FY 2005 Third Quarter - Attachment VI - FY 2004 Audit Adjustments (Fairfax County, Virginia)

FY 2005 Third Quarter Review Attachment VI – FY 2004 Audit Adjustments FY 2004 AUDIT ADJUSTMENTSBased on the results of the FY 2004 Comprehensive Annual Audit, adjustments were made to receipts and expenditures based on the Generally Accepted Accounting Principles (GAAP) of modified accrual accounting. Fairfax County recognizes revenues in the prior fiscalyear when it is measurable and available within 45 days after the end of that fiscal year, while expenditures are recognized when the asset is received. Revenue adjustments result in an increase to the FY 2004 General Fund ending balance of $1,174,328. Adjustments in FY 2004 expenditures were made in Special Revenue, Debt Service, Capital Project, Enterprise, Internal Service and Retirement funds. In addition,several revenue adjustments were made in the General Fund, Special Revenue, Capital Project, Enterprise and Retirement funds. Retirement fund adjustments are based on Governmental Accounting Standards Board (GASB) Statement 28 requirements regardingsegregation of securities lending transactions into gross income and expenditures for financial reporting purposes. This audit attachment also outlines changes in the Fairfax County Public Schools and Fairfax County Redevelopment and Housing Authority funds based onthe final year-end reconciliation of these accounts. Detailed audit adjustments were made which require an increase in the FY 2004 appropriation level for Fund 501, County ...