FINANCIAL REPORT PRESENTATION John R. Chamb mberl erlin, CPA, A, - - PowerPoint PPT Presentation

FINANCIAL REPORT PRESENTATION

John R. Chamb mberl erlin, CPA, A, MBA Van Gorde der, Walke lker & Co., Inc. .

Certif ified Public ic Accountan ants

February 10, 2020

 UNMODIFIED OPINION  REPORT ON INTERNAL CONTROL AND COMPLIANCE

• No

matters involving internal control

• ver

financial reporting and operations were considered to be ma materia ial weak eaknesses es or signific icant defic iciencies. es.

• No instances of noncompliance that are required to be

reported under Government Auditing Standards.

Van Gorder, Walker & Co., Inc., CPAs 2

 Pension and Other Post-Employment Benefits (OPEB) Health

Insurance Unfunded Liabilities - Statement of Net Position only

• GASB 68 – City’s share of CERS system unfunded pension liability.

 ($269K NHaz, $1.316M Haz)

• GASB 75 – City’s share of CERS system unfunded OPEB liability.

 ($98K NHaz, $388K Haz)

 Governance Letter

• Audit Adjustments

 To recognize $827K in fixed assets and $453K in depreciation expense in government-wide statements (not funds)  To recognize $305K in actuarial pension and OPEB expense

 Management Letter

• Two small items brought to management’s attention regarding:

 Cash withdrawal features on credit cards  Documentation for deposits

Van Gorder, Walker & Co., Inc., CPAs 3

$0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 2014 2015 2016 2017 2018 2019

$845,264 $1,034,978 Restricted Cash Committed Cash Unrestricted Cash

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$1,118,122

$510K

($200,000) $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 2014 2015 2016 2017 2018 2019 $845,264

$1,070,708 General Fund Road Tax Vehicle Fee Minor Funds

Van Gorder, Walker & Co., Inc., CPAs 5

$0 $1,000,000 $2,000,000 $3,000,000 2014 2015 2016 2017 2018 2019

$1.50M $2.05M Current Long-Term Debt Pension

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$1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000 2014 2015 2016 2017 2018 2019

Total Revenues Total Expenditures Expenditures Less Capital Road Projects

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$15,459 $15,979 $85,563 $317,091 $386,476 $1,680,209

$0 $400,000 $800,000 $1,200,000 $1,600,000 Interest Income Other Revenue Licenses and Permits Charges for Services Intergovernmental Taxes

Total Revenu nues es $2,591,612

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$28,944 $55,963 $126,503 $165,514 $217,441 $274,306 $419,263 $664,713 $826,905

$0 $400,000 $800,000 $1,200,000 Creighton Fund Building & Utilites Fire & Rescue General Admin. Public Works Debt Service Contracted Services Police Capital Outlay

Total Expendit itures res $2,870,387

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Contact Information

John R. Chamberlin, CPA, MBA Partner Van Gorder, Walker & Co., Inc. Certified Public Accountants 3216 Dixie Highway Erlanger, KY 41018 jchamberlin@vgwcpa.com

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