Agenda - 8-a Minutes - Laserfiche WebLink

Browse Search

9 1 The Chief Financial Officer and representatives of Mauldin and Jenkins will cover highlights of 2 the report and answer any questions. 3 4 The Board awarded the Finance Department the Certificate of Achievements. 5 6 James Bense,Mauldin and Jenkins,presented a PowerPointsummary of the draft audit 7 results. He said the County worked seamlessly with his firm. He referred to page 7,and the 8 General Fund Balance. He said the graph shows the five-year trend of the fund balance, and 9 compares it to the annual expenditures of the general fund. He said the County policy seeks to 10 have the unassigned fund balance at 16%, and at the end of 2017 the balance was 16.8%. 11 Chair Dorosin said the Board had discussion about lowering the fund balance, and 12 asked if this ever happened. 13 Bonnie Hammersley said the balance went to 16% for 2017-18. She said the policy was 14 still 17% in 2016-17, which is the period of this audit. 15 James Bense referred to page 8,and the tax revenues on a per capita basis. He said 16 the trend of revenues isfairly consistent over the past 5 years. 17 James Bense said page 10gives a very high level view of the general fund, and how it 18 operated during the year. He said revenues came in about 1% over the anticipated amount, 19 and the final appropriation was to use approximately $14 million of the fund balance, but the 20 County only used $1.7 million of that. 21 James Bense referred to the enterprise funds. He said both solid waste and sewer had 22 negative cash flow from operations. He said all three funds still rely on transfers from the 23 general fund to cover operating and debt service costs. 24 James Bense referred to page 12, and the findings of the audit. He said there were only 25 3 findings, in comparison to 7 the year before, and credited Management with this 26 improvement. 27 He said the three findings pertained to: Expenditure and Expense Recognition; Receivables 28 Reconciliation; and Enterprise Program Integrity Control System. 29 James Bense referred to page 14, and highlighted the expanded areas, which the audit 30 covered this year. He said this provided agreater review of those departments that take in 31 larger amounts of money. He said all results have been reviewed in detail with Management. 32 Commissioner McKee said he appreciated this additional oversight, and thinks it is 33 extremely important to clearly document all cash flow in the County. 34 James Bense said the next few slides review the upcoming accounting standards. He 35 said the decisions made by the BOCC drive how Management will implement these standards. 36 Chair Dorosin referred to page 9, and clarified that the graph shows that the tax rate has 37 stayed fairly flat from 2013-2017, and that there has been an increase in revenue. 38 James Bense said that is correct. 39 Commissioner Burroughs referred to slide 10, and asked Management for clarification. 40 Bonnie Hammersley said this audit is for 2016-2017. She said a few years ago the 41 County’s revenues were about 105-106%, and the revenues are being projected much closer 42 than they were previously. She said the County has been consistently at around 95% on 43 expenditures. She said staff is looking more closely at the projection for 2017-2018, and 44 narrowing the margins. She said staff will have a clearer sense of the projections at the BOCC 45 retreat in January 2018. 46 Commissioner Jacobs asked if the number ofentities,under theCounty’s umbrella, who 47 conducttheir own auditis known. 48 James Bense said theABC Board is the only one that his firm does not audit.