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Presentation To: The City of Palm Coast, Florida

Presentation To: The City of Palm Coast, Florida. Annual Audit as of and for the Year Ended September 30, 2013. Presented by: James Halleran, CPA February 4, 2014. Auditors’ Reports. Unmodified Opinion (pages 5-6) Internal Control and Compliance Reports (pages 149 – 150)

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Presentation To: The City of Palm Coast, Florida

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  1. Presentation To:The City of Palm Coast, Florida Annual Audit as of and for the Year Ended September 30, 2013 Presented by: James Halleran, CPA February 4,2014

  2. Auditors’ Reports • Unmodified Opinion (pages 5-6) • Internal Control and Compliance Reports (pages 149 – 150) • Internal Control Over Financial Reporting – No material weaknesses in internal control • No material instances of noncompliance

  3. Auditors’ Reports • Management Letter Required by 10.550 Rules of the Auditor General (pages 156-158) • Segregation of Duties over Journal Entries • Deficit Net Assets and Negative Fund Balance • Expenditures Over Budget – Street Improvement • Federal Single Audit Report (pages 154-155) • No material instances of noncompliance • No material Weaknesses in internal control

  4. Financial Health • All funds are in compliancewith fund balance policy, exceptGolf Course and Tennis Center Funds. See Note 18. • Overall financial condition assessment is inconclusive (Average).

  5. Highlights For This Year • General fund’s net change in fund balance increased by approximately $1.4M mainly due to Property Taxes of which $246K was allocated to the Stormwater Fund in 2013 compared to $1.686M in 2012. • Property taxes increased by $183K and other taxes decreased $380K. • Capital grants and contributions increased $2.854M, due to finalization of OKR special assessment. • Minimal fund balances left in Park and Fire Impact Fee funds. $2.4M deficit in Transportation Impact Fee Fund.

  6. Highlights For This Year • Utility fund unrestricted net assets increased $2.3M due to a $900K mid-year rate increase and reduction of required debt reserve as a result of bond refunding. • Advances to other funds – Note 8 • General $5.8M to SR100CRA, paid back 1/23/14 through issuance of debt (See Note 19) • Street Improvement $2.4M to Transportation Impact • Utility Fund $4.9M to OKR Special Assessment • Long Term-Debt – Note 9 • Refinanced SR100 CRA Note at a lower rate & added $2M in new debt • Refinanced Utility System Revenue Bonds at a lower rate & reduced aggregate debt payments by $17.6M over next 20 years

  7. Where You’re At Today

  8. Questions?

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