Local/State/Federal/ GASB Reporting

Local / State / Federal / GASB Reporting System - OML

LOCAL

On-Demand (Daily, Weekly, Monthly, Quarterly or Annually)

1. Budget Status - Consists of two (2) pages per fund; the first page detailing receipts by receipts category and code, the second page detailing disbursements and encumbrances by department and expenditure object category.

2. Treasurer’s Report – Summary of Cash Receipts, Disbursements and Unencumbered Cash by Fund and Account

3. Audit - Account Detail (Fund Number/Receipt Code or Fund Number/Department Number/Expenditure Object Code) shows all transactions recorded against a selected account for the time period selected.

4. Audit - Cash Receipts / Disbursements Analytical Review is a report comparing prior / current year actuals with variance amounts and percentages.

5. Audit - Utility Billing Analytical Review for each Utility / Rate code calculates the total amount billed, number of customers, number of units billed and calculates the average billing per rate code and average units consumed per rate code.

6. Audit - Payroll Analytical Review for each department per payroll and benefit expenditure object code, calculates the total disbursements, number of employees and computes the average per employee.

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Crawford & Associates, P.C. Certified Public Accountants and Advisors to Government

10308 Greenbriar Place, Oklahoma City, OK 73159 (405) 691-5550 www.crawfordcpas.com

Benefits:

• An Affordable Governmental Reporting Solutionfor Oklahoma Cities / Towns under 5,000 in Population!

• Oklahoma Compliant Reporting Includes Digitized Images of all Input Documents & Reports

• OML Members Receive Hardware, Software & Unlimited PEOPLEWARE Including DESKTOP Response (Interactive On-Line Support) from Crawford & Associates

24 Hours / Day - 7 Days / Week

Oklahoma Municipal League (OML)’s affordable, 32 bit, browser-based Local / State / Federal / GASB Reporting System utilizes your local PC(s) to operate the programs and access your data, including digitized images of all your input documents and reports, on our “server farm” via the Internet.

Easily operated by cities / towns under 5,000 in population, OML’s “Remote Processing Option” guarantees Oklahoma compliance by utilizing unlimited processing / storage in a 100% secured environment to deliver all of the required reports (interim accounting and audit plus any related Local / State / Federal / GASB) on your local printers. A “Resident Processing Option”, operating programs / data on your file server, is also available.

OML Members also receive Hardware, Software & unlimited local PEOPLEWARE (data translation, installation / training, regulatory / user defined / vendor enhancements and support, including DESKTOP Response (Interactive On-Line Support) from Crawford & Associates, P.C. (C&A) twenty-four (24) hours / day - seven (7) days / week.

Although OML’s Local / State / Federal / GASB Reporting System is one of the most sophisticated governmental accounting and reporting solutions available today, our “state of the art” design successfully blends knowledge of governmental accounting with the experience of local experts, resulting in increased reporting efficiency, a corresponding reduction in member labor and the added benefit of lower audit fees.

No Source Document or Report is Ever Lost Again!


STATE

Monthly

1. Oklahoma Sales Tax Collection / Remittance

2. Oklahoma Sales Tax Collection Audit

Annually

3. Oklahoma Budget Document / Municipal Budget Act - Contains Expenditures by Fund and Department, contains Present Salary, Budgeted Salary, Overtime Pay, FICA, Retirement, Insurance, Worker’s Comp, Unemployment, Other, and Total Benefits and Total Personnel Costs by Department and Employee, a Department Budget Summary, an Individual Fund Summary, a Fund Type Budget Summary, a Combined Budget Summary and a Message document.

4. Oklahoma General Fund Estimate of Needs (SA&I – 2641R99) - For Municipalities not adopting the provisions of the Municipal Budget Act. Contains a prior year Financial Report and current year Budget for the General Fund.

5. Oklahoma Sinking Fund Estimate of Needs - Reports annual Sinking Fund requirements to the County Excise Board.

6. Oklahoma Survey of City and Town Finances – Departmentalized (SA&I - 2643) - Auditor report detailing the funds available to the municipality and the use of those funds including information relating to the duly constituted authorities of the municipality (public trusts, etc.) for the fiscal year. For use by the Office of the State Auditor, the Oklahoma Municipal League, public interest groups and State and Federal agencies. This information is also furnished to the Census Bureau.

7. Oklahoma Survey of City and Town Finances - Non-Departmentalized (SA&I - 2644) - Non-Departmentalized version of the SA&I-2643 for smaller municipalities.

8. OML Municipal Budget Survey - Fiscal year report due to the Oklahoma Municipal League in August; budgetary information from this report is published in OC&T, used for lobbying backup at the State legislature, press releases and for other general research purposes for cities and towns.

9. OML Utility Rate Survey - Contains Cost of Residential Water Consumption, Sewer Usage, Refuse Collection, Solid Waste Disposal and Recycling Information, Residential and Commercial Rates of Municipality owned Electric Systems, Gas Systems, and Cable TV.

10. OML Salary and Benefits Survey - Reports Municipality as being Category 1 - one or more bargaining units or no bargaining unit and greater than 10,000 population OR Category 2 – no bargaining units and less than 10,000 population, Population, Form of Government, Number of full-time and part-time employees, square miles, number of employees, Max and Min Pay, most frequent rate of pay (MFRP), Steps and Years, Bargaining Unit and Pay Changes information.

FEDERAL

Quarterly

1. Employer’s Quarterly Federal Tax Return (Form 941)

Annually

2. Summary and Transmittal of US Information Returns (Form 1096/1099)

3. Wage and Tax Statement (Form W-2)

4. Natural and Supplemental Gas Supply and Disposition (EIA-176) - Mandatory report under the Federal Energy Administration Act of 1074 (Public Law 93-275) to the U. S. Department of Energy, Energy Information Administration

5. Electric Utility Report (EIA-861) - Mandatory report under the Federal Energy Administration Act of 1074 (Public Law 93-275) to the U. S. Department of Energy, Energy Information Administration

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GOVERNMENTAL ACCOUNTING STANDARDS BOARD (GASB-34) NEW FINANCIAL REPORTING MODEL

Annually

Government-Wide Financial Statements

Government-Wide Financial Statements are designed to provide a broad overview of a governmental entity’s finances. These statements consist of a Statement of Net Assets (i.e., a statement of financial position) and a Statement of Activities (i.e., a statement of operations). Both of these statements separate the activities of the governmental entity into two categories: (1) governmental activities which are financed primarily by taxes and intergovernmental revenues, and (2) business-type activities which are financed primarily by user fees.

1. Government-Wide Statement of Net Assets presents the governmental entity’s assets, liabilities, and net assets. Total net assets equal total assets less total liabilities. Changes from year to year in total net assets shows whether the governmental entity’s financial position is improving or getting worse.

2. Government-Wide Statement of Activities shows total expenses for each of the governmental entity’s major functions and programs (e.g., general government, public safety, highways, utility operations, etc.) as well as revenues generated specifically by or for that program (i.e., user fees and grants). The difference between a program’s total expenses and revenues generated specifically for that program shows the extent to which that program is supported by general revenues (e.g., taxes).

Fund Financial Statements

A fund is an “accounting” entity with a self-balancing set of accounts designed to maintain control over financial resources that must be segregated for a specific function or activity. Fund financial statements can be categorized into three groups based on the type of fund: (1) “Governmental Fund” fund financial statements, (2) “Proprietary Fund” fund financial statements, and (3) “Fiduciary Fund” fund financial statements.

“Governmental Fund” Fund Financial Statements

“Governmental Fund” fund financial statements are designed to provide a more detailed financial presentation of governmental activities than that shown in the government-wide financial statements. Also, “Governmental Fund” fund financial statements focus on short-term spending and financing rather than the overall financial health of the governmental entity as a whole.

“Governmental Fund” fund financial statements consist of two statements: (1) a Balance Sheet, and (2) a Statement of Revenues, Expenditures, and Changes in Fund Balances.

3. Governmental Fund Balance Sheet shows a fund’s fiscal year-end balances of spendable resources (i.e., fund assets less fund liabilities).

4. Governmental Fund Statement of Revenue and Expenditures shows sources of revenues for the fund and how those resources were used.

“Proprietary Fund” Fund Financial Statements

There are two types of Proprietary Funds – Enterprise Funds and Internal Service Funds. Enterprise Funds are used to account for specific business-type activities such as a water utility operation, and thus are reported as business-type activities in the government-wide financial statements. Internal Service Funds are also used to account for business-type activities, such as a motor vehicle pool. However, because Internal Service Funds provide services primarily to the governmental entity itself, their finances are reported as governmental activities in the Government-Wide Financial Statements.

“Proprietary Fund” fund financial statements present the same type of financial information that is presented in the Government-Wide Financial Statements but in more detail. That is, the focus of the statements is on the overall financial health of the specific business activity that the fund accounts for. “Proprietary Fund” fund financial statements consist of three statements: (1) a statement of net assets, (2) a statement of revenues, expenses, and changes in fund net assets, and (3) a statement of cash flows.

5. Proprietary Fund Statement of Net Assets presents the fund’s assets, liabilities, and net assets. Total net assets equal total assets less total liabilities. Changes from year to year in total net assets shows whether the financial position of the fund (i.e., business activity) is improving or getting worse.

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GOVERNMENTAL ACCOUNTING STANDARDS BOARD (GASB-34) NEW FINANCIAL REPORTING MODEL

Annually

6. Proprietary Fund Statement of Revenues, Expenses and Changes in Fund Net Assets shows detailed financial activity of the fund (i.e., business activity) for the year. This statement is basically an income statement showing the business activity’s net income for the year.

7. Proprietary Fund Statement of Cash Flows shows detailed inflows and outflows of cash in the fund for the year.

“Fiduciary Fund” Fund Financial Statements

Fiduciary Funds are funds that are used to account for resources held for the benefit of parties outside of the governmental entity itself, such as a pension fund or a trust fund. These funds are not included in the Government-Wide Financial Statements. The “Fiduciary Fund” fund financial statements are similar to the Financial Statements for Proprietary Funds (i.e., Statement of Net Assets, Statement of Revenues, Expenses, and Changes in Fund Net Assets, and a Statement of Cash Flows).

8. Fiduciary Fund Statement of Net Assets presents the fund’s assets, liabilities, and net assets. Total net assets equal total assets less total liabilities. Changes from year to year in total net assets shows whether the financial position of the fund is improving or getting worse.

9. Fiduciary Fund Statement of Changes in Net Assets shows detailed financial activity of the fund for the year. This statement is basically an income statement showing the fund’s net income for the year.

“Budgeting” Financial Statements

10. Budgetary Comparison Schedule shows a detailed comparison of actual revenues and expenditures compared to budgeted revenues and expenditures. This statement is required for the general fund and major special revenue funds that have legally adopted annual budgets. The purpose of this statement is to demonstrate compliance with the legally adopted budget.

Capital Assets Reporting

Two Capital Asset related schedules are required to be shown in the notes to the Financial Statements: (1) a schedule of Changes in Capital Assets, and (2) Depreciation Expense by Function / Program.

11. Changes in Capital Assets for the Year shows the capital asset activity for the year. It shows beginning balances, additions, retirements, and ending balances for all capital assets as well as related accumulated depreciation. Separate schedules must be shown for “governmental activity” capital assets and “business-type activity” capital assets. Further, the capital assets must be broken down by major class, such as land, buildings, equipment, infrastructure, etc.

12. Depreciation Expense by Function / Program for the Year is a detailed schedule showing depreciation expense charged to the functions/programs of the governmental entity must be included in the notes to the financial statements. The amounts shown in this schedule should agree with the depreciation expense amounts reported in the government-wide financial statements.

13. Audit - Listing of all Capital Assets can be run at any time, lists all recorded capital assets for inventory and accountability purposes.

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Local/State/Federal/ GASB Reporting

Documents

Transcript of Local/State/Federal/ GASB Reporting