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Published byLydia Perry Modified over 9 years ago
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Chowan County, North Carolina Annual Financial Report Fiscal Year Ended June 30, 2010
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Audit Highlights Unqualified opinion Cooperative staff Internal control findings Increase in fund balance in general fund of $1,991,631 Available fund balance 13.8% of general fund expenditures and transfers.
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Audit Process Planning and risk assessment Interim procedures Final procedures Year-round process
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General Fund Summary
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Total Fund Balance General Fund $1,991,631
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Fund Balance Position General Fund 20102009 Total Fund Balance$2,642,477$650,846 Required Reservations (589,631)(650,846) Available fund balance$ 2,052,846$ 0
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Fund Balance as a Percent of Expenditures General Fund Total Fund Balance – GF (Numerator) Total Expenditures + Transfers out –GF (Denominator) = 18% $ 2,642,477 15,105,212
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Total Fund Balance as a Percent of Expenditures plus Transfers General Fund
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Top 3 Revenues: General Fund Other Revenue: Other taxes and licenses Unrestricted Intergovernmental Permits & Fees Sales & Services Investment Income Misc. Revenue Top 3 Comprise $14,537,968 (87%) of Revenues
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Property Tax
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Sales Tax
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Restricted Intergovt’l
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Top 3 Expenditures: General Fund Expenditures Total $15,482,526
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General Government Expenditures
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Public Safety Expenditures
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Human Services Expenditures
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Education Expenditures
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Summary of Enterprise Funds Net Income Water$ 116,289 Solid Waste 109,033 Emergency Management (470,923) Water Storm Preparedness 2,743 Water Development 60,060
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Enterprise Fund – Water Fund 20102009 Cash$ 493,692$ 0 Available Net Assets 536,129 98,675 Cash flow from operations 530,978 626,787 Debt service requirement 2010 0 13,340
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Enterprise Fund –Solid Waste Fund 20102009 Cash$ 129,665$ 0 Available Net Assets 109,033 0 Cash flow from operations 367,823 0 Debt service requirement 2010 0 0
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Enterprise Fund – Emergency Management Fund 20102009 Cash$ 58,385$ 197,819 Available Net Assets 67,791 490,590 Cash flow from operations (54,757) 156,717 Debt service requirement 2010 34,647 52,182
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Water Capital Reserve Funds Cash Balances: Storm preparedness$ 587 Water Development $ 510,243
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Discussion & Questions
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