AML Accounting Handbook Take Force Update people on the Task Force, 50 pages later….

Take Force Members  Jane W. Jackson, ChairFinance Officer, City of Stuttgart  Tracy Sewell, SecretaryBusiness Director, City of Gravette  Joy Black, CPAAccounting /Purchasing Manager, City of Hot Springs  Barbara BlackardClerk/Treasurer, City of Clarksville  Katy CarnesFinance Manager, City of Bryant  Cindy Frizzell Controller, Arkansas Municipal League  Tim JonesAudit Manager, Arkansas Division of Legislative Audit  Lori LeonardAssistant Business Director, City of Gravette  Tasha ThompsonFinance Director, City of Maumelle  Lori SanderOperations Manager, Arkansas Municipal League  Cindy West, CPAFinance Director, City of Bryant  Anita WorleyAccountant, City of Little Rock  Paul YoungFinance Director, Arkansas Municipal League

Accounting Basics  Source Documents, Journal Entries, General Ledger, Trial Balances, then Fund Statements  Assets, Liabilities, Revenues, Expenses, Fund Balance and G54  Difference Types of Funds – ie. Agency, Special Revenue  Cash  Municipal Water and Sewer State Statutes  Self Insured Fidelity Bond Program  Chart of Accounts  Budgeting

Purchasing (New Section in the handbook)  Need an Official Policy  Advertising  W9’s  1099’s  Federal, state, vs. local considerations  Grant considerations and then grants con’t

Grants - second new section added  Get in early on the process – new bank accounts, admin costs, time limits, Fixed Assets,  Over $500,000 possibly $750,000 OMB Cir A-133  CFDA #’s (Catalogue of Federal Domestic Assistance)

Payroll  State and Federal Requirements  SS, Withholding, Unemployment  Deductions  Payment Methods  New hires and terminations  Forms  Common Errors

Financial Record Keeping  AML website – sample schedule of record retention  Keeping by fund/group – Water, Wastewater, Sanitation, Court, Fines, Police, Payroll, Fixed Assets  Affidavit to Destroy

Unclaimed Property  Due to the State of AR by October 31 of every year.  most common types of unclaimed property within a municipality are unpaid wages, uncashed checks, refunds, and occasionally utility or service deposits.  due diligence letters must be mailed to the owner(s) of unclaimed property between 60 and 120 days of filing your report. The letters must be mailed if you have an owner address that may be accurate or if the item is for $50.00 or more. See Appendix D for Due Diligence Sample Template.

Other Finance Related Topics  Bond Issues and Bonded Debt – required reporting  Investments –  Bank Deposit Collaterization  Internet Security- should have a written internet policy, back up, back up, back up….

Other items in the Manual  Glossary of Terms  Resource List  Sample Municipal Calendar of Events/Deadlines

Lastly Appendices  Sample Cash Receipts and Disbursements Journals  Sample Chart of Accounts  Sample Fixed Asset Listing  Sample Due Diligence Letter on Outstanding Checks  Sample Annual Revenue Bond Report  Town and Country Article on Securing Bank Deposits

Thank you  Any Questions? ???