Finance Newsletter - Kentucky



May June 2018 Finance NewsletterTransportation Forms DueThe Kentucky School for the Deaf and Blind Daily and Resident Trips are due May 31, 2018. Please email them to Carol Buell at carol.buell@education.The Transportation Adjustment End of Year Report and the Vocational Transportation (VT-2 Form), are due June 30, 2018. These should be submitted to The Kentucky Department of Education (KDE) through the SEEK District Data Submission website.Report problems accessing the web based forms to the district technology staff to make sure permissions are set up correctly. Emails pertaining to these processes can be sent to: Transportation.reports@education.Vocational Transportation Forms 2017 – 2018 Hints to success!!Please share these hints with your transportation director to increase the accuracy of what is reported in the Web Submission Form for Vocational Transportation and how it is used in generating vocational transportation payments. State funding remains at $2,416,900 for all districts. We realize costs are always more than the funding provided, so take the time to enter the vocational transportation data carefully ensuring the payments are the most your district can get based on accurate data entry. KDE would like to share some helpful hints that will increase your chances of successfully submitting your Vocational Transportation data. Tip #1 - As you enter your trip determine beforehand what type of trip it is, such as a one way trip or a round trip.1. A one way trip means do not check the box2. Round trip means you do want to check the boxTip #2 - As you enter your trip mileage beforehand determine the one way mileage to be reported. 1. If you do not check the box KDE’s formula for the mileage is to multiply the mileage by 1 (one-way trip).2. If you do check the box KDE’s formula for the mileage is to multiply the mileage by 2 (round trip).Tip #3 - As you enter the driver’s hours per trip beforehand determine the one way time to be reported.1.If you do not check the box KDE’s formula for the driver’s hour is to multiply the mileage by 1 (one-way trip)2.If you do check the box KDE’s formula for the driver’s hour is to multiply the mileage by 2 (round trip)Trip #4 - Training Sites are permissible but not competitions or field tripsDo not forget to add the training sites. You cannot do any trips for competitions or field trips but the training sites are permissible for reimbursement. The same tips above will apply to a training siteQuestions on this topic can be sent to Karen.conway@education. or you can call her at 502.564.3846 extension 4435.Tentative Budget Due May 30Just a reminder that the Tentative Budget is due to KDE by May 30, 2018. The window for submission will open May 16, 2018.Fidelity (Performance) Bonds The Fidelity (Performance) Bond information for Fiscal Year 2018-2019 is due to KDE by July 1, 2018 through the SEEK Application “Fidelity Bond” web form, and is required to be approved by the Commissioner of Education. The Exposure Calculation Report for FY 2018-2019 was posted to the website in March 2018. Please refer to the “Bonds” webpage under the “Fidelity (Performance) Bond” section for all forms, instructions, and reports.If, during the fiscal year, your district needs to make changes to the Fidelity Bond information that has already been approved by KDE, and has any questions, please contact Jackie Chism at 502-564-3846, extension # 4445 (Jackie.chism@education.), or Gail Cox at 502-564-3846, extension # 4462 (Gail.cox@education.).Bond of Depository The Bond of Depository information for Fiscal Year 2018-2019 is due to the Kentucky Department of Education (KDE) by July 1 through the SEEK Application, “Depository Bond” web form every fiscal year, and is required to be approved by the Commissioner of Education. The Division of District Support has provided a worksheet on the bonds website for districts to use to helping to calculate the Penal Sum. Your district will need to make any adjustments to the “Bond of Depository” Penal Sum and Collateral Market Value by July 1. Even if there are no changes to the previous FY information, you will need to update the beginning and ending dates and SUBMIT the bond information to KDE through the SEEK Application web form. Each district is to maintain all official hardcopy documentation at the local board of education.? Please refer to the “Bonds” webpage, “Bond of Depository” section for all forms, instructions and reports.If, during the fiscal year, you need to make changes to the Bond of Depository information that has already been approved by KDE, or have any questions, please contact Jackie Chism at 502-564-3846, extension # 4445 (Jackie.chism@education.), or Gail Cox at 502-564-3846, extension # 4462 (Gail.cox@education.).CDL ReimbursementsIt is extremely important for all CDL reimbursement requests for third party examiners be in on or before 6/1/2018. Payment requests for the FY 17-18 will not be paid after this date. Do not miss this deadline, exceptions will not be made.?Due to an upgrade in systems, all requests must be in by June 1 for processing. CDL tests completed prior to June 1 must be paid in the 2017-18 fiscal year. Tests completed on or after June 1, 2018 will be processed in the 2018-19 FY.?All requests should be submitted monthly and are paid quarterly.?If you have any questions, please contact Elisa Hanley directly.Heads Up for PSD/CSDThere were a few items we noticed this past year while collecting the PSD/CSD information. Please be on the lookout and double check these items for accuracy:Superintendents can only have one job class code which is 0010. If they happen to be the DPP or the Finance Officer then the pay can be put in 0112 for those as extra duty.When districts submit the file for PSD it always asks if the Superintendent’s salary is correct. Please double check and make sure it is because the number is pulled from PSD and once it is posted on the web it can’t be changed due to Federal Reporting.Also, KDE assumes that the Finance Officer is the sign off person of the PSD/CSD submissions. Many times we hear that the HR person or Payroll person is handling this. There is no problem with that except it would be helpful if the Finance Officer took a look before submission in case of errors.Double check all of your schools to make sure they are classified as open schools. Once this is done make sure all schools with classrooms of students have a teacher recorded in that location. Also, if there is a teacher in a location make sure there are students in the same location.Current Year Beginning Balances and Prior Year Ending Balances and the Unaudited AFR submission UPDATEDuring the unaudited Annual Financial Report (AFR) submission KDE will continue checking the district’s current year beginning balances object 0999 for July 1, 20xx and comparing the amounts to the prior year ending balance for June 30, 20xx in the AFR Balance Sheet. The funds that we are checking are fund 1, 2x, 310, 320, 360 and 5x. (Object code 0999PY is being deleted and will no longer be used.) Guidance you should be using is from the Fiscal YE Processing, BGL-2, and appendix D. In the unaudited AFR submission this is a note if they do not match, however in the audited AFR if the amounts do not match you will be set to a “pending” status and will have to work with KDE staff to resolve it. A new item that will be mandatory beginning with the 2017 – 2018 fiscal year will be to use the appropriate alpha character at the end of the 0999 to show where the source from the prior year balance sheet moved from: A-assigned (875x), C-committed (874x), R-restricted (873x), N-non-spendable (872x) or U-Unassigned (8770). The chart below gives guidance to what we are comparing in the #26 check. The total year to date actual amounts from the AFR for 0999 we only use the first four digits by fund. The AFR BS totals the balance from prior year by fund for the object codes listed below: Fiscal year type: CY = current collection; PY = prior year's dataSourceFund codeObject codeType of fund balancetype of object codeCYAFR10999 (at the end of 0999 it must have one of the following to show the source of the fund balance transferred N, R, C, A or U only)revenuePYAFR BS18770U =Unassignedbalance sheetPYAFR BS18755A= Assignedbalance sheetPYAFR BS18752A= Assignedbalance sheetPYAFR BS18741C=Committedbalance sheetPYAFR BS18723N=Nonspendablebalance sheetCYAFR20999 (at the end of 0999 it must have one of the N only)revenuePYAFR BS28723N=Nonspendablebalance sheetCYAFR210999 (at the end of 0999 it must have one of the following to show the source of the fund balance transferred N, C, or A)revenuePYAFR BS218755A= Assignedbalance sheetPYAFR BS218740C=Committedbalance sheetPYAFR BS218723N=Nonspendablebalance sheetCYAFR220999 (at the end of 0999 it must have one of the N only)revenuePYAFR BS228723N=Nonspendablebalance sheetCYAFR3100999 (at the end of 0999 it must have one of the N only)revenuePYAFR BS3108723N=Nonspendablebalance sheetCYAFR3200999 (at the end of 0999 it must have one of the N only)revenuePYAFR BS3208723N=Nonspendablebalance sheetCYAFR3600999 (at the end of 0999 it must have one of the N only)revenuePYAFR BS3608723N=Nonspendablebalance sheetCYAFR5x0999 (for 8712) or 0999R (for 8739)revenuePYAFR BS5x8739balance sheetPYAFR BS5x8712balance sheetFY2018 Audit Contract and Audit Acceptance Statement Web Form The audit contract requirements and documents for FY2017-2018 are now available for review or download on the KDE Financial Audit Contract Information website. A few important items to note: ? The Audit Acceptance Statement document is a web form and should be submitted through the KDE SharePoint web form process. This process also includes the justification section for using the same auditor/audit firm for five consecutive years. The Audit Acceptance Statement Submission Process instructions and webinar are located on the Financial Audit Contract Information website. ? The Statement of Certification (SOC) must be certified and submitted by selecting the SOC option during the electronic submission of the FY2017-2018 Audited AFR and Balance Sheet through the KDE SEEK District Data Submission program. The following FY2018 items are due to KDE on or before May 28, 2018: ? Audit Acceptance Statement web form electronic data? Dated and signed contract in blue ink ? Latest peer review report ? And if applicable, the letter of response and KyCPA Peer Review Committee letter The State Committee for School District Audits (SCSDA) is scheduled to meet to consider approval of the audit contracts on Thursday, June 21st. Factors that could affect the contract approval include the auditor’s latest peer review rating and the audit contract’s estimated cost. Once the audit contracts have been approved by SCSDA and the State Committee Chair has signed the contracts, the contracts will be posted to the Financial Audit Contract Information website. KDE will inform districts when the approved contracts are posted to the website through the Commissioner’s Monday Message, Superintendent Reminders for Fiscal Year 2017-2018. Please remember that an audit contract is not official until all of the required signatures are on the contract. Please forward FY2018 audit contract and Audit Acceptance Statement web form questions to Kim Carter at kimberly.carter@education., or (502) 564-3846, ext. 4440, or Gail Cox at gail.cox@education., or (502) 564-3846, ext. 4462 or Jackie Chism at jackie.chism@education., or (502) 564-3846, ext. 4445. ................
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