FY 2008 Third Quarter - Attachment VI - FY 2006 Audit Adjustments (Fairfax County, Virginia)

FY 2008 Third Quarter Review Attachment VI – FY 2007 Audit AdjustmentsFY 2007 AUDIT ADJUSTMENTS (THIRD QUARTER PROCESS)Based on the results of the FY 2007 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 inthe prior fiscal year 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 2007 General Fund ending balance of $11.0 million. Adjustments in FY 2007 expenditures were made in Special Revenue, Debt Service, Capital Project, Internal Service and Trust funds. In addition, severalrevenue were made in the Special Revenue, Debt Service, Capital Project, Enterprise, Internal Service, Trust, and Agency funds. Retirement fund adjustments are based on Governmental Accounting Standards Board (GASB) Statement 28requirements regarding segregation of securities lending transactions into gross income and expenditures for financial reporting purposes. This audit attachment also outlines changes in the Fairfax County Public School, Fairfax County Park Authority andFairfax County Redevelopment and Housing Authority funds based on the final year-end reconciliation of these accounts. It should be noted that audit adjustments for all funds other than Fund 104, Information ...