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Governmental Accounting GOALS

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Presentation on theme: "Governmental Accounting GOALS"— Presentation transcript:

1 Governmental Accounting GOALS
Basic Understanding of Governmental Accounting Insight into Douglas County - Size and Services Dave Maxwell

2 Overview Differences between Business and Government
Look at 3 Methods of Accounting Generally Accepted Accounting Principles (GAAP) Examine 2 Segments of Financial Reporting 1. Fund Accounting 2. Government-wide Financial Statements Where does Revenue come from? What is a Fund? CAFR – Comprehensive Annual Financial Report Dave Maxwell

3 The Difference Between Business and Government
Customers are Purchasers of Specific Goods & Services Taxpayers are Involuntary Resource Providers for Community Services Generate Profits to stay in Business Receive Tax Revenues to continue Community Services Compete with each other for your patronage Generally hold a Monopoly on services they provide Dave Maxwell

4 3 Methods of Accounting Personal Business Government
CHECK BOOK Current Year Income ,000 Expenses ,000 Under / Over Spent ,000 NET WORTH Begin End Assets , ,000 Liabilities , ,000 Net Worth , ,000 Business $1,000 Under in Checking Account INCOME STATEMENT Current Year Sales ,000 Expenses ,000 Profit / Loss ,000 BALANCE SHEET Begin End Assets , ,000 Liabilities , ,000 Share holder Equity , ,000 Government $1,000 Profit in Cash Account All FUNDS Current Year Revenues ,000 Expenditures ,000 Excess / Deficiency ,000 NET POSITION Begin End Assets , ,000 Liabilities , ,000 Net Position , ,000 Dave Maxwell $1,000 Net Change in Cash Account

5 Where Accounting Rules come from GAAP - Generally Accepted Accounting Principles
Douglas County Government Business SEC Securities and Exchange Commission FAF Financial Accounting Foundation FASB Financial Accounting Standards Board GASB Government Accounting Standards Board GAAP For Publicly Traded Companies GAAP For Governments ✚ NRS Nevada Revised Statutes Dave Maxwell

6 2 Segments of Financial Reporting
Douglas County 2 Segments of Financial Reporting Funds Financial Statements Government-wide Financial Statements Focus on current year Focus on Year-End $Millions $Millions July June 30 Change Assets Liabilities (142.0) (136.8) Net Position All Funds FY Revenues Expenditures (100.0) Excess (Deficiency) Funds, FY CAFR Page 15 (150 Funds See Fund Tree worksheet) Government-wide, FY CAFR Page 27&28 Dave Maxwell

7 Where does the Revenue come from?
$Millions Douglas County Revenue Property Tax $38.0 Charges for Services * $26.4 Inter-Governmental Taxes ** $23.2 Grants $10.3 Room Taxes $ 7.0 Other $ 2.3 Total Revenue $107.2 ** Inter-Governmental Taxes Consolidated Taxes $13.6 Franchise Taxes $ 8.0 Sales Taxes $ 1.6 Total $23.2 *Charges for Services County Government $14.8 Business-type Activities $11.6 Total $26.4

8 2 Segments of Financial Reporting
Douglas County 2 Segments of Financial Reporting Funds Financial Statements Government-wide Financial Statements Focus on current year Focus on Year-End $Millions $Millions July June 30 Change Assets Liabilities (142.0) (136.8) Net Position All Funds FY Revenues Expenditures (100.0) Excess (Deficiency) Funds, FY CAFR Page 15 (150 Funds See Fund Tree worksheet) Government-wide, FY CAFR Page 27&28 Dave Maxwell

9 What is a Fund? A separate accounting and financial reporting entity.
$Millions Governmental Funds All Funds that are not Proprietary or Fiduciary Governmental Funds # Funds Expense General Fund $40.0 Special Revenue Funds $46.5 Capital Projects Funds $ 5.5 Debt Service Funds $ 2.2 Proprietary Funds Operate like a Business OR Provide goods & services to other departments Proprietary Funds # Funds Expense Enterprise Funds $19.4 Internal Service Funds $ 4.8 Fiduciary Funds, FY CAFR Page (See Fund Tree worksheet) Fiduciary Funds Hold “Other People’s” Money in Trust Fiduciary Funds # Funds Assets Agency Funds $ 3.1 Dave Maxwell

10 Governmental Funds What’s in the General Fund
$Millions Governmental Funds # Funds Expense General Fund $40.0 Special Revenue Funds $46.5 Capital Projects Funds $ 5.5 Debt Service Funds $ 2.2 General Fund # Funds Expense Public Safety (Sheriff) * $16.8 County Government ** $10.3 Judicial Courts $9.2 Community Development $2.0 All Other $1.7 General Fund Chief operating Fund of the County * Public Safety (Sheriff) Expense Sheriff Patrol Operations $5.3 Sheriff Jail $4.3 Sheriff General Investigation $1.7 General Fund, FY CAFR Pages (See Fund Tree worksheet) ** County Government Expense General Services $1.8 Information Services $1.3 County Manager $1.2 Dave Maxwell

11 Governmental Funds What’s in the Special Revenue Funds
Governmental Funds # Funds Expense General Fund $40.0 Special Revenue Funds $46.5 Capital Projects Funds $ 5.5 Debt Service Funds $ 2.2 $Millions Special Revenue Funds Expense East Fork Fire Protection $12.4 Promotional Room Tax $5.7 China Spring Youth Camp $4.6 Airport $2.7 Senior Services Program $2.3 Technology Services $1.9 Social Services $1.8 Road Operating $1.7 Library $1.5 Parks Operations $1.3 Recreation $0.8 23 Other Funds $9.8 Special Revenue Funds Restricted or committed for purposes other than Capital Projects or Debt Service. Special Revenue Funds, FY CAFR Pages (See Fund Tree worksheet) Dave Maxwell

12 Governmental Funds What’s in the Capital Project Funds
Governmental Funds # Funds Expense General Fund $40.0 Special Revenue Funds $46.5 Capital Projects Funds $ 5.5 Debt Service Funds $ 2.2 $Millions Capital Project Funds Expense Regional Transportation $2.9 Redevelopment Agency $1.0 Douglas County Construction $0.9 11 Other Funds $0.8 Capital Project Funds Restricted or committed for Capital Projects Capital Projects Funds, FY CAFR Pages (See Fund Tree worksheet) Dave Maxwell

13 Governmental Funds What’s in the Debt Service Funds
Governmental Funds # Funds Expense General Fund $40.0 Special Revenue Funds $46.5 Capital Projects Funds $ 5.5 Debt Service Funds $ 2.2 $Millions Debt Service Funds Expense County Operation Resources $2.1 East Fork Fire $0.1 Debt Service Funds Restricted or committed for Making principal and interest payments on the County and East Fork Fire debts Debt Service Funds, FY CAFR Page 146 (See Fund Tree worksheet) Dave Maxwell

14 Proprietary Funds What’s in the Enterprise Funds
Proprietary Funds # Funds Expense Enterprise Funds $19.4 Internal Service Funds $ 4.8 $Millions Enterprise Funds Expense Minden Wholesale Water Utility $11.4 Carson Valley Water Utility $2.1 Sewer Utility $1.9 Regional Water Utility $1.4 Gardnerville Health & Sanitation $1.0 Minden Water Company $0.8 3 Other Funds $0.8 Enterprise Funds Activities that are financed buy user fees and operated like a private business. General Fund, FY CAFR Pages (See Fund Tree worksheet) Special Revenue Funds, FY CAFR Pages (See Fund Tree worksheet) Capital Projects Funds, FY CAFR Pages (See Fund Tree worksheet) Debt Service Funds, FY CAFR Page 146 (See Fund Tree worksheet) Dave Maxwell

15 Proprietary Funds What’s in the Internal Service Funds
Proprietary Funds # Funds Expense Enterprise Funds $19.4 Internal Service Funds $ 4.8 $Millions Internal Service Funds Expense Risk Management $2.8 Motor Pool $1.6 Self Insurance Dental $0.4 Internal Service Funds Goods and Services provided by one department to another department of the same Government. Proprietary Funds, FY CAFR Pages (See Fund Tree worksheet) Dave Maxwell

16 Fiduciary Funds What’s in the Agency Funds
Fiduciary Funds # Funds Assets Agency Funds $ 3.1 $Millions Agency Funds Assets Mosquito Abatement District $1.2 State of Nevada (Property Tax) $1.0 Douglas County School District $0.4 Genoa Lakes Assessment District $0.2 27 Other Funds (mostly GID) $0.3 Agency Funds Assets held solely in a custodial capacity. Fiduciary Funds, FY CAFR Page (See Fund Tree worksheet) Dave Maxwell

17 2 Segments of Financial Reporting
Review 2 Segments of Financial Reporting Funds Financial Statements Government-wide Financial Statements Focus on current year 150 Funds Focus on Year-End Governmental Funds # Funds General Fund Special Revenue Funds Capital Projects Funds Debt Service Funds Assets Cash Accounts Receivable Land & Buildings Construction in Progress Water & Sewer systems Funds, FY CAFR Page 15 (150 Funds See Fund Tree worksheet) Government-wide, FY CAFR Page 27&28 Proprietary Funds # Funds Enterprise Funds Internal Service Funds Liabilities Accounts Payable Accrued Salaries & Wages Pension Liability Bonds & Notes payable Fiduciary Funds # Funds Agency Funds Dave Maxwell

18 Government-wide Financial Statements What’s in Assets
July June 30 Change Assets Liabilities (142.0) (136.8) Net Position Assets $Millions Water & Sewer Systems Cash & Investments Buildings & Improvements Infrastructure Land Unamortized Pensions Machinery & Equipment Construction in Progress Water Rights Accounts Receivable Due from other Governments Notes Receivable Other Assets Total Assets Assets, FY CAFR Page 27 Government-wide, June 30, 2015 CAFR Page 25 Government-wide, June 30, 2016 CAFR Page 27&28 Dave Maxwell

19 Government-wide Financial Statements What’s in Liabilities
July June 30 Change Assets Liabilities (142.0) (136.8) Net Position Liabilities $Millions Net Pension Liability Bonds & Notes Payable Amounts related to Pensions Post-employment Benefits Accounts Payable Unearned Revenue Accrued Salaries & Wages Compensated Absences Other Liabilities Total Liabilities Liabilities, FY CAFR Page 27 Dave Maxwell

20 Bring it all Together Top Level Douglas County As of June 30, 2016
All Funds Activity during FY $Millions Government-wide Year end Net Position $Millions July June 30 Change Assets Liabilities (142.0) (136.8) Net Position Revenues Expenses (100.0) Excess (Deficiency) Beginning Fund Balance Change in Fund Balance Ending Fund Balance Dave Maxwell

21 Comprehensive Annual Financial Report (CAFR)
Where does all this information come from? Comprehensive Annual Financial Report (CAFR) Nevada Revised Statutes require Douglas County to submit a “Complete set” of audited financial statements in accordance with GAAP. Introductory Section Letter of Transmittal (4 pages) Organization Chart (1 page) CAFR Has 4 Sections Financial Section Auditor’s Report (2 pages) Management Discussion & Analysis (14 pages) Basic Financial Statements (171 pages) Single Audit Information (43 pages) Independent Auditor’s Report Expenditures of Federal Awards Schedule of Findings Statistical Section (21 pages) County Demographics Property Tax Rates Principal Employers Dave Maxwell

22 Summary Differences between Business and Government
Look at 3 Methods of Accounting Generally Accepted Accounting Principles (GAAP) Examine 2 Segments of Financial Reporting 1. Fund Accounting 2. Government-wide Financial Statements Where does Revenue come from? What is a Fund? CAFR – Comprehensive Annual Financial Report Dave Maxwell

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