BUDGET SUPPLEMENT CARRYOVER INSTRUCTIONS The budget carryover should be submitted for approval by the end of October. Each county must submit a carryover supplement for each fund maintained by the Board during the prior fiscal year. Information on the carryover supplement must agree to the figures presented in the annual financial statements. (WVDE 11-10-10) The attached combined balance sheet and budget carryover entry illustrate the carryover for the general current expense, special revenue and ARRA funds. The figures in the fund balance section on the combined balance sheet are supplemented into the subsequent year s budget for each fund. The amount of estimated fund balance used in the proposed budget ($100,000) is subtracted from the unassigned fund balance off the financial statements and the OPEB liability is added to the unassigned fund balance to arrive at the carryover supplement amount for that account. The budget carryover entry shows the fund balance account balances are credited and the individual expenditure accounts are debited to offset those amounts. The unassigned fund balance may be offset by an entry to Reserved for Contingencies in part or in total. In addition to the fund balance section, the reimbursements receivable in the special revenue funds are re-budgeted in order to track incoming revenues in the subsequent year. Budget Carryover Instructions.wpd
SAMPLE BUDGET CARRYOVER ENTRY FOR FY 12 Dr. 11.XXYXX.XXXXX.XXX Various expenditures 30,448 Cr. 11.00000.00772.007 Unassigned Fund Balance 30,448 be reported as assigned because it would have caused unassigned to be negative. Dr. 11.XXYXX.XXXXX.XXX Various expenditures 10,000 Cr. 11.00000.00771.007 Committed fund balance 10,000 Dr. 11.XXYXX.XXXXX.XXX Various expenditures 170,557 Cr. 11.00000.00772.007 Unassigned fund balance 170,557 (or you could budget this to reserved for contingency, 76321.842 and transfer to specific line items later) Formula: (285,802) + 586,807-100,000-30,448 = 170,557 Total for Fund 11 211,005 211,005 Dr. 61.XXYXX.XXXXX.XXX Various expenditures 149,168 Cr. 61.00000.00752.007 Restricted Fund Balance 149,168 be reported as assigned because encumbrances of restricted funds are included in restricted fund balance. Dr. 61.00000.00752.007 Restricted fund balance 368,537 Cr. 61.41YXX.04511.009 Title I receivable 145,800 Cr. 61.43YXX.04511.009 IDEA Part B receivable 74,620 Cr. 61.74YXX.04511.009 GEAR UP receivable 148,117 Dr. 61.00000.00752.007 Restricted fund balance 122,667 Cr. 61.47311.04511.009 JOBS outstanding encumbrance for which no corresponding revenue could be recognized Formula: 26,501-149,168 = (122,667) 122,667 Total for Fund 61 640,372 640,372
Dr. 71.XXYXX.XXXXX.XXX Various expenditures 13,323 Cr. 71.00000.00752.007 Restricted Fund Balance 13,323 be reported as assigned because encumbrances of restricted funds are included in restricted fund balance. Dr. 71.00000.00752.007 Restricted fund balance 310,432 Cr. 71.41YXX.04511.009 Title I receivable 201,553 Cr. 71.43YXX.04511.009 IDEA Part B receivable 108,879 Dr. 71.00000.00752.007 Restricted fund balance 13,323 Cr. 71.41YXX.04511.009 Title I outstanding encumbrance for which no corresponding revenue could be recognized Formula: 0-13,323 = (13,323) 13,323 Total for Fund 71 337,078 337,078
SAMPLE COUNTY, WEST VIRGINIA, BOARD OF EDUCATION BALANCE SHEET - GOVERNMENTAL FUNDS AS OF JUNE 30, 2011 NOTE: $100,000 was budgeted as undesignated fund balance in the proposed budget for FY 12 General Special ARRA Current Revenue Projects Total Expense Fund Fund Governmental ASSETS Cash and cash equivalents $ 2,114,072 $ 223,995 $ 2,338,067 Investments - Deposit with Workers Compensation - Taxes receivable, net 201,810 201,810 Food service receivable, net 41,447 41,447 Other receivables 46,979 46,979 Due from other governments: State aid receivable - PEIA allocation receivable - Reimbursements receivable 368,537 310,432 678,969 Due from other funds - Total assets $ 2,362,861 $ 633,979 $ 310,432 $ 3,307,272 LIABILITIES AND FUND BALANCES Liabilities: Salaries payable and related payroll liabilities $ 1,512,356 $ 1,512,356 Other post employment benefits payable $ 586,807 586,807 PEIA premiums payable 357,286 357,286 Accounts payable - Deferred revenue 182,214 607,477 789,691 Cash overdraft 310,432 310,432 Total liabilities 2,638,663 607,477 310,432 3,556,572 Fund Balances: Nonspendable - - - - Restricted - 26,501 (0) 26,501 Committed 10,000 - - 10,000 Assigned - - - - Unassigned (285,802) - - (285,802) Total fund balances (275,802) 26,501 (0) (249,300) TOTAL LIABILITIES AND FUND BALANCES $ 2,362,862 $ 633,979 $ 310,432 General Current Special Revenue ARRA Special Expense Fund Fund Revenue Funds NEW WAY Outstanding Encumbrance Listing 30,448 149,168 13,323
SAMPLE COUNTY, WEST VIRGINIA, BOARD OF EDUCATION BALANCE SHEET - GOVERNMENTAL FUNDS AS OF JUNE 30, 2010 NOTE: $100,000 was budgeted as undesignated fund balance in the proposed budget for FY 11 General Special ARRA Current Revenue Projects Total Expense Fund Fund Governmental ASSETS Cash and cash equivalents $ 2,114,072 $ 223,995 $ 2,338,067 Investments - Deposit with Workers Compensation - Taxes receivable, net 201,810 201,810 Food service receivable, net 41,447 41,447 Other receivables 46,979 46,979 Due from other governments: State aid receivable - PEIA allocation receivable - Reimbursements receivable 368,537 310,432 678,969 Due from other funds - Total assets $ 2,362,861 $ 633,979 $ 310,432 $ 3,307,272 LIABILITIES AND FUND BALANCES Liabilities: Salaries payable and related payroll liabilities $ 1,512,356 $ 1,512,356 Other post employment benefits payable $ 586,807 586,807 PEIA premiums payable 357,286 357,286 Accounts payable - Deferred revenue 182,214 607,477 789,691 Cash overdraft 310,432 310,432 Total liabilities 2,638,663 607,477 310,432 3,556,572 Fund Balances: Reserved for: Encumbrances 30,448 149,168 13,323 192,939 Debt service - Arbitrage payments - Excess levies - Capital projects - Unreserved: Designated 10,000 10,000 Undesignated (316,250) (122,667) (13,323) (452,239) Total fund balances (275,802) 26,501 (0) (249,300) TOTAL LIABILITIES AND FUND BALANCES $ 2,362,862 $ 633,979 $ 310,432 Amounts reported for governmental activities in the statement of net assets differ due to: Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the funds 17,178,967 Deferred charges are not reported in the funds Property taxes receivable and food service billings receivable will be collected this year but are not available soon enough to pay for the current period's expenditures, and are therefore deferred in the funds 795,463 Long-term liabilities, including bonds payable, are not due and payable in the current period and, therefore, are not reported in the funds Bonds payable, due within one year (165,000) Bonds payable, due beyond one year (555,000) Accrued interest on bonds - Capital leases payable (131,298) Accrued sick leave payable - Compensated absences (34,835) Net assets of governmental activites $ 16,838,998 OLD WAY See Notes to Financial Statements