HomeMy WebLinkAboutCouncil Presentation 12/19/2017 - FY2017 Audit Summary and Final ResultsFiscal Year 2016-2017 Audit Summary and Final ResultsErik Montague, CPAFinance DirectorDecember 19, 2017
AUDIT SUMMARY• Auditors’ Report on the Financial Statements– Unmodified opinion• Financial statements are fairly presented in accordance with Generally Accepted Accounting Principles (GAAP).• Report on Compliance and on Internal Control over Financial Reporting– Unmodified opinion
AUDIT SUMMARY• Significant Accounting Policies and Issues Discussed– Note 1 of Financial Statements– Difficulties Encountered in Performing the Audit– Corrected and Uncorrected Misstatements– Disagreements with Management– Management Consultations with Other Independent Accountants
AUDIT SUMMARY• Annual Expenditure Limitation Report– Town’s voter-approved alternative expenditure limitation for 2017 was $170.1 million. Actual expenditures were $97.5 million.•Single Audit– Federal expenditures of $995 thousand– Schedule of Expenditures of Federal Awards (SEFA) issued for 2017– Independent Auditor reports• Complied, in all material respects– Report on Internal Control Over Financial Reporting and On Compliance– Report on Compliance for Each Major Program
FINAL RESULTS – GENERAL FUNDBudgeted AmountsOriginal Final ActualPercent of BudgetRevenues:41,068,185$ 41,068,185$ 42,698,139$ 104.0%Expenditures:42,988,705 42,988,705 36,746,821 85.5%Excess (deficiency) of revenues over expenditures(1,920,520) (1,920,520) 5,951,318 -309.9%Other financing sources (uses):(5,221,145) (5,221,145) (3,786,990) 72.5%Changes in fund balances(7,141,665) (7,141,665) 2,164,328 Fund balances, beginning of year22,842,783 22,842,783 22,842,783 Fund balances, end of year15,701,118$ 15,701,118$ 25,007,111$
FINAL RESULTS – HIGHWAY USER REVENUE FUNDBudgeted AmountsOriginal Final ActualPercent of BudgetRevenues3,100,763$ 3,100,763$ 3,156,036$ 101.8%Expenditures3,867,177 3,867,177 3,607,507 93.3%Excess (deficiency) of revenues over expenditures(766,414) (766,414) (451,471) 58.9%Changes in fund balances(766,414) (766,414) (451,471) Fund balances, beginning of year1,812,141 1,812,141 1,812,141 Fund balances, end of year1,045,727$ 1,045,727$ 1,360,670$
FINAL RESULTS – BED TAX FUNDBudgeted AmountsOriginal Final ActualPercent of BudgetRevenues937,884$ 937,884$ 1,178,535$ 125.7%Expenditures940,649 940,649 862,368 91.7%Excess (deficiency) of revenues over expenditures(2,765) (2,765) 316,167 11434.6%Changes in fund balances(2,765) (2,765) 316,167 Fund balances, beginning of year608,490 608,490 608,490 Fund balances, end of year605,725$ 605,725$ 924,657$
FINAL RESULTS – ½ CENT TAX FUNDBudgeted AmountsOriginal Final ActualPercent of BudgetRevenues6,000,000$ 6,000,000$ 4,788,486$ 79.8%Expenditures7,092,271 7,092,271 1,370,185 19.3%Excess (deficiency) of revenues over expenditures(1,092,271) (1,092,271) 3,418,301 -313.0%Changes in fund balances(1,092,271) (1,092,271) 3,418,301 Fund balances, beginning of year4,632,314 4,632,314 4,632,314 Fund balances, end of year3,540,043$ 3,540,043$ 8,050,615$
FINAL RESULTS – TRANSPORTATION FUNDBudgeted AmountsOriginal Final ActualPercent of BudgetRevenues:5,933,250$ 5,933,250$ 5,749,242$ 96.9%Expenditures:15,026,708 15,026,708 2,378,116 15.8%Excess (deficiency) of revenues over expenditures(9,093,458) (9,093,458) 3,371,126 -37.1%Other financing sources (uses):(862,294) (862,294) (437,399) 50.7%Changes in fund balances(9,955,752) (9,955,752) 2,933,727 Fund balances, beginning of year9,898,125 9,898,125 9,898,125 Fund balances, end of year(57,627)$ (57,627)$ 12,831,852$
FINAL RESULTS – ENTERPRISE FUNDSWater Wastewater Airport TotalOperating revenues5,063,500$ 1,065,638$ 305,030$ 6,434,168$ Operating expenses5,289,971 3,719,271 1,451,979 10,461,221 Operating loss(226,471) (2,653,633) (1,146,949) (4,027,053) Nonoperating revenue (expense)(378,221) (240,429) - (618,650) Contributions and transfers2,064,639 5,591,650 1,162,653 8,818,942 Changes in net position1,459,947 2,697,588 15,704 4,173,239 Net position, beginning of year27,601,432 71,169,798 15,263,840 114,035,070 Net position, end of year29,061,379$ 73,867,386$ 15,279,544$ 118,208,309$
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