HomeMy WebLinkAboutCity of Cape Canaveral_3 4 15 PresentationAnnual Audit for the Year Ended September 30, 2014
Presented by: Bernadette Britz-Parker, CPA
March 17th, 2015
Presentation To:
City of Cape Canaveral
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Unmodified Opinion (page 25)
Report on Internal Control Over Financial Reporting and on Compliance and Others Matters Based on an Audit performed in Accordance with Government Auditing Standards (page 117):
No instances of noncompliance
No material weaknesses
No significant deficiencies
Auditors’ Reports
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Auditors’ Reports (cont’d.)
Independent Auditors’ Management Letter Required by Chapter 10.500, Rules of the State of Florida Office of the Auditor General (page 119):
Corrective action taken for both of last year’s recommendations.
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Auditors’ Reports (cont’d.)
A New report – page 121
Independent Accountants’ Examination Report
City is in compliance with Section 218.415, Florida Statutes, Local Government Investment Policies
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Financial Highlights
Certificate of Achievement for Excellence in Financial Reporting (awarded for FYE 2013; 2014 will be submitted)
Three New Major Funds:
Cape Canaveral CRA
Capital Construction Fund
Enterprise Capital Fund
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Financial Highlights (cont’d.)
Restatement of Net Position
GASB Statement No 65, Items Previously Reported as Assets and Liabilities implemented
Required write-off of Bond Issuance Costs of $13,159 in Wastewater Fund
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Financial Health
The GFOA recommends, at a minimum, that general-purpose governments, regardless of size, maintain unassigned/assigned fund balance in their general fund of no less than 2 months (17%),
of regular general fund operating revenues or regular general fund operating expenditures plus recurring transfers out.
Unassigned fund balance in the General Fund at 9/30/2014 was $3,026,331. This is 36% of FYE 2014 General Fund expenditures.
Using 9/30/2014 Fund Balance and Expenditures:
Number of months of FY2014 Revenues 2.85
Number of months of FY2014 Expenditures 2.78
*the above analysis was done using only unassigned fund balance, which is more conservative than using total unassigned and assigned fund balance.
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Recent Accounting Pronouncements
GASB has issued several new statements effective FYE 9/30/15 and later (none of which should effect the City):
GASB 68, Accounting and Reporting for Pensions – requires governments providing defined benefit pensions to recognize their long-term obligations as a liability for the first time.
GASB 69, Government Combinations and Disposals of Government Operations – improves accounting and reporting for mergers, acquisitions, and transfers of operations to another government
or sale.
GASB 71, Pension Transition for Contributions Made Subsequent to the Measurement Date – changes reporting of certain pension contributions made to defined benefit pension plans prior
to implementation of GASB 68
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Questions?
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