fy08 scott county iowa cafr (comprehensive annual financial report)

8/7/2019 FY08 Scott County Iowa CAFR (Comprehensive Annual Financial Report)

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COUNTY OF SCOTT,IOWA

COMPREHENSIVE ANNUALFINANCIAL REPORTYear Ended June 30, 2008

Prepared by:Wesley Rostenbach, Accounting and Tax Manager

Office of County Auditor

Craig Hufford, Financial Management SupervisorOffice of County Treasurer

Pat Reynolds, Budget CoordinatorOffice of County Administrator


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I N TRODUCTORY


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Conten tsIn tr o du c to ry S e c tio nT a b le o f c on te ntsCoun ty o ff ic ia lsO r ga n iz a tio n al c ha rtC e rtific ate o f A c hie ve m en t fo r E x ce lle nc e in F in an cia l R e po rtin gTransmi t ta l l e t te rF i nanc ia l S ec ti onI nd e pe n de n t a u dit or 's r ep o rtM a na gem en t's d is cu ss io n a nd a na ly sisB a s ic f in a nc ia l s ta teme n ts :

G o v er nme n t- wid e fin a nc ia l s ta teme nt s:S ta te m en t o f n et a ss etsS ta teme nt o f a c tiv it ie s

F u nd f in a nc ia l s ta teme nt s:B ala nc e s he et - g ov ern m en ta l fu nd sR ec on cilia tio n o f to ta l g ov ern m en ta l fu nd b ala nc es - p rim a ry g ov ern m en t to n et

a s se ts o f g o ve rnme nt al a c tiv it ie sS ta te me nt o f re ve nu es, ex pe nd itu res a nd cha nge s in fu nd ba la nc es - g overnm en ta l fu ndsR ec on cilia tio n o f th e s ta te m en t o f re ve nu es , e xp en ditu re s a nd c ha ng es in fu nd

b ala nc es o f g ov ern m en ta l fu nd s to th e s ta te m en t o f a ctiv itie s - p rim a ry g ov ern m en tS ta te m en t o f n et a ss ets (d efic it) - E nte rp ris e F un dS ta te me nt o f re ve nu es, ex pe ns es an d ch an ges in n et a sse ts (d efic it) - E nte rp rise F un dS ta te me nt o f c ash flo ws - E nte rp ris e F un dS ta te m en t o f a ss ets a nd lia bilitie s - a ge nc y fu nd sS ta te m en t o f n et a ss ets , d is cre te ly p re se nte d c om po ne nt u nitsS ta te m en t o f a ctiv itie s, d is cre te ly p re se nte d c om p on en t u nits

N o te s to b as ic fin an cia l s ta te m en tsR e q uir ed s u pp leme nt ar y in fo rm a tio n :

B ud ge ta ry c om p aris on s ch ed ule - a ll g ov ern m en ta l fu nd sN o te to r eq uire d s up ple m en ta ry in fo rm a tio n

N o nm a jo r g ov ern m en ta l fu nd s:C om b in in g b ala nc e s he etC om b in in g s ta te m en t o f re ve nu es , e xp en ditu re s a nd c ha ng es in fu nd b ala nc esC om b in in g s ta te m en t o f c ha ng es in a ss ets a nd lia bilitie s, a ll a ge nc y fu nd sC om b in in g b ala nc e s he et a nd re co nc ilia tio n to s ta te m en t o f n et a ss ets ,

d is cr ete ly p re se nte d c om p on en t u nitsC om bin in g s ta te me nt o f re ve nu es, ex pe nd itu re s a nd cha nge s in fu nd ba la nc es a ndre co nc ilia tio n to s ta te m en t o f a ctiv itie s, d is cr ete ly p re se nte d c om p on en t u nits

i - iiiiiivVv i -x i

1-23-14

15-1617-18

19 - 2021

22 - 23

242 52 6272 8

29 - 3031- 3233-56

5 758

5 960

61 - 64

65 - 66

67 - 70


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ContentsS ta ti s ti ca l Sec t ionS ta ti st ic a l s e ct io n c on te n tsN e t a ss ets b y c om p on en tC ha ng es in n et a sse tsF u nd b ala nc es , g ov ern m en ta l fu nd sC ha ng es in fu nd b ala nce s, g ove rn m en ta l fu nd sP ro g ram r ev e nu e s b y fu n ctio n /p ro g ramT a x re ve nu es b y s ou rc e, g ov ern m en ta l fu nd sA ss es se d va lu e a nd a ctu al v alu e o f ta xa ble p ro pe rtyP rin c ip a l p ro p er ty ta xp a ye rsP ro p er ty ta x le v ie s a n d c o lle ct io n sD ir ec t a nd o ve rla pp in g p ro pe rty ta x ra te sR atio s o f o uts ta nd in g d eb t b y typ eR a tio s o f g en er al b on de d d eb t o uts ta nd in gD ir ec t a nd o ve rla pp in g g ov er nm e nta l a ctiv itie s d eb tL eg al d eb t m a rg in in fo rm a tio nD em og ra ph ic a nd e co nom ic s ta tis tic sP r in c ip a l emp l oy e rsF u ll-tim e e qu iv ale nt c ou nty g ov ernm en t e m plo ye es b y fu nc tio n/p ro gra mOpe r a tin g i nd ic a to r s b y f un c ti on /p r og r amCap it al a s s et s ta ti st ic s b y f un c tio n /p r o gr amComp lia n ce S e ct io nS ch ed ule o f e xp en ditu re s o f fe de ra l a wa rd sN o te s to s ch ed ule o f e xp en ditu re s o f fe de ra l a wa rd sS umm ary s ch ed ule o f p rio r a ud it fin din gsIn de pe nd en t a ud ito r's re po rt o n in te rn al c on tro l o ve r fin an cia l re po rtin g a nd o n

c om p lia nc e a nd o th er m a tte rs b as ed o n a n a ud it o f fin an cia l s ta te me ntsp er fo rm e d in a cc or da nc e w ith g ov ernm en t a ud itin g s ta nd ard sIn de pe nd en t a ud ito r's re po rt o n co m plia nc e w ith re qu ire m en ts a pp lic ab le to e ac h m a jo r

p ro gra m a nd in te rn al co ntro l o ve r c om plia nce in a cc ord an ce w ith O M B C irc ula r A -1 33S ch ed ule o f fin din gs a nd q ue stio ne d co stsC o rr ec tiv e a ctio n p la n

717 2 -7 374 -7778 - 7980 - 818 2 -8 384 -858 6 -8 7

888 9

90 - 9192 - 93

9495

96 - 97989 9

1 00 -1 011 02 -1 051 06 -1 07

1 08 -1 10111112

113 -114115 -116117 -119

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C ou nty o f S co tt, Io waCoun ty O f fic ia ls

Of fi ci a l T i tl eE l ec t ed O f fi ci al sSupe rv is o r, Cha ir p er sonSuperv isorSuperv isorSuperv isorSuperv isorA t to rneyAudi to rReco rde rSheri f fT reasurerAdministrat ionCoun ty A dm i ni st ra to r

D ep artm e nt H e ad sCommun ity S e rv ic e sConservat ionF ac ility a nd S u pp ort S e rv ic esHeal thH um an R e so urc esI nf orma ti on Te c hno lo g yJ uv en ile D e te ntio n C e nte rP la nn in g a nd D e ve lo pm e ntS e co nd ary R o ad s

iii

Of f ic ial

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C . R ay W ie rs on

L or i E la mR og er K ea nD a ve D o no va nL aw re nc e B a rk erM a ry T he eMa tt H ir stC a se y Sm ith , In te rimT im H ue yJ o n B u rg str um

Te rm Ex p ir a tio nD a te o f E le cte d

Off ic ials

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S co tt C oun ty G overnm e nt O rgan iza tiona l C ha rtScott County...................................................................itizens .

8uditor............................~ . : , : : : : > . /. . . ..'C : e c o ~. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

CountyAdministrator

HealthDepartment

InformationTechnology

Conservation

Facility andSupportServices

JuvenileDetention

Center

Planningand

Development

HumanResources

CommunityServices

SecondaryRoads

Direct supervision...................... Advisory relationship

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Achievementfor Excellencein F inancialReporting

Presented to

County of 'S cottIowa

For its Comprehensive AnnualFinancial Report

for the Fiscal Year EndedJune 30, 2007

A Cer tific ate o f A c hie vem en t f or E xc elle nc e in F in an cia lR e po rtin g is p re se nte d b y th e Gov er nm ent F in an ce O ff ic ers

A ss oc ia tio n o f th e U nite d S ta te s a nd C an ad a tog ov er nm ent u nits a nd p ub lic em plo ye e r etirem en ts ys tem s wh os e c omp re he ns iv e a nn ua l fma nc ia l

r ep orts ( CAFRs ) a ch ie ve th e h ig he sts ta nd ar ds in g ov er nment a ccou nt in g

and f in anc ia l r epo rt ing .

President

Executive Director

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Iowa

Scott County


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OFFICE OF THE COUNTY ADMINISTRATOR600 West Fourth StreetDavenport, Iowa 52801-1003Ph: (563) 326-8702 Fax: (563) 328-3285www.scottcountyiowa.comE-Mail: admin~scottcountviowa.com

November 18, 2008

31. , . . . i l lScottCounfy_~9

To the Members of the Scott County Board of Supervisors, and Citizens of Scott County:State law requires that every general-purpose local government publish within nine months of the closeof each fiscal year a complete set of audited financial statements. This report is published to fulfill thatrequirement for the fiscal year ended June 30, 2008.Management assumes full responsibility for the completeness and reliability of the informationcontained in this report, based upon a comprehensive framework of internal control that it hasestablished for this purpose. Because the cost of internal control should not exceed anticipatedbenefits, the objective is to provide reasonable, rather than absolute, assurance that the financialstatements are free of any material misstatements.McGladrey & Pullen, LLP, Certified Public Accountants, have issued an unqualified ("clean") opinion ofScott County's financial statements for the year ended June 30, 2008. The independent auditor'sreport is located at the front of the financial section of this report.Management's discussion and analysis (MD&A) immediately follows the independent auditor's reportand provides a narrative introduction, overview, and analysis of the basic financial statements. MD&Acomplement this letter of transmittal and should be read in conjunction with it.

Profile of Scott County GovernmentScott County, Iowa was incorporated on December 31, 1837. Antoine LeClaire, an early settler of theCounty, donated the square of land the Scott County Courthouse stands on today. If the County everabandons the site, the property would revert to the heirs of Antoine LeClaire. The first courthouse waserected on this land during 1840-41 and served for 45 years. The following years to 1874 saw changesand additions to the structure of Scott County government. One of the major changes was in thestructure of the governing board. From 1838 until 1850 county commissioners were elected on anannual basis. By 1861 the name Board of Supervisors had been mandated, with 14 supervisors fromthroughout the county representing the citizens. In 1870 the structure changed again, and only threeboard supervisors were elected countywide. In 1874, the membership of the board of supervisorsincreased to its present five officials, all elected at-large.Only recently have there been dramatic changes in the actual governing of the county. In 1979 anadministrator form of government was adopted, and the Board of Supervisors hired a countyadministrator. Subsequently, staff and departments have grown in efficiency and capacity to servecitizens. In 1978 the County Home Rule Bill was enacted, granting all powers to counties consistentwith state laws and not specifically prohibited by the Iowa General Assembly.

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The County provides a full range of services. These services include law enforcement and legalservices, physical health and social services, mental health and developmental disabilities services,county environment and education, planning and zoning, construction and maintenance of secondaryroads, education and general administrative services.Component units are legally separate entities for which the primary government is financiallyaccountable and other organizations for which the nature and significance of their relationship with theprimary government are such that exclusion would cause the reporting entity's financial statements tobe misleading.The County's discreetly presented component units are as follows: Emergency Management Agency,which provides direction for the delivery of the emergency management services and planning,administration, coordination, training and support for local governments and their departments,Emergency Management Agency-Scott Emergency Communication Center (SECC), which providescounty-wide consolidated emergency 911 dispatch services; County Library, which provides libraryservices to all cities within Scott County with the exception of the City of Bettendorf and the City ofDavenport; County Assessor, which is responsible for the operations of the Scott County Assessor'soffice including the assessment of all properties within Scott county with the exception of the City ofDavenport, County Assessor Special, which is responsible to the County Conference Board to performin-house revaluations for various classes of property; City Assessor, which is responsible for theoperations of the City Assessor's office, including assessment of all properties within the City ofDavenport; City Assessor Special, which is responsible to the City Conference Board to perform in-house revaluations for various classes of property; and the Scott County Public Safety Authority, whichis responsible for the construction of the recently voter approved jail expansion project.These component units are discretely presented in a separate column in the combined financialstatements to emphasis that they are legally separate from the primary government and to differentiatetheir financial position, results of operations and cash flows from those of the primary government. TheCounty Board is a voting member of each of the governing bodies of all component units except for theScott County Library for which the County Board appoints all the Library Trustees and the Public SafetyAuthority for which the County Board appoints two commissioners, one jointly appointed with the City ofDavenport. The component units are discussed further in Note 1.The Board is required to adopt a final budget by no later than March 15th prior to the beginning of thefiscal year. This annual budget serves as the foundation for Scott County's financial planning andcontrol. The State of Iowa requires the passage of an annual budget of total County operatingexpenditures by major program service areas (i.e., public safety and legal services, physical health andsocial services, etc.). Activities of the general fund, special revenue funds, capital projects fund anddebt service fund are included in the annual appropriated budget. The level of budgetary control (thatis, the level at which expenditures cannot legally exceed the appropriated amount) is at the totalprogram service area level. The County also maintains administrative budgetary control beyond theState required program service area level at the major object of expenditure basis within each Countydepartment.

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Local EconomyScott County is part of a three county, bi-state, metropolitan area referred to as the Quad-Cities. Thecounties of Scott (Iowa), Rock Island and Henry (Illinois), contain the Davenport-Rock Island-MolineMetropolitan Statistical Area (MSA), with a 2000 U.S. Census Bureau count of 359,062 which is a 2.3%increase over the 1990 census count of 350,861. The U. S. Census Bureau's 2000 population of ScottCounty was 158,689, which is a 5.1% increase over the 1990 census count of 150,979. However, thatfigure is still under the 1980 census count for Scott County which was 160,022 and only 11.2% greaterthan the 1970 census count of 142,687. The U.S. Census Bureau's estimates for 2006 for ScottCounty's population are 162,621 and for the MSA it is 360,505. Woods and Poole Economics projectthe population of the Quad Cities MSA to reach 378,915 by 2025, an approximate 5.5% increase overthe above cited year 2000 figure. The same projection expects Scott County's population to grow to180,370. This would represent an increase in population for the County over that 25 year time period of13.7%.The Quad-Cities has been historically known as an industrial, retail/service and transportation center. Inthe last twenty five years the economy has shifted, showing a decline in the number of manufacturingsector jobs. In 1980, 30% of the area jobs were in manufacturing and 53% in the service sector. In1990 that had changed to 17% manufacturing, 41% service sector; with 20% classified as trade and 4%mining and construction. In 2007 the split was 14% manufacturing and 50% classified as servicesector; with17% classified as trade and 5% mining and construction. The portion of government sectorjobs has remained fairly even at 16.2% in 1980, to 16% in 1990 and 14% in 2007.The shift in the Quad-Cities area economy towards creation of service sector jobs in the professional,non-professional, retail and wholesale sectors of the economy has been significant. From 1990 until2007 the number of service providing jobs in the QCA increased from 130,100 to 154,500. This is anincrease of 18.75%; which offsets the loss of over 2,500 durable goods manufacturing sector jobs, a12.8% decrease over that same time period. The number of total manufacturing sector jobs was downfrom 28,900 in 1990 to 25,600 in 2007 a 11.4% drop, with a decrease of 10.5% in jobs in the non-durable goods manufacturing sector. Construction and mining sector jobs have increased by 1,900jobs, a 28.4% increase from 1990 to 2007.The annual average labor force in the Quad Cites MSA was 197,269 in 2007 which was a 9.9%increase from the 1990 figure of 179,426. The annual average labor force for Scott County was 88,490in 2007, which was a 12.5% increase over the 1990 annual average labor force of 78,660 for thecounty. In 1980 the unemployment rate for the Quad Cities was 6.7%. In 1983 the unemployment ratefor the Quad-Cities MSA hit a high of 14.8%. Scott County's unemployment rate that same year was10.8%, following a Scott County high the year before in 1982 of 11.2%. In 1990 the unemployment ratefor the QCA was 5.0% and Scott County was 4.2%. Those rates dipped to a low of 3.4 % and 2.7% in1998 but have risen slightly to the current rates for 2007 of 4.5% and 3.8%, respectively.The median household income in Scott County has risen between 1980 and 2000, from $20,767 in1980 to $29,979 in 1990 and $42,701 in 2000. That is an increase of 105.6% over the twenty-yearperiod. The 2006 per capita personal income for Scott County was $36,950, which represented111.8% of the statewide average and 100.6% of the national average at $36,714. The per capitapersonal income for Scott County was $10,969 in 1980, $18,757 in 1990 and $28,158 in 2000.New residential construction has begun to slow recently in the Quad-Cities MSA and Scott County,although are still relatively strong when compared to the figures from 20 years ago. Between 1985 and1987, only 700 single family dwellings units were started in Scott County, with only 925 in the entireQuad Cities MSA over those same three years. 1546 building permits for new single family dwellingunits have been issued in Scott County from 1998 through 2000. Over that same time period 2500 new

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house permits have been issued in the MSA. Between 1998 and 2000, of the new house permitsissued in the Quad Cites, 62% have been in Scott County. This is an average for Scott County of over500 permits a year over that three year time period.In 2002, of the 863 new house permits issued in the QCMSA, 583 were issued in Scott County. For2003 those figures were 801 and 556, respectively. The 2004 figures continued to show an increase inhousing starts for Scott County at 608 with a total MSA figure of 861. This is an average of 550 newhouse starts a year for Scott County over that three year time period. In 2005 Scott County had 652 ofthe 961 housing starts in the Quad Cities MSA or 68% of the total. In 2006 and 2007, housing startshave started to slow with Scott County having 538 housing starts in 2006 and 407 in 2007. The ScottCounty figures represented 65% of the total Quad Cities MSA housing starts in 2006 and 61% in 2007.Even with a slowing housing market the Quad Cities remains one of the most affordable housingmarkets in the country. The average sales price for homes in the Iowa Quad Cities was $126,200 inJune, 2000, $127,300 in June, 2002, 137,600 in June, 2004 and $162,300 in June, 2007. On theIllinois side of the river the average sales price was $90,400 in June, 2000, $95,600 in June, 2002,$101,400 in June, 2004 and $112,200 in June, 2007. The median home values between 1980 and1990 in Scott County only increased 3% from $52,800 to $54,400. From 1990 to 2000 the medianhome values in Scott County jumped 70% to $92,400.Even with the drastic decline in the national economic indicators, the global credit crisis and a decreasein consumer confidence the immediate outlook for the Quad Cities still can be considered somewhatstable. Housing prices have not seen a sharp decline in this area mainly because they had not seensignificant increases in previous years. There have been some layoffs and production slow downs atsome of the areas largest employers, while others have seen modest increases or have been hiring toreplace retiring workers. Although the recent BRAC announcement will reduce positions at the Arsenalover the next six years, current production capacity at the Rock Island Arsenal is increasing with theincreasing need for vehicle armor and other munitions. The Local Arsenal Redevelopment Task Forceis working to attract new private jobs to the Arsenal in the future.Economic development efforts for the Quad Cities continue to try to diversify the economy, while takingadvantage of its unique location on major transportation corridors and the tremendous asset of theMississippi River. The Quad Cities and Scott County is also positioned well for the renewable energysector as a location for the manufacture, assembly and distribution of wind and solar energygenerators. A recent economic development task force recommendation is for the Quad Cities tocontinue to focus its regional economic development marketing efforts through a strengthened QuadCity Development Group. Scott County is on record as supporting those efforts.

Long- Term Financial PlanningUnreserved, undesignated fund balance in the general fund (14% of total general fund expenditures)falls nearly within the policy guidelines set by the Board for budgetary and planning purposes (i.e.,minimum of 15 percent of total general fund expenditures). It is noted that the reserved portion of thegeneral fund for the advance to the golf course enterprise fund will begin to be paid back in 2013 whenthe golf course debt retirement is completed.As a part of Scott County's target issues the renovation and expansion of the county jail is nearlycomplete. This $29.7 million project will be financed through Public Safety Authority revenue bonds.Increased operating costs for this facility projected to be completed in FY09 will be offset by theelimination of inmate housing costs in out of county facilities due to the current facility being at capacity.

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Relevant Financial PoliciesIt is Scott County's policy to use its share of riverboat gaming proceeds for one-time capital projects.The County is currently using these funds toward a pay as you go courthouse renovation project.County funding of new, additional community projects such as Bettendorf's RiversEdge project andDavenport's RiverVision project must come from anticipated increased future gaming revenues.

Major InitiativesIn addition to the aforementioned jail expansion/renovation project, the County is also developing acounty-wide GIS system. This $2.5 million project is being financed by essential service generalobligation bonds. Scott County created a GIS Strategic Plan in 2003 with implementation started in2005. The development and implementation of this county-wide GIS system is estimated to becompleted at the end of 2009.The continued renovation of the Courthouse and the Tremont Annex (minimum security jail andpatrol/training) will be completed on a pay as you go basis over the next several years. This willcomplete the Space Planning Master Plan developed in the 1990's which moved all non-publicsafety/court offices from the Courthouse to the Administrative Center.

Awards and AcknowledgementsThe Government Finance Officers Association (GFOA) awarded a Certificate of Achievement forExcellence in Financial Reporting to Scott County for its comprehensive annual financial report (CAFR)for the fiscal year ended June 30, 2007. This was the nineteenth consecutive year that Scott Countyhas received this prestigious award. In order to be awarded a Certificate of Achievement, thegovernment had to publish an easily readable and efficiently organized CAFR that satisfied bothgeneral accepted accounting principles and applicable legal requirements.A Certificate of Achievement is valid for a period of one year only. We believe that our current CAFRcontinues to meet the Certificate of Achievement Program's requirements and we are submitting it tothe GFOA to determine its eligibility for another certificate.In addition, Scott County also received the GFOA's Distinguished Budget Presentation Award for itsannual budget document dated March 6, 2008. In order to qualify for the Distinguished BudgetPresentation Award, the government's budget document had to be judged proficient as a policydocument, a financial plan, an operations guide, and a communications device.

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The preparation of this report would not have been possible without the efficient and dedicated serviceof the entire staffs of the Auditor's Office, Treasurer's Office and the Administration Office. We wish toexpress our appreciation to all members of our offices who assisted and contributed to the preparationof this report. Appreciation is also expressed for the excellent assistance received from ourindependent accountants, McGladrey & Pullen, LLP. Credit also must be given to the Board ofSupervisors for their unfailing support for maintaining the highest standards of professionalism in themanagement of Scott County's finances.

Respectfully submitted,f;;fCounty Treasurer

C. Ray Wierson,County Administrator

/J+w~Wes RostenbachCounty Auditor

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F INANCIAL


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M c G l a d r e y & P u l l e nC e r t i f i e d P u b l ic A c c o u n t a n ts

In de p en d en t A u dito r's R e po rtT o th e B oa rd o f S up erv iso rsC ou nty o f S co tt, Io waD a ve np or t, Io w aW e h av e a ud ite d th e a cc om p an yin g fin an cia l s ta te m en ts o f th e g ov er nm e nta l a ctiv itie s, th e b us in es s- ty pe a ctiv itie s,th e a gg re ga te d is cre te ly p re se nte d co m po ne nt u nits , e ac h m a jo r fu nd a nd th e a gg re ga te re m ain in g fu nd in fo rm a tio no f th e C ou nty o f S co tt, Io wa a s o f a nd fo r th e ye ar e nd ed Ju ne 3 0, 2 00 8, w hich co lle ctive ly co mp rise th e C ou nty 'sb as ic fin an cia l s ta te me nts a s lis te d in th e ta ble o f c on te nts . T he se fin an cia l s ta te m en ts a re th e re sp on sib ility o f th eC ou nty o f S co tt, Io wa 's m a na ge m en t. O u r re sp on sib ility is to e xp re ss o pin io ns o n th es e fin an cia l s ta te m en ts b as edo n o ur a ud it.W e c on du cte d o ur a ud it in a cc ord an ce w ith a ud itin g sta nd ard s g en era lly a cc ep te d in th e U n ite d S ta te s o f A m ericaa nd th e sta nd ard s a pp lica ble to fin an cia l a ud its co nta in ed in Go v er nm e n t A u d itin g S ta n da rd s , is su ed b y th eC om ptro lle r G en era l o f th e U nite d S ta te s. T ho se sta nd ard s re qu ire th at w e p la n a nd p erfo rm th e a ud it to o bta inre as on ab le a ssu ra nce a bo ut w he th er th e fin an cia l s ta te m en ts a re fre e o f m ate ria l m iss ta te m en t. A n a ud it in clu de se xa m in in g, o n a te st b as is , e vid en ce s up po rtin g th e a m ou nts a nd d isc lo su re s in th e fin an cia l s ta te m en ts . A n a ud ita ls o in clu de s a sse ss in g th e a cc ou ntin g p rin cip le s u se d a nd sig nific an t e stim a te s m a de b y m a na ge m en t, a s w e ll a se va lu atin g th e o ve ra ll fin an cia l s ta te m en t p re se nta tio n. W e b elie ve th at o ur a ud it p ro vid es a re as on ab le b as is fo r o urop in ions .In o ur o pin io n, th e fin an cia l s ta te m en ts re fe rr ed to a bo ve p re se nt fa ir ly , in a ll m a te ria l re sp e cts , th e r es pe ctiv efin an cia l p os itio n o f th e g ov ern m en ta l a ctiv itie s, th e b us in es s- ty pe a ctiv itie s, th e a gg re ga te d is cre te ly p re se nte dco mp on en t u nits , e ach m ajo r fu nd , a nd th e a gg re ga te re ma in in g fu nd in fo rm atio n o f th e C ou nty o f S co tt, Io wa a s o fJu ne 3 0, 2 00 8, a nd th e re sp ec tive ch an ge s in fin an cia l p os itio n a nd c as h flo w s, w he re a pp lica ble , th ere of fo r th e ye arth en e nd ed in c on fo rm ity w ith a cc ou ntin g p rin cip le s g en era lly a cce pte d in th e U n ite d S ta te s o f A m eric a.In a cc or da nc e w ith Go v er nm e n t A u d itin g S ta n da rd s, w e have a lso issued ou r repo rt da ted N ovem ber 13 , 2008 , ono ur co ns id era tio n o f th e C ou nty o f S co tt, Io wa 's in te rn al c on tro l o ve r fin an cia l re po rtin g a nd o ur te sts o f itsco m plia nce w ith ce rta in p ro vis io ns o f la ws , re gu la tio ns , co ntra cts a nd g ra nt a gre em e nts a nd o th er m a tte rs . T hep urp os e o f th at re po rt is to d es crib e th e s co pe o f o ur te stin g o f in te rn al co ntro l o ve r fin an cia l re po rtin g a ndco m plia nce a nd th e re su lts o f th at te stin g, a nd n ot to p ro vid e a n o pin io n o n th e in te rn al c on tro l o ve r fin an cia lre po rtin g o r o n co mp lia nce . T ha t re po rt is a n in te gra l p art o f a n a ud it p erfo rm ed in a cco rd an ce w ith Gove rnmen tA ud it in g S t anda rd s a nd sh ou ld b e co ns id ere d in a sse ss in g th e re su lts o f o ur a ud it.

M cG la d re y & P ulle n, LLP is a m em be r firm o f RS M In te rn atio na l -a n a ffil ia tio n o f s ep ara te a nd in de pe nd en t le ga l e ntit ie s.


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T he M an ag em en t's D iscu ss io n a nd A na lys is o n p ag es 3 th ro ug h 1 4, a nd b ud ge ta ry co mp ariso n in fo rm atio n o np ag es 5 7 a nd 5 8 a re n ot a re qu ire d p art o f th e b as ic fin an cia l s ta te me nts b ut a re su pp le me nta ry in fo rm atio n re qu ire db y th e a cc ou ntin g p rin cip le s g en era lly a cc ep te d in th e U nite d S ta te s o f A m erica . W e h av e a pp lie d c erta in lim ite dp ro ce du re s, w hic h c on sis te d p rin cip ally o f in qu ir ie s o f m a na ge me nt re ga rd in g th e m e th od s o f m e as ure m en t a ndp re se nta tio n o f th e su pp le m en ta ry in fo rm a tio n. H ow ev er, w e d id n ot a ud it th e in fo rm a tio n a nd e xp re ss n o o pin io n o nit .

O ur a ud it w as c on du cte d fo r th e p urp ose o f fo rm in g o pin io ns o n th e fin an cia l s ta te me nts th at c olle ctive ly c om p ris eth e C ou nty o f S co tt, Io wa 's b as ic fin an cia l s ta te m en ts . T he c om b in in g a nd in div id ua l n on m ajo r fu nd fin an cia ls ta te m en ts a nd o th er sc he du le s, lis te d in th e ta ble o f co nte nts a s su pp le m en ta ry in fo rm a tio n, a re p re se nte d fo rp urp os es o f a dd itio na l a na ly sis a nd a re n ot a re qu ire d p art o f th e b as ic fin an cia l s ta te m en ts . T he a cco m pa ny in gsc he du le o f e xp en ditu re s o f fe de ra l a wa rd s is p re se nte d fo r p urp ose s o f a dd itio na l a na lys is a s re qu ire d b y U .S .O ffice o f M a na ge m en t a nd B ud ge t C irc ula r A -1 33 , Audi ts o f S ta te s, L oc al G o ve rnm en ts a nd N o np ro fit O rg an iz atio ns ,a nd is n ot a re qu ire d p art o f th e b as ic fin an cia l s ta te m en ts . S uc h in fo rm a tio n h as b ee n su bje cte d to th e a ud itin gp ro ce du re s a pp lie d in th e a ud it o f th e b as ic fin an cia l s ta te m en ts a nd , in o ur o pin io n, is fa ir ly s ta te d, in a ll m a te ria lre sp ects , in re la tio n to th e b as ic fin an cia l s ta te m en ts ta ke n a s a w ho le .T he a cco m pa ny in g in tro du cto ry a nd s ta tis tica l s ectio ns , a s lis te d in th e ta ble o f co nte nts , a re p re se nte d fo r p urp os eso f a dd itio na l a na ly sis a nd a re n ot a re qu ire d p art o f th e b as ic fin an cia l s ta te m en ts . T his in fo rm a tio n h as n ot b ee nsu bje cte d to th e a ud itin g p ro ce du re s a pp lie d in th e a ud it o f th e b as ic fin an cia l s ta te me nts a nd , a cc ord in gly , w ee xp re ss n o o pin io n o n th em .

D a ve np or t, Io w aN o ve m be r 1 3, 2 00 8

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C ou nty o f S co tt, Io waM a na gem en t's D is cu ss io n a nd A na ly sisY ear E nd ed June 30 , 2008It is a n h on or to p re se nt to yo u th e fin an cia l p ic tu re o f th e C ou nty o f S co tt, Io wa . W e o ffe r re ad ers o f th e C ou nty 'sfin an cia l s ta te m en ts th is n arra tive o ve rv ie w a nd a na ly sis o f th e fin an cia l a ctiv itie s o f th e C ou nty o f S co tt, Io wa fo r th efisc al y ea r e nd ed Ju ne 3 0, 2 00 8. W e e nc ou ra ge re ad ers to c on sid er th e in fo rm a tio n p re se nte d h ere in c on ju nc tio nw ith a dd itio na l in fo rm a tio n th at w e h av e fu rn is he d in o ur le tte r o f tr an sm itta l.F i nanc ia l H i gh li gh t sT he a sse ts o f th e C ou nty o f S co tt e xce ed ed its lia bilitie s a s o f Ju ne 3 0, 2 00 8 a nd 2 00 7 b y $ 79 ,4 93 ,4 21 a nd$ 79 ,6 83 ,1 17 (n et a ss ets), re sp ective ly . O f th is a m ou nt, $ 2,8 34 ,8 81 a nd $ 7,7 43 ,1 01 , re sp ec tive ly , m a y b e u se d tom e et th e g ov er nm e nt's o ng oin g o blig atio ns to c itiz en s a nd c re dito rs .T he g ove rn me nt's to ta l n et a sse ts d ec re ase d b y $ 18 9,6 96 a nd in cre ase d $ 1,2 41 ,2 14 d urin g th e ye ars e nd edJu ne 3 0,2 00 8 a nd 2 00 7, re sp ec tiv ely .A s o f Ju ne 3 0, 2 00 8, th e C ou nty o f S co tt's g ove rn me nta l fu nd s re po rte d co mb in ed e nd in g fu nd b ala nce s o f$ 20 ,1 80 ,6 96 , a d ecre ase o f $ 1,3 76 ,1 05 in co m pa ris on w ith 2 00 7. A pp ro xim a te ly 6 3 p erc en t o f th is to ta l a m ou nt,$ 12 ,7 07 ,9 26 , is a va ila ble fo r sp en din g a t th e g ov ern m en t's d is cre tio n (u nre se rve d u nd es ig na te d fu nd b ala nc e). A s o fJu ne 3 0, 2 00 7, th e C ou nty o f S co tt's g ove rn m en ta l fu nd s re po rte d c om b in ed e nd in g fu nd b ala nce s o f $ 21 ,5 56 ,8 01 ,a n in cre as e o f $ 1,8 05 ,1 60 in co m pa ris on w ith 2 00 6. A pp ro xim a te ly 6 4 p erc en t o f th is to ta l a m ou nt, $ 13 ,8 41 ,1 09 , isa va ila ble fo r s pe nd in g a t th e g ov er nm e nt's d is cre tio n ( un re se rv ed u nd es ig na te d fu nd b ala nc e).A s o f Ju ne 3 0,2 00 8, u nre se rve d u nd es ig na te d fu nd b ala nce fo r th e G en era l F un d w as $ 5,8 49 ,5 53 o r 1 4 p erce nt o fto ta l G en era l F un d e xp en ditu re s a nd $ 5,3 01 ,9 70 o r 1 3 p erce nt fo r 2 00 7.T he C ou nty o f S co tt, Io wa 's to ta l lo ng -te rm d eb t, e xc lu din g co m pe ns ate d a bse nc es a nd c la im s p ay ab le , d ec re as edb y $ 2,2 54 ,4 92 d urin g fisca l ye ar Ju ne 3 0, 2 00 8 a nd in cre ase d b y $ 66 0,0 00 d urin g fisca l ye ar e nd ed Ju ne 3 0, 2 00 7.T he d ecre ase in 2 00 8 w as a ttr ib ute d to sch ed ule d p aym en ts o n b on ds. T he in cre ase in 2 00 7 w as a ttrib ute d to th eis su an ce o f g en era l o blig atio n g eo gra ph ic in fo rm a tio n sy ste m b on ds a nd so lid w as te re fu nd in g b on ds.O ve rv ie w o f th e F in an cia l S ta te m en tsT his D isc uss io n a nd A na ly sis is in te nd ed to s erve a s a n in tro du ctio n to th e C ou nty o f S co tt's b as ic fin an cia ls ta te m en ts . T he C o un ty 's b as ic fin an cia l s ta te m en ts c om p ris e th re e c om p on en ts : 1 ) g ov ernm en t-w id e fin an cia ls ta te m en ts , 2 ) fu nd fin an cia l s ta te m en ts a nd 3 ) n ote s to b as ic fin an cia l s ta te m en ts . T his re po rt a ls o co nta in s o th ers up ple m en ta ry in fo rm a tio n in a dd itio n to th e b as ic fin an cia l s ta te m en ts th em s elv es .G o ve rnm en t- wid e fin an cia l s ta te m en ts : T h e g ov ernm en t-w id e fin an cia l s ta te m en ts a re d es ig ne d to p ro vid e re ad er sw ith a b ro ad o ve rv ie w o f th e C ou nty o f S co tt's fin an ce s, in a m an ne r s im ila r to a p riva te -se cto r b us in ess.T he sta te m en t o f n et a ss ets p re se nts in fo rm a tio n o n a ll o f th e C ou nty o f S co tt, Io wa 's a ss ets a nd lia bilitie s, w ith th ed iffe re nce b etw ee n th e tw o re po rte d a s n et a sse ts . O ve r tim e, in cre ase s o r d ec re ase s in n et a sse ts m ay se rve a s au se fu l in dic ato r o f w h eth er th e fin an cia l p os itio n o f th e C o un ty is im p ro vin g o r d ete rio ra tin g.T he sta te m en t o f a ctiv itie s p re se nts in fo rm atio n s ho win g h ow th e C o un ty 's n et a ss ets c ha ng ed d urin g th e m o stre ce nt fisca l ye ar. A ll ch an ge s in n et a sse ts a re re po rte d a s so on a s th e u nd erly in g e ve nt g iv in g rise to th e ch an geo cc urs , re ga rd le ss o f th e tim in g o f re la te d c ash flo ws . T hu s, re ve nu es a nd e xp en se s a re re po rte d in th is sta te m en tfo r so me ite ms th at w ill o nly re su lt in ca sh flo ws in fu tu re fisca l p erio ds (e .g ., u nco lle cte d ta xe s a nd e arn ed b utu nu se d v ac atio n le a ve ).

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C ou nty o f S co tt, Io waM a na gem en t's D is cu ss io n a nd A na ly sisY ear E nd ed June 30 , 2008B oth o f th e g ove rn m en t-w id e fin an cia l s ta te m en ts d is tin gu is he d fu nc tio ns o f th e C ou nty o f S co tt th at a re p rin cip allysu pp orte d b y ta xe s (g ove rn m en ta l a ctiv itie s) fro m o th er fu nctio ns th at a re in te nd ed to re co ve r a ll o r a s ig nific an tp ortio n o f th eir c osts th ro ug h u se r fe es a nd c ha rg es (b us in ess -ty pe a ctiv itie s). T he g ove rn m en ta l a ctiv itie s o f th eC ou nty o f S co tt in clu de p ub lic s afe ty a nd le ga l se rv ic es, p hys ica l h ea lth a nd s oc ia l se rv ice s, m e nta l h ea lth , C ou ntye nv iro nm e nt a nd e du ca tio n, ro ad s a nd tra nsp orta tio n, g ov ern m en t s erv ic es to re sid en ts a nd a dm in is tra tio n. T heb us in ess -ty pe a ctiv itie s o f th e C ou nty o f S co tt in clu de a n 1 8-h ole g olf c ou rs e.T he g ove rn m en t-w id e fin an cia l s ta te m en ts in clu de th e C ou nty o f S co tt a nd th e fo llo win g d isc re te ly p re se nte dco m po ne nt u nits : E m erg en cy M a na ge m en t A ge nc y, C ou nty L ib ra ry , C ou nty A ss ess or, C ou nty A sse sso r S pe cia l, C ityA ss es so r, C ity A sse sso r S pe cia l, P ub lic S afe ty A uth ority a nd S co tt E m erg en cy C omm un ica tio n C e nte r. T he re a re n oo th er o rg an iza tio ns o r a ge nc ie s w ho se fin an cia l s ta te m en ts s ho uld b e c om b in ed a nd p re se nte d w ith th e fin an cia ls ta te m en ts o f th e C o un ty .

T he g ove rn me nt-w id e fin an cia l s ta te me nts ca n b e fo un d o n p ag es 1 5 th ro ug h 1 8 o f th is re po rt.F un d fin an cia l s ta te m en ts : A fu nd is a g ro up in g o f re la te d a cc ou nts th at is u se d to m a in ta in co ntro l o ve r re so urce sth at h av e b ee n s eg re ga te d fo r sp ec ific a ctiv itie s o r o bje ctiv es. T he C o un ty o f S co tt, Io wa , like o th er s ta te a nd lo ca lg ov er nm e nts , u se s fu nd a cc ou ntin g to e ns ur e a nd d em o ns tr ate c om p lia nc e w ith fin an ce -r ela te d le ga l re qu ire m en ts .A ll o f th e fu nd s o f th e C ou nty ca n b e d iv id ed in to th re e ca te go rie s: g ove rn me nta l fu nd s, p ro prie ta ry fu nd s a ndf id u c ia r y f und s .G ove rn me nta l fu nd s - G ove rn me nta l fu nd s a re u se d to a cco un t fo r e sse ntia lly th e sa me fu nc tio ns re po rte d a sg ov er nm e nta l a ctiv itie s in th e g ov er nm e nt-w id e fin an cia l s ta te m en ts . H o w ev er , u nlik e th e g ov er nm e nt-w id e fin an cia ls ta te m en ts , g ove rn m en ta l fu nd fin an cia l s ta te me nts fo cu s o n n ea r-te rm in flo ws a nd o utflo ws o f sp en da ble re so urc es,a s w ell a s o n b ala nce s o f sp en da ble re so urce s a va ila ble a t th e e nd o f th e fisca l ye ar. S uch in fo rm atio n m ay b e u se fu lin e va lu atin g a g ov er nm e nt's n ea r-te rm fin an cia l r eq uir em e nts .B ec au se th e fo cu s o f g ove rn me nta l fu nd s is n arro w er th an th at o f th e g ov ern m en t-w id e fin an cia l s ta te m en ts , it isu se fu l to co m pa re th e in fo rm a tio n p re se nte d fo r g ov ern m en ta l fu nd s w ith s im ila r in fo rm a tio n p re se nte d fo rg ove rn m en ta l a ctiv itie s in th e g ove rn me nt-w id e fin an cia l s ta te m en ts . B y d oin g s o, re ad ers m a y b ette r u nd ers ta nd th elo ng -te rm im p ac t o f th e g ove rn m en t's n ea r-te rm fin an cin g d ec is io ns . B oth th e g ov ern m en ta l fu nd b ala nce sh ee t a ndth e g ove rn m en ta l fu nd s ta te m en t o f re ve nu es, e xp en ditu re s a nd ch an ge s in fu nd b ala nce s p ro vid e a re co nc ilia tio n tofa cilita te th is c om p ar is on b etw e en g ov ernm en ta l fu nd s a nd g o ve rnm en ta l a ctiv itie s.T he C ou nty o f S co tt, Io wa m a in ta in s s eve n in div id ua l g ove rn m en ta l fu nd s. In fo rm a tio n is p re se nte d se pa ra te ly in th eg ove rn me nta l fu nd b ala nce sh ee t a nd in th e g ove rn me nta l fu nd sta te me nt o f re ve nu es , e xp en ditu re s a nd ch an ge s infu nd b ala nc es fo r th e G e ne ra l F un d, M e nta l H e alth /D ev elo pm e nt D is ab ilitie s F un d, S eco nd ary R oa ds F un d, C ap ita lP ro je cts F un d a nd D eb t S erv ice F un d w hich a re co ns id ere d to b e m ajo r fu nd s. D ata fro m th e o th er tw o g ove rn me nta lfu nd s a re c om b in ed in to a s in gle , a gg re ga te d p re se nta tio n. In div id ua l fu nd d ata fo r e ac h o f th es e n on ma jo rg ove rn m en ta l fu nd s is p ro vid ed in th e fo rm o f co m bin in g sta te m en ts e ls ew he re in th is re po rt.T he b as ic g ove rn me nta l fu nd fin an cia l s ta te me nts ca n b e fo un d o n p ag es 1 9 th ro ug h 2 4 o f th is re po rt.P ro prie ta ry fu nd s: T he C o un ty o f S co tt m a in ta in s o ne ty pe o f p ro prie ta ry fu nd s: e nte rp rise . E nte rp rise fu nd s a re u se dto re po rt th e sa m e fu nc tio ns p re se nte d a s b us in es s-typ e a ctiv itie s in th e g ove rn m en t-w id e fin an cia l s ta te m en ts . T heC ou nty o f S co tt m a in ta in s o ne e nte rp ris e fu nd . P ro prie ta ry fu nd s p ro vid e th e sa m e ty pe o f in fo rm a tio n a s th eg ov er nm e nt-w id e fin a nc ia l s ta te m en ts , o nly in m o re d e ta il. T he p ro prie ta ry fu n d fin an cia l s ta te m en ts p ro vid e s ep ara tein fo rm atio n fo r th e G olf C ou rse F un d, a s th is fu nd is co ns id ere d to b e a m ajo r fu nd o f th e C ou nty o f S co tt.

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C ou nty o f S co tt, Io waM a na gem en t's D is cu ss io n a nd A na ly sisY ear E nd ed June 30 , 2008T he b as ic p ro prie ta ry fu nd fin an cia l s ta te me nts ca n b e fo un d o n p ag es 2 5 th ro ug h 2 7 o f th is re po rt.F id uc ia rv fu nd s: F id uc ia ry fu nd s a re u se d to a cc ou nt fo r re so urce s h eld fo r th e b en efit o f p artie s o uts id e th eg ove rn m en t. F id uc ia ry fu nd s a re n ot re fle cte d in th e g ov ern m en t-w id e fin an cia l s ta te m en t b eca us e th e re so urc es o fth ose fu nd s a re n ot a va ila ble to su pp ort th e C ou nty o f S co tt, Io wa 's o wn p ro gra ms. T he fid uc ia ry fu nd s o f th e C ou ntya re co ns id ere d a ge nc y fu nd s. T ota l a ss ets o f th e fid uc ia ry fu nd s w ere $ 20 6,8 38 ,4 06 a nd $ 19 5,4 42 ,6 91 fo r th e y ea rse nd ed J un e 3 0,2 00 8 a nd 2 00 7, re sp ective ly .T he b as ic fid uc ia ry fu nd fin an cia l s ta te me nts ca n b e fo un d o n p ag e 2 8 o f th is re po rt.N o te s to b as ic fin an cia l s ta te m en ts : T he n ote s p ro vid e a dd itio na l in fo rm a tio n th at is e ss en tia l to a fu ll u nd ers ta nd in go f th e d ata p ro vid ed in th e g ov ern m en t-w id e a nd fu nd fin an cia l s ta te m en ts .

O th er in fo rm atio n: In a dd itio n to th e b as ic fin an cia l s ta te m en ts a nd a cco m pa ny in g n ote s, th is re po rt a ls o p re se ntsce rta in re qu ire d s up ple m en ta ry in fo rm a tio n c on ce rn in g th e C ou nty o f S co tt, Io wa 's b ud ge ta ry co m pa ris on . T hisin fo rm ation can be found on pages 57 and 58 o f th is repo rt.T he co m bin in g sta te m en ts re fe rre d to e arlie r in c on ne ctio n w ith n on m a jo r g ov ern m en ta l fu nd s a re p re se nte dimm e dia te ly fo llo w in g th e n ote s to b as ic fin an cia l s ta te m en ts a nd th e re qu ire d s up ple m en ta ry in fo rm a tio n.Go ve rnm e nt-W i de F in a nc ia l A n aly sisA s n ote d e arlie r, n et a sse ts m ay se rve o ve r tim e a s a u se fu l in dica to r o f a g ove rn me nt's fin an cia l p os itio n. T heC ou nty 's to ta l n et a sse ts h ave d ecre ase d fro m a ye ar a go fro m $ 79 ,6 83 ,1 17 to $ 79 ,4 93 ,4 21 .

O f th e C ou nty o f S co tt's n et a ss ets , 9 0 p erce nt re fle cts its in ve stm e nt in ca pita l a sse ts (e .g ., la nd , b uild in gs a ndim p ro ve m en ts , e qu ip m en t a nd in fra stru ctu re ), le ss a ny re la te d d eb t u se d to a cq uire th ose a ss ets th at is s tillo uts ta nd in g. T he C ou nty o f S co tt u se s th es e ca pita l a ss ets to p ro vid e se rv ice s to c itiz en s; c on se qu en tly , th esea ss ets a re n ot a va ila ble fo r fu tu re s pe nd in g. T he C ou nty 's n et a ss ets in ve ste d in c ap ita l a ss ets , n et o f re la te d d eb t,w as $ 71 ,3 34 ,9 33 fo r 2 00 8 a nd $ 65 ,9 31 ,7 38 fo r 2 00 7. A lth ou gh th e C ou nty 's in ve stm en t in its ca pita l a sse ts isre po rte d n et o f re la te d d eb t, it sh ou ld b e n ote d th at th e re so urce s n ee de d to re pa y th is d eb t m ust b e p ro vid ed fro mo th er so urce s s in ce th e ca pita l a sse ts th em se lve s c an no t b e u se d to liq uid ate th ese lia bilitie s.

C u rre nt a nd o th er a ss etsC a p it a l a s s et s

T o ta l a s se tsNoncu r r ent l ia b i li ti e s ou t s tand i ngO the r l ia b i li ti e s

To t a l l ia b i li ti e s

T ab le 1 - C ou nty o f S co tt's N et A ss etsG o v e rnme n ta l A c t iv it ie s B u s in e s s- T y pe A c ti vi ti es T o ta l C o u nt y2008 2007 2008 2007 2008 2007

$ 64,122 ,137 $ 68,410 ,415 $ (2 ,254 ,825) $ (1 ,865 ,924) $ 61,867 ,312 $ 66,544 ,49198 ,344 ,173 94 ,361 ,014 2 ,266 ,457 2 ,422 ,402 100 ,610 ,630 96 ,783 ,416162 ,466 ,310 162 ,771 ,429 11 ,632 556 ,478 162 ,477 ,942 163 ,327 ,90734 ,067 ,530 36 ,120 ,641 1 ,133 ,817 1 ,481 ,097 35 ,201 ,347 37 ,601 ,73846 ,811 ,740 45 ,095 ,105 971 ,434 947 ,947 47 ,783 ,174 46 ,043 ,05280 ,879 ,270 81 ,215 ,746 2 ,105 ,251 2 ,429 ,044 82 ,984 ,521 83 ,644 ,790

70 ,527 ,812 65 ,298 ,164 807 , 121 633 ,574 71 ,334 ,933 65 ,931 ,7384 ,994 ,081 5 ,681 ,447 325 ,166 326 ,831 5 ,319 ,247 6 ,008 ,2786 ,065 ,147 10 ,576 ,072 (3 ,225 ,906) (2 ,832 ,971) 2 ,839 ,241 7 ,743 ,101

$ 81,587 ,040 $ 81,555 ,683 $ (2 ,093 ,619) $ (1 ,872 ,566) $ 79,493 ,421 $ 79,683 ,1175

Ne t a s s et s:I nv es te d in c ap ita l a ss ets , n et o f

r ela te d d e btRestr ic tedUnres t r i c ted

T ota l n et a ss ets


24/150

C ou nty o f S co tt, Io waM a na gem en t's D is cu ss io n a nd A na ly sisY ear E nd ed June 30 , 2008N e t a ss ets a re re po rte d a s re stric te d w he n th ere a re lim ita tio ns im p ose d o n th eir u se th ro ug h e na blin g le gis la tio n o rth ro ug h e xte rn al re str ic tio ns im po se d b y c re dito rs , g ra nto rs , o r la ws o r re gu la tio ns o f o th er g ove rn m en ts. N et a ss etsre stric te d th ro ug h e na blin g le gis la tio n fo r 2 00 8 a nd 2 00 7 co ns is t o f $ 3,7 28 ,7 60 a nd $ 4,1 52 ,1 98 fo r d eb t se rv ice ,$ 57 2,2 42 a nd $ 39 6,3 72 fo r m en ta l h ea lth a nd $ 48 6,4 05 a nd $ 93 6,1 85 fo r se co nd ary ro ad s, re sp ec tive ly . A na dd itio na l $ 53 1,8 40 a nd $ 52 3,5 23 is re str ic te d b y e xte rn al th ird p artie s, re sp ectiv ely . T he re m ain in g b ala nce o fu nre stric te d n et a sse ts , $ 2,8 39 ,2 41 fo r 2 00 8 a nd $ 7,7 43 ,1 01 fo r 2 00 7, m ay b e u se d to m ee t th e g ove rn me nt'so ng oin g o blig atio ns to c itiz en s a nd c re dito rs .A t th e e nd o f th e cu rre nt fisca l ye ar, th e C ou nty o f S co tt, Io wa is a ble to re po rt p os itive b ala nce s in a ll th re eca te go rie s o f n et a sse ts . T he s am e s itu atio n h eld tru e fo r th e p rio r fisc al y ea r.T he C ou nty 's to ta l n et a sse ts d ecre ase d b y $ 18 9,6 96 d urin g th e cu rre nt fisca l ye ar a s co mp are d to a n in cre ase o f$ 1,2 41 ,2 14 in 2 00 7. T he g ov ern m en ta l-ty pe a ctiv itie s' n et a ss ets in cre as ed b y $ 31 ,3 57 in 2 00 8 a nd $ 1,5 75 ,0 31 in2 00 7. T he in cre ase s in 2 00 7 a nd 2 00 8 w ere d ue to in cre ase s in ca pita l a sse ts . T he to ta l b us in ess -typ e a ctiv itie s' n etasse ts dec reased by $221 ,053 in 2008 and $333 ,817 in 2007 . T he decreases in 2007 and 2008 w ere due to in te restp aym en ts o n th e d eb t o f th e g olf co urse a nd in cre ase d co sts to o pe ra te th e g olf co urse .T ab le 2 h ig hlig hts th e C ou nty 's re ve nu es a nd e xp en se s fo r th e fisca l ye ar e nd ed Ju ne 3 0,2 00 8 a nd 2 00 7. T he se tw om ain co mp on en ts a re su btra cte d to y ie ld th e ch an ge in n et a sse ts . T his ta ble u tilize s th e fu ll a cc ru al m eth od o faccount ing.R eve nu e is fu rth er d iv id ed in to tw o m ajo r co mp on en ts: p ro gra m re ve nu e a nd g en era l re ve nu e. P ro gra m re ve nu e isd efin ed a s ch arg es fo r s erv ice s a nd s ale s a nd se rv ice s, o pe ra tin g g ra nts a nd co ntr ib utio ns a nd c ap ita l g ra nts a ndc on tr ib utio ns . G e ne ra l r ev en ue in clu de s ta xe s, in ve stm e nt in com e a n d o th er u nr es tr ic te d r ev en ue s ou rc es .

T able 2 - C ounty o f S co tfs C hanges in Net A sse tsGove rnmen t al Ac ti vi ti es2008 2007

Bus ines s-Type Ac t iv it ie s2008 2007

T o ta l C o u nt y2008 2007

Revenues :P r og ram r ev e nu e s:

C h ar ge s f or s e rv ic e sOp e ra ti ng g ra n ts a n d c o nt ri bu ti on sC a pi ta l g ra n ts a n d c o nt ri bu ti on s

G e n er al r ev e nu e s:Taxes :

P r op e rt y t ax e sL oc al o ptio n s ale s ta xGamingo th er t ax esU t il it y t a x r ep la c emen tsP en altie s, in te re st a nd c os ts o n ta xe sS ta te t ax r ep la cem en t c re dits

S ta te s ha re d r ev en ue sG ra nts a nd c on tr ib utio ns n ot r es tr ic te d

t o s p ec if ic p ro g ramP ay me nts in lie u o f ta xe sI nv e stm en t e a rn in g sMiscel laneous

T ot al r ev en ue s

$ 4,877,53111,847,705

153 ,469

33,138,1313,867,941

815 ,52465,253

1,341,669731 ,4565,194,0162,866,918

8,2261,447,577859 ,093

67,214,509

$ 5,038,4239,896,8261,417,942

31,995,8443,700,844

789 ,21061,766

1,382,625782 ,1235,243,5362,906,371

188 ,55716 5

2,140,787780 ,711

66,325,730

6

$ 947,487

9 ,827957 ,314

$ 875,270

14,609889 ,879

$ 5,825,01811,847,705

153 ,469

33,138,1313,867,941

815 ,52465,253

1,341,669731 ,4565,194,0162,866,918

8,2261,457,404859 ,093

68,171,823

$ 5,913,6939,896,8261,417,942

31,995,8443,700,844

789 ,21061,766

1,382,625782 ,1235,243,5362,906,371

188,55716 5

2,155,396780 ,711

67,215,609


25/150

C ou nty o f S co tt, Io waM a na gem en t's D is cu ss io n a nd A na ly sisY ear E nd ed June 30 , 2008

T ab le 2 - C ou nty o f S co tt's C ha ng es in N et A ss ets (C on tin ue d)Gove r nmen t a l A c ti v it ie s Bus ines s -Type Ac ti v it ie s To ta l C o u n ty2008 2007 2008 2007 2008 2007

Expenses :Pub lic sa fe ty and lega l se rv ices 20,289,680 20 ,051,534 20,289 ,680 20,051,534P h ys ic a l h e a lt h a n d s o ci al s e rv ic e s 5,956,132 5,682,835 5,956,132 5,682,835Men ta l hea lth 15 ,211,596 14,308,820 15,211,596 14,308,820C o un ty e nv ir onm en t a nd e du ca ti on 4,410,086 4,371,103 4,410,086 4,371,103Roads and transporta tion 6,712,511 6,711,217 6,712,511 6 ,711,217Go v er nmen t s e rv ic e s t o r es id e n ts 2,151,064 2,074,972 2,151,064 2,074,972Adm in is tra tion 10 ,980,111 9,943,559 10,980,111 9 ,943,559Deb t s e rv ic e , i nt er e st 1 ,471,972 1,606,659 1,471,972 1,606,659G olf course 1,178,367 1,223 ,696 1 ,178,367 1,223,696Tota l e xpenses 67,183,152 64,750,699 1,178,367 1,223,696 68,361,519 65,974,395

Inc rease in n et assets 31,357 1,575 ,031 (221,053) (333,817 ) (189,696) 1 ,241,214Ne t assets , b eg inn ing 81,555,683 79 ,980,652 (1 ,872,566) (1 ,538,749) 79,683 ,117 78,441,903Ne t a s se ts , e n di ng $ 81,587,040 $ 81,555,683 $ (2,093,619) $ (1,872,566) $ 79,493,421 $ 79,683,117

T ab le 3 b elo w d is clo se s c ost o f s erv ic es fo r g ov ern me nta l a ctiv itie s. T he to ta l co st o f se rvice s c olu mn co nta in s a llcosts re la ted to the program s and the net cost co lum n show s how m uch of the to ta l am ount is not covered byp ro gra m re ve nu es. S uc cin ctly p ut, n et co sts a re co sts th at m us t b e c ove re d b y lo ca l ta xe s o r o th er g en era l re ve nu eo r t rans fe r s.

T a ble 3 - C o un ty o f S co tt's G o ve rnm en ta l A c tiv it ie sTota l Cost o f Tota l C ost o f N et (E xpense) o f Net (Expense) o f

P rogram s Services 2008 Se rv ices 2 007 Services 2008 Services 2 007

P ub li c s a fe ty a n d l eg a l s e rv ic e s $ 20,289,680 $ 20,051,534 $ (18,202,256) $ (17,426,676)Physica l h ea lth and socia l se rv ices 5,956,132 5,682,835 (3 ,776,438) (3 ,568,163)Men t al hea lt h 15,211,596 14,308,820 (7,320,249) (7,984,459)County environment and education 4,410,086 4,371,130 (3 ,103,406) (3 ,296,617)Roads and t ranspo rt a ti on 6,712,511 6,711,217 (6,657,725) (5,731,588)Governmen t se rv ices to residents 2 ,151,064 2,074,972 775,395 749,991Administ rat ion 10,980,111 9,943,559 (10,547,796) (9,533,337)Deb t se rv ice , in te rest 1 ,471,972 1,606,659 (1 ,471,972) (1 ,606,659)Go lf c o ur se 1,178,367 1,223,696 (230,880) (348,426)

Tota l $ 68,361,519 $ 65,974,422 $ (50,535,327) $ (48,745,934)

N et cost o f serv ices is 74 percent of to ta l cost o f services in 2008 and 2007. The C ounty w as able to m ainta in the netcost o f serv ices in the current year due to nontax revenues an d fees being review ed and adjusted on an ongoin gbasis.

7


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C ou nty o f S co tt, Io waM a na ge m en t's D is cu ss io n a nd An aly sisY ear E nd ed Ju ne 30 , 200 8Gove rnmen ta l Ac t iv it ie sT he g ra ph s b elo w sh ow th e p erce nta ge o f th e to ta l g ove rn me nta l a ctiv itie s re ve nu es a llo ca te d b y e ach re ve nu e typ efo r 2008 and 2007 .

R ev en ue s B y S ou rc e - G ov ern me nta l A ctiv itie s 2 00 8P e n al t ie s , i n te r es tandcostsontaxes~

1% .....

Utility ta xreplacements

2%

Gaming1%

L o ca l o p ti o ns al es t ax

6%

S t at e t axr ep la c em e nt c re d it s

8%

S t at e s h a re dInvestment Miscellaneous

1%

P ro pe rt y t ax es49 %

O p er at in g g ra n ts a nd c on tr ib u ti on s18%

C a pi ta l g ra nt s a n d c o nt ri bu ti on s1%

C a pi ta l g ra n ts a nd c on tr ib u ti on s2%

~Operatinggrantsandcontribution15%

L oc al o pt io n s al es t ax6%

Gaming1%

R ev en ue s B y S ou rc es - G ov ern me nta l A ctiv itie s 2 00 7

statetaxrep~~:mentcredits~~ S t : ~ : ; ; ' : : d I l n v e ~ s t m ~ n o ~ e a m ~ . ' ~ ~ : 8 f : o , ~ o : e W i c e sP e n al t ie s , i n te r es t ICa nd c os ts o n t ax es

1% "Utility t a x r e p lac emen ts

2%

8


27/150

C ou nty o f S co tt, Io waM a na gem en t's D is cu ss io n a nd A n aly sisY ear E nd ed Ju ne 30 , 200 8T ota l b us in ess-typ e a ctiv itie s' re ve nu e fo r th e fisca l ye ars e nd ed Ju ne 3 0,2 00 8 a nd 2 00 7 w as $ 95 7,3 14 a nd$ 88 9,8 79 , re sp ective ly . A ll b ut $ 9,8 27 a nd $ 14 ,6 09 o f th is re ve nu e w a s g en era te d fo r s pe cific b us in ess -ty pe a ctiv itye xp en se s. T he g ra ph s b elo w s ho w a c om p ariso n b etw ee n th e b us in es s-typ e a ctiv ity e xp en ditu re s a nd p ro gra mre ve nu es a nd o pe ra tio ns fo r G lyn ns C re ek G olf C ou rse in 2 00 8 a nd 2 00 7.

Go lf C o urs e O p er atio ns 2 00 8

$1,200 ,000$1 ,000 ,000

$800 ,000$600 ,000$400 ,000$200 ,000

$-$(200 ,000)$(400 ,000) Opera t i ng

RevenueOpera t i ngExpenses

Nonopera t i ngExpenses

N et L oss RoundsP layed

Go lf C o urs e O p er atio ns 2 00 7

$1,050 ,000$800 ,000$550 ,000$300 ,000$50 ,000

$(200 ,000)$(450 ,000) Opera t i ng

RevenueOpera t i ngExpenses

$248 , 057

Nonopera t i ngExpenses

9

Ne t L oss RoundsP layed


28/150

C ou nty o f S co tt, Io waM a na ge m en t's D is cu ss io n a nd A na ly sisY ear E nd ed Ju n e 30 , 2008T he g ra ph s b elo w sh ow th e b re akd ow n o f re ve nu es b y so urce fo r th e b us in ess -typ e a ctiv itie s in 2 00 8 a nd 2 00 7.

R ev en ue s B y S o urc e - B us in es s-T yp e A c tiv itie s 2 00 81%

131Cha r ge s f o r se r vi c es In ve stm en t e arn in gs

99 %

R ev en ue s B y S o urc e - B us in es s-T yp e A c tiv itie s 2 00 7

1.6%

oCh a rg e s f or s e rv ic e s In ve stm en t e arn in gs

98.4%

B u s in e s s -t y pe a c ti vi ti es : B u sin es s-ty pe a ctiv itie s d ec re as ed th e C o un ty o f S co tt's n et a ss ets b y $ 33 3,8 17 ,a cco un tin g fo r (.12 ) p erce nt o f th e d ec lin e in th e g ove rn me nt's n et a sse ts in fisca l ye ar e nd ed Ju ne 30 , 2 00 7com pared to a dec rease o f $221 ,053 and 117 pe rcen t in fisca l yea r ended June 30 , 2008 . The G olf C ou rse F und isr es p on sib le fo r th is d e cr ea se .F in an cia l A n aly sis o f th e G ov ern m en t's F un dsA s n ote d e arlie r, th e C ou nty o f S co tt, Io wa u se s fu nd a cco un tin g to e nsu re a nd d em on stra te co mp lia nce w ithf in an ce - re la te d le ga l r e qu ir emen ts .G o ve rn m e nta l f un d s: T he fo cu s o f th e C ou nty o f S co tt, Io wa 's g ove rn me nta l fu nd s is to p ro vid e in fo rm atio n o nn ea r-te rm in flo ws, o utflo ws a nd b ala nce s o f s pe nd ab le re so urc es. S uc h in fo rm a tio n is u se fu l in a ss ess in g th eC ou nty 's fin an cin g re qu ire m en ts . In p artic ula r, u nre se rv ed fu nd b ala nce m a y s erve a s a u se fu l m e as ure o f ag ove rn m en t's n et re so urc es a va ila ble fo r sp en din g a t th e e nd o f th e fis ca l y ea r.

10


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C ou nty o f S co tt, Io waM a na gem en t's D is cu ss io n a nd A na ly sisY ear E nd ed June 30 , 2008A s o f th e e nd o f th e c urre nt fisc al ye ar, the C ou nty o f S co tt, Io wa 's g ove rn me nta l fu nd s re po rte d c om bine d e nd ingfun d b ala nce s o f $2 0,1 80 ,69 6, a d ec rea se of $ 1,3 76 ,10 5 in c om pa riso n w ith the prio r ye ar fu nd b alan ce o f$ 21 ,5 56 ,8 01 . A pp ro xim ate ly 6 3 p erc en t o f th e 2 00 8 to ta l a mo un t, o r $ 12 ,7 07 ,9 26 , a nd $ 13 ,8 41 ,1 09 , o r 6 4 p erc en t,fo r 2 00 7 c on stitu te s u nre se rv ed fu nd b ala nc e, w hic h is a va ila ble fo r s pe nd in g a t th e g ov ern me nt's d is cre tio n.H ow eve r, ap pro xim ate ly 5 4 p erc en t o f th is u nre se rve d am ou nt, $ 6,8 58 ,37 3 in 2 008 a nd 61 p ercen t $8 ,53 9,1 39 in20 07, is re po rted in sp ec ia l reve nue fun ds o r ca pita l p ro je cts fun ds . Th e re ma in de r o f the fu nd ba la nce is rese rve d toin dica te th at it is n ot a va ilab le fo r n ew sp end in g b ec au se it h as a lrea dy b een co mm itte d.The G ene ra l Fund is the ch ie f ope ra ting fund o f the C ounty . A t the end o f the fisca l yea r, the un reserved andun de sign ate d fu nd ba la nce o f th e G en era l F und w as $ 5,8 49 ,5 53 fo r 2 00 8 a nd $ 5,3 01 ,97 0 fo r 20 07 w hile to ta l fu ndba la nc e rea ch ed $9 ,59 3,5 63 fo r 20 08 an d $8 ,86 5,4 64 fo r 20 07. A s a m ea su re o f the G ene ra l F und 's liq uid ity , it m ayb e u se fu l to c om pa re b oth u nre se rv ed /u nd es ig na te d fu nd b ala nc e a nd to ta l fu nd b ala nc e to fu nd e xp en ditu re s.U nre se rv ed /u nd es ig na te d fu nd b ala nc e re pre se nts 1 4 a nd 1 3 p erc en t o f to ta l G en era l F un d e xp en ditu re s fo r 2 00 8an d 2 00 7, res pe ctive ly , w hile to ta l fu nd ba la nc e a lso re pres en ts ap prox im ate ly 23 a nd 22 p erc en t o f th at s am ea mo un t fo r 2 00 8 a nd 2 00 7, re sp ec tiv ely .The fund ba lance o f the C oun ty 's G ene ra l Fund increased by $728 ,099 dur ing the yea r ended June 30, 2008 . Thekey fa cto rs in th is increa se are a p lan ne d inc rea se in prop erty ta x reve nue s a nd loca l o ption ta xes re ce ive d a ndu np la nn ed in cre as es in in te re st in co me re ce iv ed d ue to m ark et re co ve rie s.The fund ba lance o f the C oun ty 's G ene ra l Fund increased by $352 ,793 dur ing the yea r ended June 30,2007. Thekey fa cto rs in th is increa se are a p lan ne d inc rea se in prop erty ta x reve nue s a nd loca l o ption ta xes re ce ive d a ndu np la nn ed in cre as es in in te re st in co me re ce iv ed d ue to m ark et re co ve rie s.T he M en ta l H ea lth /D eve lo pm ent D isa bilities F un d b ala nce in cre ase d to $5 72 ,24 2 in 2 00 8 from $3 96 ,37 2 in 20 07 an dde cre ased fro m $ 85 5,1 47 in 2 006 . R eve nue s a re to be us ed to pro vide m enta l h ea lth a nd d isab ility se rv ic es . T heM en ta l H ea lth /D ev elo pm en t D is ab ilitie s F un d b ala nc e in cre as ed in 2 00 8 d ue to a dd itio na l s ta te fu nd in g p ro vid ed toth e C ou ntie s fo llo win g lo ca l o ffic ia ls lo bb yin g e ffo rts fo r a dd itio na l s ta te m en ta l h ea lth fu nd in g. F un d b ala nc edecreased in 2007 due to s ta te budge t cu ts in C ounty fund ing m ade in 2001 tha t have never been fu lly res to red . Th isha s b ee n th e h ig he st le gis la tive p rio rity o f th e B oa rd o f S up erv iso rs fo r th e pa st se ve ra l leg is la tive se ss ion s - to fin da pe rm anen t so lu tion to fund ing M H-D D serv ices in Iow a. The C oun ty M H-D D A dv isory C om mittee has deve loped alis t o f p rio ritiz ed s erv ic e re du ctio ns to ta lin g $ 1.7 m illio n w hic h w ill b e im ple me nte d s ho uld th e le gis la tu re n ot ta kea ctio n to re sto re M H -D D fu nd in g d urin g th eir 2 00 8 le gis la tiv e s es sio n.The S econda ry R oads Fund decreased $449 ,780 in 2008 from $936 ,185 in 2007 from $1,459 ,411 in 2006. Thed ec re as es in fu nd b ala nc e re la te to p la nn ed c ap ita l a nd c on stru ctio n p ro je cts .T he C ap ita l P ro je cts F un d d ec rea se d $1 ,40 3,9 10 in 2 00 8 fro m $ 6,9 45 ,11 7 in 2 007 . T he de cre as e in fu nd ba la ncere la te s to p la nn ed c ap ita l p ro je cts .T he D eb t S erv ic e F und d ec rea se d $4 23,4 38 in 2 00 8 from $4 ,15 2,1 98 in 20 07 . Th e d ecre ase in fun d b alan ce re la testo th e n orm al p rin cip al a nd in te re st p ay me nts o n d eb t o uts ta nd in g.

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C ou nty o f S co tt, Io waM a na gem en t's D is cu ss io n a nd A na ly sisY ear E nd ed June 30 , 2008P r op r ie ta ry f un d s : T he C ou nty o f S co tt's p ro prie ta ry fu nd s p ro vid e th e sa me typ e o f in fo rm atio n fo un d in th eg ove rn m en t-w id e fin an cia l s ta te m en ts b ut in m o re d eta il. O th er fa cto rs c on ce rn in g th e fin an ce s o f th es e fu nd s h av ea lr ea dy b ee n a dd re ss ed in th e d is cu ss io n o f th e C o un ty 's b us in es s-ty pe a ctiv itie s.Budg et ar y H ig h lig h tsF orm al a nd le ga l b ud ge ta ry co ntro l is b ase d o n n on m a jo r c la sse s o f d isb urse me nts kn ow n a s fu nctio ns, n ot b y fu ndo r fu nd typ e. D iffe re nce s b etw ee n th e o rig in al b ud ge t a nd th e fin al a me nd ed b ud ge t ca n b e su mm arize d a s fo llo ws: The to ta l o rig ina l revenue budge t o f $64 ,891 ,883 w as inc reased to $66 ,128 ,883 (an increase o f $1 ,237 ,000 )

m a in ly d ue to a n e xp ec te d in cre as e in in te rg ov ern m en ta l re ve nu es . A ctu al re ve nu es re ce iv ed w ere$66,992,001.

The to ta l o rig ina l expend itu re budge t o f $70 ,816 ,565 w as inc reased to $74 ,414 ,565 (an increase o f$ 3,5 98 ,0 00 ) m a in ly fo r e xp ec te d e xp en ditu re s in th e s erv ice a re as o f p ub lic s afe ty a nd le ga l s erv ic es,p hy sic al h ea lth a nd s oc ia l s erv ic es , r oa ds a nd tr an sp or ta tio n, C o un ty e nv iro nm e nt a nd e du ca tio n s erv ic es ,g ov er nm e nt s erv ic es to re sid en ts , c ap ita l p ro je cts a nd a dm in is tr atio n. A ctu al e xp en ditu re s w e re $ 68 ,4 17 ,8 63 .

The to ta l o rig ina l budge t fo r trans fe rs in and ou t o f $9 ,395 ,486 w as unchanged .D urin g th e ye ar, h ow eve r, e xp en ditu re s w ere le ss th an b ud ge ta ry e xp en ditu re s. Io wa la w re qu ire s b ud ge ta m en dm e nts to sp ec ific e xp en ditu re s erv ice a re as, i.e ., p ub lic s afe ty a nd le ga l s erv ic e, to b e e na cte d b y th e B oa rd o fSupe rv iso rs no la te r than M ay 31 o f each fisca l yea r. S ince the C oun ty 's fisca l yea r end s on June 30 and s ince theC ou nty 's b ud ge t is b ase d o n th e cu rre nt fin an cia l re so urce s m ea su re me nt fo cu s a nd th e m od ifie d a ccru al b as is o fa cco un tin g, th e B oa rd ta ke s a co nse rva tive a pp ro ach w he n e na ctin g ye ar-e nd b ud ge t a me nd me nts . T his m ea ns th eco mp ariso n o f a ctu al to b ud ge te d a mo un ts w ill u su ally sh ow e xp en ditu re s to b e w ell b elo w b ud ge te d a mo un ts . T hisis e sp ecia lly tru e fo r ca pita l o utla y fu nctio n w he n p ro je cts m a y ro llo ve r to a su bs eq ue nt fisc al y ea r. T he b ud ge te dtra ns fe rs o ut a re fo r tra ns fe rs to ca pita l p ro je cts a nd sp ec ia l re ve nu e fu nd s.C a pit al A s se t a n d D e bt A dm in is tr atio nC ap ita l a ss ets : T he C ou nty o f S co tt's in ve stm e nt in ca pita l a ss ets fo r its g ov ern m en ta l a nd b usin ess -ty pe a ctiv itie s a so f J un e 3 0, 2 00 8 a nd 2 00 7, a m ou nts to $ 10 0,6 10 ,6 30 a nd $ 96 ,7 83 ,4 16 (n et o f a cc um u la te d d ep re cia tio n),re sp ec tiv ely . T h is in ve stm e nt in c ap ita l a ss ets in clu de s la nd , b uild in gs a nd im p ro vem en ts , e qu ip m en t, in fra stru ctu rea nd c on stru ctio n-in -p ro gre ss . T he to ta l in cre as e in c ap ita l a ss ets fo r 2 00 8 w as 4 p erc en t (a 4 p erc en t in cre ase fo rg ove rn m en ta l a ctiv itie s a nd a 6 p erce nt d ec re as e fo r b us in es s-typ e a ctiv itie s). T he to ta l in cre ase in ca pita l a sse ts fo r2 00 7 w a s 2 3 p erc en t (a 2 4 p erce nt in cre as e fo r g ov ern m en ta l a ctiv itie s a nd a 6 p erc en t d ecre ase fo r b us in ess -ty peac t iv i ti es ) .M a jo r ca pita l a sse t e ve nts d urin g th e c urre nt fis ca l ye ar e nd ed J un e 3 0,2 00 8 in clu de d th e W a ps i E nv iro nm e nta lE du ca tio n C en te r re sid en ce , th e p oo l a nd a qu atic c en te r re no va tio n, th e 5 th s tr ee t p ar kin g lo t e xp an sio n, th e s ec on dflo or c ou rth ou se re no va tio n a nd th e ja il fa cility e xp an sio n.M ajo r ca pita l a sse t e ve nts d urin g th e cu rre nt fisca l ye ar e nd ed Ju ne 3 0, 2 00 7 in clu de d th e W h isp erin g P in esre no va tio n, th e p oo l a nd a qu atic c en te r re no va tio n, th e J uve nile D ete ntio n C e nte r ro of e xp an sio n, th e 5 th St reetp ark in g lo t e xp an sio n, th e s ec on d flo or c ou rth ou se re no va tio n a nd th e ja il fa cility e xp an sio n.

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T ab le 4 - C ou nty o f S co tt's C ap ita l A ss etsBu s in e s s -T ype Ac t iv it ie s G overnm en ta l Ac tiv ities To ta l2008 2007 2008 2007 2008 2007

Land $ 1,556,336 $ 1,556,336 $ 4,365,740 $ 4,365,740 $ 5,922,076 $ 5,922,076Cons t r uc t i on - i n - p r og ress 33,686,691 27,267,969 33,686,691 27,267,969Bui ld ings 506,490 506 , 490 35,269,249 35,133,892 35,775,739 35,640,382I m pr ov em en ts o th e r t ha n b u il din g s 663,428 663 , 428 2,785,053 2,752,982 3,448,481 3,416,410Infrastructure 62,374 62,374 78,871,946 77,323,701 78,934,320 77,386,075M a ch in e ry a nd e qu ip m en t 970,497 954 , 847 15,524,893 15,078,812 16,495,390 16,033,659Ac cumu la t e d dep re c ia t io n (1,492,668) (1,321,073) (72,159,399) (67,562,082) (73,652,067) (68,883,155)

To ta l $ 2,266,457 $ 2422402 $ 98,344,173 $ 943 61 014 $ 100,610,630 $ 96783416

A dd itio na l in fo rm atio n o n th e C ou nty o f S co tt's ca pita l a ss ets c an b e fo un d in N ote 7 o f th is re po rt.D eb t: A s o f Ju ne 3 0,2 00 8, th e C ou nty o f S co tt, Io wa h ad g en era l o blig atio n b on ds o uts ta nd in g to ta lin g $ 8,7 60 ,0 00 , ale as e a gre em e nt fo r th e ja il fa cility fo r $ 25 ,7 40 ,0 00 a nd a p urc ha se c on tra ct a nd c ap ita l le as e (b us in es s-ty pea ctiv itie s) o uts ta nd in g to ta lin g $ 1,4 59 ,3 36 . In th e c urre nt y ea r, th e C ou nty g ov ern m en ta l a ctiv itie s p aid $ 1,9 25 ,0 00 inp rin cip al a nd $ 1,5 03 ,7 45 in in te re st o n o uts ta nd in g d eb t. B us in es s-ty pe a ctiv itie s p aid $ 33 5,5 97 in p rin cip al a nd$ 10 8,5 12 in in te re st o n o uts ta nd in g d eb t in th e c urre nt y ea r.A s o f J un e 3 0, 2 00 7, th e C ou nty o f S co tt, Io wa h ad g en era l o blig atio n b on ds o utsta nd in g to ta lin g $ 9,6 55 ,0 00 , ale as e a gre em e nt fo r th e ja il fa cility fo r $ 26 ,7 70 ,0 00 a nd a p urc ha se c on tra ct a nd c ap ita l le as e (b us in es s-ty pea ctiv itie s) o uts ta nd in g to ta lin g $ 1,7 88 ,8 28 . In th e c urre nt y ea r, th e C ou nty g ov ern m en ta l a ctiv itie s p aid $ 5,5 25 ,0 00 inp rin cip al a nd $ 1,5 69 ,3 59 in in te re st o n o uts ta nd in g d eb t. B us in es s-ty pe a ctiv itie s p aid $ 30 7,0 66 in p rin cip al a nd$ 26 2,5 40 in in te re st o n o uts ta nd in g d eb t in th e c urre nt y ea r.

Tab le 5 - Coun ty o f S co tfs O u ts tand in g D eb t, Ju ne 302 0 0 8 2007 Matur i t y

=========1=.7=8=8,=82=8= 2013

A dd itio na l in fo rm atio n a bo ut th e C ou nty 's lo ng -te rm d eb t c an b e fo un d in N ote 8 to th e fin an cia l sta te me nts .E co nom ic F ac to rs and N ext Y ear's B ud gets and R ates

The C oun ty o f S co tt decreased the urban coun ty levy ra te by 3 .6 percen t and decreased the ru ra l coun tylevy ra te by 3 .1 percen t fo r the budge t year end ing June 30 , 2009 prim arily due to the increase in theC ou nty 's ta x b as e.

The tax base fo r the C oun ty o f S co tt inc reased 6 .7 percen t over the prev ious year.

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H ea lth c a re c o s ts a n d p e rs o n n e l c o s ts , w hic h m ak e u p a s ig n ific a n t p o rtio n o f th e C ou n ty 's o p e ra tin g c o s ts ,c o ntin ue to b e re as o na bly c o ntro lle d a nd n eg otia te d. A ll o f th e C ou nty 's fiv e b arg ain in g u nit c on tra cts a rec u rre ntly u nd er n eg otia tio n fo r th e n ex t b ud ge t y e ar.

A ll o f th es e fa cto rs w ere c o ns id ere d in p re pa rin g th e C ou nty o f S co tt, Io wa 's b ud ge t fo r th e J u ne 3 0, 2 00 9 fis c a l y e ar.R e qu es ts f or In fo rm a tio nT he se fin an cia l s ta te m en ts a nd d is c us sio ns a re d es ig ne d to p ro vid e o ur c itiz en s, ta xp ay ers , in ve sto rs a nd c re dito rsw ith a c o mp le te d is c lo su re o f th e C ou nty 's fin an ce s a nd to d em on stra te a h ig h d eg re e o f a cc o un ta bility fo r th e p ub licd olla rs e ntru ste d to u s. If y o u h av e q ue stio ns a bo ut th is re po rt o r n ee d a dd itio na l in fo rm a tio n, p le as e w riteC . R ay W ie rs o n, C o un ty A dm in is tra to r, S co tt C ou nty A dm in is tra tiv e C en te r, 6 00 W e st 4 th S tre et, D a ve np ort, Io w a5 2 8 0 1 - 1 0 0 3 .

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Iowa

Scott County


34/150

C ou nty o f S co tt, Io waS ta te m en t o f N et A ss etsJ un e 3 0, 2 00 8

P r im a r y Go v er nme n tG ove rnm en ta l Bus iness-T ype C om ponen tA sse ts Activ itie s Ac tiv itie s To ta l U n its

C a sh a nd in ve stm e nt s $ 21,437,746 $ 10,771 $ 21,448,517 $ 2,809,615C ash and inves tm en ts in escrow 325 ,166 325,166R estr ic ted cash and inves tm en ts 206 ,674 206,674 861 ,296Rece i vab l es :

P rope rty taxes 36 ,666 ,997 36,666 ,997 1,817,238Accrued in te res t 541 ,923 541,923 1 ,250Accoun ts 209 ,241 98,043 307,284 537 ,606

D ue from othe r gove rnm en ta l agenc ies 2 ,171,288 2 ,171 ,288C a pita l le as e r ec eiv ab le fr om p rim a ry

gove rnm en t 1,070,000Inven to rie s 13 ,509 13 ,509

T ota l c urre nt a ss ets 61 ,233 ,869 447,489 61,681 ,358 7 ,097 ,005

N o n cu rr en t a s s et s:R ece ivab les , no tes 116 ,175 116 ,175C a pita l le as e r ec eiv ab le f ro m p rim a ry

gove rnm en t 24 ,670 ,000In te rna l ba lances 2 ,702,314 (2 ,702 ,314 )Bond is suance costs 69 ,779 69 ,779 109 ,203C a p it al a s s et s:

No t d e p re c ia t ed :Land 4 ,365 ,740 1 ,556 ,336 5 ,922 ,076 16 ,600C onstruc tion -i n -p rog ress 33 ,686 ,691 33,686 ,691

Deprecia ted:Bu ild ings 35 ,269 ,249 506 ,490 35,775 ,739 1,297,266Im p rovem en ts o the r than bu ild ings 2 ,785,053 663 ,428 3 ,448 ,481In fras truc tu re 78 ,871 ,946 62,374 78,934 ,320M achine ry a nd equ ipm en t 15 ,524 ,893 970 ,497 16 ,495 ,390 555 ,297Less a ccum u la ted dep rec ia tion (72 ,159,399) (1 ,492 ,668 ) (73 ,652 ,067 ) (518 ,373 )

T ota l c ap ita l a ss ets 98 ,344 ,173 2,266 ,457 100 ,610 ,630 1,350,790T ota l n on cu rre nt a ss ets 101,232 ,441 (435,857) 100 ,796 ,584 26 ,129 ,993T o ta l a ss ets $ 162,466,310 $ 11,632 $ 1 6 2, 47 7 , 94 2 $ 33,226,998

S ee N ote s to B as ic F in an cia l S ta te m en ts .

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P r im a r y Go v er nme n tG ove rnm en ta l Bus iness-T ype C om ponen t

L ia bilitie s a nd N et A ss ets Activ itie s Ac tiv itie s To ta l U n itsLiabi l i t ies:

A c co un ts p ay ab le $ 5,662,247 $ 41,007 $ 5,703,254 $ 1,440,134C u rren t po rtion o f c la im s payab le 270 ,404 270,404Accrued liab ilitie s 926 ,336 22,361 948,697 42 ,042In te res t payab le 39 ,906 516 ,393 556,299 87 ,515U nea rned revenue 36 ,650 ,228 20,869 36,671 ,097 1,810,709C om pensa ted a bsences 1 ,197 ,619 20,217 1 ,217 ,836 103 ,362C u rren t po rtion of gene ra l ob liga tion bonds 995 ,000 995,000C u rr en t p or tio n o f c a pit al le as e

payab le to com ponen t un it 1 ,070 ,000 1 ,070 ,000C u rren t po rtion o f pu rchase contrac t 235 ,000 235,000C u rren t po rtion o f cap ita l leases 115 ,587 115 ,587C u rren t po rtion o f revenue bonds 1,070,000

T o ta l c ur re nt lia bilit ie s 46 ,811,740 971 ,434 47 ,783 ,174 4 ,553 ,762Non cu rr e n t l ia b il it ie s :

C la im s payab le 448 ,443 448 ,443C om pensa ted a bsences 1 ,177 ,726 25,068 1 ,202 ,794 60 ,242G enera l ob liga tion b onds payab le 7 ,765,000 7 ,765 ,000C ap ita l lease payab le to com ponent un it 24 ,670 ,000 24,670 ,000Bond p rem ium 6,361 6 ,361Bond d iscounts (249 ,968 )Pu rchase contrac t 1 ,068 ,735 1 ,068 ,735C ap ita l leases 40 ,014 40 ,014R evenue bonds payable 24 ,670 ,000

To ta l noncu rren t liab ilit ie s 34 ,067 ,530 1 ,133 ,817 35,201 ,347 24 ,480 ,274To ta l liab ilitie s 80 ,879 ,270 2,105 ,251 82,984 ,521 29 ,034 ,036

N e t a s s et s:In ves ted in cap ita l asse ts , ne t of re la ted debt 70 ,527 ,812 807 ,121 71,334 ,933 1,350,790R e s tr ic te d f or :

D eb t serv ice 3 ,728,760 3 ,728 ,760C oun ty conse rva tion sew age trea tm en t 206 ,674 206,674Lease pu rchase con trac t 325 ,166 325,166M en ta l hea lth 572 ,242 572,242Seconda ry roads 486 ,405 486 ,405C ap ita l p ro jec t, ja il e xpans ion 1,067,224

U n res tric ted 6 ,065,147 (3 ,225 ,906 ) 2 ,839 ,241 1,774,948To ta l ne t asse ts 81 ,587 ,040 (2 ,093 ,619 ) 79,493 ,421 4 ,192 ,962T ota l lia bilitie s a nd n et a ss ets $ 162,466,310 $ 11,632 $ 1 6 2, 47 7 , 94 2 $ 33,226,998

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C ou nty o f S co tt, Io waS t at emen t o f Ac t iv it ie sY ear E nd ed Ju ne 30 , 200 8

Fu n ct io n s ! P r og ram sP rim a ry G o ve rn m e nt

ExpensesC ha rg es fo r S ale s

a n d S e rv ic e s

P ro g ra m R e ve n ue s

O p era tin g G ra nts a ndContr ibut ions

C ap ita l G ra nts a ndContr ibut ions

G o v e rnm e n ta l a c ti vi ti es :P ub lic s afe ty a nd le ga l s erv ic esP hy sic al h ea lth a nd s oc ia l s erv ic esM e n ta l h e al thC ou nty e nv iro nm e nt a nd e du ca tio nR o a d s a n d t ra n s po rt at io nG o ve rn m en t s erv ic es to re sid en tsAdminist rat ionIn te re st o n lo ng -te rm d eb t

T ota l g ov ern m en ta l a ctiv itie sB u si ne s s- ty pe a cti vi tie s , g o lf

T ota l p rim a ry g ov ern m en tC om po nen t U nits

$

$

$

20,289 ,680 $ 939,874 $5 ,956 ,132 330,296

15 ,211 ,596 42 ,2614,410 ,086 920,3156 ,712 ,511 11,2682 ,151 ,064 2,382 ,447

10 ,980 ,111 251,0701,471 ,972

67,183 ,152 4,877 ,5311 ,178 ,367 947,487

68,361 ,519 $ 5,825 ,018 $3,815 ,504 $ 12,750 $

1,065 ,108 $1,849 ,3987,849 ,086

315,33843,518

544,012181,245

11,847 ,705

11,847 ,705 $1,606 ,475 $

82,442

71,027

153,469

153,469

S ee N ote s to B as ic F in an cia l S ta te m en ts

G e ne ra l R ev en ue sTaxes :P ro p er ty ta x es

L oc al o ptio n s ale s ta xGam ingo th er ta xe sU t il it y t ax r ep la c em en tsP en alt ie s, in te re st a nd c os ts o n ta xe sS ta te ta x re p la c em e n t c re d its , u n re str ic te d

S ta te s ha re d r ev en u es , u n re st ric te dP aym en ts in lie u o f ta xe sI nv e st m e nt e a rn in g sM isce l laneous

T ota l g en era l re ve nu esC ha ng es in n et a ss etsN et a ss ets, b eg in nin g o f y ea rN et a ss ets, e nd o f y ea r

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N et (E xp en se ) R ev en ue a nd C ha ng es in N et A ss etsP r im a r y G o v er nm e n t

G ov ern m e nta l B us in es s -T y p eA c tiv ities A c tiv itie s T o ta l C o m p o n en t U n its

$ ( 1 8 , 2 0 2 , 2 5 6 ) $ $ ( 1 8 , 2 0 2 , 2 5 6 ) $(3 ,7 7 6 ,4 3 8 ) (3 ,7 7 6 ,4 3 8 )(7 ,3 2 0 ,2 4 9 ) (7 ,3 2 0 ,2 4 9 )(3 ,1 0 3 ,4 0 6 ) (3 ,1 0 3 ,4 0 6 )(6 ,6 5 7 ,7 2 5 ) (6 ,6 5 7 ,7 2 5 )

7 7 5 ,3 9 5 7 7 5 ,3 9 5(1 0 ,5 4 7 ,7 9 6 ) (1 0 ,5 4 7 ,7 9 6 )

(1 ,4 7 1 ,9 7 2 ) (1 ,4 7 1 ,9 7 2 )(5 0 ,3 0 4 ,4 4 7 ) (5 0 ,3 0 4 ,4 4 7 )

(2 3 0 ,8 8 0 ) (2 3 0 ,8 8 0 )(5 0 ,3 0 4 ,4 4 7 ) (2 3 0 ,8 8 0 ) (5 0 ,5 3 5 ,3 2 7 )

( 2 , 1 9 6 , 2 7 9 )

3 3 ,1 3 8 ,1 3 1 3 3 ,1 3 8 ,1 3 1 1 ,6 8 5 ,7 7 53 ,8 6 7 ,9 4 1 3 ,8 6 7 ,9 4 1

8 1 5 ,5 2 4 8 1 5 ,5 2 46 5 ,2 5 3 6 5 ,2 5 3 7 1 ,9 9 3

1 ,3 4 1 ,6 6 9 1 ,3 4 1 ,6 6 97 3 1 ,4 5 6 7 3 1 ,4 5 6

5 ,1 9 4 ,0 1 6 5 ,1 9 4 ,0 1 62 ,8 6 6 ,9 1 8 2 ,8 6 6 ,9 1 8

8 ,2 2 6 8 ,2 2 61 ,4 4 7 ,5 7 7 9 ,8 2 7 1 ,4 5 7 ,4 0 4 1 ,2 2 0 ,7 7 6

8 5 9 ,0 9 3 8 5 9 ,0 9 3 5 8 ,0 9 65 0 ,3 3 5 ,8 0 4 9 ,8 2 7 5 0 ,3 4 5 ,6 3 1 3 ,0 3 6 ,6 4 0

3 1 ,3 5 7 (2 2 1 ,0 5 3 ) (1 8 9 ,6 9 6 ) 8 4 0 ,3 6 18 1 ,5 5 5 ,6 8 3 (1 ,8 7 2 ,5 6 6 ) 7 9 ,6 8 3 ,1 1 7 3 ,3 5 2 ,6 0 1$ 8 1 , 5 8 7 ,0 4 0 $ ( 2 , 0 9 3 , 6 1 9 ) $ 7 9 , 4 9 3 , 4 2 1 $ 4 , 1 9 2 , 9 6 2

1 8


38/150

C ou nty o f S co tt, Io waBa la n ce S h ee tG o ve rnm en ta l F un dsJu ne 3 0, 20 08

P r im a ry Go v er nm e n tM e n ta l H e a lt h/Deve lopmen t

Assets Genera l D isab ilitiesC ash and investm en ts $ 7 ,514 ,535 $ 3 ,813 ,362Restr ic ted cash 206,674R e ce iv ab le s, n et o f a llo w an ce f or u nc olle ct ib le s:

P rope rty taxes, net of a llow ance fo r co llec tion losses of $12 ,800 30,400 ,258 3 ,288 ,350Accrued in te rest 541,923Accoun ts 191 ,518 16 ,911No tes 116 ,175

Advance to o the r funds 2 ,702 ,314Due from othe r gove rnm en ta l agenc ies 1 ,604 ,628 126 ,620

To ta l asse ts $ 43,278,025 $ 7,245,243L ia bilitie s a nd F un d B ala nc esLiabil i t ies:

Accoun ts payab le $ 1 ,298 ,200 $ 3 ,370 ,708C la im s payab le 31 ,512Accrued liab ilities 840,736 15 ,548Compensa ted absences 202A cc ru ed in te re st p ay ab leDe fe rred revenue 31,513 ,812 3 ,286 ,745

To ta l liab ilities 33,684 ,462 6 ,673 ,001F u nd b a la n ce s :

R e se rv ed f or :N o tes rece ivab le 116 ,175Advances 2 ,702 ,314De b t s e rv ic eCoun ty conse rva tion sewage trea tm en t 206,674

Unrese rved , des igna ted, c la im liab ilities 718,847U n re se rv ed , u nd es ig na te d, r ep or te d in :

G enera l Fund 5 ,849 ,553Spec ia l revenue funds 572 ,242C a pita l P ro je cts F u nd

T ota l fu nd b ala nc es 9 ,593 ,563 572 ,242T ota l lia bilitie s a nd fu nd b ala nce s $ 43,278,025 $ 7,245,243

S ee N ote s to B as ic F in an cia l S ta te me nts .

19


39/150

P rim a ry G o ve rn m e ntNonma jo r

S econdary G ove rnm enta lR oads C ap ita l Pro jec ts Debt S erv ice F unds To ta l

$ 382,730 $ 5,730 ,127 $ 3,739 ,190 $ 257,802 $ 21,437 ,746206,674

725 ,792 2,252 ,597 36 ,666 ,997541,923

500 312 209,241116,175

2,702 ,314440 ,040 2,171 ,288

$ 823,270 $ 5,730 ,127 $ 4,464 ,982 $ 2,510 ,711 $ 64,052 ,358

$ 266,813 $ 188,920 $ $ $ 5,124 ,64131,512

70,052 926,336202

10,910 10,910725 ,312 2,252 ,192 37 ,778 ,061

336 ,865 188,920 736 ,222 2,252 ,192 43 ,871 ,662

116,1752,702 ,314

3 ,728 ,760 3,728 ,760206,674718,847

5,849 ,553486 ,405 258,519 1 ,317 ,166

5 ,541 ,207 5,541 ,207486 ,405 5 ,541 ,207 3 ,728 ,760 258,519 20 ,180 ,696

$ 823,270 $ 5,730 ,127 $ 4,464 ,982 $ 2,510 ,711 $ 64,052 ,358

2 0


40/150

Iowa

Scott County


41/150

C ou nty o f S co tt, Io waR ec on cilia tio n o f T ota l G ov ern m en ta l F un d B ala nc es - P rim a ry G ov ern m en tto N e t A s se ts o f G o ve rn m en ta l A c tiv itie sJu ne 30 , 200 8

T ot al g ov er nm e nta l f un d b ala nc es $ 20,180,696A m ou nts re po rte d fo r g ov ern m en ta l a ctiv itie s a re n ot fin an cia l

re so urc es a nd , th ere fo re , a re n ot re po rte d in th e fu nd s:Land $ 4,365,740C onstruc tion -i n -p rog ress 33 ,686 ,691Bu ild ings 35 ,269 ,249Im p rovem en ts othe r than bu ild ings 2 ,785 ,053In fras truc tu re 78 ,871 ,946M ach ine ry and equ ipm en t 15 ,524 ,893A ccum u la ted dep rec ia tion (72 ,159 ,399 ) 98 ,344 ,173

o th er lo ng -te rm a ss ets a re n ot a va ila ble to p ay fo r c urre nt-p erio d e xp en ditu re sa nd , th ere fo re , a re d efe rre d in th e fu nd s:D e fe rred revenues 1 ,127 ,833

A ccoun ts payab le to com ponen t un it re la ted to cap ita l asse ts (537 ,606 )L on g-te rm lia bilit ie s, in clu din g b on ds p ay ab le , a re n ot d ue a nd p ay ab le in th e

c urre nt p erio d a nd , th ere fo re , a re n ot re po rte d in th e fu nd s:C la im s p ay ab le $ (687,335)C om pensa ted absences (2 ,375 ,143 )A ccrued in te res t payab le (28 ,996 )C ap ita l lease payab le to com ponen t u n it (25 ,740 ,000 )Bond issuance costs 69 ,779Bond p rem ium (6 ,361 )G ene ra l ob liga tion bonds payab le (8 ,760 ,000 ) (37 ,528 ,056 )

N et a ss et s o f g o ve rn m en ta l a ct iv it ie s $ 81 ,587 ,040S ee N ote s to B as ic F in an cia l S ta te m en ts .

21


42/150

C ou nty o f S co tt, Io waS ta te me nt o f R ev en ue s, E xp en ditu re s a nd C ha ng es in F un d B ala nc esG o ve rnm e nt al F un d sY ear E nd ed June 30 , 2008

P ri m ar y G o ve rn m e nt

Revenues :P ro p er ty t ax e sL oc al o ptio n s ale s ta xo th er ta xe sIn te re st a nd p en altie s o n ta xe sIn te rgovernmenta lC h ar ge s f or s e rv ic e sI nv e st m en t e a rn in g sL ic en se s a nd p erm itsR en ta ls a nd fe eso ther

T o ta l r ev e nu e s

$

Gene r a l27 ,341 ,294 $3,860 ,1011,176 ,272731,456

4,440 ,7024,252 ,1941,397 ,200536,840157,323436,706

44,330 ,088

M e n ta l H e alt h/D eve l opmen tDisabi l i t ies

3 ,080 ,795131,139

12,089 ,20042,261

15,18215,358 ,577

Expend i t u res :Current :

P ub lic s afe ty a nd le ga l s erv ic esP hy sic al h ea lth a nd s oc ia l s erv ic esM e n ta l h e al thC ou nty e nv iro nm e nt a nd e du ca tio nR o a d s a n d t ra n s po rt at io nG o ve rn m en t s erv ic es to re sid en tsAdminist rat ion

C a p it al o u tl a yD e b t s e rv ic e :

Pr incipalInterest

T o ta l e x p en d it ur e sE xc es s (d efic ie nc y) o f re ve nu es o ve r e xp en ditu re s

o th er f in an cin g s ou rc es (u se s):T ra ns fe rs inT ra ns fe rs o utP ro ce ed s fro m s ale o f c ap ita l a ss ets

T ota l o th er fina

fy08 scott county iowa cafr (comprehensive annual financial report)

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