OPM: Financial Management and Reporting

Financial Management and Reporting

 

 

Financial Reporting Systems

 

Monthly, quarterly or other periodic financial reports can provide an important tool to help local governments both in managing their current operating budgets and in preparing future budgets.  These reports are a key component in maintaining a sound financial reporting system.  The reports can provide an early warning system as to revenue accounts or expenditure accounts that are running higher or lower than expected.  This allows a local government to take steps to mitigate potential problems in a more timely fashion and/or make adjustments with respect to other parts of the budget.  These reports can also identify emerging issues and provide important trend data for the development of upcoming budgets.

 

 

Description and Purpose of Sample Reports

 

  • Sample Report A: “Basic Reporting System”:  This is a shorter, less detailed report that may be appropriate for smaller local governments and other local governments not in need of the greater level of detail included in Sample Report B.
  • Sample Report B: “Detailed Reporting System”:  This report provides a greater level of detail about the local government’s budget and finances, including some appendices that provide additional supporting information.

The above referenced Sample Monthly Financial Reports are intended to provide a reporting tool that local governments can adapt to meet their particular needs.  These reports were developed by staff from the Office of Policy and Management (OPM), in consultation with the Municipal Finance Advisory Commission (MFAC).  The MFAC is a state commission staffed by OPM.  The Sample Reports were adapted from similar reports done each month by the cities of Waterbury and Bridgeport. 

 

If you have any questions, comments or suggestions regarding these instructions or the Sample Reports, you can contact William Plummer at: E-Mail: bill.plummer@ct.gov  Telephone: (860) 418-6367.

 

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Sample Reports:





Content Last Modified on 3/3/2016 11:52:50 AM