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Reporting and Auditing Requirements – Tennessee Counties - Section B and maintains the fund account balances from which disbursements of the county’s offices or departments are paid. Financial Reporting General: Financial statements should be prepared in conformity with accounting principles generally accepted in the United States of America. The basic financial statements should comply with the provisions of the Governmental Accounting Standards Board, as detailed in the Codification of Governmental Accounting and Financial Reporting Standards. Under current GASB standards, the board of education is a component unit of the county and should be reported discretely in the county’s comprehensive annual financial report. Also, all counties, except Davidson, Hamilton, Knox, and Shelby, must adopt the “County Uniform Chart of Accounts,” (COUNTY CHART OF ACCOUNTS). The financial transactions of county constitutional offices, such as trustees, county clerks, clerks of courts, registers, clerk and masters, and sheriffs, should be consolidated with the financial statements of the county in the annual financial report or comprehensive annual financial report (CAFR) in order to conform with accounting principles generally accepted in the United States of America. There is no requirement for financial statements of the constitutional offices to be issued separately from the county’s report. A county may present separate financial reports on the constitutional offices, if so desired. Additional Requirements of the Comptroller’s Office: County officials are encouraged to issue a financial report that conforms to the requirements of the Governmental Accounting Standards Board related to a comprehensive annual financial report (CAFR). However, audit reports for counties shall, at a minimum, conform to the general report outline in Section A of this manual and include the following supplementary information. GASB permits budgetary information to be included as Required Supplementary Information or as basic financial statements for the general fund and each major special revenue fund for which a legally adopted annual budget is required. However, ourthis office requires the detailed legally adopted budgetary information for these funds to be included in the basic financial statements. The auditor’s opinion should cover this information. Budgetary information for other major funds would be included in supplemental information. Note: Individual fund revenues should be classified by individual source (property tax, TVAin lieu of tax, beer tax, etc.), and expenditures should be classified by function, organizational unit, and object. At a minimum, budgetary schedules should present detail consistent with the entity’s legally adopted budget. Formatted: Indent: Left: 0", First line: 0" Formatted: Not Highlight 1. Supplementary Information: B-2
Reporting and Auditing Requirements – Tennessee Counties - Section B a. Combining statements for nonmajor governmental and proprietary funds. b. Combining statements for internal service funds. c. Combining statements for agency fiduciary funds. d. Budgetary schedules for all nonmajor governmental funds and other major governmental funds with annual appropriated budgets. e. Fund information for discretely presented component units that do not issue separate financial statements. Note: Individual fund revenues should be classified by individual source (property tax, TVA-in lieu of tax, beer tax, etc.), and expenditures should be classified by function, organizational unit, and object. At a minimum, budgetary schedules should present detail consistent with the entity’s legally adopted budget. Formatted: Highlight f. Schedules. (1) Schedule of Expenditures of Federal Awards and State Financial Assistance (This schedule is required if the entity expended subrecipient funds, regardless of the amount.) Assistance in the form of loans must separately identify both the federal and state portions. (2) The following schedules are required, if applicable, whether the county issues a CAFR or not. Certain schedules may exceed GASB’s minimum requirements; however, the information provided is used by other state departments. The following are required schedules: (a) (b) (c) Schedule of Investments. Schedule of Changes in Long-Term Notes, Capital Leases, Bonds Payable and other Loans Payable. Schedule(s) of Long-Term Debt, Principal, and Interest Requirements (e.g., bonds, notes, and other long-term debt–by individual issue) by Fiscal Year–All Funds. B-3
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EXAMPLE OF A PROPOSAL EVALUATION ME
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