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

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Generai Fixed Assets The general fixed assets of the County are those fixed assets used in the performance of general govemmental functions and exclude the fixed asscts of proprietary rype funds. As of June 30, 1993, the general fixed assets of the County were recorded at 540,544,650. This amount represents the estimated original cost of the assets and is considerably less than the estimated replacement value. ~ Debt Administration At June 30, 1993 the County had a number of debt issues outstanding. Tliese issues included ~7,330,000 of general obligation bonds, ~2,OS1,112 of Enterprise Fund bonds, 53,003,819 of notes payable and 5177,626 of interfund loans. Under current state statutes, the County's general obligation bonded debt issuances are subject to a legal limitation based on 2.peacent of total cash value of real and peraonal propert}+. As of June 30, 1993, the County's general obligatian bonded debt, less amounts available in the County's debt service fund, of $1,874,302 was well below the le;gal limit of $145,158,453 and represmts debt per capita of 57.58. Cash Manaaement To obtain maximum retum on invesbments, Marion County pools virhially all funds for invest~nent purposes. These fiunds aze invested ~ in time deposits, State of Oregon Local Government Investtneat Pool, Bankers' Acceptances and other marketable securities. At June 30, 1993, the Treasurer had 2 percent of cash in demand deposits, 7 percent in time deposits, 27 percent in the State of Oregon Local Government Investcnent Pool, and 64 percent in other marketable securities. The County eaa-ed interest revenue of 51,474,397 on all investments for the year ended June 30, 1993. The County's inves~nent policy is to minimize risks while maintaining a competitive yield on its investrncnts. The County's bank balances are fully covered by federal depository inswance or by collateral held by one or more of the State's authoriud collateral pool managers in the name of the County. w~ ~~o ~~~a ~a~ c~~ requirements of Oregon law as to collaterali7ation of bank balances. TLe State requins collateral be deposited with a value of 25% of the balances over federal depository insurance. Tlie County monitors its dtposiWry institutions for indications of any situations that could potentially cause loss of County fimds. OTHER INFORMATION Indeaendent Audit The Oregon Revised Statute Section 297.425 requires an audit of the financial records and transactions of all County functions. The sudit and examination shall be made by accountants on the State Board of Accountancy's roster of accountants authorized to conduct municipal audits or by the Secretary of State. This requirement has been met. The Board of County Commissioners has selected the firm of Price Waterhouse as our independent accountants to perform the sudit of the County's combined financial statements. In addition to meeting ffie requirements set out in the statutes, the independent sudit is also designed to me,et the requirements of the Federal Single Audit Act of 1984 and related Office of Management and Budget Circular A-128. 'Ibe auditors' opinion has been included in the financial section of this report. Their reports relating spe.cifically to the single audit are published in a separate report. Awards The Govemment Finance Offtcers Association (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to Marion County, Oregon for its comprehensive annual financial repoR for the fiscal year ~ended June 30, 1992. This was the sevet~th consecutive year that the County has received this prestigious award. In order to be awarded a Ctrtificate of Achievement, the County published an easily . readable and efficiently organized comprehensive annual financial report. This report satisfies both generdtly accepted accounting principles and applicable legal requirements. - xiv -