SO YOU WANT TO BE A CGFO! FLORIDA GOVERNMENT FINANCE OFFICERS ASSOCIATION SCHOOL OF GOVERNMENT FINANCE NOVEMBER 13, 2007 MARY-LOU PICKLES, CGFO, CMA ST. JOHNS RIVER WATER MANAGEMENT DISTRICT CHAIR, CERTIFICATION COMMITTEE SO YOU WANT TO BE A CGFO! Topics: Background information on the CGFO program in Florida The role of the Certification Committee Discussion and comparison of the CGFO and the CPFO programs General information about the CGFO program including qualifications & fees SO YOU WANT TO BE A CGFO! Topics continued: Preparing for the CGFO exam CGFO exam contents Review courses Why achieve the CGFO designation SO YOU WANT TO BE A CGFO! CGFO Program Background Information FGFOA purchased the original CGFO examination from the Government Finance Officers Association of Texas (GFOAT) in the early 1990’s. The first CGFO examination was given and in the early 1990’s. Rob Garner’s initiative and had14 successful candidates. The current CGFO examination is the 4th version. The 4th version of the CGFO examination was rewritten by Mr. Rob Garner a former President of the FGFOA and Board member. After a long distinguished career with the City of Orlando, Rob retired and is now President of Government Consulting Services Company. SO YOU WANT TO BE A CGFO! FGFOA Certification Committee General Information: The Certification Committee administers and oversees the Certified Government Finance Officers Program. The committee evaluates and administers the semi-annual certification exams. Requirements for reporting continuing professional education (CPE) are monitored and overseen by the committee. Future committee projects include exploring on-line feasibility for the application, review courses, and exams. SO YOU WANT TO BE A CGFO! CPFO Sponsored By GFOA CPFO has Five Examinations: CPFO - Governmental Accounting, Auditing, and Financial Reporting (1997) similar to CGFO – Accounting & Financial Reporting CPFO - Cash Management and Investments (1998) similar to CGFO – Treasury Management CPFO - Debt Management (1999) similar to CGFO – Debt Administration CPFO - Operating and Capital Budgets (2000) similar to CGFO – Municipal Budgeting CPFO - Pensions & Benefits, Risk Management, and Procurement (2001) similar to CGFO – Financial Administration SO YOU WANT TO BE A CGFO! CPFO Sponsored By GFOA General Information: Seven years to complete CPFO program vs. three years for CGFO program CPE Requirements – 30 hours annually vs. 80 hours biannually for CGFO program Each examination has 175 questions vs. 75 for each exam for CGFO program Each examination is 210 minutes vs. 90 minutes for CGFO program Eligibility Requirements similar to CGFO program Study materials similar for both certifications SO YOU WANT TO BE A CGFO! CPFO Sponsored By GFOA General Information: Examination is held twice a year once in the spring at GFOA’s annual conference and in the fall at various locations throughout United States vs. twice a year for CGFO program in the fall at the SOGF and in the spring at various locations throughout Florida. Fees are first exam $295 and $145 for each subsequent exam vs. $50 application fee and $30 for each exam session for CGFO program. SO YOU WANT TO BE A CGFO! States With CGFO Certifications States: • Alabama • Florida • Illinois • Louisiana • New Jersey • North Carolina • Oregon • South Carolina • Texas All the above listed States have similar CGFO programs to Florida covering for the most part, the same subject areas with some States incorporating State law like Florida into the CGFO examination. SO YOU WANT TO BE A CGFO! About the CGFO Program The Certified Government Finance Officer (CGFO) Program is intended to encourage a level of knowledge and professionalism in the field of government finance. It is also intended to encourage development and maintenance of professional competence for practicing governmental finance officers. SO YOU WANT TO BE A CGFO! CGFO Exam General Information The 4th version of the CGFO examination was used for the first time in November, 2004 First year examination results for the 4th version were a pass rate of 60% on all sections Three versions of each CGFO exam topic have been developed from the test bank Test questions are evaluated and updated by the committee as necessary to ensure questions are current and relevant SO YOU WANT TO BE A CGFO! CGFO Exam General Information To receive CGFO designation , candidates must pass (achieve a minimum score of 75%) all five sections of the CGFO examination in three years. Exams are offered twice a year in November at the School of Government Finance and in the spring (usually in March) at various locations throughout the state depending on demand. There are approximately 300 members of the FGFOA with the CGFO Active designation. SO YOU WANT TO BE A CGFO! Qualifications to Become a CGFO Active member of FGFOA. Apply for admission into certification program Fulfill educational credentials Satisfy the experience requirement Successfully complete an open book Ethics Exam (achieve a minimum score of 75%) Pass the certification exams (5 parts ) Comply with FGFOA Code of Ethics. SO YOU WANT TO BE A CGFO! Qualifications to Become a CGFO Education Requirement Must possess at least a bachelor’s level degree in accounting, business administration, public administration or other closely related field. Experience Requirement Must have three years of governmental work experience. SO YOU WANT TO BE A CGFO! CGFO Fees Application fee is $50 which covers a three year period. Exam sitting fee is $30 for each exam taken. CGFO review sessions fee is $40 for each section taken. CGFO CPE reporting fee is $40 which covers a biannual reporting period. CGFO CPE late reporting fee is $25 if the postmark is later than July 31st. SO YOU WANT TO BE A CGFO! Preparing for the CGFO Exam Make a personal commitment to self-study Sharpen knowledge of exam topics Restore test-taking skills Take review courses offered by FGFOA SO YOU WANT TO BE A CGFO! CGFO Distribution of Exam Topics Accounting & Financial Reporting: Topic Description Percent Accounting/Internal Control/Capital Assets 30% Financial Reporting (Internal and External) 30% Auditing 15% State of Florida Policies and Regulations 15% CAFR Award 10% 100% SO YOU WANT TO BE A CGFO! CGFO Distribution of Exam Topics Debt Administration: Topic Description Percent Issuance / Refunding 35% Players and Roles 10% Debt Structuring & Financing Methods 20% Rating Process 10% Policies and Regulations 15% Derivative Related 5% 100% SO YOU WANT TO BE A CGFO! CGFO Distribution of Exam Topics Financial Administration: Topic Description Percent Pension Benefits 25% Risk Management 15% Management Principles 15% Purchasing/Procurement/Auditor 15% Information Systems 15% Grant Administration & Audit Selection 15% 100% SO YOU WANT TO BE A CGFO! CGFO Distribution of Exam Topics Municipal Budgeting: Topic Description Percent Budget Process / Budget Types 20% Fiscal Policies & Best Practices 20% Performance Measurement 15% Revenue Management & Forecasting 20% CIP & Financial Planning 15% Budget Presentation Award 10% 100% SO YOU WANT TO BE A CGFO! CGFO Distribution of Exam Topics Treasury Management: Topic Description Percent Investment Policy & Regulations 40% Investment Types 15% Ratings & Duration 5% Collections / Receipts / Cash Flow 15% Managing Banking Services 20% 100% SO YOU WANT TO BE A CGFO! Reference Materials Accounting & Financial Reporting Florida Statutes http://www.leg.state.fl.us/ Florida Statutes Chapter 218 Financial Matters Pertaining to Political Subdivisions (all sections) (specifically) Florida Statutes 218.32 Annual financial reports; local governmental entities Florida Statutes 218.39 Annual financial audit reports Florida Statutes 218.391 Auditor selection procedures Florida Statutes 218.503 Determination of financial emergency Florida Statutes Chapters 11.4 The Auditor General (all sections) (specifically) Florida Statutes 11.40 Duties of the Auditor General Florida Statutes 11.45 Definitions; duties; authorities; reports; rules SO YOU WANT TO BE A CGFO! Reference Materials Accounting & Financial Reporting Rules of the Auditor General Chapter 10.550 (all sections) http://www.state.fl.us/audgen/pages/rules.htm (specifically) Rules of the Auditor General Chapter 10.556 Governmental Accounting, Auditing, and Financial Reporting, Using the GASB 34 Model – 2005 GFOA All chapters Appendix A Illustrative Journal Entries Appendix F Glossary Certified Information Systems Auditor, Sample Test - ISACA http://www.isaca.org/Content/NavigationMenu/Assurance/CISA_Certification/Exam_Informat ion/Sample_Question_Challenge/CISA_Sample_Question_Challenge.htm SO YOU WANT TO BE A CGFO! Reference Materials Debt Administration Florida Statutes http://www.leg.state.fl.us/ Florida Statutes 163.335 Findings and Declarations of Necessity Florida Statutes 200.065 Method of fixing millage Florida Statutes 218.25 Limitation of shared funds FAQs regarding Record Retention Requirements, Government Entities - IRS http://www.irs.gov/govt/article/0,,id=119336,00.html IRS Publication 4079, Tax-Exempt Governmental Bonds - IRS http://www.irs.gov/pub/irs-pdf/p4079.pdf Recommended Practice Statements, Debt Management - GFOA http://www.gfoa.org/services/rp/debt.shtml SO YOU WANT TO BE A CGFO! Reference Materials Debt Administration Debt Issuance and Management: A Guide for Smaller Governments – GFOA Guide to Preparing a Debt Policy – GFOA An Elected Official’s Guide to Rating Agency Presentations – GFOA An Elected Official’s Guide to Debt Issuance – GFOA Tax Exempt Financing: A Primer – GFOA Investing Public Funds - GFOA SO YOU WANT TO BE A CGFO! Reference Materials Financial Administration Florida Statutes http://www.leg.state.fl.us/ Florida Statutes Chapter 175 Firefighter Pensions (all sections) Florida Statutes 175.061 Board of Trustees Florida Statutes 175.071 General powers and duties of board of trustees Florida Statutes 175.101 State excise tax on property insurance premiums Florida Statutes 175.231 Diseases of firefighters suffered in line of duty An Elected Official’s Guide to Risk Management – GFOA Governmental Accounting, Auditing, and Financial Reporting, Using the GASB 34 Model – 2005 GFOA Chapter 12 Transaction-specific and Account-specific Guidance Chapter 15 Reporting for Specialized Entities The Reinventor's Fieldbook: Tools for Transforming Your Government - David Osborne Essentials of Management - Harold Koontz (or other general management book) SO YOU WANT TO BE A CGFO! Reference Materials Financial Administration Essential Guide to Computing – E. Garrison Walters Manager's Guide to Purchasing an Information System – ICMA State & Local Government Purchasing Principles & Practices – National Association of State Procurement Officials Auditor Selection Guidelines 2007, Florida Auditor General http://www.state.fl.us/audgen/pages/pdf_files/auditor%20selection%20guidelines.pdf Certified Information Systems Auditor, Sample Test - ISACA http://www.isaca.org/Content/NavigationMenu/Assurance/CISA_Certification/Exam_Information/Sample_Q uestion_Challenge/CISA_Sample_Question_Challenge.htm OMB Circular A-133 - U.S. Office of Management & Budget http://www.whitehouse.gov/omb/circulars/a133/a133.html OMB A-133.200 OMB A-133.230 SO YOU WANT TO BE A CGFO! Reference Materials Municipal Budgeting Florida Statutes http://www.leg.state.fl.us/ Florida Statutes Chapter 200 Determination of Millage (all sections) Florida Statutes 200.065 Method of fixing millage Florida Statutes 200.068 Certification of Compliance with this Chapter Florida Statutes 200.071 Limitation of millage; counties Florida Statutes 200.081 Millage limitation; municipalities Florida Statutes Chapter 218 Financial Matters Pertaining To Political Subdivisions Florida Statutes 218.25 Limitation of shared funds Capital Improvement Programming: A Guide for Smaller Governments - GFOA An Elected Official’s Guide to Revenue Forecasting - GFOA An Elected Official’s Guide to Performance Measurement - GFOA An Elected Official’s Guide to Multi-Year Budgeting - GFOA SO YOU WANT TO BE A CGFO! Reference Materials Municipal Budgeting Recommended Budget Practices: A Framework for Improved State and Local Government Budgeting – GFOA http://www.gfoa.org/services/dfl/budget/RecommendedBudgetPractices.pdf Recommended Practices - Budgeting and Fiscal Policy – GFOA http://www.gfoa.org/services/rp/budget.shtml GFOA Budget Award Criteria Distinguished Budget Presentation Awards Program, Criteria Guide - GFOA http://www.gfoa.org/forms/documents/BudgetCriteriaLocation_001.pdf Distinguished Budget Presentation Awards Program, Criteria Explanations - GFOA http://www.gfoa.org/forms/documents/BudgetCriteriaExplanations.pdf SO YOU WANT TO BE A CGFO! Reference Materials Municipal Budgeting Governmental Accounting, Auditing, and Financial Reporting, Using the GASB 34 Model – 2005 GFOA Chapter 1 GAAP and the Governmental Environment Chapter 2 The Governmental Financial Reporting Model Chapter 10 Financial Statements Chapter 16 Budgetary Integration and Reporting Chapter 17 Performance Measurement Cost Analysis and ABC for Governments – GFOA Decision Tools for Budgetary Analysis – GFOA The Operating Budget: A Guide for Smaller Governments – GFOA SO YOU WANT TO BE A CGFO! Reference Materials REVIEW SESSIONS Offered at the School of Government Finance Spring Review Class Pilot Program???? SO YOU WANT TO BE A CGFO! How does Certification Benefit You? You will distinguish yourself as a business professional who is committed to a strict code of ethics You will confirm substantial knowledge of accounting, finance, and important related fields and demonstrate the ability to integrate this information into the business decision process You will demonstrate your commitment to personal professional development SO YOU WANT TO BE A CGFO! How does Certification Benefit You? Opportunity to asses and demonstrate capabilities and expand knowledge base Distinguishes you from peers and proves your commitment to excellence and lifelong learning Recognition of achievement Expanded career options Identifies you as a motivated professional for hiring, recognition, and advancement purposes SO YOU WANT TO BE A CGFO! How does Certification Benefit You? Personal Satisfaction Enhance your self-confidence, your sense of accomplishment, and your resume SO YOU WANT TO BE A CGFO! What are you waiting for? Take the Challenge! www.fgfoa.org/CGFO Program SO YOU WANT TO BE A CGFO! For additional information Contact: Mary-Lou Pickles at (386) 329-4279 Mpickles@sjrwmd.com or visit FGFOA web site at: http://www.fgfoa.org Questions?