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OPERATING AND CAPITAL BUDGET - Fayette County Government

OPERATING AND CAPITAL BUDGET - Fayette County Government

FAYETTE COUNTY, GEORGIA

FAYETTE COUNTY, GEORGIA MEASUREMENT BASIS Basis of Accounting - used in the Comprehensive Annual Financial Report (CAFR) The term “basis of accounting” refers to that point in time when revenues and expenditures are recognized in the accounts and reported in the financial statements. Basis of accounting relates to the timing of the measurements made, regardless of the particular measurement focus being applied. Governmental Funds are used to account for the County’s general government activities. Governmental funds use the modified accrual basis of accounting. Revenues are recognized when susceptible to accrual (i.e. when they are “measurable and available”). “Measurable” means the amount of the transaction can be determined and “available” means collectible within the current period. Expenditures are recorded when the related liability is incurred. Proprietary Funds use the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when the related liability is incurred. Proprietary funds distinguish operating revenues and expenses from non-operating items. Fiduciary Funds account for assets held by the County in a trustee capacity or as an agent on behalf of others. These funds are custodial in nature and do not present results of operations or have a measurement focus. Basis of Budgeting Governmental Funds use the modified accrual basis of accounting. Revenues are recognized when susceptible to accrual (i.e. when they are “measurable and available”). Proprietary Funds use the cash basis of accounting. Revenues are recorded when received and expenses are recorded when paid. There is no distinction between operating and non-operating items. Fiduciary Funds are not included in the budget. Basis of Accounting and Basis of Budgeting – Differences 1. All funds are included in the CAFR. Not all funds are included in the budget. Budgets are not prepared for fiduciary funds and internal service funds, except for the Vehicle/Equipment fund. 2. Depreciation and amortization expense for proprietary funds are included in the CAFR. These are not included in the budget. 3. Enterprise funds use the accrual basis of accounting in the CAFR and use the cash basis in the budget. 4. The results of operations of component units are included in the CAFR. These are not included in the budget. 75

FAYETTE COUNTY, GEORGIA BUDGET AMENDMENTS Each year, an annual budget is formulated which represents the County’s plan for expending its anticipated revenues during the upcoming fiscal period. When the budget is adopted at the end of June each year, it is at that point in time, management’s best estimate as to the most efficient allocation of financial resources to meet the service needs of the community. Even then it is recognized that amounts originally adopted can be affected by the occurrence of unanticipated revenues and/or expenditures or the need to transfer appropriations among funds or among departments. Original appropriations are then amended by transferring funds. This will bring line-items within a new “Revised” budget amount. There are two classes of budget adjustments: amendments that need to be approved by the Board of Commissioners and transfers between line-items that only need approval by county management. Budget Amendments need to be approved by the Board of Commissioners: 1. Changes in appropriations at the legal level of control (department level), whether accomplished through a change in anticipated revenues in any fund or through a transfer of appropriations among departments, shall require the approval of the Board of Commissioners. 2. Changes in appropriations of capital projects shall require the approval of the Board of Commissioners. 3. Any transfer of appropriations from/to salary, benefits and or contingency line-items (if used) shall require the approval of the Board of Commissioners. Procedure for amendments – the requesting department will prepare a Consent Agenda Item to be presented to the Board of Commissioners for approval. After approval by the Board of Commissioners, the Finance Department will enter the budget amendment in the financial system. Budget transfers need only approval by county management: 1. Reassignment of resources among line-item expenditures (except salary, benefits, and contingency) within a department’s approved budget requires only approval by the Department Head. This should be a reassignment of funds that does not change the department’s total approved appropriations. Procedure for transfers – the Finance Department submits to the departments YTD Budget reports identifying line-item expenditures that are over budget. The Department Head then submits a Request to Transfer Funds form to the Finance Department listing the line-item(s) from where the funds will be transferred to bring these line-items within budget. The transfer(s) are entered in the financial system by the Finance Department. Budget amendments and transfers change original line-item appropriations. The net effect of increases and decreases is shown as an adjustment that results on a new “Revised” budget amount. 76

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