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HomeMy WebLinkAboutCouncil Presentation 01/19/2021-Council Year EndFiscal Year 2019-2020 Audit Summary and Final Results Yiannis Kalaitzidis Finance Director January 19, 2021 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 •1 Audit Finding –Recorded Certain Capital Assets Twice •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 2020 was $149.3 million. Actual expenditures under the limitation were $49.8 million. •Single Audit •Audit report required when federal expenditures exceed $750,000 •F/Y 2020 federal expenditures were $10,948,748 FINAL RESULTS –GENERAL FUND Budgeted Amounts Original Final Actual Percent of Budget Revenues $47,088,667 $47,088,667 $55,870,154 112.3% Expenditures 51,751,547 50,380,838 42,402,824 84.2% Excess (deficiency) of revenues over expenditures (4,662,880)(3,292,171)10,467,330 -317.9% Other financing sources (uses)(4,445,542)(4,445,542)(882,332) Changes in fund balances (9,108,422)(7,737,713)9,584,998 Fund balances, beginning of year 36,555,856 36,555,856 36,555,856 Fund balances, end of year $27,447,434 $28,818,143 $46,140,854 FINAL RESULTS –HIGHWAY USER REVENUE FUND Budgeted Amounts Original Final Actual Percent of Budget Revenues $3,655,329 $3,655,329 $4,201,553 114.9% Expenditures 5,106,881 5,106,881 4,081,017 79.9% Excess (deficiency) of revenues over expenditures (1,451,552)(1,451,552)120,536 -8.3% Other financing sources:--37,500 Changes in fund balances (1,451,552)(1,451,552)158,036 Fund balances, beginning of year 3,016,884 3,016,884 3,016,884 Fund balances, end of year $1,565,332 $1,565,332 $3,174,920 FINAL RESULTS –BED TAX FUND Budgeted Amounts Original Final Actual Percent of Budget Revenues $1,227,600 $1,227,600 $1,288,972 105.0% Expenditures 1,227,600 1,227,600 820,776 66.9% Excess (deficiency) of revenues over expenditures --468,196 Changes in fund balances --468,196 Fund balances, beginning of year 1,869,207 1,869,207 1,869,207 Fund balances, end of year $1,869,207 $1,869,207 $2,337,403 FINAL RESULTS –TRANSPORTATION FUND Budgeted Amounts Original Final Actual Percent of Budget Revenues $5,421,050 $5,421,050 $8,961,924 165.3% Expenditures 16,434,682 16,434,682 5,719,347 34.8% Excess (deficiency) of revenues over expenditures (11,013,632)(11,013,632)3,242,577 -29.4% Other financing sources (uses)(691,899)(691,899)224,112 Changes in fund balances (11,705,531)(11,705,531)3,466,689 Fund balances, beginning of year 13,383,889 13,383,889 13,383,889 Fund balances, end of year $1,678,358 $1,678,358 $16,850,578 FINAL RESULTS –ENTERPRISE FUNDS Water Wastewater Airport Total Operating revenues $6,376,121 $1,873,203 $393,857 $8,643,181 Operating expenses 6,331,220 3,346,546 1,392,850 11,070,616 Operating loss 44,901 (1,473,343)(998,993)(2,427,435) Nonoperating revenue (expense)(150,578)(773,875)-(924,453) Contributions and transfers 5,750,778 4,967,240 3,021,642 13,739,660 Changes in net position 5,645,101 2,720,022 2,022,649 10,387,772 Net position, beginning of year 37,629,018 41,058,018 16,937,918 95,624,954 Net position, end of year $43,274,119 $43,778,040 $18,960,567 $106,012,726 Questions?