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Exeter Township December 31, 2016 Audit Results

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Presentation on theme: "Exeter Township December 31, 2016 Audit Results"— Presentation transcript:

1 Exeter Township December 31, 2016 Audit Results
Presented by: Becky Clouser, CPA Principal, Audit Services Department September 25, 2017

2 Highlights Converted to the modified accrual/full accrual basis of accounting for the 2016 financial statements (previously prepared using the modified cash basis), with the exception of recording capital assets and related depreciation New debt of $7,005,000 issued to advance refund a former bond issue

3 Highlights Adverse Opinion for entity-wide statements and the proprietary fund statements (Sewer Fund and Country Club Fund) – capital assets and related depreciation are not recorded Unmodified Opinion for the governmental fund financial statements Adoption of GASB 72, Fair Value Measurement and Application – additional disclosures relative to the Township’s pension plan investments. Majority (94%) are considered “Level 1” because they are based on quoted market prices in active markets

4 Entity Wide Total assets and deferred outflows of resources of $25.9 million at 12/31/16, compared to $25.7 million at 12/31/15 $18.1 million – cash and certificates of deposit $4.5 million – receivables, prepaid expenses and inventory Total liabilities and deferred inflow of resources of $55.1 million at 12/31/16, compared to $56.6 million at 12/31/15 $44.5 million – debt (bonds/notes payable and capital leases) $2.2 million - net pension liability $6.0 million – other post employment benefits liability (for health and life insurance for eligible retirees)

5 Entity Wide Total net position (deficit) of ($29.3) million at 12/31/16 compared to ($30.9) million at 12/31/15 ($42.2) net investment in capital assets $1.7 million restricted $11.2 million unrestricted Positive change in net position of $1.6 million for 2016 Total revenues of $20.4 million Total expenses of $18.8 million

6 Governmental Activities Business-Type Activities
Entity Wide Governmental Activities Business-Type Activities Sewer Country Club Current Assets $9,136,519 $6,002,747 $400,913 Current Liabilities $1,447,459 $2,288,852 $130,222 Current Ratio 6.18 2.62 3.08 Note: Sewer current assets do not include a $7 million CD that matures in 2018

7 Fund Statements General Fund: All other funds:
Fund balance of $3.8 million at December 31, 2016 Increase of $286,000 from 2015 General Fund positive budget variance of $136,000 Revenues in excess of budget by $791,000 Net Expenses and Other Financing Sources (Uses) over budget by $655,000 All other funds: Fund balances of $3.8 million at December 31, 2016 Increase of $668,000 from 2015

8 2016 Revenue – Fund Level Governmental Funds

9 2016 Expenditures – Fund Level Governmental Funds

10 Financial Results Proprietary Funds – Net income (loss)
Note: 2016 Sewer Fund net income includes a $1.5 million transfer out of the 2009 Capital Projects Fund to a governmental fund type

11 Audit Results Report Client service team
Areas of audit emphasis and changes from planning Required communications Summary of significant accounting estimates Summary of significant financial statement disclosures Fraud considerations and the risk of management override Management letter – IT related comments Summary of posted audit adjustments Management’s representation letter

12 Thank you for the opportunity to serve you


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