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_____________________________________ March 13, 2013 Staci Henshaw, CPA

_____________________________________ March 13, 2013 Staci Henshaw, CPA Deputy Auditor of Public Accounts. Overview. Local Government Survey Comparative Report Advisory Group Recommendations Other Improvements. Local Government Survey Results. Most valuable use of Comparative Report

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_____________________________________ March 13, 2013 Staci Henshaw, CPA

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  1. _____________________________________ March 13, 2013 Staci Henshaw, CPA Deputy Auditor of Public Accounts http://www.apa.virginia.gov

  2. Overview • Local Government Survey • Comparative Report Advisory Group • Recommendations • Other Improvements http://www.apa.virginia.gov

  3. Local Government Survey Results Most valuable use of Comparative Report • Compare cost of services to other localities • Respond to citizen inquiries • Provide information to General Assembly http://www.apa.virginia.gov

  4. Comparative Report Data Elements Most Beneficial: • Expenditures by Function and Department • Local Revenue Detail • Debt Service Least Beneficial: • Outstanding Debt Balances • Expenditures by object class http://www.apa.virginia.gov

  5. Comparative Report Advisory Group Created to promote continuing dialogue among preparers and users of the Comparative Report to determine: • Possible preparation process improvements • Whether current data is beneficial to report users; potential eliminations and additions • If elements are available to users from other sources • Recommended best practice processes http://www.apa.virginia.gov

  6. Advisory Group Recommendations Remove parts of transmittal requirements: • Object class detail of expenditures • Fund balances on capital project and debt service forms • Enterprise activity section on cash flow from capital and related financing activities • Summary of outstanding debt • Reconciliation with Education’s Annual School Report http://www.apa.virginia.gov

  7. Reasons for Recommendations • Object class detail not beneficial to report users • No known benefit for capital project and debt service fund balances; also available in CAFR • Enterprise cash flow items have minimal benefit to users • Summary of outstanding debt is readily available in the CAFR • ASR is separately reported by DOE and not part of Comparative Report http://www.apa.virginia.gov

  8. Local Government Benefits • Expect 30% decrease in Comparative Report transmittal preparation time • Data provided relevant for local government analyses http://www.apa.virginia.gov

  9. Other Improvements • APA providing items on website • Regional/joint activity forms for transmittal preparation • Local Annual Financial Reports • Underlying transmittal detail not included in Comparative Report summary exhibits http://www.apa.virginia.gov

  10. _____________________________________ QUESTIONS http://www.apa.virginia.gov

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