Financial Policy & Fund Balance Overview
This presentation highlights the importance of having a financial policy in place to protect cash reserves, make informed financial decisions, and ensure audit compliance. It explains the components of a financial policy as per GASB 54 and discusses the link between audited financials and the budget cycle. Furthermore, it covers the FY 2019 cash carryover and transfer budget for general and road funds, detailing fund balances across various categories.
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FINANCIAL POLICY & FUND BALANCE IACRC BUDGETING COMMITTEE PRESENTATION AUGUST 14, 2018
WHY DO YOU NEED A FINANCIAL POLICY? Provides the backbone needed to protect your cash reserves Provides a structure for financial decisions using fund balance County policy supports audited financial statements Tool to gain comfort on sufficiency of cash reserves, for future operations
COMPONENTS OF A FINANCIAL POLICY GASB 54 defines categories of fund balance: Non spendable typically prepaid items Restricted typically due to enabling legislation i.e. the purpose for which the fund was established, grants, financial assurance for landfill closures Committed for a specific purpose. Only the BOCC has authority, must be done by resolution both to impose and to remove a constraint Assigned limitations imposed by either the Board or an official designated by them Unassigned available for any purpose
THE LINK BETWEEN AUDITED FINANCIALS AND THE BUDGET CYCLE Boise County Audited Financial Statements For The Year Ended September 30, 2017
THE LINK BETWEEN COMPLETION OF AUDIT AND THE NEXT BUDGET CYCLE Audit Budget
FY 2019 CASH CARRYOVER & TRANSFER BUDGET: GENERAL & ROAD FUNDS
General Fund R&B Justice Fund EBCAD Crt Facility Court FundHealth Prev Indigent Jr College Reval Fund Solid Waste Tort Fund Bond Fund 5 6 15 16 FUND BALANCES 1 2 3 4 17 20 23 24 25 Nonspendable 21,660 Restricted: Enabling Legislation Grants Post Closure Reserve (Landfill) 2,049,228 2,118,032 401,587 50,304 373,495 21,513 242,397 50,000 178,408 360,260 759,609 427,694 488,937 - 300,000 Committed for: Subsequent Years Expenditures Cash Basis Minimum Fund Balance 529,000 430,000 730,000 24,700 - - 80,000 221,501 - - 479 - 132,550 - 432,025 Assigned for: Capital Improvements Replacement Programs Matching Contributions R&B projects Disaster/Emergency Department Extraordinary Legal Technology Unanticip. Professional Services 475,000 200,000 200,000 150,000 100,000 100,000 100,000 100,000 50,000 Unassigned: Total Fund Balances 398,799 3,434,459 2,073,928 2,118,032 451,587 130,304 594,996 21,513 292,397 178,887 360,260 1,292,159 427,694 920,962 224,058 F/S Amounts: 3,434,459 2,073,928 2,118,032 451,587 130,304 594,996 21,513 292,397 178,887 360,260 1,292,159 427,694 920,962 224,058 3,220,088
