COBI 2015 - Financial Reporting

Overview
Issues
Performance
Background
Financials

Sources Uses

FY 2016 Appropriation

Financial Reporting issues the Comprehensive Annual Financial Report (CAFR) to bond rating agencies, applicable financial institutions and investment companies, the public, and managers within state government. In addition, it sets accounting standards and policies to ensure compliance with state law and generally accepted accounting principles. This program provides information for marketing long term debt (bond sales) and assists in complying with continuing disclosure requirements of the SEC.

Funding History

Appropriation Overview

During the 2015 General Session, the Legislature appropriated for Fiscal Year 2016, $1,943,200 from all sources for Financial Reporting. This is a 5.9 percent increase from Fiscal Year 2015 revised estimated amounts from all sources. The total includes $1,322,800 from the General/Education Funds, an increase of 4.5 percent from revised Fiscal Year 2015 estimates.

CAFR Audit Opinion and Achievement

This program should close each fiscal year and issue the CAFR in a timely manner. Measures for a successful CAFR include receiving an unqualified audit opinion and a certificate of achievement from the Governmental Finance Officers Association (GFOA). These two measures help the state maintain its reputation as a well-managed state and keep its "AAA" bond rating.

The Division of Finance has received an unqualified audit opinion as well as a GFOA Certificate of Achievement for its CAFR every year for the last 29 years through FY 2013. The division has received a clean audit opinion for FY 2014 and has submitted the FY 2014 CAFR for the GFOA Certificate.

Financial Reporting provides service in the following areas:

Cash management: calculates and reports interest earnings/borrowings for federal programs to comply with federal cash regulations
Loans receivable: accounts for and services loans that fund water quality and development projects, low income housing, and community development
Revenue accounting: establishes and monitors detailed state revenue reporting
Payment tracking: reconciles all warrants with bank statements and the treasurer's system
Fixed asset tracking: maintains and monitors the statewide Fixed Asset System

The division provides electronic versions of the CAFR on its website.

Intent Language

HB0003: Item 43

Under the terms of 63J-1-603 of the Utah Code, the Legislature intends that appropriations provided for Finance Administration in Item 18, Chapter 11, Laws of Utah 2014, shall not lapse at the close of FY 2015. Expenditures of these funds are limited to maintenance and operation of statewide systems and websites, studies, training, information technology support and hardware and administration costs for the Executive Branch Ethics Commission: $2,900,000.

During the 2005 General Session, the Legislature funded a $50,000 actuarial study to determine the state's liability for "other post-employment benefits" (paid health insurance in exchange for unused sick leave). The Legislature further added $25,000 in ongoing funds to the budget to repeat the actuarial study every two years as required by the Governmental Accounting Standards Board (GASB).

Dedicated Credits pay for a portion of the accounting services.

Display By:

Funding Source

Expenditure Category

Appropriation Type:

Appropriation History by

Sources of Finance	FY11 Actual	FY12 Actual	FY13 Actual	FY14 Actual	FY15 Approp	FY15 Change	FY15 Revised	FY16 Change	FY16 Approp
General Fund	957,800	1,004,800	933,200	1,164,200	1,109,700	147,300	1,257,000	56,400	1,313,400
General Fund, One-time	0	0	0	4,000	9,000	0	9,000	400	9,400
Dedicated Credits Revenue	522,000	522,500	512,600	528,800	525,700	4,300	530,000	30,400	560,400
Beginning Nonlapsing	116,000	100,000	162,000	26,400	40,000	58,400	98,400	(38,400)	60,000
Closing Nonlapsing	(100,000)	(162,000)	(56,500)	(98,400)	0	(60,000)	(60,000)	60,000	0
Total	$1,495,800	$1,465,300	$1,551,300	$1,625,000	$1,684,400	$150,000	$1,834,400	$108,800	$1,943,200

Categories of Expenditure	FY11 Actual	FY12 Actual	FY13 Actual	FY14 Actual	FY15 Approp	FY15 Change	FY15 Revised	FY16 Change	FY16 Approp
Personnel Services	1,414,300	1,357,900	1,462,900	1,538,300	1,571,000	122,500	1,693,500	116,200	1,809,700
In-state Travel	200	0	0	0	0	0	0	0	0
Out-of-state Travel	1,000	500	2,000	400	2,000	0	2,000	0	2,000
Current Expense	49,800	79,300	57,400	54,600	81,500	26,400	107,900	(29,000)	78,900
DP Current Expense	30,500	27,600	29,000	31,700	29,900	1,100	31,000	21,600	52,600
Total	$1,495,800	$1,465,300	$1,551,300	$1,625,000	$1,684,400	$150,000	$1,834,400	$108,800	$1,943,200

Show Table | Show Additional Information

Other Indicators	FY11 Actual	FY12 Actual	FY13 Actual	FY14 Actual	FY15 Approp	FY15 Change	FY15 Revised	FY16 Change	FY16 Approp
Budgeted FTE	17	16	18	16	16	0	16	0	16
Actual FTE	14.80	14.43	15.30	15.50	0	0	0	0	0

COBI contains unaudited data as presented to the Legislature by state agencies at the time of publication. For audited financial data see the State of Utah's Comprehensive Annual Financial Reports.