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Financial Reporting Section 2310.2
Policies and Procedures Manual Page 1
2310.2 SUBJECT: FINANCIAL REPORTING
:1 OBJECTIVE:
The City shall establish accounting practices that conform to Generally Accepted
Accounting Principles (GAAP) and submit required financial reports in a timely and
accurate manner.
:2 AUTHORITY:
This policy amended by City Council September 6, 2017, Item A-1.
:3 DIRECTION:
The Chief Financial Officer, as an appointed official, serves at the pleasure of, and
receives direction from the Mayor.
:4 FUNCTIONS:
A. Introduction
City government, as an institution, has multiple partners including citizens,
taxpayers, businesses, visitors, employees, and other governments. As a major
institutional, economic, and service force in the region, it is important that the City
strengthen relationships with its partners by adopting a clear and comprehensive set
of policies and procedures.
Furthermore, the integrity of the City of Orlando is of utmost importance, and
adopting a set of policies is a key element to maintain this integrity. The purpose of
this policy is to provide policy guidance for duties that full under the City’s
financial reporting section.
B. Policy
The City shall maintain clear, accurate, and understandable financial reporting that
provides accountability and transparency for all components of the City’s financial
affairs and ensures compliance with applicable statutory and other regulatory
requirements. The City’s financial reports must meet requirements established by
any applicable governmental regulatory oversight organizations such as the
Governmental Accounting Standards Board (GASB).
The Chief Financial Officer shall also maintain a system of financial monitoring,
internal controls, and reporting for all operations, funds, and agencies to provide an
effective means of ensuring that overall City goals and objectives are met, as well
as to provide Orlando’s citizens, residents, businesses, contractors, partners, and
investors with accurate and timely financial information that communicates the
City of Orlando’s economic condition and financial status.
C. Annual Financial Audit
Section 218.39, Florida Statutes requires that local governments that meet specific
criteria outlined in section 218.39 shall have an annual financial audit of its
accounts and records completed within twelve (12) months after the end of its fiscal
year.
Office of Business and Financial Services
Financial Reporting Section 2310.2
Policies and Procedures Manual Page 2
An annual audit for the City shall be performed by an independent certified public
accounting firm. An official comprehensive annual financial report (CAFR) shall
be issued no later than 6 months following year-end. The CAFR shall contain the
independent auditor’s report and financial statements of the City, along with
operating results, statistical and demographic information about the City. This
report shall be prepared under the guidelines of accounting principles generally
accepted in the United States of America (GAAP) and the Government Finance
Officer Association (GFOA) for the Certificate of Achievement for Excellence in
Financial Reporting Program. A management letter shall be provided by the
independent certified public accounting firm in conjunction with the annual audit.
D. State Annual Financial Report
Section 218.32, Florida Statutes requires each local government that is determined
to be a reporting entity, as defined by GAAP, to submit to the Florida Department
of Financial Services (FDFS) an annual financial report. The FDFS-prescribed
annual financial report and the local government’s annual audit report must be sent
to the FDFS within forty-five (45) days after the completion of the audit report but
no later than twelve (12) months after the end of the fiscal year. In the event that
the local government is not required to have an annual audit in accordance with
Section 218.39, Florida Statutes, the annual financial report must be submitted to
the FDFS no later than April 30 of each year.
E. Other City Financial Reports
In order to ensure transparency and consistency Citywide, all other financial reports
issued by the City should use the best available data as the basis for reporting,
which in most cases should be consistent with audited information as presented in
the CAFR. City financial reports should identify the source of the data.
F. Availability of Reports to the Public
The City’s CAFR, annual financial audit, and other financial reports will be made
available for public inspection and, to the extent practicable, be posted on the
City’s web site.
G. Recording Financial Transactions
1. Financial accounting transactions (exclusive of budget) are entered into the
general ledger of the City by personnel authorized by the Chief Financial
Officer, or designee, and must be approved by an authorized employee of the
Office of Business and Financial Services before it is posted. Any subsidiary
system designed to interface with the City’s accounting system must be
reviewed and approved by the Chief Financial Officer, or designee.
2. All requests for adjustment to an accounting record must:
a) Be approved by the submitting department;
b) Comply with GAAP; and
c) Be substantiated with such sufficient evidential documentation as may be
required by the Office of Business and Financial Services. The Controller
shall designate a member of the Financial Reporting Section as a fund
Office of Business and Financial Services
Financial Reporting Section 2310.2
Policies and Procedures Manual Page 3
manager for each City fund and shall periodically distribute a list of those
assignments to Department Directors/Office Heads/Division Managers.
3. Financial transactions will be properly classified and reported to ensure
adequate and meaningful disclosure of City operations.
4. All requests for additions or deletions from the official Chart of Accounts must
be submitted in writing to the Controller and must be approved by the
Department Director or Division Manager in the department making the
request.
:5 FORMS:
None.
:6 COMMITTEE RESPONSIBILITIES:
None.
:7 REFERENCE:
Section 218.32, Florida Statutes; Section 218.39 Florida Statutes. This policy adopted
by City Council July 23, 2007, Item A-4; amended April 11, 2011; amended September
6, 2017, Item A-1.
:8 EFFECTIVE DATE:
This policy is effective October 1, 2017.