2016 Audit of Washington County Presented: Bryan Grunewald, CPA - - PowerPoint PPT Presentation

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Dec 15, 2022 188 likes •320 views

2016 Audit of Washington County Presented: Bryan Grunewald, CPA David Minch, CPA Components of the Audit Audit of the Basic Financial Statements Report on Internal Accounting Controls Audit of Federal and State Financial Assistance

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2016 Audit of Washington County

Presented: Bryan Grunewald, CPA David Minch, CPA

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Components of the Audit

▶ Audit of the Basic Financial Statements ▶ Report on Internal Accounting Controls ▶ Audit of Federal and State Financial Assistance Schedules ▶ Report on Compliance with Federal and State Assistance Requirements

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Audit Results

▶ Unmodified Opinion on Basic Financial Statements ▶ No Material Weaknesses in Internal Accounting Control ▶ Federal and State Financial Assistance Schedules are properly presented ▶ No indication of noncompliance with Federal and State Financial Assistance

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Certificate of Achievement for Excellence in Financial Reporting

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Overview of Financial Condition

▶ County is maintaining strong fund balance reserves to provide financial stability for tax levy supported operations ▶ Self Insurance Funds – Workers Compensation increased net position by $498,371 to a balance of $2,156,550 – Health Ins. increased net position by $1,214,626 to a balance of $ 2,450,912 ▶ Enterprise Funds – Highway Department working capital increased by $297,837 to a balance of $900,123 – Samaritan Health Center working capital decreased by $696,443 to a balance of $825,454 – Fields working capital increased by $165,338 to a balance of $619,022 – Family Park Golf working capital decreased $778,930 to a balance of ($87,606) ▶ General obligation debt outstanding = $9.5 Million Remains at a low level compared to statutory limit and amount of property tax resources needed for repayment

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Components of Fund Balance – General Fund

2012 2013 2014 2015 2016 Unassigned 12,611,845 13,117,438 11,639,299 10,661,416 12,759,151 Assigned 2,423,614 2,385,270 2,247,820 2,042,458 1,442,892 Committed 4,815,901 7,117,910 6,812,168 4,633,152 2,208,294 Restricted 131,116 236,192 132,857 88,369 180,207 Nonspendable 3,737,026 2,775,362 2,385,943 1,917,867 2,392,308 ‐ 5,000,000 10,000,000 15,000,000 20,000,000 25,000,000 30,000,000

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Fund Balance vs Expenditures

0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 2012 2013 2014 2015 2016 Unassigned % of general fund exp. Total fund balance % of general fund exp Unassigned % to gov. funds exp.

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Self Insurance Funds – Net Position (equity)

‐ 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 4,000,000 4,500,000 5,000,000 2012 2013 2014 2015 2016 Workers compensation Health insurance

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Highway Operations – Working Capital (current assets – current liabilities)

‐1,000,000 ‐800,000 ‐600,000 ‐400,000 ‐200,000 200,000 400,000 600,000 800,000 1,000,000 2012 2013 2014 2015 2016 Highway (464,968) (796,367) 396,637 602,284 900,123

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Samaritan and Fields – Working Capital (current assets – current liabilities)

(500,000) ‐ 500,000 1,000,000 1,500,000 2,000,000 2012 2013 2014 2015 2016 Samaritan 409,709 1,016,671 1,736,951 1,521,897 825,454 Fields (180,216) (206,853) 222,328 453,684 619,022

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Family Park Golf Course– Working Capital (current assets – current liabilities)

(600,000) (400,000) (200,000) ‐ 200,000 400,000 600,000 800,000 2012 2013 2014 2015 2016 Golf (447,986) (512,590) 287,815 691,324 (87,606)

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Additional Comments and Observations

Management letter comments and observations: ▶ Recent pronouncements from the Governmental Accounting Standards Board (GASB) – Statement No. 74 & 75, Accounting and Financial Reporting for Other Post- employment Benefits ▶ Uniform Grant Guidance Documentation

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