HomeMy WebLinkAboutCouncil Presentation 12-18-2018 Year End PresentationFiscal Year 2017-2018
Audit Summary and
Final Results
Yiannis Kalaitzidis, CPA
Finance Director
December 18, 2018
AUDIT SUMMARY
Auditors’ Report on the Financial Statements
•Unmodified Opinion -Financial Statements are fairly
presented in accordance with Generally Accepted
Accounting Principles (GAAP).
•Compliance on Internal Controls over Financial Reporting
Other issues discussed
•Restatement of Wastewater asset balances
•Difficulties Encountered in Performing the Audit
•Corrected and Uncorrected Misstatements
•Disagreements with Management
AUDIT SUMMARY
•Annual Expenditure Limitation Report
•Town’s voter-approved alternative expenditure limitation for
2018 was $200.4 million. Actual expenditures were $76.9
million.
•No Single Audit
•Audit report required when federal expenditures exceed
$750,000
•F/Y 2018 federal expenditures were $562,798 (unaudited)
FINAL RESULTS –GENERAL FUND
Budgeted Amounts
Original Final Actual
Percent of
Budget
Revenues $43,851,991 $43,851,991 $46,611,438 106.3%
Expenditures 46,715,336 46,365,336 37,738,018 81.4%
Excess (deficiency) of revenues over
expenditures (2,863,345)(2,513,345)8,873,420 -353.1%
Other financing sources (uses)(5,957,870)(5,957,870)(4,292,608)
Changes in fund balances (8,821,215)(8,471,215)4,580,812
Fund balances, beginning of year 25,007,111 25,007,111 25,007,111
Fund balances, end of year $16,185,896 $16,535,896 $29,587,923
FINAL RESULTS –HIGHWAY USER
REVENUE FUND
Budgeted Amounts
Original Final Actual
Percent of
Budget
Revenues $3,463,025 $3,463,025 $3,331,900 96.2%
Expenditures 3,678,138 3,678,138 2,836,561 77.1%
Excess (deficiency) of revenues over
expenditures (215,113)(215,113)495,339 -230.3%
Changes in fund balances (215,113)(215,113)495,339
Fund balances, beginning of year 1,360,670 1,360,670 1,360,670
Fund balances, end of year $1,145,557 $1,145,557 $1,856,009
FINAL RESULTS –BED TAX FUND
Budgeted Amounts
Original Final Actual
Percent of
Budget
Revenues $989,558 $989,558 $1,327,289 134.1%
Expenditures 989,558 989,558 831,818 84.1%
Excess (deficiency) of revenues over
expenditures --495,471
Changes in fund balances --495,471
Fund balances, beginning of year 924,657 924,657 924,657
Fund balances, end of year $924,657 $924,657 $1,420,128
FINAL RESULTS –½ CENT TAX FUND
Budgeted Amounts
Original Final Actual
Percent of
Budget
Revenues $5,579,676 $5,579,676 $5,537,475 99.2%
Expenditures 17,175,455 17,175,455 11,508,382 67.0%
Excess (deficiency) of revenues over
expenditures (11,595,779)(11,595,779)(5,970,907)51.5%
Other financing sources (uses)620,248
Changes in fund balances (11,595,779)(11,595,779)(5,350,659)
Fund balances, beginning of year 8,410,751 8,410,751 8,410,751
Fund balances, end of year ($3,185,028)($3,185,028)$3,060,092
FINAL RESULTS –TRANSPORTATION FUND
Budgeted Amounts
Original Final Actual
Percent
of Budget
Revenues $7,018,183 $7,018,183 $7,539,604 107.4%
Expenditures 18,343,836 18,343,836 3,756,972 20.5%
Excess (deficiency) of revenues over
expenditures (11,325,653)(11,325,653)3,782,632 -33.4%
Other financing sources (uses)(641,740)(641,740)413,056
Changes in fund balances (11,967,393)(11,967,393)4,195,688
Fund balances, beginning of year 12,828,852 12,828,852 12,828,852
Fund balances, end of year $861,459 $861,459 $17,024,540
FINAL RESULTS –ENTERPRISE FUNDS
Water Wastewater Airport Total
Operating revenues $5,611,051 $1,502,216 $321,712 $7,434,979
Operating expenses 5,910,906 2,715,821 1,816,222 10,442,949
Operating loss (299,855)(1,213,605)(1,494,510)(3,007,970)
Nonoperating revenue (expense)(29,924)(1,733,332)-(1,763,256)
Contributions and transfers 7,136,126 605,960 273,254 8,015,340
Changes in net position 6,806,347 (2,340,977)(1,221,256)3,244,114
Net position, beginning of year 29,061,379 44,272,393 15,279,544 88,613,316
Net position, end of year $35,867,726 $41,931,416 $14,058,288 $91,857,430
Questions?