Presented by Jay E. Sharpe, CPA, CFE December 10, 2018 Fieldwork - - PowerPoint PPT Presentation

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Feb 19, 2023 544 likes •731 views

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

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Presented by Jay E. Sharpe, CPA, CFE December 10, 2018

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 Fieldwork has been completed.  Financial statements have been prepared.  Submitted to the LGC and waiting on

approval.

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 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).

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 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).

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 One accounting policy change –

implementation of GASB 75 (OPEB).

 Estimates appear reasonable.  No disagreements with management.  No significant difficulties encountered

(complete cooperation from staff)

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500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 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

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2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 $2,832,492 $2,797,128 $2,512,466 $2,510,703 $2,648,608 $3,088,578 $3,777,119 $4,213,359 $4,126,880 $4,792,529 1000000 2000000 3000000 4000000 5000000 6000000 1 2 3 4 5 6 7 8 9 10

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$14,372 $653,331 $4,124,826 Assigned Restricted Unassigned

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100 150 200 250 300 350 400 2018 2017 2016 2015 2014 2013 383 327 349 352 344 265

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200 300 400 500 600 2018 2017 2016 2015 2014 2013 514 534 521 525 400 418

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500 1,000 1,500 2,000 2,500 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

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18% 43% 6% 3% 12% 9% 1% 7% General Government Public Safety Cultural and Rec. Debt Service Transportation

Environ. Protect.

Main Street Public Works

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18% 41% 6% 3% 15% 9% 8% General Government Public Safety Cultural and Rec. Debt Service Transportation

Environ. Protect.

Public Works

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200 400 600 800 1,000 1,200 1,400 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

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500 1,000 1,500 2,000 2,500 3,000 3,500 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

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4 6 8 10 12 2018 2017 2016 2015 2014 2013 Quick Ratio 8 10 9 7 5 4

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