AML Accounting Handbook Take Force Update 201313 people on the Task Force, 50 pages later….

Take Force Members

Jane W. Jackson, Chair Finance Officer, City of Stuttgart

Tracy Sewell, Secretary Business Director, City of Gravette

Joy Black, CPA Accounting /Purchasing Manager, City of Hot Springs

Barbara Blackard Clerk/Treasurer, City of Clarksville

Katy Carnes Finance Manager, City of Bryant

Cindy Frizzell Controller, Arkansas Municipal League

Tim Jones Audit Manager, Arkansas Division of Legislative Audit

Lori Leonard Assistant Business Director, City of Gravette

Tasha Thompson Finance Director, City of Maumelle

Lori Sander Operations Manager, Arkansas Municipal League

Cindy West, CPA Finance Director, City of Bryant

Anita Worley Accountant, City of Little Rock

Paul Young Finance Director, Arkansas Municipal League 

Accounting Basics

Source Documents, Journal Entries, General Ledger, Trial Balances, then Fund Statements

Assets, Liabilities, Revenues, Expenses, Fund Balance and G54

Difference Types of Funds – ie. Agency, Special Revenue

Cash

Municipal Water and Sewer State Statutes

Self Insured Fidelity Bond Program

Chart of Accounts

Budgeting

Purchasing (New Section in the handbook)

Need an Official Policy

Advertising

W9’s

1099’s

Federal, state, vs. local considerations

Grant considerations and then grants con’t

Grants - second new section added

Get in early on the process – new bank accounts, admin costs, time limits, Fixed Assets,

Over $500,000 possibly $750,000 OMB Cir A-133

CFDA #’s (Catalogue of Federal Domestic Assistance)

Payroll

State and Federal Requirements

SS, Withholding, Unemployment

Deductions

Payment Methods

New hires and terminations

Forms

Common Errors

Financial Record Keeping

AML website – sample schedule of record retention

Keeping by fund/group – Water, Wastewater, Sanitation, Court, Fines, Police, Payroll, Fixed Assets

Affidavit to Destroy

Unclaimed Property

Due to the State of AR by October 31 of every year.

most common types of unclaimed property within a municipality are unpaid wages, uncashed checks, refunds, and occasionally utility or service deposits.

due diligence letters must be mailed to the owner(s) of unclaimed property between 60 and 120 days of filing your report. The letters must be mailed if you have an owner address that may be accurate or if the item is for $50.00 or more. See Appendix D for Due Diligence Sample Template.

Other Finance Related Topics

Bond Issues and Bonded Debt – required reporting

Investments –

Bank Deposit Collaterization

Internet Security- should have a written internet policy, back up, back up, back up….

Other items in the Manual

Glossary of Terms

Resource List

Sample Municipal Calendar of Events/Deadlines

Lastly Appendices

Sample Cash Receipts and Disbursements Journals

Sample Chart of Accounts

Sample Fixed Asset Listing

Sample Due Diligence Letter on Outstanding Checks

Sample Annual Revenue Bond Report

Town and Country Article on Securing Bank Deposits

Thank you

Any Questions? ???