Chapter 3. Governmental Operating Statement Accounts; Budgetary Accounting
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1 Chapter 3 Governmental Operating Statement Accounts; Budgetary Accounting 1
2 Definitions! General Fund (GF) " General Administration " Traditional Services! Special Revenue Fund (SRF) " Revenue used for Specified Purpose " Authorized 2
3 Governmental Funds Review! Spending Focus! Current Financial Resources! Modified Accrual! Revenues & Expenditures! No Fixed Assets! No Long Term (LT) Debt 3
4 Additional Characteristics! Budgetary Accounting! Encumbrance Accounting 4
5 Governmental Budgeting! Decisions Reflected in Budget! Fiscal Accountability 5
6 Appropriations Budgets! GF Current / Operating Budget! Expenditure Authority & Revenue Estimates 6
7 Expenditure Classification! Aggregation & Analysis of Data! Crosses Fund & Organizational Lines 7
8 Expenditure Classification! Fund -- Each Activity! Function -- Service Or Program -- Purpose! Organizational Unit -- Departments! Activity -- Line of Work Contributing to Program 8
9 Expenditure Classification! Character -- Fiscal Period Benefit! Object -- Type of Item or Service 9
10 Phases of Budget Cycle! Preparation! Adoption & Approval! Execution (Allotments)! Reporting & Auditing 10
11 Basis of Accounting! GASB / GAAP / Financial Reporting! Government / Budgeting! Reconciliation may be Necessary 11
12 Recording the Budget! Formally Record into Accounting System! Reverse out EOP! No Impact on Financial Statements 12
13 Entry! Journal Entry: Estimated Revenues Fund Balance Fund Balance Appropriations (Estimated Expenditures) 13
14 Budget Accounts Linked to Actual Accounts Est. Revs. (DR) - Act. Revs. (CR) = Revenues to be Earned Approp. (CR) - Act. Expend. (DR) = Balance Available for Expend. 14
15 Impact! Fund Balance Increased or Decreased through budget adoption! Temporary Impact! Budgetary Fund Balance 15
16 Encumbrance Accounting! Additional Appropriation Control! Issuance of Purchase Order Key Event! Journal Entry: Encumbrance (Est.) Reserve for Encumbrance 16
17 Encumbrance Accounting! Goods Received / Payment Approved! Journal Entry: Res. For Encumb. (Est.) Encumb. (Est.) Expenditure (Actual) Vouchers Payable (Actual) 17
18 Encumbrance Accounting! Approp. - Expend. - Encumb. = Balance Avail. for Expend.! Ledger for Control! Balance Sheet Impact 18
19 General Fund Revenues! Increase in Financial Resources Other Than Interfund Transfers & Debt Issue Proceeds! Other Financing Sources " Interfund Operating Transfers " Debt Issue Proceeds 19
20 Revenues! Modified Accrual: " Measurable & Available! Classify by Fund & Source 20
21 GF Revenues! Property Taxes " Accrue When Levied " 60 Days After EOP " Uncollectible Taxes " Penalties & Interest 21
22 GF Revenues! Sales & Income Taxes! Special Assessments! Licenses & Permits 22
23 GF Revenues! Intergovernmental Revenue " Grants " Entitlements " Shared Revenue 23
24 GF Revenues! Charges for Services! Fines & Forfeits! Miscellaneous 24
25 Other Financing Sources! Operating Transfers " Recurring Transactions Between Funds! Proceeds of Debt Issues! Capital Lease 25
26 Revision of Budget Entry for Resource Inflows! Journal Entry: Estimated Revenues Estimated Other Financing Sources Fund Balance 26
27 Additional Expenditure Issues! Expenditure -- " Decrease in Fund Financial Resources Other than Interfund Operating Transfers! Other Financing Use -- " Operating Transfer Out! Recognize When Liability Incurred 27
28 Revision of Budget Entry for Resource Outflows! Journal Entry: Fund Balance Appropriations Est. Other Financing Uses 28
29 Compound Budget Entry! Journal Entry: Estimated Revenues Est. Other Financing Source Appropriations Est. Other Financing Use Fund Balance 29
30 Accounts Closed to Fund Balance! All Budget Accounts! Encumbrances! Actual Revenues / Other Financing Sources! Actual Expenditures / Other Financing Uses 30
31 Reconciliation of Actual to Budget Amounts! Usually Expenditures Only! Prior Year Expenditures in GAAP Only! Outstanding Encumbrances in Budget Only 31
32 Additional Interfund Transaction Issues! Operating Transfer In / Out! Residual Equity Transfers! Reimbursement! Quasi External 32
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