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Cash Basis Ports Annual Financial Reporting Class

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  • 1. Financial Reporting Cash Basis 2008 Small Ports Conference Leavenworth WA
  • 2. Washington State Auditor’s Office Presentation Cash Basis Ports Annual Financial Reporting Class Presented By: Phillip Parks and Duane Walz Local Government Support Team
  • 3. AGENDA
    • 10:00 – 10:10 Introductions
    • 10:10 – 10:30 Overview of SAO
    • 10:30 – 11:00 Overview of SAO Homepage & Annual Report Publications
    • 11:00 – 12:00 Review of Ports Cash Basis BARS manual
    • 12:00 – 1:00 Lunch
    • 1:00 – 2:00 BARS Manual continued
    • 2:00 – 3:00 Example Cash Basis Financial Reports
  • 4. CLASS OBJECTIVES
    • We will answer the following questions to understand the principals and reporting requirements for “cash” basis annual financial reporting at Ports.
      • Who is SAO?
      • What is an Annual Financial Report?
      • Why do we have an Annual Financial Report?
      • Where does the report go and who uses the data?
      • What are the financial reporting requirements?
      • How do I complete and reconcile the schedules, statements and notes?
      • How do I file the Annual Report?
  • 5. Who is SAO?
    • Washington State Auditor – Elected by Citizens
      • Performs Audits:
        • 2200 local governments
        • 168 State Agencies
      • Accountability Audits ( includes Audit Assessments )
      • Legal Compliance Audits
      • Financial Audits
      • Single Audits – Federal Funding
      • Performance Audits
      • Local Government Support – prescribes BARS
      • Whistle Blower Act – SAO Hot Line (expanded 2008)
      • 350 employees – 14 regional offices
  • 6. SAO Local Government Support Team
    • Christy Raske, CPA, Accounting Services Manager
    • (360) 725-5593 [email_address] Local Government Finance Project & Accounting Questions
    • Alexandra Johnson, CPA, Assistant Manager
    • (360) 725-5596 [email_address] BARS Training, Technical Assistance
    • Phillip Parks, CPA, Assistant Manager
    • (360) 725-5595 [email_address] BARS & Grants Training, Technical Assistance
    • Toni Nelson, Small City Specialist
    • (509) 710-4949 [email_address] Technical Assistance and Training for Small Cities
    • Duane Walz, Local Government Specialist
    • (360) 725-5594 [email_address] Local Government Database and Technical Assistance and Training for Small Cities
    • Lisa Tagman, Administrative Assistant
    • (360) 725-5599 [email_address] BARS Manual Orders, Address Updates, Subscription Services, General Information
    • Helpdesk and reference guides: http://www.sao.wa.gov
  • 7. RCW 43.09.200
      • The State Auditor shall formulate, prescribe, and install a system of accounting and reporting for all local governments, which shall be uniform for every public institution, and every public office and every public account of the same class.
      • The system shall exhibit true accounts and detailed statements of funds collected, received, and expended for account of the public for any purpose whatever, and by all public officers, employees, and or other persons.
      • The accounts shall show the receipt, use and disposition of all public property, and the income, if any, derived there from; all sources of public income …..
  • 8. What does SAO require I do at my Port?
    • LGS Reporting - At a minimum all ports will need to file an annual report with SAO within 150 days of year end.
    • Participate in Audits - The type and extent of auditing will be based on your port revenues, audit history, risk and users of the financial statements.
    • Over $2,000,000 in revenues will have an accountability, legal compliance, and financial audits (also single audit if spend over $500,000 in Federal funding).
    • Between $2,000,000 and $200,000 will usually be limited to an accountability and legal compliance audit.
    • Less than $200,000 will usually have an audit assessment – However, must complete and return the questionnaire!!!
  • 9. SAO Homepage
  • 10. SAO Helpdesk
  • 11. Sample Questions
    • Do you have something that rates accounting software packages? We are currently using ACCPAC and would like something better.
    • Can the Port prepare cash basis financial statements if they have historically prepared financial statements that follow GAAP?
    • We are considering becoming our own Treasurer. We are a small Port with 5 employees. I double as the Finance Manager and Auditor. Could I also be the Treasurer? Do you have guidelines, duties of the Treasurer?
  • 12. Subscription Services
  • 13. Local Government Categories
  • 14.  
  • 15.  
  • 16. What is the Annual Report?
    • Yearly financial activity information assembled in the format required by SAO. The format is described in the Cash Basis Ports BARS manual. It is comprised of:
    • The C-1 Financial statement
    • Financial notes that provide information about the financial condition and organizational performance.
    • Schedules that provide information concerning financial, legal and contractual requirements.
  • 17. Why an Annual Report?
    • RCW 43.09.230 – requires an annual report to be filed within 150 days after year end.
    • Designed to provide essential financial information for management of local government and legislative officials.
    • To inform the public of the financial affairs and condition of their local government.
  • 18. Reports to Duane by end of May! Year End reporting LGCS and LGFRS
  • 19. 2007 Port Filing Statistics
    • 54 of 76 on Time
    • 4 Late
    • 18 Non Filers
    • Filing Format
    • 15 Electronic
      • 14 E-mail & 1 CD
        • 2 PDF
        • 6 Word
        • 7 Excel
    • 43 Paper
  • 20. Where does the Annual Report data go? SAO Receives Annual Report Publication - (LGCS ) Local Government Comparative Statistics Internet - (LGRFS) Local Government Financial Reporting System Intranet (SAO) Local Site for Staff Use - LGCS Reports - FAP
  • 21. LGCS Publication
    • SAO statutorily required to produce
    • Comparative Data
      • City
      • County
      • Port
      • Transit
      • Library
      • Conservation
      • Fire
    • State Library
    • Contact SAO (360) 725-5599 or tagmanl@sao.wa.gov
  • 22. LGCS Sample - Revenues 306.6 34.1 0.0 0.0 110.9 0.0 29.3 0.0 0.0 0.0 6.7 0.0 126.5 0.0 107.2 0.0 4.0 0.0 287.0 23.4 387.2 336.8 0.0 0.0 2,005.4 811.6 1,763.4 0.0 0.0 781.4 489.7 57.2 189.8 0.0 0.0 0.0 586.3 0.0 807.2 0.0 0.0 0.0 1,890.2 0.0 1,216.8 0.0 656.3 345.7 310.2 0.0 0.0 0.0 1,121.2 0.0 2,965.6 327.6 564.0 0.0 1,012.5 355.7 1,632.0 0.0 2,066.4 0.0 0.0 221.4 6,402.9 1,152.1 5,340.4 1,289.4 5,095.3 2,312.8 $608.9 $34.2 $943.2 $3,485.6 $3,220.3 $594.2 Property Tax Other Operating Property Lease/Rental Marine Terminal Marina Airport
  • 23. LGCS Sample - Expenses 129.0 - 69.2 - 150.3 - 12.9 1.0 - - 0.8 - 83.6 39.0 - - - - 312.6 37.3 22.8 208.3 - - - 2,800.4 - - - 1,299.5 573.1 78.5 - - - - 917.5 95.5 - - - - - 997.1 - - 793.2 485.1 142.0 - - - 1,031.0 - 1,123.2 860.1 - - 2,099.9 1,226.5 1,433.9 1,945.5 313.0 - - 862.6 2,525.3 4,563.7 - 2,489.1 5,107.1 4,026.3 $0.0 $617.2 $0.0 $3,273.9 $2,274.9 $946.4 General Admin. Property Lease/Rental Local Option Marine Terminal Marina Airport
  • 24. Internet - LGFRS
    • Created as a result the “1997 Local Government Finance Study”
    • Legislature desired greater access to local Government fiscal data
    • Ten years of data is available on the SAO website
    • Users
      • Legislature
      • State and Federal Agencies
      • Media and Academia
      • Citizens
  • 25.  
  • 26.  
  • 27.  
  • 28. SAO Audit Staff
    • Internal Site for SAO Auditor’s
    • Series of Analytical Reports
    • Source Data – Schedules 04/05/09 and 16
  • 29. LGCS Reports
  • 30.  
  • 31. What are our financial reporting requirements?
    • They are prescribed by SAO
    • and are located at
    • sao.wa.gov/LocalGovernment/BARS/Index.htm
    • Ports Districts Cash Basis
    • Budgeting, Accounting and
    • Reporting System Manual
  • 32. Overview - BARS Manual
    • Part Zero - Introduction
    • Part One - Uniform Chart of Accounts
    • Part Two - Budgeting
    • Part Three - Accounting Issues
    • Part Four - Reporting
    • Part Five - Appendix
  • 33. BARS Manual Review
    • Part Zero – Introduction
    • Reporting requirements
    • Updates
    • Part One – Uniform Chart of Accounts
    • Design and prescription
    • General ledger and Capital Asset accounts
    • Grant Reporting
    • Revenue Accounts
    • Expense Accounts
  • 34. BARS Account Code Structure
    •       
    • ______ ______ ______ ______ ______ ______
    • L L L L L L L L L P P P P P P P
    • ______ ______ ______ ______ ______ ______
    • Fund Local Option Local Option Prime and Element and Object and
    • field field field BASUB Subelement Subobject
    • field field field
    • _______________________/ ________________________/
    • Organizational Number Account Number
    • P = Specific coding is prescribed in the BARS manual.
    • L = The fields are established in the BARS manual, but specific numbers are
    • assigned by each local government.
  • 35. Revenue Coding Example
    • Port furnished electricity to users at Marine Terminal
    • Prime Digit 600 Revenue
    • Basic Account 630 Marine Terminal
    • Subaccount 631 User Charge
    • Element 631.8 Utilities
    • Subelement 631.82 Electricity
    • Object 631.82.X
    • Subobject 631.82.XX
    • Notes:
    • Also expense example in the BARS manual
  • 36. General Ledger and Capital Asset Account Codes
    • Part 1 Chapters 2 & 3 :
    • These account codes are not applicable to Cash Basis Reporting.
    • Entities should use inventory records/ lists to control capital assets they are responsible for.
  • 37. Chapter 4 Grant Revenue Coding
    • Need to know the source of the revenue and whether it is for supporting operational activities or purchasing capital assets (693.XX vs 651.XX).
      • Why did you get the money (capital or operating)?
      • Where did the money come from (State, Federal)?
      • What coding information do you need to record it?
    • Grant Revenue could be from either :
    • Federal (direct or indirect)
    • State
    • Local
    • * Must have a Federal Single Audit if expend $500,000
  • 38. Federal Grant Other than Department of Health and Human Services
    • EXAMPLE: Port receives a grant from FAA. CFDA 20.106 for airport improvement – operational grant.
    • The CDFA - 20.1 06. The BARS coding is 693.20.1X.
    • BARS CODE 6 9 3. 20.6 X
    • 1. Revenue
    • 2. 3. operational
    • 4. 5. 6. First three digits of CFDA number
    • 7. For Local Use
    • 1. For revenue for capital grants use 651.XX.XX
    • 2. Grants from Department of Health and Human Services special coding
    • 693. 9X.XX , use 9 and X.XX are last three digits of CFDA number
  • 39. State Grant – Non federal funds
    • EXAMPLE: Port receives a grant from the State Department of Transportation (agency number 03.6X).
    • The BARS coding is 693.03.6X.
    • BARS CODE 6 9 3. 03.6 X
    • 1. Revenue
    • 2. 3. Operational
    • 4. 5. 6. State Agency Number
    • 7. For Local Use
    • For local grants use numbers 07.0X – 09.99
    • For revenue for capital grants use 651.XX.XX
  • 40. Revenue Account Codes
    • In general revenue accounts are coded by function and detailed by activity within the function.
    • Basic Accounts Function
      • 610 Airport
      • 620 Marina
      • 630 Marine Terminal
      • 640 Local Option
      • Capital Contributions
      • 660 Property Lease Rental
      • 670 Non revenues
      • 680 General and Administrative
      • 690 Non operating
  • 41. Expense Account Codes
    • In general revenue accounts are coded by function and detailed by activity within the function.
    • Basic Accounts Function
      • 710 Airport
      • 720 Marina
      • 730 Marine Terminal
      • 740 Local Option
      • 750 Local Option
      • 760 Property Lease Rental
      • 770 Non expenses
      • 780 General and Administrative
      • 790 Non operating
  • 42. Non Expenses - Debt
    • 77x.xx – Used by single-entry, cash-basis
    • 771.XX – Debt Redemption Principal
        • Interest = 799.91
    • BARS Code is determined by Type of Debt
      • General Obligation – Debt backed by tax dollars
      • Revenue – Debt backed by user fees
    • Principal Amounts should equal Schedule 09
    • Principal + Interest (771.XX + 799.91) total should match Debt section of Notes to Financials
  • 43. Non Operating
    • 799.90
    • 799.91 – Interest Expense
    • 799.92 – Election Expense
    • 799.98 – Environmental Expense
  • 44. Quiz
  • 45. Part Three General Accounting & Issues
    • Describes accounting issues specific to cash basis ports
    • Internal Controls Employee Bonding
    • Electronic Funds Transfer Membership in Organizations
    • Payroll Accounting Cell phones and phone cards
    • Petty Cash Cancelled Checks/ Warrants
    • Voucher Certification Salary Increase for Elected
    • Investments Officials
    • Duplicate Instruments
    • Cash Receipting
    • Promotional Hosting
    • Employee Travel
    • Loss of Public Funds
  • 46. Part Four - Reporting
    • RCW 43.09.230 Financial Reports are to be certified * and sent to SAO within 150 days of yearend.
    • Statements
    • C-1 Statement of Activities Arising from Cash Transactions
    • F-1 Notes to the Financial Statements
    • Schedules
    • 04 Details of Revenues and Other Sources
    • 05 Details of Expenses and Other Uses
    • 09 Long Term Debt
    • 16 Expenditures of Federal Awards/ State & Local Assist.
    • 19 Labor Relations Consultants
  • 47. C-1 Reporting Statement of Activities Arising From Cash Transactions
    • Operating Section
    • Operating Revenues (610’s-60’s and 80’s)
    • Operating Expenditures (710’s-60’s and 80’s)
    • Operating Income or Loss
    • Non operating section
    • Revenues/ receipts (651, 671, 693, 699’s)
    • Expenses/ disbursements (771, 773, 799.xx, .91, .92, .98)
    • (Do not include 672, 772, sale of investments)
    • Total Non operating activity
    • Net Increase (Decrease) in Cash and Investments
    • Beginning Cash and Investments
    • Ending Cash and Investments
  • 48. F-1 Reporting - Notes
    • Example notes are located in the BARS manual.
    • Modify language to describe your entity.
    • Incorporate those areas unique to you and remove those that are not applicable.
    • Must tie back to Statements and Schedules
    • Update EVERY YEAR (refer to BARS manual)
    • Do not need to have exact number as examples
  • 49. Note 1 - SSAP
    • Summary of Significant Accounting Policies (SSAP).
    • This note provides basic information about the Port and the methods used in financial reporting. Need to review and complete applicable sections.
      • Reporting Entity
      • Basis of Accounting
      • Cash, Deposits
      • Capital Assets
      • Investments
      • Compensated Absences
      • Long term debt
      • Risk management
  • 50. Note 2 - Investments
    • Need to list all investments held by the Port
    • If the investments are uninsured or unregistered and held by a third party in the name of the Port the details need to be disclosed.
    • If the Port has derivatives (i.e. complex investment or debt contracts used to increase earnings or hedge costs) the nature of the transactions need to be disclosed.
  • 51. Notes 3 & 4: Property Taxes & Long Term Debt and Capital leases
    • Note 3 Property Taxes:
    • If you receive property taxes you should complete this note.
    • If you have a special tax levy it should be discussed.
    • Note 4 Long Term Debt and Capital Leases:
    • Need to disclose debt by type and give the amortization schedule. If have capital leases use a separate column.
    • Additional information for debt issues should be provided.
    • May want to disclose debt requirements.
  • 52. Notes 5 & 6: Construction in Progress & Pension Plans
    • Note 5 Construction in Progress:
    • If the Port has engaged in construction the status of the individual projects should be disclosed in a schedule. Individual information should be listed so users of the financials will know the status of each project.
    • Note 6 Pension Plans
    • If the port offers pension benefits these need to be disclosed in the notes.
    • If the plan is the State PERS plan the template note may be used.
    • If the Port administers another pension plan the details of the that plan need to be disclosed.
  • 53. Notes 7 & 8: Contingencies and Litigation and Other Items
    • Note 7 Contingencies and Litigation:
    • Disclose any legal or contractual violations and steps taken to resolve them.
    • If there are major lawsuits against the Port the details need to be disclosed. If there is an outstanding amount for a judgment it should be reported on the schedule 9.
    • Note 8 Other Items:
    • Corrections of prior errors Related party transactions
    • Extraordinary events Subsequent events
    • Participation in Joint Ventures Material Commitments
  • 54. Annual Report - Schedules
    • Schedules
      • 04 – Detail of Revenues and Other Sources
      • 05 – Detail of Expenses and Other Uses
      • 09 – Long Term Debt
      • 16 – Expenditures of Federal Awards and State/Local Financial Assistance
      • 19 – Labor Relations Consultant(s)
      • Audit Assessment Survey
          • Districts below $200,000 in total revenue
  • 55. Schedule 04
    • Purpose: To report the revenues for each port so that the State Auditor’s Office can collect information about the total amounts received.
    • Specific account numbers are required.
    • The level of detail should equal that shown in the BARS Manual chart of accounts.
      • To the third digit
      • To the fourth digit for non-operating revenues (699 series)
    • Source data for LGCS and LGFRS
  • 56. Schedule 04 Valid Account Code? Actual Revenues Description BARS Revenue $ 731,065.48 TOTAL REVENUES $ 182,895.41 Proceeds From Sale of Land/Insurance Recoveries 699.8 $ 1,060.11 Miscellaneous Taxes 699.3 $ 140,028.29 Ad Valorem Taxes 699.2 $ 28,555.10 Interest Revenues 699.1 $ 67.73 Miscellaneous Revenues 699.9 $ 315,000.00 Long Term Debt Proceeds 671 $ 12,585.34 Real Property Rentals - Land 664 $ 15,873.50 Property Lease/Rental User Charges 661 $ 35,000.00 Capital Contributions 651 For Year Ended December 31, 2007 DETAILS OF REVENUES AND OTHER SOURCES Schedule 04 PORT OF SAMPLE MCAG 1111
  • 57. Schedule 05
    • Purpose: To report the expenses for each port so that the State Auditor’s Office can collect information about the total amounts received.
    • Specific account numbers are required.
    • The level of detail should equal that shown in the BARS Manual chart of accounts.
      • To the third digit
      • To the fifth digit for non-operating expenses (799 series)
    • Source data for LGCS and LGFRS
  • 58. Schedule 05 Valid Account Code? $ 564,433.09 TOTAL EXPENSES $ 7,338.17 Interest Expense 79991 $ 77,759.42 General & Administrative Expenses 781 $ 330,837.53 Purchase of Capital Assets 773 $ 62,466.36 Debt Redemption 771 $ 37,140.29 Property Maintenance 762 $ 48,891.32 Property Lease Expenses & Operations 761 Actual Expenses Description BARS Expense For Year Ended December 31, 2007 DETAILS OF EXPENSES AND OTHER USES Schedule 05 PORT OF SAMPLE MCAG XXXX
  • 59. Common Errors
    • Invalid Account Codes
      • Check Chart of Accounts
        • Yellow Tabs – Ch. 5 Revenues, Ch. 6 Expenses
      • Grants
        • Yellow Tabs – Ch. 4 Grant Source Codes
      • Amounts on Schedules do not Equal C-1
  • 60. Sample
    • Schedule 04 lists:
    • 610 Airport - User Charges $23,450
    • 610 Airport – Aircraft Parking Fees $7,650
    • 699 Ad Valorem Taxes $157,323
    • 699 Interest $1,311
    • Suggested Account Codes:
    • ____611.00______ Airport – User Charges
    • ____611.30______ Aircraft Parking Fees
    • ____699.20______ Ad Valorem Taxes
    • ____699.10______ Interest
  • 61. Grants
    • Schedule 04 lists:
      • 693 Grants $2,450,000
    • Upon further review, multiple grants were received by:
      • Federal CFDA# 20.106 $2,000,000
      • State DOT $450,000
    • Suggested BARS Codes
      • ___693.20.10___ Federal Aviation Administration
      • ___693.03.60___ Department of Transportation
  • 62. C-1 Reporting - Revenues
    • Schedule 04
    • 611 Airport User Charges $422,322
    • 616 Airport Rentals 101,323
      • 61X Total Airport $523,645
    • 621 Marina User Charges $195,736
    • 626 Marina Rentals 31,923
      • 62X Total Marina $227,659
    • 6991 Interest Income $3,127
    • 6992 Property Taxes $75,009
  • 63. C-1 Reporting – Revenues
    • OPERATING REVENUES:①
    • 61X Airport operations $523,645
    • 62X Marina operations $227,659
    • 63X Marine terminal operations __________
    • 66X Property lease/rental operations __________
    • 68X General and administrative __________
    • 64X Other:____________________ __________
    • Total Operating Revenues $751,304
    • Non-Operating
    • 6991 Interest Income $3,127
    • 6992 Taxes Levied $75,009
  • 64. C-1 Reporting - Expenses
    • Schedule 05 Subtotals
      • 711 Airport - Operations $324,572
      • 713 Airport - Maintenance 50,227
            • Total Airport $ 374,799
      • 721 Marina - Operations $173,127
      • 723 Marina - Maintenance 75,009
            • Total Marina $ 248,136
      • 771.20 Debt Principal $50,000
      • 799.91 Debt Interest $5,232
  • 65. C-1 Reporting – Expenses
    • OPERATING EXPENSES:①
    • 7X1 General Operations $_497,699__
    • 7X3 Maintenance __125,236__
    • (781+783)General and Administrative __________
    • 74X Other:____________________ __________
    • 75X Other:____________________ __________
    • Total Operating Expenses ___622,935_
    • Non-Operating
    • 771.X Principal paid on long-term debt __50,000___
    • 799.91 Interest paid on long-term debt ___5,232___
  • 66. Schedule 09
    • Purpose: Provides information about the long-term debt of the district.
    • Two Categories
      • General – Debt backed by the district’s full taxing authority
      • Revenue – Debt backed by specific revenue sources
  • 67. Schedule 09 940,382 43,962 0 984,344 Total 910,000 40,000 0 950,000 12/1/22 6/15/03 LTGO #1 251.11 30,382 3,962 0 34,344 01/01/21 8/15/01 Cerb #1 263.91 Ending Outstanding Debt Amount Redeemed in Current year New Debt Issued Beginning Outstanding debt Date of Maturity Date of Issue Purpose ID #
  • 68. Common Errors
    • ID numbers are missing
    • Math Errors
      • ( Beginning + New Issues – Redeemed = Ending )
    • Last Year’s Ending Balance does not equal Current Year’s Beginning
    • Amounts Redeemed on Schedule 09 should equal Principal Payments on Schedule 05 (771.X0) and Statement C-1
    • Amount Issued on Schedule 09 should equal Debt Proceeds (671.X0)on Schedule 04 and Statement C-1
  • 69. Sample Edit Report - Principal   0       Difference       70,380       9  Total Schedule     20,380 2.0    251.11  771.10    50,000 1.0    251.11  771.10    70,380       5  Total Schedule     70,380 10.0  401     771.10  Fund No Account   Amount Line No Edit ID No Edit Year: 2007 Edit Report for MCAG: PORT OF SAMPLE Long Term Debt Detailed Comparison Report
  • 70. Sample Edit Report - Proceeds 0   Difference      250,000 9  Total Schedule       250,000   771.20  1.0    250,000 4  Total Schedule       250,000   671.10  6.0  401   Account Fund No Amount Special Edit Line No Edit Year: 2006 Edit Report for MCAG: 0437 - 0437 Debt Proceeds Detailed Report
  • 71. Statement C-1
    • NONOPERATING REVENUES/RECEIPTS (EXPENSES/DISBURSEMENTS):
      • (699.10) Interest income __________
      • (699.20) Taxes levied for: __________
      • (699.80) Disposal of capital assets __________
      • (773.30) Purchase of capital assets __________
      • (671.X0) Long-term debt proceeds __$250,000_
      • (771.X0) Principal paid on long-term debt __$70,380__
      • (799.91) Interest paid on long-term debt __________
      • (699.61) Gain (loss) on investment __________
      • (65X) Capital contributions __________
      • (699.50) Extraordinary/Special items __________
      • (679, 699.90) Other Non-operating revenues __________
      • (779, 799) Other Non-operating (expenses) __________
      • (799.92) Election expenses __________
  • 72. Schedule 16
    • An essential document for planning and conducting the audit of your organization.
    • If $500,000 or more in federal awards are expended in a year, you must contact the State Auditor’s Office
    • Consists of two Schedules
      • Federal and State
  • 73. Schedule 19
    • Statutorily required since the 1993 Legislature required the State Auditor’s Office to collect
    • The public has a right to be kept informed about the role of outside consultants in public sector labor relations
    • A labor relations consultant is someone who agrees to perform such services for compensation.
    • Required to be filed regardless if a labor consultant is hired
  • 74. Audit Assessment Survey
    • Districts with revenues consistently less than $200,000
    • Once completed and returned, the assessment is reviewed.
    • If an assessment is not completed and returned, district will have a regular audit
    • Will be a component of the Annual Report
  • 75. Annual Report Filing
    • Before filing, must complete a review process
    • Mailto:
      • Annual Report
      • Local Government Support
      • PO Box 40031
      • Olympia, Wa. 985004-0031
    • E-Mail:
      • [email_address]
    • Review CD Materials
  • 76. Audit Preparation
    • The following document describes auditor procedures when conducting an audit of a cash basis Port. This details specific steps in a financial audit; note, some of the steps may not be applicable.
    • Verify the correct financial statements, notes and schedules are present and tie to each other.
    • Preliminary procedures – analytical and high risk analysis.
    • Internal controls evaluation – knowledge and oversight.
    • Audit procedures to determine if financial statements represent the transactions that took place at the port.
  • 77. Questions???