F - R2026-017 - Laserfiche WebLink

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Financial Statements We issued an unmodified opinion on the fair presentation of the basic financial statements of the governmental activities" the business-type activities, each major fund and the aggregate remaining fund information in accordance with accounting principles generally accepted in the United States of America (CAAP). Intcrnal Control over Financial Reporting: t Signirtcant Deficiencies.' We reported no deficiencies in the design or operation of intemal control over financial reporting that we consider to be sigoificant deficiencies. c Material Weatrcnesses: We identified no deficiencies lhat we cousider to be material weaknesses. We noted no instances of noncompliance that were material to the linancial statements of the County. Federal Awards Internal Control over Major Programs: o Sigrirtcant Deficiencies." We reported no deficiencies in the design or operation of internal control over major tbderal prograrns that we consider to be significant deficiencies. t Material Wealstesses: We identified deficiencies that we consider to be material weaknesses. We issued an unmodified opinion on the County's compliance with requirements applicable to each of its major federal programs. We reported findings that are required to be disclosed in accordance with ? CFR" 2ffi.516(a). Depreciation Capitalassets, which includes property, plant, equipment, and infrastructure assets, (e.9., roads, bridges, sidewalks, and similar items), are reported in the applicable governmental or business-type columns in the government-wide financial statements. Capital assets are defined by the county as assets with an initial, individual cost of more than $5,000 and an estimated useful life more than one year. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at estimated fair market value at the date of donation. Kittitas County has elected to use the modified approach to account for the infrastructure account; Gravel Roads, which eliminates the need to report depreciation expense. Computer Software is reported as lntangible Assets with a capitalization limit of $5,000 and is not depreciated. Capital Leases are defined as long term debt to the county. The asset is tracked but there is not value placed in the Capital Assets. Capital Leases are determined by one of the following four criteria; 1) The lease transfers ownership of the property to the lessee by, or at, the end of the lease term; 2) The lease contains an option to purchase the leased property at a bargain price; 3) The lease is equal to or greater than 75o/o of the estimated economic life of the leased property; 4) The present value of rental