U.S. Government Standard General Ledger Issues Resolution Committee (IRC) Meeting Minutes
March 29, 2007
Judy Yuran (FMS) opened the meeting and introductions were made. She stated that the USSGL Board meeting will be on April 26, 2007, and the ballots will be due May 11, 2007.
Michele Crisman (FMS) highlighted the revisions to the draft Zero Coupon Bond Investments (Zeros) scenario, which currently applies to the Department of Energy (DOE) and the Pension Benefit Guaranty Corporation (PBGC). The scenario revisions reflect the budgetary impact of the amortization of bond discount and market adjustments on Zeros issued by the Bureau of the Public Debt (BPD). If the USSGL Board approves proposed USSGL account 4290, "Amortization and Market Adjustment - Investments in Zero Coupon Bonds," it will be effective for fiscal 2008. Only agencies that invest their offsetting collections in Zeros issued by BPD will record to USSGL account 4290. FMS will revise the FMS 2108 (Yearend Closing Statement) for fiscal 2008 to reflect USSGL account 1633, "Amortization of Discount on U.S. Zero Coupon Bonds Issued by Public Debt," on column 6, with Authorization Indicator (RT7 Indicator) 931 "Unamortized Discounts and Premiums." In addition, before fiscal 2007 yearend, FMS will revise FACTS II to reflect the addition of USSGL account 1633 on the FMS 2108.
Christine Chang (FMS) reviewed the following revisions to the GFR Account Guide.
Changed the title of Section IF from "Custodial" to "Noncustodial" and added a FASAB reference to what a custodial collection is and how it should be reported.
Added the Collection of Nonexchange Revenue - Fines and Penalties scenario to Section III.
After discussion, it was decided that Christine would reevaluate the need to create proposed USSGL accounts 2985, 5993, and 5994. Use of the custodial attribute with the existing USSGL accounts 2980, 5990, and 5991 will be considered.
Kathy Winchester (FMS) highlighted the General Fund Receipt (GFR) Account - GFR Custodial Collection Transfer to Available Special Fund Receipt Account 20 0110 to 20X5510 scenario. In this scenario, certain tax receipts are deposited to a GFR account. A portion of those deposits is then transferred to a special fund. The special fund receives both a proprietary financing source and a budgetary resource. Previously, transactions for this activity type have not been accounted for in the USSGL. To capture these transactions, new USSGL accounts 5773, "Custodial Collections Transferred In From a General Fund Receipt Account," and 5774, "Custodial Collections Transferred Out To a Special Fund Receipt Account," were proposed. Agencies will record USSGL account 5774 on the Statement of Custodial Activity by the GFR account and USSGL account 5773 on the Statement of Changes in Net Position by the receiving special fund. Joe McAndrew (Treasury) agreed with the account titles and definitions but suggested that the USSGL account 59XX series of numbers is more appropriate. Kathy will follow up on Joe's comments.
Kathy then reviewed the need for a new attribute and domain value in FACTS II. The new attribute and domain value will accommodate changes to the OMB SF 133 requirements in fiscal 2008. Teresa Tancre (OMB) explained that agencies post prior-year activity (for corrections of errors, etc.) as current-year transactions. As a result, the agency-submitted SF 133s (Report on Budget Execution and Budgetary Resources) do not accurately reflect current-year activity. To resolve this problem, OMB anticipates issuing, within the next several weeks, an amendment to OMB Circular No. A-11 that creates new lines for the SF 133. The new lines 1B, 12A2, and 12B2, will capture adjustments to beginning balances. Teresa reviewed draft OMB Circular No. A-11, Appendix F: Line 1B. She also stressed that the new OMB Circular No. A-11 requirements will be implemented regardless of the action taken for the Statement of Budgetary Resources in OMB Circular No. A-136. Creating the new FACTS II attribute and domain value will accommodate the prior-year adjustments. The IRC decided that the attribute will be titled Prior-Year Adjustment. The definition will be "Changes to obligated or unobligated balances that occurred in the previous fiscal year but were not recorded in the appropriate TAFS as of October 1 of the current fiscal year. Exclude upward and downward adjustments to current-year/prior-year obligations and most reclassifications from clearing accounts." The domain value will be "P," which indicates an adjustment to prior-year reporting.
Karen Metler (FMS) led the review of the draft ballot, and the following items were noted:
Judy adjourned the meeting.
Judy Yuran, FMS
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