presented by david youngstrom, cpa jamie rivette, cpa presented on january 22, 2013 prepared by yeo...
TRANSCRIPT
Presented by
David Youngstrom, CPAJamie Rivette, CPA
Presented on
January 22, 2013
Prepared by Yeo & Yeo, P.C. 1
City of Saginaw
Audit Results
June 30, 2012
Audit Opinion• CAN ONLY BE ISSUED BY A LICENSED CPA FIRM • HIGHEST LEVEL OF ASSURANCE • MANAGEMENT RESPONSIBILITY • AUDITOR'S RESPONSIBILITY • UNQUALIFIED OPINION PRESENT FAIRLYIN ALL MATERIAL RESPECTSFINANCIAL POSITION
Prepared by Yeo & Yeo, P.C. 2
City of SaginawGeneral Fund Revenues
June 30, 2012
Prepared by Yeo & Yeo, P.C. 3
Income taxes: $12,533,025
39%
Property taxes: $3,527,803
11%
Inter-governmental: $7,074,369
22%Charges for Services:
$1,481,8095%
Other: $467,2521%
Licenses and Permits: $1,913,003
6%Fines and
Forfeitures: $696,889
2%Grants and
Contributions: $3,887,748
12%Transfers: $826,384
2%
City of SaginawGeneral Fund Revenues
June 30, 2011
Prepared by Yeo & Yeo, P.C. 4
Income taxes: $12,235,713
34%
Property taxes: $2,945,388
8%
Inter-governmental: $8,920,027
25%
Charges for Services:
$1,592,9215%
Other: $490,4891%
Licenses and Permits: $1,683,354
5%Fines and
Forfeitures: $326,715
1%
Grants and Contributions: $5,123,670
14%Transfers: $2,492,500
7%
Excludes transfers 5
City of SaginawGeneral Fund Revenues
Prepared by Yeo & Yeo, P.C.
City of SaginawGeneral Fund Expenditures
June 30, 2012
Prepared by Yeo & Yeo, P.C. 6
Administration: $2,657,039
8%
Transfers: $796,984
2%
Public Safety: $22,329,515
64%
Community Services:
$1,353,7324%
General Government: $4,589,429
13%
General Services: $3,403,877
9%
City of SaginawGeneral Fund Expenditures
June 30, 2011
Prepared by Yeo & Yeo, P.C. 7
Administration: $2,506,866
7%
Transfers: $1,467,175
4%
Public Safety: $22,457,780
63%
Community Services:
$1,543,2474%
General Government: $4,645,916
13%
General Services: $3,096,603
9%
Prepared by Yeo & Yeo, P.C. 8
City of SaginawGeneral Fund Expenditures
Excludes transfers
City of SaginawGeneral Fund Revenues & Expenditures
Prepared by Yeo & Yeo, P.C. 9Excludes transfers
City of SaginawUnassigned General Fund Balance
Prepared by Yeo & Yeo, P.C. 10
City of SaginawWater Fund
Prepared by Yeo & Yeo, P.C. 11Excludes transfers
City of SaginawSewer Fund
Prepared by Yeo & Yeo, P.C. 12Excludes transfers
City of SaginawFuture Challenges
• Personal property taxes• State economic/political condition• Escalating fringe benefit costs• Retirement increases• Eroding state revenue sources• Fund balance• Declining tax base• No funding for capital improvement plan
Prepared by Yeo & Yeo, P.C. 13
Questions?
Prepared by Yeo & Yeo, P.C. 14
City of SaginawJune 30, 2012Audit Results
David YoungstromJamie Rivette
(989) 793-9830
Thank you!