washoe county comprehensive annual financial report for the fiscal year ended june 30, 2005 report...
TRANSCRIPT
![Page 1: Washoe County Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2005 Report to the Board of County Commissioners Presented by Katherine](https://reader036.vdocuments.us/reader036/viewer/2022082805/5515622055034674578b4a5b/html5/thumbnails/1.jpg)
Washoe County Comprehensive Annual
Financial Report for the Fiscal Year Ended
June 30, 2005Report to the Board of County
CommissionersPresented by
Katherine L. Garcia, ComptrollerNovember 15, 2005
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2
FINANCIAL AUDIT:
Unqualified OpinionFinancial position, changes in financial position presented fairly - Accurate Reliable Meets standards for auditing, certification
GASBS 44 early-implemented Economic Condition Reporting – The Statistical
Section
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COMPLIANCE AUDIT:
Unqualified opinion
Audit findings – Federal Awards
No material weaknesses
Qualified as a low risk auditee
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STATEMENT OF CHANGES IN NET ASSETS
$324
$278
$46
$374
$305
$69
$396
$325
$71
$423
$339
$84
$483
$416
$67$0
$50
$100
$150
$200
$250
$300
$350
$400
$450
$500
Mill
ions
($)
2001 2002 2003 2004 2005
Revenues
Expenses
Changes inNet Assets
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GOVERNMENT-WIDE REVENUES BY SOURCE
$54
$44
$34
$75
$117
$90
$50
$35
$77
$122
$87
$55
$34
$81
$139
$84
$62
$35
$90
$152
$110
$64
$44
$101
$164
$0
$50
$100
$150
$200
$250
$300
$350
$400
$450
$500
Mil
lion
s ($
)
2001($324)
2002($374)
2003($396)
2004($423)
2005($483)
Ad Valorem Taxes
Consolidated Taxes
Other GeneralRevenue
Charges forServices
Grants, Interest,Contributions
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GOVERNMENT-WIDE EXPENSES BY TYPE
$9$13
$90
$40
$126
$9$15
$102
$45
$134
$10$16
$108
$49
$142
$10$18
$108
$55
$148
$10$42
$146
$60
$158
$0
$50
$100
$150
$200
$250
$300
$350
$400
$450
Mil
lion
s ($
)
2001($278)
2002($305)
2003($325)
2004($339)
2005($416)
Salaries and wages
Employee benefits
Services and supplies
Depreciation
Interest/fiscalcharges
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GOVERNMENT-WIDE EXPENSES BY FUNCTION
20817
1519
28
38
44
$89
22815
172332
40
55
$93
25919
1823
37
42
51
$101
279
171724
43
44
55
$103
49
938
2126
49
47
60
$117
$0
$50
$100
$150
$200
$250
$300
$350
$400
$450
Mill
ion
s ($
)
2001($278)
2002($305)
2003($325)
2004($339)
2005($416)
Public safety
General government
Judicial
Welfare
Culture andrecreationHealth andsanitationPublic works
Interest and fiscalchargesBusiness-typeexpenses
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STATEMENT OF NET ASSETS
$883
$65
$322
$246
$91
$114
$119
$701
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
Mil
lion
s ($
)
Assets ($1,271)
Liabilities ($337)
Net Assets($934)
Unrestricted
Restricted
Invested in capitalassets, net of debtLong-termliabilitiesLiabilities duewithin one yearNet capital assets
Other assets
Cash andinvestments
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NET CAPITAL ASSETS
$92
$43
$137
$129
$18
$29
$98
$73
$156
$126
$20
$44
$112
$79
$112
$128
$21
$363
$122
$80
$109
$169
$41
$362
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
Mil
lion
s ($
)
2002 ($448)
2003 ($517)
2004* ($815)
2005 ($883)
Infrastructure
Equipment
Buildings/improvements
Land improvements
Construction in progress
Land
*Restated for infrastructure acquired from June 30, 1980.
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OUTSTANDING DEBTDEBTDEBT
$ Millions$ Millions
PRINCIPAL PRINCIPAL OUTSTANDING OUTSTANDING
JULY 1, 2004JULY 1, 2004
DEBTDEBTISSUEDISSUED
PRINCIPAL PRINCIPAL MATURED/ MATURED/
CALLEDCALLED
PRINCIPALPRINCIPALOUTSTANDINGOUTSTANDING
JUNE 30, 2005JUNE 30, 2005
%%OFOF
TOTALTOTAL
General Obligation General Obligation BondsBonds
$ 114.7 $ 13.9 ($10.4) $ 118.2 49
General Obligation- General Obligation- Revenue Backed Revenue Backed BondsBonds
73.6 15.8 (3.1) 86.3 36
Special Assessment Special Assessment BondsBonds
1.7 1.6 (0.5) 2.8 1
Revenue BondsRevenue Bonds 21.6 - (0.7) 20.9 9
Certificates of Certificates of ParticipationParticipation
13.7 - (1.6) 12.1 5
TOTALTOTAL $ 225.3 $ 31.3 ($ 16.3) $ 240.3 100%
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CONCLUSIONS:
How are we doing?
Did we meet current year budgeted goals?
Can current financial health be maintained?
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Did We Meet Current Year Budgeted Goals?
Functional expenditures met budget limitations Technology refresh program was maintained
Revenues were adequate to support operations Debt issued for capital outlay, not operations Federal grant revenue increased $9.7 million, to $36.7
million Stabilization Fund retained $3.25 million in cash
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Did We Meet Current Year Budgeted Goals? (Continued)
Increase in net assets of $67 million All components of net assets are positive Value of capital assets exceed related debt by $701
million
Current assets adequate to meet current obligations Cash ratio – 3.54%
Debt Capacity: Legal debt margin of $878 million Revenues pledged for debt and/or related cash are
adequate to service pledged debt
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Can Current Financial HealthBe Maintained?
FY 2006 Major revenue sources are projected to increase
Slower pace Ad valorem tax rate remained the same
Tax rate is 32 cents below the allowed rate In the last 10 years, lowest current year collection rate is 98.36%
Base budget requirements for functional expenditures were available
New positions were added for Public Safety and Animal Services
Positions continue to decline on a per capita basis Ongoing investment in capital
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FINANCIAL POLICIES TO SUSTAIN SERVICE EFFORTS
Debt issued for capital projects, not operationsDebt service can’t exceed the life of the asset acquiredMaintain an adequate General Fund balance, 7% - 9%Designate “one-time” funds for capital projects, not ongoing service needsConstant financial monitoring systems Actual to plan
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ISSUES ON THE HORIZON
Property tax initiatives AB 489
GASBS 43 and 45 Recognition of postemployment benefits Impact on governments
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Are there any questions?