washoe county comprehensive annual financial report for the fiscal year ended june 30, 2004 report...
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Washoe County Comprehensive Annual
Financial Report for the Fiscal Year Ended
June 30, 2004Report to the Board of County
CommissionersPresented by
Katherine L. Garcia, ComptrollerNovember 16, 2004
FINANCIAL AUDIT:Unqualified OpinionFinancial position, changes in
financial position presented fairly -– Accurate– Reliable– Meets standards for auditing, certification
GASB 40 early-implemented– Deposit and Investment Risk Disclosures
COMPLIANCE AUDIT:
Unqualified opinionAudit findings – Federal AwardsNo material weaknessesQualified as a low risk auditee
STATEMENT OF NET ASSETS
$7
$564
$49
$300
$223
$80
$87
$109
$421
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
$1,000
Millions
NetAssets
LiabilitiesAssets
Cash and investments
Other current assets
Net capital assets
Long-term assets
Liabilities due within one year
Long-term liabilities
Invested in capital assets,net of related debt
Restricted net assets
Unrestricted net assets
CASH AND INVESTMENTS
25
19
17
14
51
69
28
39
37
0
20
40
60
80
100
120
140
160
180
200
MIL
LIO
NS
($
)
RESTRICTED UNRESTRICTED
Unspent bondproceeds/Interest earnings
Capital projects
Debt service
Component units
Insurance claims
Other
Business-type activities
Governmental activities
Pre-Funded Retiree HeatlhBenefits Fund
NET CAPITAL ASSETS
$29$18
$129
$137
$43
$92
$44$20
$126
$156
$73
$98
$46$20
$128
$192
$79
$99
$0
$50
$100
$150
$200
$250
$300
$350
$400
$450
$500
$550
$600
Millions
2002 2003 2004
Land
Construction in Progress
Land Improvements
Buildings/improvements
Equipment
Infrastructure
7
OUTSTANDING DEBTDEBTDEBT
$ Millions$ Millions
PRINCIPAL PRINCIPAL OUTSTANDING OUTSTANDING
JULY 1, 2003JULY 1, 2003
DEBTDEBTISSUEDISSUED
PRINCIPAL PRINCIPAL MATURED/ MATURED/
CALLEDCALLED
PRINCIPALPRINCIPALOUTSTANDINGOUTSTANDING
JUNE 30, 2004JUNE 30, 2004
%%OFOF
TOTALTOTAL
General Obligation General Obligation BondsBonds
$ 112.8 $ 13.3 ($11.4) $ 114.7 50
General Obligation- General Obligation- Revenue Backed Revenue Backed BondsBonds
71.6 3.8 (1.8) 73.6 32
Special Assessment Special Assessment BondsBonds
2.2 1.1 (1.6) 1.7 1
Revenue BondsRevenue Bonds 20.8 1.2 (0.4) 21.6 10
Certificates of Certificates of ParticipationParticipation
15.4 - (1.6) 13.8 6
Capital Leases, NotesCapital Leases, Notes 2.5 - (0.3) 2.2 1
TOTALTOTAL $ 225.3 $ 19.4 ($ 17.1) $ 227.6 100%
STATEMENT OF CHANGES IN NET ASSETS
324
278
46
374
305
69
396
325
71
423
339
84
0
50
100
150
200
250
300
350
400
450
Mill
ions
($)
2001 2002 2003 2004
Revenues
Expenses
Changes in NetAssets
GOVERNMENT-WIDE REVENUES BY SOURCE
55
4434
75
117
90
5035
77
122
88
5534
81
139
84
62
35
90
152
0
50
100
150
200
250
300
350
400
450
Mil
lion
s ($
)
2001 2002 2003 2004
Ad Valorem Taxes
ConsolidatedTaxes
Other GeneralRevenue
Charges forServices
Grants, Interest,Contributions
GOVERNMENT-WIDE EXPENSES BY TYPE
913
90
40
126
915
102
45
134
1016
108
49
142
1018
108
55
148
0
50
100
150
200
250
300
350
Mil
lion
s ($
)
2001 2002 2003 2004
Salaries and wages
Employee benefits
Services and supplies
Depreciation
Interest/fiscal charges
GOVERNMENT-WIDE EXPENSES BY FUNCTION
20817
151928
38
44
89
22815
1723
32
40
55
93
25919
1823
37
42
51
101
279
171724
43
44
55
103
0
50
100
150
200
250
300
350
Mill
ion
s ($
)
2001 2002 2003 2004
Public safety
GeneralgovernmentJudicial
Welfare
Culture andrecreationHealth andsanitationPublic works
Interest and fiscalchargesBusiness-typeexpenses
Are there any questions?
ASSETS:
Total - $920 millionCurrent - $349 million - 38%Net capital assets - $564 million -
61%Long-term assets - 1%
Statement of Net Assets
LIABILITIES:
Total $303 millionDue within one year - $80 million -
26%Noncurrent - $223 million - 74%
NET CAPITAL ASSETS:
Total - $564 millionNet Additions - $63 millionDepreciation - $16 million
DEBT:
Total - $228 millionIssued $19 millionPrincipal paid - $17 millionInterest paid - $10 millionLegal debt margin > $xxx million
LIQUIDITY:
Ability to meet current obligations–Cash ratio:
•Current – 3.62•2003 - 3.52•2002 - 3.23
–Current assets exceed total liabilities
NET ASSETS:
Total - $617 million
–increase of 16% or $85 millionInvested in capital assets,
net of related debt, 68% Restricted, 18% Unrestricted, 14%
STATEMENT OF CHANGES IN NET ASSETS
Total revenues - $423 million, 7% increase
Total expenses - $339 million, 4% increase
Change in net assets - $84 million, 18% increase
PRIMARY REVENUE SOURCES:
Property taxes - 36%, ($152 million), 9% increase
Consolidated taxes - 21%, ($90 million), 11% increase
Federal Grants - 5% of total, ($23million), 15% increase
EXPENSES BY TYPE:Personnel costs - 60%, ($203
million), 6% increaseServices and Supplies - 32%, ($108
million), 0% increaseDepreciation - 5%, ($18 million),
13% increaseInterest/fiscal charges - 3%,
($10 million), 0% increase
EXPENSES BY FUNCTION:Public Safety - 30%, ($103 million),
2% increaseGeneral Government - 16%,
($55 million), 8% increaseJudicial - 13%, ($44 million), 5%
increaseBusiness-type activities - 8%,
($27 million), 8% increase