This third edition of the guide has been updated by the First 5 Fiscal Workgroup with the assistance of the Government Finance Officers Association (GFOA). The purpose of the review and update was to ensure that the guide includes up-to-date, accurate information. While much of the content from the first and second editions remains relevant and useful, some significant changes and additions were made. For example, chapter 5 now includes content regarding fund balance reporting, specifically related to nonspendable, restricted, committed, assigned, and unassigned fund balance. Also, the glossary has been updated. Many individuals and First 5 commissions participated in this effort and contributed new and updated model documents and other resources to make the guide even more useful for commission staff. The contributing members of the First 5 Fiscal Workgroup are listed below:
| Workgroup Members Michele Harris Deputy Director First 5 Solano County |
Maricela Watt Fiscal Analyst First 5 San Mateo | |
Janice LeRoux Executive Director First 5 Placer |
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Bob Mason Chief Financial Officer First 5 Santa Clara |
Janet Hogan | |
Sheila Kruse Executive Director First 5 Tuolumne |
Nancy Howatt | |
Sherry Novick Executive Director First 5 Association of California |
John Sims | |
Sponsorship Children and Families Commission of Orange County and First 5 Association of California |
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Thanks to Terry Miller, Chief of Administrative Services and Sandy Beck, Staff Services Manager, First 5 California | ||
This second edition of the guide has been updated by the First 5 Fiscal Workgroup with the assistance of the Government Finance Officers Association (GFOA) and sponsorship from the First 5 Association of California. The purpose of the review and update was to ensure that the guide includes up-to-date, accurate information. While much of the content from the first edition remains relevant and useful, some significant changes and additions were made. For example, this edition includes a new chapter on Risk Management and additional content on topics such as expanded audit requirements and investment pools.
The process for the review and update lasted nine months in 2008 and early 2009 and involved extensive chapter reviews by subject matter experts from the First 5 Fiscal Workgroup, numerous conference calls, two group meetings with GFOA, and a round of final edits. Many individuals and commissions participated in this effort and contributed new and updated model documents and other resources to make the guide even more useful for commission staff. The contributing members of the First 5 Fiscal Workgroup are listed below:
| Workgroup Chair Rebecca Gebhart Director - Administration and Finance Every Child Counts - First 5 Alameda County | ||
| Workgroup Members Michele Harris Deputy Director First 5 Solano County |
Janet Hogan Executive Director First 5 Tulare County | |
Janice LeRoux Executive Director First 5 Placer County |
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John Sims Executive Director Stanislaus County Children and Families Commission |
Wendy Sims-Moten | |
Sponsorship Sherry Novick Executive Director First 5 Association of California |
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This First 5 Financial Management Guide is a major advance for First 5 management statewide. It provides a standard approach to financial management that can be adopted by commissions at their discretion and also leaves sufficient flexibility, where flexibility is possible, for commissions to manage their financial resources consistent with circumstances specific to each commission– whether small or large, independent, or county-affiliated. It is important to emphasize that this is a guide, not a set of mandates, and should not be construed as such by readers. Each county First 5 commission may choose to adopt all or parts of the guide’s recommended practices. However, the guide also references laws or regulations that may be mandatory for the county commissions. The authors have attempted to differentiate clearly and consistently between mandates, practices, and guidelines.
The guide is a product of the California First 5 Association's and the State Commission's joint technical assistance effort. It is a direct result of a financial management assessment of First 5 commissions conducted by the Government Finance Officers Association of the United States and Canada in 2004 on behalf of the First 5 Association and the State Commission. Several other action items in addition to preparation of the guide resulted from the assessment, including plans for increased peer-to-peer cooperation on financial management, training of financial management staff, and an ongoing financial management technical assistance effort to be coordinated by the association. These activities are being planned and implemented concurrently with production of the guide.
Although it will be used primarily by First 5 financial managers and Executive Directors, because it is in electronic format on the First 5 Association's Web site, the guide also is accessible to all Proposition 10 stakeholders to inform and educate them on appropriate policies and procedures for managing financial resources in commissions.
The electronic format also enables readers to go directly to links containing definitions, model documents, and additional resources. The guide will be a “living” document. As additional best practices are developed, as new legislation relating to Proposition 10 is enacted and as other changes occur in the First 5 environment, the guide can easily be updated.
Many individuals and commissions participated in this effort over the past several months. Members of the First 5 Fiscal Technical Assistance Leadership Committee met several times for many hours through the process, providing guidance, reviewing drafts, and supplying examples from their own commissions' financial management policies and procedures. Staff from the State Commission as well as from commissions across the state willingly contributed advice and examples that helped to assure that the guide would not only reflect best financial practices in government but that it would be customized to suit the unique First 5 environment. The Government Finance Officers Association's team identified best practices in all the areas of financial management addressed in the guide, prepared and revised drafts, and provided updates on the project at First 5 Association meetings.
We would like to thank all who participated in and supported this effort.
Sincerely,
| Joe Munso Interim Executive Director California Children and Families Commission |
Mike Ruane President First 5 Association of California | |
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