Washoe County Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2004 Report to the Board of County Commissioners Presented by Katherine L. Garcia, Comptroller November 16, 2004

FINANCIAL AUDIT: Unqualified Opinion Financial position, changes in financial position presented fairly - –Accurate –Reliable –Meets standards for auditing, certification GASB 40 early-implemented –Deposit and Investment Risk Disclosures

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

STATEMENT OF NET ASSETS

CASH AND INVESTMENTS

NET CAPITAL ASSETS

OUTSTANDING DEBT DEBT $ Millions PRINCIPAL OUTSTANDING JULY 1, 2003 DEBT ISSUED PRINCIPAL MATURED/ CALLED PRINCIPAL OUTSTANDING JUNE 30, 2004 % OF TOTAL General Obligation Bonds $ 112.8$ 13.3($11.4)$ General Obligation- Revenue Backed Bonds (1.8) Special Assessment Bonds (1.6)1.71 Revenue Bonds (0.4) Certificates of Participation 15.4-(1.6)13.86 Capital Leases, Notes 2.5-(0.3)2.21 TOTAL $ 225.3$ 19.4($ 17.1)$ %

STATEMENT OF CHANGES IN NET ASSETS

GOVERNMENT-WIDE REVENUES BY SOURCE

GOVERNMENT-WIDE EXPENSES BY TYPE

GOVERNMENT-WIDE EXPENSES BY FUNCTION

Are there any questions?

ASSETS: Total - $920 million Current - $349 million - 38% Net capital assets - $564 million - 61% Long-term assets - 1%

Statement of Net Assets

LIABILITIES: Total $303 million Due within one year - $80 million - 26% Noncurrent - $223 million - 74%

NET CAPITAL ASSETS: Total - $564 million Net Additions - $63 million Depreciation - $16 million

DEBT: Total - $228 million Issued $19 million Principal paid - $17 million Interest paid - $10 million Legal debt margin > $xxx million

LIQUIDITY: Ability to meet current obligations –Cash ratio: Current – –Current assets exceed total liabilities

NET ASSETS: Total - $617 million –increase of 16% or $85 million Invested in capital assets, net of related debt, 68% Restricted, 18% Unrestricted, 14%

STATEMENT OF CHANGES IN NET ASSETS Total revenues - $423 million, 7% increase Total expenses - $339 million, 4% increase Change in net assets - $84 million, 18% increase

PRIMARY REVENUE SOURCES: Property taxes - 36%, ($152 million), 9% increase Consolidated taxes - 21%, ($90 million), 11% increase Federal Grants - 5% of total, ($23million), 15% increase

EXPENSES BY TYPE: Personnel costs - 60%, ($203 million), 6% increase Services and Supplies - 32%, ($108 million), 0% increase Depreciation - 5%, ($18 million), 13% increase Interest/fiscal charges - 3%, ($10 million), 0% increase

EXPENSES BY FUNCTION: Public Safety - 30%, ($103 million), 2% increase General Government - 16%, ($55 million), 8% increase Judicial - 13%, ($44 million), 5% increase Business-type activities - 8%, ($27 million), 8% increase