town of portsmouth 2009

Download Town of Portsmouth 2009

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Audit Results - Town of Portsmouth, FYE June 30, 2009

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  • 1. Town of Portsmouth 2009 Financial Statements 155 South Main Street Providence, RI 02903
  • 2. Introduction
    • Presentation will review the Towns 2009 Audit Results
    • Discussion of observations and recommendations
    • Feel free to ask questions at any time
  • 3. Topics of Discussion
    • Financial Statements
    • Observations and recommendations
    • Required Communication to Audit Committee
  • 4. The General Fund
    • Total Fund Balance decreased by $176,729
    • Budgeted change was a decrease of $9,554 (liquidation of carry-forward encumbrances)
    • Undesignated Fund Balance = $1,907,174
    • Undesignated Fund Balance represents roughly 4.1% of Operating Budget
    • Current level is well below analyst benchmarks (15% - 20%, one year debt svc, etc)
  • 5. Fund Balance: last 11 years
  • 6. Results of Operations
    • Revenues were below budget by $705,476
    • Property taxes $23,736 above what was anticipated
    • Tax collection percentages:
      • 95.9% of current year assessment
      • 98.7% of all assessments outstanding
  • 7. Tax Collections: % of current levy
  • 8. Results of Operations (cont.)
    • Expenditures were $498,569 below appropriated amounts
    • No functional areas exceeded budget
    • Significant favorable results in these areas:
      • General government
      • Public safety
      • Debt service
  • 9. Net Bonded Debt per capita
  • 10. School Department
    • Unrestricted fund ended year with fund balance of $857,491
    • $242,395 of this fund balance consists of outstanding, but unfilled, purchase commitments (encumbrances)
    • $200,000 is designated for 2009-10 expenditures
    • Balance of $316,965 is undesignated
  • 11. School Department
    • Revenues were $894,613 below anticipated amounts
    • Expenditures were $620,514 below appropriations
    • School Lunch Fund incurred at net loss of $15,975
    • School Restricted Funds (grants) recognized $2,061,499 in expenditures
  • 12. Town Pension Plan
    • Funded status has deteriorated significantly since 2000
      • 80.1% funded as of 1/1/2000
      • 61.6% funded as of 7/1/2009
    • While all actuarially required contributions have been made, these amounts have significantly increased over past 10 years and town must anticipate additional future increases
  • 13. Pension Funded Status
  • 14. Observations & Recommendations
    • Material weaknesses and significant deficiencies were noted:
      • Year-end closing and audit readiness at School Dept
      • Interim financial analysis at School Dept
      • Accounting for capital assets
      • Other comments:
        • School cafeteria fund and summer school operating results
        • OPEB Trust Fund
  • 15. Questions?
  • 16. The End
    • Thank you!