FY12-13 Closing and FY13-14 Opening Training...• GASB Q&A 7.40.3 and 7.72.2 – Offset to the Allowance for Doubtful Accounts is a reduction in revenue • Current Year – Revenue

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FY12-13 Closing and FY13-14 Opening Training

Presented by

Office of the State Controller

April 16, 2013

Ft. Logan - Denver

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Agenda – General Session

• Opening Comments

• Calendar Highlights

• FAST Updates

• R&A Updates

• Questions

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Presenters

FAST

Renee Strebelinski 303-866-4162

Reporting & Analysis

Tammy Nelson 303-866-2659

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A Wordfrom the

State Controller

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Opening Comments

• Fiscal Procedures Manual – March 2013

http://www.colorado.gov/dpa/dfp/sco/FiscalProcedures/Cur/manual_cur.htm

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Opening Comments

• Audit Risk Letter

• Highlights

– Items of particular importance

– Changes from previous years

• Agency Planning Checklist

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FY12-13 Closing Calendar Highlights

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July 12 Close of Period 12. Last day for PV, IT, CR, encumbrance, and

other transactions.

July 16 Finalize expenditures related to Controlled Maintenance Projects

funded with section 8 enabling act money.

July 31 Period 13 closes for agency input. No more entries

August 2 Period 13 closes for OSC input

August 14 Agency Exhibits are due to the OSC. (Except for H, I, J, K1, & K2)

The variance analysis is also due to the OSC.

FY12-13 Closing Calendar Highlights (continued)

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August 16 Uncommitted Cash Fund Reserve Report is due to the OSC.

August 30 Any Exhibits H received after this date are considered audit

adjustments.

September 6 Exhibits I and J are due to the OSC.

September 20 Exhibits K1 and K2 are due to the OSC. The OSC issues the BFS.

MD&A is due from agencies and institutions issuing stand alone

financial statements.

Audit Completion Submit a copy of the Management Representation letter to the OSC.

Also submit the final exhibit J to the OSC.

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FY13-14 Opening Calendar Highlights

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June 14 Deadline for agencies’ level 3 approvals on AP documents needed to

record the FY13-14 Long Bill.

July 12 Rollover of purchase documents from FY12-13 into FY13-14.

Coding for EPS transactions must be correct, EAP transactions must

be agency approved from SUSF.

August 26 COFRS goes on “full appropriation control”.

FAST Updates & Reminders

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What does FAST do?

• “Eyes and ears” of the State Controller

• Serves as liaison

• Provides professional and technical assistance

• Approves agency budgetary and accounting transactions

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What does FAST do?

• Delegated responsibilities from the State Controller

– Approve bank accounts

– Approve write-offs

– Approve loans and advances < $2 million

– Approve certain Fiscal Rule Waivers

– Approve financial reports

– Approve Petty Cash Delegations

– Financial System Security Administration14

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FAST Staffing

FASTField Controllers

• Tom Gamache 3/866-3890

• Susan Thomson 3/866-4161

• Jing Ye 3/866-3891

• Renee Strebelinski 3/866-4612

FAST Accountant

• Brenda Shelinbarger 3/866-4165

E-mail: [email protected] Assignments:

http://www.colorado.gov/dpa/dfp/sco/FAST/FAST.pdf15

Other OSC Staff ContactsOthers

• Jennifer Henry – 3/866-3809

– ARRA and Internal Audit

• Julie Christopher – 3/866-3814

– Office Manager

• Valerie Smith – 3/866-3348

– Central Accounting Operations Manager and Warrants

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Other OSC Staff Contacts

Others

• Marie Schneider - 3/866-3810

– Central Payroll Manager

• RaLea Sluga – 3/866-2127

– Contracts Manager

• Brenda Lujan – 3/866-5703

– Contract Administration (CMS)

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TOPS Reminder

• TOPS = Transparency Online Project

System

• Certification of review is contained in

FRAC (due date is December 31)

• Report changes to FAST

• See details in Chapter 5, Section 6.7 of

Fiscal Procedures Manual

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Forms Reminder

• Current forms have been posted on the OSC

website with updated manual

• Be sure to use current forms

– Loans and advances

– Overexpenditures

– Appropriation Transfers

– Bank Confirmations

– Capital Construction 6 Month Certification

– Accounts Receivable Requests

– FRAC19

COFRS Modernization LB Line

• COFRS modernization portion of billing

tracked separately from maintenance

portion

• Same process of positive coding will be

done in FY13-14

• Plan is to book the split with the Long Bill

booking for FY13-14

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Transfers & Overexpenditures

• Statewide limits-– Overexpenditures are $3 million

– Transfers are $5 million

• Forms are due July 16

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Diagnostic Reports

• Monitor FDW Diagnostic Reports(available daily & at period-end)

– Overexpended Lines Report

– Abnormal Balance report

– Transfer reports

– Budget to actual reports

– Specific Capital Construction Reports

• DO NOT WAIT FOR FAST! 22

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Reminder: Form 8038s

Submit copy of IRS 8038 form to OSC within 5 days of filing

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Rollforwards

• Use rollforward request form

• Reappropriated rollforwards• Become Cash in following year

– As 9523 Cash fund balance

– As current Cash earnings

• Requests due July 12

• APs are due August 10

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Long Bill Booking

• APP2 Tables

– Tables rolled April 1

– Updates may begin on April 15 (when booking process begins)

– FAST APP2 review to be combined with AP approval of the BDA17R “AP Documents Awaiting 5th Level Approval”

– April 15, 2013 through June 28, 2013

– Not for FY12-13 activity25

Exhibit J – Financial Statements

• Initial due date September 6

• Final J due at completion of audit– Unless no additional entries

– Method of OSC approval of stand-alone financial statements

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Exhibit J – Financial Statements (continued)

• Continue to issue both a Preliminary (P12) & Final Unrealized Gain/Loss (P13) T-Pool Allocation

– Agency/Institution may use Period 12, if not materially different from Period 13

• Presentation Entries

– Change for FY 12-13 related to bad debt expense

– Will be a presentation entry if not posted on COFRS

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Management Rep Letters

• OSC representation based on agency/institution representations

• OSA standardization project

• Submit to FAST when submitted to OSA

• Thank you for your cooperation!

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Interfaces to COFRS

• Get OSC in the loop – As soon as you even think you might need to interface.

• HOWEVER…….

• OIT resources are scarce!

– Time out from June to August

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AP Documents and SAI’s

• SAI 01 – Long Bill– SAI 01 is used on Long Bill AP’s with dollar amount

• Includes informational only appropriations– $0 AP’s during Long Bill booking are still coded as 07– During Long Bill booking timeframe send support for any

AP’s with SAI other than 01 or 07 (for AP’s related to FY14)

• SAI 02 – Special Bill– Used for all special bills, except ones that have a

landscaped appropriation clause within the bill– Note that coding is not set up in COFRS for a special bill

unless you specifically request coding from the OSC

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AP Documents and SAI’s (continued)

• SAI 03 – Supplemental Bill

– If a bill has ANY landscape appropriation clause

pages, then SAI is always an 03

– 1331 emergency supplementals use this SAI

– The add-on section in the long bill also uses this

SAI


• SAI 06 – Capital Construction Reversions

– Remember to ensure that the project is 100%

completed before reverting funds!

• SAI 07

– When using SAI 07 for transfers, ensure that

the end result nets to zero

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• SAI 08 – Capital Construction

Carryforwards

– Lease purchase projects

• SAI 10 – Statutory Authority

– Please remember that you must always have a

statute reference on the AP or in the supporting

documentation when using this code

Questions?

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Reporting & Analysis Update

Presented by: Tammy Nelson

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Reporting & Analysis Update

–General Information

–Areas of Emphasis

–Changes

–Current & Upcoming GASB Standards

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R&A Staff

Reporting & Analysis

• Tammy Nelson 3/866-2659

• Bhavna Punatar 3/866-4344

• Trevor Borgonah 3/866-3468

• Karoline Clark 3/866-3811

• Marc Burkepile 3/866-3346

• Vance Finley 3/866-3894

E-mail: [email protected]

Availability of ClosingReports

Distributed via FDW:

– By August 5

• Exhibit J Data Report (FAST via Excel)

• Final Diagnostics

– By August 7

• Period 13 Unrealized Gain/Loss Report

• Variance Analysis

• Exhibit Reconciling Balances Report

– By August 9

• Cash Funds Turnaround Report 38

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Subsequent Events

• Added dates to calendar

– September 17 for Basic Financial Statements

– December 10 for CAFR

• Response Required

– Positive confirmation if nothing to report

– Should include everything in stand-alone financials, and may include more due to timing

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Estimates

• Do NOT submit an Exhibit H just to revise an estimate recorded on COFRS

– Based on the best information available as of fiscal year close

• DO submit an Exhibit H for calculation errors

– An error does not include a flawed methodology

• DO submit revised estimates for contingencies reported on Exhibit L, if applicable

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Reporting Entity

• $50 million EVALUATION threshold

– For both GASB 39 GASB 14/61 Entities

– Significance to the Primary Government

• Reported on U2

– Submit statements for $50 million entities

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Refunds and Reimbursements

• Refunds/reimbursements are revenue

– Receipt in subsequent fiscal year

• Credited as 83xx non-augmenting revenue

– Not a credit to expenditures

• EXCEPT

–Incidental, non-recurring activities that involve a routine agency function

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Pay Date Shift

• House Bill 12-1246 Reversal of Biweekly Paydate Shift

– Expenditures

• Do not shift General Funds related to biweekly employees

– Cash

• Similar to allocation process in prior year

– Apply % to object codes for cash entry as estimate of monthly portion

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Bad Debt Expense

Uncollectible Revenue Bad Debt Expense

• GASB Q&A 7.40.3 and 7.72.2

– Offset to the Allowance for Doubtful Accounts is a reduction in revenue

• Current Year – Revenue reduction recorded on COFRS

– Existing practice for governmental funds

– Change for proprietary funds

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Bad Debt ExpenseUncollectible Revenue Bad Debt Expense

• Prior Year – Recorded as bad debt expense, later reclassified as a nonbudgetary revenue reduction by R&A for financial statement purposes based on Exhibit U2

– Why, to avoid budgetary impact from prior year activity – not possible directly on COFRS

• Change for both governmental and proprietary funds

– Exception

• No related to revenue (loans, for example)

– Continue to record bad debt expense 45

Unspent Capital Lease Proceeds

• Unspent Capital Lease Proceeds

– Use new “Unspent” account for this purpose

• 02-2823 Unspent Capital Lease Proceeds

– Similar to Unspent Bond Proceeds (02-2817) and Unspent COP Proceeds (02-2813)

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Reversions to Cash Funds

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• Merit Pay

– General Fund in Specified Personal Services and Operating Line Items

• Legislative

– All General Fund in Legislature

• OIT

– Lines with General Fund IT savings

Diversion of Excess Indirect Costs Recoveries

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• Indirect Cost Assessment Reversion Based on SB 13-109 (Alert #201)

– Collect Indirect Revenue

– Record it in the Indirect Cost Assessment Line Item

– Agencies to transfer excess over expenditures to Indirect Costs Excess Recovery Fund (Fund 27G) prior to close

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Govt’l Fund Balance Reminders

Governmental Funds

- Agencies responsible to maintain fullyrestricted funds based on the funds listed in FPM (Chapter 3, Section 4) via Exhibit Q

AND

- Manually record partially restricted fund balances in Balance Sheet Account 03-3501

- Manually restrict applicable portion of cash, receivables, and investments

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Govt’l Fund Balance Reminders

Governmental Funds

Communicate Other Changes Via Exh. Q

- Alternative spending prioritization policy

- Changes minimum fund balance policy or amounts

- Changes in stabilization arrangements

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• Joint Vendor / State Implementation

• Expectation

– Agencies will incur capitalizable costs

• Guidance per GASB 51

– Does not include CMP Common Policy Line Item

• OIT will capitalize the applicable share of these costs these costs as it pays the vendor

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COFRSII, CMP, CGI Advantage

– OSC will create specific COFRS asset and accumulated depreciation account

– Agencies must exclude these costs from their PACAP or ICRP

• Federal cost recovery via depreciation

– 8 Year Useful Life

Additional Guidance to Follow!

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COFRSII, CMP, CGI Advantage

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Cash Funds Uncommitted Reserves Report

• Legal Opinion– Fees set in statute not considered fees set by the

entity (excluded from Fee Revenues)

• Accounting Considerations– Segregate these fees by subrevenue if not distinct

within a single revenue source code

• Reporting Considerations

– Agency responsibility to identify and report this to the OSC, along with previously appropriated fund balance and alternate target reserves 53

Indirect Costs Recovery Assessment Report

• Due Annually Each November 1

– Activity by Departmental Account within the Indirect Costs Excess Recovery Fund

• Revenues

• Expenses

• Balance

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Exhibits

• Available on OSC’s website at:http://www.colorado.gov/dpa/dfp/sco/FiscalProcedures/Cur/Exh_List_FY13.xls

• Marc Burkepile via the R&A Mailbox: dpa_ramailbox.state.co.us

• Original submission generally due August 14, revisions due as soon as practical once error or omission is discovered

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Exhibits

• Reminders:

– Please indicate agency code in subject line of e-mail

– Mark revisions as revised, and include only changed sheets

– Include an agency H#, unique for each Exhibit H

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Exhibits C,D, F1 & W

New Balance Sheet Codes

02-2823 Unspent Capital Lease Proceeds and/or 02-2817 Unspent Bond Proceeds

01-1870 Nondepreciable Other Capital Assets

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Exhibit H – Postclosing Entries

• Removed Exhibit H from Workbook

– Long Form Available

– No due date, however as soon as practical after error or omission is discovered

• Except: OIT and Medicaid deferral H – August 21

• Considered an audit adjustment after August 30

– Posted based on materiality

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Exhibit H – Postclosing Entries

• Cutoff for Basic Financial Statement Posting – August 30

– After August 30 posted only if material, or in conjunction with OSA audit team

– Only submit related exhibits after August 30 if R&A notifies you that the entry has been posted

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Exhibit K – Schedule of Federal Assistance

• House Bill 12-1009 - Federal Funds Transparency Act

Additional Elements

• If not required to report

• Mark additional fields “N/A”

• If required to report

• “$0” if no Direct Admin

• “None” if no obligations60

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Exhibit O2 – Service Concession Arrangements

– Amounts

• Related assets, liabilities, and deferred inflows

– Narrative

• General description of arrangement

• Assets, liabilities, and deferred inflows

• Rights granted and retained

• Guarantees and commitments

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Exhibit S – Short Term Financing

• Section added

– Area for descriptive information about the borrowing

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Exhibit U2 - Miscellaneous

• Reflects new $50 million GASB 39 threshold

• Reflects Section for Bad Debt Expense

– For use in reclassification as nonbudget debit revenue

• Fund, Agency, Revenue Source Code, Amount

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A/R A/P Confirmations

Reminders:

– Agencies can refuse to confirm past July 19 deadline

• Significant differences will require an Exhibit H

– Gaming Receivable

• Later due date: July 25

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PERA• Compensated Absences Accrual-PERA

Percentage Applicable to Annual Leave

– PERA’s actuary Cavanaugh Macdonald Consulting

• Percentage expected to retire

–57.1% for State Employees (except State Troopers)

–67.8% for State Troopers

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PERA

• Suggested PERA footnote language

– FPM updated through June 30, 2012 including 2012 legislation

– Additional updates will be

distributed via e-mail

• Based on PERA’s audited

December 31, 2012 statements 66

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TABOR

• TABOR exempt enterprises for FY12-13 (Ch. 5, Sec. 5 of FPM)

– Partially New – Geological Survey in the School of Mines (Fund 342)

• Effective 1/31/2013

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TABOR

• All higher education institutions expected to continue to fully qualify• Reminder: AHEC is only partially designated

• State Fair, again, is not expected to qualify

Review any revenues received from these agencies/institutions for proper TABOR treatment

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Questions?

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New GASB Standards

GASB pronouncements are available at:

http://www.gasb.org/jsp/GASB/Page/GASBSectionPage&cid=1176160

042391

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GASB Standards Implementing in FY12-13

• GASB Statement No. 60 – Accounting and Financial Reporting for Service Concession Arrangements

• GASB Statement No. 62 – Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements

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GASB Standards Effective for FY13-14

• GASB Statement No. 65 – Items Previously Reported as Assets and Liabilities

• GASB Statement No. 66 – Technical Corrections - 2012 – an amendment of GASB Statement No. 10 and 62

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GASB Standards Effective for FY14-15

• GASB Statement No. 68 – Accounting and Financial Reporting for Pensions—an amendment of GASB Statement No. 27

• GASB Statement No. 69 – Government Combinations and Disposals of Government Operations

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Early GASB Implementation FY11-12

• GASB 63 – Financial Statement Elements

– Deferred Inflows and Outflows

• Separate from Assets and Liabilities

– Limited use of “Deferred” terminology to Deferred Inflows and Outflows

Assets + Deferred Outflows – Liabilities

– Deferred Inflows = Net Position

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• Deferred Inflow - A deferred inflow of resources is an acquisition of net assets by the government that is applicable to a future reporting period

• Deferred Outflow - A deferred outflow of resources is a consumption of net assets by the government that is applicable to a future reporting period.

• Use only as directed!

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• GASB 61 – Reporting Entity– Component Units meeting the fiscal dependency

criteria must also meet the financial benefit/burden test

– Amends criteria for blending if qualified under substantively the same governing body, also requires

– Clarifies equity interests for legally separate organizations

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Service Concession Arrangements (GASB 60)

• GASB Statement No. 60 – Accounting and Financial Reporting for Service Concession Arrangements

– Not equivalent to public private initiatives per C.R.S 24-38-201-205 and 40-9.5-116

– Service Concession Arrangements

• Primary function

• Applicable to statements using

economic resources measurement focus77


– Service Concession Arrangements

• Public-private partnership whereby all conditions met:

– Transferor conveys to the operator right and obligation to provide public services through the use of a capital asset for significant consideration

– Operator collects fees from third party

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• Applies only when specific criteria met for whether transferor has control over facility

– Transferor has ability to modify/approve services provided, and the price or rate

– Transferor entitled to residual interest in service utility of facility at end of arrangement

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• Facility– Existing – Transferor to continue to report as a

capital asset

• Depreciate unless operator required to return asset in its original or enhanced condition

– New or improved – Transferor to report fair value at date placed in service, and liabilities, and the difference as a deferred inflow of resources

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• Revenue recognition by transferor on systematic rational basis over term of agreement

• Government as Operator

– Intangible assets at cost for rights to access facility and collect third party fees

– Amortizes asset over term of agreement

• Revenue Sharing

• Governmental operators report all revenues and expenses

• Transferor reports its portion of shared revenues81


New Balance Sheet Account

• 01-1945

– Deferred Inflows – SCA

New Disclosure

• New Exhibit O2

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FASB Codification (GASB 62)

• Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements

– Governments already

follow these standardsEASY

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• Bright line

– No option to follow post-November 30, 1989 FASB standards

• Falls in to “Other Accounting Literature”

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• Common Topics

– Contingencies

– Leases

– Related Parties

– Special/Extraordinary Items

– Interest Capitalization

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• Also includes:– Revenue recognition in exchange transactions

and the related impact when the right of return exists,

– Gain/loss recognition on the extinguishment of debt and foreign currency transactions,

– Imputed interest costs,

– Inventory valuation,

– Financial statement items, and

– Specialized topics86

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Items Previously Reported as Assets and Liabilities (GASB 65)

GASB Statement No. 65 – Items Previously Reported as Assets and Liabilities

Deferred Inflows/Outflows

• Limited to instances where GASB specifically authorizes use

– GASB 53 – Derivatives

– GASB 60 – Service Concession Arrangements

– GASB 63 – Deferred Outflows, Inflows, and Net Position

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Deferred Inflow - A deferred inflow of resources is an

acquisition of net assets by the government that is applicable to a future reporting period.

Deferred Outflow - A deferred outflow of resources is

a consumption of net assets by the government that is

applicable to a future reporting period.

Pages 298-299 March 2013 FPM

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Long Term Receivables in Governmental Funds

• Recognize deferred inflow (02-1949), not a deferred revenue liability in the Governmental Fund

• On a full accrual bases for the Government-Wide Statements, revenue recognition isrequired• Reverse DI accrual in F471

Governmental FL Statements


• Debt

– Refunding Gains/Losses

• Currently – reflect in the debt liability and amortize as a component of interest expense over the shorter of the life of the old or the new debt

• FY13-14 – reflect as either a deferred inflow (book loss) or a deferred outflow (book gain), rather than in the debt liability account

– 01-1922 Deferred Outflow – Refunding G/L

– 02-1942 Deferred Inflow – Refunding G/L

• Amortized as in the past 90

GW Statements

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• Debt

– Deferred Debt Issuance Costs

• Currently – Recorded as an asset, expensed over the life of the debt

• FY13-14 – Immediately expensed

– Except for prepaid insurance

This means the deferred debt issuance cost account (01-1711) will

no longer be used!

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GW

Statements


• Grants (Government-Mandated Nonexchange

Transactions & Voluntary Nonexchange Transactions)

– Currently – Recognized as revenue when all eligibility criteria met, otherwise recorded as deferred revenue (GASB 33)

• Time

• Recipient Characteristics

• Reimbursement Basis Grant

• Contingency Requirements

Purpose Restriction Do Not Impact Revenue Recognition!

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GW & FL Statements

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• Grants (Government-Mandated Nonexchange

Transactions & Voluntary Nonexchange Transactions)

– FY13-14 – Separate consideration of the time

• If last three requirements met, but not time requirement, treat as a deferred inflow (02-1946)

• If one of last three requirements not met, treat as an unearned revenue liability (02-25xx)

– Time

– Recipient Characteristics

– Reimbursement Basis Grant

– Contingency Requirements

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GW & FL Statements


• Fines (Imposed Nonexchange Revenue

Transactions)

– Currently – Treated as deferred revenue, recognized as revenue in period allows in enabling legislation

– FY13-14 – Treated as deferred inflow (02-1946), recognized as revenue in the period allowed by enabling legislation

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GW & FL Statements

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• Leases

– Lessor’s Direct Initial Costs

– Currently – Recognized as Deferred Revenue and recognized over the term of the agreement

– FY13-14 – recognized immediately as revenue

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GW & FL

Statements


• Leases

– Sales/Leaseback

– Currently – Gain/Loss deferred and recognized over term of agreement

– FY13-14 – Gain/Loss treated as Deferred Inflow/Outflow, recognized over the term of the agreement (01-1923 or 02-1943 –Other)

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GW & FL

Statements

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• Lending Activities

– Loan Origination Fees/Costs

• Currently

– Fees treated as deferred revenue, recognized over the life of the loan

– Costs treated as deferred changes, recognized as expense over the life of the loan

• FY13-14 – Except for fees related to points, immediately recognize as revenue or expense

– Points treated as Deferred Inflow (02-1941), recognized as revenue over the life of the loan

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GW

Statements



– Commitment Fees

• Currently – Treated as deferred revenue until commitment exercised or upon expiration of the commitment, recognized as revenue over the life of the loan

• FY13-14 – Treated as unearned revenue until the commitment exercised or upon expiration of the commitment, recognized as revenue immediately at that point

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GW Statements

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– Group of Loans Purchased

• Currently – The difference between the purchase price (net of fees) and the principal adjusts the receivable, and is recognized as an adjustment to yield over the life of the loans

• FY13-14 – Immediately recognize revenue or expense in the period of acquisition

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GW Statements


• Specialized Activity

– 01-1923 DO-Other & 02-1943 DI-Other

• Sales of Future Revenue Streams

• Regulated Activities

– Insurance

– Mortgage

– Regulated Operations

• Utilities

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• Accounting Change

– Related beginning FY12-13 balance

• Reclassified to DI/DO

• Reclassified to Fund Balance

– Entries need to be complete by P6 FY13-14

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GASB Statement No. 66

102

GASB Statement No. 66 – Technical Corrections to GASB 10 & 62�Allows for Risk Management activities to be

reported in a special revenue fund, if appropriate�Amends GASB 62 for:

• Operating lease payments that vary from straight-line

• Difference between purchase price and principal amount of purchased loans

• Servicing fees for mortgage loans sold when rate varies significantly from normal servicing rate

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On the Horizon

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Pension standards (FY14-15)� Proprietary funds will gain a liability

Government Combinations (FY14-15)------------------------------------------------------------------Economic Condition Reporting

� Cash basis projections

Financial GuaranteesFair Value ValuationsGAAP HierarchyOPEB

On the Horizon

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OMB Circulars�Audit threshold�Indirect cost rate negotiation

COFRSII�Interim Cash Basis

�No interim period closes�Elimination/Changes of Some Exhibits�No Exhibit Hs – On system

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Questions?

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THE END

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