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2003 FISCAL HIGHLIGHTS <br />^ Continued Commitment to Funding Education. <br />^ Implemented Phase I of Pay and Classification Study. <br />^ Implemented New Financial Software. <br />^ Began Transition of EMS Transportation <br />^ Successful Sale and Refunding of Bonds and Alternative financing. <br />^ Increase in Fund Balance Slightimprovementin overall Financial Condition. <br />FUTURE CONSIDERATIONS <br />^ Updating of Debt Issuance Plans <br />^ Addressing "unfunded" School and County Capita) Items. <br />^ Alternative Financing Sources for Solid Waste. <br />^ Implementation of Phases 11 and !Il of Pay and Classification Study. <br />^ Animal Shelter Operations <br />^ Continue Discussions on Fiscal Impacts of School Merger and Other Equitable <br />Funding Alternatives. <br />In closing he thanked the staff of all the county departments. <br />Commissioner Gordon made reference to the comment that it is goad to see <br />the increase of the fund balance. She asked why this is good to have. Ken Chavious <br />said that the 8% is a recommended minimum and the fund balance is more than just a <br />savings account. The majority of the revenue comes in December and there must be <br />money to take the County through the months where there is no money coming in. <br />Commissioner Gordon commended Ken Chavious that there were "no <br />findings". She appreciates his stellar record. <br />Chair Brown asked about the current review of debt issuance plans. Ken <br />Chavious said that on October 27th they looked at capital and they had not updated the <br />September 2n~ debt issuance plan. Some things have changed since then and they are <br />going to look at funding some of the unfunded needs that were discussed at this <br />meeting. <br />Auditor Eddie Bekaert said that the County received a clean audit opinion and <br />it is the highest level of assurance that a CPA firm can issue on a set of financial <br />statements. There is also an audit opinion of whether or not the County complied with <br />the various laws and regulations. The County was found to be in compliance. Two <br />other audit opinions are with the administration of federal grants and state grants. The <br />County was found to administer the grant dollars in accordance with the regulations. <br />On a special note, in the area of DSS, there are same very complicated rules. He <br />commended the department for going through this process with no financial problems. <br />He said that they have been working on this since July 1, 2003. From their <br />perspective, the audit went smoothly. The management letter addresses the capital <br />projects fund and some issues relative to the computer system, primarily with disaster <br />recovery. He said that there are a couple of GASB statements that need to be <br />addressed by the County. Also, there is a SAS 61 letter that communicates things that <br />they are required to communicate to the County. He said that there was nothing in the <br />letter that the County Commissioners really needed to pay attention to at this time. In <br />