Townof Portsmouth2008

232 views

Published on

Town of Portsmouth 2008 Audit

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
232
On SlideShare
0
From Embeds
0
Number of Embeds
3
Actions
Shares
0
Downloads
2
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Townof Portsmouth2008

  1. 1. Town of Portsmouth 2008 Financial Statements Two Charles Street Providence, RI 02904
  2. 2. Introduction <ul><li>Presentation will review the Town’s 2008 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 increased by $790,671 </li></ul><ul><li>Budgeted change was a decrease of $25,000 (liquidation of carryforward encumbrances) </li></ul><ul><li>Undesignated Fund Balance = $1,586,864 </li></ul><ul><li>Undesignated Fund Balance represents roughly 3.5 % of Operating Budget </li></ul><ul><li>Current level is well below analyst benchmarks (15% - 20%, one year debt svc, etc) </li></ul>
  5. 5. Fund Balance: last 10 years
  6. 6. Results of Operations <ul><li>Revenues exceeded budget by $484,883 </li></ul><ul><li>Property taxes $441,414 above what was anticipated </li></ul><ul><li>Tax collection percentages: </li></ul><ul><ul><li>97.1% of current year assessment </li></ul></ul><ul><ul><li>96.3% of all assessments outstanding </li></ul></ul>
  7. 7. Tax Collections: % of current levy
  8. 8. Results of Operations (cont.) <ul><li>Expenditures were $402,427 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><ul><li>General government </li></ul></ul><ul><ul><li>Public works </li></ul></ul><ul><ul><li>Recreation, parks and grounds </li></ul></ul>
  9. 9. Net Bonded Debt per capita
  10. 10. School Department <ul><li>Unrestricted fund ended year with fund balance of $889,195 </li></ul><ul><li>$471,741 of this fund balance consists of outstanding, but unfilled, purchase commitments (encumbrances) </li></ul><ul><li>$200,000 is designated for 2008-09 expenditures </li></ul><ul><li>Balance of $217,454 is undesignated </li></ul>
  11. 11. School Department <ul><li>Revenues were $147,760 below anticipated amounts </li></ul><ul><li>Expenditures were $121,854 below appropriations </li></ul><ul><li>School Lunch Fund operated on a self-sufficient basis </li></ul><ul><li>School Restricted Funds (grants) recognized $1,901,124 in expenditures </li></ul>
  12. 12. Town Pension Plan <ul><li>Funded status has deteriorated significantly since 2000 </li></ul><ul><ul><li>80.1% funded as of 1/1/2000 </li></ul></ul><ul><ul><li>64.1% funded as of 7/1/2007 </li></ul></ul><ul><li>Market performance since latest valuation likely has not improved status </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>
  13. 13. Significant Restatements <ul><li>Note 14 to the financial statements outlines the restatements that were made to the 2007 financial statements: </li></ul><ul><ul><li>Reclassification of fund types </li></ul></ul><ul><ul><li>Prior period cut-off issues and other reclassifications </li></ul></ul><ul><ul><li>General Fund fund balance increased by $579,497 </li></ul></ul>
  14. 14. Observations & Recommendations <ul><li>Material weaknesses and significant deficiencies were noted: </li></ul><ul><ul><li>Reconciliation of school operating cash account </li></ul></ul><ul><ul><li>Year-end closing and audit readiness at School Dept </li></ul></ul><ul><ul><li>Interim financial analysis at School Dept </li></ul></ul><ul><ul><li>Prior year financial reporting controls </li></ul></ul><ul><ul><li>Anti-fraud programs and procedures </li></ul></ul>
  15. 15. 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>Difficulties in performing audit – readiness of financial records at School Dept </li></ul></ul><ul><ul><li>Significant adjustments to opening balances </li></ul></ul><ul><ul><li>Other significant adjustments to current year financial statements </li></ul></ul>
  16. 16. Questions?
  17. 17. The End <ul><li>Thank you! </li></ul>

×