[PDF] - 1 Ne w F unds May I . . . Que stio n: Do I ne e d AOS a ppro va PDF Document

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Pre se nte d b y: L

c a l Go ve rnme nt Se rvic e s

How do I re c ord…

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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 …

Disc ussion will inc lude …

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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

Ne w F unds

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Ne w F unds

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

May I . . .

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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

AOS PE

RMISSION

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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)

AOS APPROVAL

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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

F E MA Gr ants

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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

OPWC/ OWDA Payme nts

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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 .

L

ans

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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

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

ss

De bt Pr

c e e ds

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Answe r: Adva nc e s a re a lo a n o f mo ne y. T he g e ne ra l fund e xpe c ts to b e re pa id. T ra nsfe rs 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.

T r ansfe r s/ Advanc e s

BORROW

RE PAY

Que stio n: Wha t is the diffe re nc e b e twe e n a tra nsfe r a nd a n a dva nc e ?

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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

T r ansfe r s

Appropr iation Re solution Tr Transfer Le Legislation

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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

T r ansfe r s

Ac c o unt #

15% 0% 40% 75% 100%

Januar y 3 Ma y 2 July 14 Oc tobe r 30

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Que stio n: Am I a llo we d to tra nsfe r mo ne y

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.

T r ansfe r s

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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

Old F unds

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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.

Re se rve F unds

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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

GASB Sta te me nt No. 54

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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

F und Balanc e Classific ation

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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? Answe r: Re vie w 2020 a me nde d c e rtific a te a nd a ppro pria tio ns

Assigne d F und Balanc e

T RASH COMPANY

1/ 15/ 2019

OF F ICE SUPPL IE S

1/ 15/ 2019

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Handout E xample s

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MAS Bulle tin 91-11

Que stio n: Ho w c a n I e limina te o ld

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

Unc laime d Monie s

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8

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Que stio n: Am I a llo we d to c ha rg e a udit c o sts to o the r funds?

Audit Costs

Answe r: AOS Bulle tin 2020-002

I NVOI CE

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

DLC1 23

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.

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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

Cr e dit Car d Polic y

? ? ?

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Slide 22 DLC1

Denise L. Carr, 2/6/2020

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9

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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.

Budge tar y

Appr

pr

ia tions

Amended Certificate

=

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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.

Budge tar y

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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.

Budge tar y L

E GAL

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10

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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

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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
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

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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.

Inc ome T axe s

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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)

Prope rty T a xe s

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Que stio n: L GOC T ra ffic Co mpa ny

pe ra te s the pro g ra m. T

he T

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.

T r affic Came r a Re ve nue

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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 fo r a re a so na b le me tho d o f c a lc ula tio n.

T

wnship Salar

ie s

OCS 1-29 OCS 1-29

SLIDE 13

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Que stio n: I f the T

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.

T

wnship Salar

ie s

OAG 99- 015

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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 . . .

De fic it F unds L

c al Gove r

nme nt Se r vic e s 800- 345- 2519

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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

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.

De c lining Balanc e s

SLIDE 14

13

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F
re c a st c o nse rva tive ly fo r

re ve nue s

F
re c a st a s a c c ura te ly a s po ssib le fo r

e xpe nditure s

Sa la rie s a nd b e ne fits sho uld inc lude a ll

re le va nt pie c e s o f pe rso nne l e xpe nditure s

Purc ha se d se rvic e s a nd ma te ria ls a nd

supplie s sho uld ha ve sma ll inc re a se s if ne c e ssa ry.

He lps pre ve nt g o ing into fisc a l distre ss.

F

r

e c ast T ips

38

Ca pita l Pla n

Allo ws fo r pro je c t pa rtic ipa tio n with limite d

re so urc e s

Co mmunic a tio n to o l to yo ur

c o mmunity

Allo ws yo ur to wnship/ villa g e to lo o k

into the future to de te rmine a dditio na l ne e ds

F

r

e c asts

Capital Plan

39

Ope r ating Plan

Assists the truste e s/ c o unc il a nd pub lic to

unde rsta nd the fina nc ia l impa c t o f o pe ra tio na l de c isio ns

Ca n a ssist in re so urc e a llo c a tio n
T

ra nspa re nc y a nd Co mmunic a tio n

F

r

e c asts

Ope r ating Plan

SLIDE 15

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Que stio n: Am I in F isc a l..? Answe r: Only the Audito r o f Sta te c a n de c la re a n e ntity into fisc a l c a utio n, wa tc h o r e me rg e nc y.

F isc al Caution, Watc h, E me r ge nc y

41

Que stio n: Do I ha ve to re c o nc ile e ve ry mo nth? Answe r: Ye s, Re c o nc ilia tio ns sho uld b e c o mple te d in a time ly ma nne r e ve ry mo nth.

Bank Re c onc iliations

42

Que stio n: Whe n do I ha ve to file ? Answe r: F

r c a sh b a sis re po rts – 60 da ys

a fte r ye a r e nd

AOS Bulle tin 2015- 007

F iling F inanc ial State me nts

SLIDE 16

15

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Que stio n: I a m no t o n U AN, wha t do I ne e d to file ? Answe r: F ina nc ia l Sta te me nts a nd No te s

Hinkle Syste m – E

ntity spe c ific link e ma ile d e ve ry ye a r

One PDF

is uplo a de d

No te s o n we bsite update d e ve ry ye ar

F iling F inanc ial State me nts

44

Wha t a re the y a nd ho w do I re c o rd the m?

Audit Adjustme nts

45

I got a 90 day le tte r …

SLIDE 17

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Ma nuals
Ohio T
wnship Ha ndb o o k
Villa g e Offic e r’ s Ha ndb o o k
T

e c hnic a l Bulle tins

Ohio Co mplia nc e Supple me nt
Pa st Co nfe re nc e Ma te ria ls
L
c a l Go ve rnme nt Se rvic e s

Ac c ounting Que stions

47

Re so urc e s

Pub lic a tio ns & Ma nua ls

Ohio T

wnship Handb o o k

Villa g e Offic e r’ s Ha ndb o o k T e c hnic a l Bulle tins De sk Ca le ndar

L

c a l Go ve rnme nt Se rvic e s

Re fe re nc e Ma te ria ls

F ina nc ia l Sta te me nt She lls & F

o tno te s

Curre nt No te s Spe c ia lize d No te s

T ra ining & Pa st Co nfe re nc e s

Pa st-Co nfe re nc e Ma te rials

Auditor

f State ’s We bsite

Local Government Services Northeast Region 88 E. Broad St. Columbus, Ohio 43215 Tisha Ann Turner Presenter phone: (800) 282-0370

SLIDE 18

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88 E. Broad St. Columbus, Ohio 43215 Phone: (800) 282-0370 www.OhioAuditor.gov