Document Submission to Financial Restructuring Board
Additional Guidance and Descriptions
Audited Financial Statements
Provide a Comprehensive Annual Financial Report (CAFR). A CAFR is a thorough and detailed presentation of the local government entity’s financial condition. It should report on the revenues, expenses, assets, liabilities, activities and balances for each fiscal year. If no CAFR is available, an independent financial audit or similar financial statements may be substituted.
Multi-Year Financial Plan
For the most recently adopted budget year, if available, provide a multi-year financial plan. A multi-year financial plan projects revenues and expenditures for several years into the future. It should illustrate what will happen to a local government’s ability to pay for and provide services, given a set of policy and economic assumptions. These projections help policy makers assess expenditure commitments, revenue trends, financial risks and the affordability of new services and capital investments.
Cash Flow Statement
For the most recently adopted budget year, if available, provide a cash flow statement. A cash flow statement requires identifying expected revenues and expenditures, as well as, when they will occur during the fiscal year. It should also include an estimate of the amount of cash that will be available at the end of the previous fiscal year (Beginning Balance). A cash flow statement should be prepared at the same time as the general budget and be updated as actuals become available throughout the year. An example of a cash flow statement can be found on the Comprehensive Review Request Form.
Organizational Chart and Summaries of Departmental Activities
The preparation of an organizational chart should clearly demonstrate the lines of authority. An organizational chart generally starts with the local government’s elected positions at the top followed by the various departments in the chain of command which they function. For each department, provide a summary of the activities, responsibilities and/or core functions. This should also include all position titles and salaries for the employees within each department as well as the number of FTEs for the current and five most recent years. An example of an organizational chart and a summary of department activities can be found on the Comprehensive Review Request Form.
Summary of Current Labor Agreements and the Status of Employee Health Insurance Contributions
For each public employee organization, provide the status of the labor agreement, the term of the most recent agreement, the number of employees and department covered, the salary increases and the status of health insurance contributions from employees. An example of a chart summarizing labor agreements can be found on the Comprehensive Review Request Form.
Most Recent Labor Agreements
For each public employee organization, provide the detailed labor agreement.
Largest Property Taxpayers in Municipality
Provide a list of up to the top ten largest property taxpayers within the municipality. In descending order, provide the name of the taxpayer, the total assessed value of that taxpayer and what percentage of total assessed value that taxpayer represents within the municipality. Municipalities may also provide information on their largest tax exempt properties. An example of a table containing the largest property taxpayers can be found on the Comprehensive Review Request Form.
Major Area Employers
Provide a list of the top ten largest area employers within or near the municipality. In descending order, provide the name of the employer, the number of employees and what percentage of total employment each employer represents. An example of a table containing the largest area employers can be found on the Comprehensive Review Request Form.