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GOVERNMENTAL REPORTING

Discover essential practices for government financial reporting, budgetary comparisons, and model statements of net assets and activities. Learn about reconciliation schedules, required supplementary information, and easy methods to convert government funds to government-wide statements.

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GOVERNMENTAL REPORTING

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  1. City Council Budgetary Hearing GOVERNMENTAL REPORTING

  2. GOVERNMENTAL REPORTING MODEL

  3. GOVERNMENT-WIDEStatement of Net Assets • Format: Assets – Liab. = Net Assets • Columns for: • Governmental activities (excluding fiduciary) • Includes Internal Service Fund • Business-type activities • Total of the above • Component units (shown separately) • Distinguishable • Own taxing authority

  4. GOVERNMENT-WIDEStatement of Activities • Full accrual • Format: Based on functions or programs • Expenses include depreciation • General revenues (shown at bottom) • Not tied to specific program • Includes: • Contributions to permanent endowments • Special items • Extraordinary items

  5. RECONCILIATION SCHEDULES Fund balances in Governmental Funds to Government-wide Net assets Net change in Governmental Fund Balances to Government-wide change in Net assets

  6. BUDGETARY COMPARISONS • Original budget and final budget • Same format as original budget • Variance column is encouraged

  7. OTHER REQUIREDSUPPLEMENTARY INFORMATION • MD&A • Infrastructure Assets • Roads, sewer systems, etc. • Modified approach (no depreciation) • Manages infrastructure assets through up-dated inventory, periodic assessment, estimates annual amount to preserve assets • Documents eligible infrastructure assets are being preserved • Other note disclosures

  8. CONVERSION OF STATEMENTSGovernment Funds to Government-wide • Record capital assets, remove expenditures for capital outlays, record depreciation • Change “proceeds on bonds” to liabilities, change expenditures for principal payments to debt reduction, adjust for interest accruals • Convert revenue recognition to full accrual Continued

  9. CONVERSION OF STATEMENTSGovernment Funds to Government-wide • Convert expenses to full accrual • Change special items (proceeds on sale of land to gain on sale of land) • Adding internal service funds to governmental activities • Eliminating interfund activities • Eliminating fiduciary funds

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