Agenda - 11-19-2001-6c - Laserfiche WebLink

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The results of the 2001 audit were very good. Undeaigneted fund balance in the general fund remains strong at $13.5 million, which represents about 12.2%of General Funtl expenditures. This level of funtl balance is well above the Local Government Commission's minimum rewmmentlation of B%. In adddion, year-end fund. balance suryasses the levels established in the County's butlget guitlelines. The COUnlys financial condhlon remains strong with this sound fund balance posidon. The eutlRors found no Instances of materiel weakness in [he County's internal control structure and have issued a positive opinion on the County's financial statements. In fact, there were only minor recommendations relatetl to the audit of the CAFR and no fintlings or questioned costs related la the Single Autlit Report. The County Finance Director will cover in more detail same of the highlights oFthe report antl will be available to answer any questions. FINANCIAL IMPACT:.AS mentioned above, the County's overall fnencisl mnditlon remains solid. This strong financial contlition serve~bmalnrsln the County's crediMrotlhiness antl to enhance the County's ability to manage unforeseen events and to take advantage of unforeseen oppodunities. The annual audit waa covered by footle approprlatetl In [he 2001-02 butlget. Likewise, the approvetl budget lnclutletl funding in the amount of $25,000 to cover [he GASB 34 neetls esaeasmen[. Staff estimates that the actual cost of that walk will be approximately $15,000. The remaining $10,000 can be used to help offset [he additional cost of actual GAGB 34 implementation during the remaintler of FY 2000102. Cheny Bekaert is tleveloping a cost estimate and proposetl engagement letter for full implementation of the GASB 34 requirements. Accomplishing thetgroundwork during the ceming months vdll position the County to make a smooth transition to the GASB 34 requirements for the autlit that will begin next summer. Staff expects to rams back to the BoaN at a future meeting to request appropriation at any atltlitional funds [hat may be needed to fully Implement GASB 34. RECOMMENDATION(S): The Manager recommends that [he BOaN receive the reportfor infoimaticn only.