Town of Portsmouth 2009

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

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