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  • Manatee County Mosquito Control District

    Palmetto, Florida

    Financial Statements

    For the Fiscal Year Ended September 30, 2018

  • Manatee County Mosquito Control District Financial Statements

    For the Fiscal Year Ended September 30, 2018

    Table of Contents Page

    Financial Section

    Independent Auditors’ Report …………………………………………………............ 1- 2 Management’s Discussion and Analysis …………………………………………........ 3-12

    Basic Financial Statements Government-wide Financial Statements

    Statement of Net Position ………………………………………………….. 13 Statement of Activities …………………………………………………….. 14

    Fund Financial Statements Balance Sheet – General Fund …………………………………………...... 15 Statement of Revenues, Expenditures and Changes in Fund Balance –

    General Fund ………………………………………………………....... 16 Reconciliation of the Statement of Revenues, Expenditures and

    Changes in Fund Balance – General Fund to the Statement of Activities ……………………………………………………………….. 17

    Statement of Revenues, Expenditures and Changes in Fund Balances – Budget (GAAP Basis) and Actual – General Fund ……………………. 18

    Notes to Financial Statements …………………………………………………. 19-37

    Required Supplementary Information Schedule of Funding Progress ……………………………………………………. 38 Schedule of District’s Proportionate Share of the Net Pension Liability (FRS) ... 39 Schedule of District Contributions (FRS) ………………………………………… 40 Schedule of District’s Proportionate Share of the Net Pension Liability (HIS) ... 41 Schedule of District Contributions (HIS) ………………………………………… 42

    Compliance Section

    Independent Auditors’ Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards …………………. 43-44

    Independent Auditors’ Management Letter ……………………………………………... 45-47 Independent Auditors’ Report – Investment Compliance ………………………………. 48

  • MEMBERS

    STUART G. HISTON, CPA AMERICAN INSTITUTE OF CERTIFIED FLOYD J. HOLWAY, CPA PUBLIC ACCOUNTANTS

    ROB WILKINS, CPA FLORIDA INSTITUTE OF BENJAMIN D. BRAXTON, Partner emeritus CERTIFIED PUBLIC ACCOUNTANTS

    6404 Manatee Avenue West, Suite K * Bradenton, Florida 34209 * (941) 792-5800 * Fax (941) 795-5661 www.braxtonandholway.com

    1

    INDEPENDENT AUDITORS’ REPORT

    To the Board of Commissioners of Manatee County Mosquito Control District Palmetto, Florida

    Report on the Financial Statements

    We have audited the accompanying financial statements of the governmental activities and major fund of the Manatee County Mosquito Control District, (the “District”) as of and for the year ended September 30, 2018, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents.

    Management’s Responsibility for the Financial Statements

    Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

    Auditor’s Responsibility

    Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

    An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effecti veness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

    We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

  • MANATEE COUNTY MOSQUITO CONTROL DISTRICT MANAGEMENT’S DISCUSSION AND ANALYSIS

    September 30, 2018 (Unaudited)

    3

    Our discussion and analysis of the Manatee County Mosquito Control District’s (the “District”) financial performance provides an overview of the District’s financial activities for the fiscal year ended September 30, 2018. Please read it in conjunction with the auditor’s report beginning on page 1 and the District’s financial statements which begin on page 13.

    With the implementation of GASB 68 and 75 in the prior years, pension plan liabilities (managed by the Florida Retirement System) are included in the Government-wide financial analysis. These values continue to be included in the current year.

    As the District’s operations and budgeting differ markedly from that utilized by other governmental entities, this report contains an overview of the operational factors contributing to the District’s particular method of budgeting.

    FINANCIAL HIGHLIGHTS

    ! The net position of the District at the close of its most recent fiscal year was $1,993,518, an increase of $112,113 (when compared to the net position figure for September 30, 2017, of $1,881,405). This is primarily due to purchases of fixed assets of about $70,000, the lease-purchase of about $3,400,000 of helicopters and about $180,000 of vehicles, offset by the related capital lease obligations and repayments, depreciation expense of about $210,000 and a build-up of $500,000 in cash and investments and $35,000 in inventory. It also includes over $270,000 expenses as a “Pension Expense)/(liability) now resulting with the continued adherence with GASB 68 and 75 adopted in prior years.

    ! As of the close of the current fiscal year, the District reported ending fund balance of $2,126,244 an increase of $493,896 in comparison with the prior year’s ending fund balance. The increase can be attributed to the increase in cash and investments and changes in chemical inventory, less the increase in accounts payable and accrued expenses. The unassigned amount of ending fund balance ($1,743,947) is available for spending at the District’s discretion.

    ! At the end of the current fiscal year, unassigned fund balance was $1,743,947 or 24% of total general fund expenditures. Last year this number was $436,694, or 11% of total general fund expenditures. This positive unassigned fund balance is a function of the District’s philosophy of budgeting with the expectation of a busier-than-average mosquito season. Low to moderate mosquito seasons, such as have occurred in the recent past, result in under spending in various budget categories. This ending unassigned fund balance can then be used to supplement taxes in the following year’s budget, allowing the District to keep tax rates low (at or below the rolled-back rate in 8 of the past 11 fiscal years).

    ! The District began leasing vehicles and helicopters (aircraft are not yet in service) during the current fiscal year.

  • MANATEE COUNTY MOSQUITO CONTROL DISTRICT MANAGEMENT’S DISCUSSION AND ANALYSIS

    September 30, 2018 (Unaudited)

    4

    OVERVIEW OF THE FINANCIAL STATEMENTS

    This discussion and analysis is intended to serve as an introduction to the District’s financial statements. This report also includes other supplementary information in addition to the financial statements themselves.

    The Statement of Net Position, page 13, and the Statement of Activities, page 14, provide information about the activities of the District and present a longer-term view of the District’s finances. The statements are measured and reported using the economic resource measurement focus and the full accrual basis of accounting.

    The Fund Financial Statements begin on page 15. The governmental funds measure and report activities using the current financial resources measurement focus and the modified accrual basis of accounting. Therefore, you will find the reconciliations on pages 15 and 17 that convert this data to an economic resources measurement focus and the accrual basis of accountin

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