Presented by Jay E. Sharpe, CPA, CFE July 16, 2019 Fieldwork has - - PowerPoint PPT Presentation

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Jun 04, 2023 248 likes •458 views

Presented by Jay E. Sharpe, CPA, CFE July 16, 2019 Fieldwork has been completed. Financial statements and notes have been prepared (currently in draft form). Audit has been submitted to the LGC. One change requested. Waiting on

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Presented by Jay E. Sharpe, CPA, CFE July 16, 2019

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 Fieldwork has been completed.  Financial statements and notes have been

prepared (currently in draft form).

 Audit has been submitted to the LGC. One

change requested. Waiting on approval to resubmit.

 Waiting on approval for issuance

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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.

 Single Audit was not required for 2018

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 Scope and timing of audit off track  Unmodified opinion  One finding – material weakness  Material adjusting journal entries

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 No new significant accounting policy changes  Estimates appear reasonable  No disagreements with management  Difficulties encountered.

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$- $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000 $4,000,000 2018 2017 Revenues $3,510,698 $3,450,920 Expenditures $2,461,176 $2,542,949 Revenues Expenditures

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$- $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 2018 2017 Revenues $6,306,892 $9,013,655 Expenditures $5,007,103 $20,183,633 Revenues Expenditures

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$- $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 1 2 3

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$9,163,325 $320,160 $1,559,188 Restricted Assigned Unassigned

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100 150 200 250 300 350 2018 2017 310 253

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200 300 400 500 600 700 2018 2017 659 135

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$2,600,000 $2,620,000 $2,640,000 $2,660,000 $2,680,000 $2,700,000 $2,720,000 2018 2017 Property Taxes $2,719,163 $2,651,633

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$2,150,000 $2,200,000 $2,250,000 $2,300,000 $2,350,000 $2,400,000 $2,450,000 $2,500,000 $2,550,000 $2,600,000 $2,650,000 $2,700,000 2018 2017 Other Taxes and Licenses $2,665,165 $2,347,361

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31% 37% 0% 12% 4% 16% 0% General Government Public Safety Beach nourishment Transportation Enviromental Debt Service Capital Outlay

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29% 38% 12% 4% 17% 0% General Government Public Safety Transportation Enviromental Debt Service Capital Outlay

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$1,850,000 $1,900,000 $1,950,000 $2,000,000 $2,050,000 $2,100,000 $2,150,000 $2,200,000 2018 2017 Operating revenues $2,181,252 $2,044,362 Operating expenses $2,095,621 $1,978,229 Operating revenues Operating expenses

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1,050 1,055 1,060 1,065 1,070 1,075 1,080 1,085 1,090 1,095 2018 2017 1,064 1,092

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 2018 / 2019 will be quiet  Change in Yellowbook standards  Leases  Report overhaul

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