Van Gorder, Walker & Co., Inc. Monday, March 09, 2020 1 In our - - PowerPoint PPT Presentation

Van Gorder, Walker & Co., Inc.

Monday, March 09, 2020

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 “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.”

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 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.

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 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]

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$0 $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 $14,000,000 $16,000,000 $18,000,000 2015 2016 2017 2018 2019

Total Assets Cash and Investments

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$0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000 $4,000,000 2015 2016 2017 2018 2019

Current Liabilities Long Term Debt Net Pension & OPEB Liability

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$2,000,000 $2,500,000 $3,000,000 $3,500,000 $4,000,000 $4,500,000 $5,000,000 2015 2016 2017 2018 2019

Total Revenues Total Expenditures

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$4,182 $7,085 $59,269 $100,091 $207,409 $218,122 $220,894 $599,914 $812,952 $1,003,794 $1,246,156

$0 $500,000 $1,000,000 $1,500,000

Miscellaneous Fines & Forfeitures Interest Rental Income Other Taxes Licenses & Permits Intergovernmental Charges for Services Insurance Premium Tax Property Tax Payroll Taxes

Total al Reven enues es $4,47 ,479,8 ,868

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(1.3%)

$9,768 $21,981 $46,592 $222,469 $228,426 $649,282 $882,069 $1,226,906 $0 $500,000 $1,000,000 $1,500,000 Debt Service Interest Enterprises Parks, Trees, & Rec. Debt Service Principal Capital Outlay Public Works General Government Police

Total Expend nditur ures es $3,287,493

(27.2%)

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$1,300,784 $1,259,718 $1,182,319 $1,068,808 $1,226,906 $0 $500,000 $1,000,000 $1,500,000 2015 2016 2017 2018 2019

+15%

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$686,739 $831,336 $930,431 $811,162 $882,069 $0 $500,000 $1,000,000 2015 2016 2017 2018 2019

+8.7%

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$739,194 $849,075 $608,472 $705,642 $649,282 $0 $500,000 $1,000,000 2015 2016 2017 2018 2019

(8%)

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$1,700,279 $69,772 $552,796 $1,593,660 $228,426 $0 $500,000 $1,000,000 $1,500,000 2015 2016 2017 2018 2019

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$454,377 $395,291 $318,421 $256,324 $232,237 $0 $200,000 $400,000 $600,000 2015 2016 2017 2018 2019

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(9.4%)

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

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