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 …..
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?
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
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.
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.
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.
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
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
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
Purpose: Provides information about the long-term debt of the district.
General – Debt backed by the district’s full taxing authority
Revenue – Debt backed by specific revenue sources
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 #
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
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
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