MUNICIPAL MEETING PREP SHEET
This is an optional tool that you can use to help prepare for your meeting with your municipal fiscal officer in September. It mirrors the LCC Account Form they will provide at the meeting and allows for side by side comparison of the LCC's accounting and the municipality's accounting. You may also find it helpful to use the Ledger Template at the “Resources” sectionunder “Financial Reporting” to prepare your records.
Box 1. ACCOUNT BALANCE Beginning of Period (7/1/16)______
Total funds existing in the council account as of 7/1/16 (the beginning of the fiscal year). This amount may include any unencumbered state money and administrative funds from FY14and previous years, as well as local money and interest.
REVENUES (Between July 1, 2016and June 30, 2017)
Box 2. STATE REVENUE (FY17 MCC Grant Allocation)______
Box 3AMUNICIPAL REVENUE(+)______
Any municipal revenue, which may include local interest accrued on the account or any municipal funds contributed to the council’s account.
Box 3BOTHER REVENUE(+)______
Any non-state and non-municipal revenue. This may include locally raised funds from businesses, individuals, foundations, fundraising events, etc.
Box 4. TOTAL REVENUES Box 2 + Box 3A + Box 3B =______
State Revenue plus Municipal Revenue plus Other Revenue.
EXPENDITURES (Between July 1, 2016and June 30, 2017)
Box 5. TOTAL EXPENDITURES(-)______
Add up all payments made from the council’s account from 7/1/16to 6/30/17. This may include payments to grantees, administrative expense reimbursement to council members, payments made from locally raised money, and any account fees. The MCC’s Ledger Template is a useful tool for calculating your total expenditures.
Box 6. ACCOUNT BALANCE End of Period (6/30/17) =______
Balance in the account as of 6/30/17 – should equal the Account Balance Beginning of Period plus Total Revenues minus Total Expenditures.
To calculate your Account Balance End of Period (6/30/17):
Account Balance Beginning of Period______Box 1
AddTotal Revenues______Box 4
SubtractTotal Expenditures______Box 5
EqualsAccount Balance End of Period______Box 6
Box 7. LOCAL REVENUE/INTEREST REMAINING IN ACCOUNT BALANCE______
Box 7 should only reflect the total of unspent locally raised funds (Municipal Revenue and Other Revenue) remaining in the account at the end of the fiscal year. Locally raised funds include: interest earned on the account, municipal funds, donations, and any other locally fundraised monies. Locally raised funds can be spent at the council’s discretion in support of the arts, sciences, humanities without prior approval of the MCC. However, any funds in the council’s account originally from the MCC (i.e., state revenue) must be granted out using the MCC process and timeline for redistributing funds. For example, a council’s Account Balance might be $3,250. The council knows that $3,000 originated from the state, $200 was raised by the council at an event, and the council earned $50 in interest. The council did not spend any of the fundraised money or the interest. In this example, $250 should be entered into Box 7.
Box 7 should only be left blank if your council cannot confirm any local revenue, in which case all funds in the account not encumbered to FY17 grants must be granted out in FY18.
If you do have local funds or interest in your account, when you meet with your municipal fiscal officer, be sure that they are reflected in the Box 7 of the LCC Account Form. If Box 7 is left blank on the LCC Account Form, you won’t be able to set aside local funds in the annual report to the MCC.
AT THE MEETING
Once you and your municipal fiscal officer agree on the above financial information:
- Make sure the fiscal officer has included their contact information in Box 8 and signed the LCC Account Form.
- Make sure the LCC Account Form includes Box 9, your MCC Entry Code.
- Sign the LCC Account Form and keep the original for your council records.
- Enter the information from the LCC Account Form into the online annual report by October 15.
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