COW 2009 Council Audit Presentation

GF&H: TRUST…VISION…LEADERSHIP…INNOVATION…VALUECITY OF WOODRUFFFinancial Audit Presentationfor theYear EndedJune 30, 2009www.gfhllp.com August, 2009 864-232-5204City of Woodruff –Financial Audit - June 30, 2009• Financial Statements are the responsibility of the City• Our responsibility: to express an opinion on the Financial Statements• Independence • Materiality• Unqualified opinion - reasonable assurance that financial statements are materially correct– This is the best opinion the City can receiveCity of Woodruff –Financial Audit - June 30, 2009General Fund• Total Fund Balance decreased 1,400by $193k to $1,084k1,200• Unreserved fund balance of 1,000$1,077k represents 49% of 800operating expenditures 600• Still owe $145k on GO bonds 400issued in 2003 to pay 200operating bills.0• Therefore, operating fund 2007 2008 2009balance is $932k (excluding the GO bonds)– Represents 42% of operating General Fund Balanceexpenditures(thousands)City of Woodruff –Financial Audit - June 30, 2009Why is a Healthy Fund Balance Important?• Cash flow until property taxes are received• Emergencies and revenue shortfalls• Savings for major planned expenditures• Flexibility for discretionary funding needs• Potential for better interest rates for debt issuances (lower interest rate)City of Woodruff –Financial Audit - June 30, 2009General Fund Revenues• $549k decrease (22%) from the prior year to $1,975k2,500– Grant revenues ...