GFOA Awards Programs March 11, 2014, 10:30 OMFOA Spring Conference Sunriver, Oregon.
-
Upload
bennett-morgan -
Category
Documents
-
view
214 -
download
0
Transcript of GFOA Awards Programs March 11, 2014, 10:30 OMFOA Spring Conference Sunriver, Oregon.
![Page 1: GFOA Awards Programs March 11, 2014, 10:30 OMFOA Spring Conference Sunriver, Oregon.](https://reader036.fdocuments.in/reader036/viewer/2022062516/56649d6e5503460f94a4ed96/html5/thumbnails/1.jpg)
GFOA Awards ProgramsMarch 11, 2014, 10:30
OMFOA Spring ConferenceSunriver, Oregon
![Page 2: GFOA Awards Programs March 11, 2014, 10:30 OMFOA Spring Conference Sunriver, Oregon.](https://reader036.fdocuments.in/reader036/viewer/2022062516/56649d6e5503460f94a4ed96/html5/thumbnails/2.jpg)
GFOA Programs• Budget – Distinguished Budget Presentation
Award
• CAFR – Certificate of Achievement for Excellence in Financial Reporting
![Page 3: GFOA Awards Programs March 11, 2014, 10:30 OMFOA Spring Conference Sunriver, Oregon.](https://reader036.fdocuments.in/reader036/viewer/2022062516/56649d6e5503460f94a4ed96/html5/thumbnails/3.jpg)
Panelists
Sharon Wojda – Budget Manager, City of Bend
Jeanine Faria – Accounting Manager, Deschutes County
Wayne Lowry – Finance Director, Deschutes County
![Page 4: GFOA Awards Programs March 11, 2014, 10:30 OMFOA Spring Conference Sunriver, Oregon.](https://reader036.fdocuments.in/reader036/viewer/2022062516/56649d6e5503460f94a4ed96/html5/thumbnails/4.jpg)
![Page 5: GFOA Awards Programs March 11, 2014, 10:30 OMFOA Spring Conference Sunriver, Oregon.](https://reader036.fdocuments.in/reader036/viewer/2022062516/56649d6e5503460f94a4ed96/html5/thumbnails/5.jpg)
Budget Awards Program
• 1,400 Participants• Established in 1984• Focus is on Budget Document Presentation• 27 Program Criteria• 14 Mandatory Criteria• E-Mail [email protected]• Forms and information gfoa.org
![Page 6: GFOA Awards Programs March 11, 2014, 10:30 OMFOA Spring Conference Sunriver, Oregon.](https://reader036.fdocuments.in/reader036/viewer/2022062516/56649d6e5503460f94a4ed96/html5/thumbnails/6.jpg)
Participants in Oregon
• 9 Reviewers – • 43 Participating Local Governments– 23 Cities– 6 School Districts– 6 Counties– 8 Special Districts
![Page 7: GFOA Awards Programs March 11, 2014, 10:30 OMFOA Spring Conference Sunriver, Oregon.](https://reader036.fdocuments.in/reader036/viewer/2022062516/56649d6e5503460f94a4ed96/html5/thumbnails/7.jpg)
Oregon Budget Reviewers
• Denise Carlson City of Hillsboro• Christina Day Port Community College• Pavel Gubanikhin City of Eugene• Michelle Hawkins Linn County• John Huberd City of Eugene• Leahnette Rivers*** Columbia City• Darlow Tuneberg City of Ashland• Sharon Wojda City of Bend• Lisa Young City of Sandy
![Page 8: GFOA Awards Programs March 11, 2014, 10:30 OMFOA Spring Conference Sunriver, Oregon.](https://reader036.fdocuments.in/reader036/viewer/2022062516/56649d6e5503460f94a4ed96/html5/thumbnails/8.jpg)
![Page 9: GFOA Awards Programs March 11, 2014, 10:30 OMFOA Spring Conference Sunriver, Oregon.](https://reader036.fdocuments.in/reader036/viewer/2022062516/56649d6e5503460f94a4ed96/html5/thumbnails/9.jpg)
Budget Awards ProgramCriteria
• As a Policy Document (5)• As an Operations Guide (6)• As a Financial Plan (10)• As a Communications Device (6)
![Page 10: GFOA Awards Programs March 11, 2014, 10:30 OMFOA Spring Conference Sunriver, Oregon.](https://reader036.fdocuments.in/reader036/viewer/2022062516/56649d6e5503460f94a4ed96/html5/thumbnails/10.jpg)
Mandatory Criteria• Table of Contents• Budget Message• Overview of significant items and trends• Org Chart• Entity-wide long term financial policies (coherent)• Process for budget and amendments• Summary of major Revenue & Expenditures• Prior year actual, current budget & proposed• Projected changes in fund balances• Revenue sources, assumptions and trends• Capital Expenditures• Debt – debt margin, effect on current operations• Summary of positions three years• Activities, Services, Functions of organizational units
![Page 11: GFOA Awards Programs March 11, 2014, 10:30 OMFOA Spring Conference Sunriver, Oregon.](https://reader036.fdocuments.in/reader036/viewer/2022062516/56649d6e5503460f94a4ed96/html5/thumbnails/11.jpg)
Application
• Official Requesting Review• Official to Notify of Results• Location Guide• Fee– Under $10M $185– $10M to $25M $280– $25M to $50M $330– $50M to $100M $425– $100M to $300M $550
![Page 12: GFOA Awards Programs March 11, 2014, 10:30 OMFOA Spring Conference Sunriver, Oregon.](https://reader036.fdocuments.in/reader036/viewer/2022062516/56649d6e5503460f94a4ed96/html5/thumbnails/12.jpg)
Deschutes County
Program Budget
• Examples from 2009 Budget Review– Suggestions implemented in the 2010 document
• Examples from 2012 Budget Review– Suggestions implemented in the 2013 document
![Page 13: GFOA Awards Programs March 11, 2014, 10:30 OMFOA Spring Conference Sunriver, Oregon.](https://reader036.fdocuments.in/reader036/viewer/2022062516/56649d6e5503460f94a4ed96/html5/thumbnails/13.jpg)
2009 Budget Review Comment
Communication Device
Comment: Consider a matrix specifically to show relationship between organization structure and accounting structure. Stating the funding sources of departments or displaying departments by fund will address this criterion.
Response: A new schedule, located on page 25, has been added to illustrate fund structure.
![Page 14: GFOA Awards Programs March 11, 2014, 10:30 OMFOA Spring Conference Sunriver, Oregon.](https://reader036.fdocuments.in/reader036/viewer/2022062516/56649d6e5503460f94a4ed96/html5/thumbnails/14.jpg)
2012 Budget Review Comments
Operations GuideComment: Org Chart would be rated outstanding with an increase in font size.
Response: Org chart split into two parts and font size has been enlarged
![Page 15: GFOA Awards Programs March 11, 2014, 10:30 OMFOA Spring Conference Sunriver, Oregon.](https://reader036.fdocuments.in/reader036/viewer/2022062516/56649d6e5503460f94a4ed96/html5/thumbnails/15.jpg)
2012 Budget Review Comments
Operations GuideComment: Total on summary schedules do not equate to other similar schedules
Response: Explanation of why and then redone so they agree.
![Page 16: GFOA Awards Programs March 11, 2014, 10:30 OMFOA Spring Conference Sunriver, Oregon.](https://reader036.fdocuments.in/reader036/viewer/2022062516/56649d6e5503460f94a4ed96/html5/thumbnails/16.jpg)
2012 Budget Review Comments
Operations GuideComment: Consider adding an overall FTE summary with a change column to assist the reader.
Response: A summary by fund with a column showing the FTE change for the budget year has been added to the FTE & Salary Summary Section
![Page 17: GFOA Awards Programs March 11, 2014, 10:30 OMFOA Spring Conference Sunriver, Oregon.](https://reader036.fdocuments.in/reader036/viewer/2022062516/56649d6e5503460f94a4ed96/html5/thumbnails/17.jpg)
2012 Budget Review Comments
Financial PlanComment: It would be more useful to the reader to put budget and prior years actual data in the same schedule
Response: Actuals for two prior years have been added to all summary schedules
![Page 18: GFOA Awards Programs March 11, 2014, 10:30 OMFOA Spring Conference Sunriver, Oregon.](https://reader036.fdocuments.in/reader036/viewer/2022062516/56649d6e5503460f94a4ed96/html5/thumbnails/18.jpg)
2012 Budget Review Comments
Financial PlanComment: Consider a summary schedule for CIP that lists projects with funding requirements by year
Response: Summary schedule added
![Page 19: GFOA Awards Programs March 11, 2014, 10:30 OMFOA Spring Conference Sunriver, Oregon.](https://reader036.fdocuments.in/reader036/viewer/2022062516/56649d6e5503460f94a4ed96/html5/thumbnails/19.jpg)
2012 Budget Review Comments
Financial PlanComment: Consider consolidating debt information in one place for readers
Response: A new debt management section has been added and to not only consolidate debt information but also expand debt details in the document
![Page 20: GFOA Awards Programs March 11, 2014, 10:30 OMFOA Spring Conference Sunriver, Oregon.](https://reader036.fdocuments.in/reader036/viewer/2022062516/56649d6e5503460f94a4ed96/html5/thumbnails/20.jpg)
Review Comments
• Usually good ideas and suggestions for improvement
• Helpful in nature
• Sometimes just preference based on individual reviewer
![Page 21: GFOA Awards Programs March 11, 2014, 10:30 OMFOA Spring Conference Sunriver, Oregon.](https://reader036.fdocuments.in/reader036/viewer/2022062516/56649d6e5503460f94a4ed96/html5/thumbnails/21.jpg)
Examples of Comments Received
Continue working on refining capital projects and their operating impacts. Consider a table that itemizes operating costs/impacts by staff, maintenance, debt, etc.
![Page 22: GFOA Awards Programs March 11, 2014, 10:30 OMFOA Spring Conference Sunriver, Oregon.](https://reader036.fdocuments.in/reader036/viewer/2022062516/56649d6e5503460f94a4ed96/html5/thumbnails/22.jpg)
Examples of Comments Received
Include Captions
![Page 23: GFOA Awards Programs March 11, 2014, 10:30 OMFOA Spring Conference Sunriver, Oregon.](https://reader036.fdocuments.in/reader036/viewer/2022062516/56649d6e5503460f94a4ed96/html5/thumbnails/23.jpg)
Examples of Comments ReceivedDepartment Fund Relationship – I specifically liked the tables on pages 53-54 as this gives the reader with an idea of what areas are comprised of the total and gives them the “big picture” of your organizational structure and financial makeup. However would suggest in the future, aligning them so the reader is looking at both pages at the same time.
![Page 24: GFOA Awards Programs March 11, 2014, 10:30 OMFOA Spring Conference Sunriver, Oregon.](https://reader036.fdocuments.in/reader036/viewer/2022062516/56649d6e5503460f94a4ed96/html5/thumbnails/24.jpg)
Examples of Comments Received
Include specific dates on your budget calendar
![Page 25: GFOA Awards Programs March 11, 2014, 10:30 OMFOA Spring Conference Sunriver, Oregon.](https://reader036.fdocuments.in/reader036/viewer/2022062516/56649d6e5503460f94a4ed96/html5/thumbnails/25.jpg)
When suggested changes aren’t incorporated…
• Address it in your response
• Explain why recommended changes weren’t made
• Don’t come across defensive
![Page 26: GFOA Awards Programs March 11, 2014, 10:30 OMFOA Spring Conference Sunriver, Oregon.](https://reader036.fdocuments.in/reader036/viewer/2022062516/56649d6e5503460f94a4ed96/html5/thumbnails/26.jpg)
Biennial Budget• Legally adopted budget for the 2 year
biennium• GFOA budget presentation is for entire
biennium, not individual fiscal years
![Page 27: GFOA Awards Programs March 11, 2014, 10:30 OMFOA Spring Conference Sunriver, Oregon.](https://reader036.fdocuments.in/reader036/viewer/2022062516/56649d6e5503460f94a4ed96/html5/thumbnails/27.jpg)
Internal Budget Preparation
• Even though budget adopted for biennium, develop it for individual fiscal years
• Present individual fiscal years to Budget Committee
![Page 28: GFOA Awards Programs March 11, 2014, 10:30 OMFOA Spring Conference Sunriver, Oregon.](https://reader036.fdocuments.in/reader036/viewer/2022062516/56649d6e5503460f94a4ed96/html5/thumbnails/28.jpg)
Internal Budget Monitoring
• Internally monitor on annual basis but with more flexibility than if budget was adopted as annual amount
• Conduct a mid-biennial review, much shorter process than during biennial budget development year
![Page 29: GFOA Awards Programs March 11, 2014, 10:30 OMFOA Spring Conference Sunriver, Oregon.](https://reader036.fdocuments.in/reader036/viewer/2022062516/56649d6e5503460f94a4ed96/html5/thumbnails/29.jpg)
Budget in Brief
![Page 30: GFOA Awards Programs March 11, 2014, 10:30 OMFOA Spring Conference Sunriver, Oregon.](https://reader036.fdocuments.in/reader036/viewer/2022062516/56649d6e5503460f94a4ed96/html5/thumbnails/30.jpg)
![Page 31: GFOA Awards Programs March 11, 2014, 10:30 OMFOA Spring Conference Sunriver, Oregon.](https://reader036.fdocuments.in/reader036/viewer/2022062516/56649d6e5503460f94a4ed96/html5/thumbnails/31.jpg)
![Page 32: GFOA Awards Programs March 11, 2014, 10:30 OMFOA Spring Conference Sunriver, Oregon.](https://reader036.fdocuments.in/reader036/viewer/2022062516/56649d6e5503460f94a4ed96/html5/thumbnails/32.jpg)
![Page 33: GFOA Awards Programs March 11, 2014, 10:30 OMFOA Spring Conference Sunriver, Oregon.](https://reader036.fdocuments.in/reader036/viewer/2022062516/56649d6e5503460f94a4ed96/html5/thumbnails/33.jpg)
![Page 35: GFOA Awards Programs March 11, 2014, 10:30 OMFOA Spring Conference Sunriver, Oregon.](https://reader036.fdocuments.in/reader036/viewer/2022062516/56649d6e5503460f94a4ed96/html5/thumbnails/35.jpg)
Certificate of Achievement for Excellence in Financial Reporting
The CAFR Program
![Page 36: GFOA Awards Programs March 11, 2014, 10:30 OMFOA Spring Conference Sunriver, Oregon.](https://reader036.fdocuments.in/reader036/viewer/2022062516/56649d6e5503460f94a4ed96/html5/thumbnails/36.jpg)
CAFR Program
• Established in 1945– To encourage transparency and full disclosure in
annual reports– Nearly 4,000 certificates awarded for FY 2011 (the
most recent year available.• 109 in the State of Oregon. Of these, three were first
time participants– Lake County– Oregon City– Harney Education District
![Page 37: GFOA Awards Programs March 11, 2014, 10:30 OMFOA Spring Conference Sunriver, Oregon.](https://reader036.fdocuments.in/reader036/viewer/2022062516/56649d6e5503460f94a4ed96/html5/thumbnails/37.jpg)
CAFR Program• 109 Awards for Oregon entities– Municipalities – 38 of a possible 242. 15.70%– Schools – 23– Counties – 14 of a possible 36. 38.89%– Special Districts – 13– Enterprise Funds - 11– Colleges – 6– Government Councils – 2– PERS – 1– State – 1
![Page 38: GFOA Awards Programs March 11, 2014, 10:30 OMFOA Spring Conference Sunriver, Oregon.](https://reader036.fdocuments.in/reader036/viewer/2022062516/56649d6e5503460f94a4ed96/html5/thumbnails/38.jpg)
CAFR Program
• Reports need to be submitted within six months of fiscal year end– Can request an extension if necessary
• Review process is 4 to 6 months– This allows government to include suggestions for
improvement and to make corrections for the subsequent year’s report
![Page 39: GFOA Awards Programs March 11, 2014, 10:30 OMFOA Spring Conference Sunriver, Oregon.](https://reader036.fdocuments.in/reader036/viewer/2022062516/56649d6e5503460f94a4ed96/html5/thumbnails/39.jpg)
CAFR Program
• GFOA’s website – www.gfoa.org – has all the required information for preparation and submission– How to submit a report– Application form– Checklist for • General-purpose government• School districts• Stand-alone business-type activites
![Page 40: GFOA Awards Programs March 11, 2014, 10:30 OMFOA Spring Conference Sunriver, Oregon.](https://reader036.fdocuments.in/reader036/viewer/2022062516/56649d6e5503460f94a4ed96/html5/thumbnails/40.jpg)
CAFR Program
• Annual fee – Based on sum of Governmental Fund revenues and Proprietary Fund expenses
(double these amounts for non-GFOA members)
– <$1 million - $290– $ 1 million - $ 10 million $370– $10 million - $ 50 million $435– $50 million - $100 million $505– $100 million - $250 million $580– $250 million - $500 million $725
![Page 41: GFOA Awards Programs March 11, 2014, 10:30 OMFOA Spring Conference Sunriver, Oregon.](https://reader036.fdocuments.in/reader036/viewer/2022062516/56649d6e5503460f94a4ed96/html5/thumbnails/41.jpg)
CAFR Program
• Checklist for general-purpose government entities is 81 pages.– Essentially a recap of reporting requirements for
governmental entities• Three sections of a CAFR – Introductory, Financial and
Statistical• Format of each of the statement• Note disclosure
– Items to disclose and adequacy of disclosure
![Page 42: GFOA Awards Programs March 11, 2014, 10:30 OMFOA Spring Conference Sunriver, Oregon.](https://reader036.fdocuments.in/reader036/viewer/2022062516/56649d6e5503460f94a4ed96/html5/thumbnails/42.jpg)
CAFR Program
• Checklist Items for Note Disclosure by Sections• Thirty-four of the eighty-one pages
– Summary of Significant Accounting Policies (SSAP)– 3 pages
– Notes other than SSAP and Pension-Related– 23 pages
– Pension and Other Postemployment Benefit-Related Notes
– 8 pages
![Page 43: GFOA Awards Programs March 11, 2014, 10:30 OMFOA Spring Conference Sunriver, Oregon.](https://reader036.fdocuments.in/reader036/viewer/2022062516/56649d6e5503460f94a4ed96/html5/thumbnails/43.jpg)
CAFR PROGRAM
• Deschutes County first year was FYE 6-30-2001– Forty-one comments included in GFOA’s Summary of
Grading Results on the Certificate of Achievement Program. • Rounding errors, reference “The notes to the financial
statements are an integral part of this statement.”, additional detail on the Changes in Long-Term Liabilities note, separate classification for inter-fund transfers, additional disclosure for investments and risk, etc.
• Report cover to read – Comprehensive Annual Financial Report
– The CAFR was a collaborative effort by the County and the County’s auditor
![Page 44: GFOA Awards Programs March 11, 2014, 10:30 OMFOA Spring Conference Sunriver, Oregon.](https://reader036.fdocuments.in/reader036/viewer/2022062516/56649d6e5503460f94a4ed96/html5/thumbnails/44.jpg)
CAFR Program
• Comments on the CAFR FYE 6-30-2012– Twenty comments
• Presentation of an inter-fund loan between a governmental fund and an enterprise fund
• Reporting premiums and discounts from bond issuance separately from the par of the bonds
• Disclosure on the Fund Balance categories• Disclosure on OPEB• Various comments on the Statistical Section• Seven comments on reminders of new pronouncements
![Page 45: GFOA Awards Programs March 11, 2014, 10:30 OMFOA Spring Conference Sunriver, Oregon.](https://reader036.fdocuments.in/reader036/viewer/2022062516/56649d6e5503460f94a4ed96/html5/thumbnails/45.jpg)
CAFR Program
• Other comments over the years– Clarification of the definition of “Special Revenue
Fund” resulted in combining some funds which had not previously been combined.• Need to review what now may be considered a Major
Fund
– Classified Statement of Net Assets (now Net Position)• Include sub-totals for noncurrent
![Page 46: GFOA Awards Programs March 11, 2014, 10:30 OMFOA Spring Conference Sunriver, Oregon.](https://reader036.fdocuments.in/reader036/viewer/2022062516/56649d6e5503460f94a4ed96/html5/thumbnails/46.jpg)
CAFR Program
• Other comments (continued)– MD&A – include more discussion of the reasons
for changes in fund balances of major funds.– Use of term “Fair Value” instead of “Market Value”– Indicate the source of all non-accounting data
presented in the Statistical Section– Formatting of lines on the Statement of Activities• Indentation of line items
![Page 47: GFOA Awards Programs March 11, 2014, 10:30 OMFOA Spring Conference Sunriver, Oregon.](https://reader036.fdocuments.in/reader036/viewer/2022062516/56649d6e5503460f94a4ed96/html5/thumbnails/47.jpg)
CAFR Program
• Summary– Different reviewer each year. Deschutes County’s
CAFR is in an annual state of improvement with a new perspective each year.
– Session at the GFOA annual conference each year to review areas for improvement on the CAFRs
– Cannot separately quantify the benefit of the Certificate, but there is likely one when it comes to bond ratings
![Page 48: GFOA Awards Programs March 11, 2014, 10:30 OMFOA Spring Conference Sunriver, Oregon.](https://reader036.fdocuments.in/reader036/viewer/2022062516/56649d6e5503460f94a4ed96/html5/thumbnails/48.jpg)
Questions or Further Discussion