Transcript CDE Public School Finance Training Webinar FPP Handbook and COA Changes Update December 8, 2011 at 2pm.

CDE
Public School Finance
Training Webinar
FPP Handbook and COA
Changes Update
December 8, 2011 at 2pm
Financial Policies and Procedures Handbook
http://www.cde.state.co.us/cdefinance/sfFPP.htm
Financial Policies and Procedures Handbook
Purpose of the FPP Handbook
• 1)
To summarize state and federal general
requirements regarding the management and
reporting of financial data.
• 2) To ensure that educational financial data are
reported in a comprehensive and consistent
manner.
• 3) To provide information and guidance regarding
the budgeting, accounting, reporting, auditing,
investment and cash management of educational
finances.
Purpose of the FPP Handbook
• The Handbook has been developed to conform to
generally accepted accounting principles (GAAP)
for governments and compliance with legal
provisions.
• Any reference to “school district(s)” also includes
Charter
Schools,
Boards
of
Cooperative
Educational Services (BOCES), Charter School
Collaboratives, and Charter School Institute (CSI).
Financial Policies and Procedures
• C.R.S. 22-44-204(3) requires that the Financial
Policies and Procedures Handbook shall be used
by every school district in the development of the
budget, in the keeping of financial records and in
the periodic presentation of financial information to
the board of education of the district.
• The FPP Handbook includes (as the Red Book) the
required statewide Chart of Accounts (COA).
Financial Policies and Procedures
• State Audit law also requires school district auditors
to ensure, in their annual financial audit, that school
districts are complying with the requirement to use
the Handbook. C.R.S. 29-1-603(1).
FPP Handbook Table of Contents
•
•
•
•
•
•
•
•
Procedures
Budget
Accounting and Reporting
Audit
Investment and Cash Management
Glossary
Appendices
Contacts
FPP Handbook Changes
• Under “Accounting and Reporting” Section:
• A discussion of the new “Non-voter Approved Debt
Service Fund” was added.
• Fund code 39 should be used for Non-voter
Approved Debt.
• Fund 39 must not be comingled with any voter
approved debt activities.
FPP Handbook Changes
• Under “Budget” Section:
• Clarification was added to the section on “District
Emergency Reserve”
• If you are considering – call me at 303-866-6610 to
discuss.
FPP Handbook Changes
• Under “Accounting and Reporting” and “Audit”
Section:
• A discussion of the requirement that all charter
schools must have a separate independent
financial audit.
• A Federal finding that we could not avoid.
• A copy of the letter to charter schools and their
authorizers is on CDE’s website under FPP.
FPP Handbook Changes
• Under “Glossary” Section:
• Add an item for “On-line Schools and Programs”
• Discusses the new requirement to track on-line
school and program activities using a unique and
specific location code (461 to 469)
FPP Handbook Changes
• Under “Accounting and Reporting” Section:
• Added additional information related
Financial Transparency Act requirements.
to
the
Financial Transparency Act
With the passage of HB10-1036, The
General Assembly enacted the "Public
School Financial Transparency Act",
which directs local education providers to
post financial information on-line, in a
downloadable format, for free public
access.
Local Education Provider
•
•
•
•
•
School District
Board of Cooperative Services
State Charter School Institute
District Charter School
Institute Charter School
Compliance Timeline
Commencing July 1, 2010
• FY2009-10 and FY2010-11 Annual Budgets
– District Budget Document
– Uniform Budget Summary Sheet
• FY2009-10 Financial Audit
• Quarterly Financial Statements
• Salary Schedules or Policies
Compliance Timeline
Additionally commencing July 1, 2011
• Accounts Payable Check Registers
• Credit, Debit and Purchase Card Statements
Compliance Timeline
Additionally commencing July 1, 2012
• Investment Performance Reports
Compliance Timeline
Each local education provider
shall update the information
specified within sixty days after
the completion or receipt of the
applicable report, statement, or
document.
Financial Transparency Act
22-44-304 (2) C.R.S.
Nothing shall direct or require a local
education provider to post personal
information relating to payroll, including
but not limited to payroll deductions or
contributions, or any other information
that is confidential or otherwise protected
from public disclosure pursuant to state or
federal law.
Financial Transparency Act
A local educational provider shall
maintain the prior two budget
years’ financial information on-line
until the end of the current budget
year.
Financial Transparency Act
A link shall be provided to CDE’s
website or the location information
for CDE’s website where a
member of the public may access
information or reports that are
submitted directly to CDE.
Website Link
Budget – contents – mandatory
C.R.S. 22-44-105
• The budget shall be presented in the format established
by the state board of education.
• The budget shall:
– Be presented in a summary format, understandable to
layperson.
– Be presented in a summary format that allows for
comparisons of revenues and expenditures among
school districts by pupil.
– Be presented in a format that itemizes expenditures
by fund, by pupil.
Budget – contents – mandatory
C.R.S. 22-44-105
– Describe the expenditure
– Show amount budgeted for current fiscal year
– Show the amount estimated to be expended for the
current fiscal year
– Show amount budgeted for ensuing fiscal year
– Summarize revenues by revenue source
– Summarize expenditures by function (program), fund
and object
Budget – contents – mandatory
C.R.S. 22-44-105
– Include a uniform summary sheet for each fund that
details the following:
• Beginning fund balance and estimated ending fund
balance
• Anticipated fund revenue by source
• Anticipated transfers and allocation to and from the fund
• Anticipated expenditures by program and object
• Amount of reserves
FY2010-11 SUMMARY BUDGET
SCHOOL DISTRICT
Budgeted Pupil Count
BEGINNING FUND BALANCE
(Includes ALL Reserves)
DISTRICT
CODE
10
General Fund
11
Charter School
Fund
18
Insurance
Reserve / RiskManagement
19
Colorado
Preschool
Program
21
Capital Reserve
0.0
Object/ Source
REVENUES
Local Sources
1000 - 1999
Intermediate Sources
2000 - 2999
State Sources
3000 - 3999
Federal Sources
4000 - 4999
TOTAL REVENUES
0.00
0.00
0.00
0.00
0.00
TOTAL BEGINNING FUND BALANCE & REVENUES
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
TOTAL ALLOCATIONS TO/FROM OTHER FUNDS
5600,5700, 5800
TRANSFERS TO/FROM OTHER FUNDS
5200 - 5300
Other Sources
5100,5400,
5500,5900,
5990, 5991
AVAILABLE BEGINNING FUND BALANCE &
REVENUES (Plus or Minus (if Revenue) Allocations
and Transfers)
QUARTERLY FINANCIAL REPORT 22-45-102(1)(b)(I-IV)
Statue requires the board of education to review the financial condition of the district at least quarterly during the fiscal year. The board
shall required the appropriate district personnel to submit a financial report covering the fiscal actions involving the general fund and any
other funds that the board may request, at least quarterly.
GENERAL FUND
FY20XX-20XX (Prior Year)
FY20XX-20XX (Current Year)
For Period Ending September 30, 20XX
For Period Ending September 30, 20XX
BUDGET
ACTUAL
250,000.00
250,000.00
REVENUE
3,000,000.00
650,000.00
EXPENDITURES
3,000,000.00
250,000.00
BEGINNING FUND BALANCE
ENDING FUND BALANCE
CAPITAL
RESERVE
ACTUAL
PERCENTAGE OF EXPECTED YEAR END
BUDGET
BALANCE
260,000.00
21.67%
3,120,000.00
680,000.00
21.79%
750,000.00
25.00%
3,080,000.00
760,000.00
24.68%
150,000.00
60.00%
290,000.00
180,000.00
62.07%
FY20XX-20XX (Prior Year)
FY20XX-20XX (Current Year)
For Period Ending September 30, 20XX
For Period Ending September 30, 20XX
BUDGET
ACTUAL
10,000.00
REVENUE
131,000.00
32,751.00
EXPENDITURES
130,000.00
11,000.00
ENDING FUND BALANCE
BUDGET
250,000.00
10,000.00
BEGINNING FUND BALANCE
PERCENTAGE OF
BUDGET
PERCENTAGE OF
BUDGET
BUDGET
ACTUAL
300,000.00
PERCENTAGE OF EXPECTED YEAR END
BUDGET
BALANCE
11,000.00
11,000.00
25.00%
131,000.00
32,751.00
25.00%
8,000.00
6.15%
133,000.00
40,000.00
30.08%
34,751.00
315.92%
9,000.00
3,751.00
41.68%
Specific Resolution Needed for Use of Portion of BFB
9,000.00
Website Link
District Website Links
Adams 12 Five Star
Website
Colorado Springs 11
Website
The Academy of Charter Schools
Website
Don’t make the page hard to find, it should be no
more then 1-2 mouse clicks from the homepage.
PSFU Website Links
Public School Finance Homepage
Website
FY2011-12 Funding Information
Website
Public School Finance Self-Study Training Sessions
Website
Chart of Accounts
http://www.cde.state.co.us/cdefinance/sfCOA.htm
Chart of Accounts
Chart of Accounts Table of Contents
Introduction
Fund
Location
Special Reporting Element
Program
Object/Source/Balance Sheet
Job Classification
Grant/Project
Optional Dimensions
Appendices
Chart of Accounts Changes
Under “Fund”:
New Bolded Fund Code 39 – Nonvoter Approved Debt Service Fund
Funds 30, 32 – 38 roll to Fund 31
and Fund 39 rolls to itself.
Chart of Accounts Changes
Under “Location”:
The current 461 location code for
reporting On-line Activity was
expanded to bold codes 461 to 469
This was done to accommodate the
tracking and reporting of on-line
school and program detailed
activities through the ADE financial
data submission process.
Chart of Accounts Changes
Under “Object/Source/Balance Sheet”:
Multiple Changes to Balance Sheet
Codes to be in compliance with GASB
Statement 54.
Changes retroactive to July 1, 2011.
Do not use new codes for FY10-11 ADE
financial submissions.
Chart of Accounts Changes
Under “Program”:
Program Code 9300 for
constitutional and legally mandated
reserves
Codes are now tied to the GASB 54
restricted reserve coding
Therefore, substitute 93XX for 67XX
under the restricted codes.
• such as 6721 equates to 9321
Chart of Accounts Changes
Under “Object/Source/Balance Sheet”:
Modified the Definition of SWAP Object
Code 0960.
Is now – Payments to Outside Entity
Use with a grant code of 3130
Chart of Accounts Changes
Under “Appendices”:
The BOCES and Charter School
appendices were updated to include
information that sub-granting is not
allowed.
In addition, a new ADE edit will not
accept Fund 70 – 85 with grant codes of
3000 – 9999.
The entity that CDE provides with the
funding is the responsible party for
Federal compliance purposes.
Chart of Accounts Changes
Under “Object/Source/Balance Sheet”:
Effective for FY11-12 or later?
Based on the use of GASB Statement No.
48 (Sales of future revenues), No. 53
(Hedging derivatives), or No. 60 (Service
concession arrangements) – is anyone
proposing to implement GASB Statement
No. 63 (Statement of Net Position) early?
Not effective until FY2012-13
Chart of Accounts Changes
Effective for FY11-12 or later?
GASB Statement No. 63:
If anyone is and the activity relates
to proprietary funds (not
governmental funds) – we need to
identify the possible “deferred
outflow” or “deferred inflow” codes
that should be established.
Chart of Accounts Changes
Effective for FY11-12 or later?
Under GASB Statement No. 63:
6790 – Net Investment in Capital Assets
6791 – Net Position – Restricted
6792 – Net Position - Unrestricted
Chart of Accounts Changes
Under “Grant/Project”:
Beginning FY2012-13
Districts will no longer have an
option to use two grant codes for
Federal grants, such as 5031 & 6031
A specific grant code will be
assigned that ties to CDE’s funding
source (GBL).
Colorado Department of
Education
PUBLIC SCHOOL FINANCE
New Business Manager
Training Session
Self Study
This file is available on CDE’s website.
Self Study Training Session
http://www.cde.state.co.us/cdefinance/
TrainingMaterials.htm
Department Contact Information
Leanne Emm – Assistant Commissioner
303-866-6202
[email protected]
Mary Lynn Christel – Principal Consultant
303-866-6818 [email protected]
Wendi Chapin – Principal Consultant
303-866-6137 [email protected]
Kirk Weber – Supervisor
303-866-6610 [email protected]
Terry Christensen – Senior Consultant
303-866-6847 [email protected]
Adam Williams – Senior Consultant
303-866-6843 [email protected]
FPP Handbook & COA Changes
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FPP Handbook & COA Changes
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