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Annual Audit for the Year Ended September 30, 2016 Presented by: James Halleran, CPA

Presentation To: The City of Palm Coast, Florida. Annual Audit for the Year Ended September 30, 2016 Presented by: James Halleran, CPA March 21, 2017. Providing Tax, Accounting & Controllership, Consulting, and Wealth Management Services Since 1964. Auditors’ Reports.

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Annual Audit for the Year Ended September 30, 2016 Presented by: James Halleran, CPA

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  1. Presentation To: The City of Palm Coast, Florida Annual Audit for the Year Ended September 30, 2016 Presented by: James Halleran, CPA March 21, 2017 Providing Tax, Accounting & Controllership, Consulting, and Wealth Management Services Since 1964.

  2. Auditors’ Reports • Unmodified Opinion (pages 5-6) • Internal Control and Compliance Reports (pages 159-160) • Internal Control Over Financial Reporting – No material weaknesses in internal control • No material instances of noncompliance

  3. Auditors’ Reports • Federal Single Audit Report (pages 164-165) • No material instances of noncompliance • No material weaknesses in internal control • Management Letter Required by 10.550 Rules of the Auditor General (pages 166-167) • No comments

  4. Financial Health • All funds are in compliance or exceed the fund balance policy. See Note 19. • Overall financial condition assessment is inconclusive (Average).

  5. Highlights For This Year • General Fund’s increased by approximately $188k. • Capital Project Fund increased $671K due to completion of construction of City Hall. • Property taxes increased by $983K. • Capital grants and contributions decreasedby $1.7M. • Charges for services decreased $156k. • Expenses increased $1.1M due to increasedannual maintenance of parks andrecreational activities. • Deficit eliminated in Transportation ImpactFee, but still have and $4.4M in OKR Special Assessments Fund.

  6. Highlights For This Year • Utility fund unrestricted net assets increased $3.6M due to a planned rate increase. • Advances to other funds – Note 8 • Utility Fund $4.8M to OKR Special Assessment. • Long-Term Debt – Note 10 • Overall debt of the City decreased$4.6M. • Refinanced the 2007 utility bondswith $40.2M bank loan. • $5.7 of new SRLFs. • Hurricane Matthew – Note 18$2M in debris and clean up costs and85% expected to be reimbursed. $2.2Min the Disaster Reserve funded the costs.

  7. Highlights For This Year • Retirement Plans – Note 11 • Volunteer Firefighters’ • Net Pension Asset - $850K • Florida Retirement System • 15 Employees • Net Pension Liability - $3M increased $1.4M from prior year. • Defined Contribution Plan • All other Employees • Zero Net Pension Liability

  8. Where You’re At Today

  9. Questions?

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