Presented by James Halleran, CPA March 1, 2011 Presentation to The City of Palm Coast, Florida >Annual Audit as of and for the Year Ended September 30,

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Presentation transcript:

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

© 2011 American Institute of CPAs 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

© 2011 American Institute of CPAs Auditors’ Reports >Management Letter Required by Rules of the Auditor General (pages ) -No repeat comments (1 resolved) >Federal Single Audit Report (pages ) -No material instances of noncompliance -One significant deficiency – Revenue Accruals Related to the Schedule of Expenditures of Federal Awards

© 2011 American Institute of CPAs 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).

© 2011 American Institute of CPAs 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.

© 2011 American Institute of CPAs >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 Highlights For This Year

© 2011 American Institute of CPAs Where You’re At Today

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