Download - 2015 Shakopee Audit Presentation 2015
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City of Shakopee
2015 Audit Presentation
Steve Wischmann, CPA, CFE, CFF, MAFF
Audit Partner
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2Audit Process• Planning
• Fieldwork
• Draft CAFR
• Final Reports
• Council Presentation
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3Independent Auditor’s Report
• Unqualified Opinion on the Basic Financial Statements
• Comprehensive Annual Financial Report (CAFR) also reviewed
for GFOA Certificate of Achievement for Excellence in
Financial Reporting
• Explanatory paragraph for GASB 68/71 pension standard
implementation. $10,182,767 Long term liability allocated to
City of Shakopee.
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4Minnesota Legal Compliance• Compliance audit based on the Minnesota Legal Compliance Audit Guide for
Local Governments covers seven areas of compliance:
! Deposits and Investments
! Conflicts of Interest
! Public Indebtedness
! Contracting and Bidding
! Claims and Disbursements
! Miscellaneous Provisions
! Tax Increment Financing
No Current Year Compliance Findings
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5Government Auditing Standards Report
Report on Government Auditing Standards Findings:
•Lack of Segregation of Accounting Duties – Significant Deficiency
•Improve Ice Arena Receipting Internal Controls - Deficiency
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6Emerging IssuesAccounting and Financial Reporting for Postemployment Benefits Other than Pensions – GASB
Statement 75
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2011 2012 2013 2014 2015
Revenues $20,956,396 $21,770,348 $22,869,399 $23,794,189 $24,331,286
Expenditures 18,674,938 18,694,101 19,539,401 20,506,749 21,063,756
Fund Balance 9,304,194 9,522,841 9,092,989 9,838,046 9,840,110
$1,000,000
$5,000,000
$9,000,000
$13,000,000
$17,000,000
$21,000,000
$25,000,000
General Fund
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$556$575
$600 $608$616
$495 $494$513 $524
$533
$-
$100
$200
$300
$400
$500
$600
$700
2011 2012 2013 2014 2015
General Fund Revenues/Expenditures
Per Capita
Revenues Expenditures
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9General Fund Performance
Budget Actual Variance
RevenuesTaxes and assessments 16,174,500$ 16,172,118$ (2,382)$
Licenses and permits 1,348,300 2,023,436 675,136
Intergovernmental 1,028,393 1,356,733 328,340
Charges for services 4,050,700 4,452,415 401,715
Fines and forfeitures 251,000 7,093 (243,907)
Miscellaneous revenues 252,000 319,491 67,491
Total revenues 23,104,893$ 24,331,286$ 1,226,393$
Expenditures
General government 4,448,225$ 3,883,112$ (565,113)$
Public safety 9,920,344 10,227,291 306,947
Public works 3,238,343 3,036,284 (202,059)
Parks and recreation 4,260,255 3,917,069 (343,186)
Total expenditures 21,867,167$ 21,063,756$ (803,411)$
Transfers in 250,000$ 250,000$ -$
Transfers out (1,900,000) (3,515,466) (1,615,466)
Total other financing
Sources (uses) (1,650,000) (3,265,466) (1,615,466)
Change in fund balance (412,274)$ 2,064$ 414,338$
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49%51%
46%
48%
47%
0%
10%
20%
30%
40%
50%
60%
70%
2011 2012 2013 2014 2015
Unassigned Fund Balance as a Percent of Expenditures
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2011 2012 2013 2014 2015
Miscellaneous $397,477 $359,323 $132,202 $333,177 $319,491Charges for Services 3,879,113 4,035,921 4,304,786 4,294,637 4,452,415
Fines and Forfeitures 357,249 368,167 348,262 391,500 7,093
Licenses and Permits 1,225,560 1,229,184 1,443,885 1,534,165 2,023,436
Intergovernmental 796,076 991,445 1,042,127 1,191,127 1,356,733
Taxes and Assessments 14,300,921 14,786,308 15,598,137 16,049,583 16,172,118
$1,000,000
$4,000,000
$7,000,000
$10,000,000
$13,000,000
$16,000,000
$19,000,000
$22,000,000
$25,000,000
General Fund Revenues
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34.7336.66
42.00 41.44
37.86
42.53
46.26
48.79 48.75
46.89
40.03
43.45
46.14 46.01
43.37
0
5
10
15
20
25
30
35
40
45
50
55
2011 2012 2013 2014 2015
Tax Capacity Rate
City Rate State Average Metro City Average
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2011 2012 2013 2014 2015
Operating Revenues $2,936,144 $3,730,226 $2,973,474 $2,872,662 $2,845,439
Operating Expenses 3,836,202 3,953,269 4,122,406 3,734,691 3,846,338
Operating Loss (900,058) (223,043) (1,148,932) (862,029) (1,000,899)
Change in Net Position (524,858) (14,003) (1,162,542) (201,729) (1,425,120)
$(2,000,000)
$(1,000,000)
$-
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
Sewer Fund
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2011 2012 2013 2014 2015
Service Charges $995,855 $1,037,427 $1,047,160 $1,066,118 $1,102,728
Operating Expenses 1,411,271 1,472,361 1,604,937 1,935,464 1,748,461
Operating Loss (415,416) (434,934) (557,777) (869,346) (645,733)
Change in Net Position 55,008 431,658 (3,004) 101,746 363,481
$(1,000,000)
$(500,000)
$-
$500,000
$1,000,000
$1,500,000
$2,000,000
Storm Drainage Fund
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$16,145,000 $19,060,000
$16,990,000
$13,830,000
$8,215,000
$11,519,054
$9,485,802$8,311,320
$7,209,611
$5,129,843
$4,625,946$9,574,198
$8,678,680
$6,620,389
$3,085,157
$-
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
$14,000,000
$16,000,000
$18,000,000
$20,000,000
2011 2012 2013 2014 2015
Bonded General Obligation Debt
Gross Bonded Debt Debt Service Fund Balance Net Bonded Debt
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$-
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
$1,800,000
$2,000,000
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Debt Service Schedule
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Total Expenditures Total Revenues Tax Revenues
Shakopee $524 $608 $410
Savage 422 451 357
Eden Prairie 649 668 477
Chaska 479 468 149
$0
$100
$200
$300
$400
$500
$600
$700
$800
2014 General Fund
Revenues and Expenditures Per Capita
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General Government Public Safety Public Works Recreation
Shakopee $90 $260 $72 $102
Savage 74 198 79 48
Eden Prairie 63 295 91 164
Chaska 170 182 106 20
$0
$50
$100
$150
$200
$250
$300
2014 General Fund
Expenditures Per Capita
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teve Wischmann, CPA, CFE, CFF,
MAFF
952-563-6880
Thank You -Questions?