BOC-Audit 05

MARTIN STARNES & ASSOCIATES, CPAs, P.A.Paula Hodges, Audit ManagerCATAWBA COUNTY, NC12-05-05Audit Results• Compliance – Management letter• Unqualified opinion• Unreserved fund balance $23,648,612• Increase in fund balance for 2005= $4,751,064• Unreserved fund balance is 16.1 % of general fund expenditures• Financial ConditionFiscal Year 2004-05 Financial ReportRodney N. MillerFinance DirectorYear-End Analysis2005 2004General Fund Revenues $151,506,658 $143,309,151General Fund Expenditures $146,755,594 $143,611,598Increase(decrease in fund bal.) $4,751,064 ($302,447)Prior-period Adjustment-Sales Tax $1,273,277Net affect on Fund Balance $ 970,830• Revenues increased by 5.7% from 2004• Expenditures increased by 2.2% from 2004 General Fund Revenues – Actual 2005Ad valorem taxes2%1%40%Permits, fees, sales,25%servicesSales TaxesInvestment earnings1%Restricted intergov'tlUnre stric te dintergovernmental17%Other14%Property Tax Revenues65,000,00061,445,50960,665,38857,168,75960,000,000*6.11%55,121,0211.29%53,041,68255,000,0003.92% 3.71%50,000,0003.24%45,000,00040,000,00035,000,00030,000,0002001 2002 2003 2004* 2005•Revenue growth continues to lag behind averages of 3%-4%; prior year collections remain strong*2004-Revenue neutral plus 2-1/2 cents for school and jail const.Property Tax Base History12,942,756,93812,671,384,34013,000,000,00011,568,969,62612,000,000,000 9.53%2.14%3.51%11,000,000 ...