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October 3rd, 2017

October 3rd, 2017. Cost Codes and COFARS. Cost Codes. Discuss why Cost Codes should be combined/separated for: Engineering Office/Engineering Field Specific projects Miscellaneous work. Resource for Discussion: State Aid Accounting Manual Introduction – Chart of Accounts Overview

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October 3rd, 2017

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  1. October 3rd, 2017

  2. Cost Codes and COFARS

  3. Cost Codes Discuss why Cost Codes should be combined/separated for: • Engineering Office/Engineering Field • Specific projects • Miscellaneous work Resource for Discussion: State Aid Accounting Manual Introduction – Chart of Accounts Overview Chapter 15 Construction Costing • Engineering: “Any further breakdown or reporting will be at the county’s option” • What are some practical guidelines?

  4. Inventory

  5. Inventory Inventory Management: How do you determine price per unit of measure? How do you track use of inventoried items? Snow and Ice Control Materials: Salt and Sand inventory or spread? What criteria do you use to determine whether or not to inventory an item? What is needed/required by SAF? Other questions – points of discussion? Resource for Discussion: State Aid Accounting Manual Introduction/Task Force/State Aid Finance Team Section & Chapter 13 Inventory Management

  6. Fixed Assets/Equipment

  7. Fixed Assets/Equipment • How to establish rental rate • How to use Fixed Asset Report to assist in establishing rental rate for like equipment • Fixed Asset Management (Replacement Schedules) • Trade-ins • Marking a unit sold

  8. Advances - Counties

  9. Advance Overview M.S. 162.08, Subd 5, 6 and 7 provides counties to make advances from future year’s allocations for the purpose of expediting construction. This process not only helps reduce the construction cash balance, but also allows counties to fund projects that may have been delayed due to funding shortages. This is an interest free option.

  10. Advance Guidelines Statutory – None - Ref. M.S.162.08, Subd5, 6 & 7. State Aid Rules – None - Ref. State Aid Rules 8820.1500. Subp5 & 8 thru 9. State Aid Guidelines: Guidelines: http://www.dot.state.mn.us/safinance/advances/guidelines-county.pdf Advance is limited to counties last “construction” allotment. Advance amount will be reduced by any similar outstanding obligations and/or bond principal payments due.

  11. Advance Requests Check to see if State Aid Finance has received the advance. Current Year 2017 Advance requests spreadsheet http://www.dot.state.mn.us/safinance/advances/requests -county.pdf CodeGREEN – LOW – Construction cash balance at acceptable level to approve anticipated advances. Advances approved on first-come, first-serve basis while funds are available.

  12. Advance Resolutions • Forms & Resolutions • http://www.dot.state.mn.us/safinance/formsandresolutions. html#msas • The correct resolution must be used for each advance type • Resolutions are good for only one calendar year • Bond Principal Due and projects require only one resolution • Request to Reserve Funds – guarantee funds will be held specifically for county.

  13. Advance Limitations May Be Exceeded If State Aid funds are used in lieu of federal funds for federal aid advance construction projects programmed by the Area Transportation Partnership (ATP) in the State Transportation Improvement Plan (STIP). - Repayment is made when federal funds are converted. If federal funds fail to be programmed, or the project (portion of it) is declared federally ineligible - Local agency is required to pay back the advance under a payment plan mutually agreed to between State Aid and the county.

  14. Advances An account balance must be zero and the money needs to be requested with a State Aid Payment Request before receiving an advance. To process a short payment, email project number to John Fox at john.e.fox@state.mn.us. Payments are processed in the order received by SAF and are not project specific or limited to the projects listed on the resolution.

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