Presented By: Florida Department of Financial Services ... · PDF fileFlorida Department of...
Transcript of Presented By: Florida Department of Financial Services ... · PDF fileFlorida Department of...
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Presented By: Florida Department of Financial ServicesDivision of Accounting & AuditingBureau of Financial Reporting
2017 Financial Reporting Workshop
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Introduction CAFR Overview Statistics Compliance Checklist Items Form Reminders and Updates Governmental Accounting Standard Boards (GASB) Updates Component Units Keys to Success
Agenda for Today
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Danta White, CPAFinancial Administrator
Pam BarksdaleProfessional Accountant Specialist
Alphonso BrownSenior Management Analyst Supervisor
Stephanie HortonProfessional Accountant Specialist
David JamesSenior Management Analyst II
Chunping Lin, CPAGovernment Analyst II
Sherif NessimGovernment Analyst II
Leonor SkoglundGovernment Analyst II
Statewide Financial Reporting Section (SFRS) Team
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CAFR Overview
http://www.myfloridacfo.com/Division/AA/Reports/default.htm
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Thorough and detailed presentation of the state’s financial condition
Required by Section 216.102 (3), F.S.
Due by February 28 annually
Prepared in accordance with generally accepted accounting principles (GAAP)
Governmental Accounting Standards Board (GASB)
Audited by the Florida Auditor Generalw.myfloridacfo.com/Division/AA/Reports/default.ht
CAFR Overview
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Introductory Section
Financial Sectiono Auditor’s Reporto Management Discussion & Analysis (MD&A)o Financial Statementso Notes to the Financial Statementso Other Required Supplementary Information (RSI)
Statistical Section
CAFR Contents
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CAFRIntroduction•CFO•EDR
MD&A•EDR
Audit Report•Auditor General
Financial Statements•Agencies•Component Units
Notes•Forms•SBA•DMS•DFS
Other RSI•EDR•DMS•DOT
Statistical Section•Various Agencies
Information Sources
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2017 CAFR Preparation Process
May June NovMarch
PLANNING REVIEW & COMPILATION
AUDIT
AGENCY ADJUSTMENTS
FebAug Sept Oct Dec JanJan
CFO & AUDIT ADJUSTMENTS
AGENCY CLOSING PUBLISH CAFR
April July
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Three Primary Databases:o Working Trial Balance Databaseo Form 3 Completeness Databaseo Form 30 Database
Instructions included when databases downloaded from Accounting & Auditing website
Databases
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Working Trial Balance (WTB) Databaseo Tool to assist agencies before and after closingo Available July 5, 2017o Various Compliance Checklist Reports to help in CAFR preparationo Additional Reports, such as: Adjustment Report Various Forms Due Reports Trial Balance Report
Feedback on the tests in WTB or any suggestions for new tests are always welcome!
WTB Database
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WTB Database
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WTB – Adjustment Report
Run after submission of post-closing adjustments
Review for accuracy
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Two types of forms due reports:o Forms Due Reports – Based on GL codes used in the trial balance. o Form Updates Due by Adjustments Posted Report – Based on post-closing
adjustments processed to certain GL codes.o Separate reports for State Agencies and Discretely Presented CUs.
WTB Database
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WTB – Forms Due Report Form names Form for each fund
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WTB – Forms Due Report
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WTB – Form Updates Due by Adjustments
Posted Report Forms due resulting from
post-closing adjustment
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WTB – Trial Balance Report
Most up-to-date trial balance
Review before creating adjustments
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Form 3 Completeness Databaseo Validates that your Form 3 data is in balance with your Trial Balanceo Form 3 captures all Interfund and Intrafund transactionso All transfers, advances and due to/from transactions must always be in
balance with your Trial Balanceo Available mid-July 2017
Databases
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Form 3 Completeness
Identify and correct differences
Communicate changes with agencies
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0
200
400
600
800
1000
1200
2012 2013 2014 2015 2016
2653
22 18 26
747
594 594531
576
973 992942
11121048
A Adj. B. Adj. C. Adj.
A = Auditor GeneralB = AgencyC = Statewide Financial Reporting
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INTER fund is journal transfer transactions betweenagencieso (Due to/from, Transfers in/out and Advances to/from)
INTRA fund is journal transfer transactions withinagencieso (Due to/from, Transfers in/out and Advances to/from)
These must balance to -0- (Debits=Credits)
INTER & INTRA Fund
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2015
Total number of rows
Total rows of data not balanced
% of Balanced
Data
1st Submission 4195 1047 75%
2nd Submission 4343 417 90%
3rd Submission 4494 154 97%
4th Submission 4385 89 98%
2016
Total number of rows
Total rows of data not balanced
% of Balanced
Data
1st Submission 4194 1035 75%
2nd Submission 4296 408 91%
3rd Submission 3931 247 94%
You can be in balance in trial balance, but still be out of balance on the F1 F2 Agreement Report.
Both must be in balance.
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70%
75%
80%
85%
90%
95%
100%
1st Submission
2nd Submission
3rd Submission
4th Submission
75%
90%
97%98%
75%
91%
94%
0%
2015
2016
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INTRAFund
2016
Total number of rows
Total rows of data not balanced
% of Balanced Data
1st Submission 1569 251 84%
2nd Submission
1629 144 91%
2015
Total number of
rows
Total rows of data not balanced
% of Balanced
Data
1st Submission
1666 121 93%
2nd Submission
1603 64 96%
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75%
80%
85%
90%
95%
100%
93%
96%
84%
91%
Percentage of Balanced data comPared to total data results
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Compliance Checklist Items
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Used to guide agencies in preparing information for CAFR preparationo Twenty -five (25) essential tasks with specific due dateso Agencies scored on accuracy of information and timeliness
2016 Compliance Checklist Evaluations will be available at the end of the workshop
Compliance Checklist
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Compliance ChecklistChecklist # Checklist Item 2016 2015 Year to Year Change
1 Funds in Balance 94% 100% -6%2 Intrafund Activity within Agency 60% 79% -19%3 Interfund Activity with Other Agencies 57% 64% -7%4 Cash Balances 94% 97% -3%5 Treasury Investment Balances 100% 96% 4%6 Beg Fund Balance/Net Assets 94% 97% -3%7 General Revenue 100% 100% 0%8 Capital Assets Depreciation 100% 100% 0%9 Fund Balance Classification 100% 94% 6%
10 Net Investments in Capital Assets 97% 96% 1%11 Compensated Absences 66% 83% -17%12 Capital Asset Accounts 91% 91% 0%13 Long-term Debt Accounts 88% 100% -13%14 Analytical Procedures 94% 94% 0%15 Other Guidance 100% 100% 0%16 Fund Questionnaires for New Funds 100% 100% 0%17 SWFS Forms 83% 94% -12%18 Component Unit Financial Statements 76% 100% -24%19 SEFA 94% 97% -3%20 Fraud Certification 100% 100% 0%21 Final Budgeted Revenues 94% 100% -6%22 GASB Implementation Schedule Notification 94% 100% -6%23 Elimination of Revolving Funds 100% 100% 0%24 Interfund Loans 100% 100% 0%25 Compliance with Chapter 280, FL Statutes 92% 100% -8% 29
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Compliance Reminders:o Checklist Item #2/#3 INTRA/INTER Fund Fund 1/Fund 2 Agreement Report and the trial balance are in balance
o Checklist Item #11 Compensated Absences Complete Form 49 first, then do adjustments to trial balance
o Submit forms by due dates and reconciled with trial balance amounts
Compliance Checklist
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BREAK
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Forms Multiple Forms used to prepare information that makes up the CAFR
Key Forms:o Form 3 Inter/Intrafundo Form 30 Cash Flowso Changes In Assets/Liabilitieso Agency Fund Change Statemento Compensated Absenceso P Formso Adjustment Form
Forms are available on the DFS Accounting & Auditing website or will be provided
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Form 30 Databases is used to complete your Cash Flows Forms
Form Reminders
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Form RemindersAdjustment Form (DFS-A1-1835)
o Used to submit adjustments after agency closingo Form features: Fund number linked to SWGF and SWF fields Form(s) update notices Adjustment balance check
P Forms and CUR Formso P Form required for every agency ando CUR Forms required for applicable discretely presented component
unitso If form is not applicable, select the “N/A” box (sign and date, if
applicable) and submit the form.
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Adjustment Form990000502000051
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GASB Statement No. 72 Requires:o Measure Investments at Fair Value (with exceptions)o Disclose Fair Value measurements, level of fair value hierarchy, and
valuation techniquesFYE 2016:
o Created Form 19 and CU 9, specifically for fair value disclosuresFYE 2017:
o Merged Form 18 and 19, as well as, Form CU 2 and CU 9o Eliminated Form 19 and CU 9
Updated Form 18 and CU 2
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Investment measured at fair value (A1-A7): Discloses investments by their fair value levels. o Level 1: Unadjusted quoted prices in active markets for identical assets
or liabilities.o Level 2: Inputs either directly or indirectly observable for an asset or
liability (including quoted prices for similar assets). o Level 3: Significant unobservable inputs for assets or liabilityo If using inputs from more than one level, then measurement is based on
the lowest level input.Description of Valuation Method: For each investment type, by fair
value level, provide a brief description of the valuation technique(s) used to determine fair value.
New Features in Form 18 and CU2
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Form18
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Total Fair Value 6/30 automatically calculated
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Form 18
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Net Asset Value (NAV) Pending Sale Exception Investments (A-8):o NAV should not be applied if, as of the measurement date, it is
probable the investment will be sold at an amount other than NAVo Measured using fair value levelso Section B required to be completed
New Features in Form 18 and CU2
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Investments measured at Net Asset Value (NAV) (B1-B12):o NAV per share – The amount of net assets attributable to each share of
capital stock outstanding at the close of the period.o Permitted if investment does not have a readily determinable fair valueo Must also complete Section B
New Features in Form 18 and CU2
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Section B – Investments Measured at NAV:o Additional disclosures for investments measured at NAV Unfunded Commitments Redemption Frequency (If Currently Eligible) Redemption Notice Period Description of NAV investments and significant investment strategies
New Features in Form 18 and CU2
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New Features in Form 18 and CU2
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Investments reported as Receivables/liabilities:o Investment sold short (A-9) o Other investments reported as Receivables/liabilities (A-10)o Excluded from “Total Other Investments” sum
Other investments not measured at Fair Value (A-11):o GASB 72 fair value measurement exceptions
Money Market Funds, Repurchase Agreements, Certain life insurance contracts, etc.
o Recorded at Reported Amount
New Features in Form 18 and CU2
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Form 18
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Section A, Fair Value Measurements Levels: Required to be completed for all Discretely Presented Component UnitsSection B-G: Only required to be completed for Major Discretely
Presented Component Unitso NAV additional disclosures and investment risk disclosureso Annual re-determination of Major Component Unitso 3 Major Discretely Presented CU: Citizens Property Insurance Corporation Florida Housing Finance Corporation University of Florida
Form CU2
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Form CU2
Sections B-G only for Major Discretely Presented CU
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Instructions for Form 18
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Used as an interactive tool to assist in the proper determination of Potential Component Units and re-determination of current Component Units.
Revised as a result of GASB Statement No. 80, Blending Requirements for Certain Component Units – an amendment of GASB Statement No. 14
Reporting Entity Determination Form
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Reporting Entity Determination Form
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Addition To Reporting Entity Determination Form
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Fiscal Year 2016-17 Fiscal Year 2017-18 Fiscal Year 2018-19
Statement No. 73 –Pensions
Statement No. 75 – OPEB Employers
Statement No. 83, Certain Asset RetirementObligations
Statement No. 74 – Other Post Employment Benefits (OPEB) Plans
Statement No. 81 –Irrevocable Split-InterestAgreements
Statement No. 77 – Tax Abatement Disclosure
Statement No. 82 –Amendments to Pension
Statement No. 78 -PensionsStatement No. 79 –External Investment PoolsStatement No. 80 –Component UnitsStatement No. 82 –Amendments to Pension
GASB Statements Effective Dates
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Tax Abatement Disclosureso Establishes financial reporting disclosure standards for tax abatement
agreements entered into by state and local governmentso Disclosures required by this statement include tax abatements resulting
from both: Agreements that are entered into by the State, AND Agreements entered into by other governments, including component units,
and that reduce the State’s tax revenues
GASB Statement No. 77 Effective 2016-17
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Definition of tax abatement: A reduction in tax revenues that results from an agreement between one or more governments and an individual or entity in which:o One or more governments promise to forgo tax revenues to which they are
otherwise entitled; ANDo The individual or entity promises to take a specific action after the
agreement has been entered into that contributes to economic development or otherwise benefits the governments or the citizens of those governments
GASB Statement No. 77 Effective 2016-17
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Required Disclosures
GASB Statement No. 77 Effective 2016-17
Brief Descriptive Information Government’s OwnAbatements
Other Government’s Abatements
Name of program √
Purpose of program √
Name of government √
Tax being abated √ √
Authority to abate taxes √
Eligibility criteria √
Abatement mechanism √
Recapture provisions √
Types of recipient commitments √
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Required Disclosures
GASB Statement No. 77Effective 2016-17
Other Disclosures Government’s OwnAbatements
Other Government’s Abatements
Dollar amount of taxes abated √ √
Amounts received or receivable from other governments associated with abated taxes
√ √
Other commitments by the government
√
Quantitative threshold for individual disclosure
√ √
Information omitted due to legal prohibitions
√ √
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SFRS Planned Steps for Implementation:o Working with DEO to identify tax abatements required to be disclosedo SFRS requested agencies to identify tax abatements, if any, administered
by their agencyo SFRS will be working with all applicable agencies to ensure all disclosure
requirements are met
GASB Statement No. 77 Effective 2016-17
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Blending Requirements for Certain Component Units – an amendment of GASB Statement No. 14o Establishes an additional blending requirement for the financial statement
presentation of component unitso Applies to component units that are organized as not-for-profit
corporations in which the primary government is the sole corporate member as identified in the CU’s articles of incorporation or bylaws
GASB Statement No. 80 Effective 2016-17
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SFRS Planned Steps for Implementation:o Revised DFS Reporting Entity Determination Form (Form DFS-A1-1833)o Requested agencies to submit revised DFS Reporting Entity Determination
Forms for all component units.o SFRS will be updating Component Unit List as necessary
GASB Statement No. 80Effective 2016-17
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What’s on the Horizon
Topic Description Status
Leases Establishes a single approach to accounting for lease transactions.
Final Pronouncement estimated in Q2 2017
Financial Reporting Model Governmental funds recognitionapproaches (Near-term, short-term, and long-term)
Cash flow statements
Public Hearings and User Forums
Revenue and Expense Recognition
Comprehensive recognition model for non-exchange, exchange, and exchange-like transactions.
Initial deliberations
GASB Major Projects
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Component Units
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Component Units DefinedAgency ResponsibilitiesIdentifying Component UnitsFund 80 and 90Component Unit Reporting and Disclosures
Overview
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Definition: Legally separate organizations for which the elected officials of the primary government are financially accountable.
Classified as: o Blended component units: in substance, part of the primary government.o Discretely Presented component units: all other component units that are
not reported as blended.
What are Component Units?
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Agencies should be monitoring bills annually and informing SFRS of any changes and/or creation of new component units.o Agency familiarity of bills impacting the agency
Establish Fund 80 and 90, as necessary
Reconcile all financial statements to your forms and trial balances before submissiono Current year beginning equity agrees with prior year ending equityo Forms and applicable trial balance general ledger (GL) amounts agree
Agency Responsibilities
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Search of passed legislative billso Potential new component unit established, or o Statutory language changes affecting reporting status of a current
component unit (e.g. abolishment of a component unit)
Contact agency to submit Reporting Entity Determination Form for their potential component unit
SFRS reviews completed form and makes final determination
Identifying Component Units
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All blended governmental component units should establish a fund 80 and 90:
o Fund 80: General Fixed Asset Fundo Fund 90: General Long-Term Debt Fund
Request to establish fund with DFS Accounts Control and submit fund questionnaire to SFRS
Requirement does not apply to:o Blended Proprietary or Fiduciary funds, ando Discretely Presented Component Units
Blended CUs: Governmental Funds
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Major/Non-Major Component Unit determinationo Determines which component units will be presented individually (separate
column in the CAFR), as well as, in selected note disclosures All component units reported in FLAIR included in analysis Major CU threshold: 10% or greater of all component unit assets, liabilities, revenues,
or expenses
Not all CUs financial statement data is included in the CAFRo All CU’s not currently reported in FLAIR (financials not reported in FLAIR)o Annual materiality determination performed of aggregate CU amounts
excluded from the CAFR Less than 1% of total aggregate CU assets, liabilities, revenues, or expenses
Component Unit Reporting and Disclosures
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Keys to Success
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Close in balance (Checklist Item #1)Confirm INTER fund balances with other agencies early.Record depreciation in FLAIR prior to agency closingDevelop a checklist of year-end tasks and entries.Review agency post-closing adjustments prior to submission to SFRS
o Adjustments in balance (debits = credits)o Adjustment does not create atypical balanceso Adjustment based on current trial balance amountso Use adjustment form on DFS website
KEYS To Successful Pre/Post Closing
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Compare current year and prior years entries.Utilize WTB Database dailyUse the current forms on the DFS websiteContact SFRS if you have any questions or concerns
KEYS To Successful Pre/Post Closing
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Working Trial Balance, Form 3, and Form 30 Databases & SWFS Guidance -http://www.myfloridacfo.com/Division/AA/StateAgencies/default.htm
Forms - http://www.myfloridacfo.com/Division/AA/Forms/default.htm
Florida Department of Financial Services FLAIR Procedures Manual, Chapters 517-519 (Depreciation) located at: http://www.myfloridacfo.com/Division/AA/Manuals/default.htm
Memorandums - http://www.myfloridacfo.com/Division/AA/Memos/default.htm
FLAIR Report Distribution System (RDS) -End User Training http://www.myfloridacfo.com/Division/AA/Training/default.htm
GASB Standards - http://www.gasb.org/jsp/GASB/Page/GASBLandingPage&cid=1176160042327
References
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Danta White, CPAFinancial Administrator(850) 413-5687
Pam BarksdaleProfessional Accountant Specialist(850) 413-5803
Alphonso BrownSenior Management Analyst Supervisor(850) 413-5672
Stephanie HortonProfessional Accountant Specialist(850) 413-5458
David JamesSenior Management Analyst II(850) 413-5666
Chunping Lin, CPAGovernment Analyst II(850) 413-5385
Sherif NessimGovernment Analyst II(850) 413-5565
Leonor SkoglundGovernment Analyst II(850) 413-5603
Group E-mails:[email protected]
How to Contact Us
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Questions