Highlights
CPE Opportunities
It's Not Too Late to Register for AGA's PDC
PDC 2005
promises to be an excellent learning and networking opportunity for government financial managers and accountability professionals. Education sessions will provide technical training, emerging trend snapshots and lessons from the best in the business. Click here to see the conference program.
Click here to register.
Annual NBD Meeting Set
9 - 11 a.m. Sunday, July 10, 2005
We hope each National Board of Directors member is planning on attending this important meeting. Other chapter officers and members are invited to join us, too. During this annual meeting: National President Bobby Derrick, CGFM, and National Treasurer Jeanne Erwin, CGFM, will present annual reports on the Association’s programmatic and financial operations. National Treasurer-Elect Karen Holmcrans will report on the 2005-2006 budget. The Past National Presidents and the Past National Treasurers Councils will present their annual reports. The 2005-2006 National Officers slate will be ratified. Three bylaw changes will be voted on at the NBD meeting. Click here to review the proposed changes. Also, National President-Elect Sam McCall, CGFM, will present his theme and objectives for his term as National President.
PLEASE RSVP
Over the past few years, you have done a tremendous job making sure your chapter is represented at this meeting! Please let the National Office know if a chapter representative will be attending this year, too. Please contact Rosanna Ortiz at rortiz@agacgfm.org or 800.AGA.7211 ext. 309 to RSVP.
We look forward to seeing you in Orlando!
Studying for the CGFM Examinations?
Be sure to order one of the study guides available for CGFM Exams 2 and 3 to help you prepare. Click here to learn more.
AGA Advertising Opportunities!
Advertise in AGA's electronic newsletters—TOPICS and AGA Today! Get maximum exposure and build your brand. Click here for all the information you need to run your ad! Or, you can contact AGA's Director of Communications, Marie Force.
Audio Conference Scheduled for July 20: An Afternoon with OMB
NASACT, in conjunction with the AGA and N.A.L.G.A., is pleased to announce the latest in its series of audio conferences addressing timely issues in government financial management.The topic for this audio conference, An Afternoon with OMB, will cover a variety of timely and interesting financial management topics. From erroneous payments to internal controls, presenters from the Office of Management and Budget will highlight recent issues surrounding improper payments, grants management, internal control, and other financial management improvement priorities and policies of the Administration. The audio conference will run from 2 – 4 p.m. EDT and will offer two CPE hours. Speakers are David Zavada, chief, Financial Standards and Grants Branch, Office of Federal Financial Management, OMB; and Daniel Werfel, chief, Financial Integrity and Analysis Branch, Office of Federal Financial Management, OMB. The cost is $249 per site (unlimited attendance) if you register on or before Friday, July 15, and $299 thereafter. Click here to register. Don’t miss out on this important discussion! If you have any questions, please call NASACT at 859.276.1147 or support@nasact.org. |
June 27, 2005 • News from the Profession
AGA Today is Brought to You by AGA Corporate Partner Clifton Gunderson
 Clifton Gunderson's DC office is looking for experienced professionals to join our public sector practice. The ideal candidate will have 5+ yrs of Public Accounting or equivalent audit experience along with your BA/BS in Accounting and CPA or CGFM. Duties will include audits of Federal entities, State & Local audits (GASB), A-133 audits, and compliance auditing. To apply please e-mail Jennifer.Busse@cliftoncpa.com
Mayors Target Unfunded Mandates
Unfunded federal mandates not only are placing an increasing strain on city budgets, but also “force us to replace our own goals as mayors with federal priorities,” Chicago Mayor Richard Daley said, calling for tightening of the language of the 1995 federal mandate law. At the annual meeting of the United States Conference of Mayors two weeks ago, municipal leaders from across the country called on the federal government to stop shifting costs to the local level. Daley urged mayors to inform their constituents about the effect of unfunded mandates. “We need to educate the public about the real costs of government,” he said, “and we need to shine a more direct spotlight on federal mandates.” Ten years ago, the mayors successfully pushed for federal legislation requiring greater transparency any time Congress passes a law that would require local spending. The Unfunded Mandates Reform Act of 1995 requires the Congressional Budget Office to score unfunded mandates in any bill before Congress if the costs would amount to more than $50 million in the first five years of the mandate. Daley said the 1995 act is too easy to circumvent because its definition of a mandate is very narrow and the cost threshold that triggers CBO scoring is too high. Daley called for a tightening of the language of the law, and he urged his fellow mayors to inform their constituents about the effect of unfunded mandates. —Zach Patton, Governing.com. Click here to read the entire article.
AICPA Pushes Financial Literacy
Easy access to credit makes it more important than ever for people to understand how to handle their money, says the incoming chair of the American Institute of Certified Public Accountants. Leslie Murphy, speaking to the Oklahoma Society of CPAs earlier this month, talked about a "crisis of major proportions" involving inadequate financial literacy among Americans. Murphy noted that the average family spends $1.22 for every $1 it earns. More statistics: One in five American families with annual household income of less than $50,000 is spending 40 percent of after-tax income to service its debt. The average family saw its credit card debt grow by 53 percent in the 1990s. College students typically carry three credit cards, each with an average balance of $2,748. "Strong financial management is a series of small decisions that compound," Murphy said. "I think the more we know about all of the issues that face us throughout our lifetime . . . that each of us will make better decisions that will result in better financial security for the long term." Murphy said that even if people don't understand individual investments, they need to know how to find competent advice and experts who can help them make the right choices. —SmartPros. Click here to read the entire article.
Nearly 2,000 CA Workers Earn $132,000-plus
The California budget crunch has squeezed funding for everything from art to education. But it hasn't derailed pay raises for some of the state's best-paid government workers. Close to 2,000 state employees earned more than $132,000 last year, up from 1,021 in calendar year 2002 and 1,194 in 2003, according to data from the state controller's office. And some employees who were already in that elite salary tier received significant raises since 2002. As a group, the state's top 20 best-paid employees earned $6.2 million in 2004, up 9 percent from 2003 and up 20 percent from 2002. "Whenever you see such significant increases in such a short amount of time, it is a red flag,'' said Jon Coupal, president of the Howard Jarvis Taxpayers Association, a group that pushes for limits on taxes and government spending. "It would seem to us that the state bears a heavy burden of proof to justify the compensation, which I am not sure they have done." But some government officials and outside experts contend the state needs to offer regular raises and six-figure salaries to attract talented and skilled employees for key jobs. Many of the best-paid workers are doctors, judges, money managers and other professionals who could easily find lucrative work in the private sector. — Todd Wallack, San Francisco Chronicle. Click here to read the entire article.
AGA Today is Brought to You by the U.S. Government Accountability Office
 Controller/Deputy Chief Financial Officer
The U. S. Government Accountability Office (GAO) seeks an experienced executive to serve as its controller and deputy chief financial officer. Relocation expenses will be paid. To apply, visit www.gao.gov, register in GAO Careers and submit your online resume and application to announcement number GAO-N-CASO-2005-001-98. Applications will be accepted online through July 22, 2005. Must apply online to receive full consideration. For information, call 202.512.4900. E.O.E., U. S. citizenship required.
Federal Accounting Corner
The Statement of Financing and the SGL
As the old saying goes, "You can't get there from here." Recently, I set up external reports for some demos in an environment that used only the Standard General Ledger (SGL). Setting up most of the reports was easy, although some required Vendor Type or Fund Type in addition to SGL account. However, I really couldn't set up the Statement of Financing (SoF) without knowing the kinds of transactions the agency was likely to record. There are a number of problems with the SoF definition, but perhaps the worst is that you can't calculate line amounts based on SGL account balances. —Simcha Kuritzky, CGFM, CPA. Click here to read the entire article.
New Guide Helps Boomers Find Public Service Jobs
The author of a popular retirement book has written a new guide to help baby boomers find public service jobs in the second half of their lives—the preference of most boomers in their 50s, according to a new national survey. Baby boomers plan to work, whether full or part time, long past the time their parents moved to the sidelines. The MetLife Foundation/Civic Ventures New Face of Work Survey is the first to ask boomers, now in their 50s, what kind of work they want to do. The result: 58 percent are interested in taking jobs now and in retirement that help improve the quality of life in their communities. The Boomers' Guide to Good Work is available by clicking here. To read the entire survey, click here.
AGA Today is Brought to You by the Virginia Department of Social Services
 The Virginia Department of Social Services is seeking an individual to serve as the Agency’s Chief Financial Executive Officer with a 2006 operating budget of $1.7 billion. This position is located in Richmond, Virginia. The salary range is $62,750-$128,783. To review the complete employment posting and download the required State Application, please visit our website at www.dss.state.va.us/jobs .The State Application form must be received by 5:00 p.m. on July 8, 2005. Fax: 804-726-7027. EEO/AA
GAO: Contractors Owe $3B in Taxes
The Government Accountability Office (GAO) says that 33,000 contractors owe more than $3 billion in unpaid taxes. GAO investigated 50 civilian agency contractors and found that all of them had "abusive and potentially criminal activity," auditors said. It reported that businesses failed to forward the payroll taxes they collected from their employees to the IRS, which is a felony. GAO officials declined to identify the contractors, citing privacy issues, but said they will be referred to the IRS for potential investigation. In one case, a contractor repeatedly opened new businesses and closed old ones that carried large tax debts for more than 20 years. Federal agencies paid that contractor $1 million in fiscal 2004, despite the fact that he owed almost $900,000 in taxes. GAO auditors said the Department of Treasury’s Financial Management Service (FMS), which disperses and collects money for the government, mismanaged data related to tax collection and in some cases was not even aware of problems until GAO pointed them out. In fiscal 2004, FMS paid $3.8 billion to contractors without recording their proper name, the report stated. —Kimberly Palmer, Government Executive. Click here to read the entire article.
DHS Scolded on Financial Accountability
The U.S. Department of Homeland Security (DHS) has yet to fulfill several key requirements of a law designed to prompt stronger financial management, a House lawmaker said Thursday. The DHS Financial Accountability Act, signed by President Bush in October 2004, allows six months for the appointment of a chief financial officer subject to Senate confirmation. But 45 days after that deadline, no candidates have been named, said Rep. Todd Platts, R-PA, the act's sponsor. "My understanding is you've not yet even begun interviewing potential nominees . . . why the delay?" Platts asked Homeland Security Secretary Michael Chertoff at a recent House Government Reform Committee hearing. Department officials are aware of the law's requirements and are working to fill the slot, Chertoff responded. "We have a very able CFO on board now," he said. "Of course we know we need to find somebody who is going to ultimately be nominated for a Senate-confirmed position." There has been "substantial turnover" among the department's top executives, Chertoff noted, and the process of finding replacements can be cumbersome. "We've [got] laws on the books and agencies just fail to comply with the law, and there's never any consequences,” Platt said. “That certainly doesn't work back home when citizens don't comply with the law." —Amelia Gruber, Government Executive. Click here to read more.
 GASB Offers New Guide on Notes to Financial Statements, Supporting Info
The Governmental Accounting Standards Board (GASB) has published a new volume in its User Guide Series. Written for nonaccountants, What Else You Should Know about a Government’s Finances: A Guide to Notes to the Financial Statements and Supporting Information is a plain-language introduction to the information that accompanies a state or local government’s annual financial statements. The new guide comprehensively discusses all of the notes to the financial statements required by generally accepted accounting principles. The guide also covers required supplementary information, such as management’s discussion and analysis and infrastructure condition reporting, as well as the information presented in a comprehensive annual financial report, such as combining statements and the recently revised statistical section. The new guide focuses on the value of the information found in a government’s audited financial report and how it can be used to understand and assess the financial health of a government. The guide (product code GUG04) can be ordered for $19.95 by calling 800.748.0659 or through the GASB’s website. The guide can be ordered at a discount when purchased in a package with a second User Guide in the series.
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