The State’s proposed Chart of Accounts for the Fiscal Year Ending June 30, 2018, has been posted to the GAO Website; these take effect for transactions with an effective date of July 1, 2017, or later.

To simplify reporting, several accounts—balance sheet accounts, revenue sources and expenditure objects—have been inactivated, modified or added.  This is the first phase of what is likely to be an effort spanning several years to improve management accounting and financial reporting.

Many, if not most, of the changes have been discussed with those organizations most affected by the proposed changes; in many such cases, it was agreed that the State’s needs would be better served by accounting for certain transactions at the department object level.

SAAM Sections 9511, 9513 and 9514—respectively containing Balance Sheet Accounts, Revenue Sources and Expenditure object—have been posted as drafts on the GAO Website at /publications/saam/saam-draft.

Additionally, a spreadsheet entitled “Proposed FY 2018 COA Changes” can be found by clicking here.  This spreadsheet lists all the changes currently contemplated for implementation on July 1, 2017; it shows which accounts are scheduled to be added, modified or inactivated (with backgrounds respectively of green, blue and pink).

Agencies should consider what they have been posting to accounts scheduled to be inactivated and arrange to change procedures to post to the appropriate accounts.

Note that accounts schedules to be inactivated might, given the necessity to do so, be reactivated. 

All agencies are encouraged to read through the changes and provide feedback NOT LATER THAN THE CLOSE OF BUSINESS ON FRIDAY, JUNE 2, 2017.  An agency’s failure to respond by June 2, 2017, will be interpreted as an agency’s agreement with the proposed changes.  Comments should be emailed to [email protected].

All comments will be considered, but may not be implemented.  Other changes may be required before the beginning of the next fiscal year and will be communicated as appropriate.

While the updated chart of accounts is scheduled to take effect on July 1, 2017, earlier implementation, except for accounts being added, is encouraged.

If you have any questions, please contact Greg Vokoun at 602.542.6225 or [email protected]