Agenda - Council - 10/23/1978 - Laserfiche WebLink

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t<I_F: 5621-A 2 SUI,;MARY OF REVENUE SIIARING AUDIT REQUIREMENTS WltO: Every State and local 9overninent which receives an annual entitlement of $25,000 or inore in revenue sharing funds during any of its fiscal years ending after December 31, 1976. WUEN: An independent audit of a recipientIs financial statements must be conducted at least once every three years. The initial three-year period will expire for the fiscal year of the local government which ends in 1979. WltAT: To perform a financial audit of all of the recipient government's funds in accordance with generally accepted auditing standards at least once'every three years'; to conduct a compliance audit of revenue sharing and antirecession fiscal assistance entitlements only; and to reconcile the Census Bureau data with audited figuresN If your government has not yet made arrangements for a complete audit in accordance with the above requirements,~I urge that you begin to do so at once. Combined Revenues and Use Surveys 'The Office of Revenue Sharing and the Bureau of Census have consolidated the collection of financial data from State and local governments. Later this month, the Bureau of Census-will mail to local governments the 1978 General Revenue Sharing Survey,. as well as the Survey of Local Government Finances. The General Revenue Sharing Survey requests adjusted tax and intergovernmental transfer information. The- Survey of Local Government Finances (for selected la~ge and medium sized tovernments)reports expenditures made from general ~evenue sharing GRS), and antirecession fiscal assistance (ARFA) f~nds along with the Census Bureau's annual financial data. The data for revenue sharing previously was collected on Census Bureau forms RS8, RSg, RS12, or RS14, and the form RS900 or RS901. The combined financial data collection effort will use a significantly different format from its predecessors. Most small governments will have to complete only one combined revenue/expenditure form. For many medium and large governments the collection of GRS and ARFA expenditure (actual use) data will be combined with the Census Bureau's annual financial survey (F-21 or F-28). These medium and large governments will also receive a 1978 General Revenue Sharing Survey. Special ~nstructions have been designed to assist officials in completing their government's particular form. Although many forms may appear longer, governments are being asked to provide only information which previously had been provided. Ho new reporting burden has been added. It is most important to complete and return the required form(s) promptly.