1 / 12

_____________________________________ July 30, 2012 Staci Henshaw, CPA, Director

_____________________________________ July 30, 2012 Staci Henshaw, CPA, Director. Overview. Provide background surrounding Comparative Report Discuss why locality CAFR’s are not viable sources of information for the Comparative Report Discuss opportunities to improve the process.

Download Presentation

_____________________________________ July 30, 2012 Staci Henshaw, CPA, Director

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. _____________________________________ • July 30, 2012 • Staci Henshaw, CPA, Director http://www.apa.virginia.gov

  2. Overview • Provide background surrounding Comparative Report • Discuss why locality CAFR’s are not viable sources of information for the Comparative Report • Discuss opportunities to improve the process http://www.apa.virginia.gov

  3. Comparative Report of Local Government • Objective is to present uniform financial data on Virginia counties, cities, and towns in an understandable and useful manner • Currently is only reliable and consistent source of information about local governments http://www.apa.virginia.gov

  4. Comparative Report Background • 1930s – 1960s • APA audited most counties and prepared County Comparative Report from counties’ records • Cities hired auditors and APA staff prepared City Comparative Report from annual reports • Counties data was uniform; cities data not reliable and was inconsistent http://www.apa.virginia.gov

  5. Comparative Report Background • 1970s • APA audited less than 1/3 of counties • Counties and cities were hiring auditors and APA staff prepared the Comparative Report from annual reports • Comparative Report lost uniformity and comparability http://www.apa.virginia.gov

  6. Comparative Report Background • Late 1970s • APA met with legislators, localities, academia, and other interested parties • All decided need for a Uniform Financial Reporting Manual with uniform chart of accounts and specific detail • Users wanted transparency and ability to compare data between localities http://www.apa.virginia.gov

  7. Comparative Report Background • 1981 • First Comparative Report prepared in accordance with the Uniform Financial Reporting Manual • All local government data is uniform and comparable http://www.apa.virginia.gov

  8. Comparative Report Users • Local government officials • Local government organization (VML & VACO) • Legislators • Commission on Local Government • Fiscal stress index (revenue capacity and revenue effort components) • Academia http://www.apa.virginia.gov

  9. The CAFR is not a viable source of information for the Comparative Report • Revenues and expenditures not uniform and comparable between localities or between years • Revenues and expenditures not comprehensive of government’s involvement in regional activities • Detail not available for fiscal analysis http://www.apa.virginia.gov

  10. Opportunities to Improve Process – Information • APA has started discussions with users and preparers • What is the key information included in the Comparative Report? • Are there other sources for some information? • APA must follow Administrative Process Act for any proposed changes to information http://www.apa.virginia.gov

  11. Opportunities to Improve Process – Data Collection • Locality Opportunities for Improved Efficiency • Set-up general ledger accounts to mirror Comparative Report accounts • Utilize financial system technology to assist in Comparative Report preparation • APA is reviewing transmittal forms for process improvements http://www.apa.virginia.gov

  12. _____________________________________ QUESTIONS http://www.apa.virginia.gov

More Related