FY 2009–2010 Budget
Fairbanks North Star Borough
PROGRAM BUDGET SUMMARY
DEPARTMENT OF
FINANCIAL SERVICES – ACCOUNTING DIVISION
MISSION/Program
Description
THE ACCOUNTING DIVISION’S MISSION IS TO
PLAN, ORGANIZE, COORDINATE, AND ADMINISTER THE BOROUGH’S ACCOUNTING AND
INTERNAL CONTROL FUNCTIONS ON A TIMELY AND ACCURATE BASIS, IN ACCORDANCE
WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES, CONTRACTS, REGULATORY,
AND GRANTOR REQUIREMENTS AND MAINTAIN A “CLEAN” AUDIT OPINION ON THE
BOROUGH’S FINANCIAL STATEMENTS. The Division maintains complete
and accurate accounting records; reviews and complies with federal,
state, and local laws, statutes, and regulations of a financial nature;
oversees the annual and single audits of the Borough’s financial and
grants records; prepares the Comprehensive Annual Financial Report
(CAFR) and Single Audit Reports; tests and implements the ongoing,
periodic updates to the financial management system (Sungard Public
Sector’s IFAS); advises the CFO on accounting and related financial
matters; supports the Treasury/Budget and Administration divisions with
the annual operating budget; responds to accounting- and finance-related
inquires and requests from Borough departments, Assembly members,
outside agencies, Service Area Commissioners, and individual citizens;
attends and conducts training and workshops to ensure staff are
competent to maintain accurate financial records, to improve efficiency,
and to stay current with all legislative and financial actions affecting
the Borough.
Major Long-Term
Issues and Concerns
Objectives for
FY 2010
Continue working with the auditors in implementing the ten new
auditing standards. Implement GASB statements 45 and 47
(post-employment and termination benefits) and 49 (pollution
remediation). Start preparing for the implementation of GASB
statement 51 (intangible assets). Prepare for the SEC’s new method
for providing required continuing disclosure of annual financial
information.
Continue the reorganization of functions, responsibilities, duties,
and tasks to absorb the elimination of the CFO’s Administrative
Assistant position. Continue to evaluate staffing requirements,
considering the number of FTEs, the type and level of staffing, and how
staff are allocated among competing functions.
Test and implement forthcoming upgrades to IFAS. Plan and
prepare for the elimination of SungardPS legacy reporting and recurring
calculation tools. Ongoing participation in the long-term project to
implement web-based IFAS (“7i”). Implement the new 7i bank
reconciliation module which replaces the legacy check management module.
Continue preparing for the upcoming new security structure.
Support General Services in the implementation of purchase cards.
Establish the internal controls.
Complete the documentation and training for GASB 34 as it relates to
capital assets and for the capital assets software system. Continue the
GASB 34 training. Continue to automate processes and write GASB 34
procedures.
Work with Computer Services and SungardPS (or another vendor) to
restructure the general ledger to streamline the preparation of the
CAFR.
Significant
Budget Changes
Net personnel costs changes due mainly to cost of
living and normal longevity
adjustments.
Previous Year’s Accomplishments
Earned the Borough’s twentieth “Certificate of Achievement for
Excellence in Financial Reporting” from GFOA for the FY 2006-07 CAFR.
Maintained timely and accurate accounting records.
Complied
with laws, regulations, and contracts of a financial nature; filed all
reports and returns to the IRS, State of Alaska, grantors, APOC,
vendors, other third parties, and the Borough Assembly.
Along with other departments, tested and implemented upgrades from
SungardPS.
After multiple recruitment efforts for some positions, the division
is fully staffed for the first time since January 2000.
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