Streamlining the CAFR Process Laura Mester January 14, 2004

Accelerated closing advantages Fund balances and program cost trends known for budgeting purposes prior to budget process Shorten agency time committed to closing; free up time for analysis/customer service Financial information available sooner for decision making

Believe that it can be done !! This is very important and helps set the tone. Be prepared to change processes that have been in place forever. Challenge yourself and staff

Getting your arms around Identify major closing events and impediments Brainstorm and get participation and cooperation across state government – focus on common goal Involve the internal auditors Establish work groups to address key areas Ask yourself why do we do this step and how do we do it ?

Focus on top priorities Distribute statewide closing schedule as soon as possible Understand how the timing of year-end spending authority transactions impact your processes Use estimates and validate the methodologies in subsequent years Get commitment on interagency billings and timing of those transactions Automate processes when possible

Dealing with barriers Component units Perception of using estimates Communication between agencies Auditor involvement –Need to allow for testing and review time –Get input and strategize early testing of certain transactions

Monitor performance Communicate, Communicate, Communicate Imperative that everyone meet established due dates Identify dependencies and make sure information is provided when needed Important to measure performance and time it takes to actually prepare the CAFR

Questions Feel free to contact me in the Office of Financial Management at (517) or