Financial- Standard and Poor's (1-2 Files)

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~~ . .. _.~,~y.~.::. FINANCIAL INFORMATION In developing, evaluating and modifying the County's accamting and repoRing system, consideration has bcen given to the adequacy of internal accounting controls. . ~ The County's systcm of ipternal controls is designcd to provide t+easonable assurancx that assets are safo- guarded against loss from unauthoriud use or dispositioa, utd t~t .the fma~cial records used in PnP~nB financial statemcnts and maintaining accountability of assots are reliable. Z'he c~ncxpt of reasonable assurance recognius that the cost of the control should not cxcad. the benefit derived and that the evaluation of costs and ben~ts requires estimates and judgments by managemeat. In order to provide credible and timely informarion in t6e ma~ ~cieat maoner possible, aa~unting policies, proceduras and systems, along with related interual controls, a~+e being ceostantly monitond and revised, where necessary, to meet changing rcquirements. Sinale Audit As a recipient of federal and state financisl acsistance, t6e Cowmty is nspons~'ble for ensuring that ~ adequate internal control struchue is in place. 'I7~is is to ensure complisnx with applicable laws and regulations related to those programs. As part of the County's single sudit requirements, our sudiWrs test the internal contr+nl structure as it nlates to federal financial assistance programs. They also test to determine that the County has complied with applicable laws and regulations. The results of the County's single sudit far the fiscal year ended June 30, 1993 provided no instancas of material wealmesses in the iatemai control strucdu+e a~r significant violations of applicable laws and regulations. Bud~etarv Controis The County's budget is prepared substantially on a modified eccival basis for all budgetod fimds. T6e budget is adopted by the Board of Connty C~nmissioi-ers bY ezPa-di~te c~a8~~, ~. P~~el services, materials and se.rvices, capital outlay, special payments, and contingtacy by ~t within e~ch fund Additional resources and expenditures may be added W t1ze budget during the fiscal year though a supplemental budgd process or by the acceptance of a gant. 'IT~e original and suppltmental budgets require a public budget hearing by the Budget Committee, recommeudation of appmval by the Budget Co~mittx, publication in newspapers, finat public hearings and approval by the Board of County C~nmissioners. Original and supplementai budgets may be changed during the fiscal ye~ar by the use of appropriation traosfers between the legal categorios which are approved by the Board of County Commissioners. Budgetary control is maintained at an expenditure category level. Encnmbrances are recorded at the time purchase arders are issued. Parchase orders are initiated by a rcquisitian issued by an appmpriate individual aad • authorized by the purchasing agen~ P~rchase orders and/or wanants thst would result in an over obligation of ~ expenditure c,ategory total wiU t~ be issued unless additional ~tia~ions are made ~vailable. ~e expenditure appropriations ~d encumbr~ces laps~ ai the end of the fiscal year. As demonstrated by the exhibits, schedules and statements mcluded in the finaacial section of this report, the County continues to meet its rasponsibility for sound financial msnagemaat GENERAL GOVERNMENT FUNCTIONS The following schedule presents a summary of General Fund, Special Revenue Funds, Debt Service Fund and Capital Project Fund revenues for the fiscal year ended lune 30, 1993 ~d the amount and percentage of increases and decreases in relation to prior year revenues: xi