skip to main content

The Audit Connection Blog

Showing: Most recent


Spending policy and your new cash-basis fund balance classifications

January 13, 2022

In the spring of 2020, SAO changed the way that cash-basis local governments were to report their cash and investment balances. Gone away were reserved and unreserved classifications and in their place came unassigned, assigned, committed, restricted, and unspendable. This meant a new task was at hand—calculating the amount of total ending cash and investments that fits into these new classifications at the end of each fiscal year. This article helps you understand how a local government’s accounting policies may dictate how to calculate these amounts.

… CONTINUE READING →
Financial Intelligence Tool (FIT) logo

New year, new FIT data

January 6, 2022

With the new year comes new annual report filings. Our second quarterly update of the 2020 fiscal year financial data in the Financial Intelligence Tool (FIT) includes more governments so you can see where public money comes from and where it goes.

… CONTINUE READING →

SAO’s top hits of 2021

December 16, 2021

As we come to the end of 2021, we at SAO want to thank you for your commitment to accountability and transparency. We know it takes people like you, people who care and put in the effort, to make good government happen.

… CONTINUE READING →

Protect yourself against losses. Consider bonding today

December 14, 2021

Do you remember the scene in the holiday classic “It’s a Wonderful Life,” where George’s Uncle Billy loses an $8,000 deposit and it nearly results in the ruin of the family’s business? Absentminded Uncle Billy had somehow lost or misplaced the money on his way to the bank. In today’s dollars, that deposit would be equivalent to about $96,000.

… CONTINUE READING →