Title
Vote on a request to approve the adoption of the Fiscal Year 2020-2021 Budgets for the Representative Payee Special Revenue Fund (formerly the Social Services Agency Fund), the Fines & Forfeitures Special Revenue Fund (formerly the Fines & Forfeitures Agency Fund), and the Cooperative Extension Program Division in the General Fund (formerly the Chatham County Cooperative Extension Agency Fund)
Abstract
Action Requested: Vote on a request to approve the adoption of the Fiscal Year 2020-2021 Budgets for the Representative Payee Fund, the Fines & Forfeitures Fund, and the Cooperative Extension Program Division
Introduction & Background: During the fiscal year, the budget must be amended as changing conditions warrant. The fiscal year 2020-2021 budget ordinance authorizes the County Manager to transfer funds within a department without limitation. The Manager may also transfer amounts of up to $5,000 between departments of the same fund and transfer amounts up to $50,000 from contingency with a memorandum report of such transfers to the Board. The Board must approve all other transfers.
Discussion & Analysis: Governments frequently engage in various fiduciary activities by taking care of monies that belong to individuals or others outside of government. Existing standards require reporting of fiduciary responsibilities but do not define what they are. The Governmental Accounting Standards Board (GASB) issued Statements No. 84 and 97 to provide detailed guidance as to what constitutes a fiduciary activity and how to report fiduciary activity. The implementation of these standards requires that we shift three funds currently reported as agency funds (fiduciary activity) to budgeted special revenue fund or general fund revenues and expenses. Operationally, the County's responsibilities as related to these funds will not change. Initially, revenues equal expenses due to the pass-through nature of the funds.
The DSS Trust fund (currently reported as an agency...
Click here for full text