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SAMPLE MONTHLY FINANCIAL REPORTS

Description and Instructions


Provided below is a description and instructions related to the following Sample Monthly
Financial Reports:
Option 1. Sap!e Report A" #asic Reportin$ S%ste. This option involves 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 .
Option &. Sap!e Report #" Detai!ed Reportin$ S%ste. This option
provides a greater level of detail about the local government!s budget and
finances, including some appendices that provide additional supporting
information.
The attached reports offer templates or e"amples that a local government could use and modify
to develop a reporting system that will best meet its particular needs.
#f you have any $uestions, comments or suggestions regarding these instructions or the Sample
Reports, you can contact %illiam Plummer at: &'Mail: bill.plummer(ct.gov Telephone: )*+,-
./*'+0+1 or Robert 2a3ers &'Mail: robert.da3ers(ct.gov Telephone: )*+,- ./*'+4.0.
Description and Purpose of Sample Reports
Monthly, $uarterly or other periodic financial reports can provide an important tool to help
local governments both in managing their current operating budgets and in preparing future
budgets. These reports can provide an early warning system as to revenue accounts or
e"penditure accounts that are running higher or lower than e"pected. This allows a local
government to ta3e steps to mitigate potential problems in a more timely fashion and5or ma3e
ad6ustments with respect to other parts of the budget. These reports can also identify
emerging issues and provide important trend data for the development of upcoming budgets.
The attached reports were developed by staff from the 7ffice of Policy and Management )7PM-,
in consultation with the Municipal Finance 8dvisory 9ommission )MF89-. The MF89 is a
state commission staffed by 7PM. These reports were adapted from reports done monthly by the
cities of %aterbury and ridgeport.
The Sample Reports provide summary and detail information related to a local government!s
general fund budget. The Sample Reports include actual and pro6ected budget, revenue and
e"penditure information for prior years and the current year. As stated previously, Sample
Reports A and B offer templates or examples that a local government can use and modify to
develop a reporting system that will best meet its particular needs. hether using Sample
Report A or B, the attached templates would need to be modified to reflect a local
government!s account and organi"ational structure as well as its particular information
needs.
%hile some time and proficiency with &"cel will initially be re$uired to tailor the report
to meet a local government!s needs, the ongoing use of the report should re$uire less time
and effort. :onetheless, time will be needed each month to import or enter e"penditure
and revenue information and to ma3e pro6ections, as well as to analy;e the results.
#nstructions re$ %ormat and Structure of the Sample Reports
%hile a certain amount of information will need to be entered annually or monthly in
both of the Sample Reports, many of the schedules will pre'fill automatically from
e"penditure and revenue data included in other parts of the report. 8 number of the
columns in the reports will also be calculated by &"cel from information in other
columns. Finally, some of the data, such as prior year e"penditures and the current year
budget, only need to be manually or automatically entered once a year, although some
periodic ad6ustments may be re$uired.
#n terms of entering the latest year'to'date revenues and e"penditures, the amount of
wor3 this entails will depend, in part, on the ability to import this information directly
from your financial management systems. The pro6ections for the remaining months will
need to be entered separately, although you could have these amounts default to the
difference between the year'to'date amount and the budget. #ndividual overrides could
be done for those accounts e"pected to under or over budget.
The cells or columns in both of the Sample Reports are filled in with the following colors
to determine if they are: /- pre'filled automatically from another schedule< 4- calculated
automatically using data from other columns or cells within the spreadsheet< 0- generally
are filled in once per year, potentially with periodic updates or modifications< or .-
re$uire monthly data entry from a source outside the report.
Pre'filled )white-
9alculated )gray-
7nce per =ear )green-
2ata &ntry Monthly )yellow-
Note" T'is !e$end is inc!uded in eac' o( t'e sc'edu!es in t'e Sap!e Reports to assist
t'ose cop!etin$ t'ese sc'edu!es. T'e% are not intended (or t'e readers o( t'ese reports.
Report &verview and Discussion
The attached Report 7verview and 2iscussion provides an opportunity to highlight any
une"pected trends or changes with respect to year'to'date revenue and e"penditure amounts.
#n addition, the assumptions and methodology used in pro6ecting revenues and e"penditures
through the end of the year can be e"plained. The structure of the Report 7verview and
2iscussion includes an opening overview section, followed by sections in which more details
related to revenues and e"penditures can be provided. 8t the end of this overview is a
9onclusion section.
4
#nstructions re$ Schedules in Sample Report A$ Basic Reporting System
Sc'edu!e 1" Report Suar%
Schedule / provides a summary of the revenue and e"penditure budgets and pro6ections
and an overall Pro6ected Results of 7perations: i.e. Surplus)2eficit-. The information in
this Schedule will be automatically pre'filled from other schedules in the report.
Sc'edu!e &" Re)enue Suar%
Schedule 4 provides summari;es prior and current year information for broad revenue
categories )e.g., Property Ta"es, Payments from 7ther >urisdictions-. #ncluded in the
schedule are revenue amounts for prior years, reali;ed year'to'date, pro6ected for the
remaining months of the fiscal year, pro6ected at year'end, approved for the current year
budget, and the pro6ected budget variance. This information is pre'filled automatically
from Revenue 2etail included in Schedule .. The e"ception to this is the F=,1 8ctual
column, which needs to be filled in separately at the beginning of the year.
Sc'edu!e *" E+penditure Suar%
Schedule 0 provides actual, year'to'date, budgeted and pro6ected e"penditures for each
department. This information is pre'filled automatically from Schedule ?: &"penditure 2etail.
Sc'edu!e ," Re)enue Detai!
Schedule . provides line'item revenue amounts for the prior year, year'to'date, pro6ected
at year'end, and current year budget, along with the pro6ected budgetary variance. The
total amounts for all these line'items are the same as the totals found in the Revenue
Summary in Schedule 4.
For each line'item in the report, the prior year actual, current year'to'date, pro6ected amount
for the remaining months and the budgeted revenue amounts will need to be entered, while
the pro6ected year'end and budgetary difference columns will be calculated by &"cel.
Sc'edu!e -" E+penditures . Departent Detai!
Schedule ? provides the e"penditure, budget and pro6ected e"penditure amounts for each
department for the following line'item categories: Personal Services @ Salaries< Personal
Services @ 7vertime< Personal Services @ 7ther< and 7ther &"penses. The amounts for
all of the columns in Schedule ? involve data that will need to be entered, with the
e"ception of the Pro6ected at =ear &nd and Aariance 7ver5)Bnder- columns, which are
calculated by &"cel.
0
#nstructions re$ Schedules and Appendices in Sample Report B$ Detailed Reporting System
Sc'edu!e 1" Report Suar%
Schedule / provides a summary of the revenue and e"penditure budgets and pro6ections
and an overall Pro6ected Results of 7perations: i.e., Surplus)2eficit-. This schedule also
indicates the number of pay periods completed and remaining for both wee3ly and bi'
wee3ly payrolls. This pay period information will be used in calculating Salaries in
Schedules + and +a. Finally, this schedule provides summary information regarding the
number of general fund, non'education positions that are budgeted, filled and vacant.
The Revenues and &"penditures and the position count information will pre'fill from
another schedule, while the pay period information will need to updated each month.
Sc'edu!e &" Re)enue Suar%
Schedule 4 provides summari;es prior and current year information for broad revenue
categories )e.g., Property Ta"es, Payments from 7ther >urisdictions-. #ncluded in the
schedule are revenue amounts for prior years, reali;ed year'to'date, pro6ected for the
remaining months of the fiscal year, pro6ected at year'end, approved for the current year
budget, and the pro6ected budget variance. This information is pre'filled automatically
from Revenue 2etail included in Schedule ?. The e"ception to this is the F=,1 8ctual
column, which needs to be filled in separately at the beginning of the year.
Sc'edu!e *" E+penditure Suar%
Schedule 0 provides actual, year'to'date, budgeted and pro6ected e"penditures for
groupings of departments )e.g., Ceneral Covernment, Finance, Public Safety-. This
information is pre'filled automatically from the &"penditure 2etail found in Schedule +.
Sc'edu!e ," E+penditure Suar% . Departents

Schedule . provides the information described above for Schedule 0, e"cept that the
information is provided for each department as opposed to the broader categories. This
information is pre'filled automatically from the &"penditure 2etail found in Schedule +.
Sc'edu!e -" Re)enue Detai!
Schedule ? provides line'item revenue amounts for the prior year, year'to'date, pro6ected
at year'end, and current year budget, along with the pro6ected budgetary variance. The
total amounts for all these line'items are the same as the totals found in the Revenue
Summary in Schedule 4.
The amounts for the following property ta" line'items are pre'filled from automatically
8ppendi" /'Ta" 9ollection Pro6ections: 9urrent Property Ta"es< Prior =ear Property Ta"es<
Supplemental 8uto Dist< #nterest 9urrent Property Ta"es< and #nterest Prior =ear!s Property
Ta"es.
.
%ith respect to the remaining accounts, the prior year actual, year'to'date, pro6ected
amount for the remaining months and the budgeted revenue amounts will need to be
entered, while the pro6ected year'end and budgetary difference columns will be calculated
by &"cel.
Sc'edu!e /" E+penditures . Departent Detai!
Schedule + provides the e"penditure, budget and pro6ected e"penditure amounts for each
department for the following line'item categories:
Personal Services @ Salaries
Personal Services @ 7vertime
Personal Services @ 7ther
Su0.Tota! Persona! Ser)ices
Purchased Professional Services
Purchased Property Services
Purchased 7ther Services
Supplies
7ther 7b6ects
TOTAL
The amounts for all of the columns in Schedule + involve data that will need to be
entered, with the e"ception of the Pro6ected at =ear &nd and Aariance 7ver5)Bnder-
columns, which are calculated by &"cel. There are, however, some special e"ceptions as
to how the data is entered and calculated for the following cells:
/. Pro6ected 4 Months for Personal Services @ Salaries )/,,, /,/-: The pro6ected
amount for salaries for the last two months of the year in the Sample Report
involves a calculation in the spreadsheet that multiplies the i'%ee3ly or %ee3ly
Payroll located below the T7T8D line for each department by the number of pay
periods remaining in the fiscal year )which is fed automatically from Schedule /:
Report Summary-. 8dded to this calculation is any amount anticipated related to,
for e"ample, the filling of vacant positions or other additions or accruals. These
amounts are found directly below the word T7T8D for each department.
4. Police and Fire 7vertime. The amounts for the Personal Services @ 7vertime for
the Police and Fire 2epartments are automatically pre'filled from 8ppendices 4
and 0, respectively.
0. 2epartment of Public %or3s. The amounts for the 2epartment of Public %or3s in
Schedule + are pre'filled from Schedule +a: Public %or3s ureau 2etail.
.. Eealth #nsurance. The amounts for F&mployee and Retiree Eealth #nsuranceG under
the 2ebt and Sundry category in Schedule + should be e$ual to the amounts in the
line entitled Ceneral Fund 9ontribution from 8ppendi" ?: Eealth #nsurance #nternal
Service Fund.
Sc'edu!e /a" Pu0!ic 1or2s #ureau Detai!
?
Schedule +a provides similar information to that in Schedule + for each of the Public %or3s
bureaus )e.g., Refuse 9ollection, Streets-. The amounts by bureau are rolled into the FTotal
for 8ll 2ivisionsG section, found at the top of Schedule +a. #t is these rolled up amounts
that feed the amounts included for the 2epartment of Public %or3s in Schedule +.
Appendi+ 1" Ta+ Co!!ection Pro3ections
8ppendi" / provides actual property ta" collection and budgeted amounts for the prior
fiscal year and the current fiscal year. Pro6ected amounts for the current year are also
provided. #n 8ppendi" /, the actual collection amounts for the prior year and the
pro6ected amount for the current year are compared, on a percentage basis, to the amounts
budgeted. 9urrent ta" collections are also compared to the Property Ta" Devy. The
actual and pro6ected collection amounts need to be entered into this spreadsheet, as do the
budgeted amounts. The Sub'Total and Total 8mounts and the percentage collection
amounts in the appendi" are calculated by &"cel. 8ppendi" / feeds information
regarding 9urrent Ta"es, 8rrears Ta"es, Supplemental Motor Aehicle Ta"es and #nterest
on 9urrent and 8rrears Ta"es to Schedule ?: Revenue 2etail.
#n regard to the +, day entries and ad6ustments included under the Prior =ear Ta"es
column in 8ppendi" /, these are accounted for )or Fnetted'outG- in the FPro6ected 4
MonthsG column in Schedule ? by subtracting the amount collected through 8pril
)H/,0/4,.I/- from the pro6ected Total =ear &nd 8mount )H/,0?+,.I?-.
Appendi+ &" Po!ice O)ertie
8ppendi" 4 includes Police overtime per wee3 and for the full year for the past five fiscal
years and for the wee3s completed year'to'date for the current year. The last column
labeled FF=,I &stimatesG includes the year to date amounts for each wee3 completed
along with pro6ections for each of the remaining wee3s. The total of H+I/,14+ near the
bottom of this column is the pro6ected spending for this year. The averages found on the
bottom left side of the page help inform the pro6ections for the remaining wee3s. The
amounts in the FTotal 9ostG row under the F= ,+5,1, F= ,15,*, F= ,*5,I and F=,I
&stimates columns feed the Personal Services @ 7vertime for the Police 2epartment in
Schedule +.
Appendi+ *" Fire O)ertie
8ppendi" 0 reflects Fire overtime per wee3 and for the full year for the past five fiscal
years and for the wee3s completed year'to'date for the current year. The last column
labeled FF=,I &stimatesG includes the year to date amounts for each wee3 completed
along with pro6ections for each of the remaining wee3s. The total of H.0/,0.4 near the
bottom of this column is the pro6ected spending for this year. The amounts in the FTotal
9ostG row under the F= ,+5,1, F= ,15,*, F= ,*5,I and F=,I &stimates columns feed
the Personal Services @ 7vertime for the Fire 2epartment in Schedule +.
Appendi+ ," 4enera! Fund Non.Education Position Count
8ppendi" . provides information regarding the number of budgeted, filled and vacant
positions by department. 8ppendi" . in the Sample Report also provides detail as to
+
position count by bureau for the 2epartment of Public %or3s. The data in 8ppendi" .
feeds the summary position count information included in Schedule /.
Appendi+ -" Ep!o%ee and Retiree Hea!t' #ene(it Interna! Ser)ice Fund
8ppendi" ? of the Sample Report provides information, in this e"ample, for a city or
town that utili;es an internal service fund related to its employee and retiree health
e"penditures and revenues. 8 schedule for these costs and revenues can, however, be
included in the financial report whether or not a local government has a medical or health
insurance internal service fund.
8ppendi" ? lists all of the revenues that come into this internal service fund, such as
payments from the State, employee premium co'shares, contributions from the general
and other funds, 97R8 payments and others. The appendi" also provides the monthly
amounts of the fund!s payments, such as for medical claims, Medicare supplement plans,
administrative e"penses and others. 8fter the actual amounts for all these items are
entered each month, pro6ections are entered for the remaining months in order to get
pro6ected amounts for the fiscal year. The pro6ected amounts are compared to the budget,
and a calculation is made to see if the revenues will e"ceed or be less than the payments
from the fund. #n the e"ample in 8ppendi" ?, the payments are pro6ected to be H*+,,041
more than the revenues, meaning that that this ongoing fund is pro6ected to decrease by
this amount. Full'year actual information is also provided in 8ppendi" ? for the two
prior years.
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