Presented by James Halleran, CPA
March 1, 2011
Presentation toThe 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 10.550 Rules of the Auditor General (pages 149-150)
- No repeat comments (1 resolved)
>Federal Single Audit Report (pages 147-148)
- No material instances of noncompliance
- One significant deficiency – Revenue Accruals Related to the Schedule of Expenditures of Federal Awards
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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
General fund unassigned fund balance $ 2,393,217
Appropriated in 10-11 budget $ - 0 -
Unobligated $ 2,393,217
As a % of FY 2010 expenditures 9%
As a % of FY 2010 expenditures and transfers 7%
As a % of FY 2011 budgeted exp. & transfers 9%
Where You’re At Today
Questions?
