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Providence 2010

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

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

Published in: Business, Economy & Finance

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Transcript

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