5.3.1 – Financial Status Reports
Standard: The agency shall periodically, monthly at a minimum, provide financial status reports. Each appropriation and expenditure shall be classified according to function, organizational component, activity, object, and program.
Suggested Evidence of Compliance: Provide financial status reports for the previous three months. Financial status reports shall include, at a minimum:
a. Initial appropriation for each account (or program);
b. Balances at the commencement of the regularly defined period;
c. Expenditures and encumbrances made during the period;
d. Unencumbered balances; and
e. Revenue status.
COMMENT: Provide the financial status reports for the previous three months as listed in the standard. Typically these are unmanipulated reports from your software program that show each account with columns showing the Adopted Budget, Amended Budget, Expenses for the Month, Encumbered Funds, Available Budget and Balance. The report should show both Revenue and Expense Accounts. Please produce a report for the month of January, February and March 2024 (each individual reports).
RESPONSE: The AMS Financial Status Report Sample – Expense and Revenue provided as EOC 2 can only be run with year to date data. I have instead provided a similar report available from our Infoview Report System. We have now included 3 reports for Expenses EOC 8-10 for January, February and March of 2024 and 3 reports for Revenues EOC 11-13 for January, February and March of 2024.
COMMENT: Question: Who from staff analyzes budgets for PRC?
Response: The Coordinator – Fiscal Operations and the Budget Specialist III analyze budgets for PRC.
COMMENT: How frequently do you analyze budgets?
Response: Payroll accounts such as hourly (1200) and overtime (1400) and monitored closely and analyzed every two weeks. Most other accounts are analyzed to coincide with our budget forecasts; April each year for Q1, July each year for Q2 and September each year for the 8 month forecast.
COMMENT: Is anything shared with staff?
RESPONSE: Yes, if PRC Fiscal staff notice something off on a particular facilities budget, they will reach out to the Manager to discuss. In addition, any facility can reach out to the Coordinator – Fiscal Operations or the Budget Specialist III at any time to obtain an updated report on their particular area of responsibility.
REVISED AGENCY EVIDENCE OF COMPLIANCE:
5.3.1 EOC 11 Financial Status Report – Revenues – Period 1 January 2024
Narrative:
AMS Advantage Financial, used by PRC through Westchester County, allows for real-time budget and expenditure inquiries by year, fund, department, appropriation, unit and object. Reports include budgeted appropriations, expenditures, encumbrances, pre-encumbrances, accruals, unobligated balances and uncommitted balances. AMS allows the user to drill down to view details of each account. Budgeted revenues along with the amount collected and unrecognized can also be viewed in real-time.
The InfoView Business Objects System is another useful tool that takes all information from AMS and creates easy to run reports. Some of the more common reports are the On-Line General Ledger, Outstanding Encumbrances, Payroll and Budget reports.
Agency Evidence of Compliance:
5.3.1 – EOC 1 PRC Financial System Account Codes
5.3.1 – EOC 2 AMS Financial Status Report Sample – Expense and Revenue
5.3.1 – EOC 3 Department Summary Report Sample – Fields Customizable
5.3.1 – EOC 4 Expenses Compared to Budget Report
5.3.1 – EOC 5 Outstanding Encumbrances Report