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11 <br /> 1 <br /> 2 The County received an unmodified (clean) audit opinion on the financial statements received <br /> 3 from the audit. The financial audit results indicate compliance with County financial policies. <br /> 4 The Chief Financial Officer and representatives of Mauldin and Jenkins will cover highlights of <br /> 5 the report and answer any questions. <br /> 6 <br /> 7 The audit contract extension is required to accommodate Mauldin & Jenkins submittal of the <br /> 8 audit report to the Local Government Commission on December 4, 2018. <br /> 9 <br /> 10 Gary Donaldson, Chief Financial Officer, made the following PowerPoint presentation: <br /> 11 <br /> 12 Fiscal Year 2017-18 Review and Summary <br /> 13 Gary Donaldson, Chief Financial Officer <br /> 14 December 18, 2018 <br /> 15 BOCC Regular Meeting <br /> 16 <br /> 17 FY 2017-18 Audited Reserves by Fund (chart) <br /> 18 <br /> 19 Fund Balance Policy Compliance (bar graph) <br /> 20 <br /> 21 Debt Service Policy Compliance (bar graph) <br /> 22 FY 2017-18 Unassigned Fund Balance of 16.23%= $34,439, 230 compared to 16% <br /> 23 Policy=$33,951,266 <br /> 24 The .23% difference= $487,964 <br /> 25 Service Policy Compliance <br /> 26 <br /> 27 Investment Earnings Performance: General Fund Investment Earnings (graph) <br /> 28 <br /> 29 Investment Earnings Performance: Solid Waste Fund Investment Earnings (graph) <br /> 30 <br /> 31 Operating Funds Highlights <br /> 32 ➢ Met Board County Policies; Unassigned Fund Balance and Debt Service Limit; <br /> 33 ➢ AAA Bond Rating Affirmation by all 3 Rating Agencies citing Favorable Budget versus <br /> 34 Actuals Performance and Reserve Levels; <br /> 35 ➢ Refinanced Existing Debt and Achieved $2 million in savings over the life of the Debt <br /> 36 obligations; <br /> 37 ➢ Reduced General Fund subsidy to Solid Waste Fund from $1.8 to $1.5 million; <br /> 38 ➢ Doubled Investment Earnings through timely investment of cash in higher interest rate <br /> 39 environment three successive fiscal years; <br /> 40 ➢ Decommissioned structurally imbalanced Vehicle Replacement Fund in Budget <br /> 41 Amendment#10; and <br /> 42 ➢ Implemented GASB 74 and 75 for Other Post-Employment Benefits (OPEB); with no <br /> 43 adverse impact on Financial Statements; <br /> 44 <br /> 45 Capital Fund Highlights <br /> 46 ➢ Spring Installment Purchase Financing: $7.5 million included Northern Campus <br /> 47 acquisition; Government Services Annex relocation of Electrical and HVAC; School <br /> 48 Facilities and Buildings; 9 Sheriff Dodge Chargers; 3 Emergency Services Ambulances; <br /> 49 1 Animal Services Truck; 1 Solid Waste Truck and 1 Compactor Equipment; IT <br /> 50 improvements; and Affordable Housing Land Banking. <br />