Understanding County Budgets Fiscal Reports County Extension Council
Understanding County Budgets & Fiscal Reports County Extension Council Training Module Council Leadership Development Committee — a partnership of the University of Missouri Extension State Council and University ofst. Missouri Extension October 2003 Missouri Council Leadership Development: 21 Century Programs, Governance and Membership © 2003, University of Missouri Board of Curators October 2003 1
Objectives Understand: – Sources of funding – Council’s – Reports role required Missouri Council Leadership Development: 21 st Century Programs, Governance and Membership October 2003 2
Sources of Funding Federal – USDA • State – General Assembly • County – Commission • Grants & Contracts • Missouri Council Leadership Development: 21 st Century Programs, Governance and Membership October 2003 3
State Statutes Section 262. 590(3) — Duties “… arrange for and administer the county share of cost of the Extension services …” Missouri Council Leadership Development: 21 st Century Programs, Governance and Membership October 2003 4
State Statutes Section 262. 593 — Governance – Establishes council as official body – Prohibits: • Commercial or private activities • Legislative programs • Preferential service – Allows: • Fee collection • Private contributions Missouri Council Leadership Development: 21 st Century Programs, Governance and Membership October 2003 5
State Statutes Section 262. 597 — Budget – Established and filed annually • Jan. 1 in most counties • Sept. 1 in first-class counties – Sets minimum appropriations Missouri Council Leadership Development: 21 st Century Programs, Governance and Membership October 2003 6
State Statutes Section 262. 600 — Funds – Submit monthly to commission: • Requisition • Statement of expenditures Certified and itemized Missouri Council Leadership Development: 21 st Century Programs, Governance and Membership October 2003 7
State Statutes Section 262. 610 — Treasurer – Deposits – Pays monies bills – Keeps records – Presents annual financial report Missouri Council Leadership Development: 21 st Century Programs, Governance and Membership October 2003 8
State Statutes Section 262. 610 — Annual Report – Elected Council Secretary Submits – Details: • Receipts and expenditures • Summary of work • Results accomplished – Due by Feb. 1 Missouri Council Leadership Development: 21 st Century Programs, Governance and Membership October 2003 9
Operating Budget • Inclusive of council operations – Sources of funds – Uses • Submitted annually to commission Missouri Council Leadership Development: 21 st Century Programs, Governance and Membership October 2003 10
Operating Budget UME guidelines Number of specialists – Actual operation costs – • Mileage • Educational materials • Marketing • Secretary’s salary • Office expenses Missouri Council Leadership Development: 21 st Century Programs, Governance and Membership October 2003 11
Operating Budget Administration – Treasurer – County Program Director Missouri Council Leadership Development: 21 st Century Programs, Governance and Membership October 2003 12
Operating Budget Computerized accounting system – Receivables – Payables – Revenue – Expenses – Assets – Liabilities Missouri Council Leadership Development: 21 st Century Programs, Governance and Membership October 2003 13
Operating Budget • Fiscal policies and procedures – State statutes University policies – Commonly accepted practices for public entities – • Council policies Missouri Council Leadership Development: 21 st Century Programs, Governance and Membership October 2003 14
Reports Monthly financial statement • Quarterly financial report • Annual audit report • – Council committee – Audit/CPA firm Missouri Council Leadership Development: 21 st Century Programs, Governance and Membership October 2003 15
Sound Financial Management County Program Director: 1. Oversees day-to-day operations 2. Supervises council-paid staff Presents receipts and disbursements Implements county-level policies Informs council and regional director 3. 4. 5. Missouri Council Leadership Development: 21 st Century Programs, Governance and Membership October 2003 16
Sound Financial Management County Extension Council Members: 1. Prepare annual budget 2. Arrange for and administer county’s share 3. Receive by gift or purchase real or personal property Collect fees 4. Missouri Council Leadership Development: 21 st Century Programs, Governance and Membership October 2003 17
Sound Financial Management County Extension Council Members: 5. Accept financial contributions 6. Prepare monthly fund requisition and statement of expenses 7. Direct treasurer to account for all monies Missouri Council Leadership Development: 21 st Century Programs, Governance and Membership October 2003 18
Sound Financial Management County Extension Council Members 8. Direct Council Secretary to make annual report 9. Establish procedures for audit Missouri Council Leadership Development: 21 st Century Programs, Governance and Membership October 2003 19
Understanding County Budgets And Fiscal Reports County Extension Council Training Module Produced by the Council Leadership Development Committee a partnership of the University of Missouri Extension State Council and University of Missouri Extension http: //extension. missouri. edu/extcouncil/training/ University of Missouri Extension does not discriminate on the basis of race, color, national origin, sexual orientation, religion, age, disability or status as a Vietnam-era veteran in employment or programs. Missouri Council Leadership Development: 21 st Century Programs, Governance and Membership October 2003 20
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