CAFR Reporting Ryan D. Miller, CPA May 2, 2016

Transcription

1 CAFR Reporting Ryan D. Miller, CPA May 2, 2016

2 This material was used by Elliott Davis Decosimo during an oral presentation; it is not a complete record of the discussion. This presentation is for informational purposes and does not contain or convey specific advice. It should not be used or relied upon in regard to any particular situation or circumstances without first consulting the appropriate advisor. No part of the presentation may be circulated, quoted, or reproduced for distribution without prior written approval from Elliott Davis Decosimo.

3 Biography Ryan Miller, CPA Senior Manager Services: Assurance Industries: Government, Not- for- Profit Professional Overview Ryan has more than ten (10) years of experience in public accounting and extensive experience in serving governmental entities. His experience includes serving as the manager on the audits of South Carolina State Housing Finance and Development Authority, South Carolina Department of Employment and Workforce, South Carolina State Treasurer s Office, South Carolina Education Lottery Commission, South Carolina State Education Assistance Authority, Florence County, Beaufort County, and the Town of Hilton Head Island. Ryan has also assisted with the single audits for the University of South Carolina and performed agreed- upon procedures engagements for South Carolina State University and various other State agencies for the South Carolina Office of the State Auditor. Education, Credentials and Special Training Certified Public Accountant, South Carolina and North Carolina B.S., Accounting, University of South Carolina Professional Affiliations American Institute of Certified Public Accountants South Carolina Association of Certified Public Accountants Civic and Community Activities Board Member, American Red Cross, Central South Carolina Chapter Committee Member, National Kidney Foundation Governmental Continuing Professional Education Governmental A & A Update (8 hours) Single Audit & Not for Profit Update (8 hours) Governmental A & A Update (8 hours) Single Audit & Not for Profit Update (8 hours)

4 Objectives CAFR Basics and GAAP Requirements Benefits of Preparing a CAFR TheGFOA CertificateProgram Components of a CAFR

5 CAFR Introduction GASB Cod. Sec states the following: - Every governmental entity should prepare and publish, as a matter of public record, a comprehensive annual financial report (CAFR) that encompasses all funds of the primary government (including its blended component unit). - The CAFR is the governmental entity s official annual financial report - The CAFR should include both blended and discretely presented component units of the reporting entity

6 CAFR Introduction (Continued) GASB Cod. Sec provides the basic outline of the content of a CAFR: - IntroductorySection - Financial Section - Statistical Section

7 Is a CAFR Required by GAAP? A CAFR in encouraged but not required by GAAP To be in compliance with GAAP, governmental financial statements must include, at a minimum, the following: - Management s Discussion and Analysis (MD&A) - Basic Financial Statements including Notes - Required Supplementary Information These three sections are often referred to as liftable because they may be issued separate from a CAFR and still constitute a complete GAAP presentation (i.e., in a government s official statement related to a debt offering)

8 What are the Benefits of a CAFR? A CAFR represents a more robust presentation of a government s financial statements Evidence of transparency and full disclosure to citizens and other stakeholders Provides additional information that may be viewed positively by credit rating agencies or other users of the financial statements Offers flexibility to provide management s perspective Required for participation in the GFOA s Certificate of Achievement for Excellence in Financial Reporting Program (the GFOA Program)

9 The GFOA Certificate Program The GFOA Program signifies a CAFR that is clear and complete and whose contents conform to the GFOA Program standards Recognizes excellence in financial reporting and how well a government tells its story Does not purport to suggest excellence in the financial condition of a government Participation helps to ensure that a government s financial report implements evolving accounting and financial reporting standards

10 The GFOA Certificate Program (Continued) Award- winning CAFRs include much of the information needed for credit assessments

11 The GFOA Certificate Program (Continued) To be eligible for the GFOA Program, governments must do the following: - Prepare a complete CAFR - Have the financial statements audited under generally accepted auditing standards (GAAS) or generally accepted government auditing standards (GAGAS or the Yellow Book) - Include an independent auditor s opinion that covers the fair presentation of the basic financial statements and at least an in relation to opinion on combining and individual fund financial statements (supplementary information) - Issue the audited financial statements no later than six (6) months after the end of its fiscal year

12 The GFOA Certificate Program (Continued) Governments are ineligible for the GFOA Program if: - A modified opinion or disclaimer of opinion is issued on the inadequacy or unavailability of the government s accounting records - The independent auditor s opinion omits a fund type, individual fund, or component unit from its scope

13 The GFOA Certificate Program (Continued) CAFRs submitted for the GFOA Program are reviewed by selected members of the GFOA professional staff and the GFOA Special Review Committee - Reviewed by individuals with expertise in public- sector financial reporting (e.g., financial statement preparers, independent auditors and other finance professionals) - Provide constructive feedback for improvement - The review process helps to ensure that required accounting standards are properly implemented

14 The GFOA Certificate Program (Continued) CAFRs submitted for the GFOA Program are reviewed by selected members of the GFOA professional staff and the GFOA Special Review Committee (Continued) - The reviewers use a detailed checklist in completing their review This checklist is available at the Award Programs section tab of the GFOA s website (

15 The GFOA Certificate Program (Continued) Participants in the GFOA Program need to be aware of GFOA recommended Best Practices and Advisories on accounting and financial reporting - A complete listing of all recommended practices and advisories are located on the GFOA website at practices

16 Components of a CAFR A CAFR must includethe following sections: - IntroductorySection - Financial Section - Statistical Section

17 Introductory Section: - CAFR Cover Contain the title Comprehensive Annual Financial Report Show the name of the government and the state in which it is located Show the fiscal period covered by the report - Title Page - Should include the same information presented on the CAFR cover as well as the name of the department responsible for preparing the report

18 Introductory Section (Continued): - Table of Contents Divided into at least three (3) sections: introductory, financial and statistical sections - Distinguish contents of financial section between (1) the basic financial statements and notes, (2) RSI, and (3) other contents of that section - Identify each financial statement by its full title and provide a page reference for all contents GFOA Certificate from the prior year

19 Introductory Section (Continued): - List of Principal Officials Typically, the officials listed are those who were in office during the fiscal year covered by the report Governments may wish to distinguish between elected and appointed officials

20 Introductory Section (Continued): - Letter of Transmittal Represents a formal transmittal of the CAFR Offers a profile of the government Information useful in assessing the government s financial condition provided that is does not duplicate information contained in the MD&A Awards and Acknowledgments At a minimum, should be signed by the government s chief financial officer Should be dated on or after the date of the independent auditor s report

21 Introductory Section (Continued): - Letter of Transmittal (Continued) Should appearon thegovernment s letterhead Should beaddressed tothe Citizens

22 Introductory Section (Continued): - Organizational Chart May be combined with the list of principal officials Reflects the various functions reported in the government- wide statement of activities Show organizational reporting relationships and responsibilities Names of officials can be presented in addition to the various functions

23 Financial Section: - Independent Auditor s Report Presents independent auditor s opinion on whether the opinion units in the basic financial statements are presented fairly in conformity with GAAP - Management s Discussion and Analysis (MD&A) Describes the basic financial statements Provides condensed government- wide financial information Analyzes overall financial position and results of operations for governmental and business- type activities Describes significant transactions and balances in individual funds, noting the reasons for significant changes and any limitations on liquidity or their future use

24 Financial Section (Continued): - Management s Discussion and Analysis (MD&A) (Continued) Analyzes the general fund budget variances for the current year and notes any known future effects Describes capital asset and long- term debt activity for the current year Describes what happened to infrastructure assets if those assets are reported using the modified approach Describes any current known facts, decisions, or conditions expected to have a significant effect on the following year and beyond

25 Financial Section (Continued): - Basic Financial Statements Government- wide financial statements Fund financial statements Notes to the financial statements - The government- wide and fund financial statements must refer to the notes to the financial statements.

26 Financial Section (Continued): - Required Supplementary Information (RSI) Other Than MD&A Per GASB Statement No. 30, Risk Financing Omnibus: - Public entity risk pools must present ten (10) year revenue and claims development information as RSI Per GASB Statement No. 34, Basic Financial Statements And Management s Discussion and Analysis For State and Local Governments: - Budgetary schedules for the general fund and major special revenue funds are required when a government has a legally adopted budget for these funds

27 Financial Section (Continued): - Required Supplementary Information (RSI) Other Than MD&A (Continued) Per GASB Statement No. 34, Basic Financial Statements And Management s Discussion and Analysis For State and Local Governments (Continued): - Governments that use the modified approach to report their infrastructure assets must present information about the condition of those assets as RSI

28 Financial Section (Continued): - Required Supplementary Information (RSI) Other Than MD&A (Continued) Per GASB Statement No. 43, Financial Reporting for Postemployment Benefits Other Than Pension Plans, and GASB Statement No. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions: - Trend data on other postemployment benefit funding must be presented (e.g., schedule of funding progress and schedule of employer contributions)

29 Financial Section (Continued): - Required Supplementary Information (RSI) Other Than MD&A (Continued) GASB Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pensions, and GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefit Plans Other Than Pensions, revise OPEB guidance to mirror the pensions standards in GASB Statement Nos. 67 and 68 - GASB Statement No. 74 is effective for fiscal years beginning after June 15, GASB Statement No. 75 is effective for fiscal years beginning after June 15, 2017

30 Financial Section (Continued): - Required Supplementary Information (RSI) Other Than MD&A (Continued) GASB Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pensions - Scope of this Statement includes OPEB plans defined benefit and defined contribution administered through trusts that meet the following criteria: Contributions from employers and non- employer contributing entities and earnings are irrevocable Plan assets are dedicated to providing OPEB to plan members in accordance with the benefit terms Plan assets are legally protected from creditors of employers, non- employer contributing entities, plan administrator, and plan members (defined benefit OPEB plan)

31 Financial Section (Continued): - Required Supplementary Information (RSI) Other Than MD&A (Continued) GASB Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pensions (Continued) - This Statement also includes requirements to address financial reporting for assets accumulated for purposes of providing defined benefit OPEB through OPEB plans that are not administered through trusts that meet the specified criteria

32 Financial Section (Continued): - Required Supplementary Information (RSI) Other Than MD&A (Continued) GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefit Plans Other Than Pensions - Scope of this Statement addresses accounting and financial reporting by governments that provide OPEB to their employees and for non- employer entities that finance OPEB for employees of other governments - Establishes standards for recognizing and measuring liabilities, deferred outflows, deferred inflows, and expenses/expenditures

33 Financial Section (Continued): - Required Supplementary Information (RSI) Other Than MD&A (Continued) GASB Statement No. 67, Financial Reporting for Pension Plans an amendment of GASB Statement No. 25, and GASB Statement No. 68, Accounting and Financial Reporting for Pensions an amendment of GASB Statement No For single- employer and cost- sharing pension plans (GASB Statement No. 67) and single and agent employers (GASB Statement No. 68), RSI should include the following for the ten (10) most recent fiscal years: Sources of changes in the net pension liability The components of the net pension liability and related ratios, including the pension plan s fiduciary net position as a percentage of the total pension liability, and the net pension liability as a percentage of covered- employee payroll

34 Financial Section (Continued): - Required Supplementary Information (RSI) Other Than MD&A (Continued) GASB Statement No. 67, Financial Reporting for Pension Plans an amendment of GASB Statement No. 25, and GASB Statement No. 68, Accounting and Financial Reporting for Pensions an amendment of GASB Statement No. 27 (Continued) - If the contributions of a single or agent employer to a single- employer or cost- sharing pension plan are actuarially determined, RSI should include a schedule covering each of the ten (10) most recent fiscal years that includes the following: Information about the actuarially determined contribution Contributions to the pension plan Related ratios

35 Financial Section (Continued): - Required Supplementary Information (RSI) Other Than MD&A (Continued) GASB Statement No. 67, Financial Reporting for Pension Plans an amendment of GASB Statement No. 25, and GASB Statement No. 68, Accounting and Financial Reporting for Pensions an amendment of GASB Statement No. 27 (Continued) - If the contributions of a single or agent employer to a single- employer or cost- sharing pension plan are not actuarially determined, RSI should include a schedule covering each of the ten (10) most recent fiscal years that includes the following: Information about the statutorily or contractually required contribution rates Contributions to the pension plan Related ratios

36 Financial Section (Continued): - Required Supplementary Information (RSI) Other Than MD&A (Continued) GASB Statement No. 67, Financial Reporting for Pension Plans an amendment of GASB Statement No. 25, and GASB Statement No. 68, Accounting and Financial Reporting for Pensions an amendment of GASB Statement No. 27 (Continued) - All defined benefit pension plans, including agent pension plans, should present as RSI a schedule covering each of the ten (10) most recent fiscal years that includes the annual money- weighted rate of return on pension plan investments

37 Financial Section (Continued): - Required Supplementary Information (RSI) Other Than MD&A (Continued) GASB Statement No. 67, Financial Reporting for Pension Plans an amendment of GASB Statement No. 25, and GASB Statement No. 68, Accounting and Financial Reporting for Pensions an amendment of GASB Statement No. 27 (Continued) - Cost- sharing employers are required to present as RSI a schedule covering each of the ten (10) most recent fiscal years that includes the following: Information about the net pension liability Related ratios Information about the statutorily or contractually required contributions, contributions to the pension plan, and related ratios (if applicable)

38 Financial Section (Continued): - Combining Statements and Individual Fund Statements and Schedules A key objective of the CAFR is to provide users access to data for each individual fund and discretely presented component unit Recommended for participants in the GFOA program Not required by GAAP; therefore, considered to be supplementary information and not basic financial statements or RSI Should follow the same sequence in which the fund types are presented in the fund statements

39 Statistical Section: - GASB Statement No. 44, Economic Condition Reporting: The Statistical Section: Revised GASB s guidance for information that is included in the statistical section of a CAFR or presented with basic financial statements Updated terminology to reflect the governmental financial reporting model outlined in GASB Statement No. 34 (i.e., improving the usefulness of the statistical section by addressing the comparability problems that had developed in practice) Clarified reporting requirements and explained the purpose for each of the five (5) categories of the statistical section

40 Statistical Section (Continued): - GASB Statement No. 44, Economic Condition Reporting: The Statistical Section (Continued): Unless otherwise noted, all of the statistical schedules should be presented for a government s ten (10) most recent fiscal years Information generally should be presented only for the primary government, including its blended component units

41 Statistical Section (Continued): - Five (5) Categories of the Statistical Section Financial Trends Revenue Capacity Debt Capacity Demographic and Economic Information Operating Information

42 Statistical Section (Continued): - Financial Trends Helps users understand how the government s financial position has changed over time General Purpose Governments should present financial trend information in four (4) tables: - Information about net position - Information about changes in net position - Information about governmental fund balances* - Information about changes in governmental fund balances* *Only applicable for governments presenting government- wide financial statements

43 Statistical Section (Continued): - Financial Trends (Continued) Information about Net Position - The following three (3) components of net position as required by GASB Statement No. 34 should be illustrated: Net investment in capital assets Restricted net position Unrestricted net position - Governmental activities should be reported separately from business- type activities (if any). - When business- type activities are present, total primary government amounts must also be included.

44 Statistical Section (Continued): - Financial Trends (Continued) Information about Changes in Net Position - General purpose governments should present a table that displays the following information separately for governmental and business- type activities (if any): Expenses by function, program, or identifiable activity Program revenues by category (i.e., charges for services, operating grants and contributions, and capital grants and contributions) For program revenues reported in the charges for services category, a breakdown of the most significant revenues by function, program, or identifiable activity Total net (expense) revenue (i.e., a single figure and not totals by function)

45 Statistical Section (Continued): - Financial Trends (Continued) Information about Changes in Net Position (Continued) - General purpose governments should present a table that displays the following information separately for governmental and business- type activities (if any) (continued): General revenues and other changes in net position by type of revenue/change Total change in net position - If business- type activities are present, the information reflected above should also be reported for the total primary government

46 Statistical Section (Continued): - Financial Trends (Continued) Information about Governmental Funds - Only required for governments that report governmental funds - Nonspendable, restricted, committed, assigned, and unassigned fund balance for the General Fund - Nonspendable, restricted, committed, assigned, and unassigned fund balance for all other governmental funds - For the total of all governmental funds: Revenues by source Expenditures by function (separately displaying the interest and principal components of debt service expenditures) Other financing sources (uses)

47 Statistical Section (Continued): - Financial Trends (Continued) Information about Governmental Funds (Continued) - For the total of all governmental funds (Continued): Other changes in fund balances by type Total change in fund balances Debt service (principal and interest expenditures combined) as a percentage of non- capital expenditures - For the fund balance trend schedule, be sure to follow the provisions of GASB Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions

48 Statistical Section (Continued): - Revenue Capacity Helps users understand the factors that affect a government s ability to generate its most significant revenue source (i.e., the one that does the most to support the basic functions of the government) GASB Statement No. 44 requires information about three (3) aspects of a government s most significant own- source revenue - Revenue Base - Revenue Rates - Principal Revenue Payers

49 Statistical Section (Continued): - Revenue Capacity (Continued) GASB Statement No. 44 also requires some governments will to present a fourth schedule containing property tax levies and collections (If applicable). - Property Tax Levies and Collections Own- Source Revenues - Definition - Revenues that are generated or imposed by the government itself, even if another government is responsible for collecting the revenue - Excludes intergovernmental aid and shared revenues - Common own- source revenues are tax revenues and water and sewer charges

50 Statistical Section (Continued): - Revenue Capacity (Continued) Revenue Base - A revenue base is the basic measure against which taxes are assessed or fees are charged - Governments must present a schedule that reports the major revenue base components of their most significant own- source revenues for the ten (10) most recent fiscal years - A total column is required to show the total direct rate or weighted average of all individual component rates that were applied to the revenue base for each of the last ten (10) fiscal years Required to be presented on the schedule showing revenue rates (see Revenue Rates section)

51 Statistical Section (Continued): - Revenue Capacity (Continued) Revenue Rates - The revenue rates schedule should show the individual direct rates, the total direct rate, as well as overlapping rates that are applied to the rate base Overlapping rates are the amount or percentage that is applied to the reporting government s revenue base by other governments that overlap geographically with the government preparing the statistical section

52 Statistical Section (Continued): - Revenue Capacity (Continued) Principal Revenue Payers - This schedule reports the largest payers of the government s most significant own- source revenue for the current fiscal year and the previous nine (9) fiscal years - The schedule should present the top ten (10) unless it takes less than ten (10) to reach fifty (50) percent of total significant own- source revenue

53 Statistical Section (Continued): - Revenue Capacity (Continued) Property Tax Levies and Collections - Only required for governments who report property taxes as a significant own- source revenue - For each of the past ten (10) fiscal years, a government is required to report the following: The amount of property tax levied for the period The amount collected within the period for which the property taxes were levied in both dollar amount and as a percentage of the total levy The total amount collected after the year for which the property taxes were levied The total amount collected to date for the levy and the total percentage collected to date

54 Statistical Section (Continued): - Debt Capacity Helps users understand a government s debt burden and its ability to issue new debt GASB Statement No. 44 requires general purpose governments to present a minimum of four (4) types of debt capacity information: - Ratios of Outstanding Debt - Direct and Overlapping Debt - Debt Limitations - Pledged Revenue Coverage

55 Statistical Section (Continued): - Debt Capacity (Continued) GASB Statement No. 44 requires general purpose governments to also present a fifth schedule containing ratios about general bonded debt if they have long- term debt instruments (e.g., bonds, capital leases, certificates of participation, loans and notes) - Ratios of General Bonded Debt

56 Statistical Section (Continued): - Debt Capacity (Continued) Ratios of Outstanding Debt - This schedule compares outstanding debt by type for the primary government to personal income and population - Debt should be reported by type and separately for governmental activities and business- type activities Direct and Overlapping Debt - This schedule reports the direct and overlapping debt for the current period only - It is required only for governmental entities, other than states, that report governmental activities

57 Statistical Section (Continued): - Debt Capacity (Continued) Direct and Overlapping Debt (Continued) - Current year information should include the following elements: The outstanding dollar amount of individual governmental activity debt issues of overlapping governments The estimated percentage of overlap between the reporting and overlapping governments The product of the overlapping debt outstanding multiplied by the percentage of overlap The total balance for overlapping debt The total balance for outstanding direct debt of the reporting government s governmental activities Total direct and overlapping debt

58 Statistical Section (Continued): - Debt Capacity (Continued) Debt Limitations - This schedule only applies to governments with legal debt limitations - This schedule should show how the legal debt margin is calculated for the current fiscal year - This schedule should show the total net debt subject to limitations, the legal debt limit amount, and the total net debt subject to limitations as a percentage of the legal debt limit for the current year and previous nine (9) fiscal years

59 Statistical Section (Continued): - Debt Capacity (Continued) Debt Limitations (Continued) - The following information should be included when showing how the legal debt margin is calculated: Relevant revenue base (i.e, total assessed value for taxable property) Debt limit amount and nature of the limitation (i.e, 8% of total assessed value for taxable property) Debt subject to the limit Legal debt margin amount - Governments are also required to discuss their legal debt limitations (if any) in the MD&A

60 Statistical Section (Continued): - Debt Capacity (Continued) Pledged Revenue Coverage - This schedule only applies to non- general obligation debt that is secured by a pledge of a specific revenue source (e.g., special assessment debt and revenue bonds) - For each type of debt, governments must report the following: Gross revenues related to a specific revenue source If applicable, any operating expenses specified as deductions from pledged revenues by bond indenture If applicable, net available revenues Each year s principal and interest requirements, reported separately Coverage ratio (net available revenues divided by the total of principal and interest requirements for the year)

61 Statistical Section (Continued): - Debt Capacity (Continued) Ratios of General Bonded Debt - This schedule only applies to governments that have debt that is or ultimately could be financed with any general governmental resources - The government should include all of its general obligation debt in this schedule regardless to how it expects to repay that debt or how it is reported in the government- wide statement of net position

62 Statistical Section (Continued): - Demographic and Economic Information Gives users context for understanding the trend information presented in all other schedules The following two (2) schedules are required for general purpose governments: - Information about principal employers - Information about demographic and economic indicators

63 Statistical Section (Continued): - Demographic and Economic Information (Continued) Principal Employers - All types of governments should list the principal employers in their jurisdiction for the current fiscal year and previous nine (9) fiscal years. - Principal is defined as the ten (10) largest employers in terms of number of people employed. - Fewer employers may be listed if it takes less than ten (10) to account for at least fifty (50) percent of total employment in the jurisdiction.

64 Statistical Section (Continued): - Demographic and Economic Information (Continued) Principal Employers (Continued) - Information about each employer presented should include the following: Name of employer Number of people employed Percentage of total employment in the jurisdiction that the employer represents - Employers may be public or private, governmental, for- profit, or not- for- profit

65 Statistical Section (Continued): - Demographic and Economic Information (Continued) Other Demographic and Economic Indicators - At a minimum, economic indicators for general purpose governments must include the following information: Population Total personal income (if not presented with the ratios of outstanding debt) Per capita personal income Unemployment rate for the past ten (10) years - Notes to the schedule should indicate the source of the statistics

66 Statistical Section (Continued): - Operating Information Gives users context to help them assess economic condition A minimum of three (3) types of information is required: - Information about government employees - Operating indicators - Capital assets

67 Statistical Section (Continued): - Operating Information (Continued) Government Employees - Governments should prepare a schedule that presents the number of employees by function, program, or identifiable activity Governments should calculate the number of employees as of a certain point in time or use an average, and apply the methodology consistently from year to year

68 Statistical Section (Continued): - Operating Information (Continued) Operating Indicators - This schedule should provide at least one (1) operating indicator for each of the same function/activity levels required in the schedule of government employees - The indicators should measure the demand or level of service

69 Statistical Section (Continued): - Operating Information (Continued) Capital Assets - This schedule should provide some indication of the volume, usage, or nature of related capital assets using the same minimum function/activity levels as required for the schedule of government employees and schedule of operating indicators

70 Statistical Section (Continued): - Operating Information (Continued) Pension and Postemployment Activities - Only required for special purpose governments engaged only in pension and postemployment benefit fiduciary activities - These entities should report information about each individual pension or other postemployment benefit plan administered - The schedule should report the number of retired members by type of benefit and average monthly benefits

71 Questions?

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