Santa Cruz County June 30, 2003 Report Highlights Financial Audit

Santa Cruz CountyREPORT The County’s Fund BalancesHIGHLIGHTSFINANCIAL STATEMENT AUDIT Increased by $3.2 MillionSubjectThe County’s total governmental fundSanta Cruz County Comparison of Fund Balancesbalances were approximately $11issues a Comprehensive June 30, 2002 and 2003million at June 30, 2003, an increase ofAnnual Financial Report. (In millions)approximately $3.2 million from theThe County is$12responsible for preparing prior year. For fiscal year 2003, the $11.0financial statements, County anticipated a decrease in$10maintaining strong intergovernmental revenues from stateinternal controls, and and federal sources. To help $7.8demonstrating $8$7.4compensate for the anticipatedaccountability for its userevenue loss, the County reducedof public monies. As the $6auditors, our job is to actual General Fund expenditures for $4.7determine whether the $3.6general government and capital outlay $4County has met its $3.1from the prior year. In addition, theresponsibilities.County increased rates for charges for $2services and property taxes, andOur Conclusion$0experienced a substantial increase inThe information in the property assessed valuation. These General Fund Other Funds Totalfinancial statements isFiscal Yearsfactors, combined with a less thanfairly stated in all2002 2003expected decrease in intergovernmentalmaterial respects andrevenues, resulted in the increase inthe financial statementscan be relied on. fund balances. The table to the ...