operation of the Township through timely payment and collection of amounts owed to vendors and due from various individuals and organizations. In addition to processing payroll, employee benefits personnel focus efforts on cost-effective and equitable insurance plan design, and the administration of those plans to eligible employees.

Budgeting

The most important function of the Finance Department lies in forecasting revenues and expenditures through budgeting. Finance Department professionals use historical data, trend analysis, and general economic indicators to project revenues and expenses for the coming year and beyond. In addition, every department within the Township submits a detailed plan of activities for its area. For example, in the Roads Department, the plan may include road-resurfacing projects, and in the Recreation Department, it may include Township-sponsored bus trips to various events. The plans are refined through discussions with the Board of Supervisors, the Township Manager, and the Finance Director, and the resulting final budget is adopted by the Board at a public meeting. The budget document is a central component of the government process. Therefore, the budget is constantly monitored and analyzed throughout the year by department supervisors, the Township Manager, and the Board of Supervisors. West Goshen Township has been a past recipient of the prestigious Distinguished Budget Presentation Award, which recognizes excellence in budget documentation. Awards are conferred by the Government Finance Officers Association, an international professional association of finance officers.

What's new? GASB34

The Governmental Accounting Standards Board (GASB) Statement 34 established a whole new financial reporting framework for state and local governments. The result is the biggest change in the history of public sector accounting and financial reporting. It is intended to improve financial reporting by adding significant additional information not previously available in local government financial statements.

In the past, financial reporting focused on fund types (e.g., special revenue funds, capital projects funds) and short-term annual goals. Under the new financial reporting model, these fund-based statements are complemented by a set of government-wide financial statements that for the first time present the government as a single, unified entity, while providing additional long-term focus for governmental activities. The government-wide financial statements will include a Statement of Net Assets that provides the total net equity of the Township including infrastructure and a Statement of Activities that shows the cost of providing government services. These new statements combined with other information will be further analyzed in a new narrative section called Management's Discussion and Analysis (MD&A).

General fixed assets and long-term debt will no longer be shown as account groups, but appear as assets and liabilities in the government-wide financial statements. One of the changes brought about by GASB 34 is its requirement to capitalize and depreciate most capital assets. The Finance Department is currently in the process of identifying and classifying the Township's assets and infrastructure to comply with GASB 34. Infrastructure includes streets, drainage, sewage systems, traffic signals, and so forth.

Although GASB 34 financial statements are longer and more complex, the goals are to improve financial reports, to enhance awareness of fiscal issues facing state and local governments, and to recognize the importance of adequately maintained infrastructures.