Annual Report Submitted
I’d like to congratulate all those who have submitted your annual report for 2018! What an accomplishment! If you have yet to submit, remember it must be submitted by May 30th. You are the unsung heroes in local government! But please keep in mind if your entity is unable to meet this deadline, submitting an incomplete annual report is better than submitting nothing at all.
Once your annual report has been submitted, here are a few additional items that you should consider.
- Annual report presentation: Council or commissioners should be presented with a copy of the annual report. It is important that they review the information in the annual report. Ultimately the financial health of your entity is the responsibility of elected officials.
- Update Treasurer’s Report: Changes are often made in 2018 during the annual report process. Make sure that Treasurer’s Reports are regenerated to get the most up to date and accurate financial information.
- Check the beginning balance transaction: Along with the Treasurer’s Report, the beginning balance for each fund should be examined. Make sure that the beginning balances for the current year match the ending balances filed for 2018. Examine the portion of the beginning balances that are reserved or unreserved. These amounts need to match. If you need a refresher on reserved and unreserved balances check out the State Auditor Office (SAO) guidance on this topic.
- Update revenue and expense (BARS codes): Any BARS codes that may have been changed during the 2018 Annual Report Process may need to be changed for 2019 as well. Review these and make sure that BARS codes are up to date. Also, be aware of any changes prescribed by the SAO. One change that will be effective for 2019 reporting is the elimination of object code 50. Review the linked BARS Alert about object code 50.
- Catch up on reconciliations: If you’re not up to date on bank reconciliations now is the time to get caught up. Don’t put this off until later in the year! Before you know it, November will be here and your workload will be increasing. It is important to have access to the most up to date and accurate financial information.
- Files, files, and more files: It’s easy to let files pile up when it’s busy. Now’s your chance to get organized and put those files away.
- Continuing Education: It’s critical to continually learn and stay up to date on the latest developments that may impact you and your job. Many entity types have member driven associations that provide support and offer training opportunities. During slower months you have the capacity to learn a new skill. Check with your entity whether education reimbursement is offered and available.
- New Programs: If you’re considering implementing a new program or system the slower months may be the best time to implement. You will likely have more time to devote to the new implementation and learn the ins-and-outs of the new system.
- Review the year: Take stock of how the year went and evaluate things that went well and how improvements may be made. This is a great time for reflection to occur. I like to make notes about what has happened throughout the year. This also allows me to review and compare multiple years.
- Make a plan: Developing a road map of tasks that need to be accomplished during the slower months can help make the most of this time. Map out vacations, continuing education, and other critical tasks (i.e. quarterly tax payments). This will help you to stay on track and be productive. During this time you can also look at the entire year so that you can plan out important dates, busy periods, and set yourself up for success during the remainder of the year.
- Take a vacation: This is my favorite time of year and something that I look forward to. Make sure that you take time off for yourself to relax and rejuvenate. You’ve earned it! Plus there are countless studies that discuss the benefits of taking time off.
Welcome to Maintenance Season. Here’s to making the most of the slower time and accomplish tasks that may have been put off. Keep coming back to the Sum-It-Up Blog as we educate and entertain!