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County of Barnstable, Massachusetts

County of Barnstable, Massachusetts. Exit Conference for the Annual Audit June 30, 2013 Presented by: CliftonLarsonAllen Date: May 21, 2014. Introduction. Today’s process Financial Statements Opinion Financial Summary Federal Awards Programs Management letter

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County of Barnstable, Massachusetts

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  1. County of Barnstable, Massachusetts Exit Conference for the Annual Audit June 30, 2013 Presented by: CliftonLarsonAllen Date: May 21, 2014

  2. Introduction • Today’s process • Financial Statements • Opinion • Financial Summary • Federal Awards Programs • Management letter • Feel free to ask questions as we go

  3. Opinion • FS OPINION (P.3) – UNQUALIFIED • Best opinion available

  4. General Fund • Balance sheet (p.18) • CY – GF Fund Balance - $6.0M (GAAP) • Restricted – Statutory Reserve - $297k (2.5% > PY) • Restricted – Life insurance - $381k • Committed – Continuing appropriations - $1.8M • Committed – Employee benefits - $121k • Assigned – Encumbrances - $819k • Unassigned - $2.6M (up by $1.4M from PY) • CY – GF Undesignated F/B is 16.5% of exp-T/O • PY – GF Undesignated F/B is 8.0% of exp-T/O

  5. Net Change in G/F Balance • Budgetary Rev/Exp (p.54-55) • Anticipated CY change in F/B - ($3.4M) • Carry forward articles and encumbrances - $2.9M • Actual CY change in F/B = $1.1M • Revenue surplus of $1.0M • Deeds excise • Expenditure surplus (prior to enc/cfd) - $3.5M • $2.6M CY encumbrances/cfd’s

  6. Cape Cod Commission • Fund Balance (p.18) • CY - $2.24M • PY - $1.95M • Revenue & Exp (p.20) • Environmental protection taxes $3.03M • Intergovernmental $692k • Departmental $185k • Transfers in $302k (overhead reimbursements) • $3.9M expenditures

  7. Septic Loan Program • Fund Balance (p.19) • CY - $24.4M • Nonspendable (Loans) - $15.0M • Restricted - $9.4M • Revenue & Exp (p.21) • Loan Interest = $771k • Debt Principal = $614k • Debt Interest = subsidized = $808k • Proceeds of bonds and notes = $3.4M • Transfers out = $747k (transfers to admin fund)

  8. Dredge Enterprise Fund • Net Assets (p.24) • CY Total – $1.6M • Capital assets, net of related debt - $362k • CY Unrestricted - $1.2M • Rev/Exp & Change in Net Assets (p.25) • Change in Net Assets = ($114k) • Revenue down due to less projects in FY 13

  9. O/S Debt • LT Debt (Note 9, p. 44-46) • O/S LT Debt totals $24.5M • All relates to MWPAT debt for the Septic Loan program • Debt to be funded by septic loan paybacks

  10. OPEB Note 10 (p 46-48) New AV dated 06/30/12 was used as the basis OPEB activity Beginning liability - $8.2M (4 years of OPEB liabilities) FY 13 ARC = $2.1M $804K contributed (pay-as-you-go basis) Increase to Net OPEB Obligation - $1.4M Net OPEB Obligation - $9.5M Total UAAL (06/30/12) - $31.0M UAAL decreased by $3.4M 10

  11. GAO AND OMB A-133 REPORTS • Total Federal Expenditures – $2.2M • Programs tested as major programs • HOME Investment Partnerships Program • Highway Planning and Construction • AmeriCorps

  12. GAO AND OMB A-133 REPORTS • NO FINDINGS

  13. Management Letter • No significant deficiencies or material weaknesses in financial controls • 2 comments and recommendations • One (1) is informative in nature

  14. Management Letter Bank Reconciliations – Mitigation Fund Mitigation Fund bank balance did not agree to the general ledger balance at June 30 Cause – Lack of timely transfers for vendor payments Recommendation Monthly reconciliations within 30 days of month end and timely corrective action 14

  15. Management Letter Pension Accounting and Financial Reporting GASB 68 revises/establishes new FR requirements related to pension benefits Req’d to recognize LT obligation for pension benefits in GW financials Statement 68 will also: More comprehensively measure annual pension costs Place conditions on use of actuarial discount rate Require “entry age” method; each period’s service cost determined by level % of pay (attribution method) Expand disclosures (notes and RSI) NOTE: Statement is not a mandate related to funding NPO Recommendation Management familiarize itself with 68 and prep for imp 15

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