Presented by Jay E. Sharpe, CPA, CFE July 16, 2019 Fieldwork has - PowerPoint PPT Presentation

Presented by Jay E. Sharpe, CPA, CFE July 16, 2019

 Fieldwork has been completed.  Financial statements and notes have been prepared (currently in draft form).  Audit has been submitted to the LGC. One change requested. Waiting on approval to resubmit.  Waiting on approval for issuance

 Plan (including obtaining an understanding of internal controls over key areas).  Perform risk assessment (risk based approach)  Perform audit procedures to obtain sufficient evidence to render an opinion  Opinion concentrates on whether the financials are free from material misstatement. Reasonable assurance.  Single Audit was not required for 2018

 Scope and timing of audit off track  Unmodified opinion  One finding – material weakness  Material adjusting journal entries

 No new significant accounting policy changes  Estimates appear reasonable  No disagreements with management  Difficulties encountered.

$4,000,000 $3,500,000 $3,000,000 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $- 2018 2017 Revenues $3,510,698 $3,450,920 Expenditures $2,461,176 $2,542,949 Revenues Expenditures

$25,000,000 $20,000,000 $15,000,000 $10,000,000 $5,000,000 $- 2018 2017 Revenues $6,306,892 $9,013,655 Expenditures $5,007,103 $20,183,633 Revenues Expenditures

$12,000,000 $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 $- 1 2 3

$1,559,188 $320,160 $9,163,325 Restricted Assigned Unassigned

350 300 250 200 310 253 150 100 50 - 2018 2017

700 600 500 400 659 300 200 135 100 - 2018 2017

$2,720,000 $2,700,000 $2,680,000 $2,660,000 $2,640,000 $2,620,000 $2,600,000 2018 2017 Property Taxes $2,719,163 $2,651,633

$2,700,000 $2,650,000 $2,600,000 $2,550,000 $2,500,000 $2,450,000 $2,400,000 $2,350,000 $2,300,000 $2,250,000 $2,200,000 $2,150,000 2018 2017 Other Taxes and Licenses $2,665,165 $2,347,361

0% 16% 31% 4% 12% 0% 37% General Government Public Safety Beach nourishment Transportation Enviromental Debt Service Capital Outlay

0% 17% 29% 4% 12% 38% General Government Public Safety Transportation Enviromental Debt Service Capital Outlay

$2,200,000 $2,150,000 $2,100,000 $2,050,000 $2,000,000 $1,950,000 $1,900,000 $1,850,000 2018 2017 Operating revenues $2,181,252 $2,044,362 Operating expenses $2,095,621 $1,978,229 Operating revenues Operating expenses

1,095 1,090 1,085 1,080 1,075 1,092 1,070 1,065 1,064 1,060 1,055 1,050 2018 2017

 2018 / 2019 will be quiet  Change in Yellowbook standards  Leases  Report overhaul

Jay E. Sharpe, CPA, CFE 919-832-6848 jsharpe@rivescpa.com