2012 Budget Summary - Chicago Park District

ComptrollerGASB No. 54, Fund Balance Reporting and Governmental Fund Type Definitions is effective for theDistrict with its year ended December 31, 2011. This statement establishes accounting and financialreporting standards for all governments that report governmental funds. It establishes criteria forclassifying fund balances into specifically defined classifications and clarifies definitions forgovernmental fund types. The Comptroller’s Office will be charged with ensuring the District is incompliance with GASB 54 in presenting its 2011 budget and accurately reporting its funds on the2011 financial statements.Explored electronic payment methods in order move the District from the manual processing ofpayments, to a more efficient and expedient accounts payable function. The District will also takesteps to better utilize its procurement card program by taking advantage of online transactionapprovals and using single-use commercial cards.Shorten the “fieldwork” stage of the financial statement audit and Single Audit by closing thegeneral ledger by April 30th of each year and preparing all year-end schedules within 30 daysafterward. Issue the District’s audited financial statements, CAFR and PAFR by June 30th of eachfiscal year.Performance DataGoal:To enhance thetimeliness ofaccounting dataMeasure2012ProjectionFY 2011Projection2009-2010Change2010 2009Issue date of CAFR 6/30/13 6/30/12 -- 8/15/11 7/29/10Issue date of OMB Circular 6/30/136/30/12 -- 8/15/11 7/29/10A-133 Single Audit ReportSubmission to Nationally 210 days210 daysRecognized Municipalafter 210 days after238 days after--after YearSecurities Information Year End Year EndYear EndEndRepository (NRMSIR)Audit fieldwork concluded 5/30/13 5/30/12 -- 07/14/11 07/14/10Goal:To measure thenumber of qualitycontrols andreview taskscompleted by typeMeasure2012Projection2011As of 7/31/112009-2010% Change2010 2009Account/Bank5,700reconciliations performed2,711 --% 5,656 NAData integrity checksNAcompletedNA --% NA NAGrants reports issued NA NA --% NA NAGrants trainings conducted NA NA --% NA NA126