Va Van Gor order er, W Walker & & Co. o., I Inc. - PowerPoint PPT Presentation

Va Van Gor order er, W Walker & & Co. o., I Inc. Thursday, January 9, 2020 1

 In our opinion, the financial statements present fairly, in all material respects, the financial position of the City of Ludlow, Kentucky as of June 30, 2019 and the respective changes in financial position for the year then ended, in conformity with accounting principles generally accepted in the United States of America. 2

 No Matters Involving Internal Control over Financial Reporting and Operations were Considered to be Material Weaknesses or Significant Deficiencies in Accordance with Government Auditing Standards  No items of Non-Compliance with KRS statutes, grant agreements, loan agreements, etc. to report 3

 In FY 2018, management and the council was informed that the City was in jeopardy of becoming insolvent in the very near future.  Management has subsequently: ◦ Reduced personnel and operating costs ◦ Generated revenue through an increase the insurance premium tax ◦ Signed fire services contract with the City of Bromley ◦ Located uncollected franchise taxes owed to the City. ◦ Enforced collection of delinquent taxes, fees, fines and liens.  As a result of management actions, the City is no longer in immediate threat of insolvency. 4

Cash Position $613,173 $1,000,000 $800,000 $600,000 $400,000 $200,000 $0 ($200,000) ($400,000) GF Cash $164,411 $215,786 $41,831 $12,864 ($600,000) 2014 2015 2016 2017 2018 2019 Total Assets Liabilities Fund Balance 5

$5,500,000 Public Works Bldg. $5,000,000 $4,500,000 $4,000,000 $3,500,000 $3,000,000 $2,500,000 2014 2015 2016 2017 2018 2019 Total Revenues Total Expenditures 6

Taxes $2,326,815 $557,852 Licenses/ Permits Fire and EMS $473,256 Charges for Services $472,474 Municipal Aid $90,067 Other $64,691 Police Services $120,050 Grants $2,183 $0 $1,000,000 $2,000,000 7

Police $1.353.786 Administration $1,229,155 Fire $622,958 Capital Outlay $234,774 Debt Service $167,546 Public Works $287,741 Municipal Aid $27,352 Park Dept. $5,791 $0 $400,000 $800,000 $1,200,000 $1,600,000 8

$4,500,000 $4,000,000 $3,500,000 $3,000,000 $2,500,000 $2,000,000 2014 2015 2016 2017 2018 2019 Budget Actual Loan Proceeds and Interfund Transfers Removed 9

$5,000,000 $4,500,000 $4,000,000 $3,500,000 $3,000,000 $2,500,000 $2,000,000 $1,500,000 2014 2015 2016 2017 2018 2019 Budget Actual 10