Intermediate Governmental Accounting. Florida Government Finance Officers Association School of Governmental Finance November 3, 2015

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1 Intermediate Governmental Accounting Florida Government Finance Officers Association School of Governmental Finance November 3, 2015

2 Presenters Justin Stankiewicz Financial Management & Budget Analyst Nassau County Board of County Commissioners Alan Nast, CPA Audit Partner Carr, Riggs & Ingram, LLC

3 Those Charged with Governance Governmental Accounting is a technical topic that requires years of education and practice, HOWEVER don t forget those who we ultimately report to..

4 Refresher: Activities of Government Governmental Funds - General Government - Public Safety Proprietary Funds (Business-Type) - Utility Systems - Economic Development Fiduciary - Agency - Trusts

5 Refresher: Public vs Private Businesses Motivated by PROFITS Focus is on CLIENTS/CUSTOMERS Report financial information to SHAREHOLDERS FULL ACCRUAL accounting Economic Resources Measurement Focus Governments Concerned with PROVIDING SERVICES Focus is on CITIZENS/VOTERS Report financial information to ELECTED OFFICIALS and PUBLIC MODIFIED ACCRUAL accounting Current Financial Resources Measurement Focus

6 Governmental Fund Types Governmental Funds General fund Special revenue funds Capital projects funds Debt service funds Permanent funds Proprietary Funds Enterprise Funds Internal Service Funds Fiduciary Funds Agency Funds Trust Funds

7 General Fund Used to account for and report all financial resources not accounted for and reported in another fund Required by Generally Accepted Accounting Principals (GAAP) Limited to one General Fund per governmental unit

8 Special Revenue Funds What is a Special Revenue Fund? GASB 54 defines Special Revenue Funds are used to account for and report the proceeds of specific revenue sources that are restricted or committed to expenditure for specified purposes other than debt service or capital projects. The term proceeds of specific revenue sources establishes that specific restricted or committed revenues should be the foundation for a special revenue fund.

9 Special Revenue Fund Once a Special Revenue Fund has been properly established (i.e., based on a specific revenue source), a government can transfer additional resources intended for that same purpose into the fund. Interest Earnings and Transfers okay Must disclose purpose of major special revenue funds in Notes to Financial Statements

10 Quiz Question Are governments required to use Special Revenue Funds to report restricted or committed revenue sources??

11 Capital Projects Fund What is a Capital Projects Fund? Capital Projects Funds are used to account for and report financial resources that are restricted, committed, or assigned to expenditure for capital outlays, including the acquisition or construction of capital facilities and other capital assets. Generally used for non-recurring long lived assets Either one or several individual funds may be used

12 Quiz Question Can a gov t purchase capital items which fall below the capitalization threshold from a Capital Project Fund??

13 Debt Service Funds What is a Debt Service Fund? Debt Service Funds are used to account for and report financial resources that are restricted, committed, or assigned to expenditure for principal and interest payments. Fund balance in a debt service fund is generally reported as restricted

14 Quiz Question Is a Debt Service Fund required to be used for all debt service activity??

15 Permanent Fund What is a Permanent Fund? Permanent Funds should be used to account for and report resources that are restricted to the extent that only earnings, and not principal, may be used for purposes that support the reporting government s programs.

16 Fund Balance GASB 54, Issued February 2009 Creates Five Buckets of Fund Balance 1. Nonspendable (any governmental fund) 2. Restricted (any governmental fund) 3. Committed (any governmental fund) 4. Assigned (any governmental fund) 5. Unassigned (General Fund only, one exception)

17 Fund Balance Nonspendable - The nonspendable fund balance classification includes amounts that cannot be spent because they are either (a) not in spendable form or (b) legally or contractually required to be maintained intact For Example: Inventories, Prepaids, Long-term receivables

18 Fund Balance Restricted - amounts that are restricted to specific purposes by: external creditors (such as through debt covenants), grantors, contributors, or laws or regulations of other governments; or imposed by law through constitutional provisions or enabling legislation Know grant requirements and Florida Statutes

19 Fund Balance Committed - Amounts that can only be used for specific purposes pursuant to constraints imposed by formal action of the government's highest level of decision-making authority. Committed amounts cannot be used for any other purpose unless the government removes or changes the specified use by taking the same type of action it employed to previously commit those amounts

20 Fund Balance Assigned - Amounts that are constrained by the government's intent to be used for specific purposes, but are neither restricted nor committed, should be reported as assigned fund balance. Intent should be expressed by (a) the governing body itself or (b) a body (a budget or finance committee, for example) or official to which the governing body has delegated

21 Quiz Question Can assigned revenues or resources be reported in a Special revenue fund??

22 Fund Balance Assigned Fund Balance continued: All remaining spendable amounts in governmental funds (except for General Fund) In Governmental funds, negative amounts reported as Unassigned Assignments can occur any time before financial statement are issued General Fund amounts that have constraints Available fund balance used to balance next year s budget (projected deficit budget)

23 Fund Balance Unassigned - is the residual classification for the general fund. This classification represents fund balance that has not been assigned to other funds and that has not been restricted, committed, or assigned to specific purposes within the general fund

24 Fund Balance Fund Balance Disclosures: - Committed gov t highest decision authority - Assigned - the body authorized to assign amounts - Flow Assumption: Policy on when to spend committed, assigned and unassigned when expenditure is incurred that could be payable from either - Same true for restricted or unrestricted fund balance in Enterprise Funds - Minimum Fund Balance Policy

25 Quiz Question What is the best source of information on near-term financial position?? a. Government-Wide Financial Statements b. Fund Financial Statements c. Statistical Section d. None of the Above

26 Governmental Fund Financial Statements Since uses CURRENT FINANCIAL RESOURCE MEASUREMENT and MODIFIED ACCRUAL: Do not report Capital Assets or related Depreciation Do not report Prepaids, unless consumption method elected Do not report Long-Term Debt such as Notes Payable, Bond Payable, OPEB, compensated absences (one exception), soon coming unfunded pension liability, etc. Principal and Interest payments are expenditures Debt proceeds and Sale of Capital Assets (if material) are recorded as Other Financing Sources

27 Governmental Fund Financial Statements Governmental Funds Two Statements Balance Sheet Statement of Revenues, Expenditures and Changes in Fund Balances Reconciliation Schedules to Government-Wide Balance Sheet to Statement of Net Position Statement of Revenues, Expenditures and Changes in Fund Balance to Statement of Activities

28 Proprietary Funds Used when government acts like a business If government provides goods and services to external users Enterprise Fund (Utility System) If government provides goods and services to internal users Internal Service Fund

29 Proprietary Funds Must use and Enterprise Fund if ONE of the following criteria is met: Activity is financed with debt that is secured solely by a pledge of revenues from fees and charges of the activity Laws require activity s cost must be recovered by fees and charges rather than general taxes Pricing policy of activity is designed to recover costs (including capital costs)

30 Proprietary Fund Financial Statements Measurement Focus = ECONOMIC RESOURCES Basis of Accounting = ACCRUAL Capital Assets, long-term debt, depreciation reported, Gain/Loss on sale of capital assets recorded Three Statements: - Statement of Net Position - Statement of Revenues, Expenses and Changes in Net Position - Statement of Cash Flows

31 Quiz Question Does an enterprise fund have to fully recover its costs through user fees or be self-sufficient?

32 Major Fund Determination General Fund is always a major fund Other major funds are those that meet both of two criteria established by GASB 34: 1. Total assets + deferred outflows, liabilities + deferred inflows, revenues, or expenditures/expenses of that individual governmental or enterprise fund are at least 10% of the corresponding element total for all funds of that category or type (that is, total governmental or total enterprise funds) 2. The same element that met the 10% criterion above is at least 5% of the corresponding element total for all governmental and enterprise funds combined.

33 Fiduciary Funds 1 or 2 Statements Statement of Fiduciary Net Position Agency Funds act like an agent Trust Funds - OPEB and Pensions Statement of Changes in Fiduciary Net Position Necessary for Retirement Systems and OPEB Trust Funds

34 Revenue Recognition Governmental Fund level revenue is recorded when MEASURABLE and AVAILABLE. Modified accrual basis of accounting. Proprietary Funds and Government-Wide Statements follow private accounting revenue recorded when MEASURABLE. Accrual basis of accounting Available? Depends on Government s policy. Typically 60 or 90 days. Must be defined in Note 1 of financial statements.

35 Revenue Recognition Sales tax revenue recognized When in hands of government collecting agents (merchants/vendors) - Should be accrued Expenditure driven grant revenue recognized When grant expenditures have occurred and other grantrelated requirements have been met If payment has not been received record revenue/deferred inflow depending on measurable and available criteria Donation revenue recognized When a legal claim establish usually when cash is received Once deposited, donations become public funds

36 Deferred Inflows & Outflows GASB 63, Issued June 2011 Was applicable for periods beginning after December 15, 2011 (9/30/13) Basic Overview: Changed Net Assets to Net Position and blew the old accounting equation (A= L + E) out. Now Assets + Deferred Outflows = Liabilities + Deferred Inflows + Net Position Prohibits the use of the word deferred in other parts of financial reporting (Unearned)

37 Deferred Inflows & Outflows Deferred Outflow of Resources - Consumption of net assets by governments that is applicable to a future reporting period - Has a positive effect of net position, similar to assets Deferred Inflow of Resources - Acquisition of net assets by governments that is applicable to a future reporting period - Has a negative effect on net position, similar to liabilities

38 Deferred Inflows & Outflows GASB 65, Issued March 2012 Applicable for periods beginning after December 15, 2012 (9/30/14) What are Deferred Inflows? (former liabilities) Unavailable revenue in governmental funds Deferred amounts from refunding of debt Grants received in advance of meeting timing requirements Taxes received in advance Proceeds from sales of future revenues Deferred gain from sale-leaseback

39 Deferred Inflows & Outflows What are Deferred Outflows? (former assets) Grant paid in advance of meeting the timing requirement Deferred amounts from refunding of debt Costs to acquire rights to future revenues Deferred loss from sale-leaseback What was GASB thinking?

40 Quiz Question What is the best source of information on net position?? a. Government-Wide Financial Statements b. Governmental Fund Financial Statements c. Balance Sheet d. None of the Above

41 Government-Wide Financials GASB 34 Changed the governmental world as we knew it. Wanted governments to report like private sector. Converts Fund Financials, Modified Accrual to Full Accrual Separates Governmental Activities and Business- Type Activities Located before Fund Financial Statements

42 Government-Wide Financials Statement of Net Position Shows Capital Assets (net of Depreciation) Records Noncurrent Liabilities (separates amounts due within one year and due more than one year) Changes Fund Balance to Net Position Net investment in capital assets Restricted Unrestricted

43 Government-Wide Financials Statement of Activities Demonstrates the degree to which the direct expenses, of a given function or segment, are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include 1) charges to customers 2) grants and contributions (broken between capital and operating) WORST FINANCIAL STATEMENT EVER!

44 Government-Wide Financials NEW PENSION STANDARDS GASB 67 and GASB 68 Effect on FRS members Prior Period Adjustment Valuation Date vs Reporting Date Deferred Inflows and Deferred Outflows More Disclosures

45 Quiz Question Which financial statement displays your government s financial status at year end?? a. Statement of Activities b. Statement of Net Position c. Statement of Revenues, Expenditures & Changes in Fund Balances

46 Management Discussion and Analysis What the MD&A Isn t: The auditor s responsibility Replacement for transmittal letter Made up only of graphics Focused on entire reporting entity Primary Government only Place to put just about anything Boilerplate discussion & technical jargon

47 Management Discussion and Analysis What the MD&A Is: Discussion of Basic FS Condensed Comparative Data Overall Analysis of Financial Position and Results of Operations Fund Analysis Budget Variances in General Fund Capital Asset and LTD activity Infrastructure Other Potentially Significant Matters Unaudited

48 Required Supplementary Information RSI Consists of: 1. Management s Discussion and Analysis 2. Budgetary Comparison Exhibits for General Fund and Major Special Revenue Funds 3. Schedule of Funding Progress 4. Schedule of Employer Contributions

49 Supplementary Information SI consists of: 1. Combining Non-major Special Revenue Fund Financial Statements 2. Combining General Funds of BOCC and Constitutional Officers 3. Non-major Special Revenue Funds Budgetary Schedules 4. SEFA 5. Etc.

50 Other Information OI Consists of: 1. Statistical Section of a CAFR 2. Introductory Section of a CAFR

51 Questions ANY QUESTIONS???

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