FINANCIAL REPORT PRESENTATION John R. Chamb mberl erlin, CPA, A, MBA Van Gorde der, Walke lker & Co., Inc. . Certif ified Public ic Accountan ants February 10, 2020
UNMODIFIED OPINION REPORT ON INTERNAL CONTROL AND COMPLIANCE ◦ No matters involving internal control over financial reporting and operations were considered to be ma materia ial weak eaknesses es or signific icant defic iciencies. es. ◦ No instances of noncompliance that are required to be reported under Government Auditing Standards. Van Gorder, Walker & Co., Inc., CPAs 2
Pension and Other Post-Employment Benefits (OPEB) Health Insurance Unfunded Liabilities - Statement of Net Position only ◦ GASB 68 – City’s share of CERS system unfunded pension liability. ($269K NHaz, $1.316M Haz) ◦ GASB 75 – City’s share of CERS system unfunded OPEB liability. ($98K NHaz, $388K Haz) Governance Letter ◦ Audit Adjustments To recognize $827K in fixed assets and $453K in depreciation expense in government-wide statements (not funds) To recognize $305K in actuarial pension and OPEB expense Management Letter ◦ Two small items brought to management’s attention regarding: Cash withdrawal features on credit cards Documentation for deposits Van Gorder, Walker & Co., Inc., CPAs 3
$1,200,000 $1,034,978 $1,000,000 $845,264 $800,000 $600,000 $400,000 $510K $200,000 $0 2014 2015 2016 2017 2018 2019 Restricted Cash Committed Cash $1,118,122 Unrestricted Cash Van Gorder, Walker & Co., Inc., CPAs 4
$1,200,000 $1,070,708 $1,000,000 $845,264 $800,000 $600,000 $400,000 $200,000 $0 ($200,000) 2014 2015 2016 2017 2018 2019 General Fund Road Tax Vehicle Fee Minor Funds Van Gorder, Walker & Co., Inc., CPAs 5
$3,000,000 $2.05M $2,000,000 $1.50M $1,000,000 $0 2014 2015 2016 2017 2018 2019 Current Long-Term Debt Pension Van Gorder, Walker & Co., Inc., CPAs 6
$3,500,000 $3,000,000 $2,500,000 $2,000,000 $1,500,000 $1,000,000 2014 2015 2016 2017 2018 2019 Total Revenues Total Expenditures Expenditures Less Capital Road Projects Van Gorder, Walker & Co., Inc., CPAs 7
Total Revenu nues es $2,591,612 Taxes $1,680,209 Intergovernmental $386,476 Charges for Services $317,091 Licenses and Permits $85,563 Other Revenue $15,979 Interest Income $15,459 $0 $400,000 $800,000 $1,200,000 $1,600,000 Van Gorder, Walker & Co., Inc., CPAs 8
Total Expendit itures res $2,870,387 Capital Outlay $826,905 Police $664,713 Contracted Services $419,263 Debt Service $274,306 Public Works $217,441 General Admin. $165,514 Fire & Rescue $126,503 Building & Utilites $55,963 Creighton Fund $28,944 $0 $400,000 $800,000 $1,200,000 Van Gorder, Walker & Co., Inc., CPAs 9
Contact Information John R. Chamberlin, CPA, MBA Partner Van Gorder, Walker & Co., Inc. Certified Public Accountants 3216 Dixie Highway Erlanger, KY 41018 jchamberlin@vgwcpa.com Van Gorder, Walker & Co., Inc., CPAs 10
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