Presented by Jay E. Sharpe, CPA, CFE December 10, 2018
Fieldwork has been completed. Financial statements have been prepared. Submitted to the LGC and waiting on approval.
Plan (including obtaining an understanding of internal controls over key areas). Perform risk assessment (risk based approach). Perform audit procedures to obtain sufficient evidence to render an opinion. Opinion concentrates on whether the financials are free from material misstatement (reasonable assurance).
Scope and timing of audit on track. Unmodified opinion. No findings Several management letter points (general recommendations). Several adjusting journal entries (most retirement and capital project related).
One accounting policy change – implementation of GASB 75 (OPEB). Estimates appear reasonable. No disagreements with management. No significant difficulties encountered (complete cooperation from staff)
5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 Revenues 4,970 4,782 4,361 4,120 3,538 3,194 2,783 2,678 2,675 2,577 Expenditures 4,525 4,159 4,032 3,546 2,990 3,166 2,914 3,037 2,893 2,633 Revenues Expenditures
6000000 $4,792,529 5000000 $4,213,359 $4,126,880 $3,777,119 4000000 $3,088,578 $2,832,492 $2,797,128 3000000 $2,648,608 $2,512,466 $2,510,703 2000000 1000000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 0 1 2 3 4 5 6 7 8 9 10
$14,372 $653,331 $4,124,826 Assigned Restricted Unassigned
400 350 300 250 200 383 352 349 344 327 150 265 100 50 - 2018 2017 2016 2015 2014 2013
600 500 400 300 534 525 521 514 418 400 200 100 - 2018 2017 2016 2015 2014 2013
2,500 2,000 1,500 1,000 500 0 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 Property Taxes 2,365 2,125 2,103 2,012 1,875 1,579 1,279 1,263 1,285 1,269
1% 7% 18% 9% 12% 3% 6% 43% General Government Public Safety Cultural and Rec. Debt Service Transportation Environ. Protect. Main Street Public Works
8% 18% 9% 15% 3% 6% 41% General Government Public Safety Cultural and Rec. Debt Service Transportation Environ. Protect. Public Works
1,400 1,200 1,000 800 600 400 200 0 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 Water & Sewer 1,297 441 232 732 44 549 400 474 464 339 Water & Sewer
3,500 3,000 2,500 2,000 1,500 1,000 500 0 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 Operating revenues 3,196 3,152 2,785 2,644 2,501 2,334 2,275 2,560 2,346 1,917 Operating expenses 2,961 2,988 2,979 2,756 2,740 2,556 2,417 2,331 2,162 2,025 Operating revenues Operating expenses
12 10 8 6 4 2 - 2018 2017 2016 2015 2014 2013 Quick Ratio 8 10 9 7 5 4
Jay E. Sharpe, CPA, CFE 919-832-6848 jsharpe@rivescpa.com
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