s to pa y fo r a pro je c t. T he y to o k the c o sts o f the no te o ut o f the pro c e e ds a nd I o nly re c e ive d $99,000. Wha t do I b o o k? Answe r: De b t Pro c e e ds - $100,000 I ssua nc e Co sts - $1,000 E ve r ything is Booke d at Gr oss 10 T r ansfe r s/ Advanc e s Answe r: Adva nc e s a re a Que stio n: Wha t is the lo a n o f mo ne y. diffe re nc e T he g e ne ra l fund b e twe e n a e xpe c ts to b e tra nsfe r a nd re pa id. T ra nsfe rs a n a dva nc e ? a re a pe rma ne nt mo ve me nt o f mo ne y, no re pa yme nt is e xpe c te d. BORROW RE PAY 11 T r ansfe r s Que stio n: Ho w do I tra nsfe r mo nie s? Answe r: T wo pie c e s o f le g isla tio n: 1. Appro pria tio n re so lutio n 2. L e g isla tio n dire c ting the tra nsfe r Tr Transfer Appropr iation Le Legislation Re solution 12 4
T r ansfe r s Que stio n: Do I ha ve to tra nsfe r the mo ne y a ll a t o nc e ? Answe r: No Oc tobe r Januar y 3 30 Ma y 2 July 14 Ac c o unt # 100% 40% 15% 75% 0% 13 T r ansfe r s Que stio n: Am I a llo we d to tra nsfe r mo ne y o ut o f a c a pita l pro je c ts fund? Answe r: Ge ne ra lly, no . T he re a re c e rta in c a se s in whic h this is a llo wa b le . Yo u will ne e d to c o nsult with le g al c o unse l. 14 Old F unds Que stio n: T he re is a fund with $300 le ft. T he re ha s b e e n no a c tivity in the fund fo r ye a rs. Ca n I c lo se the fund? Answe r: Wo rk with le g al c o unse l. Clo sing the fund is de pe nde nt upo n ho w the fund wa s c re a te d ORC 5705.14 – 5705.16 15 5
Re se rve F unds Que stio n: T he Co unty Audito r is te lling me the c a rryo ve r in the g e ne ra l fund is la rg e . Wha t c a n I do ? Answe r: Co nside r se tting up a re se rve fund ORC 5705.13. Wo rk with le g al c o unse l. 16 GASB Sta te me nt No. 54 Que stio n: I do n’ t file GAAP lo o k-a -like sta te me nts, o nly c a sh. Do I ha ve to do this? Answe r: Ye s. GASB Sta te me nt No . 54 de fine s g o ve rnme nta l fund type s a nd fund b a la nc e re po rting AOS Bulle tin 2011-004 17 F und Balanc e Classific ation Que stio n: Wha t is the diffe re nc e b e twe e n re stric te d a nd c o mmitte d? Answe r: Who is c o ntro lling wha t the mo nie s c a n b e use d fo r? State / Gr antor / Vote r s – Re str ic te d Counc il/ T ruste e s – Committe d 18 6
Assigne d F und Balanc e Que stio n: I c lo se d a ll my purc ha se o rde rs a t ye a r e nd b ut a udit sa id I sho uld ha ve a ssig ne d fund b a la nc e a t De c e mb e r 31, 2019? OF F ICE SUPPL IE S T RASH COMPANY 1/ 15/ 2019 1/ 15/ 2019 Answe r: Re vie w 2020 a me nde d c e rtific a te a nd a ppro pria tio ns 19 Handout E xample s 20 Unc laime d Monie s Que stio n: Ho w c a n I e limina te o ld o utsta nding c he c ks o n my re c o nc ilia tio n? Answe r: Cre a te a n unc la ime d mo nie s fund unde r ORC Se c tio n 9.39 MAS Bulle tin 91-11 21 7
DLC1 Audit Costs Que stio n: Am I a llo we d to c ha rg e a udit c o sts to o the r funds? Answe r: AOS Bulle tin I NVOI CE 2020-002 Ma y 1, 2020 Audit Charg e s Villag e o f Yo u F YE 2019 Se rvic e s re nde re d: $ 5,000.00 Due 5/ 31/ 2020 22 Spe c ia l L e vy Monie s Que stio n: Am I a llo we d to use the fire le vy to pa y fo r the fire truc k lo a n? Answe r: T he b a llo t la ng ua g e wo uld de te rmine this a nswe r. Wo rk with le g al c o unse l. 23 Cr e dit Car d Polic y Que stio n: Do I ne e d a c re dit c a rd po lic y? Answe r: AOS Bulle tin 2018-003 ? ? ? 24 8
Slide 22 DLC1 Denise L. Carr, 2/6/2020
Budge tar y Que stio n: Do e sn’ t the pe rma ne nt a ppro pria tio ns ha ve to ma tc h the to ta l a va ila ble re so urc e s o n the a me nde d c e rtific a te ? Answe r: No . Appro pria tio ns c a nno t e xc e e d the to ta l a va ila ble re so urc e s. Amended Certificate = Appr opr ia tions 25 Budge tar y Que stio n: Ca n I mo ve a ppro pria tio ns fro m the po lic e de pa rtme nt to the fire de pa rtme nt? Answe r: De pe nds upo n the le g al le ve l o f c o ntro l. 26 Budge tar y Que stio n: Wha t is the le g al le ve l o f c o ntro l? Answe r: T he le ve l a t whic h the T ruste e s / Co unc il se ts a ppro pria tio ns. L E GAL 27 9
Budge tar y Ge ne ra l • Po lic e De pa rtme nt • Pe rso na l Se rvic e s $xxx,xxx • Othe r $xxx,xxx • F ire De pa rtme nt • Pe rso na l Se rvic e s $xxx,xxx • Othe r $xxx,xxx T his is the minimum le ve l implie d b y sta tute Minimum Maximum 28 Budge tar y • Ge ne ra l F und • Po lic e De pa rtme nt • Sa la rie s a nd Wa g e s xxx,xxx • E mplo ye e s Be ne fits xxx,xxx • Co ntra c tual Se rvic e s xxx,xxx • Ma te ria ls & Supplie s xxx,xxx • Othe r xxx,xxx • Ca pita l Outlay xxx,xxx • T o ta l Po lic e De pa rtme nt xxx,xxx • E xa mple – fund de pa rtme nt/ a c tivity a nd ma jo r o b je c t le ve l 29 Inc ome T axe s Que stio n: Wha t do I withho ld inc o me ta xe s o n? Answe r: T he la ws c ha ng e a ll the time . I re c o mme nd c a lling the I RS dire c tly. 30 10
Prope rty T a xe s Que stio n: Ca n I b o o k pro pe rty ta xe s ne t? Answe r: No . Pro pe rty ta x se ttle me nts a re b o o ke d a t g ro ss (U AN use rs – me mo re c e ipt) 31 T r affic Came r a Re ve nue Que stio n: L GOC T ra ffic Co mpa ny o pe ra te s the pro g ra m. T he T o wnship re c e ive s 60% a nd L GOC T ra ffic Co mpa ny ke e ps 40% a s the ir fe e . Ca n I b o o k this ne t? Answe r: No . Re ve nue s a nd e xpe nditure s ne e d to b e b o o ke d a t g ro ss. 32 T ownship Salar ie s Que stio n: Ho w do I c a lc ula te ho w to c ha rg e the sa la rie s to the va rio us funds? Answe r: Yo u a re lo o king OCS 1-29 fo r a re a so na b le me tho d o f c a lc ula tio n. OCS 1-29 33 11
T ownship Salar ie s Que stio n: I f the T o wnship b udg e t inc re a se s into the ne xt b ra c ke t, wha t is the a ffe c t o n the a nnua l sa la ry? Answe r: T he a nnua l sa la ry wo uld b e inc re a se d o n the e ffe c tive da te o f the b udg e t inc re a se to the sa la ry fo r the hig he r c o mpe nsa tio n b ra c ke t. T his inc re a se must, ho we ve r, b e pro ra te d fo r the po rtio n o f the ye a r re ma ining a fte r the e ffe c tive da te o f the inc re a se a nd wo uld no t re sult in a re tro a c tive pa yme nt fo r the po rtio n o f the ye a r a lre a dy se rve d. OAG 99- 015 34 De fic it F unds Que stio n: UAN wo n’ t a llo w me to ha ve de fic it b a la nc e s. I ne e d to ma ke pa yro ll. Wha t do I do ? Answe r: Co nta c t . . . L oc al Gove r nme nt Se r vic e s 800- 345- 2519 35 De c lining Balanc e s Que stio n: Co unc il/ T ruste e s wa nt to g ive ra ise s. I do n’ t think the Villa g e / T o wnship c a n a ffo rd this. Wha t c a n I do ? Answe r: Pre pa re a fo re c a st (3-5 ye a rs) sho wing the lo ng -te rm a ffe c t o f the ra ise s. 36 12
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