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Townof Portsmouth2008

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Town of Portsmouth 2008 Audit

Town of Portsmouth 2008 Audit


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  • 1. Town of Portsmouth 2008 Financial Statements Two Charles Street Providence, RI 02904
  • 2. Introduction
    • Presentation will review the Town’s 2008 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 increased by $790,671
    • Budgeted change was a decrease of $25,000 (liquidation of carryforward encumbrances)
    • Undesignated Fund Balance = $1,586,864
    • Undesignated Fund Balance represents roughly 3.5 % of Operating Budget
    • Current level is well below analyst benchmarks (15% - 20%, one year debt svc, etc)
  • 5. Fund Balance: last 10 years
  • 6. Results of Operations
    • Revenues exceeded budget by $484,883
    • Property taxes $441,414 above what was anticipated
    • Tax collection percentages:
      • 97.1% of current year assessment
      • 96.3% of all assessments outstanding
  • 7. Tax Collections: % of current levy
  • 8. Results of Operations (cont.)
    • Expenditures were $402,427 below appropriated amounts
    • No functional areas exceeded budget
    • Significant favorable results in these areas:
      • General government
      • Public works
      • Recreation, parks and grounds
  • 9. Net Bonded Debt per capita
  • 10. School Department
    • Unrestricted fund ended year with fund balance of $889,195
    • $471,741 of this fund balance consists of outstanding, but unfilled, purchase commitments (encumbrances)
    • $200,000 is designated for 2008-09 expenditures
    • Balance of $217,454 is undesignated
  • 11. School Department
    • Revenues were $147,760 below anticipated amounts
    • Expenditures were $121,854 below appropriations
    • School Lunch Fund operated on a self-sufficient basis
    • School Restricted Funds (grants) recognized $1,901,124 in expenditures
  • 12. Town Pension Plan
    • Funded status has deteriorated significantly since 2000
      • 80.1% funded as of 1/1/2000
      • 64.1% funded as of 7/1/2007
    • Market performance since latest valuation likely has not improved status
    • 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. Significant Restatements
    • Note 14 to the financial statements outlines the restatements that were made to the 2007 financial statements:
      • Reclassification of fund types
      • Prior period cut-off issues and other reclassifications
      • General Fund fund balance increased by $579,497
  • 14. Observations & Recommendations
    • Material weaknesses and significant deficiencies were noted:
      • Reconciliation of school operating cash account
      • Year-end closing and audit readiness at School Dept
      • Interim financial analysis at School Dept
      • Prior year financial reporting controls
      • Anti-fraud programs and procedures
  • 15. Audit Committee Correspondence
    • Required communication of audit matters directly to parties responsible for audit oversight and follow-up
      • Difficulties in performing audit – readiness of financial records at School Dept
      • Significant adjustments to opening balances
      • Other significant adjustments to current year financial statements
  • 16. Questions?
  • 17. The End
    • Thank you!

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