1. ©2014 CliftonLarsonAllen LLP CLAconnect.com See CLA PowerPoint User Guide for instructions to insert an image or change the icon on the business card. Find it at the bottom of the myCLA / Firm Resources / Materials / Templates page. See CLA PowerPoint User Guide for instructions to insert an image or change the icon on the business card. Find it at the bottom of the myCLA / Firm Resources / Materials / Templates page. OKEECHOBEE COUNTY Presentation to the Board of County Commissioners Audit of the Fiscal Year Ending September 30, 2014

2. ©2014 CliftonLarsonAllen LLP Audit Services Performed Financial statement audit for the year ended September 30, 2014, in accordance with Government Audit Standards Financial Statements Federal Single Audit in accordance with OMB Circular A-133 Federal Compliance State Single Audit in accordance with FS 215.97, and Chapter 10.550, Rules of the Auditor General Examination of compliance with investment provisions of FS 218.415 State Compliance 2

3. ©2014 CliftonLarsonAllen LLP 3 Financial Overview

4. ©2014 CliftonLarsonAllen LLP Okeechobee County Statement of Net Position Years Ended September 30 4 (millions)

5. ©2014 CliftonLarsonAllen LLP Okeechobee County Governmental Funds – Revenue Years Ended September 30 5 (millions)

6. ©2014 CliftonLarsonAllen LLP Okeechobee County Governmental Funds – Expenditures Years Ended September 30 6 (millions)

7. ©2014 CliftonLarsonAllen LLP Okeechobee County Fund Balances – All Governmental Funds Year Ended September 30, 2014 7

8. ©2014 CliftonLarsonAllen LLP Okeechobee County General Fund – Unassigned Fund Balance Years Ended September 30 8 (millions)

9. ©2014 CliftonLarsonAllen LLP Okeechobee County General Fund Unassigned Fund Balance as a Percentage of Next Year’s Budget Years Ended September 30 9 County Goal – not less than three months or 25% County Minimum – not less than two months or 17%

10. ©2014 CliftonLarsonAllen LLP 10 Results of Procedures

11. ©2014 CliftonLarsonAllen LLP Audit Reports Issued  Independent Auditors’ Report Unmodified Opinion  Independent Auditors’ Report on Internal Control (GAS - Yellow Book) Material weakness in internal control: 2014-001 – Revenue Recognition & Audit Adjustments  Single Audit Report, Federal & State (OMB Circular A-133 & Rules of Auditor General ) Unmodified opinion on compliance No material weaknesses in internal control identified 11

12. ©2014 CliftonLarsonAllen LLP Audit Reports Issued (continued)  Management Letter (Florida Auditor General) 2014-002 – Security for Public Deposits 2014-003 – Budgets 2014-004 – SHIP – Reporting 2014-005 – SHIP – Eligibility  Independent Accountants’ Report Compliance with investment provisions of FS 218.415 Unmodified opinion 12

13. ©2014 CliftonLarsonAllen LLP 13 Future Considerations Be on the lookout…

14. ©2014 CliftonLarsonAllen LLP Implementation of Pension Standard 14 GASB Statement 68, Accounting and Financial Reporting for Pensions – An Amendment of GASB Statement No. 27  Effective for the County in fiscal year 2015.  The County will be required to report a net pension liability, pension expense, and pension-related deferred inflows and outflows of resources based on its proportionate share of the collective amounts for all of the governments in the Florida Retirement System (FRS).  The impact to the County’s financial statements is currently undetermined.

15. ©2014 CliftonLarsonAllen LLP Thank You! We appreciate everyone’s cooperation throughout the audit. 15

16. ©2014 CliftonLarsonAllen LLP 16 ©2014 CliftonLarsonAllen LLP CLAconnect.com twitter.com/ CLAconnect facebook.com/ cliftonlarsonallen linkedin.com/company/ cliftonlarsonallen Julie Fowler, CPA Engagement Director julie.fowler@CLAconnect.com 863-385-1577 Brian Quinlin, CPA Engagement Director brian.quinlin@CLAconnect.com 863-385-1577 16