[1. Receive and acknowledge report on audit of the FY2025 financial statements by Weaver.]
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IT'S 11 '01. TODAY IS MARCH 25TH.
CALLING THIS MEETING TO ORDER. RECEIVING THE KNOWLEDGE REPORTS ON THE 2025 FINANCIAL STATEMENT BY WEAVER.
>> WE HAVE REBECCA TO GIVE THOSE FINANCIAL REPORTS.
>> GOOD MORNING. GLAD YOU GOT HERE.
>> I DO APPRECIATE YOU ALL RESCHEDULING.
I KNOW I WAS SUPPOSED TO COME LAST WEEK AND I GOT STUCK IN SOME WEATHER. I HAVE A DAUGHTER THAT TRAVEL FOR SPORTS IN MINNEAPOLIS AND THERE WAS A BLIZZARD AND I COULDN'T MAKE IT LAST WEEK. SO I APPRECIATE YOU ALL RESCHEDULING. I AM REBECCA DARLING, I AM THE COUNTY'S THIRD PARTY FINANCIAL STATEMENT AUDITOR.
I AM HERE TO PRESENT THE AUDIT RESULTS FOR THE FISCAL YEAR 2025 FINANCIAL STATEMENT AUDITS. WE ARE TECHNICALLY NOT ALL THE BOXES CHECKED AND ISSUED YET BUT IT SHOULD BE BY MONDAY AT THE LATEST. I FEEL LIKE WE'RE CLOSE ENOUGH TO PRESENT THE RESULTS AND THERE WON'T BE ANY SIGNIFICANT CHANGES IF YOU ALL HAVE ANY QUESTIONS, WHILE GOING THROUGH THESE SLIDES CHECK THIS PRESENTATION MEANT TO BE MORE FOCUSING ON THE AUDIT RESULTS THEMSELVES WHICH IS REQUIRED COMMUNICATION AND THEN FINANCIAL HIGHLIGHTS IN THE BACK WE WILL GO OVER.
>> THE ARROW SHOULD BE GREEN. >> THERE WE GO.
WE WILL GO OVER THE AUDIT PROCESS RESULTS AND COMMUNICATIONS AND FINANCIAL HIGHLIGHTS AND UPCOMING CHANGES.
JUST AS A REMINDER OF WHO WE ARE IN TERMS OF WEAVER, WE ARE THE LARGEST INDEPENDENT ACCOUNTING FIRM BASED IN TEXAS SO YOU CAN SEE WE ARE -- ORAL HISTORY, WE'VE BEEN IN BUSINESS FOR OVER 75 YEARS. WE STARTED IN TEXAS SO WE DO CONSIDER OURSELVES A TEXAS BASED FIRM BUT WE HAVE EXPANDED OUTSIDE OF TEXAS NOW THESE ARE JUST SOME STATS BUT WE DO -- A LOT OF WHAT WE DO WITH GOVERNMENT AUDITS I DO A LOT OF CITY COUNTY SCHOOL DISTRICT THAT'S ONE OF OUR BIGGEST INDUSTRIES IN AUDIT, ONE OF OUR BIGGEST SERVICE AREAS.
WE ALSO DO TAX AND ADVISORY WORK AS WELL.
JUST SO YOU KNOW WHO YOUR ENGAGEMENT TEAM WAS, AN AUDIT PARTNER WAS OUR DIRECTOR/MANAGER THIS YEAR AND SHE WAS A SENIOR ASSOCIATE, HANDS ON THE GROUND IN THE DAY-TO-DAY AUDITS.
AS FAR AS HOW THE AUDIT WORKS ON THE TIMELINE CLERK HALEY ACTUALLY START PLANNING AND DOING OUR OWN WORK A LOT OF TIMES BEFORE THE NUMBERS ARE FINALISED.
THE COUNTY'S AUDIT AS OF SEPTEMBER 30TH, THE YEAR END BUT WE CAN DO A LOT OF WORK BEFORE IT'S FINALISED SO WE COME IN AND WE WILL DO -- WALKING THROUGH THE SIGNIFICANT PROCESSES, MEETING REVENUE PROCESS, INITIATION TO HOW SOMETHING GETS FROM INITIATION TO THE FINANCIAL STATEMENT LIKE TAX REVENUE, GRANT REVENUE AND ANYTHING LIKE THAT SAME THING WITH EXPENSES. FOR PAYING A VENDOR, HOW DOES IT GO FROM INITIATION TO RECORDING OF THE FINANCIAL STATEMENTS, THINGS LIKE PAYROLL THAT TO MAKE WE DON'T NEED FINAL NUMBERS TO DO THAT BUT IT HELPS US GET TO THE FINANCIAL STATEMENTS SO WE CAN KIND OF PROCESS OR APPROVALS ARE IN THOSE AND HOW THOSE GET TO THE FINANCIAL STATEMENTS.
WE DID THAT IN SEPTEMBER, OCTOBER.
MOST OF OUR FIELDWORK FOR THE AUDIT WAS JANUARY AND FEBRUARY THEN MARCH IS A LOT OF WRAPPING UP AND DOING THAT LARGE ANNUAL FINANCIAL REPORT HERE WE DID TALK TO THE JUDGE ON THE 16TH OF MARCH, GETTING A LITTLE HIGHLIGHT OF THE PRESENTATION, AND OF COURSE I'M PRESENTING TO YOU ALL TODAY, NOT THE 17TH BUT THANK YOU FOR RESCHEDULING AGAIN.
THROUGHOUT THE YEAR CORRECT THIS IS THE MAIN PART OF THE AUDIT, OBVIOUSLY WE DO HAVE STAFF ON SITE, IN THE THICK OF THINGS BUT WE ARE AVAILABLE TO THE ACCOUNTING TEAM AND AUDIT TEAM THROUGHOUT THE YEAR. IF THEY HAVE QUESTIONS ON HOW SOMETHING NEEDS TO GET BOOKED OR QUESTIONS IN GENERAL, ANYTHING FINANCIAL ACCOUNTING RELATED OR ADVISORY TYPE CAN CALL US.
WE DON'T CHARGE FOR ANYTHING LIKE THAT WE DO LIKE TO HAVE COMMUNICATION WITH OUR CLIENTS THROUGHOUT THE YEAR.
WE DON'T JUST COME IN NEAR YEAR END AND HAVE TO DEAL WITH THE STUFF THAT WE ALREADY KNOW IS GOING ON THROUGHOUT THE YEAR.
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FOR THE AUDIT PROCESS, AGAIN IT'S ALL REQUIRED COMMUNICATIONS. PAPER FROM THE AUDIT IN ACCORDANCE WITH AUDITING STANDARDS, WHAT WE CALL GOVERNMENT STANDARDS, THE COUNTY IS OBVIOUSLY A GOVERNMENT ENTITY. THERE'S THE ADDITIONAL LEVEL OF SCRUTINY IF YOU WILL. OR STANDARDS THAT THE COUNTY HAS TO ABIDE BY. WE PERFORM THE SINGLE AUDIT.THE SINGLE AUDIT IS WHAT WE REFER TO, KIND OF A SEPARATE AUDIT FOR THE FEDERAL GRANT AWARDS INSTEAD OF THE COUNTY THIS YEAR DIDN'T HAVE A LOT OF FEDERAL AWARDS BECAUSE THE MONEY WAS ALREADY SPENT BUT WE DID HAVE SOME STATE AWARDS THAT MET THE THRESHOLD FOR AUDITS. THE SINGLE AUDIT FOR STATE AWARDS IS GRANT MANAGEMENT STANDARDS.
THERE'S A COMPLIANCE PIECE AS WELL TO THE AUDIT.
WE LOOK AT THINGS LIKE GRANT COMPLIANCE, FOR THE GRANT THAT WE'RE REQUIRED TO AUDIT BUT ALSO LOOK AT THINGS LIKE PROCUREMENT, FIRE PR CAN MAKE SURE THAT -- MAKING SURE THE THINGS ARE REQUIRED TO GO THROUGH PROCUREMENT.
WE ALSO LOOK AT INVESTMENTS POLICIES.
NOT JUST LOOKING AT THE NUMBER BUT MAKING SURE IT COMPLIES WITH REGULATIONS AND LAWS AS WELL. WE DO A RISK BASED APPROACH.
THAT'S REQUIRED EVERY YEAR THAT WE TAKE -- DO A RISK ASSESSMENT.
SOME OF THE THINGS THAT WE'RE REQUIRED TO DISCLOSE, AREAS WE CONSIDER HIGHER RISK -- THAT SAYS MANAGEMENT OVERRIDE CONTROLS. THAT'S A PRETTY COMMON RISK FOR ALMOST ANY ENTITY AND THAT SAYS ANYTIME YOU HAVE A LARGE ORGANISATION. WHERE YOU HAVE FINANCIAL STATEMENT, YOU'RE ALWAYS GOING TO HAVE THOSE KEY INDIVIDUALS THAT CAN GO IN AND MAKE CHANGES MAKE JOURNAL ENTRIES, CHANGE NUMBERS, THINGS LIKE THAT Q1 THOSE TYPES OF INDIVIDUALS.
AS AUDITORS WE COME IN AND MAKE SURE WE UNDERSTAND WHAT JOURNAL ENTRIES ARE GETTING BOOKED. THERE'S MANUAL ENTRIES GETTING BOOKED WE WANT TO UNDERSTAND WHO'S MAKING THOSE JOURNAL ENTRIES. DO THEY HAVE PROPER AUTHORISATION, SEGREGATION OF DUTIES? JUSTIFICATION FOR THOSE JOURNAL ENTRIES? SO WE LOOK AT A LOT OF THOSE MANUAL JOURNAL ENTRIES AND JOURNAL ENTRIES AT THE END OF THE MONTH OR YEAR -- WE DIDN'T FIND ANYTHING IN THOSE AREAS BUT IT'S AN AREA WE FOCUS ON ALONG WITH A LOT OF OTHER THINGS ONE OF THE OTHER THINGS WE LOOK AT THAT IS CONSIDERED HIGHER RISK IS JUST REVENUE, LOOKING AT REVENUE STREAMS AND RECOGNITION. THE COUNTRY OBVIOUSLY HAS A LOT OF DIFFERENT REVENUE STREAMS AND THOSE REVENUE STREAMS COME IN AT
A DIFFERENT TIME. >> JUST BECAUSE YOU HAVE THE MONEY IT DOESN'T MEAN YOU ACTUALLY EARN THE REVENUE.
LOOKING AT ALL THIS REVENUE STREAMS WHETHER IT'S GRANT OR SALES TAXES OR WHATEVER IT MAY BE CAN WE MAKE SURE THE PROPER CUT OFF IS RIGHT. THE REVENUE THAT IS EARNED AND RECOGNISED FOR THAT YEAR IS TRULY RELATED TO THAT FISCAL YEAR AND NOT SOMETHING THAT IS SUPPOSED TO BE NEXT YEAR OR THE YEAR BEFORE SO WE DO A LOT OF REVENUE TESTING AS WELL.
I MENTIONED TESTING OF INTERNAL CONTROLS, WE DON'T GET AN OPINION ON IT, WE DO TEST INTERNAL CONTROLS SPECIFICALLY OVER A LOT OF TIMES THE PAYMENTS GOING OUT THE DOOR SO WE TEST CONTROLS REGARDING PAYMENTS TO VENDORS, ANY TYPE OF THING, CURRENT PAYMENT OR PAYMENTS THAT REQUIRE PURCHASE ORDER.
WANT TO MAKE SURE THE RIGHT PEOPLE ARE APPROVING THOSE AMOUNTS AND THEY'RE GETTING CODED CORRECTLY INTO THE FINANCIAL STATEMENTS. WE ALSO DO TEST CONTROLS ON PAYROLL AT PAYROLL AND DO THINGS LIKE SELECTING A SAMPLE AND MAKING SURE THE PAY RATES THAT THE PEOPLE WE LOOK AT ARE ACTUALLY THE APPROVED PAY RATES AND THE FILE.
THAT THEIR JOB DUTIES MATCH UP ON THOSE SORT OF THINGS.
I MENTIONED TESTING COMPLIANCE WITH A MAJOR PROGRAM REQUIREMENT, THE MAJOR PROGRAM WE TESTED WAS THE ONE STATE PROGRAM THIS YEAR THAT I'LL TALK ABOUT WE DO TEST COMPLIANCE AS WELL. THE AUDIT RESULTS, THERE'S FINDINGS AND QUESTIONS IN THE BACK, CANNABIS SNIPPET OF WHAT THAT LOOKS LIKE IN THE BACK OF THE ANNUAL REPORT ALWAYS PUT THIS IN THE PRESENTATION BECAUSE IT'S JUST A NICE ONE PLACE -- IF YOU WANT TO LOOK AND SEE THE RESULTS OF THE AUDIT.
SO THE TYPE OF REPORT -- OPINION ISSUED WILL BE UNMODIFIED WHICH IS CLEAN OPINION, THAT'S WHAT YOU WANT, THE BEST THAT YOU CAN GET. THERE WERE NO MATERIAL WEAKNESSES, NO SIGNIFICANT DEFICIENCIES NO MATERIAL NON-COMPLIANCE. ALL OF THOSE ARE REALLY WHERE YOU WANT TO BE. IT MEANS WE DIDN'T FIND ANYTHING THAT ROSE TO THE LEVEL OF NEEDING TO BE REPORTED IN TERMS OF FINDINGS FOR CONTROLS OR SIGNIFICANT NON-COMPLIANCE.
THAT'S ALL POSITIVE. THEN THE AUDIT RESULTS FOR THE STATE AWARD, MENTIONED WE DO A SINGLE AUDIT WHERE WE AUDIT THE
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S STATE AWARDS SO THAT OPINION WASN'T MODIFIED AS WELL.THAT OPINION IS ACTUALLY IN THE BACK OF THE ANNUAL -- THE OPINIONS IN THE FRONT AND THEN THERE'S TWO OTHER OPINIONS IN THE BACK. THIS IS ONE OF THEM.
THERE WERE NO MATERIAL WITNESSES, NO SIGNIFICANT DEFICIENCIES FOR THE PROGRAM TTHAT WERE REQUIRED TO AUDIT THS YEAR BASED ON THE DOLLAR VALUE IS LAW ENFORCEMENT SALARY PROGRAM, THE STATE FUNDING THAT THE COUNTY CONTINUES TO SPEND THIS YEAR TO ENHANCE CERTAIN SALARIES FOR CERTAIN POSITIONS SO WE LOOKED AT THOSE AND MAKE SURE THOSE MONEY WERE IN COMPLIANCE AND WE HAVE CONTROLS OVER THAT TOO THAT WAS REALLY THE ONLY REQUIRED GRANT PROGRAM THAT WE LOOKED AT THIS YEAR.
EVERYTHING ELSE WAS SMALLER AND DIDN'T REQUIRE AN AUDIT.
NEW ACCOUNTING STANDARDS AND MANAGEMENT ESTIMATES, ALL YOUR SIGNIFICANT ACCOUNTING POLICIES REQUIRED TOOK ABOUT THAT KIND OF GOVERNS HOW THE COUNTY RECOGNISES EXPENDITURES AND REVENUES ALL DISCLOSED. I ALWAYS POINT THAT OUT BECAUSE IT'S A LOT OF INFORMATION. THERE'S DIFFERENT RULES IN TERMS OF YOUR FUND LEVEL BASED ON A MODIFIED -- ONLY RECOGNISED EXPENDITURES AND REVENUE THAT IS COMING IN WITHIN THE LAST 6090 DAYS WHEREAS ON THE GOVERNMENT WIDE FINANCIAL STATEMENTS IT'S WHERE YOU HAVE YOUR FIXED ASSETS AND LONG TERM LIABILITIES.
SO THERE'S DIFFERENT ACCOUNTING POLICIES ON THE VARIOUS STATEMENTS WITHIN THE REPORTS NOT ONE DISCLOSES THAT.
THERE WAS A NEW ACCOUNTING POLICY, COMPENSATED THAT WAS REQUIRED TO BE IMPLEMENTED THIS YEAR.
EVERYONE WILL HAVE NEW STANDARDS THAT ARE REQUIRED TO BE IMPLEMENTED AND WE USUALLY ASSIST MANAGEMENT AND IMPLEMENTING THOSE. THIS PARTICULAR STATEMENT SHOWS HOW -- THOSE WERE ALREADY REQUIRED TO BE ON THERE.
THE STATEMENT ACTUALLY REFINES THE RULES AND FOR MOST ENTITIES IT'S INCREASING THE LIABILITY IT INCREASES THE LIABILITY, IT WASN'T SIGNIFICANT ENOUGH TO HAVE TO RESTATE PRIORITY NUMBER OR ANYTHING LIKE THAT BUT WE DID WORK WITH MANAGEMENT IN THAT LIABILITY DID GO UP HERE AGAIN THE LIABILITY IS ON LONG TERM LIABILITIES AND IT'S ONLY IN THE GOVERNMENT WIDE.
SO IT DOESN'T AFFECT YOUR FUND LEVEL STATEMENTS LIKE GENERAL FUND BALANCES OR ANYTHING LIKE THAT.
IT'S ONLY LONG TERM LIABILITY. ANYTIME YOU HAVE ESTIMATES ON FINANCIAL STATEMENTS, WE ARE REQUIRED TO TALK ABOUT THOSE.
THERE'S ALMOST ALWAYS SOME TYPE OF ESTIMATES ON THE FINANCIAL STATEMENT. ANYTIME YOU HAVE SIGNIFICANT RECEIVABLE DOLLARS LIKE TAX RECEIVABLE DOLLARS, FOR INSTANCE YOU'RE REQUIRED TO LOOK AND SEE HOW MUCH OF THIS REVENUE OR ACCOUNTS RECEIVABLE WE NEED TO ALLOW FOR? MAYBE THERE'S COLLECTABILITY ISSUES.
SO ANY TYPE OF ALLOWANCE FOR COLLECTABLE RECEIVABLES IS USUALLY AN ESTIMATE. THE COUNTY DOESN'T HAVE SIGNIFICANT PROBLEMS WITH COLLECTION EFFORTS SO THOSE ALLOWANCES ARE VERY SMALL BUT THERE ARE ESTIMATES.
THE EBNER WHICH IS INCURRED BUT NOT REPORTED FOR MEDICAL INSURANCE CLAIMS, ANY TIME YOUR SELF-INSURED YOU HAVE LIABILITIES FOR ANY KIND OF CLAIMS OUT THERE THAT HAVEN'T BEEN REPORTED YET THAT NUMBER ACTUALLY COMES FROM A THIRD PARTY ACTUARY. WHILE IT'S AN ESTIMATE THERE'S NOT A LOT IN MANAGEMENT JUDGEMENT ON THAT CAN WE LOOK AT THAT AND MAKE SURE THE NUMBER ON THERE COMES FROM THE THIRD PARTY REPORT SAME THING FOR LIABILITY, THOSE CAN BE LARGE LIABILITIES ON THE GOVERNMENT WIDE STATEMENTS ONLY BUT AGAIN DOES COME FROM THIRD PARTY ACTUARY REPORTS WHILE THERE ARE ESTIMATES THERE'S NO MANAGEMENT JUDGEMENT OF ALL.
JUST TO MAKE SURE THOSE ESTIMATES ON THE FINANCIAL STATEMENTS MATCH THOSE THIRD PARTY REPORTS.
OTHER ITEMS JUST TO NOTE FROM THE AUDIT ITSELF, WE DIDN'T HAVE ANY MATERIAL ERRORS OR MISSTATEMENTS.
THAT'S ALWAYS GOOD IT MEANS WE WERE ABLE TO COME IN AND WE DIDN'T HAVE -- WE DO MAKE ENTRIES TO GET THE NUMBERS RECLASSIFICATIONS AND THINGS LIKE THAT TO GET THE NUMBERS TO WHERE THEY HAVE TO BE ON THE FINANCIAL STATEMENTS.
WE DON'T HAVE ANY SIGNIFICANT ENTRIES WHERE REVENUES WERE BOOKED WRONG OR ANYTHING LIKE THAT.
THAT'S ALWAYS WHERE YOU WANT TO BE.
WE DON'T WANT MANAGEMENT TO HAVE TO MAKE A BUNCH OF ENTRIES TO GET NUMBERS RIGHT AGAIN WE CAN MAKE ENTRIES TO RECLASSIFY THINGS FOR REPORTING PURPOSES ONLY.
IF WE'RE MAKING A LOT OF ENTRIES ACCOUNTING POLICIES THAT ARE SUPPOSED TO BE IN PLACE THAT'S USUALLY WHERE WE COME INTO TROUBLE BECAUSE WE DON'T HAVE ANY MATERIAL ENTRIES LIKE THAT THIS YEAR. THAT'S ALWAYS A TESTAMENT TO THE
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AUDIT SO WE DON'T HAVE A LOT OF THOSE ENTRIES THIS YEAR.NO TRANSACTIONS ENTERED BY THE COUNTY DURING THE YEAR WHICH THERE'S A LACK OF GUIDANCE NO DIFFICULTIES OR DISAGREEMENTS WITH MANAGEMENT DURING THE COURSE OF THE AUDIT.
NO INDEPENDENCE ISSUES NOTED. WE ARE REQUIRED TO BE INDEPENDENT OF THE COUNTY. SO WE VIEW THOSE CHECKS AND BALANCES EVERY YEAR. I OF COURSE MAKE SURE AS A PARTNER I DON'T HAVE ANY AFFILIATION WITH MANAGEMENT OR ANYBODY ON THE BOARD. THE COMMISSIONERS COURT BUT ALSO MY TEAM AS WELL AND ANYBODY IN WEAVER IN GENERAL WE DON'T WANT TO GIVE THE IMPRESSION WE ARE INDEPENDENT SO WE DO THOSE CHECKS EVERY YEAR. OTHER ITEMS NO CONSULTATIONS OR SECOND OPINIONS WOULD HAVE TO DISCLOSE FINANCIAL STATEMENTS, SIGNIFICANTLY THE SAME AS LAST YEAR, THERE'S A BIT OF EXTRA DISCUSSION ON THERE ABOUT COMPENSATED BECAUSE IT'S A NEW GASB. NOTHING SIGNIFICANT.
THE THIRD BULLET POINT TALKS ABOUT SERVICES, THOSE ARE ANY TYPE OF SERVICES THAT WE PROVIDE THE COUNTY THAT'S REALLY OUTSIDE JUST THE AUDIT REPORT ITSELF OR AUDIT OPINION.
THOSE SERVICES DO INCLUDE HELPING PREPARE THE ANNUAL REPORT BECAUSE IT'S SUCH A LARGE DOCUMENT.
YOU ARE ALL LOOKING TO SUBMIT TO THE GFOA, PUTTING TOGETHER THAT REPORT BECAUSE THERE ARE CERTAIN THINGS THAT HAVE TO BE IN THERE SO THAT'S NOT UNUSUAL FOR US TO DO.
WE JUST ASK MANAGEMENT TAKE RESPONSIBILITY FOR THE REPORT SO WE GO THROUGH THOSE CHECKS AND BALANCES TO MAKE SURE THEY'RE STILL TAKING RESPONSIBILITY THEY CAN REVIEW THE REPORT AND WE DO GO THROUGH THE REPORT A LOT OF BACK AND FORTH, IT'S KIND OF THE PROCESS WE'RE NOW, MAKING SURE EVERYBODY AGREES WITH THE NUMBERS AND EVERYTHING LOOKS GOOD AND EVERYTHING TIES WITHIN ITSELF. WE DO THAT AS A SERVICE.
WE ALSO HELP MANAGEMENT SUBMIT COLLECTION FORM WHICH IS ACTUALLY REQUIRED WHEN YOU SPEND A CERTAIN AMOUNT, YOU HAVE TO SUBMIT A FORM TO FEDERAL GOVERNMENT, THAT'S SOMETHING WE ASSIST WITH TO WHEN REQUIRED. AGAIN THOSE ARE NOT SERVICES, THEY ARE PRETTY COMMON. THEY DON'T HURT ANY OF OUR INDEPENDENCE OR ANYTHING LIKE THAT.
THE LAST BULLET POINT TALKS ABOUT MANAGEMENT REPRESENTATION LETTER. WE DO ASK MANAGEMENT ON OUR TEAM TO SIGN WHAT'S CALLED A LETTER THAT JUST SAYS THAT THEY DO TAKE RESPONSIBILITY FOR THE FINANCIAL STATEMENT AND PROVIDE US WHAT WE ASK FOR. THEY HAVEN'T FALSIFIED ANY DOCUMENTS OR THINGS LIKE THAT THAT WILL COME WITH THE ISSUANCE. THUS THE REQUIRED COMMUNICATION FOR THE AUDIT. WE TRY TO FOCUS ON THE RESULTS OF THE AUDIT. IF YOU DON'T TAKE ANYTHING ELSE AWAY, THE CLEAN AUDIT WILL BE ISSUED IN THE NEXT COUPLE OF DAYS. THEN A COUPLE OF SLIDES ARE JUST SOME FINANCIAL HIGHLIGHTS FROM THE ACTUAL DOCUMENT ITSELF.
THE REPORT ITSELF FOCUSES ON A ONE YEAR PRESENTATION.
SO THESE SLIDES KIND OF GIVE YOU A BIT OF COMPARISON OF HOW THINGS LOOK FROM LAST YEAR TO THIS YEAR AGAIN, WE JUST PULLED OUT SOME KEY INFORMATION. THIS IS JUST A HIGHLIGHT COMPARISON OF REVENUES BY SOURCE FROM LAST YEAR TO THIS YEAR.
YOU CAN SEE THE PROPERTY TAX AND SALES TAX STILL THE COUNTY'S HIGHEST REVENUE SOURCE AND THEN YOU CAN SEE THE COLOUR CODING FROM YEAR TO YEAR IT DOESN'T LOOK HUGELY DIFFERENT.
THOSE REVENUE SOURCES THAT ARE IN ORDER LARGEST TO SMALLEST REALLY HAVEN'T CHANGED TOO MUCH FROM YEAR TO YEAR.
THIS NEXT SLIDE IS TAKING THAT A BIT FURTHER.
IT HAS A BROKEN BAR GRAPH FOR DIFFERENT REVENUE SOURCES AND THOSE DIFFERENT COLOURS ARE THE LAST SEVERAL YEARS, LAST TEN PLUS YEARS. YOU CAN SEE, HAVE 2014 ALL THE WAY TO 2025 AND YOU CAN SEE THAT YOUR PROPERTY ON SALES TAX CONTINUE TO GROW. YOUR OTHER REVENUE SOURCES HAVE CONTINUED TO STAY RELATIVELY THE SAME.
THOSE INTERGOVERNMENTAL CHARGES KIND OF SPIKED AROUND 2020 AND 2021 THAT'S WHEN THE COVID MONEY HIT SO THAT'S A LOT OF THAT GRANT MONEY THERE BUT EVERYTHING ELSE IN TERMS OF REVENUE SOURCES STAYED FAIRLY CONSISTENT OR JUST CONSISTENT AND TAX BASE FROM YEAR TO YEAR. TAKING THE SAME LOOK IN TERMS OF EXPENDITURES, YOU CAN SEE SIMILAR TO THE REVENUES ■WEHAVE 2025 AND 2024 EXPENDITURES BY SOURCE.
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YOU CAN SEE THE MAIN BUCKET THERE YOU HAVE JUDICIAL EXPENDITURES, PUBLIC SAFETY AND CORRECTIONS, CAPITAL, THOSE ARE YOUR BIGGER PIECES OF THE PIE THERE.NOT A SIGNIFICANT SWITCH FROM YEAR TO YEAR.
THIS AGAIN IS SIMILAR TO WHAT WE DID FOR REVENUE BUT JUST SHOWING THE DIFFERENT EXPENDITURE CLASSIFICATIONS FOR THE LAST COUPLE YEARS. DO SEE THERE'S A SPIKE IN THE PUBLIC SAFETY LAST YEAR. WE WILL PROBABLY BE MOVING SOME OF THOSE EXPENDITURES TO CAPITAL ALLY.
THE REASON THAT LINE IS SO TALL FOR PUBLIC SAFETY THIS YEAR IS THERE'S A LOT OF CONSTRUCTION PROGRESS IN PUBLIC SAFETY AND IT NEEDS TO BE MOVED TO CAPITAL OUTLAY BECAUSE IT'S A BETTER REPRESENTATION THAT BUILDING AND CONSTRUCTION.
THAT WILL GO DOWN A LITTLE BIT. IT'S NOT NECESSARILY WRONG IN PUBLIC SAFETY BECAUSE -- BECAUSE IT'S CAPITAL OUTLAY, GETS MORE TRANSPARENT TO PUT IT THERE BECAUSE A LOT OF THOSE EXPENDITURES ARE GETTING CAPITALISED AS A BUILDING.
SO IT'S DIFFERENT THAN JUST EXPANDING SOMETHING AND NOT HAVING ANYTHING TO SHOW FOR IT. THAT'S WHY YOU HAVE THE CAPITAL OUTLAY LINE THAT KIND OF SHOWS HOW MUCH OF THE EXPENDITURES ACTUALLY GO INTO FIXED ASSETS WHICH ARE THINGS THE COUNTY CAN USE FOR YEARS TO COME. THAT WILL GO DOWN QUITE A BIT IN CAPITAL OUTLAY WILL GO UP A BIT. WE WILL DO THAT RECLASS.
LAST THING WE PUT HERE IS -- USUALLY A GOOD CHECKS AND BALANCES AS YOUR GENERAL FUND BUDGET TO ACTUAL, THIS AGAIN IS IN THE ANNUAL FINANCIAL REPORT AS WELL IN THE BACK.
YOU CAN SEE THIS IS YOUR GENERAL FUND BUDGET.
YOU CAN SEE THE ORIGINAL ADOPTED REVENUES AND EXPENDITURES.
THE AMENDED EXPENDITURES AND THEN ACTUAL, SO YOU CAN SEE FAVOURABLE IN BOTH CATEGORIES. [CHEERING] REVENUES WERE ABOUT 17% HIGHER ACTUAL THAN FINAL BUDGET AND THEN YOU CAME IN UNDER YOUR FINAL BUDGETED EXPENDITURES BY ABOUT 13%. THE ONLY OTHER SLIDE I HAVE IS JUST TO TALK ABOUT SOME UPCOMING CHANGES.
REAL QUICK I DIDN'T MENTION WE HAVE GASB 101 THIS YEAR, WE HAVE TWO MORE GASB THAT WE WILL HAVE TO IMPLEMENT THIS NEXT YEAR I'LL TALK TO MANAGEMENT ABOUT IT WHEN WE START THE AUDIT.
NOTHING SIGNIFICANCE THAT WILL CHANGE THE NUMBERS.
MORE FOCUSING ON HOW YOU PRESENT CERTAIN THINGS.
CERTAIN THINGS THEY WANT TO SEE IN MANAGEMENT DISCUSSION AND ANALYSIS AND 104 TALKS ABOUT BREAKING OUT CERTAIN CAPITAL ASSETS. THOSE MAY LOOK A BIT DIFFERENT NEXT YEAR BUT NOTHING SIGNIFICANT FOR THE COUNTY.
THAT'S REALLY ALL OF MY RECORD PRESENTATION.
I'LL BE HAPPY TO ANSWER ANY QUESTIONS LIKE I SAID, WE'RE CLOSE DUPONT2 ISSUE NEXT MONDAY AT THE LATEST.
FELT GOOD ABOUT COMING HERE PRESENTING THE AUDIT RESULTS
BECAUSE WE'RE ON A STRETCH. >> AWESOME.
A LITTLE IT GOES -- KUDOS TO VERONICA AND HER TEAM.
>> I DO WANT TO THANK VINU.PRIYA, LISA AND VALERIE AND WE DO WORK A LOT WITH THEM AND IT'S A LOT OF WORK ON TOP OF THEIR ALREADY DAY-TO-DAY ACTIVITIES SO DO APPRECIATE IT, WE ALWAYS DO TAKE A LOT OF MANAGEMENT'S TIME, IT'S JUST PART OF THE PROCESS. I DO WANT TO THANK THEM.
>> THANK YOU. >> JUST A COUPLE OF WORDS, ONE THING REBECCA ... WORKING WITH US ON A DAY-TO-DAY DOING THE AUDIT, I WANT TO THANK FOR THEIR PROFESSIONALISM.
WE ALWAYS HAD A CLEAN AUDIT AND I'M VERY PROUD OF THAT.
IT'S ATTRIBUTABLE TO MY TEAM, SO I BROUGHT MY TEAM WITH ME BECAUSE. [INDISTINCT] I'LL MAKE THEM DO THIS EVERY YEAR BECAUSE THE WORK THEY DO ON A DAY-TO-DAY BASIS REFLECTED BY THIS ONE AUDIT AND FINANCIAL STATEMENTS AND PROFESSIONALISM THEY HAVE AS A TEAM, SO THANK YOU GUYS. [APPLAUSE]
>> THEN OF COURSE WE WANT TO THANK THE TREASURY OFFICE AND ALL DEPARTMENTS THAT HELP US DO A CLEAN AUDIT.
DO YOU NEED A MOTION TO ACCEPT IT OR PROVE IT OR RECEIVE AN ACKNOWLEDGE, ACTION TO ACKNOWLEDGE THE REPORT.
>> I'LL MAKE A MOTION TO ACKNOWLEDGE THE CLEAN AUDIT
REPORT FROM WEAVER. >> SECOND.
ANY OPPOSED? MOTION PASSED IT'S ON.
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GOOD WORK, THANK YOU MADAM. >> MOTION TO ADJOURN.
>> YES
* This transcript was compiled from uncorrected Closed Captioning.