instructions-monthly financial reports samples a and b

8/11/2019 Instructions-monthly Financial Reports Samples a and b

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SAMPLE MONTHLY FINANCIAL REPORTS

Description and Instructions

Provided below is a description and instructions related to the following Sample Monthly

Financial Reports:

Option 1. Sap!e Report A" #asic Reportin$ S%ste. This option involves is

a shorter, less detailed report that may be appropriate for smaller localgovernments and other local governments not in need of the greater level ofdetail included in Sample Report .

Option &. Sap!e Report #" Detai!ed Reportin$ S%ste. This option

provides a greater level of detail about the local government!s budget andfinances, including some appendices that provide additional supportinginformation.

The attached reports offer templates or e"amples that a local government could use and modifyto develop a reporting system that will best meet its particular needs.

#f you have any $uestions, comments or suggestions regarding these instructions or the SampleReports, you can contact %illiam Plummer at: &'Mail:bill.plummer(ct.gov Telephone: )*+-/*'+0+1 or Robert 2a3ers &'Mail: robert.da3ers(ct.gov Telephone: )*+- /*'+40.

Description and Purpose of Sample Reports

Monthly, $uarterly or other periodic financial reports can provide an important tool to helplocal governments both in managing their current operating budgets and in preparing future

budgets. These reports can provide an early warning system as to revenue accounts ore"penditure accounts that are running higher or lower than e"pected. This allows a localgovernment to ta3e steps to mitigate potential problems in a more timely fashion and5or ma3ead6ustments with respect to other parts of the budget. These reports can also identifyemerging issues and provide important trend data for the development of upcoming budgets.

The attached reports were developed by staff from the 7ffice of Policy and Management )7PM-,in consultation with the Municipal Finance 8dvisory 9ommission )MF89-. The MF89 is astate commission staffed by 7PM. These reports were adapted from reports done monthly by thecities of %aterbury and ridgeport.

The Sample Reports provide summary and detail information related to a local government!sgeneral fund budget. The Sample Reports include actual and pro6ected budget, revenue ande"penditure information for prior years and the current year. As stated previously, SampleReports A and B offer templates or examples that a local government can use and modify to

develop a reporting system that will best meet its particular needs. hether using Sample

Report A or B, the attached templates would need to be modified to reflect a local

government!s account and organi"ational structure as well as its particular information

needs.
mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]


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%hile some time and proficiency with &"cel will initially be re$uired to tailor the reportto meet a local government!s needs, the ongoing use of the report should re$uire less timeand effort. onetheless, time will be needed each month to import or enter e"penditureand revenue information and to ma3e pro6ections, as well as to analy;e the results.

#nstructions re$ %ormat and Structure of the Sample Reports

%hile a certain amount of information will need to be entered annually or monthly inboth of the Sample Reports, many of the schedules will pre'fill automatically frome"penditure and revenue data included in other parts of the report. 8 number of thecolumns in the reports will also be calculated by &"cel from information in othercolumns. Finally, some of the data, such as prior year e"penditures and the current yearbudget, only need to be manually or automatically entered once a year, although someperiodic ad6ustments may be re$uired.

#n terms of entering the latest year'to'date revenues and e"penditures, the amount ofwor3 this entails will depend, in part, on the ability to import this information directly

from your financial management systems. The pro6ections for the remaining months willneed to be entered separately, although you could have these amounts default to thedifference between the year'to'date amount and the budget. #ndividual overrides couldbe done for those accounts e"pected to under or over budget.

The cells or columns in both of the Sample Reports are filled in with the following colorsto determine if they are: /- pre'filled automatically from another schedule< 4- calculatedautomatically using data from other columns or cells within the spreadsheet< 0- generallyare filled in once per year, potentially with periodic updates or modifications< or -re$uire monthly data entry from a source outside the report.

Pre'filled )white-

9alculated )gray-

7nce per =ear )green-

2ata &ntry Monthly )yellow-

Note" T'is !e$end is inc!uded in eac' o( t'e sc'edu!es in t'e Sap!e Reports to assist

t'ose cop!etin$ t'ese sc'edu!es. T'e% are not intended (or t'e readers o( t'ese reports.

Report &verview and Discussion

The attached Report 7verview and 2iscussion provides an opportunity to highlight anyune"pected trends or changes with respect to year'to'date revenue and e"penditure amounts.#n addition, the assumptions and methodology used in pro6ecting revenues and e"pendituresthrough the end of the year can be e"plained. The structure of the Report 7verview and2iscussion includes an opening overview section, followed by sections in which more detailsrelated to revenues and e"penditures can be provided. 8t the end of this overview is a9onclusion section.

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#nstructions re$ Schedules in Sample Report A$ Basic Reporting System

Sc'edu!e 1" Report Suar%

Schedule / provides a summary of the revenue and e"penditure budgets and pro6ectionsand an overall Pro6ected Results of 7perations: i.e. Surplus)2eficit-. The information inthis Schedule will be automatically pre'filled from other schedules in the report.

Sc'edu!e &" Re)enue Suar%

Schedule 4 provides summari;es prior and current year information for broad revenuecategories )e.g., Property Ta"es, Payments from 7ther >urisdictions-. #ncluded in theschedule are revenue amounts for prior years, reali;ed year'to'date, pro6ected for theremaining months of the fiscal year, pro6ected at year'end, approved for the current yearbudget, and the pro6ected budget variance. This information is pre'filled automatically

from Revenue 2etail included in Schedule . The e"ception to this is the F=1 8ctualcolumn, which needs to be filled in separately at the beginning of the year.

Sc'edu!e *" E+penditure Suar%

Schedule 0 provides actual, year'to'date, budgeted and pro6ected e"penditures for eachdepartment. This information is pre'filled automatically from Schedule ?: &"penditure 2etail.

Sc'edu!e ," Re)enue Detai!

Schedule provides line'item revenue amounts for the prior year, year'to'date, pro6ectedat year'end, and current year budget, along with the pro6ected budgetary variance. Thetotal amounts for all these line'items are the same as the totals found in the RevenueSummary in Schedule 4.

For each line'item in the report, the prior year actual, current year'to'date, pro6ected amountfor the remaining months and the budgeted revenue amounts will need to be entered, whilethe pro6ected year'end and budgetary difference columns will be calculated by &"cel.

Sc'edu!e -" E+penditures Departent Detai!

Schedule ? provides the e"penditure, budget and pro6ected e"penditure amounts for eachdepartment for the following line'item categories: Personal Services @ Salaries< PersonalServices @ 7vertime< Personal Services @ 7ther< and 7ther &"penses. The amounts forall of the columns in Schedule ? involve data that will need to be entered, with thee"ception of the Pro6ected at =ear &nd and Aariance 7ver5)Bnder- columns, which arecalculated by &"cel.

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#nstructions re$ Schedules and Appendices in Sample Report B$ Detailed Reporting System

Sc'edu!e 1" Report Suar%

Schedule / provides a summary of the revenue and e"penditure budgets and pro6ectionsand an overall Pro6ected Results of 7perations: i.e., Surplus)2eficit-. This schedule also

indicates the number of pay periods completed and remaining for both wee3ly and bi'wee3ly payrolls. This pay period information will be used in calculating Salaries inSchedules + and +a. Finally, this schedule provides summary information regarding thenumber of general fund, non'education positions that are budgeted, filled and vacant.

The Revenues and &"penditures and the position count information will pre'fill fromanother schedule, while the pay period information will need to updated each month.

Sc'edu!e &" Re)enue Suar%

Schedule 4 provides summari;es prior and current year information for broad revenue

categories )e.g., Property Ta"es, Payments from 7ther >urisdictions-. #ncluded in theschedule are revenue amounts for prior years, reali;ed year'to'date, pro6ected for theremaining months of the fiscal year, pro6ected at year'end, approved for the current yearbudget, and the pro6ected budget variance. This information is pre'filled automaticallyfrom Revenue 2etail included in Schedule ?. The e"ception to this is the F=1 8ctualcolumn, which needs to be filled in separately at the beginning of the year.

Sc'edu!e *" E+penditure Suar%

Schedule 0 provides actual, year'to'date, budgeted and pro6ected e"penditures forgroupings of departments )e.g., Ceneral Covernment, Finance, Public Safety-. Thisinformation is pre'filled automatically from the &"penditure 2etail found in Schedule +.

Sc'edu!e ," E+penditure Suar% Departents

Schedule provides the information described above for Schedule 0, e"cept that theinformation is provided for each department as opposed to the broader categories. Thisinformation is pre'filled automatically from the &"penditure 2etail found in Schedule +.

Sc'edu!e -" Re)enue Detai!

Schedule ? provides line'item revenue amounts for the prior year, year'to'date, pro6ectedat year'end, and current year budget, along with the pro6ected budgetary variance. Thetotal amounts for all these line'items are the same as the totals found in the RevenueSummary in Schedule 4.

The amounts for the following property ta" line'items are pre'filled from automatically8ppendi" /'Ta" 9ollection Pro6ections: 9urrent Property Ta"es< Prior =ear Property Ta"es

instructions-monthly financial reports samples a and b

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