Implementing effective internal financial policies can be challenging for local governments of any size, which is why the Performance Center teamed up with the Municipal Research and Services Center (MRSC) to simplify the process.
By the Center for Government Innovation
Estimated reading time: 4 minutes
The processes for compiling and presenting financial and federal program reports contain many areas of risk, such as reorganization or personnel changes, and new or revised guidance and rules.
To help governments deal with the many possible challenges, our Office has issued two new risk assessment worksheets, one relating to financial reporting and the other to federal programs. Both are available in the Audit Resources section of our website: portal.sao.wa.gov/PerformanceCenter/
In May 2016, local governments reached out to the State Auditor's Office with concerns that mosquito control districts were not following state law regarding annual assessments for district operations.
We're already halfway through 2017, and 2018 is quickly approaching! GASB Statement No.
Local governments are required to submit an annual financial report within 150 days after their fiscal year end under state law (RCW 43.09.230). Exhibit 1 illustrates that the number of governments meeting this requirement has increased for the fourth consecutive year. Exhibit 2 illustrates that 228 of the 302 governments that missed the filing deadline also missed the deadline in 2015.
The Government Accounting Standards Board issued an invitation to comment on January 4 about potential changes to reporting of government funds
The GAAP and Cash Basis BARS manuals have been updated and are available on our website at www.sao.wa.gov.
The Budgeting, Accounting, and Reporting System (BARS) roundtables are underway in various locations all over the state. Discussion in these free three hour meetings presented by the State Auditor's Office, includes many topics such as: Information on changes to the BARS manual, a preview of requirements for upcoming GASB standards, demonstration of the Financial Analysis Tool (FIT), and discussion of other valuable resources and trainings free to local governments.
Understanding a government's financial health can be complex.