General Fund Cash $xx,xxx Financing Sources – Transfer In $xx,xxx Enterprise Fund Nonoperating Expenses - Transfer Out $xx,xxx Cash $xx,xxx Example 2: Services provided by a utility enterprise fund (water, electricity, or garbage) for general government fund activities without payment of cash or a requirement for payment. General Fund Utilities Expenditures $xx,xxx Other Financing Sources – Transfer In $xx,xxx Enterprise Fund Nonoperating Expenses - Transfer Out $xx,xxx Charges for Services $xx,xxx (NOTE: For both examples above, local governments other than counties are required by statute to perform additional public notice procedures of the transfer.) Interfund reimbursements – repayments from the funds responsible for particular expenditures or expenses to the funds that initially paid for them. For example, the general fund may pay a bill for an enterprise fund for which the enterprise fund then reimburses the general fund. Also, allocations of overhead (e.g. accounting, payroll, and human resource services) are properly treated as an interfund reimbursement rather than as interfund services. Note that for interfund reimbursements, neither fund recognizes revenue. General Fund Cash or Due from Funds – Enterprise Fund $xx,xxx Expenditure $xx,xxx Enterprise Fund Expense $xx,xxx Cash or Due to Other Funds – General Fund $xx,xxx Reciprocal interfund activity is the internal counterpart to exchange and exchange-like transactions and includes interfund loans and interfund services provided and used (GASB Codification 1800.102.a). Interfund services provided and used – and purchases of goods and services between funds for a price approximating their external exchange value. Interfund services provided and used should be reported as revenues in seller funds and expenditures or expenses in purchaser funds. For example, the enterprise fund may provide water, electricity, or garbage services for city offices or parks accounted for in the general fund. General Fund Utilities Expenditure $xx,xxx Cash or Due to Enterprise fund $xx,xxx Enterprise Fund Cash or Due from General Fund $xx,xxx Charges for Services $xx,xxx Interfund loans – amounts provided with a requirement for repayment. Interfund loans should be reported as interfund receivables in lender funds and interfund payables in borrower funds.
Determine that the governing body held a public hearing and provided written notice within at least 7 days of the hearing regarding the: Date, time, and place of the hearing, Purpose of the hearing, and The proposed terms and conditions of the interfund loan. Notice and hearing requirements outlined in b. above are satisfied if the loan is included in an original or subsequently amended budget. Determine that the governing body authorized the loan by ordinance or resolution at a public meeting. CONCLUSION (adequacy of the controls, significant deficiencies/material weaknesses, and management letter comments): Performed by and Date Workpaper STATEMENT OF CHARGED, COLLECTED AND DISBURSED – CURRENT AND PRIOR YEARS Information Contact: Jennifer Condie, Assistant Division Director, Property Taxes, Tax Commission, (801) 297-3636 Ref. cable to: * AUDIT PROCEDURES Performed by and Date Workpaper Index UCA C Determine if the Statement of Taxes Charged, Collected, and Disbursed - Current and Prior Years (also called the Treasurer's Settlement Statement) that was submitted to the Tax Commission as form PT-750, agrees to applicable county records and is complete. CONCLUSION (adequacy of the controls, significant deficiencies/material weaknesses, and management letter comments): Performed by and Date Workpaper Index