Agenda - Council - 10/26/1982 - Laserfiche WebLink

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I I I I i I i I I I I I ! I I I I I Subndssion of Audit Reports The Revenue Sharing Act includes a requirement that any recipient gow~rn- ment receiving $25,000 or more for three consecutive years must have an indepen- d~nt financial and compliance audit performed not less often than once eve~ three y~.ars. If your government had the audit performed for 1977, the next audit is due for your 1980 fiscal year; if the first audit was submitted for 1978, the next a~dit ~vould be for your 1981 fiscal year. For governments which met the audit requirement in 1979, the next audit should be submitted for fiscal year 1982. Both the financial and compliance audits must be performed for the sa~e year and are due no later than eight months after the close of your fiscal year. You should check with your State officials to learn whether the required reports are to be sent by you to your State for review, or if the reports should be sent by you directly to the Office of Revenue Sharing. GRS Funds Still Subject to Davis-Bacon Act Recipients are reminded that Section 51.42 of the GRS Regulations requires that the labor standards and prevailing wage provisions of the Davis-Bacon Act apply ~o GRS funds when they are used to finance 25 percent or more of the total cost of a contracied construction, renovation or repair project costing more than $2,000. The Office of Revenue Sharing recognizes that many recipients have not had previous experience with the Davis-Bacon Act. If you have any questions regarding the Davis-Bacon standards, you should contact a Regional Office of the Department of Labor, Employment Standards Administration. Our office' has prepared a fact- sheet outlining the Davis-Bacon Act responsibilities for GRS recipients which is available by contacting the Intergovernmental Relations Division at the letterhead address. Census Forms Due This Fall During late October, the Census Bureau will mil to many local gover~m, ents the 1982 General Revenue Sharing Survey and the Survey of Local Government Finances. These forms request information about adjusted taxes and intergovern- mental transfers, as well as expenditures of your government of its revenue sharing funds. For most small governments, all i2formationwill be collected on one combined form. Other governments will receive two separate reports which should be completed and returned as quickly as possible. In 33 States, some or all local governments will receive survey forms from a State or Co~mty government agency which collects these data by agreement with the Bureau of the Census. Most of these forms will be the same as those used last year. EPI4 Final Allocations Final allocations for Period lg will be made in late spring, 1983. In the event that the Revenue Sharing Program has not been reauthorized by that t~ue, a~justments resulting from the final allocations %will be applied to the 1983 payments for most governments. A notice will be mailed to all affected goverr~ents at such time as adjustments are determined.