HomeMy WebLinkAbout2025 04 28 Regular 500 - Audit Presentation WS 2024Audit Results for the
Fiscal Year Ended
September 30, 2024
Audit Engagement – What Did We Do?
Financial Audit
Financial Statements and Independent Auditor’s Report
Federal Single Audit
Internal Controls and Compliance Affecting
Financial Reporting
Examination of Compliance with Florida Statute on Investment of
Public Funds
Auditor’s Reports
ConclusionMatter
•Fairly stated in all material respects
•Unmodified Opinion (“Clean” Opinion)
Auditor’s Opinion on Financial
Statements and Notes
•No material weaknesses or significant deficiencies in internal control
over compliance
•No material instances of noncompliance or other matters
Federal Single Audit
Coronavirus State and Local Fiscal
Recovery Funds (ARPA)
•One carryover finding from 2023; Six other 2023 findings were
cleared; no new findings in 2024
Internal Control, Compliance, and
Other Matters required to be
reported under Government Auditing
Standards
Auditor’s Reports
ConclusionMatter
•The City complied, in all material respects, with compliance
requirements for local government investments
Compliancewith F.S. 218.415
•No current year findings or recommendationsManagement Letter in accordance
with Chapter 10.550, Rules of the
Auditor General
•Recommendations have been provided to management; a majority of
recommendations made in our preceding reports have been
implemented
IT System Evaluation conducted to
obtain understanding of IT
environment related to financial
reporting process
Significant Estimates and Judgments
Certain aspects of accounting are more qualitativeand thus require more judgment and
estimation by management. The following items represent the most significant estimates:
•Depreciation Expense and Accumulated Depreciation based upon expected useful life of Infrastructure
•Allowance for Uncollectible Accounts
•Compensated Absences Liability
•Net Pension Liability, Expense and Related Deferred Outflows and Inflows of Resources
•Net OPEB Liability, Expense and Related Deferred Outflows and Inflows of Resources
Significant Audit Matters
ConclusionMatter
•Adopted GASB 100, Accounting Changes and Error Corrections
•No transactions noted for which there is a lack of authoritative
guidance
Accounting Policies
•The disclosures are neutral, consistent, and clear
•Most significant disclosure in Note 14 regarding Wastewater
Treatment System project
Financial Statement Disclosures
•No significant audit adjustmentsAdjustments Detected by theAudit
Process
•No significant difficulties encountered in dealing with management or
performing the audit
Difficulties Encounteredin
Performing the Audit
Financial Highlights – General Fund
2024 2023 Change
Revenues
Property Taxes 8,031,892 7,391,163 640,729
Utility and Other Taxes 5,560,878 5,461,787 99,091
Permits and Fees 2,709,863 2,821,481 (111,618)
Intergovernmental 4,922,321 5,086,414 (164,093)
Charges for Services 969,544 762,122 207,422
Fines and Forfeitures 133,758 97,181 36,577
Other 1,170,117 945,141 224,976
Total Revenues 23,498,373$ 22,565,289$ 933,084$
Expenditures
General Government 7,475,743 6,301,888 1,173,855
Public Safety 8,322,855 7,647,149 675,706
Physical Environment 1,281,529 1,041,474 240,055
Culture and Recreation 2,574,370 2,253,722 320,648
Debt Service 160,545 160,545 -
Capital Outlay 911,979 1,609,434 (697,455)
Total Expenditures 20,727,021$ 19,014,212$ 1,712,809$
Proceeds from SBITA's 0$ 667,737$ (667,737)$
Net Transfer In (Out) (958,732)$ (3,435,936)$ 2,477,204$
Net Change in Fund Balance 1,812,620$ 782,878$ 1,697,479$
Financial Highlights – General Fund
2024 2023 Change
Total Assets 18,011,838$ 16,183,070$ 1,828,768$
Total Liabilities 2,209,641$ 2,011,027$ 198,614$
Deferred Inflows 3,884,556$ 4,067,022$ (182,466)$
Fund Balance
Nonspendable 144,133 585,104 (440,971)
Assigned 2,034,400 944,483 1,089,917
Unassigned 9,739,108 8,575,434 1,163,674
Total Fund Balance 11,917,641$ 10,105,021$ 1,812,620$
Unassigned FB as a % of
Total Expenditures 47% 45%
Financial Highlights – Enterprise Funds
2024 2023 Change
Revenues
Utilities 14,502,217 12,616,106 1,886,111
Development Services 1,115,088 997,054 118,034
Stormwater 1,139,728 1,137,164 2,564
Total Revenues 16,757,033$ 14,750,324$ 2,006,709$
Expenses
Personnel 3,084,357 2,751,151 333,206
Materials & Supplies 1,606,028 2,192,144 (586,116)
Depreciation 3,602,561 2,659,628 942,933
Other Operating 8,756,901 8,160,918 595,983
Total Expenses 17,049,847$ 15,763,841$ 1,286,006$
Operating Income (292,814)$ (1,013,517)$ 720,703$
Nonoperating Revenue (Expense) 2,769,709$ 1,128,281$ 1,641,428$
Chng in NP Before Capital Contributions 2,476,895$ 114,764$ 2,362,131$
Connection Fees & Capital Contributions 276,177$ 198,599$ 77,578$
Net Transfers In (Out) 9,248,732$ (704,064)$ 9,952,796$
Change in Net Position 12,001,804$ (390,701)$ 12,392,505$
Financial Highlights – Enterprise Funds
2024 2023 Change
Assets
Current Assets 46,662,449 34,467,749 12,194,700
Restricted Assets 910,021 898,088 11,933
Capital Assets & Deferred Outflows 42,073,321 43,736,604 (1,663,283)
Total Assets and Deferred Outflows 89,645,791$ 79,102,441$ 10,543,350$
Liabilities
Current Liabilities 5,596,952 5,074,536 522,416
Non-current Bonds, Notes and Other 13,881,481 15,567,961 (1,686,480)
Pension, OPEB and related Deferred Inflows 1,626,365 1,920,755 (294,390)
Total Liabilities and Deferred Inflows 21,104,798$ 22,563,252$ (1,458,454)$
Net Position
Net Investment in Capital Assets 32,849,569 33,001,489 (151,920)
Restricted 5,473,452 5,729,121 (255,669)
Unrestricted 30,217,972 17,808,579 12,409,393
Total Net Position 68,540,993$ 56,539,189$ 12,001,804$
Unrestricted NP as a
% of Total Expenses 177.2% 113.0%
Financial Highlights – Pensions
2024 2023 Change
Additions
Contributions 2,258,737 2,699,335 (440,598)
Investment Earnings 15,421,479 6,676,377 8,745,102
Total Additions 17,680,216$ 9,375,712$ 8,304,504$
Deductions
Benefit Payments 4,989,518 4,760,493 229,025
Administrative Expenses 67,092 46,469 20,623
Total Deductions 5,056,610$ 4,806,962$ 249,648$
Change Net Position 12,623,606$ 4,568,750$ 8,054,856
Investment Rate of Return 23.56% 12.97%
Actuarial Rate of Return 6.75% 7.00%
Financial Highlights – Pensions
2024 2023 Change
Assets
Cash and Investments 78,319,816 65,873,995 12,445,821
Contributions Receivable 730,030 493,834 236,196
Total Assets 79,049,846$ 66,367,829$ 12,682,017$
Total Liabilities 58,411$ -$ 58,411
Net Assets Held for Pension Benefits 78,991,435$ 66,367,829$ 12,623,606
Total Pension Liability 78,541,946$ 74,569,429$ 3,972,517
Funded % 100.6% 89.0%
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