1. F-66 (WY-2) Annual City and Town Financial Report
Charles R. Schmechel, CPA CFE
Principal Auditor
An auditor is someone who recommends a solution to a problem you didn’t know you had in a way you don’t understand.

2. Agenda Why do we have to fill out this report every year?
The Basic Math
How to access the F-66
Common Problems

3. Wyoming Department of Audit Public Funds Division
Wyoming Statute (a)(iii) “The director of the state department of audit shall: Require…incorporated cities and towns with a population of less than four thousand inhabitants to file with the department such reports of the books and accounts of the…entity…”
Chapter 2 Rules
“To avoid duplication of effort, the annual census report currently being filed with the federal bureau of the census, or with the department, by all entities required to report to the department, will be utilized by the department to the extent possible to obtain the required revenue, expenditure and financial activity information.”

4. Cost of Government

5. The Basic Math Beginning Balance Plus Revenue Less Expenditures
Ending Balance

6. Beginning Balance
Does your town conduct any cash transactions between 11:59:59 PM on June 30, 2017 and 12:00:00 AM on July 1, 2017?
Your ending balance from last year is your beginning balance this year
Beware of Cutoff Issues!
Should be your reconciled book balance, not just what’s on bank statements

7. Activity Revenues Expenditures Debt
If you are using an accrual accounting system, you will not balance!
When adjustments are made, then everything should balance…

8. Ending Balance Includes ALL of town’s accounts
Bank Accounts
CD’s
WYO Star
Petty Cash
Will not necessarily match bank statement
Reconciled statement should match town’s books
deposits not made
outstanding checks

9. Accessing the Census
Publicfunds.wyo.gov

10. Want a Paper Copy to Practice?

11. Online Reporting

12. Online Reporting
Census Bureau

13. Logging In
You can call Public Funds at (307) if you need your password reset.
Mary Ann, Rich, and Pam have access, auditors do not have access.

14. Use the Public Access Button

15. Create this Year’s Report

16. What do you call a trial balance that does not balance?
Common Pitfalls
What do you call a trial balance that does not balance?
A Late Night
You must have the town’s records in good order before attempting to report.

17. If your general ledger looks like this…
Revenue Account
Amount
County Auto Tax
Franchise Fees
Water Utility Charges
Waste Water Charges
Garbage Charges
$15,000
-$25
$85,000
$70,000
$30,000

18. Revenues
A fine is a tax for doing wrong. A tax is a fine for doing well.
Part I - Local Revenue
Part II - Charges and Miscellaneous Revenue
Part III – Intergovernmental Revenue
Now Includes Line For Lottery and Pari-Mutual funds!

19. Expenditures Column A- Chart of Accounts
Numbers align with Recommended Chart of Accounts in Accounting Manual
Columns B and C – Number of positions
Column D, E, and F
D is for expenses
E is construction
F is for purchase of equipment, land, or buildings

20. Debt Outstanding at beginning of year
Interest is an expense item, not reported here
Additional loans in
Less loans paid off
Equals debt at end of fiscal year

21. Cash Include all sources Should match your books
Make sure you perform monthly reconciliation
Tie the bank statement balance,
Outstanding deposits and
Outstanding checks
Should equal “book” balance

22. Reserves!
Non Spendable
Restricted
Committed
Assigned

23. Reconciliation Other Differences Accrual to cash - It’s Accrual World!
At the end of last year 2016, you had accounts receivable of $1,000. This year, you had income of $5,000, and your accounts receivable was $500 at the end of the year, What should be reported where?
You had $5,000 of revenue.
The cash received was $5,500

24. Accruals, Continued
Thus, the ending cash should be $5,500 more than beginning cash
Use the Other Differences box to show the $500 difference
The 2016 and 2017 balances can be included in explanation of differences:
2016 A/R $1,000
2017 A/R $500
Please schedule out the accruals

25. Not done yet! Salaries and wages Mill Levy
Amount should be included in Expenditures…
Do NOT subtract from Expenditure section
Mill Levy
Other Information: Enterprise Fund Subsidies
Data supplied by: Who gets the phone call or ?

26. Other Tips
Save Often!
Might be best to have written out, and then entered
If not saved often, information could be lost due to inactivity
Some inconvenient features are actually controls
Keep track where each item on your general ledger goes onto this report. This will create map for subsequent years

27. Still Having Issues?
1. Check your beginning cash. What did you report last year? What should you have reported last year?
2. Do you have the correct numbers for your revenues?
3. Do you have all the expenditures?
4. Ending cash. When was the last time you reconciled your books to the bank statement? Did you include all your cash accounts?
5. Accruals. What were the accruals on June 30, 2016? What were they on June 30, 2017? Have you accounted for that difference?
6. Materiality. How close are we after having gone through everything?

28. Final Tips Compare to last year! Show to mayor and council!
Relax! Don’t get frustrated!