Audit FY2005 Summary Slides

Report ofIndependent Certified Public AccountantsonCounty of CumberlandFinancial StatementsFor Fiscal Year ended June 30, 2005Presented By:Michelle Loyd Thompson, Partner, Cherry, Bekaert & HollandAmy Cannon, Assistant County Manager / Finance DirectorAudit ResultsGenerally Accepted Auditing Standards -Basic Financial Statements: • Unqualified – “clean opinion”• Represents highest level of assuranceGovernment Auditing StandardsOMB Circular A-133 – State and Federal Financial Assistance:• Unqualified – “clean opinion”Other ResultsManagement Letter• New Auditing StandardStatement of Auditing Standards (SAS 61) Letter• RequiredGeneral Fund SummaryFinalBudget Actual VarianceTotal revenue $ 259,934,474 $ 269,929,533 $ 9,995,059Total expenditures 277,531,281 258,509,050 19,022,231Total other financing sources (uses) 17,596,807 (2,136,866) (19,733,673)$ - $ 9,283,617 $ 9,283,617Revenue and other financing sources over expenditures and other financing usesFund balances:Beginning of year, July 1, 2004 81,315,228End of year, June 30, 2005 $ 90,598,845Fund Balance – General FundTotalGeneral Mental Health Other General FundReserved for:Inventories $ 265,955 $ - $ - $ 265,955Register of Deeds 137,081 137,081Encumbrances 3,620,717 341,749 3,962,466State statute 2 2,065,483 2 ...