Understanding County Budgets
& Fiscal Reports
County Extension Council
Training Module
Council Leadership Development Committee — a partnership of the University of Missouri Extension
State Council and University of Missouri Extension
October 2003
© 2003, University of Missouri Board of Curators
Objectives
Understand:
– Sources
of funding
– Council’s
– Reports
role
required
Missouri Council Leadership Development: 21st Century Programs, Governance and Membership
October 2003
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Sources of Funding
Federal – USDA
• State – General Assembly
• County – Commission
• Grants & Contracts
•
Missouri Council Leadership Development: 21st Century Programs, Governance and Membership
October 2003
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State Statutes
Section 262.590(3) — Duties
“… arrange for and administer the
county share of cost of the Extension
services …”
Missouri Council Leadership Development: 21st Century Programs, Governance and Membership
October 2003
4
State Statutes
Section 262.593 — Governance
–
–
Establishes council as official body
Prohibits:
• Commercial or private activities
• Legislative programs
• Preferential service
–
Allows:
• Fee collection
• Private contributions
Missouri Council Leadership Development: 21st Century Programs, Governance and Membership
October 2003
5
State Statutes
Section 262.597 — Budget
–
Established and filed annually
• Jan. 1 in most counties
• Sept. 1 in first-class counties
–
Sets minimum appropriations
Missouri Council Leadership Development: 21st Century Programs, Governance and Membership
October 2003
6
State Statutes
Section 262.600 — Funds
– Submit
monthly to commission:
• Requisition
• Statement of expenditures
Certified and itemized
Missouri Council Leadership Development: 21st Century Programs, Governance and Membership
October 2003
7
State Statutes
Section 262.610 — Treasurer
– Deposits
– Pays
monies
bills
– Keeps
records
– Presents
annual financial report
Missouri Council Leadership Development: 21st Century Programs, Governance and Membership
October 2003
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State Statutes
Section 262.610 — Annual Report
–
Elected Council Secretary Submits
–
Details:
• Receipts and expenditures
• Summary of work
• Results accomplished
–
Due by Feb. 1
Missouri Council Leadership Development: 21st Century Programs, Governance and Membership
October 2003
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Operating Budget
•
Inclusive of council operations
– Sources
of funds
– Uses
•
Submitted annually to commission
Missouri Council Leadership Development: 21st Century Programs, Governance and Membership
October 2003
10
Operating Budget
UME guidelines
Number of specialists
– Actual operation costs
–
• Mileage
• Educational materials
• Marketing
• Secretary’s salary
• Office expenses
Missouri Council Leadership Development: 21st Century Programs, Governance and Membership
October 2003
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Operating Budget
Administration
– Treasurer
– County
Program Director
Missouri Council Leadership Development: 21st Century Programs, Governance and Membership
October 2003
12
Operating Budget
Computerized accounting system
–
Receivables
–
Payables
–
Revenue
–
Expenses
–
Assets
–
Liabilities
Missouri Council Leadership Development: 21st Century Programs, Governance and Membership
October 2003
13
Operating Budget
•
Fiscal policies and procedures
State statutes
– University policies
– Commonly accepted practices for public
entities
–
•
Council policies
Missouri Council Leadership Development: 21st Century Programs, Governance and Membership
October 2003
14
Reports
•
Monthly financial statement
•
Quarterly financial report
•
Annual report
•
Annual audit report
–
Council committee
–
Audit/CPA firm
Missouri Council Leadership Development: 21st Century Programs, Governance and Membership
October 2003
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Sound Financial Management
County Program Director:
1.
2.
3.
4.
5.
Oversees day-to-day operations
Supervises council-paid staff
Presents receipts and disbursements
Implements county-level policies
Informs council and regional director
Missouri Council Leadership Development: 21st Century Programs, Governance and Membership
October 2003
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Sound Financial Management
County Extension Council Members:
1.
Prepare annual budget
2.
Arrange for and administer county’s
share
Receive by gift or purchase real or
personal property
Collect fees
3.
4.
Missouri Council Leadership Development: 21st Century Programs, Governance and Membership
October 2003
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Sound Financial Management
County Extension Council Members:
5.
Accept financial contributions
6.
Prepare monthly fund requisition and
statement of expenses
Direct treasurer to account for all
monies
7.
Missouri Council Leadership Development: 21st Century Programs, Governance and Membership
October 2003
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Sound Financial Management
County Extension Council Members
8.
Direct Council Secretary to make
annual report
9.
Establish procedures for audit
Missouri Council Leadership Development: 21st Century Programs, Governance and Membership
October 2003
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Understanding County Budgets
And Fiscal Reports
County Extension Council Training Module
Produced by the Council Leadership Development Committee 
a partnership of the University of Missouri Extension State Council
and University of Missouri Extension
http://extension.missouri.edu/extcouncil/training/
University of Missouri Extension does not discriminate on the basis of
race, color, national origin, sex, sexual orientation, religion, age, disability
or status as a Vietnam-era veteran in employment or programs.
Missouri Council Leadership Development: 21st Century Programs, Governance and Membership
October 2003
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