HomeMy WebLinkAbout2016-06-09-minutes-financial-updateCOMMISSIONERS' MINUTES
KITTITAS COUNTY, WASHINGTON
COMMISSIONERS' AUDITORIUM
SPECIAL MEETING
TUESDAY 11:30 AM JUNE 9,2016
Board members present: Vice Chairman, Paul Jewell and
Commissioner Laura Osiadacz; Chairman Obie Obrien was absent.
Others: Judy Pless, Budget and Finance Manager
SPECIAL MEETING COMMISSIONERS
Budget and Finance Manager, Judy Pless presented to the Board
the 2015 year-end balances for the Financial Statements for the
period ended December 31, 2015. Pless stated that per the
Statement on Auditing Standards (SAS) 115 requirement, the Board
is to review the entity's financial reporting and internal
controls for financial statements.
There are three main reporting factors which are a follows;
Major Funds
Pless presented the report showing all county funds, with the
totals for each fund; Assets and Deferred Outflows, Liabilities
and Deferred Inflows, Revenues and Expenditures. The table
below shows the total amounts in determining the Major Funds
2015 Major Fund Determination
Assets/Outflows Liabilities/Inflows Revenues Expenditures
Total Governmental
Funds 46,011,481 9,522,348 49,673,998 48,910,732
10% of
Governmental Funds 4,601,148 952,235 4,967,400 4,891,073
Total Governmental
Funds and
Enterprise Funds
66,756,997 12,227,234 57,540,800 55,537,133
5% of Total
Governmental Funds
and Enterprise
Funds
3,337,850 611,362 2,877,040 2,776,857
After the calculation, the Governmental Major funds that are
classified for reporting are General Fund (always) and County
Road and the Enterprise Major funds are Solid Waste and
Equipment Rental and Revolving (ER&R). There are no
recommendations for additional funds to be reported as Major
funds.
Major funds are funds whose revenues, expenditures/expenses, assets, or liabilities (excluding
extraordinary items) are at least 10 percent of corresponding totals for all governmental or
enterprise funds and at least 5 percent of the aggregate amount for all governmental and
enterprise funds. Any other fund may be reported as a major fund if the government's officials
believe that fund is particularly important to financial statement users. Non-major funds should
be reported in the aggregate in a separate column. Internal service funds also should be reported
in the aggregate in a separate column on the proprietary fund statements.
Special Revenue Fund Evaluation
Pless presented a report showing all Special Revenue funds (100
fund types) for the period ended December 31, 2015 which are
funds that are used to account for and report the proceeds of
specific revenue sources that are restricted or committed to
expenditure for specified purposes other than debt service or
capital projects. As per Governmental Accounting Standards
Board (GASB) 54 the term proceeds of specific revenue sources
establishes that one or more specific restricted or committed
revenues should be foundation for a special revenue fund. They
should be expected to continue to comprise a substantial portion
of the inflows reported in the fund. GASB Statement 54 has not
provided a numeric range for substantial portion of inflows; the
State Auditor recommended that at least 20 percent is a
reasonable limit for reporting a special revenue fund. Local
governments need to consider factors such as past resource
history, future resource expectations and unusual current year
inflows such as debt proceeds in their analysis. The calculation
below to determine whether an activity would qualify for
reporting as a special revenue fund.
Substantial portion of inflows = (restricted revenues + committed revenues)
Total resources* reported in the fund *Total resources would include all revenues and other financing sources.
This information has been analyzed by County Auditor Jerry
Pettit and Budget and Finance Manager Judy Pless and has
determined all Special Revenue funds should be reported
individually. There is a note on fund 113 Recreation as the
percentage of restricted/committed revenues divided by total
resources is 5 percent, which falls below the recommended 20
percent. However, there is scheduled rent coming into this fund
from the General Fund for the building at the Vantage boat ramp
in the amount of $6,750. If this amount was added to the
existing numbers the percentage would increase to 31 percent.
Fund Balance Reporting
Pless presented a report showing the changes in fund balance for
each fund for the period ended December 31, 2015 and the
classification that are to be reported in the Comprehensive
Annual Financial Statements. As per GASB 54 requirements and
County Fund Balance Policy, adopted May 17, 2012, all fund
balances per fund have been classified; non-spendable,
restricted, committed, assigned and unassigned. This report
also gives a comparison of the actual ending fund balance as of
December 31, 2015 comparing it to the 2016 budget estimated
beginning fund balance and the difference. The table below list
the fund balance totals
Governmental Funds
Proprietary Funds
Enterprise and
Internal Service
Total
Fund Balance
Non-Spendable 81,746 9,558 91,305
Restricted 24,507,104 3,800,731 28,307,835
Committed 2,790,479 0 2,790,479
Assigned 6,655,284 0 6,655,284
Unassigned 2,457,170 0 2,457,171
Retained Earnings 0 14,210,802 14,210,802
Total Fund Balance and
Retained Earnings 36,491,783 18,021,091 54,512,877
The report also shows the 2016 Estimated Beginning Fund Balance
comparing this to the actual fund balance for the period end
December 31, 2015 for all funds.
Resolution No 2016-076
Commissioner Jewell presented Resolution 2016-076, In the Matter
of Approving a County Recreation Plan with Attachment A, and
related appendices for the Kittitas County’s Park,& Open Space
Recreation Plan. Commissioner Osiadacz made the motion to
approve the resolution as presented, motion seconded by
Commissioner Jewell, motion passed.
Self-Certification Form - Appendix B was also presented as an
attachment to Resolution 2016-076. Commissioner Osiadacz made
the motion to approve the Self Certification Form Appendix B and
for Vice-Chairman, Paul Jewell to sign the form on behalf of the
County, motion seconded by Commissioner Jewell, motion passed.
Meeting adjourned at 12:05 pm
KITTITAS COUNTY
COMMISSIONERS
KITTITAS COUNTY, WASHINGTON
Judy Pless Paul Jewell, Vice-Chairman