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Fund Accounting & Revenue Overview - A Comprehensive Guide

Gain a thorough understanding of fund accounting and revenue management. Discover the different fund types, revenue classifications, and regulatory authorities. Prepare for the budget preparation timeline and learn how to comply with legal requirements.

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Fund Accounting & Revenue Overview - A Comprehensive Guide

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  1. Fund Accounting & Revenue Overview Tuesday, April 25th, 2017 Christopher M. Quinn, MACC, CPA, CFE, CGFO, CGMA Finance Director Helena Alves, CIA, MBA Chief Accountant Lina Williams Budget Coordinator

  2. Budget Preparation Timeline • January - March • First Quarter Review • Annual Financial Audit • Presentation of Annual Progress Report • Survey Results to City Council • Annual Update of the Strategic Action Plan • April • Revise 10 Year Infrastructure Plan • Year to Date Budget Results Presentation • Fund Accounting & Revenue Presentation • Second Quarter Review • Departments Begin FY 2018 Budget Preparation

  3. Budget Preparation Timeline • May – June • Long Term Financial Planning Presentation • Property Tax Review Presentation • July - August • General Fund Budget Workshop • Adopt Maximum Millage Rate (August 4th deadline) • Third Quarter Review • Proprietary, Special Revenue & Capital Funds Budget Workshop • Final Proposed Budget Presentation

  4. Budget Preparation Timeline • September • Public Hearing to Tentatively Adopt Millage Rate & Budget • Public Hearing to Adopt Final Millage Rate & Budget • October – December • FY 2017 Year End Close-out • End of Year Review with Departments

  5. Presentation Overview • Regulatory Authorities • Classification of Funds • Revenue Overview • Restricted vs. Unrestricted

  6. Regulatory Authorities

  7. Fund Accounting • A fund is a segregated accounting entity (checkbook) • Tracks activities according to regulations, restrictions, or limitations. • Revenue, restricted for a specific purpose, cannot be used for general operations • Funds are divided into various types according to legal restrictions or their uses.

  8. Revenue Restrictions • Must comply with legal and external requirements. • Small County Surtax Capital projects • Utility Revenues Operation and expansion of utility system • Impact Fees Infrastructure capacity improvements related to growth • Grants Specific programs/projects DO NOT TOUCH Restricted Fund

  9. Fund Types

  10. Fund Classifications

  11. Fund Classifications

  12. Fund Classifications

  13. Fund Balance

  14. Revenue Classifications

  15. 2017 Revenues by Source

  16. Taxes

  17. Taxes

  18. Intergovernmental Revenue

  19. Permits, Fees, Special Assessments

  20. Charges for Service

  21. Judgements, Fines and Forfeitures

  22. Other Sources

  23. Restricted Revenue SourcesState Restricted

  24. Restricted Revenue SourcesState Restricted

  25. Restricted Revenue SourcesOther

  26. Unrestricted Revenue Sources Unrestricted revenue can be used for general purpose and at the discretion of the governing body

  27. Looking Ahead • May 15thLong Term Financial Planning Presentation • June 13thProperty Tax Presentation • July 11thBudget Workshop - General Fund • July 18thAdopt Maximum Millage Rate (August 4th deadline) • August 8th Budget Workshop – Proprietary Special Revenue Funds & Capital Funds • August 29thFinal Proposed Budget Presentation • September: Public Hearing to adopt tentative millage rate and Budget & Final Public Hearing to adopt final millage and budget

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