City of Providence  2010 Audit Results 155 South Main Street  Providence, RI 02903
Introduction <ul><li>Presentation will review the City ’s 2010 Audit Results </li></ul><ul><li>Discussion of observations ...
Topics of Discussion <ul><li>Financial Statements </li></ul><ul><li>Observations and recommendations </li></ul><ul><li>Req...
The General Fund <ul><li>Total Fund Balance decreased by $13,903,000 </li></ul><ul><li>Budgeted change was a decrease of $...
Fund Balance:  last 10 years
Fund Balance:  all governmental funds
Results of Operations <ul><li>Revenues exceeded budget by $23,315,000 </li></ul><ul><li>Property taxes $1,702,000 above wh...
Tax Collections: % of current levy
Results of Operations (cont.) <ul><li>Expenditures were $35,818,000 above appropriated amounts </li></ul><ul><li>Several f...
Governmental expenditures  last 10 years
Net Bonded Debt  per capita
Debt Service expenditures
School Department <ul><li>Revenues were $6,887,000 above anticipated amounts (including increase in transfer from general ...
Providence ERS: funding statistics last 10 years
Observations & Recommendations <ul><li>Responsibilities and duties of accounting staff </li></ul><ul><li>Timely account an...
Audit Committee Correspondence <ul><li>Required communication of audit matters directly to parties responsible for audit o...
Questions?
The End <ul><li>Thank you! </li></ul>
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Providence 2010

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Audit results - City of Providence, FYE June 30, 2010

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Providence 2010

  1. 1. City of Providence 2010 Audit Results 155 South Main Street Providence, RI 02903
  2. 2. Introduction <ul><li>Presentation will review the City ’s 2010 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>
  3. 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>
  4. 4. The General Fund <ul><li>Total Fund Balance decreased by $13,903,000 </li></ul><ul><li>Budgeted change was a decrease of $1,400,000 (use of designated fund balance) </li></ul><ul><li>Undesignated Fund Balance = $2,080,000 (net of $1,378,000 designated for use in current year) </li></ul><ul><li>Undesignated Fund Balance represents less than 1% of Operating Budget </li></ul><ul><li>Current level is well below analyst benchmarks (5% - 8% of expenditures, one year debt svc, etc) </li></ul>
  5. 5. Fund Balance: last 10 years
  6. 6. Fund Balance: all governmental funds
  7. 7. Results of Operations <ul><li>Revenues exceeded budget by $23,315,000 </li></ul><ul><li>Property taxes $1,702,000 above what was anticipated </li></ul><ul><li>Tax collection percentages: </li></ul><ul><ul><li>93.98% of current year assessment </li></ul></ul><ul><ul><li>96.71% when counting collection of current and prior assessments </li></ul></ul>
  8. 8. Tax Collections: % of current levy
  9. 9. Results of Operations (cont.) <ul><li>Expenditures were $35,818,000 above appropriated amounts </li></ul><ul><li>Several functional areas exceeded budgeted appropriation </li></ul><ul><li>Significant unfavorable results in these areas: </li></ul><ul><ul><li>Municipal court </li></ul></ul><ul><ul><li>Debt service </li></ul></ul><ul><ul><li>Public safety ($6MM funded by reserve fund) </li></ul></ul><ul><ul><li>Transfer to School Department </li></ul></ul>
  10. 10. Governmental expenditures last 10 years
  11. 11. Net Bonded Debt per capita
  12. 12. Debt Service expenditures
  13. 13. School Department <ul><li>Revenues were $6,887,000 above anticipated amounts (including increase in transfer from general fund of $13,589,000) </li></ul><ul><li>Expenditures were $6,887,000 above appropriations </li></ul><ul><li>School Lunch Fund recognized net income for the year and ended with net assets of $310,000 </li></ul><ul><li>School grants recognized $124,000,000 in activity </li></ul>
  14. 14. Providence ERS: funding statistics last 10 years
  15. 15. Observations & Recommendations <ul><li>Responsibilities and duties of accounting staff </li></ul><ul><li>Timely account analysis and bank reconciliations </li></ul><ul><li>Timely reconciliation of inter-fund balances </li></ul><ul><li>Improve coordination of year-end closing schedule </li></ul><ul><li>Improve accounting for retainage and commitments </li></ul><ul><li>Improve cut-off procedures for year-end accruals </li></ul><ul><li>Improve monitoring of decentralized accounting functions and integration of year-end reporting </li></ul>
  16. 16. Audit Committee Correspondence <ul><li>Required communication of audit matters directly to parties responsible for audit oversight and follow-up </li></ul><ul><ul><li>Timing of engagement, readiness </li></ul></ul><ul><ul><li>Significant adjustments </li></ul></ul><ul><ul><li>Change in OPEB Plan Valuation - rate of return </li></ul></ul><ul><ul><li>Significant transactions – leases </li></ul></ul><ul><ul><li>No disagreements with management </li></ul></ul><ul><ul><li>No restrictions on scope imposed by management </li></ul></ul>
  17. 17. Questions?
  18. 18. The End <ul><li>Thank you! </li></ul>
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