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Financial Reporting

Financial Reporting. 2007 FMC Conference Georgia Fiscal Managers – The Key to the Best Managed State. Agenda. Budgetary Reporting Getting Ready for Year-End Financial Reporting Deadlines Capital Assets/Asset Management What’s Next?. Budgetary Reporting. FY 2006

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Financial Reporting

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  1. FinancialReporting 2007 FMC Conference Georgia Fiscal Managers – The Key to the Best Managed State

  2. Agenda Budgetary Reporting Getting Ready for Year-End Financial Reporting Deadlines Capital Assets/Asset Management What’s Next?

  3. BudgetaryReporting

  4. FY 2006 Advent of Program Budgeting “Fuzzy” Guidance – Legal Level of Control System Constraints (identifying program) Resulting lack of Compliance (Auditor’s report) Letter from COO/CFO/SAO Budgetary Reporting

  5. FY 2007 PeopleSoft Redesign (program chartfield) System Integration (PS/BudgetNet) Clearer Direction (SAO/OPB Training) Budgetary Reporting

  6. Outstanding Issues Budgeting carry-over funds Budget Year identification Budgetary Reporting

  7. Progress toward resolution Ongoing collaboration between SAO/OPB in policy development Agency feedback/validation of options 2008 Control level Budgetary Reporting

  8. Getting Ready for Year-End

  9. Reconciliations Subsidiary ledgers to G/L Bank accounts to G/L All activity is on General Ledger Getting Ready for Year-End

  10. Monitor Budgets – Budget Comparison Reports Revenues Expenditures Getting Ready for Year-End

  11. InterUnit Activity Queries Expenditures must be posted for established A/Rs Getting Ready for Year-End

  12. Examine trial balances by funding source Clean-up – look at balances in “old” funds Getting Ready for Year-End

  13. Analysis of fund balance Mail all bank confirmations (June 30) Start (or continue) accumulation of lease data Getting Ready for Year-End

  14. Outstanding Issues I T Expenditures – account 872xxx PeopleSoft Year-End Closing Entry – Restricted Funding Sources Getting Ready for Year-End

  15. PeopleSoft – 2 periods open BE CAREFUL ! Don’t combine budget periods on transactions Getting Ready for Year-End

  16. Financial Reporting Deadlines

  17. July 27 – 29: PeopleSoft Close Forms Deadlines: August 17 Analysis of fund balance (reserves?) Financial Reporting Deadlines

  18. Forms Deadlines: August 24 Revenues based on encumbrances Program/general revenue Allowance for doubtful accounts Financial Reporting Deadlines

  19. Forms Deadlines: August 31 Reserve Requests September 7 Capital Assets/Depreciation Financial Reporting Deadlines

  20. Forms Deadlines: September 14 Capital/Operating Leases (Includes Lease Agreement Data Forms) General Long-Term Debt September 21 Cash and Investments Financial Reporting Deadlines

  21. Forms Deadlines: September 28 General and Other Information CPA Reports due October 1 Financial Reporting Deadlines

  22. Capital Assets/Asset Management

  23. History of “Issues” Multiple Initiatives in progress BLLIP AMP Over-arching policy for Capital and other Assets Capital Assets/Asset Management

  24. Project (still in infancy) Identification of Key Stakeholders SAO OPB DOAS SPC Capital Assets/Asset Management

  25. Areas of Concentration Leases – Capital and Operating Small value/“sensitive” assets CIP – Reconciling with GSFIC Capital Assets/Asset Management

  26. Expected Outcomes Elimination of findings/qualification Single source of record Integration among all systems Capital Assets/Asset Management

  27. Expected Outcomes Enhanced, consistent policies Clearly-defined procedures Account code/system changes Capital Assets/Asset Management

  28. What’s Next?

  29. GASB Statement Nos. 43 and 45 – “OPEB” What’s Next?

  30. GASB Statement No. 48 - Sales and Pledges of Receivables and Future Revenues and Intra-Entity Transfers of Assets and Future Revenues Pertinent section – Asset Transfers (Assets should not be revalued) Effective FY 2008 What’s Next?

  31. AICPA Statements on Auditing Standards (SAS) 104-111 “Risk Suite” [Preview of Session on Internal Controls] What’s Next?

  32. Risk Suite Emphasis on management’s risk assessment, monitoring of controls, and responsibility for account balances Emphasis on proactive programs by management and not just on controls What’s Next?

  33. Risk Suite – SAO Response Evaluation of Requirements Guidance for State organizations What’s Next?

  34. Questions?

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