TO: CRA Board of Commissioners
FROM: Gina Clayton, Finance & Operations Director
DATE: August 22, 2023
Title
AMENDMENT TO CRA ACCOUNTING POLICIES AND PROCEDURES MANUAL
Body
Recommended Action:
Recommendation
Approve the proposed amendments to “Accounting Policies and Procedures Manual” for the Delray Beach Community Redevelopment Agency.
Body
Background:
Revisions to the CRA Accounting Policies and Procedures Manual were last approved by the CRA Board on April 27,2021 (“Policy”). This Policy provides Staff with guidance on the CRA’s accounting systems and processes.
As part of the financial audit for fiscal year 2021-2021, our auditors Marcum, LLP, recommended that
Staff recommends approving the revised policy as shown below.
Excerpt from CRA Accounting Policies and Procedures Manual
Section 5- Monthly Closing
YEAR END FINANCIAL REPORTING PROCESS:
The financial statement audit must be completed no later than 9 months subsequent to the end of the fiscal year, as mandated by Florida Statutes s 218.32.
Procedures:
• Limited accounts payable processing may occur in the Finance Department beginning September 1st to November 30th, as needed.
• Schedule the year-end financial statement audit with external auditors.
• Create a schedule and assign responsibilities to staff.
• Prepare any necessary financial statement roll forward schedules and financial statement disclosures.
• Prepare the GA SB 34 journal entries including:
o Debt Reclassifications
o Capitalization of property and equipment
o Long-Term Debt
o Amortization and Depreciation
o Accruals
o Other items, as deemed necessary.
• Prepare the transmittal letter and Management Discussion and Analysis.
• After the receipt of audited financial statements from auditors, present to the CRA Board.
• Distribute the audited financial statements, as mandated by Florida Statues and as deemed necessary.
In order to assist Staff with implementing the recommendations, the Policy was updated accordingly. Staff recommends that the CRA Board approve the amended CRA Accounting Policies and Procedures Manual.
Attachment(s): Exhibit A - CRA Accounting Policies and Procedures Manual (redline version)
Finance Review:
Reviewed and prepared by Gina Clayton, CRA Finance & Operation Director.