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Fiscal Year-End Closing 2005/2006 “Follow the Footsteps…. to a Great Closing” Sonoma County Office of Education.

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Presentation on theme: "Fiscal Year-End Closing 2005/2006 “Follow the Footsteps…. to a Great Closing” Sonoma County Office of Education."— Presentation transcript:

1 Fiscal Year-End Closing 2005/2006 “Follow the Footsteps…. to a Great Closing” Sonoma County Office of Education

2 Year-End Closing Timeline May/June  5/24 Year-End Closing Workshop  6/09 Close FY05- Payables/Receivables  6/22Last APY Run  6/22Final Cash Transfers  6/23Final Cash Deposits  6/28Open PO’s Rolled to PCL’s Page 3

3 Year-End Closing Timeline June/July/August  6/30Board Approved Blanket Transfer Resolution  7/14Use Tax Report  7/31Final Journal Entries (JE & CJV) Final PCL & AR Setups  7/31Prior Year Screens Close at 4:30 pm Page 3

4 SCOE’S TIMELINE Budgets –Start Up Forms – June 16 –Budget Submission – June 30 –Cash Roll – July 3 –Adopted Budget (budget transfers) – July 3 / AUG 15 Unaudited Actuals –Closing Checklist – July 31 –Final Asset/Liability Roll - August Page 4

5 FCS Batch Clean Up  Review FCS Batch Control Report  Identify Unposted Batches by Type of Transaction  Report Batch Contents Using Report Option  Delete Unposted Transactions  Void Empty, Unposted 2005/2006 Batches Page 5

6 Prior Year Clean Up  Must Be Performed Before Running Current Year End Accruals  Prior Year Account Balances Must Be Zero by June 9, 2006:  Accounts Receivable (prior year) – 9210  Accounts Payable (prior year) – 9510  Deferred Revenue – 9650  Open Receivable and Payable Reports Must be Zero by June 9, 2006 Page 7

7 Accounts Receivable Clean Up  Run “Open Receivables Report”  If any Open Receivables Are Still Valid:  Liquidate (“Z-out”) Using AR Receipt  Re~establish Using AR Setup  Run GLD120 Report for Object 9210  Clear 9210 to Zero  Clear Outstanding FCS Batches Page 8

8 Accounts Payable Cleanup  Clear Outstanding APY Batches  Run “Open Payables Report”  If Any Open Payables Are Still Valid:  Liquidate (“Z-out”) Using PCL Payment  Re-establish Using Payables Setup  Run GLD120 Report for Object 9510  Clear 9510 to Zero Page 10

9 APY Batch Clean-Up  Review APY Batch Control Report  Identify Unpaid Batches by June 21  Report Batch Contents Using District Accounts Payable Prelist Report  Delete Unprocessed Payments  Void Empty, Unpaid 2005/2006 Batches  All Batches PAID or VOID by June 22 Page 13

10 GASB 34 PREP Preliminarily Run HP3000 data through SACSA2006All GASB 34 Segments 1.Print Fund Consolidation – SEE ALL YOUR DISTRICTS FUNDS!!!! 2.Print CE001- Capital Assets by Function 3.Print CE002- Capital Assets by Object Analyze Above Reports For Account Code Errors Page 15

11 GASB 34 Prep Run HP3000 BDX by function and review report – Why?

12 GASB 34 Prep GASB 34 presents by Function!!!!!!!!!! Please……. correct all errors noted in the previous steps prior to submitting your unaudited actuals to your accountant

13 Special Ed MOE Prep Determine Change in Special Ed MOE – Prior Year to Current Year Run Special Ed MOE Report in SACS2006ALL, Unaudited Actuals Make Corrections, If Necessary Be Prepared To Explain Differences If Expenditures Are Greater Than Prior Year Page 18

14 Community Day School Determine Allowable Costs are Coded to Resource 2430, Goal 3550 Run Community Day School Report in SACS2006ALL, Unaudited Actuals Make Corrections, if Necessary Page 20

15 Final APY for 2005/2006 Thursday, June 22, 2006 DO NOT OPEN BATCHES UNTIL JULY 3 Run Final Vendor History Report Page 21

16 P urchase Order To PCL Roll  Review Open PO’s  Close If Not To Be Received BY JUNE 30  Run “Encumbrances To Payables” Report  On 6/28, ALL OPEN PO’s ROLL to PCL’s PCL Screens Will Be Closed 7:00 AM  Add/ Change/Delete PCL’s Until JULY 31 Page 22

17 Use Tax Liability  Use Tax Rates: 7.75% Sonoma County 8.0% City of Sebastopol, City of Santa Rosa  After 6/23, Run Use Tax Report FOR ALL FUNDS  Add Sales Tax from Sales of Equipment  Balance to GLD120 (by resource) FOR ALL FUNDS Pages

18 Use Tax Liability Districts Being Reported By SCOE –Move ALL Use Tax to Fund 01 –Resource 0000 With A Cash Transfer Transfer By June 22 All Use Tax Reports Due To SCOE By July 14, 2006

19 Holding/Clearing Accounts  Clear to Zero:  9538 P&L Insurance Clearing  953x Employee Payroll Adjustments  9515 Stale Dated Warrants  9569 Payroll Mapping Errors  Adjust to Actual:  957x Health & Welfare Benefits  9555 (SUI), 9557 (SDI)  9580 Use Tax  Districts adjust all clearing to actual liability through June Reg. payroll. (Workers Comp to Fund 01, Resource 0000, SCOE will clear final June Supp.) Page 30

20 All Cash Transfers MUST be Processed by Thursday, June 22, 2006 Page 32

21 2005/2006 Accounts Receivable  Object 9229 should begin with a zero balance  AR’s Setup by Districts:  Voc Ed Federal Grants (Res )  Mandate Cost Reimbursement only if received  NO AR’s for Federal PL Funds  Amounts owed to district for Rentals/Services  Cafeteria Funds Use Due To/ From (9610/9310); Cafeteria Accounts Use AR (Fund 01) & EP (Fund 93)  Lottery – 3 rd /4 th Qtr Data From Accountants  Watch for Invalid Resources Page 33

22 2 005/2006 Accounts Receivable  SCOE Sets Up/Provides Spreadsheet:  Title I  PL  Lottery- 3 rd /4th, If Necessary  Use AR Setup Program ONLY:  Do NOT Use JE’s, Cash JV’s or Transfers  Add/Change/Delete AR Setups Until 7/31  Submit Signed FAR311 When Done Page 34

23 Revenue Limit Adjustments Adjustments For: –Meals For Needy –PERS Reduction –Over collection of Property Taxes –Charter in Lieu of Property Taxes(7280) Reduction to State Aid(8011)/ Charters(8015) Increase to Due to Government(9590) Pages 36/37

24 Deferrals of June Apportionments SCOE will set up and reverse all June apportionments deferrals: –Special Ed AB 602 Revenues –GATE, Adult Ed, Charter Schools General Purpose Entitlement –Prior Year Adjustments (8019) Other Special Ed Fees For Service and reversal in July (object 5809) Categoricals: –Transportation – Resource 7230 –School Safety – Resource 6405 Page 37

25 Multi-District Service Agreements SACS reporting monitors interagency revenues for service agreements among school districts Common types are: Special Education Transportation Food Services The district operating the program – the Local Operation Agency – needs to follow the “Contract for Services” accounting guidelines Page 38

26 Multi-District Service Agreements  Local Operating Agency Accounting:  Use a locally defined 9XXX resource  Expenditures are coded with a goal 7110, nonagency  SACS looks at any 8677 revenue and requires nonagency (goal 7110) expenditures  SCOE reviews all contracts for services relationships:  Any District that receives revenues from other districts will be required to adopt the Local Operation Agency accounting method

27 2005/2006 Accounts Payable  Goods and/ or Services MUST BE RECEIVED BY JUNE 30, 2006  Request Progress Billings Project  DO NOT USE TO ACCRUE BETWEEN FUNDS (except fund 93)  Use Due To (9610),Due From (9310)  Watch for Invalid Resources  Open Purchase Orders Roll to PCL’s 6/28 -  Cancel Any PO’s Not To Be Accrued Page 41

28 Year-End Payroll Details  Payroll Fiscal Year Checklist & Auth.  New Payroll Liability Cycle, Summer School & Deductions  DNP  Last Misc. Payroll Warrants – June 20  Payroll Accounts Receivable (9213) Raises and EFT Requests  STRS and PERS Notes Page 45

29 Cash Balance as of June 30  EACH FUND MUST Have A Positive Cash Balance  Estimate The Following Outgo:  ALL MAY & JUNE PAYROLLS  ALL APY Payments  Loans to Subsidiary Funds  Estimate The Following Income:  Revenue Limit  Special Purpose  Other Local Revenue Page 48

30 IF CASH SHORTAGE IS ANTICIPATED CALL BARBARA TATMAN NOW!!!!!

31 Trans – Tax /Revenue Notes Must Show Fee For Borrowing Must Follow Payment Schedule Must Be Paid By May 1, 2006 Page 50

32 Cash Roll Clear All Invalid Resources Fund Balance and Cash Balance Must be Zero Make Necessary Corrections Must Be Done By June 22, or Cash Roll And APY Will Not Happen Page 51

33 PL  PL (Resource 3310)  Expend all Funds by June 30th  See Table on page 53 of Closing Manual  USE IT OR LOSE IT Page 52

34 PERS Reduction PERS Reduction Rates and Payroll Charge All Allowable Classified Salaries to PL No PERS Reduction for Charter Schools May Adjust PERS Reduction P2 Estimates to Actual During Closing of 2005/2006 Books Page 54

35 Lottery Expend for Appropriate Instructional Expenses Resource 1100 –Rate $125 per ADA Resource 6300 –Rate $26 per ADA Transfers Out of 1100 Resource Require Additional SACS Reporting Your Auditor Will Audit Expenditures Pages

36 Interest Calculation Post Interest To Required Funds and Resources Restricted Resources – IMFRP Cash in County Treasury Report Average Quarter Balance x Rate/4=Quarters Interest Treasury Rates (See Page 59 of Manual) Page 58

37 Restricted Maintenance Accounts Transfer to Resource 8150 Calculated Amount must be 3% Total Adopted Budget Transfer to Deferred Maintenance From Resource 8150 Page 61

38 Fund Balance or Deferred Revenue 1 st Record ALL Estimated Payables (PCL’s), Receivables (ER’s) and allowable Indirect Costs Run GLD410 by Resource Determine FB or D Using CA School Accounting Manual or the SACS Query Website Pages

39 Fund Balance or Deferred Revenue  Deferred Revenue = Unspent money booked as a liability, revenue reduced and account 9650 is credited  Fund Balance = Unspent money can be carried forward into the next year  Call you SCOE Accountant for Assistance

40 Restricted Transfers Between State Programs Two Types of transfers now available –Mega-item Transfers (available since the 1990’s) –AB 602 Categorical Block Grant Transfers (new for ) Coding by object distinguishes the two types: –Mega-item = 8998 –AB 825 = 8995, except for Supplemental Grants, which use 8990 Pages

41 Restricted Transfers Between State Programs Transfers allowable: –Mega-item allows 10% out and 15% in –AB 825 allows 15% out and 20% in for four of the block grants: School Safety Consolidated Competitive Grant (resource 7391) Professional Development Block Grant (resource 7393) Targeted Instructional Improvement Block Grant (resource 7394) – BUT THERE IS NO PERSENTAGE LIMIT FOR SUPPLEMENTAL GRANTS School and Library Improvement Block Grant (resource 7395)

42 Restricted Transfers Between State Programs –AB 825 allows transfers in up to 20% of the state funding for two grants: Pupil Retention Block Grant (resource 7390) Teacher Credentialing Block Grant (resource 7392) AB 602 transfers have a public hearing requirement (not required for the Mega- item)

43 Update Budgets  THIS MEANS ALL FUNDS  Projected Ending Balances for the current fiscal year reflected in your SACS Budget package are only as good as your current updated budget  Last day for Board Approved Budget Transfers is June 30  Blanket Budget Transfer may NOT be used to Update Revenue- revenue updates are a DISTRICT responsibility Page 73

44 Indirect Costs and Function Coding Amount Determined by Actual Expenditures, Not Entitlement (Inter-program) Must Net to Zero By Function (Inter-fund) Must Net to Zero by Object & Function Check Indirect Cost Rate Per Resource via the SACS Query Website Food Services ~ 5.33% maximum Adult Education ~5.38% maximum Review Indirect Cost Rate in SACS2006ALL Check 7200 Function Coding Page 75-78

45 Reviewing Resources  Restricted Resources Must Have a Positive or Zero Ending Fund Balance  Use GLD 410 by Resource to Review  Clear Negative Balances in All Funds  Do not Use Resource 0000 in Funds 11, 14, 30, 35 Page 79

46 County- Wide Year-End Entries  SCOE Will Enter or Provide Spreadsheet for District Entry  Special Day Class ADA Transfer  PERS Adjustment Against General Fund  Lottery A/R’s  PL (3310) A/R  PL (3010) A/R  Revenue Limit (see Adjustment and Deferral Section)  Charter Due To/From For In Lieu Property Tax Page 81

47 Blanket Budget Transfer Resolution Resolution MUST BE Board Approved BY June 30 SCOE Will Prepare Transfer With District Help Direct Service Districts Use Resolution on page 83 of Closing Manual SCOE will prepare Transfer Large Districts Use Resolution on Page 87 Page 83

48 Calendars June, July, August Appendix A

49 Join The SCOE Detectives For a “Mystery Free” Closing Crime Scene InvestigatorRodigezCrime Scene InvestigatorRodigez Crime Scene Investigator Rodriguez Laurel“Auditor At Large”Laurel“Auditor At Large” Laurel “Auditor At Large” “Pinky” Tatman Rosalie Landsbury Agent 000 Adrian Monck Sherlock Daugherty Carmen “Blanca” Sandiego Bambi Magnum P. I.


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