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Washoe County Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2005

Washoe County Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2005. Report to the Board of County Commissioners Presented by Katherine L. Garcia, Comptroller November 15, 2005. FINANCIAL AUDIT: Unqualified Opinion

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Washoe County Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2005

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  1. Washoe County Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2005 Report to the Board of County Commissioners Presented by Katherine L. Garcia, Comptroller November 15, 2005

  2. FINANCIAL AUDIT: Unqualified Opinion Financial position, changes in financial position presented fairly - Accurate Reliable Meets standards for auditing, certification GASBS 44 early-implemented Economic Condition Reporting – The Statistical Section

  3. COMPLIANCE AUDIT: Unqualified opinion Audit findings – Federal Awards No material weaknesses Qualified as a low risk auditee

  4. STATEMENT OF CHANGES IN NET ASSETS

  5. GOVERNMENT-WIDE REVENUES BY SOURCE

  6. GOVERNMENT-WIDE EXPENSES BY TYPE

  7. GOVERNMENT-WIDE EXPENSES BY FUNCTION

  8. STATEMENT OF NET ASSETS

  9. NET CAPITAL ASSETS *Restated for infrastructure acquired from June 30, 1980.

  10. OUTSTANDING DEBT

  11. CONCLUSIONS: • How are we doing? • Did we meet current year budgeted goals? • Can current financial health be maintained?

  12. Did We Meet Current Year Budgeted Goals? • Functional expenditures met budget limitations • Technology refresh program was maintained • Revenues were adequate to support operations • Debt issued for capital outlay, not operations • Federal grant revenue increased $9.7 million, to $36.7 million • Stabilization Fund retained $3.25 million in cash

  13. Did We Meet Current Year Budgeted Goals?(Continued) • Increase in net assets of $67 million • All components of net assets are positive • Value of capital assets exceed related debt by $701 million • Current assets adequate to meet current obligations • Cash ratio – 3.54% • Debt Capacity: • Legal debt margin of $878 million • Revenues pledged for debt and/or related cash are adequate to service pledged debt

  14. Can Current Financial HealthBe Maintained? • FY 2006 • Major revenue sources are projected to increase • Slower pace • Ad valorem tax rate remained the same • Tax rate is 32 cents below the allowed rate • In the last 10 years, lowest current year collection rate is 98.36% • Base budget requirements for functional expenditures were available • New positions were added for Public Safety and Animal Services • Positions continue to decline on a per capita basis • Ongoing investment in capital

  15. FINANCIAL POLICIES TO SUSTAIN SERVICE EFFORTS • Debt issued for capital projects, not operations • Debt service can’t exceed the life of the asset acquired • Maintain an adequate General Fund balance, 7% - 9% • Designate “one-time” funds for capital projects, not ongoing service needs • Constant financial monitoring systems • Actual to plan

  16. ISSUES ON THE HORIZON • Property tax initiatives • AB 489 • GASBS 43 and 45 • Recognition of postemployment benefits • Impact on governments

  17. Are there any questions?

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