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The New MS-5 and MS-35 Financial Report of the Budget

The New MS-5 and MS-35 Financial Report of the Budget. GFOA Quarterly Friday, March 30, 2012 Barbara J. Robinson NH Department of Revenue Admin. New MS-5 and MS-35 What, Why, How, and When?. What? MS-5 and MS-35 Completely different format Includes GASB 54 changes to fund balance Why?

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The New MS-5 and MS-35 Financial Report of the Budget

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  1. The New MS-5 and MS-35Financial Report of the Budget

    GFOA Quarterly Friday, March 30, 2012 Barbara J. Robinson NH Department of Revenue Admin.
  2. New MS-5 and MS-35What, Why, How, and When? What? MS-5 and MS-35 Completely different format Includes GASB 54 changes to fund balance Why? Census Bureau form was 19 long, long, long, long pages Difficult to complete Difficult for taxpayers to understand GASB 54 changes Preparing for future E-File
  3. What, Why, How, and When? How? Met with GFOA user groups on chart of accounts Discussed with CPAs completing the forms Received your input When? Due April 1, 2012 for 12/31/11 fiscal year Due September 1, 2012 for 6/30/12 fiscal year
  4. What is Different ? Now Called Financial Report of the Budget Gross Basis Budgetary Reporting Not Just General Fund Proprietary Funds Later Adjusted Out Spreadsheet With Formulas Each Page is a Tab
  5. Expenditure Section – Page 4
  6. Revenue Section – Page 5
  7. Property Taxes – Page 5 From Tax Collector’s Report (MS-61) Less overlay Plus excess overlay not used (see page 8).
  8. WHAT’S NEXT ?? - CHART OF ACCOUNTS CHANGES - RULES UPDATES - E-FILE ????
  9. GOING FORWARD @ DRA With E-FILE MS-1 September 2012 MS-1EXT September 2012 MS-4, MS-24, MS-34 Sept.12 ????? MS-2, MS-22, MS-32 2013

  10. Thanks to GFOA and all who helped in this process 

    ANY QUESTIONS ???
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