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JEFFREY R. SMITH, CPA, CGFO, CGMA Clerk of Circuit Court and Comptroller Finance Department �pRIpA 1801 27th Street, Building A Vero Beach, Florida 32960 Telephone (772) 226-1945 TO: Board of County Commissioners FROM: Jeffrey R. Smith, CPA, CGFO, CGMA Clerk of the Circuit Court and Comptroller DATE: November 12, 2013 SUBJECT: Draft Resolution for Proposed State Uniform Chart of Accounts BACKGROUND During the 2011 Florida Legislative Session the Legislature passed SB 1292 which requires the Chief Financial Officer (CFO) to recommend uniform chart of accounts for reporting financial information for all state agencies, local governments, special districts, county educational entities and entities of higher education. This Bill also requires the CFO to determine the costs of implementation and his office has indicated they intend to recommend monthly reporting to the fund and object level. This level of detail is a substantially more level of detail than we currently report annually to the DFS and in our Comprehensive Annual Financial Report. Attached to this memo is a white paper that analyzes in detail the issues associated with this legislation. This white paper was created by a task force made up of representatives of various local government entities. It also includes an alternative recommendation that will accomplish the goal of accountability and transparency without the unfavorable consequences associated with the current statute. RECOMMENDATION Staff recommends that the Board of County Commissioners adopt the attached resolution and ensure that this issue is included on your list of items for the Indian River Legislative Delegation. Indian River County AdprovedILDate Administrator County Attorney \ Bud et d I Department Jsmith(\\courtsrv)(F:)/chartofaccountstaskforce/UCOA Risk Mana ement 82