TOWN OF SANFORD FINANCIAL OVERVIEW Presented by: Hank Farrah RUNYON KERSTEEN OUELLETTE Recently, the Town of Sanford completed the financial audit process. The Town has received an unqualified opinion which means the financial statements are fairly stated in all material respects. The Town reported two significant deficiencies in internal control over financial reporting and two findings in regards to its federal programs (both involving the School Department). The remainder of this publication is dedicated to providing you with the financial results for fiscal year 2011. We hope you find this information useful and understandable. Finally, we wish to express our appreciation to all those who where so helpful to us during the audit process. It truly is a pleasure working with your staff. INSIDE 2. General Fund Assets 3. General Fund Liabilities 4. General Fund - Fund Balance About this presentation 5. General Fund Revenues This presentation is intended as a tool to assist the Town of 6. General Fund Expenditures Sanford’s Town Council and management in understanding its 7. Comparisons to Other Municipalities financial operating results. The information contained in this 8. General Fund Revenues publication should be read in conjunction with the audited 9. General Fund Expenditures financial statements and related disclosures and should not be used for any other purposes without the expressed consent of RUNYON KERSTEEN OUELLETTE . Please contact us at 207-773-2986 or 1-800-486-1784 20 Long Creek Drive, South Portland, ME 04106
TOWN OF SANFORD General Fund Assets $16,000,000 $14,000,000 $12,000,000 $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 $- Cash & Investments Taxes Receivable Accounts Receivable, net 2007 $11,371,426 $1,530,450 $708,417 2008 $12,614,826 $1,968,877 $393,593 2009 $13,597,304 $2,030,955 $362,010 2010 $13,442,640 $1,889,717 $513,633 2011 $13,324,196 $1,848,942 $577,916 Observations: • Cash and investments are shown net of amounts due to and from other funds • Taxes receivable decreased over $40K • Accounts receivable increased over $64K 2
TOWN OF SANFORD General Fund Liabilities $5,000,000 $4,500,000 $4,000,000 $3,500,000 $3,000,000 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $- Accounts Payable Accrued Payroll Deferred Revenue 2007 $1,163,983 $4,380,807 $1,204,241 2008 $1,540,875 $3,968,410 $1,647,786 2009 $1,334,380 $4,052,274 $1,654,716 2010 $1,345,627 $3,939,429 $1,509,627 2011 $940,328 $4,034,764 $1,482,812 Observations: • Accounts Payable decreased over $405K as a result of timing differences • Accrued payroll, represents payroll earned prior to June 30 th but not yet paid • Deferred revenue represents taxes still unpaid 60 days after the end of the year 3
TOWN OF SANFORD General Fund - Fund Balance $9,000,000 $8,000,000 $7,000,000 $6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $- Restricted Committed Assigned Unassigned 2007 $20,456 $762,679 $770,000 $5,308,127 2008 $35,555 $612,081 $650,000 $6,522,589 2009 $26,034 $725,825 $650,000 $7,547,040 2010 $52,574 $658,224 $650,000 $7,689,509 2011 $26,618 $1,727,087 $825,038 $6,714,407 Observations: • Total fund balance increased over $110K • Committed fund balance represents amounts for the capital plan • Assigned fund balance is made up of various reserves and use of surplus • Unassigned decreased over $975k from prior year 4
TOWN OF SANFORD General Fund Revenues Budget Actual Variance Taxes 26,535,600 26,595,964 60,364 Licenses and Permits 2,937,947 2,154,814 (783,133) Intergovernmental Revenues 24,164,421 24,070,714 (93,707) Investment Income 100,000 93,519 (6,481) Other 176,067 248,197 72,130 Use of Surplus & Carryforwards 2,030,224 - (2,030,224) Transfers from Other Funds - 85,000 85,000 Total 55,944,259 53,248,208 (2,696,051) Observations: • Licenses and permits came in under budget due to the PAYT not passing • Other was over budget due to the receipt of employee benefit reimbursements and airport revenues 5
TOWN OF SANFORD General Fund Expenditures Budget Actual Variance General Government 4,969,590 5,040,223 (70,633) Public Services 1,860,790 1,606,137 254,653 Public Safety 7,368,918 7,284,397 84,521 Public Works 3,915,768 3,715,587 200,181 Education 33,193,084 32,754,040 439,044 County Tax 808,389 808,389 - Other 699,687 546,735 152,952 Debt Service 1,299,884 1,250,859 49,025 Capital Improvement Plan 1,828,149 186,062 1,642,087 Transfers to Other Funds - 25,244 (25,244) Total 55,944,259 53,217,673 2,726,586 Observations: • The largest savings in public services came under the cemetery and town hall lines • Other contains the budgeted overlay of $155K • Capital improvement plan is carried over to next year and is committed in fund balance 6
CITY OF SANFORD Unassigned Fund Balance as a % of Budget Compared to Other Municipalities 18% 15% 16.33% 12% 14.74% 12.00% 9% 10.94% 9.65% 6% 3% 0% Sanford Portland Lewiston Auburn South Portland Debt Service as a % of Budget Compared to Other Municipalities 20% 16% 18.50% 12% 11.96% 8% 10.18% 4% 6.97% 2.32% 0% Sanford Portland Lewiston Auburn South Portland 7
CITY OF SANFORD 2011 General Fund Revenues Intergovernmental Revenues 45.28% Licenses, Fees 4.05% Investment 0.18% Taxes 50.03% Other 0.47% 8
CITY OF SANFORD 2011 General Fund Expenditures Expenditures Education County Tax 61.58% 1.52% Other Debt Service 1.03% 2.35% Capital Improvement 0.35% General Government 9.48% Public Works Public Services Public Safety 6.99% 3.02% 13.69% 9
Thank you for your time! Any Questions? 10
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