Van Gorder, Walker & Co., Inc. Monday, March 09, 2020 1
“In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position…in conformity with accounting principles generally accepted in the United States of America.” 2
Internal Controls – There are NO material weaknesses or significant deficiencies in internal controls that we are required to report. Compliance – The City was in compliance with all laws, grant agreements, and bond covenants. 3
Two Management Letter items passed to the Mayor and City Administrator One Government Wide Financial Statements Adjustments ◦ We made the material adjustments to recognize the change in net pension and OPEB liabilities, and the related net deferred outflows and inflows of resources. ◦ This is a standard annual adjustment [$95,961 of Pensions] and [$27,965 of OPEB] Two Adjustments to the Fund Financial Statements ◦ One to reclassify revenue to appropriate account [$24,928] ◦ One to remove expenses recognized in prior year [$46,963] 4
$18,000,000 $16,000,000 $14,000,000 $12,000,000 $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 $0 2015 2016 2017 2018 2019 Total Assets Cash and Investments 5
$4,000,000 $3,500,000 $3,000,000 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $0 2015 2016 2017 2018 2019 Current Liabilities Long Term Debt Net Pension & OPEB Liability 6
$5,000,000 $4,500,000 $4,000,000 $3,500,000 $3,000,000 $2,500,000 $2,000,000 2015 2016 2017 2018 2019 Total Revenues Total Expenditures 7
(1.3%) Total al Reven enues es $4,47 ,479,8 ,868 Payroll Taxes $1,246,156 Property Tax $1,003,794 Insurance Premium Tax $812,952 Charges for Services $599,914 Intergovernmental $220,894 Licenses & Permits $218,122 Other Taxes $207,409 Rental Income $100,091 Interest $59,269 $7,085 Fines & Forfeitures Miscellaneous $4,182 $0 $500,000 $1,000,000 $1,500,000 8
Total Expend nditur ures es $3,287,493 (27.2%) $1,226,906 Police $882,069 General Government $649,282 Public Works Capital Outlay $228,426 Debt Service Principal $222,469 Parks, Trees, & Rec. $46,592 Enterprises $21,981 $9,768 Debt Service Interest $0 $500,000 $1,000,000 $1,500,000 9
+15% 2019 $1,226,906 2018 $1,068,808 2017 $1,182,319 2016 $1,259,718 $1,300,784 2015 $0 $500,000 $1,000,000 $1,500,000 10
+8.7% 2019 $882,069 2018 $811,162 2017 $930,431 2016 $831,336 2015 $686,739 $0 $500,000 $1,000,000 11
(8%) 2019 $649,282 $705,642 2018 $608,472 2017 2016 $849,075 2015 $739,194 $0 $500,000 $1,000,000 12
2019 $228,426 2018 $1,593,660 2017 $552,796 2016 $69,772 $1,700,279 2015 $0 $500,000 $1,000,000 $1,500,000 13
(9.4%) 2019 $232,237 $256,324 2018 $318,421 2017 2016 $395,291 2015 $454,377 $0 $200,000 $400,000 $600,000 14
John R. Chamberlin, CPA, MBA Partner/Audit Manager Van Gorder, Walker & Co., Inc. 3216 Dixie Highway Erlanger, KY 41018 859.431.0700 jchamberlin@vgwcpa.com 15
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