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Financial Reporting
2007 FMC Conference
Georgia Fiscal Managers –
The Key to the Best Managed State
AgendaBudgetary Reporting
Getting Ready for Year-End
Financial Reporting Deadlines
Capital Assets/Asset Management
What’s Next?
Budgetary Reporting
Budgetary Reporting
FY 2006
Advent of Program Budgeting“Fuzzy” Guidance – Legal Level of ControlSystem Constraints (identifying program)Resulting lack of Compliance (Auditor’s report)Letter from COO/CFO/SAO
Budgetary Reporting
FY 2007
PeopleSoft Redesign (program chartfield)
System Integration (PS/BudgetNet)
Clearer Direction (SAO/OPB Training)
Budgetary Reporting
Outstanding Issues
Budgeting carry-over funds
Budget Year identification
Budgetary Reporting
Progress toward resolution
Ongoing collaboration between SAO/OPB in policy development
Agency feedback/validation of options
2008 Control level
Getting Ready for Year-End
Getting Ready for Year-End
Reconciliations
Subsidiary ledgers to G/L
Bank accounts to G/L
All activity is on General Ledger
Getting Ready for Year-End
Monitor Budgets – Budget Comparison Reports
Revenues
Expenditures
Getting Ready for Year-End
InterUnit Activity
Queries
Expenditures must be posted for established A/Rs
Getting Ready for Year-End
Examine trial balances by funding source
Clean-up – look at balances in “old” funds
Getting Ready for Year-End
Analysis of fund balance
Mail all bank confirmations (June 30)
Start (or continue) accumulation of lease data
Getting Ready for Year-End
Outstanding Issues
I T Expenditures – account 872xxx
PeopleSoft Year-End Closing Entry – Restricted Funding Sources
Getting Ready for Year-End
PeopleSoft – 2 periods open
BE CAREFUL !
Don’t combine budget periods on transactions
Financial Reporting Deadlines
Financial Reporting Deadlines
July 27 – 29: PeopleSoft Close
Forms Deadlines:August 17
Analysis of fund balance (reserves?)
Financial Reporting Deadlines
Forms Deadlines:August 24
Revenues based on encumbrances
Program/general revenue
Allowance for doubtful accounts
Financial Reporting Deadlines
Forms Deadlines:August 31
Reserve Requests
September 7
Capital Assets/Depreciation
Financial Reporting Deadlines
Forms Deadlines:September 14
Capital/Operating Leases(Includes Lease Agreement Data Forms)
General Long-Term Debt
September 21Cash and Investments
Financial Reporting Deadlines
Forms Deadlines:September 28
General and Other Information
CPA Reports due October 1
Capital Assets/Asset Management
Capital Assets/Asset Management
History of “Issues”
Multiple Initiatives in progress
BLLIP
AMP
Over-arching policy for Capital and other Assets
Capital Assets/Asset Management
Project (still in infancy)
Identification of Key Stakeholders
SAO
OPB
DOAS
SPC
Capital Assets/Asset Management
Areas of Concentration
Leases – Capital and Operating
Small value/“sensitive” assets
CIP – Reconciling with GSFIC
Capital Assets/Asset Management
Expected Outcomes
Elimination of findings/qualification
Single source of record
Integration among all systems
Capital Assets/Asset Management
Expected Outcomes
Enhanced, consistent policies
Clearly-defined procedures
Account code/system changes
What’s Next?
What’s Next?
GASB
Statement Nos. 43 and 45 – “OPEB”
What’s Next?
GASB
Statement No. 48 - Sales and Pledges of Receivables and Future Revenues and Intra-Entity Transfers of Assets and Future Revenues
Pertinent section – Asset Transfers
(Assets should not be revalued)
Effective FY 2008
What’s Next?
AICPA
Statements on Auditing Standards (SAS) 104-111
“Risk Suite”
[Preview of Session on Internal Controls]
What’s Next?
Risk Suite
Emphasis on management’s risk assessment, monitoring of controls, and responsibility for account balances
Emphasis on proactive programs by management and not just on controls
What’s Next?
Risk Suite – SAO Response
Evaluation of Requirements
Guidance for State organizations
Questions?
