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2015-04-22 CC Packet
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2015-04-22 CC Packet
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Other Matters <br /> With respect to the supplementary information accompanying the financial statements,we made certain inquiries of management and <br /> evaluated the form,content,and methods of preparing the information to determine that the information complies with accounting <br /> principles generally accepted in the United States of America,the method of preparing it has not changed from the prior period,and <br /> the information is appropriate and complete in relation to our audit of the financial statements.We compared and reconciled the <br /> supplementary information to the underlying accounting records used to prepare the financial statements or to the financial statements <br /> themselves. <br /> Other Audit Findings or Issues <br /> We generally discuss a variety of matters,including the application of accounting principles and auditing standards,with management <br /> each year prior to retention as the City's auditors.However,these discussions occurred in the normal course of our professional <br /> relationship and our responses were not a condition to our retention. <br /> Financial Position and Results of Operations <br /> Our principal observations and recommendations are summarized on the following pages. These recommendations resulted from our <br /> observations made in connection with our audit of the City's financial statements for the year ended December 31,2014. <br /> General Fund <br /> The General fund is used to account for resources traditionally associated with government,which are not required legally or by <br /> sound principal management to be accounted for in another fund.The General fund balance increased$60,417 from 2013.The <br /> fund balance of$1,319,013 is 64.5 percent of the 2015 budgeted expenditures.We recommend that the fund balance be <br /> maintained at a level sufficient to fund operations until the major revenue sources are received in June. The City's fund balance <br /> policy for the General fund identifies a minimum unassigned fund balance of 40-50 percent of the following year's budgeted <br /> expenditures. The City's ending fund balance is above this target level. <br /> The purposes and benefits of an adequate fund balance are as follows: <br /> • Expenditures are incurred somewhat evenly throughout the year.However,property tax and state aid revenues are not <br /> received until the second half of the year.An adequate fund balance will provide the cash flow required to finance the <br /> governmental fund expenditures. <br /> • Expenditures not anticipated at the time the annual budget was adopted may need immediate City Council action. These <br /> would include capital outlay replacement,lawsuits and other items. An adequate fund balance will provide the financing <br /> needed for such expenditures. <br /> • A strong fund balance will assist the City in obtaining,maintaining or improving its bond rating. The result will be better <br /> interest rates in future bond sales. <br /> People <br /> +WoceSsa <br /> Going <br /> -4- <br /> Nuifibers <br />
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