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<br />• TOTAL EXPENDITURES OF $5.8 MILLION <br />• $1.5 REVENUES OVER EXPENDITURES <br />• CASH AND INVESTMENTS OF $6.9 MILLION <br />• LIABILITIES OF$1.4 MILLION <br />• $1.2 MILLION 1N RESERVES APPROPRIATED 200&-2007 <br />• SOUND FINANCIAL CONDITION <br />SPORTSPLEX <br />• Operations Commenced December 2005 <br />• Smooth Transition <br />Operating Results: <br />• Operating Revenues $1, ~ 22, 229 <br />• Operating Expenditures $1,093,654 <br />No County Funds Needed for Operations <br />Overall Year End Surplus of $244,028 <br />• ($155, 259 net of Depreciation) <br />Separate Audit Performed <br />"`Unqualified" (Good) Opinion on Financial Operations <br />Letter of Recommendation for Operational Improvements <br />SINGLE AUDIT AND GRANTS <br />• $99 MILLION GRANT FUNDS MANAGED <br />• DSS FUNDS $84 MILLION <br />$ 10 MILLION REGEIVED BY COUNTY <br />$74 MILLION DIRECT PAYMENTS <br />• HOUSING AND CD FUNDS $5 MILLION <br />• SINGLE AUDIT COVERS BOTH FINANCIAL AND PROGRAM COMPLIANCE <br />• ONE MINOR FINDING RELATED TO GRANT COMPLIANCE <br />POSITIVE AUDIT RESULTS <br />• Successful audit process <br />• Continued Implementation of New GASB Requirements <br />• Auditors Performed SAS 99 Fraud Review <br />• Sound Financial Policies and Procedures <br />• Adequate Internal Control Structure <br />• "Unqualified Opinion" GOOD) <br />• Minor Findings and Recommendations for Consideration (Best Practices) <br />