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Presentation to The City of Palm Coast, Florida

Presentation to The City of Palm Coast, Florida. Annual Audit as of and for the Year Ended September 30, 2010. Presented by James Halleran, CPA March 1, 2011. Auditors’ Reports. Unqualified Opinion (pages 5-6) Internal Control and Compliance Reports (pages 141 – 142)

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Presentation to The City of Palm Coast, Florida

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  1. Presentation toThe City of Palm Coast, Florida • Annual Audit as of and for the Year Ended September 30, 2010 Presented by James Halleran, CPA March 1, 2011

  2. Auditors’ Reports • Unqualified Opinion (pages 5-6) • Internal Control and Compliance Reports (pages 141 – 142) • No material instances of noncompliance • Internal Control Over Financial Reporting – (1) Prior Period Adjustment Related to Land and (2) Revenue Accruals Related to the Schedule of Expenditures of Federal Awards • Resolved the two prior year significant deficiencies

  3. Auditors’ Reports • Management Letter Required by 10.550 Rules of the Auditor General (pages 149-150) • No repeat comments (1 resolved) • Federal Single Audit Report (pages 147-148) • No material instances of noncompliance • One significant deficiency – Revenue Accruals Related to the Schedule of Expenditures of Federal Awards

  4. Financial Health • Overall Financial Health • General and Utility fund in compliance with fund balance policy. Stormwater, golf course, and tennis center are not. See Note 16. • Overall financial condition assessment is inconclusive (Average).

  5. Highlights For This Year • Early implemented GASB 54 – Changed fund balance categories in the governmental funds. • General fund net change in fund balance decreased by approximately $6.6M mainly due to $5.9M transfer for start of new Building Permit and Inspections fund. • Property taxes increased by $.4M and other taxes by $1.3M. • $13M spent from impact fee funds for infrastructure, fire, and parks. Minimal balances left in impact fee funds. Some at a deficit.

  6. Highlights For This Year • New funds – Building Permits & Inspection, IT&C, and Self Insured Health • Advances to other funds – Note 7 • General $5.8M to SR100 CRA • Capital Projects $5.5M to Golf Course, $1.8M to IT&C, and $2.1M to Transportation Impact Fee • Utility Fund $5.2M to OKR Special Assessment • Long Term-Debt – Note 9 • $4M new loan for SR100 CRA • Stormwater $5.7M drawn on line of credit

  7. Where You’re At Today

  8. Questions?

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