Financial Management

Are you ready for a federal Single Audit? SAO offers resources to help you avoid common audit issues

The American Rescue Plan Act and the new Infrastructure Investment and Jobs Act are sending significant amounts of federal funds to Washington. This means that local governments will be spending more federal funds than ever. If you spend more than $750,000 in federal funds a year, you'll need a Single Audit examining your compliance with the requirements of your program(s).

Protect your government's money with SAO's suite of cash receipting resources

Summer is here, and it's time for swimming, barbecuing and garage sales. If you have ever held a garage sale, you know that cash talks. Cash has the power to convince you to sell your worldly goods, but if you are not careful, it can also vanish into thin air. As auditors, we would say that if cash could really talk, it would tell you to protect it.

Overtime is too costly to ignore. Use your data to monitor it

Originally published June 2, 2022. Updated August 9, 2023.

As local governments experience staffing shortages, such as for law enforcement, correction officers, paramedics, utility linemen and many others, existing employees may work increased overtime. Monitoring overtime is important, so we’re republishing this article that provides you with tools to do it.

How FIT are you?

It's an understatement to say that COVID-19 has presented significant challenges this year. We have witnessed its devastating effects physically, prompting us to take extra health precautions and increase virus testing. At the same time, it's important to take precautions fiscally to ensure local governments maintain financial health. With decreased revenue and increased costs, local governments must be especially vigilant and use reputable resources and tools to inform them when making difficult financial decisions.

Add a projection to your financial data using FIT’s new feature

A new reporting feature in the Financial Intelligence Tool makes it simple for a local government to project its data into the future. Governments, with their often limited or restricted resources, have a responsibility to plan for the future. That management responsibility is often required by state law through the budgeting process. Although a local government won't hear from us about how to budget or plan for the future, it can still take advantage of our statutory requirement to publish each government's financial data, which we do using FIT.

Look forward

Options are available for moving to 'no contact' cash receipting

The interactions between customer and cashier have become complicated by the pandemic. How do you collect payments but keep everyone safe? If you are exploring your options, here are some resources that might help you.

Credit card and online payment options

Accepting credit cards or direct bank withdrawals can be a simple and contactless way for citizens to pay over the phone or via your website. If you choose these options, there are a host of things to consider, such as:

Lessons learned: Schedule 06 and documenting bank reconciliations

We're jumping into some lessons learned from the 2020 filing season regarding Schedule 06 – Summary of Bank Reconciliations. Even if you don't file a Schedule 06, these tips are useful when preparing any bank reconciliation, or other schedules or reports. These were identified as the most common areas of emphasis when SAO staff helped clients in 2020.