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Washoe County Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2004 Report to the Board of County Commissioners Presented by Katherine.

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Presentation on theme: "Washoe County Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2004 Report to the Board of County Commissioners Presented by Katherine."— Presentation transcript:

1 Washoe County Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2004 Report to the Board of County Commissioners Presented by Katherine L. Garcia, Comptroller November 16, 2004

2 FINANCIAL AUDIT: Unqualified Opinion Financial position, changes in financial position presented fairly - –Accurate –Reliable –Meets standards for auditing, certification GASB 40 early-implemented –Deposit and Investment Risk Disclosures

3 COMPLIANCE AUDIT: Unqualified opinion Audit findings – Federal Awards No material weaknesses Qualified as a low risk auditee

4 STATEMENT OF NET ASSETS

5 CASH AND INVESTMENTS

6 NET CAPITAL ASSETS

7 OUTSTANDING DEBT DEBT $ Millions PRINCIPAL OUTSTANDING JULY 1, 2003 DEBT ISSUED PRINCIPAL MATURED/ CALLED PRINCIPAL OUTSTANDING JUNE 30, 2004 % OF TOTAL General Obligation Bonds $ 112.8$ 13.3($11.4)$ General Obligation- Revenue Backed Bonds (1.8) Special Assessment Bonds (1.6)1.71 Revenue Bonds (0.4) Certificates of Participation 15.4-(1.6)13.86 Capital Leases, Notes 2.5-(0.3)2.21 TOTAL $ 225.3$ 19.4($ 17.1)$ %

8 STATEMENT OF CHANGES IN NET ASSETS

9 GOVERNMENT-WIDE REVENUES BY SOURCE

10 GOVERNMENT-WIDE EXPENSES BY TYPE

11 GOVERNMENT-WIDE EXPENSES BY FUNCTION

12 Are there any questions?

13 ASSETS: Total - $920 million Current - $349 million - 38% Net capital assets - $564 million - 61% Long-term assets - 1%

14 Statement of Net Assets

15 LIABILITIES: Total $303 million Due within one year - $80 million - 26% Noncurrent - $223 million - 74%

16 NET CAPITAL ASSETS: Total - $564 million Net Additions - $63 million Depreciation - $16 million

17 DEBT: Total - $228 million Issued $19 million Principal paid - $17 million Interest paid - $10 million Legal debt margin > $xxx million

18 LIQUIDITY: Ability to meet current obligations –Cash ratio: Current – –Current assets exceed total liabilities

19 NET ASSETS: Total - $617 million –increase of 16% or $85 million Invested in capital assets, net of related debt, 68% Restricted, 18% Unrestricted, 14%

20 STATEMENT OF CHANGES IN NET ASSETS Total revenues - $423 million, 7% increase Total expenses - $339 million, 4% increase Change in net assets - $84 million, 18% increase

21 PRIMARY REVENUE SOURCES: Property taxes - 36%, ($152 million), 9% increase Consolidated taxes - 21%, ($90 million), 11% increase Federal Grants - 5% of total, ($23million), 15% increase

22 EXPENSES BY TYPE: Personnel costs - 60%, ($203 million), 6% increase Services and Supplies - 32%, ($108 million), 0% increase Depreciation - 5%, ($18 million), 13% increase Interest/fiscal charges - 3%, ($10 million), 0% increase

23 EXPENSES BY FUNCTION: Public Safety - 30%, ($103 million), 2% increase General Government - 16%, ($55 million), 8% increase Judicial - 13%, ($44 million), 5% increase Business-type activities - 8%, ($27 million), 8% increase


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