PALM BEACH COUNTY, FLORIDA ANNUAL FINANCIAL AUDIT REPORT FISCAL YEAR ENDED SEPTEMBER 30, 2009_part7 pot

PALM BEACH COUNTY, FLORIDA TAX COLLECTOR SEPTEMBER 30, 2009 VI-16 Required Supplemental Information (RSI) Other Post Employment Benefits (OPEB) Healthcare Plan for Tax Collector of Palm Beach County Scheduling of Funding Progress Actuarial Valuation Date Actuarial Value of Assets Actuarial Accrued Liability (AAL) Entry Age Unfunded AAL (UAAL) Funded Ratio Covered Payroll UAAL as a Percentage of Covered Payroll 10/1/2007 $0 $1,533,513 $1,533,513 0.0% $9,879,680 15.5% This is trial version www.adultpdf.com PALM BEACH COUNTY, FLORIDA TAX COLLECTOR SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL GENERAL FUND For the fiscal year ended September 30, 2009 Variance With Final Budget Original Final Actual Positive Budget Budget Amounts (Negative) Revenues: Charges for services 63,661,480$ 63,261,480$ 63,687,819$ 426,339$ Less - excess fees paid out (42,825,476) (39,765,476) (43,007,124) (3,241,648) Investment income 500,000 425,000 176,309 (248,691) Total revenues 21,336,004 23,921,004 20,857,004 (3,064,000) Expenditures: Current: General government 20,889,648$ 23,589,339$ 20,624,628 2,964,711 Capital outlay 446,356 331,665 232,376 99,289 Total expenditures 21,336,004 23,921,004 20,857,004 3,064,000 Excess of revenues (under) expenditures - - - - Net change in fund balance - - - - Fund balance, October 1, 2008 - - - - Fund balance, September 30, 2009 -$ -$ -$ -$ Section 195.087, Florida Statutes, governs the preparation, adoption, and administration of the budget of the Tax Collector. On or before a legally designated date each year, the Tax Collector shall submit to the Florida Department of Revenue a budget for the ensuing fiscal year. A copy of such budget shall be furnished at the same time to the Board of County Commissioners. Final approval of the budget is given by the Florida Department of Revenue. The budget is adopted for the general fund on a basis consistent with GAAP. The level of budgetary control is at the fund level. VI-17 This is trial version www.adultpdf.com PALM BEACH COUNTY, FLORIDA TAX COLLECTOR STATEMENT OF CHANGES IN ASSETS AND LIABILITIES AGENCY FUND For the fiscal year ended September 30, 2009 Balance Balance 10/1/2008 Additions Deductions 9/30/2009 ASSETS Cash and cash equivalents 43,488,457$ 2,744,745,237$ 2,749,245,571$ 38,988,123$ Accounts receivable, net 116,252 2,126,102 2,151,864 90,490 Due from other governments - 1,937 1,226 711 Total assets 43,604,709$ 2,746,873,276$ 2,751,398,661$ 39,079,324$ LIABILITIES Vouchers payable and accrued liabilities 383,866$ 2,041,304$ 1,392,920$ 1,032,250$ Due to other governments 34,380,126 3,537,750,406 3,541,036,890 31,093,642 Due to individuals 8,840,717 1,188,615,468 1,190,502,753 6,953,432 Total liabilities 43,604,709$ 4,728,407,178$ 4,732,932,563$ 39,079,324$ VI-18 This is trial version www.adultpdf.com VI-20 Compliance and Other Matters Government Auditing Standards. This is trial version www.adultpdf.com Tax Collector, Palm Beach County, Florida Schedule of Prior Year Findings Year Ended September 30, 2009 VI-21 Observation Addressed or Observation No Longer No. Prior Year's Observation is Still Relevant Relevant This is trial version www.adultpdf.com McGladrey & Pullen, LLP is a member firm of RSM International, an affiliation of separate and independent legal entities. VI-22 Management Letter in Accordance with the Rules of the Auditor General of the State of Florida The Honorable Anne M. Gannon Tax Collector Palm Beach County, Florida We have audited the accompanying financial statements of the major fund and the aggregate remaining fund information of the Tax Collector of Palm Beach County, Florida (the “Tax Collector”), as of and for the year ended September 30, 2009, and have issued our report thereon dated June 18, 2010, which was prepared to comply with State of Florida reporting requirements. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. We have issued our Independent Auditor’s Report on Internal Control Over Financial Reporting and on Compliance and Other Matters. Disclosures in that report, which is dated June 18, 2010, should be considered in conjunction with this management letter. Additionally, our audit was conducted in accordance with the provisions of Chapter 10.550, Rules of the Auditor General, which govern the conduct of local governmental entity audits performed in the State of Florida. This letter includes the following information, which is not included in the aforementioned auditors’ reports: Section 10.554(1)(i)1., Rules of the Auditor General, requires that we determine whether or not corrective actions have been taken to address findings and recommendations made in the preceding annual financial audit report. The recommendations made in the preceding annual financial report have been addressed in Appendix A to this report. Section 10.554(1)(i)2., Rules of the Auditor General, requires our audit to include a review of the provisions of Section 218.415, Florida Statutes, regarding the investment of public funds. In connection with our audit, we determined that the Tax Collector complied with Section 218.415, Florida Statutes. Section 10.554(1)(i)3., Rules of the Auditor General, requires that we address in the management letter any recommendations to improve the Tax Collector’s financial management. There are no recommendations to improve financial management for the current annual financial audit report. This is trial version www.adultpdf.com VI-23 Section 10.554(1)(i)4., Rules of the Auditor General, requires that we address violations of laws, regulations, contracts or grant agreements, or abuse, that have an effect on the financial statements that is less than material but more than inconsequential. In connection with our audit, we did not have any such findings. Sections 10.554(1)(i)5., Rules of the Auditor General, provides that the auditor may, based on professional judgment, report the following matters that have an inconsequential effect on financial statement amounts, considering both quantitative and qualitative factors: (1) violations of provisions of contracts or grant agreements, fraud, illegal acts, or abuse, and (2) control deficiencies that are not significant deficiencies. In connection with our audit, we did not have any such findings. Section 10.554(1)(i)6., Rules of the Auditor General, requires that the name or official title and legal authority for the primary government and each component unit of the reporting entity be disclosed in the management letter, unless disclosed in the notes to the financial statements. This information is disclosed in Note 1 of the Tax Collector’s financial statements. Pursuant to Chapter 119, Florida Statutes, this management letter is a public record and its distribution is not limited. Auditing standards generally accepted in the United States of America requires us to indicate that this letter is intended solely for the information and use of the Tax Collector, management of Palm Beach County, Florida Tax Collector’s Office and the State of Florida Office of the Auditor General, and is not intended to be and should not be used by anyone other than the specified parties. West Palm Beach, Florida June 18, 2010 This is trial version www.adultpdf.com Tax Collector of Palm Beach County, Florida Appendix A Prior Year Recommendations to Improve Financial Management, Accounting Procedures and Internal Controls VI-24 Observation Addressed or Observation No Longer No. Prior Year's Observations is Still Relevant Relevant ML 08-01 Application Access Security X ML 08-02 Time Card Approval X This is trial version www.adultpdf.com Section VII PROPERTY APPRAISER This is trial version www.adultpdf.com [...]... Appraiser Palm Beach County, Florida We have audited the financial statements of the major fund of the Property Appraiser of Palm Beach County, Florida, (the Property Appraiser) as of and for the year ended September 30, 2009, and have issued our report thereon dated June 18, 2010, which was prepared to comply with State of Florida reporting requirements We conducted our audit in accordance with auditing... Based on an Audit of the Financial Statements Performed in Accordance with Government Auditing Standards The Honorable Gary R Nikolits Property Appraiser Palm Beach County, Florida We have audited the financial statements of the major fund of the Property Appraiser of Palm Beach County, Florida (the “Property Appraiser”), as of and for the year ended September 30, 2009, and have issued our report thereon...Independent Auditor’s Report The Honorable Gary R Nikolits Property Appraiser Palm Beach County, Florida We have audited the accompanying financial statements of the major fund of the Property Appraiser of Palm Beach County, Florida, (the “Property Appraiser”) as of and for the year ended September 30, 2009, as listed in the table of contents These financial statements are the responsibility... to annual required contribution Annual OPEB cost (expense) Contributions made Increase in net OPEB obligation Net OPEB obligation- beginning of year Net OPEB obligation- end of year $ $ 30,1 90 1,478 (1,156) 30,5 12 0 30,5 12 29,562 60,074 The annual OPEB cost, the percentage of annual OPEB cost contributed to the plan and the net OPEB obligation for the current and preceding fiscal year: Fiscal Year Ended. .. However, we did not audit the information and express no opinion on it This report is intended solely for the information and use of the Property Appraiser, management of the Palm Beach County, Florida Property Appraiser’s office and the Auditor General of the State of Florida, and is not intended to be and should not be used by anyone other than the specified parties West Palm Beach, Florida June 18,... annual cost-of-living adjustments, and death benefits to plan members and beneficiaries These benefits are established by Florida Statutes, Chapter 121, and may only be amended by the Florida Legislature This is trial version www.adultpdf.com VII-10 PALM BEACH COUNTY, FLORIDA PROPERTY APPRAISER NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2009 The Division of Retirement issues a publicly available financial. .. Appraiser, management of Palm Beach County, Florida Property Appraiser’s office, and the Florida Auditor General, and is not intended to be and should not be used by anyone other than the specified parties West Palm Beach, Florida June 18, 2010 This is trial version www.adultpdf.com VII-20 Management Letter in Accordance with the Rules of the Auditor General of the State of Florida The Honorable Gary... changes in its financial position for the year then ended, in conformity with accounting principles generally accepted in the United States of America In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the major fund of the Property Appraiser of Palm Beach County, Florida, as of September 30, 2009, and the changes in financial position... recommendations made in the preceding annual financial audit report There were no findings and recommendations made in the preceding annual financial audit report Section 10.554(1)(i)2., Rules of the Auditor General, requires our audit to include a review of the provisions of Section 218.415, Florida Statutes, regarding the investment of public funds In connection with our audit, we determined that the Property... GASB 45 At September 30, This is trial version www.adultpdf.com VII-13 PALM BEACH COUNTY, FLORIDA PROPERTY APPRAISER NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2009 2009, retirees receiving benefits contributed $613 to 1,946 monthly for medical coverage and $13 to $101 for dental OPEB Cost and Net OPEB Obligation: The annual other post employment benefit cost is calculated based on the annual required . Matters Government Auditing Standards. This is trial version www.adultpdf.com Tax Collector, Palm Beach County, Florida Schedule of Prior Year Findings Year Ended September 30, 2009 VI-21 Observation. version www.adultpdf.com PALM BEACH COUNTY, FLORIDA TAX COLLECTOR STATEMENT OF CHANGES IN ASSETS AND LIABILITIES AGENCY FUND For the fiscal year ended September 30, 2009 Balance Balance 10/1/2008. version www.adultpdf.com PALM BEACH COUNTY, FLORIDA TAX COLLECTOR SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL GENERAL FUND For the fiscal year ended September 30, 2009 Variance