Meeting Minutes
Department of Financial Services
Chart of Accounts Project
Meeting Name: DFS Chart of Accounts Project
Meeting Group: Treasure Coast Chapter – Florida Government Finance Officers
Association
Date: October 12, 2012
Time: 1:15 pm
Location: Port St. Lucie, Florida
Requestor:
ATTENDEES: There were 38 attendees, which included 20 county employees, 11 city employees,
and 7 others (Not-for-Profits and Asset Management companies).
Discussion: The Department of Financial Services (DFS) was invited to give a presentation on the Chart
of Accounts project to the Treasure Coast Chapter of the Florida Government Finance Officers
Association (FGFOA). Elwood McElhaney represented DFS at the meeting.
The presentation covered a review of the law, the progress to-date, and our future plans. The Draft
Chart of Accounts was presented, followed by discussion on how it was developed and how it relates to
the current reporting structure that is used by the Local Government Section. Mr. McElhaney
announced the formation and membership of the Statewide Chart of Accounts Advisory Workgroup,
which will advise DFS in the development of the Chart of Accounts. Mr. Jeffrey Smith, Clerk of the
Circuit Court of Indian River County, is a member of that Workgroup, and was in attendance. DFS hopes
to have a draft Chart of Accounts completed by February 28, 2013, and to conduct meetings at strategic
locations throughout the State to present it to the public and receive comments.
The final draft will be released for public comments by July 1, 2013, and comments will be received
through November 1, 2013. DFS hopes to identify and address most of the public concerns through the
public meetings in the Spring. The final recommended Chart of Accounts and an estimate of the costs to
implement it are due to the Governor and Legislature by January 15, 2014.
Those in attendance were primarily from local governmental units, and appear to have their existing
accounting records set up to report using the existing Local Government Section’s Chart of Accounts.
They strongly recommended that it be adopted as a statewide standard. Mr. McElhaney reminded them
that the School Boards, Colleges, Universities, and State agencies do not use that Chart of Accounts, so it
would not necessarily work for those entities. DFS hopes to develop a Chart of Accounts that is
compatible with the Local Government Chart of Accounts so that those using that Chart can readily map
their data to the Statewide Chart of Accounts.
There were suggestions to develop separate Charts of Accounts for each individual reporting group. Mr.
McElhaney replied that this is allowable under the law, but the DFS will attempt to develop a single
Statewide Chart of Accounts that all reporting groups can use. Separate Charts is allowable but not the
preferred solution.
The presentation ended at approximately 3:30 pm.