1. 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

2. 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

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

4. STATEMENT OF NET ASSETS

5. CASH AND INVESTMENTS

6. NET CAPITAL ASSETS

7. 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($11.4)$ 114.750 General Obligation- Revenue Backed Bonds 71.63.8(1.8)73.632 Special Assessment Bonds 2.21.1(1.6)1.71 Revenue Bonds 20.81.2(0.4)21.610 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)$ 227.6100%

8. STATEMENT OF CHANGES IN NET ASSETS

9. GOVERNMENT-WIDE REVENUES BY SOURCE

10. GOVERNMENT-WIDE EXPENSES BY TYPE

11. GOVERNMENT-WIDE EXPENSES BY FUNCTION

12. Are there any questions?

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

14. Statement of Net Assets

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

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

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

18. LIQUIDITY: Ability to meet current obligations –Cash ratio: Current – 3.62 2003 - 3.52 2002 - 3.23 –Current assets exceed total liabilities

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

20. 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

21. 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

22. 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

23. 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