Town of Nags Head 2009 Audited Financial Statements.
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Transcript of Town of Nags Head 2009 Audited Financial Statements.
Town of Nags Head2009 Audited Financial Statements
Audit Highlights
Unqualified Opinion
No questioned costs
Cooperative Staff
General Fund Summary
11,105,240
11,904,369
11,269,409
12,547,107
$10,000,000
$10,500,000
$11,000,000
$11,500,000
$12,000,000
$12,500,000
2008 2009
Revenues Expenditures
Fund Balance Serves as a measure of the Town’s financial
resources available Assets – Liabilities = Fund Balance
3 Classifications: Reserved Unreserved Designated (Available) Unreserved Undesignated (Available)
Total Fund BalanceGeneral Fund
8,999,672
9,505,611
9,945,933
$8,400,000
$8,600,000
$8,800,000
$9,000,000
$9,200,000
$9,400,000
$9,600,000
$9,800,000
$10,000,000
$10,200,000
2007 2008 2009
$505,939
Total Fund BalanceGeneral Fund Total Fund Balance $8,999,672 Required Reservations -1,392,711 Unreserved Fund Balance $7,606,961 Designated for Subsequent years -737,063 Unreserved 2009 $6,869,898
Unreserved 2008 $7,347,800 Decrease in Undesignated FB $ 477,902
Unreserved Fund Balance as a Percent of Expenditures – General Fund
64%69%
61%
0%
10%
20%
30%
40%
50%
60%
70%
80%
2007 2008 2009
Ad Valorem Taxes
4,482,387 4,512,391 4,515,775
4,000,000
4,100,000
4,200,000
4,300,000
4,400,000
4,500,000
4,600,000
2007 2008 2009
Other Taxes and Licenses
4,129,003 4,043,3973,711,933
$-$500,000$1,000,000$1,500,000$2,000,000$2,500,000$3,000,000$3,500,000$4,000,000$4,500,000$5,000,000
2007 2008 2009
Intergovernmental Revenues
554,749
1,166,242
1,827,795
$-
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
2007 2008 2009
General Government
2,187,826 2,196,1712,365,335
$-
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
2007 2008 2009
Public Safety
4,128,1894,705,907
4,209,660
$-$500,000$1,000,000$1,500,000$2,000,000$2,500,000$3,000,000$3,500,000$4,000,000$4,500,000$5,000,000
2007 2008 2009
Environmental Protection
1,493,863
1,950,111
1,483,905
$-
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
2007 2008 2009
Public Works
1,417,4551,711,105
3,279,819
$-
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
2007 2008 2009
Debt Service
1,465,6461,341,075
1,208,388
$-$200,000$400,000$600,000$800,000$1,000,000$1,200,000$1,400,000$1,600,000$1,800,000$2,000,000
2007 2008 2009
Enterprise FundsSummary of Budgetary Results
Water Stormwater
Cash $3,988,036 $303,521 Operating Revenues $2,398,309 $112,368 Operating Expenditures $2,837,488 $125,505 Operating Income (loss) $ (439,179) $(13,137) Change in Net Assets $ (654,744)
$(11,353)
Enterprise FundsRequired Cash Flow
Unrestricted Debt Service From Operations Net
Assets Water $130,283 $(25,614) $3,660,893
Stormwater $13,764 $(11,449) $ 307,840
Comparison to June 30, 2008
Water $154,455 $44,903 $3,877,353
Stormwater $13,764 $134,872 $320,047
Water FundQuick Ratio
4
4.2
4.4
4.6
4.8
5
5.2
5.4
2007 2008 2009
Water
StormwaterQuick Ratio
0
5
10
15
20
25
2007 2008 2009
Stormwater
Discussion
&
Questions
Town of Nags Head