Presented by: James Halleran, CPA February 4, 2014 Presentation To: The City of Palm Coast, Florida Annual Audit as of and for the Year Ended September.

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Presentation transcript:

Presented by: James Halleran, CPA February 4, 2014 Presentation To: The City of Palm Coast, Florida Annual Audit as of and for the Year Ended September 30, 2013

© 2011 American Institute of CPAs Auditors’ Reports >Unmodified Opinion (pages 5-6) >Internal Control and Compliance Reports (pages 149 – 150) -Internal Control Over Financial Reporting – No material weaknesses in internal control -No material instances of noncompliance

© 2011 American Institute of CPAs Auditors’ Reports >Management Letter Required by Rules of the Auditor General (pages ) -Segregation of Duties over Journal Entries -Deficit Net Assets and Negative Fund Balance -Expenditures Over Budget – Street Improvement >Federal Single Audit Report (pages ) -No material instances of noncompliance -No material Weaknesses in internal control

© 2011 American Institute of CPAs Financial Health >All funds are in compliance with fund balance policy, except Golf Course and Tennis Center Funds. See Note 18. >Overall financial condition assessment is inconclusive (Average).

© 2011 American Institute of CPAs Highlights For This Year General fund’s net change in fund balance increased by approximately $1.4M mainly due to Property Taxes of which $246K was allocated to the Stormwater Fund in 2013 compared to $1.686M in Property taxes increased by $183K and other taxes decreased $380K. Capital grants and contributions increased $2.854M, due to finalization of OKR special assessment. Minimal fund balances left in Park and Fire Impact Fee funds. $2.4M deficit in Transportation Impact Fee Fund.

© 2011 American Institute of CPAs >Utility fund unrestricted net assets increased $2.3M due to a $900K mid-year rate increase and reduction of required debt reserve as a result of bond refunding. >Advances to other funds – Note 8 -General $5.8M to SR100 CRA, paid back 1/23/14 through issuance of debt (See Note 19) -Street Improvement $2.4M to Transportation Impact -Utility Fund $4.9M to OKR Special Assessment >Long Term-Debt – Note 9 -Refinanced SR100 CRA Note at a lower rate & added $2M in new debt -Refinanced Utility System Revenue Bonds at a lower rate & reduced aggregate debt payments by $17.6M over next 20 years Highlights For This Year

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

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