fy09 scott county iowa cafr (comprehensive annual financial report)

8/7/2019 FY09 Scott County Iowa CAFR (Comprehensive Annual Financial Report)

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COUNTY OF SCOTT,IOWA

COMPREHENSIVE ANNUALFINANCIAL REPORTYear Ended June 30, 2009

Prepared by:Wesley Rostenbach, Accounting and Tax Manager

Office of County Auditor

Craig Hufford, Financial Management SupervisorOffice of County Treasurer

Sarah Kautz, Budget ManagerOffice of County Administrator


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I N TRODUCTORY


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Conten tsIn tr o du c to ry S e c tio nT a b le o f c on te ntsC o u n ty o ff ic ia lsO r ga n iz a tio n al c ha rtC e rtific ate o f A ch ie ve m en t fo r E xc elle nc e in F in an cia l R e po rtin gTrans mit tal let terF i nanc ia l S ec ti onIn d ep e nd e nt a u dito r's r ep o rtM a na ge m en t's d is cu ss io n a nd a na ly sisB a s ic f in a n c ia l s ta te m e n ts :

G o v er nm e n t- w id e fin a nc ia l s ta te m e n ts :S ta te m en t o f n et a ss etsS t at em e n t o f a c tiv it ie s

F u n d f in a n c ia l s ta te m e n ts :B ala nc e s he et - g ov ern m en ta l fu nd sR ec on cilia tio n o f to ta l g ov ern m en ta l fu nd b ala nc es - p rim a ry g ov e rn m en t to n et

a s se ts o f g o ve rn m e n ta l a c tiv itie sS ta te m en t o f re ve nu es , e xp en ditu re s a nd c h an ge s in fu nd b ala nc es - g ov ern m en ta l fu nd sR ec on cilia tio n o f th e s ta te m en t o f re ve nu es , e xp en ditu re s a nd c ha ng es in fu nd

b ala nc es o f g ov e rn m en ta l fu nd s to th e s ta te me nt o f a ctiv itie s - p rim a ry g ov ern m en tS ta te m en t o f n et a ss ets (d efic it) - E nte rp ris e F un dS ta te me nt o f re ve nu es , e xp en se s a nd c h an ge s in n et a ss e ts (d efic it) - E nte rp ris e F un dS ta te me nt o f c a sh flo ws - E nte rp ris e F un dS ta te m en t o f a ss e ts a nd lia bilitie s - a ge nc y fu nd sS ta te m en t o f n et a ss ets , d is c re te ly p re se nte d c o m po ne nt u nitsS ta te m en t o f a ctiv itie s, d is cre te ly p re se nte d c om p on en t u nits

N o te s to b as ic fin an cia l s ta te m en tsR e q uir ed s up p le m e n ta ry in fo rm a tio n :

O th er p os te m plo ym e nt b en efit p la nB ud ge ta ry c om pa ris on s ch ed ule - a ll g ov ern m en ta l fu nd sN o te to r eq uir ed s up ple m en ta ry in fo rm a tio n

N o nm a jo r g ov er nm e nta l fu nd s:C o m bin in g b ala nc e s he etC o mb in in g s ta te m en t o f re ve nu es , e xp en ditu re s a nd c h an ge s in fu nd b ala nc esC o mb in in g s ta te m en t o f c h an ge s in a ss ets a nd lia bilitie s, a ll a ge nc y fu nd sC o mb in in g b ala nc e s h ee t a nd re co nc ilia tio n to s ta te m en t o f n et a ss ets ,

d is cre te ly p re se nte d c om p on en t u nitsC o mb in in g s ta te m en t o f re ve nu es , e xp en ditu re s a nd c h an ge s in fu nd b ala nc es a ndre co nc ilia tio n to s ta te m en t o f a ctiv itie s, d is cre te ly p re se nte d c om p on en t u nits

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vi-x

1-23-14

15-1617-18

19 - 2021

22 - 23

242 52 6272 8

2 9 - 3 031 - 3233-57

585 960

6162

63 - 66

67 - 6869-72


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ContentsS ta ti s ti ca l Sec t ionS ta ti st ic a l s e ct io n c on te n tsN e t a ss ets b y c om p on en tC ha ng es in n et a sse tsF u nd b ala nc es , g ov ern m en ta l fu nd sC ha ng es in fu nd b ala nce s, g ove rn m en ta l fu nd sP ro g ram r ev e nu e s b y fu n ctio n /p ro g ramT a x re ve nu es b y s ou rc e, g ov ern m en ta l fu nd sA ss es se d va lu e a nd a ctu al v alu e o f ta xa ble p ro pe rtyP rin c ip a l p ro p er ty ta xp a ye rsP ro p er ty ta x le v ie s a n d c o lle ct io n sD ir ec t a nd o ve rla pp in g p ro pe rty ta x ra te sR atio s o f o uts ta nd in g d eb t b y typ eR a tio s o f g en er al b on de d d eb t o uts ta nd in gD ir ec t a nd o ve rla pp in g g ov er nm e nta l a ctiv itie s d eb tL eg al d eb t m a rg in in fo rm a tio nD em og ra ph ic a nd e co nom ic s ta tis tic sP r in c ip a l emp l oy e rsF u ll-tim e e qu iv ale nt c ou nty g ov ernm en t e m plo ye es b y fu nc tio n/p ro gra mOpe r a tin g i nd ic a to r s b y f un c ti on /p r og r amCap it al a s s et s ta ti st ic s b y f un c tio n /p r o gr amComp lia n ce S e ct io nS ch ed ule o f e xp en ditu re s o f fe de ra l a wa rd sN o te s to s ch ed ule o f e xp en ditu re s o f fe de ra l a wa rd sS umm ary s ch ed ule o f p rio r a ud it fin din gsIn de pe nd en t a ud ito r's re po rt o n in te rn al c on tro l o ve r fin an cia l re po rtin g a nd o n

c om p lia nc e a nd o th er m a tte rs b as ed o n a n a ud it o f fin an cia l s ta te me ntsp er fo rm e d in a cc or da nc e w ith g ov ernm en t a ud itin g s ta nd ard sIn de pe nd en t a ud ito r's re po rt o n co m plia nc e w ith re qu ire m en ts a pp lic ab le to e ac h m a jo r

p ro gra m a nd in te rn al co ntro l o ve r c om plia nce in a cc ord an ce w ith O M B C irc ula r A -1 33S ch ed ule o f fin din gs a nd q ue stio ne d co sts

7 374 -7576 - 7980 - 818 2 -8 384 -858 6 -8 788 -89

9 091

92 - 9394 -95

9 697

98 - 99100101

1 02 -1 031 04 -1 071 08 -1 09

110 -112113114

115 -116117 -118119 -121


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C ou nty o f S co tt, Io waCoun ty O f fic ia ls

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D ep artm e nt H e ad sC o m m u n ity S e rv ic e sC o n s e r v a t i o nF ac ility a nd S u pp ort S e rv ic esH e a l t hH u m an R e so urc esI nf or m a ti on T e c h no lo g yJ uv en ile D e te ntio n C e nte rP la nn in g a nd D e ve lo pm e ntS e co nd ary R o ad s

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Of f ic ial

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Certificate ofAchievementfor Excellencein FinancialReporting

Presented to

County of ScottIowa

For its Comprehensive AnnualFinancial Report

for the Fiscal Year EndedJune 30, 2008

A Certificate of Achievement for Excellence in FinancialReporting is presented by the Govermnent Finance Officers

Association of the United States and Canada togovermnent units and public employee retirementsystems whose comprehensive annual financial

reports (CAFRs) achieve the higheststandards in govermnent accounting

and financial reporting.

President

Executive Director

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Iowa

Scott County


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OFFICE OF THE COUNTY ADMINISTRATOR600 West Fourth StreetDavenport, Iowa 52801-1003Ph: (563) 326-8702 Fax: (563) 328-3285www.scottcountyiowa.comE-Mail: admin~scottcountviowa.com

November 17, 2009

31. , . . . i l lScottCounfy_~9

To the Members of the Scott County Board of Supervisors, and Citizens of Scott County:State law requires that every general-purpose local government publish within nine months of the closeof each fiscal year a complete set of audited financial statements. This report is published to fulfill thatrequirement for the fiscal year ended June 30, 2009.Management assumes full responsibility for the completeness and reliability of the informationcontained in this report, based upon a comprehensive framework of internal control that it hasestablished for this purpose. Because the cost of internal control should not exceed anticipatedbenefits, the objective is to provide reasonable, rather than absolute, assurance that the financialstatements are free of any material misstatements.McGladrey & Pullen, LLP, Certified Public Accountants, have issued an unqualified ("clean") opinion ofScott County's financial statements for the year ended June 30, 2009. The independent auditor'sreport is located at the front of the financial section of this report.Management's discussion and analysis (MD&A) immediately follows the independent auditor's reportand provides a narrative introduction, overview, and analysis of the basic financial statements. MD&Acomplement this letter of transmittal and should be read in conjunction with it.

Profile of Scott County GovernmentScott County, Iowa was incorporated on December 31, 1837. Antoine LeClaire, an early settler of theCounty, donated the square of land the Scott County Courthouse stands on today. If the County everabandons the site, the property would revert to the heirs of Antoine LeClaire. The first courthouse waserected on this land during 1840-41 and served for 45 years. The following years to 1874 saw changesand additions to the structure of Scott County government. One of the major changes was in thestructure of the governing board. From 1838 until 1850 county commissioners were elected on anannual basis. By 1861 the name Board of Supervisors had been mandated, with 14 supervisors fromthroughout the county representing the citizens. In 1870 the structure changed again, and only threeboard supervisors were elected countywide. In 1874, the membership of the board of supervisorsincreased to its present five officials, all elected at-large.Only recently have there been dramatic changes in the actual governing of the county. In 1979 anadministrator form of government was adopted, and the Board of Supervisors hired a countyadministrator. Subsequently, staff and departments have grown in efficiency and capacity to servecitizens. In 1978 the County Home Rule Bill was enacted, granting all powers to counties consistentwith state laws and not specifically prohibited by the Iowa General Assembly.

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The County provides a full range of services. These services include law enforcement and legalservices, physical health and social services, mental health and developmental disabilities services,county environment and education, planning and zoning, construction and maintenance of secondaryroads, education and general administrative services.Component units are legally separate entities for which the primary government is financiallyaccountable and other organizations for which the nature and significance of their relationship with theprimary government are such that exclusion would cause the reporting entity's financial statements tobe misleading.The County's discreetly presented component units are as follows: Emergency Management Agency,which provides direction for the delivery of the emergency management services and planning,administration, coordination, training and support for local governments and their departments,Emergency Management Agency-Scott Emergency Communication Center (SECC), which providescounty-wide consolidated emergency 911 dispatch services; County Library, which provides libraryservices to all cities within Scott County with the exception of the City of Bettendorf, the City ofDavenport, and the City of LeClaire; County Assessor, which is responsible for the operations of theScott County Assessor's office including the assessment of all properties within Scott county with theexception of the City of Davenport, County Assessor Special, which is responsible to the CountyConference Board to perform in-house revaluations for various classes of property; City Assessor,which is responsible for the operations of the City Assessor's office, including assessment of allproperties within the City of Davenport; City Assessor Special, which is responsible to the CityConference Board to perform in-house revaluations for various classes of property; and the ScottCounty Public Safety Authority, which is responsible for the construction of the recently voter approvedjail expansion project.These component units are discretely presented in a separate column in the combined financialstatements to emphasis that they are legally separate from the primary government and to differentiatetheir financial position, results of operations and cash flows from those of the primary government. TheCounty Board is a voting member of each of the governing bodies of all component units except for theScott County Library for which the County Board appoints all the Library Trustees and the Public SafetyAuthority for which the County Board appoints two commissioners, one jointly appointed with the City ofDavenport. The component units are discussed further in Note 1.The Board is required to adopt a final budget by no later than March 15th prior to the beginning of thefiscal year. This annual budget serves as the foundation for Scott County's financial planning andcontrol. The State of Iowa requires the passage of an annual budget of total County operatingexpenditures by major program service areas (i.e., public safety and legal services, physical health andsocial services, etc.). Activities of the general fund, special revenue funds, capital projects fund anddebt service fund are included in the annual appropriated budget. The level of budgetary control (thatis, the level at which expenditures cannot legally exceed the appropriated amount) is at the totalprogram service area level. The County also maintains administrative budgetary control beyond theState required program service area level at the major object of expenditure basis within each Countydepartment.

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Local EconomyScott County is part of a three county, bi-state, metropolitan area referred to as the Quad-Cities. Thecounties of Scott (Iowa), Rock Island and Henry (Illinois), contain the Davenport-Rock Island-MolineMetropolitan Statistical Area (MSA), with a 2000 U.S. Census Bureau count of 359,077 which is a 2.3%increase over the 1990 census count of 350,861. The U. S. Census Bureau's 2000 population of ScottCounty was 158,669, which is a 5.1% increase over the 1990 census count of 150,979. However, thatfigure is still under the 1980 census count for Scott County which was 160,022 and only 11.2% greaterthan the 1970 census count of 142,687. The U.S. Census Bureau's estimate for 2008 for ScottCounty's population is 164,690. Recently the MSA was expanded to include the numbers for MercerCounty (Illinois). The 2000 U.S. Census Bureau number for the four county MSA was 376,034 and its2008 estimate for this expanded MSA is 377,626, which is an increase of only 0.4%.The Quad-Cities has been historically known as an industrial, retail/service and transportation center. Inthe last thirty years the economy has shifted, showing a decline in the number of manufacturing sectorjobs. In 1980,30% of the area jobs were in manufacturing and 53% in the service sector. In 1990 thathad changed to 17% manufacturing, 41% service sector; with 20% classified as trade and 4% miningand construction. In 2007 the split was 14% manufacturing and 50% classified as service sector;with17% classified as trade and 5% mining and construction. The portion of government sector jobshas remained fairly even at 16.2% in 1980, to 16% in 1990 and 14% in 2007.The Quad Cities and Scott County have not escaped the impacts of the current national recession.Some of the largest layoffs announced in 2008 and 2009 have been ALCOA 400 jobs, John DeereDavenport Works 305 jobs, Q-C Die Casting closing with the loss of 100 jobs, and Seaford Clothingshutdown with the loss of 330 jobs. Additionally as part of the Base Closure and RealignmentCommission (BRAC) process the Rock Island Arsenal, the region's largest employer, will see a net lossof 1,100 civilian jobs by 2011.The annual average labor force in the Quad Cites MSA (four county) was 199,904 in 2000. The annualaverage labor force for Scott County was 86,140 in 2000, which was a 9.5% increase over the 1990annual average labor force of 78,660 for the county. The annual average labor force for the MSA in2008 was 207,526 and for Scott County was 89,860 which was a 3.8% and 4.3% increase,respectively. In 1980 the unemployment rate for the Quad Cities was 6.7%. In 1983 theunemployment rate for the Quad-Cities MSA hit a high of 14.8%. Scott County's unemployment ratethat same year was 10.8%, following a Scott County high the year before in 1982 of 11.2%. In 1990the unemployment rate for the QCA was 5.0% and Scott County was 4.2%. Those rates dipped to alow of 3.4 % and 2.7% in 1998 but have recently risen to the current rates for 2008 of 5.2% and 4.2%,respectively. The estimates for 2009 are 7.0% for the MSA and 5.6% for Scott County which actuallycompares favorably with the estimated national figure of 8.8%.The median household income in Scott County has risen between 1980 and 2000, from $20,767 in1980 to $29,979 in 1990 and $42,701 in 2000. That is an increase of 106% over the twenty-yearperiod. The median household income in 2008 in Scott County increased another 22% over the 2000figure to $52,013, just a shade under the 2008 U.S. median household income of $52,029.New residential construction has slowed significantly in the Quad-Cities MSA and Scott County aftervery strong years from 1999-2005. Between 1985 and 1987, only 700 single family dwellings unitswere started in Scott County, with only 925 in the entire Quad Cities MSA over those same three years.1546 building permits for new single family dwelling units have been issued in Scott County from 1998through 2000. Over that same time period 2500 new house permits have been issued in the MSA.Between 1998 and 2000, of the new house permits issued in the Quad Cites, 62% have been in ScottCounty. This is an average for Scott County of over 500 permits a year over that three year timeperiod. In 2002, of the 863 new house permits issued in the QCMSA, 583 were issued in Scott County.For 2003 those figures were 801 and 556, respectively. The 2004 figures continued to show an

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increase in housing starts for Scott County at 608 with a total MSA figure of 861. This is an average of550 new house starts a year for Scott County over that three year time period. In 2005 Scott Countyhad 652 of the 961 housing starts in the Quad Cities MSA or 68% of the total. In 2006-2008, housingstarts have started to slow with Scott County having 538 housing starts in 2006, 407 in 2007 and 334 in2008. This is an average of 426 new house starts a year for Scott County over that three year timeperiod The Scott County figures represented 65% of the total Quad Cities MSA housing starts in 2006,61% in 2007 and 69% in 2008.Even with a slowing housing market the Quad Cities remains one of the most affordable housingmarkets in the country. The average sales price for homes in the Iowa Quad Cities was $126,200 inJune, 2000, $127,300 in June, 2002, 137,600 in June, 2004, $162,300 in June, 2007 and $164,300 inJune ,2008. On the Illinois side of the river the average sales price was $90,400 in June, 2000,$95,600 in June, 2002, $101,400 in June, 2004, $112,200 in June, 2007 and $159,400 in June, 2008.The median home values between 1980 and 1990 in Scott County only increased 3% from $52,800 to$54,400. From 1990 to 2000 the median home values in Scott County jumped 70% to $92,400. From2000 to 2008 median home values in Scott County jumped another 44% to $133,200.Even with the drastic decline in the national economic indicators, the global credit crisis and a decreasein consumer confidence the immediate outlook for the Quad Cities still can be considered somewhatstable. Housing prices have not seen a sharp decline in this area mainly because they had not seensignificant increases in previous years. There have been some layoffs and production slow-downs atsome of the area's largest employers, while others have seen modest increases or have been hiring toreplace retiring workers. Although the recent BRAC announcement will reduce positions at the Arsenalover the next six years, current production capacity at the Rock Island Arsenal is increasing with theincreasing need for vehicle armor and other munitions. The Local Arsenal Redevelopment Task Forceis working to attract new private jobs to the Arsenal in the future. Economic development efforts for theQuad Cities continue to try to diversify the economy, while taking advantage of its unique location onmajor transportation corridors and the tremendous asset of the Mississippi River. The Quad Cities andScott County is also positioned well for the renewable energy sector as a location for the manufacture,assembly and distribution of wind and solar energy generators. Recently the regional economicdevelopment efforts for the Quad Cities have been focused on the creation of Quad Cities First, aChamber of Commerce led initiative that succeeds the Quad City Development Group as the mainmarketing organization for the region. Scott County, as always, is part of those efforts.

Long- Term Financial PlanningUnreserved, undesignated fund balance in the general fund (13.1 % of total general fund expenditures)falls nearly within the policy guidelines set by the Board for budgetary and planning purposes (i.e.,minimum of 15 percent of total general fund expenditures). Fiscal year 2009 ended with an increase ingeneral fund balance of approximately $266,000. During these challenging economic times, as thecounty faces cutbacks at the state level, retaining the current level of fund balance is important. At thistime, it would be difficult to budget any projected increase. The County is continuing to find ways toreduce its costs for providing services through LEAN and other efficiency initiatives. This is veryimportant as the County weathers this recession. We are committed to remain a county with a superiorlevel of service at one of the lowest tax rates in the State of Iowa.

Relevant Financial PoliciesIt is Scott County's policy to use its share of riverboat gaming proceeds for one-time capital projects.The County is currently using half of these funds toward pay as you go courthouse renovation projects,while the other half funds countywide economic development and quality of life initiatives.

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Major InitiativesThe County is in the last phase of a GIS initiative which will complete the 2003 Strategic Plan. Also, thestaff is in the process of hiring a consultant to embark on an IT Master Plan in order to develop thecapital budget necessary to keep our software and hardware systems current.The capital budget includes two other goals of the Board which include renovating a courtroom for useof technology and renovating the 3rd floor of the jail for Juvenile Court Services. This move willdiscontinue the leasing of downtown facilities and reduce the operating costs for the program.Awards and AcknowledgementsThe Government Finance Officers Association (GFOA) awarded a Certificate of Achievement forExcellence in Financial Reporting to Scott County for its comprehensive annual financial report (CAFR)for the fiscal year ended June 30, 2008. This was the twentieth consecutive year that Scott County hasreceived this prestigious award. In order to be awarded a Certificate of Achievement, the governmenthad to publish an easily readable and efficiently organized CAFR that satisfied both general acceptedaccounting principles and applicable legal requirements.A Certificate of Achievement is valid for a period of one year only. We believe that our current CAFRcontinues to meet the Certificate of Achievement Program's requirements and we are submitting it tothe GFOA to determine its eligibility for another certificate.In addition, Scott County also received the GFOA's Distinguished Budget Presentation Award for itsannual budget document dated March 15, 2009. In order to qualify for the Distinguished BudgetPresentation Award, the government's budget document had to be judged proficient as a policydocument, a financial plan, an operations guide, and a communications device.The preparation of this report would not have been possible without the efficient and dedicated serviceof the entire staffs of the Auditor's Office, Treasurer's Office and the Administration Office. We wish toexpress our appreciation to all members of our offices who assisted and contributed to the preparationof this report. Appreciation is also expressed for the excellent assistance received from ourindependent accountants, McGladrey & Pullen, LLP. Credit also must be given to the Board ofSupervisors for their unfailing support for maintaining the highest standards of professionalism in themanagement of Scott County's finances.

Respectfully submitted,

Bill FennellyCounty Treasurer

Dee F. BruemmerCounty Administrator

Roxanna MoritzCounty Auditor

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Iowa

Scott County


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F INANCIAL


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M c G l a d r e y & P u l l e nC e r t i f i e d P u b l ic A c c o u n t a n ts

In de p en d en t A u dito r's R e po rtT o th e B oa rd o f S up erv iso rsC ou nty o f S co tt, Io waD a ve np or t, Io w aW e h av e a ud ite d th e a cc om p an yin g fin an cia l s ta te m en ts o f th e g ov er nm e nta l a ctiv itie s, th e b us in es s- ty pe a ctiv itie s,th e a gg re ga te d is cre te ly p re se nte d co m po ne nt u nits , e ac h m a jo r fu nd a nd th e a gg re ga te re m ain in g fu nd in fo rm a tio no f th e C ou nty o f S co tt, Io wa a s o f a nd fo r th e ye ar e nd ed Ju ne 3 0, 2 00 9, w hich co lle ctive ly co mp rise th e C ou nty 'sb as ic fin an cia l s ta te me nts a s lis te d in th e ta ble o f c on te nts . T he se fin an cia l s ta te m en ts a re th e re sp on sib ility o f th eC ou nty o f S co tt, Io wa 's m a na ge m en t. O u r re sp on sib ility is to e xp re ss o pin io ns o n th es e fin an cia l s ta te m en ts b as edo n o ur a ud it.W e c on du cte d o ur a ud it in a cc ord an ce w ith a ud itin g sta nd ard s g en era lly a cc ep te d in th e U n ite d S ta te s o f A m ericaa nd th e sta nd ard s a pp lica ble to fin an cia l a ud its co nta in ed in Go v er nm e n t A u d itin g S ta n da rd s , is su ed b y th eC om ptro lle r G en era l o f th e U nite d S ta te s. T ho se sta nd ard s re qu ire th at w e p la n a nd p erfo rm th e a ud it to o bta inre as on ab le a ssu ra nce a bo ut w he th er th e fin an cia l s ta te m en ts a re fre e o f m ate ria l m iss ta te m en t. A n a ud it in clu de se xa m in in g, o n a te st b as is , e vid en ce s up po rtin g th e a m ou nts a nd d isc lo su re s in th e fin an cia l s ta te m en ts . A n a ud ita ls o in clu de s a sse ss in g th e a cc ou ntin g p rin cip le s u se d a nd sig nific an t e stim a te s m a de b y m a na ge m en t, a s w e ll a se va lu atin g th e o ve ra ll fin an cia l s ta te m en t p re se nta tio n. W e b elie ve th at o ur a ud it p ro vid es a re as on ab le b as is fo r o urop in ions .In o ur o pin io n, th e fin an cia l s ta te m en ts re fe rr ed to a bo ve p re se nt fa ir ly , in a ll m a te ria l re sp e cts , th e r es pe ctiv efin an cia l p os itio n o f th e g ov ernm en ta l a ctiv itie s, th e b us in es s- ty pe a ctiv itie s, th e a gg re ga te d is cre te ly p re se nte dco mp on en t u nits , e ach m ajo r fu nd , a nd th e a gg re ga te re ma in in g fu nd in fo rm atio n o f th e C ou nty o f S co tt, Io wa a s o fJu ne 3 0, 2 00 9, a nd th e re sp ec tive ch an ge s in fin an cia l p os itio n a nd c as h flo w s, w he re a pp lica ble , th ere of fo r th e ye arth en e nd ed in c on fo rm ity w ith a cc ou ntin g p rin cip le s g en era lly a cce pte d in th e U n ite d S ta te s o f A m eric a.A s e xp la in ed in N ote 1 0 to th e b as ic fin an cia l s ta te me nts , th e C ou nty ch an ge d its m eth od o f a cco un tin g fo r o th erp o s temp l oymen t b ene fit s.In a cc or da nc e w ith Go v er nm e n t A u d itin g S ta n da rd s, w e have a lso issued ou r repo rt da ted N ovem ber 17 , 2009 , ono ur co ns id era tio n o f th e C ou nty o f S co tt, Io wa 's in te rn al c on tro l o ve r fin an cia l re po rtin g a nd o ur te sts o f itsco m plia nce w ith ce rta in p ro vis io ns o f la ws , re gu la tio ns , co ntra cts a nd g ra nt a gre em e nts a nd o th er m a tte rs . T hep urp os e o f th at re po rt is to d es crib e th e s co pe o f o ur te stin g o f in te rn al co ntro l o ve r fin an cia l re po rtin g a ndco m plia nce a nd th e re su lts o f th at te stin g, a nd n ot to p ro vid e a n o pin io n o n th e in te rn al c on tro l o ve r fin an cia lre po rtin g o r o n co mp lia nce . T ha t re po rt is a n in te gra l p art o f a n a ud it p erfo rm ed in a cco rd an ce w ith Gove rnmen tA ud it in g S t anda rd s a nd sh ou ld b e co ns id ere d in a sse ss in g th e re su lts o f o ur a ud it.

M cG lad rey & P ullen, LLP is a m em be r firm o f RS M In te rnationa l -a n a ffil ia tio n o f s ep ara te a nd in de pe nd en t le ga l e ntit ie s.


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T he M an ag em en t's D iscu ss io n a nd A na lys is o n p ag es 3 th ro ug h 1 4, b ud ge ta ry co mp ariso n in fo rm atio n o n p ag es 5 9a nd 6 0 a nd sch ed ule o f fu nd in g p ro gre ss fo r o th er p oste mp lo ym en t b en efits o n p ag e 5 8 a re n ot a re qu ire d p art o f th eb as ic fin an cia l s ta te m en ts b ut a re s up ple m en ta ry in fo rm a tio n r eq uir ed b y th e a cc ou ntin g p rin cip le s g en e ra llya cc ep te d in th e U nite d S ta te s o f A m eric a. W e h av e a pp lie d ce rta in lim ite d p ro ce du re s, w hic h c on sis te d p rin cip ally o fin qu irie s o f m a na ge m en t re ga rd in g th e m eth od s o f m e as ure m en t a nd p re se nta tio n o f th e su pp le m en ta ry in fo rm a tio n.H ow eve r, w e d id n ot a ud it th e in fo rm atio n a nd e xp re ss n o o pin io n o n it.O ur a ud it w as c on du cte d fo r th e p urp ose o f fo rm in g o pin io ns o n th e fin an cia l s ta te me nts th at c olle ctive ly co m pris eth e C ou nty o f S co tt, Io wa 's b as ic fin an cia l s ta te m en ts . T he c om b in in g a nd in div id ua l n on m ajo r fu nd fin an cia ls ta te m en ts a nd o th er sc he du le s, lis te d in th e ta ble o f co nte nts a s su pp le m en ta ry in fo rm a tio n, a re p re se nte d fo rp urp os es o f a dd itio na l a na ly sis a nd a re n ot a re qu ire d p art o f th e b as ic fin an cia l s ta te m en ts . T he a cco m pa ny in gsc he du le o f e xp en ditu re s o f fe de ra l a wa rd s is p re se nte d fo r p urp ose s o f a dd itio na l a na lys is a s re qu ire d b y U .S .O ffice o f M a na ge m en t a nd B ud ge t C irc ula r A -1 33 , Audi ts o f S ta te s, L oc al G o ve rnm en ts a nd N o np ro fit O rg an iz atio ns ,a nd is n ot a re qu ire d p art o f th e b as ic fin an cia l s ta te m en ts . S uc h in fo rm a tio n h as b ee n su bje cte d to th e a ud itin gp ro ce du re s a pp lie d in th e a ud it o f th e b as ic fin an cia l s ta te m en ts a nd , in o ur o pin io n, is fa ir ly s ta te d, in a ll m a te ria lre sp ects , in re la tio n to th e b as ic fin an cia l s ta te m en ts ta ke n a s a w ho le .T he a cco m pa ny in g in tro du cto ry a nd s ta tis tica l s ectio ns , a s lis te d in th e ta ble o f co nte nts , a re p re se nte d fo r p urp os eso f a dd itio na l a na ly sis a nd a re n ot a re qu ire d p art o f th e b as ic fin an cia l s ta te m en ts . T his in fo rm a tio n h as n ot b ee nsu bje cte d to th e a ud itin g p ro ce du re s a pp lie d in th e a ud it o f th e b as ic fin an cia l s ta te me nts a nd , a cc ord in gly , w ee xp re ss n o o pin io n o n th em .

D a ve np or t, Io w aN o ve m be r 1 7, 2 00 9

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C ou nty o f S co tt, Io waM a na gem en t's D is cu ss io n a nd A na ly sisY ear E nd ed June 30 , 2009It is a n h on or to p re se nt to yo u th e fin an cia l p ic tu re o f th e C ou nty o f S co tt, Io wa . W e o ffe r re ad ers o f th e C ou nty 'sfin an cia l s ta te m en ts th is n arra tive o ve rv ie w a nd a na ly sis o f th e fin an cia l a ctiv itie s o f th e C ou nty o f S co tt, Io wa fo r th efisc al y ea r e nd ed Ju ne 3 0, 2 00 9. W e e nc ou ra ge re ad ers to c on sid er th e in fo rm a tio n p re se nte d h ere in c on ju nc tio nw ith a dd itio na l in fo rm a tio n th at w e h av e fu rn is he d in o ur le tte r o f tr an sm itta l.F i nanc ia l H i gh li gh t sT he a sse ts o f th e C ou nty o f S co tt e xce ed ed its lia bilitie s a s o f Ju ne 3 0, 2 00 9 a nd 2 00 8 b y $ 79 ,3 74 ,6 33 a nd$ 79 ,4 93 ,4 21 (n et a ss ets), re sp ective ly . O f th is a m ou nt, $ 2,5 82 ,1 90 a nd $ 2,8 34 ,8 81 , re sp ec tive ly , m a y b e u se d tom e et th e g ov er nm e nt's o ng oin g o blig atio ns to c itiz en s a nd c re dito rs .T he g ove rn me nt's to ta l n et a sse ts d ec re ase d b y $ 11 8,7 88 a nd $ 18 9,6 96 d urin g th e ye ars e nd ed Ju ne 3 0,2 00 9 a nd2008 , respect iv e ly .A s o f Ju ne 3 0, 2 00 9, th e C ou nty o f S co tt's g ove rn me nta l fu nd s re po rte d co mb in ed e nd in g fu nd b ala nce s o f$ 19 ,6 19 ,0 18 , a d ecre ase o f $ 56 1,6 78 in co m pa ris on w ith 2 00 8. A pp ro xim a te ly 6 2 p erce nt o f th is to ta l a m ou nt,$ 12 ,2 54 ,3 01 , is a va ila ble fo r sp en din g a t th e g ov ern m en t's d is cre tio n (u nre se rve d u nd es ig na te d fu nd b ala nc e). A s o fJu ne 3 0, 2 00 8, th e C ou nty o f S co tt's g ove rn me nta l fu nd s re po rte d co mb in ed e nd in g fu nd b ala nce s o f $ 20 ,1 80 ,6 96 , ad ecre ase o f $ 1,3 76 ,1 05 in c om p ariso n w ith 2 00 7. A pp ro xim a te ly 6 3 p erc en t o f th is to ta l a m ou nt, $ 12 ,7 07 ,9 26 , isa va ila ble fo r s pe nd in g a t th e g ov er nm e nt's d is cre tio n ( un re se rv ed u nd es ig na te d fu nd b ala nc e).A s o f Ju ne 3 0,2 00 9, u nre se rve d u nd es ig na te d fu nd b ala nce fo r th e G en era l F un d w as $ 5,9 56 ,4 80 o r 1 4 p erce nt o fto ta l G en era l F un d e xp en ditu re s a nd $ 5,8 49 ,5 53 o r 1 4 p erce nt fo r 2 00 8.T he C ou nty o f S co tt, Io wa 's to ta l lo ng -te rm d eb t, e xc lu din g co m pe ns ate d a bse nc es, o th er p os te m plo ym e nt b en efitsa nd c la im s p aya ble , d ecre ase d b y $ 2,4 10 ,0 72 a nd $ 2,2 54 ,4 92 d urin g fisca l ye ars Ju ne 3 0, 2 00 9 a nd 2 00 8,re sp ective ly . T he d ecre ase in b oth 2 00 9 a nd 2 00 8 w as a ttrib ute d to sch ed ule d p aym en ts o n b on ds .O ve rv ie w o f th e F in an cia l S ta te m en tsT his D isc uss io n a nd A na ly sis is in te nd ed to s erve a s a n in tro du ctio n to th e C ou nty o f S co tt's b as ic fin an cia ls ta te m en ts . T he C o un ty 's b as ic fin an cia l s ta te m en ts c om p ris e th re e c om p on en ts : 1 ) g ov ernm en t-w id e fin an cia ls ta te m en ts , 2 ) fu nd fin an cia l s ta te m en ts a nd 3 ) n ote s to b as ic fin an cia l s ta te m en ts . T his re po rt a ls o co nta in s o th ers up ple m en ta ry in fo rm a tio n in a dd itio n to th e b as ic fin an cia l s ta te m en ts th em s elv es .G o ve rnm en t- wid e fin an cia l s ta te m en ts : T h e g ov ernm en t-w id e fin an cia l s ta te m en ts a re d es ig ne d to p ro vid e re ad er sw ith a b ro ad o ve rv ie w o f th e C ou nty o f S co tt's fin an ce s, in a m an ne r s im ila r to a p riva te -se cto r b us in ess.T he sta te m en t o f n et a ss ets p re se nts in fo rm a tio n o n a ll o f th e C ou nty o f S co tt, Io wa 's a ss ets a nd lia bilitie s, w ith th ed iffe re nce b etw ee n th e tw o re po rte d a s n et a sse ts . O ve r tim e, in cre ase s o r d ec re ase s in n et a sse ts m ay se rve a s au se fu l in dic ato r o f w h eth er th e fin an cia l p os itio n o f th e C o un ty is im p ro vin g o r d ete rio ra tin g.T he sta te m en t o f a ctiv itie s p re se nts in fo rm atio n s ho win g h ow th e C o un ty 's n et a ss ets c ha ng ed d urin g th e m o stre ce nt fisca l ye ar. A ll ch an ge s in n et a sse ts a re re po rte d a s so on a s th e u nd erly in g e ve nt g iv in g rise to th e ch an geo cc urs , re ga rd le ss o f th e tim in g o f re la te d c ash flo ws . T hu s, re ve nu es a nd e xp en se s a re re po rte d in th is sta te m en tfo r so me ite ms th at w ill o nly re su lt in ca sh flo ws in fu tu re fisca l p erio ds (e .g ., u nco lle cte d ta xe s a nd e arn ed b utu nu se d v ac atio n le a ve ).

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C ou nty o f S co tt, Io waM a na gem en t's D is cu ss io n a nd A na ly sisY ear E nd ed June 30 , 2009B oth o f th e g ove rn m en t-w id e fin an cia l s ta te m en ts d is tin gu is he d fu nc tio ns o f th e C ou nty o f S co tt th at a re p rin cip allysu pp orte d b y ta xe s (g ove rn m en ta l a ctiv itie s) fro m o th er fu nctio ns th at a re in te nd ed to re co ve r a ll o r a s ig nific an tp ortio n o f th eir c osts th ro ug h u se r fe es a nd c ha rg es (b us in ess -ty pe a ctiv itie s). T he g ove rn m en ta l a ctiv itie s o f th eC ou nty o f S co tt in clu de p ub lic s afe ty a nd le ga l se rv ic es, p hys ica l h ea lth a nd s oc ia l se rv ice s, m e nta l h ea lth , C ou ntye nv iro nm e nt a nd e du ca tio n, ro ad s a nd tra nsp orta tio n, g ov ern m en t s erv ic es to re sid en ts a nd a dm in is tra tio n. T heb us in ess -ty pe a ctiv itie s o f th e C ou nty o f S co tt in clu de a n 1 8-h ole g olf c ou rs e.T he g ove rn m en t-w id e fin an cia l s ta te m en ts in clu de th e C ou nty o f S co tt a nd th e fo llo win g d isc re te ly p re se nte dco m po ne nt u nits : E m erg en cy M a na ge m en t A ge nc y, C ou nty L ib ra ry , C ou nty A ss ess or, C ou nty A sse sso r S pe cia l, C ityA ss es so r, C ity A sse sso r S pe cia l, P ub lic S afe ty A uth ority a nd S co tt E m erg en cy C omm un ica tio n C e nte r. T he re a re n oo th er o rg an iza tio ns o r a ge nc ie s w ho se fin an cia l s ta te m en ts s ho uld b e c om b in ed a nd p re se nte d w ith th e fin an cia ls ta te m en ts o f th e C o un ty .

T he g ove rn me nt-w id e fin an cia l s ta te me nts ca n b e fo un d o n p ag es 1 5 th ro ug h 1 8 o f th is re po rt.F un d fin an cia l s ta te m en ts : A fu nd is a g ro up in g o f re la te d a cc ou nts th at is u se d to m a in ta in co ntro l o ve r re so urce sth at h av e b ee n s eg re ga te d fo r sp ec ific a ctiv itie s o r o bje ctiv es. T he C o un ty o f S co tt, Io wa , like o th er s ta te a nd lo ca lg ov er nm e nts , u se s fu nd a cc ou ntin g to e ns ur e a nd d em o ns tr ate c om p lia nc e w ith fin an ce -r ela te d le ga l re qu ire m en ts .A ll o f th e fu nd s o f th e C ou nty ca n b e d iv id ed in to th re e ca te go rie s: g ove rn me nta l fu nd s, p ro prie ta ry fu nd s a ndf id u c ia r y f und s .G ove rn me nta l fu nd s - G ove rn me nta l fu nd s a re u se d to a cco un t fo r e sse ntia lly th e sa me fu nc tio ns re po rte d a sg ov er nm e nta l a ctiv itie s in th e g ov er nm e nt-w id e fin an cia l s ta te m en ts . H o w ev er , u nlik e th e g ov er nm e nt-w id e fin an cia ls ta te m en ts , g ove rn m en ta l fu nd fin an cia l s ta te me nts fo cu s o n n ea r-te rm in flo ws a nd o utflo ws o f sp en da ble re so urc es,a s w ell a s o n b ala nce s o f sp en da ble re so urce s a va ila ble a t th e e nd o f th e fisca l ye ar. S uch in fo rm atio n m ay b e u se fu lin e va lu atin g a g ov er nm e nt's n ea r-te rm fin an cia l r eq uir em e nts .B ec au se th e fo cu s o f g ove rn me nta l fu nd s is n arro w er th an th at o f th e g ov ern m en t-w id e fin an cia l s ta te m en ts , it isu se fu l to co m pa re th e in fo rm a tio n p re se nte d fo r g ov ern m en ta l fu nd s w ith s im ila r in fo rm a tio n p re se nte d fo rg ove rn m en ta l a ctiv itie s in th e g ove rn me nt-w id e fin an cia l s ta te m en ts . B y d oin g s o, re ad ers m a y b ette r u nd ers ta nd th elo ng -te rm im p ac t o f th e g ove rn m en t's n ea r-te rm fin an cin g d ec is io ns . B oth th e g ov ern m en ta l fu nd b ala nce sh ee t a ndth e g ove rn m en ta l fu nd s ta te m en t o f re ve nu es, e xp en ditu re s a nd ch an ge s in fu nd b ala nce s p ro vid e a re co nc ilia tio n tofa cilita te th is c om p ar is on b etw e en g ov ernm en ta l fu nd s a nd g o ve rnm en ta l a ctiv itie s.T he C ou nty o f S co tt, Io wa m a in ta in s s eve n in div id ua l g ove rn m en ta l fu nd s. In fo rm a tio n is p re se nte d se pa ra te ly in th eg ove rn me nta l fu nd b ala nce sh ee t a nd in th e g ove rn me nta l fu nd sta te me nt o f re ve nu es , e xp en ditu re s a nd ch an ge s infu nd b ala nc es fo r th e G e ne ra l F un d, M e nta l H e alth /D ev elo pm e nt D is ab ilitie s F un d, S eco nd ary R oa ds F un d, C ap ita lP ro je cts F un d a nd D eb t S erv ice F un d w hich a re co ns id ere d to b e m ajo r fu nd s. D ata fro m th e o th er tw o g ove rn me nta lfu nd s a re c om b in ed in to a s in gle , a gg re ga te d p re se nta tio n. In div id ua l fu nd d ata fo r e ac h o f th es e n on ma jo rg ove rn m en ta l fu nd s is p ro vid ed in th e fo rm o f co m bin in g sta te m en ts e ls ew he re in th is re po rt.T he b as ic g ove rn me nta l fu nd fin an cia l s ta te me nts ca n b e fo un d o n p ag es 1 9 th ro ug h 2 4 o f th is re po rt.P ro prie ta ry fu nd s: T he C o un ty o f S co tt m a in ta in s o ne ty pe o f p ro prie ta ry fu nd s: e nte rp rise . E nte rp rise fu nd s a re u se dto re po rt th e sa m e fu nc tio ns p re se nte d a s b us in es s-typ e a ctiv itie s in th e g ove rn m en t-w id e fin an cia l s ta te m en ts . T heC ou nty o f S co tt m a in ta in s o ne e nte rp ris e fu nd . P ro prie ta ry fu nd s p ro vid e th e sa m e ty pe o f in fo rm a tio n a s th eg ov er nm e nt-w id e fin a nc ia l s ta te m en ts , o nly in m o re d e ta il. T he p ro prie ta ry fu n d fin an cia l s ta te m en ts p ro vid e s ep ara tein fo rm atio n fo r th e G olf C ou rse F un d, a s th is fu nd is co ns id ere d to b e a m ajo r fu nd o f th e C ou nty o f S co tt.

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C ou nty o f S co tt, Io waM a na gem en t's D is cu ss io n a nd A na ly sisY ear E nd ed June 30 , 2009T he b as ic p ro prie ta ry fu nd fin an cia l s ta te me nts ca n b e fo un d o n p ag es 2 5 th ro ug h 2 7 o f th is re po rt.F id uc ia rv fu nd s: F id uc ia ry fu nd s a re u se d to a cc ou nt fo r re so urce s h eld fo r th e b en efit o f p artie s o uts id e th eg ove rn m en t. F id uc ia ry fu nd s a re n ot re fle cte d in th e g ov ern m en t-w id e fin an cia l s ta te m en t b eca us e th e re so urc es o fth ose fu nd s a re n ot a va ila ble to su pp ort th e C ou nty o f S co tt, Io wa 's o wn p ro gra ms. T he fid uc ia ry fu nd s o f th e C ou ntya re co ns id ere d a ge nc y fu nd s. T ota l a ss ets o f th e fid uc ia ry fu nd s w ere $ 21 7,7 66 ,4 99 a nd $ 20 6,8 38 ,4 06 fo r th e y ea rse nd ed J un e 3 0,2 00 9 a nd 2 00 8, re sp ective ly .T he b as ic fid uc ia ry fu nd fin an cia l s ta te me nts ca n b e fo un d o n p ag e 2 8 o f th is re po rt.N o te s to b as ic fin an cia l s ta te m en ts : T he n ote s p ro vid e a dd itio na l in fo rm a tio n th at is e ss en tia l to a fu ll u nd ers ta nd in go f th e d ata p ro vid ed in th e g ov ern m en t-w id e a nd fu nd fin an cia l s ta te m en ts .

O th er in fo rm atio n: In a dd itio n to th e b as ic fin an cia l s ta te m en ts a nd a cco m pa ny in g n ote s, th is re po rt a ls o p re se ntsce rta in re qu ire d s up ple m en ta ry in fo rm a tio n c on ce rn in g th e C ou nty o f S co tt, Io wa 's b ud ge ta ry co m pa ris on a nd o th erp oste mp lo ym en t b en efit p la n sch ed ule o f fu nd in g p ro gre ss. T his in fo rm atio n ca n b e fo un d o n p ag es 5 8 a nd 6 0 o f th isreport .T he co m bin in g sta te m en ts re fe rre d to e arlie r in c on ne ctio n w ith n on m a jo r g ov ern m en ta l fu nd s a re p re se nte dimm e dia te ly fo llo w in g th e n ote s to b as ic fin an cia l s ta te m en ts a nd th e re qu ire d s up ple m en ta ry in fo rm a tio n.Go ve rnm e nt-W i de F in a nc ia l A n aly sisA s n ote d e arlie r, n et a sse ts m ay se rve o ve r tim e a s a u se fu l in dica to r o f a g ove rn me nt's fin an cia l p os itio n. T heC ou nty 's to ta l n et a sse ts h ave d ecre ase d fro m a ye ar a go fro m $ 79 ,4 93 ,4 21 to $ 79 ,3 74 ,6 33 .O f th e C ou nty o f S co tt's n et a ss ets , 8 9 p erce nt re fle cts its in ve stm e nt in ca pita l a sse ts (e .g ., la nd , b uild in gs a ndim p ro ve m en ts , e qu ip m en t a nd in fra stru ctu re ), le ss a ny re la te d d eb t u se d to a cq uire th ose a ss ets th at is s tillo uts ta nd in g. T he C ou nty o f S co tt u se s th es e ca pita l a ss ets to p ro vid e se rv ice s to c itiz en s; c on se qu en tly , th esea ss ets a re n ot a va ila ble fo r fu tu re s pe nd in g. T he C ou nty 's n et a ss ets in ve ste d in c ap ita l a ss ets , n et o f re la te d d eb t,w as $ 71 ,0 29 ,0 91 fo r 2 00 9 a nd $ 71 ,3 34 ,9 33 fo r 2 00 8. A lth ou gh th e C ou nty 's in ve stm en t in its ca pita l a sse ts isre po rte d n et o f re la te d d eb t, it sh ou ld b e n ote d th at th e re so urce s n ee de d to re pa y th is d eb t m ust b e p ro vid ed fro mo th er so urce s s in ce th e ca pita l a sse ts th em se lve s c an no t b e u se d to liq uid ate th ese lia bilitie s.

C u rr en t a n d o th er a ss etsCap it a l a s s e tsT o ta l a s se ts

Non c u rr e n t l ia b il it ie s o u t st a nd i ngOthe r l iab i li ti e s

To ta l l iab i li ti e s

T ab le 1 - C ou nty o f S co tt's N et A ss etsG ov e rnmen t al A c t iv it ie s B u s in e s s -T y pe A c ti vi ti es T o ta l C o u nt y2 009 2008 2009 2008 2009 2008

$ 63 ,646 ,707 $ 64 ,122 ,137 $ (2 ,681,577) $ (2 ,254,825) $ 60,965,130 $ 61,867,31296 ,537 ,372 98 ,344 ,173 2,125,994 2,266,457 98,663,366 100 ,610 ,630160 ,184 ,079 162 ,4 66 ,310 (555 ,583 ) 1 1 ,632 159 ,62 8 ,496 162 ,477 ,9 4231 ,366 ,315 34 ,067 ,530 843 ,562 1,133,817 32,209,877 35,201,34747 ,155 ,979 46 ,811 ,7 40 888 ,007 971 ,4 34 48 ,0 43 ,986 47 ,78 3 ,17478 ,522 ,294 80 ,879 ,2 70 1 ,73 1 ,569 2 ,105 ,251 80 ,2 53 ,863 82 ,98 4 ,521

70 ,017 ,361 70 ,527 ,812 1,011,730 807 ,121 71,029,091 71,334,9335 ,438 ,9 52 4 ,994 ,08 1 324 ,400 325 ,1 66 5 ,76 3 ,352 5 ,319 ,2476,205,472 6 ,065 ,147 (3,623,282) (3 ,225,906) 2,582,190 2,839,241

$ 81 ,661 ,785 $ 81 ,587 ,040 $ (2 ,287,152) $ (2 ,093,619) $ 79,374,633 $ 79,493,4215

Ne t a s s e ts :I nv es te d in c ap ita l a ss ets , n e t o fr ela te d d e b t

Rest r i c tedUnres t r i c ted

T ota l n et a ss ets


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C ou nty o f S co tt, Io waM a na gem en t's D is cu ss io n a nd A na ly sisY ear E nd ed June 30 , 2009N e t a ss ets a re re po rte d a s re stric te d w he n th ere a re lim ita tio ns im p ose d o n th eir u se th ro ug h e na blin g le gis la tio n o rth ro ug h e xte rn al re str ic tio ns im po se d b y c re dito rs , g ra nto rs , o r la ws o r re gu la tio ns o f o th er g ove rn m en ts. N et a ss etsre stric te d th ro ug h e na blin g le gis la tio n fo r 2 00 9 a nd 2 00 8 co ns is t o f $ 3,2 29 ,3 46 a nd $ 3,7 28 ,7 60 fo r d eb t se rv ice ,$ 1,7 13 ,6 46 a nd $ 57 2,2 42 fo r m e nta l h ea lth a nd $ 27 3,4 09 a nd $ 48 6,4 05 fo r se co nd ary ro ad s, re sp ec tiv ely . A na dd itio na l $ 54 6,9 51 a nd $ 53 1,8 40 is re str ic te d b y e xte rn al th ird p artie s, re sp ectiv ely . T he re m ain in g b ala nce o fu nre stric te d n et a sse ts , $ 2,5 82 ,1 90 fo r 2 00 9 a nd $ 2,8 39 ,2 41 fo r 2 00 8, m ay b e u se d to m ee t th e g ove rn me nt'so ng oin g o blig atio ns to c itiz en s a nd c re dito rs .A t th e e nd o f th e cu rre nt fisca l ye ar, th e C ou nty o f S co tt, Io wa is a ble to re po rt p os itive b ala nce s in a ll th re eca te go rie s o f n et a sse ts fo r g ov ern m en ta l a ctiv itie s. T he sa m e situ atio n h eld tru e fo r th e p rio r fisc al y ea r.T he C ou nty 's to ta l n et a sse ts d ecre ase d b y $ 11 8,7 88 d urin g th e cu rre nt fisca l ye ar a s co mp are d to a d ecre ase o f$ 18 9,6 96 in 2 00 8. T he g ove rn me nta l-ty pe a ctiv itie s' n et a ss ets in cre ase d b y $ 74 ,7 45 in 2 00 9 a nd $ 31 ,3 57 in 2 00 8.T he in cre ase s in 2 00 8 a nd 2 00 9 w ere d ue to in cre ase s in ca pita l a sse ts . T he to ta l b us in ess -ty pe a ctiv itie s' n et a ss etsdecreased by $193 ,533 in 2009 and $221 ,053 in 2008 . The dec reases in 2008 and 2009 w ere due to in te res tp aym en ts o n th e d eb t o f th e g olf co urse a nd in cre ase d co sts to o pe ra te th e g olf co urse .T ab le 2 h ig hlig hts th e C ou nty 's re ve nu es a nd e xp en se s fo r th e fisca l ye ar e nd ed Ju ne 3 0,2 00 9 a nd 2 00 8. T he se tw om ain co mp on en ts a re su btra cte d to y ie ld th e ch an ge in n et a sse ts . T his ta ble u tilize s th e fu ll a cc ru al m eth od o faccount ing.R eve nu e is fu rth er d iv id ed in to tw o m ajo r co mp on en ts: p ro gra m re ve nu e a nd g en era l re ve nu e. P ro gra m re ve nu e isd efin ed a s ch arg es fo r s erv ice s a nd s ale s a nd se rv ice s, o pe ra tin g g ra nts a nd co ntr ib utio ns a nd c ap ita l g ra nts a ndc on tr ib utio ns . G e ne ra l r ev en ue in clu de s ta xe s, in ve stm e nt in com e a n d o th er u nr es tr ic te d r ev en ue s ou rc es .

T ab le 2 - C ou nty o f S co tt's C ha ng es in N et A ss etsGov e r nmen t a l A c ti vi ti e s Bus iness-T ype Ac tiv itie s To ta l C oun ty2009 2008 2009 2008 2009 2008

Revenues :P ro g ram r ev e nu e s:

C h a rg e s f or s e rv ic e s $ 5 ,021 ,603 $ 4,877,531 $ 949 ,445 $ 947 ,487 $ 5 ,971 ,048 $ 5,825,018Ope ra ting g ran ts and con tribu tion s 12 ,2 33 ,452 11 ,847 ,705 12 ,2 33 ,45 2 11 ,847 ,705Cap ita l g ran ts and con tribu tion s 1 ,18 4 ,458 153 ,46 9 1 ,1 84 ,458 153 ,46 9

G e n e ra l r ev e nu e s:Taxes :

P ro pe rty taxes 34 ,113 ,14 1 33 ,1 38 ,131 34 ,113 ,1 41 33 ,1 38 ,13 1Loca l op tion sa le s tax 3 ,6 02 ,23 0 3 ,86 7 ,941 3 ,602 ,23 0 3 ,8 67 ,941G am ing 748 ,920 815 ,524 748 ,920 815 ,524O th e r taxes 66 ,852 65 ,253 66 ,852 65 ,253U tility tax rep lacem en ts 1 ,34 8 ,776 1 ,341 ,6 69 1 ,3 48 ,776 1 ,341 ,669P ena lties , in te res t and cos ts on taxes 847 ,456 731 ,456 847 ,456 731 ,456S ta te tax rep la cem en t cre d its 5 ,1 83 ,55 4 5 ,19 4 ,016 5 ,183 ,55 4 5 ,1 94 ,016

S ta te sha red revenues 2 ,7 43 ,73 5 2 ,86 6 ,918 2 ,743 ,73 5 2 ,8 66 ,918Pa ym en ts in lieu o f ta xes 9 ,046 8 ,2 26 9 ,046 8 ,2 26Inves tm en t ea rn ings 674 ,859 1 ,447 ,5 77 1 ,276 9 ,827 676 ,135 1 ,457 ,404M isce lla neous 702 ,537 859 ,093 702 ,537 859 ,093

To ta l revenues 68 ,480 ,61 9 67 ,2 14 ,509 950 ,721 957 ,314 69 ,431 ,3 40 68 ,1 71 ,82 3

6


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C ou nty o f S co tt, Io waM a na gem en t's D is cu ss io n a nd A na ly sisY ear E nd ed June 30 , 2009

T ab le 2 - C ou nty o f S co tt's C ha ng es in N et A ss ets (C on tin ue d)Gove r nment a l A c ti v it ie s2009 2008

Bus ines s -Type Ac ti v it ie s2009 2008

To ta l C o u nt y2009 2008

Expenses :P u blic s afe ty a nd le ga l s er vic esP h ys ic a l h e a lt h a n d s o ci al s e rv ic e sMen t a l hea lt hC ou nt y e n vi ro nment a n d e d u ca ti onRoads and t ranspo rt a ti onGo v er nmen t s e rv ic e s t o r es id e nt sAdminist rat ionDeb t s e rv ic e , i nt er es tGo lf c o ur se

To ta l e x pe n se sIn cre as e in n et a ss ets

20,925,2216,180,832

14,605,2424,882,0237,461,5852,821,526

10,135,7671,393,678

68,405,87474,745

20,289,6805,956,132

15,211,5964,410,0866,712,5112,151,064

10,980,1111,471,972

67,183,15231,357

1,144,2541,144,254(193,533)

1,178,3671,178,367(221,053)

20,925,2216,180,832

14,605,2424,882,0237,461,5852,821,526

10,135,7671,393,6781,144,254

69,550,128(118,788)

20,289,6805,956,132

15,211,5964,410,0866,712,5112,151,064

10,980,1111,471,9721,178,367

68,361,519(189,696)

N e t a s se ts , b e gi nn in gNe t a s se ts , e n di ng

81,587,040$ 81,661,785

81,555,683$ 81,587,040

(2 ,093,619) (1 ,872,56 6)$ (2,287,152) $ (2,093,619)

79,493,421$ 79,374,633

79,683,117$ 79,493,421

T ab le 3 b elo w d is clo se s c ost o f s erv ic es fo r g ov ern me nta l a ctiv itie s. T he to ta l co st o f se rvice s c olu mn co nta in s a llcosts re la ted to the program s and the net cost co lum n show s how m uch of the to ta l am ount is not covered byp ro gra m re ve nu es. S uc cin ctly p ut, n et co sts a re co sts th at m us t b e c ove re d b y lo ca l ta xe s o r o th er g en era l re ve nu eo r t rans fe r s.

T a ble 3 - C o un ty o f S co tt's G o ve rnm en ta l A c tiv it ie sTota l Cost o f Tota l C ost o f N et (E xpense) o f Net (Expense) o f

P rogram s Services 2009 Services 2 008 Serv ices 2009 Services 2 008

P ub li c s a fe ty a n d l eg a l s e rv ic e s $ 20,925,221 $ 20,289,680 $ (17,844,905) $ (18,202,256)Physica l h ea lth and socia l se rv ices 6,180,832 5,956,132 (3 ,958,414) (3 ,776,438)Men t al hea lt h 14,605,242 15,211,596 (6,441,660) (7,320,249)County environment and education 4,882,023 4,410,086 (3 ,580,961) (3 ,103,406)Roads and t ranspo rt a ti on 7,461,585 6,712,511 (7,307,004) (6,657,725)Governmen t se rv ices to residents 2 ,821,526 2,151,064 242,192 775,395Administ rat ion 10,135,767 10,980,111 (9,681,931) (10,547,796)Deb t se rv ice , in te rest 1 ,393,678 1,471,972 (1 ,393,678) (1 ,471,972)Go lf c o ur se 1,144,254 1,178,367 (194,809) (230,880)

Tota l $ 69,550,128 $ 68,361,519 $ (50,161,170) $ (50,535,327)

N et cost o f serv ices is 72 percent of to ta l cost o f services in 2009 and 74 percent in 2008. The C ounty w as able tom ainta in the net cost o f services in the current year due to nontax revenues and fees being rev iew ed and adjusted ona n o ng oin g b as is .

7


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C ou nty o f S co tt, Io waM a na ge m en t's D is cu ss io n a nd A na ly sisY ear E nd ed June 30 , 2009Go v e rnmen ta l A c tiv it ie sT he g ra ph s b elo w sh ow th e p erce nta ge o f th e to ta l g ove rn me nta l a ctiv itie s re ve nu es a llo ca te d b y e ach re ve nu e typ efo r 2009 and 2008 .

R evenues B y Source - Gov e rnme n t a l A c tiv it ie s 2009P ena lties , in te res t an d s ta te tax s ta te s hared Inv es tm en t

c o st s o n t a xe s ~e P la c e m en t1% cred~s

8%U ti ll y t ax r ep la c em e n ts

2% Gam ing1%

MisceHaneous1%

C ap la l g ra nts a ndcon t r i bu t i ons2%

R ev en u es B y S ou rc es - G ov ern me nta l A ctiv itie s 2 00 8Investmen t

L oc al o pt io n s ale s t ax6%

8

C ap la l g ra nts a ndcon t r i bu t i ons

0%


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C ou nty o f S co tt, Io waM a na gem en t's D is cu ss io n a nd A n aly sisY ear E nd ed Ju ne 30 , 200 9T ota l b us in ess-typ e a ctiv itie s' re ve nu e fo r th e fisca l ye ars e nd ed Ju ne 3 0,2 00 9 a nd 2 00 8 w as $ 95 0,7 21 a nd$ 95 7,3 14 , re sp ective ly . A ll b ut $ 1,2 76 a nd $ 9,8 27 o f th is re ve nu e w as g en era te d fo r s pe cific b us in ess -ty pe a ctiv itye xp en se s. T he g ra ph s b elo w s ho w a c om p ariso n b etw ee n th e b us in es s-typ e a ctiv ity e xp en ditu re s a nd p ro gra mre ve nu es a nd o pe ra tio ns fo r G lyn n's C re ek G olf C ou rse in 2 00 9 a nd 2 00 8.

G olf C ou rs e O pe ra tio ns 2 00 8

$1 ,200 ,000$1 ,000 ,000

$800 ,000$600 ,000$400 ,000$200 ,000

$-$(200 ,000)$(400 ,000) ,./

$1 , 069 , 855

Ope ra tin g Ope ra tin g Nonope ra tin g Ne t Lo ss Round s P la y e dRe v enue Expen se s Exp en se s

G olf C ou rs e O pe ra tio ns 2 00 9

$1 ,050 ,000$800 ,000$550 ,000$300 ,000$50 ,000

$ ( 200 ,000 )$ ( 450 ,000 ) /

Ope ra t in g Ope ra tin g Nonope ra tin g Ne t Lo ss Round s P la ye dRe v enue Expe n se s Exp en se s

9


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C ou nty o f S co tt, Io waM a na gem en t's D is cu ss io n a nd An aly sisY ear E nd ed Ju ne 30 , 200 9T he g ra ph s b elo w s h ow th e b re akd ow n o f re ve nu es b y so urce fo r th e b us in es s -ty p e a ctiv itie s in 2 00 9 a nd 2 00 8.

R evenues B y S ource - B u s in e s s- T y pe A c tiv it ie s 20090%

C h ar ge s f or s e rv ic e s. In v es tm e n t e a rn in g s

R ev en ue s B y S ou rc e - B us in e s s- T y pe A c ti vit ie s 20081%

C h ar ge s f or s e rv ic e s. In v es tm e n t e a rn in g s

Bus iness- type ac ti vi ti es : B us in es s-ty pe a ctiv itie s d ec re as ed th e C ou nty o f S co tt's n et a ss ets b y $ 22 1,0 53 ,a cc o un tin g fo r 1 17 p erc e nt o f th e d eclin e in th e g ove rn me nt's n et a ss e ts in fisc a l ye ar e nd ed J u ne 3 0, 2 00 8co m p a re d to a d e c re a s e o f $ 1 9 3 ,5 3 3 a n d 1 6 3 p e rce n t in fisc a l y e a r e n d e d J u n e 3 0 ,2 0 0 9 . T h e G olf Co u rse F un d isr es p on sib le fo r th is d e cr ea se .F in an cia l A na ly sis o f th e G ov ern m en t's F un dsAs n ote d e arlie r, th e Co un ty o f S co tt, Io wa u se s fu nd a cc o un tin g to e nsu re a nd d em o ns tra te co mp lia nc e w ithf in a n ce - re la te d le g a l r e qu ir e me n ts .Gov er nmen ta l f un d s: T he fo cu s o f th e Co un ty o f S co tt, Io wa 's g ov e rn me nta l fu nd s is to p ro vid e in fo rm a tio n o nn ea r-te rm in flo ws, o utflo ws a nd b ala nce s o f s pe nd ab le re so urc es. S uc h in fo rm atio n is u se fu l in a ss ess in g th eCo un ty 's fin an cin g re qu ire me nts . In p artic ula r, u nre se rv ed fu nd b ala nce m ay s erve a s a u se fu l m ea su re o f ag ove rn me nt's n et re so urc es a va ila ble fo r sp en din g a t th e e nd o f th e fis ca l y ea r.

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C ou nty o f S co tt, Io waM a na gem en t's D is cu ss io n a nd A na ly sisY ear E nd ed June 30 , 2009A s o f th e e nd o f th e c urre nt fisc al ye ar, the C ou nty o f S co tt, Io wa 's g ove rn me nta l fu nd s re po rte d c om bine d e nd ingfun d b ala nce s o f $1 9,6 19 ,01 8, a d ec rea se of $ 56 1,6 78 in co mpa rison w ith th e prio r ye ar fun d b alan ce of$ 20 ,1 80 ,6 96 . A pp ro xim ate ly 6 2 p erc en t o f th e 2 00 9 to ta l a mo un t, o r $ 12 ,2 54 ,3 01 , a nd $ 12 ,7 07 ,9 26 , o r 6 3 p erc en t,fo r 2 00 8 c on stitu te s u nre se rv ed fu nd b ala nc e, w hic h is a va ila ble fo r s pe nd in g a t th e g ov ern me nt's d is cre tio n.H ow eve r, ap pro xim ate ly 5 1 p erc en t o f th is u nre se rve d am ou nt, $ 6,2 97 ,82 1 in 2 009 a nd 54 p ercen t $6 ,85 8,3 73 in20 08, is re po rted in sp ec ia l reve nue fun ds o r ca pita l p ro je cts fun ds . Th e re ma in de r o f the fu nd ba la nce is rese rve d toin dica te th at it is n ot a va ilab le fo r n ew sp end in g b ec au se it h as a lrea dy b een co mm itte d.The G ene ra l Fund is the ch ie f ope ra ting fund o f the C ounty . A t the end o f the fisca l yea r, the un reserved andun de sign ate d fu nd ba la nce o f th e G en era l F und w as $ 5,9 56 ,4 80 fo r 2 00 9 a nd $ 5,8 49 ,55 3 fo r 20 08 w hile to ta l fu ndba la nc e rea ch ed $1 0,0 91 ,8 51 fo r 20 09 an d $ 9,5 93 ,56 3 fo r 20 08. A s a m ea su re o f the G ene ra l Fu nd 's liq uid ity , it m ayb e u se fu l to c om pa re b oth u nre se rv ed /u nd es ig na te d fu nd b ala nc e a nd to ta l fu nd b ala nc e to fu nd e xp en ditu re s.U nre se rv ed /u nd es ig na te d fu nd b ala nc e re pre se nts 1 4 p erc en t o f to ta l G en era l F un d e xp en ditu re s fo r 2 00 9 a nd 2 00 8,w hile to ta l fu nd b ala nce a lso re prese nts a ppro xim ate ly 2 4 an d 2 3 p erce nt o f tha t s am e a mo un t fo r 20 09 an d 2 00 8,respect ively.The fund ba lance o f the C oun ty 's G ene ra l Fund increased by $498 ,288 dur ing the yea r ended June 30, 2009 . Thekey fa cto rs in th is increa se are FE MA re im bu rse me nts an d a de cre ase in e xp en ditu re s as a re su lt o f va riou se ff ic ie n cy in itia tiv es t hr ou g ho u t t he C o u nt y.The fund ba lance o f the C oun ty 's G ene ra l Fund increased by $728 ,099 dur ing the yea r ended June 30, 2008 . Thekey fa cto rs in th is increa se are a p lan ne d inc rea se in prop erty ta x reve nue s a nd loca l o ption ta xes re ce ive d a ndu np la nn ed in cre as es in in te re st in co me re ce iv ed d ue to m ark et re co ve rie s.T he M en ta l H ea lth /D ev elo pm en t D is ab ilitie s F un d b ala nc e in cre as ed to $ 1,7 13 ,6 46 in 2 00 9 fro m $ 57 2,2 42 in 2 00 8an d in cre ase d from $3 96,3 72 in 2 007 . R eve nu es a re to be use d to pro vide m enta l h ea lth a nd d is ab ility serv ice s. T heM en ta l H ea lth /D ev elo pm en t D is ab ilitie s F un d b ala nc e in cre as ed in 2 00 9 d ue to a dd itio na l s ta te fu nd in g p ro vid ed toth e C ou ntie s fo llo win g lo ca l o ffic ia ls lo bb yin g e ffo rts fo r a dd itio na l s ta te m en ta l h ea lth fu nd in g. F un d b ala nc ein cre as ed in 2 00 8 d ue to a dd itio na l s ta te fu nd in g p ro vid ed to th e C ou ntie s fo llo win g lo ca l o ffic ia ls lo bb yin g e ffo rts fo ra dd itio na l s ta te m en ta l h ea lth fu nd in g. T his h as b ee n th e h ig he st le gis la tiv e p rio rity o f th e B oa rd o f S up erv is ors fo rthe p as t se vera l le gis la tiv e se ss io ns - to find a pe rm an en t so lu tion to fun ding M H-D D s erv ice s in Io wa . F or 2 00 9, theM H-D D fun d b alan ce incre ased by $ 1,1 41 ,40 4. T his increa se is a d irec t resu lt o f a d ec rea se in ex pe nd itu res re la tedto the C ounty 's po rtion o f the FM AP M ed ica id m atch . Th is change occu rred as a resu lt o f A RR A s tim ulus funds.B ecause of the s ta te 's budge t cu ts in 2010 , the C ounty M H-D D A dv iso ry C om mittee has deve loped a lis t o fp rio ritiz ed s erv ic e re du ctio ns to ta lin g a pp ro xim ate ly $ 30 0,0 00 w hic h w ill b e im ple me nte d s ho uld th e le gis la tu re n otta ke a ctio n to re sto re M H -D D fu nd in g d urin g th eir 2 00 9/2 01 0 le gis la tiv e s es sio n.The S econda ry R oads Fund decreased $212 ,996 in 2009 from $486 ,405 in 2008 from $936,185 in 2007 . Thed ec re as es in fu nd b ala nc e re la te to p la nn ed c ap ita l a nd c on stru ctio n p ro je cts .T he C ap ita l P ro je cts F un d d ec rea se d $1 ,48 7,3 88 in 2 00 9 fro m $ 5,5 41 ,20 7 in 2 008 . T he de cre as e in fu nd ba la ncere la te s to p la nn ed c ap ita l p ro je cts .T he D eb t S erv ic e F und d ec rea se d $4 99,4 14 in 2 00 9 from $3 ,72 8,7 60 in 20 08 . Th e d ecre ase in fun d b alan ce re la testo th e n orm al p rin cip al a nd in te re st p ay me nts o n d eb t o uts ta nd in g.

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C ou nty o f S co tt, Io waM a na gem en t's D is cu ss io n a nd A na ly sisY ear E nd ed June 30 , 2009P r op r ie ta ry f un d s : T he C ou nty o f S co tt's p ro prie ta ry fu nd s p ro vid e th e sa me typ e o f in fo rm atio n fo un d in th eg ove rn m en t-w id e fin an cia l s ta te m en ts b ut in m o re d eta il. O th er fa cto rs c on ce rn in g th e fin an ce s o f th es e fu nd s h av ea lr ea dy b ee n a dd re ss ed in th e d is cu ss io n o f th e C o un ty 's b us in es s-ty pe a ctiv itie s.Budg et ar y H ig h lig h tsF orm al a nd le ga l b ud ge ta ry co ntro l is b ase d o n n on m a jo r c la sse s o f d isb urse me nts kn ow n a s fu nctio ns, n ot b y fu ndo r fu nd typ e. D iffe re nce s b etw ee n th e o rig in al b ud ge t a nd th e fin al a me nd ed b ud ge t ca n b e su mm arize d a s fo llo ws:

The to ta l o rig ina l revenue budge t o f $67 ,878 ,395 w as inc reased to $68 ,369 ,210 (an increase o f $490 ,815 )m ain ly d ue to a n e xp ec te d in cre ase in in te rg ove rn me nta l re ve nu es su ch a s g ra nt re ve nu es a nd F EM Ar eim b ur sem en ts . A ctu al re ve nu es re ce iv ed w e re $ 67 ,5 54 ,2 59 .

The to ta l o rig ina l expend itu re budge t o f $72 ,852 ,147 w as inc reased to $74 ,674 ,212 (an increase o f$ 1,8 22 ,0 65 ) m a in ly fo r e xp ec te d e xp en ditu re s in th e s erv ice a re as o f p ub lic s afe ty a nd le ga l s erv ic es,p hy sic al h ea lth a nd s oc ia l s erv ic es , r oa ds a nd tr an sp or ta tio n, C o un ty e nv iro nm e nt a nd e du ca tio n s erv ic es ,g ov er nm e nt s erv ic es to re sid en ts , c ap ita l p ro je cts a nd a dm in is tr atio n. S p ec ific ally , th e a dd itio na le xp en ditu re s re la te to F EM A e xp en ditu re s, a dd itio na l g ra nt e xp en ditu re s a nd e xp en ditu re s re la te d to th es ec on da ry ro ad s d ep artm e nt. A ctu al e xp en ditu re s w e re $ 68 ,1 43 ,3 87 .

The to ta l o rig ina l budge t fo r trans fe rs in and ou t o f $9 ,700 ,891 w as unchanged .D urin g th e ye ar, h ow eve r, e xp en ditu re s w ere le ss th an b ud ge ta ry e xp en ditu re s. Io wa la w re qu ire s b ud ge ta m en dm e nts to sp ec ific e xp en ditu re s erv ice a re as, i.e ., p ub lic s afe ty a nd le ga l s erv ic e, to b e e na cte d b y th e B oa rd o fSupe rv iso rs no la te r than M ay 31 o f each fisca l yea r. S ince the C oun ty 's fisca l yea r end s on June 30 and s ince theC ou nty 's b ud ge t is b ase d o n th e cu rre nt fin an cia l re so urce s m ea su re me nt fo cu s a nd th e m od ifie d a ccru al b as is o fa cco un tin g, th e B oa rd ta ke s a co nse rva tive a pp ro ach w he n e na ctin g ye ar-e nd b ud ge t a me nd me nts . T his m ea ns th eco mp ariso n o f a ctu al to b ud ge te d a mo un ts w ill u su ally sh ow e xp en ditu re s to b e w ell b elo w b ud ge te d a mo un ts . T hisis e sp ecia lly tru e fo r ca pita l o utla y fu nctio n w he n p ro je cts m a y ro llo ve r to a su bs eq ue nt fisc al y ea r. T he b ud ge te dtra ns fe rs o ut a re fo r tra ns fe rs to ca pita l p ro je cts a nd sp ec ia l re ve nu e fu nd s.C a pit al A s se t a n d D e bt A dm in is tr atio nC ap ita l a ss ets : T he C ou nty o f S co tt's in ve stm e nt in ca pita l a ss ets fo r its g ov ern m en ta l a nd b usin ess -ty pe a ctiv itie s a so f J un e 3 0,2 00 9 a nd 2 00 8, a m ou nts to $ 98 ,6 63 ,3 66 a nd $ 10 0,6 10 ,6 30 (n et o f a cc um u la te d d ep re cia tio n),re sp ec tiv ely . T h is in ve stm e nt in c ap ita l a ss ets in clu de s la nd , b uild in gs a nd im p ro vem en ts , e qu ip m en t, in fra stru ctu rea nd c on stru ctio n-in -p ro gre ss . T he to ta l d ecre ase in c ap ita l a ss ets fo r 2 00 9 w as 2 p erc en t (a 2 p erc en t d ecre ase fo rg ove rn m en ta l a ctiv itie s a nd a 6 p erce nt d ec re as e fo r b us in es s-typ e a ctiv itie s). T he to ta l in cre ase in ca pita l a sse ts fo r2 00 8 w a s 4 p erc en t (a 4 p erc en t in cre as e fo r g ov ern m en ta l a ctiv itie s a nd a 6 p erc en t d ec re as e fo r b us in es s-typ eac t iv i ti es ) .M ajo r ca pita l a sse t e ve nts d urin g th e cu rre nt fisca l ye ar e nd ed Ju ne 3 0, 2 00 9 in clu de d re stro om im pro ve me nts a tW es t L ake P ark , cu lve rt a nd d ra in ag e re pa irs a t S co tt C ou nty P ark, G IS im ple me nta tio n, th e p oo l a nd a qu atic ce nte rre no va tio n, P in e K n oll c hille r re pla cem en t a nd c om p le tio n o f th e ja il fa cility e xp an sio n.M a jo r ca pita l a sse t e ve nts d urin g th e c urre nt fis ca l ye ar e nd ed J un e 3 0,2 00 8 in clu de d th e W a ps i E nv iro nm e nta lE du ca tio n C en te r re sid en ce , th e p oo l a nd a qu atic c en te r re no va tio n, th e 5 th s tr ee t p ar kin g lo t e xp an sio n, th e s ec on dflo or c ou rth ou se re no va tio n a nd th e ja il fa cility e xp an sio n.

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T ab le 4 - C ou nty o f S co tt's C ap it al A ss et sBu s in e s s- T yp e Ac ti vi ti es Governmenta l Activ itie s To ta l2009 2008 2009 2008 2009 2008

Land $ 1,556,336 $ 1,556,336 $ 4,365,740 $ 4,365,740 $ 5,922,076 $ 5,922,076Cons t ruc ti on -i n -p rog ress 4,369,853 33,686,691 4,369,853 33,686,691Bui ld ings 506,490 506,490 65,344,202 35,269,249 65,850,692 35,775,739I mp ro v em e nt s o th e r t ha n b u il di ng s 663,428 663,428 2,949,321 2,785,053 3,612,749 3,448,481Infrastructure 62,374 62,374 80,068,048 78,871,946 80,130,422 78,934,320M a ch in er y a n d e qu ipm e nt 990,800 970,497 15,143,757 15,524,893 16,134,557 16,495,390Ac c umu la t ed d ep re c ia t io n (1,653,434) (1 ,492,668) (75,703,549) (72,159,399) (77,356,983) (73,652,067)

Tot a l $ 2,125,994 $ 2266457 $ 96,537,372 $ 98344173 $ 98,663,366 $ 100610630

A dd itio na l in fo rm atio n o n th e C ou nty o f S co tt's ca pita l a ss ets c an b e fo un d in N ote 7 o f th is re po rt.D eb t: A s o f Ju ne 3 0,2 00 9, th e C ou nty o f S co tt, Io wa h ad g en era l o blig atio n b on ds o uts ta nd in g to ta lin g $ 7,7 65 ,0 00 , ale as e a gre em e nt fo r th e ja il fa cility fo r $ 24 ,6 70 ,0 00 a nd a p urc ha se c on tra ct a nd c ap ita l le as e (b us in es s-ty pea ctiv itie s) o uts ta nd in g to ta lin g $ 1,1 14 ,2 64 . In th e c urre nt y ea r, th e C ou nty g ov ernm en ta l a ctiv itie s p aid $ 2,0 65 ,0 00 inp rin cip al a nd $ 1,3 98 ,1 36 in in te re st o n o uts ta nd in g d eb t. B us in es s-ty pe a ctiv itie s p aid $ 35 1,1 77 in p rin cip al a nd$ 90 ,2 26 in in te re st o n o uts ta nd in g d eb t in th e cu rre nt y ea r.A s o f J un e 3 0,2 00 8, th e C ou nty o f S co tt, Io wa h ad g en era l o blig atio n b on ds o utsta nd in g to ta lin g $ 8,7 60 ,0 00 , ale as e a gre em e nt fo r th e ja il fa cility fo r $ 25 ,7 40 ,0 00 a nd a p urc ha se c on tra ct a nd c ap ita l le as e (b us in es s-ty pea ctiv itie s) o uts ta nd in g to ta lin g $ 1,4 59 ,3 36 . In th e c urre nt y ea r, th e C ou nty g ov ernm en ta l a ctiv itie s p aid $ 1,9 25 ,0 00 inp rin cip al a nd $ 1,5 03 ,7 45 in in te re st o n o uts ta nd in g d eb t. B us in es s-ty pe a ctiv itie s p aid $ 33 5,5 97 in p rin cip al a nd$ 10 8,5 12 in in te re st o n o uts ta nd in g d eb t in th e c urre nt y ea r.

Table 5 - County o f Sco tfs Ou tstanding Debt, June 302009

Go ve rnm en ta l a ct iv it ie s :G en era l o blig atio n b on dsL ea se a gr ee m en t

T o la l g ov er nm e nt al a ctiv itie s

B us in es s-ty pe a ctiv itie s, p urc ha se c on tra ct a ndcapilal lease

$

$

$

7,765,000 $24,670,00032,435,000 $

1,114,264 $

20088,760,000

25,740,00034,500,000

1,459,336

Maturity

20172025

2013

A dd itio na l in fo rm atio n a bo ut th e C ou nty's lo ng -te rm d eb t c an b e fo un d in N ote 8 to th e fin an cia l sta te me nts .E co nom ic F acto rs and N ext Y ear's B ud gets and R ates

The C ounty o f Scott increased the urban county levy ra te by 2.6 percent and a lso increased the rura l countylevy ra te by 1.7 percent fo r the budget year end ing June 30, 2010 to m ake up for a decrease in o ther C ountyre ve nu es s uc h a s in te re st in com e, re co rd er re ve nu es a nd s ale s ta x re ce ip ts .

The tax base for the C ounty o f Scott increased 3.5 percent over the prev ious year.

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H ea lth c a re c o s ts a n d p e rs o n n e l c o s ts , w hic h m ak e u p a s ig n ific a n t p o rtio n o f th e C ou n ty 's o p e ra tin g c o sts ,c o ntin ue to b e re as o na bly c o ntro lle d a nd n eg otia te d. T hre e o f th e C ou nty 's fiv e b arg ain in g u nit c o ntra cts a rec u rre ntly u nd er n eg otia tio n fo r th e n ex t b ud ge t y e ar.

T h e C ou n ty w ill fa c e re v e n u e s h o rtfa lls fo r th e fis c a l y e a r 2 0 1 0 . R ev e n u e fro m th e s a le s ta x , re c o rd in g o fin stru m en ts a nd in te re st in co m e c on tin ue to fa ll. S ta te b ud ge t c uts w ill a ls o a ffe ct th e C ou nty fo r fis ca l y ea r2 01 0. T he C ou nty w ill re du ce e xp en ditu re s to m a ke u p fo r th es e s h ortfa lls .

A ll o f th es e fa cto rs w ere c o ns id ere d in p re pa rin g th e C ou nty o f S co tt, Io wa 's b ud ge t fo r th e J u ne 3 0, 2 01 0 fis c a l y e ar.R e qu es ts f or In fo rm a tio nT he se fin an cia l s ta te m en ts a nd d is c us sio ns a re d es ig ne d to p ro vid e o ur c itiz en s, ta xp ay ers , in ve sto rs a nd c re dito rsw ith a c o mp le te d is c lo su re o f th e C ou nty 's fin an ce s a nd to d em on stra te a h ig h d eg re e o f a cc o un ta bility fo r th e p ub licd olla rs e ntru ste d to u s. If y o u h av e q ue stio ns a bo ut th is re po rt o r n ee d a dd itio na l in fo rm atio n, p le as e w rite D ee F .B ru em m er, C ou nty A dm in is tra to r, S co tt C o un ty A dm in is tra tiv e C en te r, 6 00 W e st 4 th S tre et, D a ve np ort, Io w a 5 28 01 -1 0 0 3 .

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Iowa

Scott County


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C ou nty o f S co tt, Io waS ta te me nt o f N et A ss etsJu ne 3 0, 20 09

P r im a r y Go v er nme n tG ove rnm en ta l Bus iness-T ypeAsse ts Ac tiv itie s A ctiv itie s To ta l

C a sh a nd in ve stm e nt s $ 18,314,333 $ 5,838 $ 18,320,171 $Cash and inves tm en ts in escrow 324 ,400 324,400R estr ic ted cash and inves tm en ts 222 ,551 222,551Rece i vab l es :

P rope rty taxes 38 ,936 ,809 38,936 ,809Accrued in te res t 510 ,566 510,566Accoun ts 286 ,385 136 ,884 423 ,269

D ue from othe r gove rnm en ta l agenc ies 2 ,002,980 2 ,002 ,980C a pita l le as e r ec eiv ab le fr om p rim a ry

gove rnmen tInven to rie s 58,615 58 ,615

T ota l c urre nt a ss ets 60 ,273 ,624 525 ,737 60,799 ,361

Componen tUni ts

2 ,296,272

1,957,45323,3768,516

1,110,0005,395,617

N o n cu rr en t a s s et s:R ece ivab les , no tes 116 ,175 116 ,175C a pita l le as e r ec eiv ab le f ro m p rim a rygove rnm en t 23 ,560 ,000In te rna l ba lances 3 ,207,314 (3 ,207 ,314 )Bond is suance costs 49,594 49 ,594 98 ,518C a p it al a s s et s:

No t d e p re c ia t ed :Land 4 ,365 ,740 1 ,556 ,336 5 ,922 ,076 16 ,600C onstruc tion -i n -p rog ress 4 ,369 ,853 4 ,369 ,853

Deprecia ted:Bu ild ings 65 ,344 ,202 506 ,490 65,850 ,692 1,297,266Im p rovem en ts o the r than bu ild ings 2 ,949,321 663 ,428 3 ,612 ,749In fras truc tu re 80 ,068 ,048 62,374 80,130 ,422M achine ry a nd equ ipm en t 15 ,143 ,757 990 ,800 16 ,134 ,557 890 ,151Less a ccum u la ted dep rec ia tion (75 ,703,549) (1 ,653 ,434 ) (77 ,356 ,983 ) (560 ,715 )T ota l c ap ita l a ss ets 96 ,537 ,372 2,125 ,994 98,663 ,366 1,643,302

T ota l n on cu rre nt a ss ets 99 ,910 ,455 (1 ,081 ,320 ) 98,829 ,135 25 ,301 ,820T o ta l a ss ets $ 160,184,079 $ (555,583) $ 159,628,496 $ 30,697,437

S ee N ote s to B as ic F in an cia l S ta te m en ts .

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P r im a r y Go v er nme n tG ove rnm en ta l Bus iness-T ype C om ponen t

L ia bilitie s a nd N et A ss ets Ac tiv itie s A ctiv itie s To ta l U n itsLiabi l i t ies:

A c co un ts p ay ab le $ 3,130,480 $ 26,218 $ 3,156,698 $ 300 ,856C u rren t po rtion o f c la im s payab le 546 ,301 546,301Accrued liab ilitie s 1 ,109 ,778 26,209 1 ,135 ,987 53 ,222In te res t payab le 36 ,798 507 ,641 544,439 84 ,171U nea rned revenue 38 ,859 ,058 20,478 38,879 ,536 1,951,277C om pensa ted a bsences 1 ,333 ,564 18 ,037 1 ,351 ,601 111 ,061C u rren t p o rtion o f gene ra l o b liga tion bonds 1 ,030 ,000 1 ,030 ,000C u rr en t p or tio n o f c a pit al le as e

payab le to com ponen t un it 1 ,110 ,000 1 ,110 ,000C u rren t po rtion o f pu rchase contrac t 250 ,000 250,000C u rren t po rtion o f cap ita l leases 39,424 39 ,424C u rren t po rtion o f revenue bonds 1,110,000

T o ta l c ur re nt lia bilit ie s 47 ,155,979 888 ,007 48 ,043 ,986 3 ,610 ,587Non cu rr e n t l ia b il it ie s :

C la im s payab le 43,030 43 ,030C om pensa ted absences 923 ,392 18 ,722 942,114 82 ,545o the r pos t em ploym en t b ene fits ob liga tion 99 ,882 99 ,882 766G e ne ra l o blig atio n b on ds p ay ab le , n et

bond p rem ium 6 ,740,011 6 ,740 ,011C ap ita l lease payab le to com ponent un it 23 ,560 ,000 23,560 ,000Pu rchase contrac t 824 ,840 824,840R evenue bonds payable , ne t bond discoun t 23 ,334 ,490

To ta l noncu rren t liab ilit ie s 31 ,366 ,315 843 ,562 32,209 ,877 23 ,417 ,801To ta l liab ilitie s 78 ,522 ,294 1 ,731 ,569 80,253 ,863 27 ,028 ,388

N e t a s s et s ( de fi ci t) :In ves ted in cap ita l asse ts , ne t of re la ted debt 70 ,017 ,361 1 ,011 ,730 71,029 ,091 1,643,302R e s tr ic te d f or :

D eb t serv ice 3 ,229,346 3 ,229 ,346C oun ty conse rva tion sew age trea tm en t 222 ,551 222,551Lease pu rchase con trac t 324 ,400 324,400M en ta l hea lth 1 ,713 ,646 1 ,713 ,646Seconda ry roads 273 ,409 273,409C ap ita l p ro jec t, ja il e xpans ion 244 ,108

U n res tric ted 6 ,205,472 (3 ,623 ,282 ) 2 ,582 ,190 1,781,639To ta l ne t asse ts (de fic it) 81 ,661 ,785 (2 ,287 ,152 ) 79,374 ,633 3 ,669 ,049T ota l lia bilitie s a nd n et a ss ets $ 160,184,079 $ (555,583) $ 159,628,496 $ 30,697,437

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C ou nty o f S co tt, Io waS t at emen t o f Ac t iv it ie sY ear E nd ed Ju ne 30 , 200 9

Fu n ct io n s ! P r og ram sP rim a ry G o ve rn m e nt

ExpensesC ha rg es fo r S ale s

a n d S e rv ic e s

P ro g ra m R e ve n ue s

O p era tin g G ra nts a ndContr ibut ions

C ap ita l G ra nts a ndContr ibut ions

G o v e rnm e n ta l a c ti vi ti es :P ub lic s afe ty a nd le ga l s erv ic esP hy sic al h ea lth a nd s oc ia l s erv ic esM e n ta l h e al thC ou nty e nv iro nm e nt a nd e du ca tio nR o a d s a n d t ra n s po rt at io nG o ve rn m en t s erv ic es to re sid en tsAdminist rat ionIn te re st o n lo ng -te rm d eb t

T ota l g ov ern m en ta l a ctiv itie sB u si ne s s- ty pe a cti vi tie s , g o lf

T ota l p rim a ry g ov ern m en tC om po nen t U nits

$

$

$

20,925 ,221 $ 1,182 ,577 $6 ,180 ,832 358,704

14 ,605 ,242 31 ,6334,882 ,023 891,3527 ,461 ,585 21 ,1092 ,821 ,526 2,307 ,783

10 ,135 ,767 228,4451,393 ,678

68,405 ,874 5,021 ,6031 ,144 ,254 949,445

69,550 ,128 $ 5 ,9 7 1 , 04 8 $7,768 ,351 $ 17,582 $

997,871 $1,863 ,7148,131 ,949

409,710133,472471,345225,391

12,233 ,452

12,233 ,452 $3,794 ,037 $

899,868

284,590

1,184 ,458

1,184 ,458397,775

S ee N ote s to B as ic F in an cia l S ta te m en ts

G e ne ra l R ev en ue sTaxes :P ro p er ty ta x es

L oc al o ptio n s ale s ta xGam ingo th er ta xe sU t il it y t ax r ep la c em en tsP en alt ie s, in te re st a nd c os ts o n ta xe sS ta te ta x re p la c em e n t c re d its , u n re str ic te d

S ta te s ha re d r ev en u es , u n re st ric te dP aym en ts in lie u o f ta xe sI nv e st m e nt e a rn in g sM isce l laneous

T ota l g en era l re ve nu esC ha ng es in n et a ss etsN et a ss ets, b eg in nin g o f y ea rN et a ss ets, e nd o f y ea r

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N et (E xp en se ) R ev en ue a nd C ha ng es in N et A ss etsP r im a r y G o v er nm e n t

G ov ern m e nta l B us in es s -T y p eA c tiv itie s A c tiv itie s T o ta l C o m p o n en t U n its

$ (1 7 ,8 4 4 ,9 0 5 ) $ $ (1 7 ,8 4 4 ,9 0 5 ) $(3 ,9 5 8 ,4 1 4 ) (3 ,9 5 8 ,4 1 4 )(6 ,4 4 1 ,6 6 0 ) (6 ,4 4 1 ,6 6 0 )(3 ,5 8 0 ,9 6 1 ) (3 ,5 8 0 ,9 6 1 )(7 ,3 0 7 ,0 0 4 ) (7 ,3 0 7 ,0 0 4 )

2 4 2 ,1 9 2 2 4 2 ,1 9 2(9 ,6 8 1 ,9 3 1 ) (9 ,6 8 1 ,9 3 1 )(1 ,3 9 3 ,6 7 8 ) (1 ,3 9 3 ,6 7 8 )

(4 9 ,9 6 6 ,3 6 1 ) (4 9 ,9 6 6 ,3 6 1 )(1 9 4 ,8 0 9 ) (1 9 4 ,8 0 9 )

(4 9 ,9 6 6 ,3 6 1 ) (1 9 4 ,8 0 9 ) (5 0 ,1 6 1 ,1 7 0 )(3 ,5 5 8 ,9 5 7 )

3 4 ,1 1 3 ,1 4 1 3 4 ,1 1 3 ,1 4 1 1 ,6 8 8 ,4 4 73 ,6 0 2 ,2 3 0 3 ,6 0 2 ,2 3 0

7 4 8 ,9 2 0 7 4 8 ,9 2 06 6 ,8 5 2 6 6 ,8 5 2 7 0 ,1 5 0

1 ,3 4 8 ,7 7 6 1 ,3 4 8 ,7 7 68 4 7 ,4 5 6 8 4 7 ,4 5 6

5 ,1 8 3 ,5 5 4 5 ,1 8 3 ,5 5 42 ,7 4 3 ,7 3 5 2 ,7 4 3 ,7 3 5

9 ,0 4 6 9 ,0 4 66 7 4 ,8 5 9 1 ,2 7 6 6 7 6 ,1 3 5 1 ,0 5 4 ,4 3 17 0 2 ,5 3 7 7 0 2 ,5 3 7 2 2 2 ,0 1 6

5 0 ,0 4 1 ,1 0 6 1 ,2 7 6 5 0 ,0 4 2 ,3 8 2 3 ,0 3 5 ,0 4 47 4 ,7 4 5 (1 9 3 ,5 3 3 ) (1 1 8 ,7 8 8 ) (5 2 3 ,9 1 3 )8 1 ,5 8 7 ,0 4 0 (2 ,0 9 3 ,6 1 9 ) 7 9 ,4 9 3 ,4 2 1 4 ,1 9 2 ,9 6 2

$ 8 1 , 66 1 , 78 5 $ (2 ,2 8 7 ,1 5 2 ) $ 7 9 ,3 7 4 ,6 3 3 $ 3 ,6 6 9 ,0 4 9

1 8


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C ou nty o f S co tt, Io waBa la n ce S h ee tG o ve rnm en ta l F un dsJu ne 3 0, 20 09

P r im a ry Go v er nm e n tM e n ta l H e a lt h/Deve lopmen t

Assets Genera l D isab ilit iesC ash and investm en ts $ 7 ,350 ,232 $ 3 ,187 ,441Restr ic ted cash 222,551R e ce iv ab le s, n et o f a llo w an ce f or u nc olle ct ib le s:

P rope rty taxes, net of a llow ance fo r co llec tion losses of $16 ,228 32,532 ,039 3 ,266 ,933Accrued in te rest 510,566Accoun ts 220,177 14 ,261No tes 116 ,175

Advance to o the r funds 3 ,207 ,314Due from othe r gove rnm en ta l agenc ies 1 ,449 ,136 108 ,063

To ta l asse ts $ 45,608,190 $ 6,576,698L ia bilitie s a nd F un d B ala nc esLiabil i t ies:

Accoun ts payab le $ 1 ,186 ,248 $ 1,577,476C la im s payab le 7 ,670Accrued liab ilities 1 ,006 ,680 19 ,510Compensa ted absences 6 ,334A cc ru ed in te re st p ay ab leDe fe rred revenue 33,309 ,407 3 ,266 ,066

To ta l liab ilities 35,516 ,339 4 ,863 ,052F u nd b a la n ce s :

R e se rv ed f or :N o tes rece ivab le 116 ,175Advances 3 ,207 ,314De b t s e rv ic eCoun ty conse rva tion sewage trea tm en t 222,551

Unrese rved , des igna ted, c la im liab ilities 589,331U n re se rv ed , u nd es ig na te d, r ep or te d in :

G enera l Fund 5 ,956 ,480Spec ia l revenue funds 1,713,646C a pita l P ro je cts F u nd

T ota l fu nd b ala nc es 10 ,091 ,851 1,713,646T ota l lia bilitie s a nd fu nd b ala nce s $ 45,608,190 $ 6,576,698

S ee N ote s to B as ic F in an cia l S ta te me nts .

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P r im a r y Go v er nme n tNonma jo r

Seconda ry Gove rnm en ta lR oads C ap ita l P ro jec ts D ebt Se rv ice Funds To ta l

$ 88,003 $ 4,192,288 $ 3,240,041 $ 256,328 $ 18,314,333222 ,551

767 ,382 2,370,455 38,936,809510 ,566

51 ,500 447 286 ,385116 ,175

3,207,314445 ,781 2 ,002 ,980

$ 533 ,784 $ 4,243,788 $ 4,007,423 $ 2,627,230 $ 63,597,113

$ 176,787 $ 189 ,969 $ $ $ 3,130,4807,670

83 ,588 1 ,109 ,7786,334

10 ,910 10 ,910767 ,167 2,370,283 39,712,923

260 ,375 189 ,969 778 ,077 2,370,283 43 ,978 ,095

116 ,1753,207,314

3 ,229 ,346 3 ,229 ,346222 ,551589 ,331

5,956,480273 ,409 256 ,947 2 ,244 ,002

4 ,053 ,819 4 ,053 ,819273 ,409 4 ,053 ,819 3 ,229 ,346 256 ,947 19 ,619 ,018

$ 533 ,784 $ 4,243,788 $ 4,007,423 $ 2,627,230 $ 63,597,113

2 0


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C ou nty o f S co tt, Io waR e co nc ilia tio n o f T ota l G o ve rn m en ta l F un d B ala nc es - P rim a ry G o ve rn m en tto N et A ss ets o f G o ve rn m en ta l A ctiv itie sJ un e 3 0, 2 00 9

T o ta l g ov er nm e nt al f un d b ala nc es $ 19,619,018Am o un ts r ep or te d f or g ov er nm e nt al a ct iv it ie s a re n ot f in an ci al

r es ou rc es a nd , t he re fo re , a re n ot r ep or te d in t he f un ds :Land $ 4,365,740Cons t ruc t ion - i n -p rog ress 4,369,853Bu ild ings 65 ,344 ,202Im provem ents o the r than bu ild ings 2 ,949 ,321In fras truc tu re 80 ,068 ,048M achine ry and equ ipm ent 15 ,143 ,757Accum ulated deprec ia tion (75,703 ,549) 96,537 ,372

O th er lo ng -te rm a ss ets a re n ot a va ila ble t o p ay f or c urr en t-p er io d e xp en dit ur esa nd , t he re fo re , a re d ef err ed in t he f un ds :De fe rred revenues 853,865

L on g- te rm lia bilit ie s, in clu din g b on ds p ay ab le , a re n ot d ue a nd p ay ab le in t hec ur re nt p er io d a nd , t he re fo re , a re n ot re po rt ed in t he f un ds :C la im s p a ya b le $ (581,661)Com pensated absences (2 ,250 ,622)O ther pos t em ployment bene fits obligation (99 ,882)A cc rued in te res t payable (25 ,888)Cap ita l lease payab le to c om ponent un it (24,670 ,000)Bond issuance cos ts 49 ,594Bond prem ium (5 ,011)Genera l ob liga tion bonds payab le (7 ,765 ,000) (35 ,348 ,470)

N et a ss ets o f g ov ern me nta l a ctiv itie s $ 81,661,785S e e N o te s t o B a sic F in an cia l S ta te m en ts .

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Iowa

Scott County


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C ou nty o f S co tt, Io waS ta te me nt o f R ev en ue s, E xp en ditu re s a nd C ha ng es in F un d

fy09 scott county iowa cafr (comprehensive annual financial report)

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