HomeMy WebLinkAboutCouncil Presentation 01/14/2020 - Fiscal Year End 2018-2019Fiscal Year 2018-2019
Audit Summary and
Final Results
Yiannis Kalaitzidis, CPA
Finance Director
January 14, 2020
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
•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
2019 was $141.6 million. Actual expenditures under the
limitation were $49.5 million.
•Single Audit
•Audit report required when federal expenditures exceed
$750,000
•F/Y 2019 federal expenditures were $4,096,024
FINAL RESULTS –GENERAL FUND
Budgeted Amounts
Original Final Actual
Percent of
Budget
Revenues $44,806,009 $44,806,009 $50,147,453 111.9%
Expenditures 49,816,341 49,816,341 39,674,172 79.6%
Excess (deficiency) of revenues over
expenditures (5,010,332)(5,010,332)10,473,281 -209.0%
Other financing sources (uses)(3,531,371)(3,531,371)(3,505,348)
Changes in fund balances (8,541,703)(8,541,703)6,967,933
Fund balances, beginning of year 29,587,923 29,587,923 29,587,923
Fund balances, end of year $21,046,220 $21,046,220 $36,555,856
FINAL RESULTS –HIGHWAY USER
REVENUE FUND
Budgeted Amounts
Original Final Actual
Percent of
Budget
Revenues $3,276,078 $3,276,078 $3,647,574 111.3%
Expenditures 3,901,049 3,901,049 2,486,699 63.7%
Excess (deficiency) of revenues over
expenditures (624,971)(624,971)1,160,875 -185.7%
Changes in fund balances (624,971)(624,971)1,160,875
Fund balances, beginning of year 1,856,009 1,856,009 1,856,009
Fund balances, end of year $1,231,038 $1,231,038 $3,016,884
FINAL RESULTS –BED TAX FUND
Budgeted Amounts
Original Final Actual
Percent of
Budget
Revenues $1,088,016 $1,088,016 $1,432,613 131.7%
Expenditures 1,088,016 1,088,016 983,534 90.4%
Excess (deficiency) of revenues over
expenditures --449,079
Changes in fund balances --449,079
Fund balances, beginning of year 1,420,128 1,420,128 1,420,128
Fund balances, end of year $1,420,128 $1,420,128 $1,869,207
FINAL RESULTS –½ CENT TAX FUND
Budgeted Amounts
Original Final Actual
Percent of
Budget
Revenues $2,952,570 $2,952,570 $2,966,923 100.5%
Expenditures 6,506,234 6,506,234 6,027,015 92.6%
Excess (deficiency) of revenues over
expenditures (3,553,664)(3,553,664)(3,060,092)86.1%
Changes in fund balances (3,553,664)(3,553,664)(3,060,092)
Fund balances, beginning of year 3,060,092 3,060,092 3,060,092
Fund balances, end of year ($493,572)($493,572)$ -
FINAL RESULTS –TRANSPORTATION FUND
Budgeted Amounts
Original Final Actual
Percent
of Budget
Revenues $5,906,742 $5,906,742 $8,496,222 143.8%
Expenditures 21,476,467 21,476,467 11,374,090 53.0%
Excess (deficiency) of revenues over
expenditures (15,569,725)(15,569,725)(2,877,868) 18.5%
Other financing sources (uses)(577,580)(577,580)(762,783)
Changes in fund balances (16,147,305)(16,147,305)(3,640,651)
Fund balances, beginning of year 17,024,540 17,024,540 17,024,540
Fund balances, end of year $877,235 $877,235 $13,383,889
FINAL RESULTS –ENTERPRISE FUNDS
Water Wastewater Airport Total
Operating revenues $5,749,523 $1,626,394 $350,248 $7,726,165
Operating expenses 5,994,701 2,580,186 1,395,167 9,970,054
Operating loss (245,178)(953,792)(1,044,919)(2,243,889)
Nonoperating revenue (expense)(125,984)(2,675,831)-(2,801,815)
Contributions and transfers 2,721,060 3,019,392 3,924,549 9,665,001
Changes in net position 2,349,898 (610,231)2,879,630 4,619,297
Net position, beginning of year 35,867,726 41,931,416 14,058,288 91,857,430
Net position, end of year $38,217,624 $41,321,185 $16,937,918 $96,476,727
Questions?