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indicates that reporting entities shall report revenues and expenditures at the lowest operational level of funds that is <br /> maintained by the reporting entities. If, for example, an entity maintains three separate special revenue funds for daily <br /> operational purposes, financial information would be reported for each of the three separate special revenue funds <br /> rather than a single summarized submission at the GAAFR level. <br /> Some governments use multiple sub-funds to capture information that is rolled up into one fund for financial statement <br /> purposes. Monthly closing calculations could be costly and accuracy compromised. <br /> In addition, Florida governments currently are required to meet many reporting requirements, including reporting to the <br /> Florida Equal Employment Opportunity, Florida Unemployment Compensation, Florida Retirement System, Federal <br /> Affordable Care Act, and payroll taxes and W-2 information to the Internal Revenue Service. Each of these reporting <br /> requirements imposes penalties for not meeting the prescribed deadlines. There is concern that additional monthly <br /> reporting requirements may result in governments not being able to meet all of these current reporting requirements in <br /> the time required, resulting in potential penalties and other ramifications. <br /> ,low 13 <br /> 95 <br />