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Home My WebLink AboutAudit Review T rd 1 , a 4k � "xra ^rY amx +k •,�,.:.� w' ;.i.. �. ;,' .,, �... .. .+ ., - y a T - �.. ...dP .. f s "d a ., 2 aa, � .' GY ,::. Y., l h rvk w ha k -' :... .. r . . ,� . . ,.„ �,. o- .. t r,.., .. F r b' . .. P,..,. �..w . ;r:.�._. � .. .S, ,dr ..,, r� �• 3;..; d. ;� ,: � a.€ a .rb r&�.,.;.. r t,1 , ?�. � � •. , , �. aL 1� .:ar�;a% "'�,�rN� �aihunivn�,,.Pe... ac ,- ti" o . ur w� r �^ a � sf� r »., +,_ m., L� ..I. .._ _ ,., ,, AIL ANk ,ais.rw•w�vAi�'�w�•,•nr� e< �t��aS.t��.r...�,r�,..,r.. ». v 7C r �.t� :# I �" � p .�L, d , .s, TAUTGE E LTDo Cop 2 , * L 149 105 Certified Public Accountants ML � TAUTGEs REDPATH, LTD. 1 i Copyright 0 Certred PublicAccountants �011 HLB Tautges Redpath, Ltd. 2 f� Ask — Audited the financial statements, which are the responsibility of manage. — GA.A-.c% and GAGAS — Plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. — The financial statements present fairly, in all material respects, the financial position of the City in accordance with accounting standards. TAUTGEs REDPATH, LTD. 1 Certi ied Public Accountants Copyright 0)2011 HLB Tautges Redpath, Ltd. a f — We gained an understanding of internal controls in place and their effectiveness in order to design our audit procedures for expressing an opinion on the financial statements. — Obtain narratives of controls on each major class of transaction and account balance. — Perform walkthroughs and other tests to determine adherence to controls'i. place and effectiveness. — No internal control deficiency noted. TAUTGEs REDPATH, LTD. Copyright 02011 tiLB raucges Redpath, Ltd, a � Certified Public Acmuntan[s — Followed the audit guide published by the Office of the State Auditor,, The guide consists of seven sections: • Depositories of public funds and investments • Conflicts of interest • Public Indebtedness • Contracting bid laws • Claims and disbursements • Miscellaneous provisions • Tax increment — Select sample of transactions to test for compliance with statutory provisions. — One item of noncompliance incorrect- collateral for bank deposits,, TAUTGEs REDPATH, LTD. Copyright 02011 HLB Tautges ftedpath, Lid. 5 � Certified Public Accountartts — Audi' firm's responsibility under U.S. audit standards. — Planned scope and diming of the audit. — Significant audit results: • Accounting policies used and /or changed by the HRA. • Identify accounting estimates in the financial statements. • Important footnote disclosures. statement misstatements identified during the audit. • Disagreements with management. • Management representations. • Matters not included in other reports. � TAuTGEs REDPATH,, LTD. � Ce Public Accountants Copyright c02011 HLB 7autges Redpath, Ltd. 6 M..: ,- . w Governmental Business-type Activities Activities Program revenues: Charges for services $950 $1,391,000 Operating grants and contributions 145,000 - Capital grants and contributions 77 Total program revenues 1 5 1 72,000 1,391,000 Prog ram e pens e s (4 (1 Net expenses funded by General Revenues (3,273,000) 70 General revenues: Property taxes 0 - InvestrTment income 320 23 Unrestricted grants and Other 122 lnterfund transfers 201,000 (201,000) Total general revenues 4 ,395,000 (238,000 Increase (decrease) in net assets $1,122,000 ($162 TAUTGEs R LTD.- Copyri Q2011 HLB Taut,es Redpath, Ltd. C ertified Public Accountant Ah Budget Actual Variance Revenue $3,883 $4 $276 Expenditures 3 3 170,000 Revenue over expenditures 534 980,000 446,000 Other financing sources (uses): Sale of property - 1 1 Transfers out (727,000) (727,000) - Net change in fund balance ($193,000) $254,040 $447,000 I TAUTGEs REDPATH, LTD. 1 Certified Public Accountants Copyright 02011 HLB 7autges Redpath, Ltd. w r , � Ah w r General Fund Balance December 31, 2010 2009 Designated for: Cash flow $1 $1 Contingent employee beenfits 172,000 188,000 General contingency 554 557,000 Ensuing year's budged 100,000 194 Subtotal - designated 2 2,497,000 Undesignated 555,000 223,000 Total fund balance $2,974,000 $2,720,000 r TAUTGEs REDPATH,, LTD. Copyright 02011 HLB 7autges Redpath, Lid. 9 � Certified Public Accountants Ak 4 December 31 Increase Fund 2009 2010 (Decrease) Comments transferred $150,000 to EDA fund for land Capital Revolving $429,520 $294 ($134,739) purchase Budgeted P ro'ects and Equipment Rev01 931, 034 J 938,11 56, 179 see later comments received a $241,440 park dedication fee Park Development 498 754 258,113 related to the Oakgreen Commons project 11 oelter Park 812,890 827,122 14,226 only actMty was investment income received $320,000 transfer from General Street Reconstruction 1, 424, 082 1,780 2 355, 240 Fund receives annual transfer from ''mater and Renewal an R eplacement 3 4,122,520 278 Sewer in amount equal to depreciation - City Hall Improvements 3,492,930 180 (3,303,002) accounted for construction of city Fall received $118,847 transfer from water Water Tower Rehabilitation 187, 340,379 15 Utility Storm Sewer Renewal and Replacement 157,730 239,953 82, 223 received $78,000 transfer from General Sanitary Sewer Connection 366,948 307, 737 30 received $22,105 of connection charges Water Connection 291,598 414,005 122,400 received $114,888 of connection charges Storm Sewer Connection 887,825 018 30703 received $1 0,127 of connection charges Well Rehabilitation 88,138 78728 10,588 received $0,008 transfer from water Utility Sewer Rehabilitation 41,875 42,847 972 only activity was investment income Totals $13,236 $11,188, 958 ($2,047 3) I TAUTGEs RE PATH, LTD. Copyri C,2011 HLB Taut Redpath, Ltd. _ _ I Certified Public Accountants r a ... -_ a <: •� .. a,�P..,. ,�, s� ..� '�,r !. i .. s� < 'rtre, � � � .:,,, a +I a,7..< I ZN, W, N a4w W. - e.P„- e- .-- F +- ..n mwhrxrkwr »n... ....ee...w®..aweam�s_i:.�. e vz�. .�.rv+� uLwarmner.' __,_ _ _ _ ''mater Operat Revenue E xpen s e r L� Transfer Out Depreciation �F 4 � All Other Expenses C ontractual Services C Personal Services $300,000 — Operating Revenue 0, 1, 00,00 _ r $0 _.. 2003 2004 2005 2006 ` 007 2008 2009 20 I TAUTG REL PATH, LTD 1 Cer ti f i ed Public Accountan Cop C�I �#LB Tatar edp Ltd. �� Ah AS owl r j l 900 NO _.... Sewer O Revenue i $600 Transfer Out 001 0 � 1 Dcpruciation Personal Services All Other Expenses $ 400.,00 0 1VlE ONrating Revenue (,0 $+, $ 100,000 2003 2004 2005 2006 ?007 2008 2009 2010 r TAUTG R D PATH LTD Certified Public A ccountan s $1401000 - ► t(lI'm S ewer [operating $120,000 Revenue & Expense 100 Fransfer Out All Other Expenses Contractual Services $60,000 Personal Services Operating Revenue 401MID I $,0,000 r I 2003 2004 x'005 2006 2007 2-008 2009 2010 TAT PATH , LTD4, Certified Furl c lccounto t Copyright C2011 H LB Tautges Bec ht , Ltd.