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Section VIII SHERIFF 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. VIII-1 Independent Auditor’s Report Honorable Ric L. Bradshaw Sheriff PalmBeachCounty,Florida We have audited the accompanying financial statements of each major fund, and the aggregate remaining fund information of the Sheriff, PalmBeachCounty,Florida ( the “Sheriff”), as of and for the yearendedSeptember30, 2009, as listed in the table of contents. These financial statements are the responsibility of the Sheriff's management. Our responsibility is to express opinions on these financial statements based on our audit. 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. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinions. As discussed in Note 1 to the financial statements, the accompanying financial statements were prepared for the purpose of complying with Section 218.39, Florida Statutes, and Section 10.557(3), Rules of the Auditor General for Local Government Entity Audits. These financial statements are not intended to be a complete presentation of the financial position of the Sheriff as of September30, 2009, and the 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 respective financial position of each major fund, and the aggregate remaining fund information of the Sheriff, as of September30, 2009, and the respective changes in financial position for the year then ended in conformity with accounting principles generally accepted in the United States of America. In accordance with Government Auditing Standards, we have also issued our report dated June 18, 2010 on our consideration of the Sheriff’s internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts, grant agreements, and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be considered in assessing the results of our audit. This is trial version www.adultpdf.com VIII-2 The budgetary comparison information and the schedule of funding progress are not a required part of the basic financial statements but are supplementary information required by the accounting principles generally accepted in the United States of America. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the required supplementary information. However, we did not audit the information and express no opinion on it. Our audit was conducted for the purpose of forming opinions on the financial statements. The Statement of Changes in Assets and Liabilities – Agency Fund is presented for purposes of additional analysis and is not a required part of the financial statements. The Statement of Changes in Assets and Liabilities- Agency Fund has been subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. This report is intended solely for the information and use of the Sheriff, management of the Sheriff’s office and the Auditor General, State of Florida, and is not intended to be and should not be used by anyone other than these specified parties. West Palm Beach, Florida June 18, 2010 This is trial version www.adultpdf.com PALMBEACHCOUNTY,FLORIDA SHERIFF BALANCE SHEET - GOVERNMENTAL FUNDS September30, 2009 Major Funds Special Total General Revenue Governmental Fund Fund Funds ASSETS Cash and cash equivalents 60,535,439$ 8,008,338$ 68,543,777$ Accounts receivable, net 205,654 93,519 299,173 Due from Board of County Commissioners - 63,389 63,389 Due from other governments 150,132 771,673 921,805 Inventory 3,592,416 - 3,592,416 Other assets 53,475 24,805 78,280 Total assets 64,537,116$ 8,961,724$ 73,498,840$ LIABILITIES Vouchers payable and accrued liabilities 25,983,434$ 991,770$ 26,975,204$ Due to Board of County Commissioners 17,924,263 3,588,775 21,513,038 Due to other governments 6,613,575 757,001 7,370,576 Insurance claims payable 1,338,728 - 1,338,728 Other liabilities 9,084,700 - 9,084,700 Total liabilities 60,944,700 5,337,546 66,282,246 FUND BALANCES Reserved for inventory 3,592,416 - 3,592,416 Unreserved - 3,624,178 3,624,178 Total fund balances 3,592,416 3,624,178 7,216,594 Total liabilities and fund balances 64,537,116$ 8,961,724$ 73,498,840$ The notes to the financial statements are an integral part of this statement. VIII-3 This is trial version www.adultpdf.com PALMBEACHCOUNTY,FLORIDA SHERIFF STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS For the fiscalyearendedSeptember30, 2009 Major Funds Special Total General Revenue Governmental Fund Fund Funds Revenues: Charges for services -$ 1,722,719$ 1,722,719$ Fines and forfeitures - 207,490 207,490 Investment income - 356,025 356,025 Miscellaneous - 23,155 23,155 Total revenues - 2,309,389 2,309,389 Expenditures: Current: General government 20,369,454 - 20,369,454 Public safety 408,714,004 6,673,125 415,387,129 Capital outlay 23,600,779 2,523,228 26,124,007 Total expenditures 452,684,237 9,196,353 461,880,590 Deficiency of revenues over expenditures (452,684,237) (6,886,964) (459,571,201) Other financing sources (uses): Transfer from Board of County Commissioners 474,190,929 7,146,294 481,337,223 Transfers to Board of County Commissioners (20,502,269) (53,104) (20,555,373) Total other financing sources 453,688,660 7,093,190 460,781,850 Net change in fund balances 1,004,423 206,226 1,210,649 Fund balances, October 1, 2008 2,587,993 3,417,952 6,005,945 Fund balances, September30, 2009 3,592,416$ 3,624,178$ 7,216,594$ The notes to the financial statements are an integral part of this statement. VIII-4 This is trial version www.adultpdf.com PALMBEACHCOUNTY,FLORIDA SHERIFF STATEMENT OF FIDUCIARY NET ASSETS AGENCY FUND September30, 2009 ASSETS Accounts receivable, net 306,438$ Due from other governments 590,374 Other assets 468 Total assets 897,280$ LIABILITIES Vouchers payable and accrued liabilities 83,684$ Due to other governments 339,393 Due to individuals 474,203 Total liabilities 897,280$ The notes to the financial statements are an integral part of this statement. VIII-5 This is trial version www.adultpdf.com PAGE INTENTIONALLY LEFT BLANK VIII-6 This is trial version www.adultpdf.com PALMBEACHCOUNTY,FLORIDA SHERIFF NOTES TO FINANCIAL STATEMENTS SEPTEMBER30, 2009 VIII-7 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following is a summary of the significant accounting principles and policies used in the preparation of the accompanying financial statements: Reporting Entity The PalmBeach County Sheriff (the Sheriff) is a separately elected county official established pursuant to the Constitution of the State of Florida. The Sheriff‟s financial statements do not purport to reflect the financial position or the results of operations of PalmBeachCounty,Florida (the County) taken as a whole. Section 10.556(6), Rules of the Auditor General for Local Governmental Entity Audits, requires the PalmBeachCounty, Florida, Sheriff financial statements to only present fund financial statements. Accordingly, due to the omission of government-wide financial statements and related disclosures including a management‟s discussion and analysis, these financial statements do not constitute a complete presentation of the financial position of the PalmBeachCounty, Florida, Sheriff as of September30, 2009 and the changes in financial position for the year then ended, in conformity with Governmental Accounting Standards Board (GASB) Statement No. 34, Basic Financial Statements – and Management’s Discussion and Analysis – for State and Local Governments, but otherwise constitute financial statements prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). The financial activities of the Sheriff, as a constitutional officer, are included in the PalmBeachCounty,Florida Comprehensive AnnualFinancial Report. Basis of Presentation The accounting records of the Sheriff are organized on the basis of funds as prescribed by GAAP applicable to governments as established by the GASB. The operation of each fund is considered to be an independent fiscal and separate accounting entity, with a self-balancing set of accounts recording cash and/or other financial resources together with related liabilities and residual equities or balances, and changes therein, which are segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance with special regulations, restrictions, or limitations. Government resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. The various types and funds used by the Sheriff are described as follows: Major Funds: General Fund – The General Fund is a governmental fund type and is used to account for all revenue and expenditures applicable to the general operations of the Sheriff that are not required either legally or by GAAP to be accounted for in another fund. This is trial version www.adultpdf.com PALMBEACHCOUNTY,FLORIDA SHERIFF NOTES TO FINANCIAL STATEMENTS SEPTEMBER30, 2009 VIII-8 Special Revenue Fund – This fund is a governmental fund type and is used to account for revenues which are restricted by outside sources, and include Inmate Canteen and Welfare, Grants, Parking Enforcement, 911, Public Law Enforcement Insurance Combating Auto Theft (PLICAT), Law Enforcement Trust (LETF), and Law Enforcement Technology Project . Fiduciary Fund: Agency Fund – This Fund accounts for assets held by the Sheriff as an agent for individuals, organizations or other governments for cash bonds, inmate funds and civil trusts. Basis of Accounting Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the financial statements. Basis of accounting relates to the timing of the measurements made, regardless of the measurement focus applied. The modified accrual basis of accounting is utilized by governmental funds. Under this basis, revenues are recognized if they are susceptible to accrual, that is, when they become both measurable and available to finance expenditures of the current period. For this purpose, the Sheriff considers revenues to be available if they are collected within 60 days of year-end. Primary revenue sources susceptible to accrual include charges for services, fines and forfeitures, and interest. Expenditures are recognized when the related fund liability is incurred, except for interest on capital leases, which is recognized when paid. Expenditures related to compensated absences and claims and judgments are recorded only when payment is due. Governmental funds are accounted for on a “spending” or “financial flow” measurement focus. Generally, only current assets and current liabilities are included on the balance sheet. The operating statement reports increases and decreases in net current assets. Agency funds are custodial in nature (assets equal liabilities) and do not measure the results of operations, but assets and liabilities are measured on the accrual basis of accounting. Encumbrances Encumbrances outstanding at year-end represent the estimated amounts of expenditures ultimately to be paid for goods on order or unperformed contracts in progress at year-end. Because appropriations lapse at year-end, it is the Sheriff‟s policy to liquidate open encumbrances and re-appropriate such amounts at the beginning of the next fiscal year. Accounting Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure This is trial version www.adultpdf.com PALMBEACHCOUNTY,FLORIDA SHERIFF NOTES TO FINANCIAL STATEMENTS SEPTEMBER30, 2009 VIII-9 of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenditures during the reporting periods. Actual results could differ from those estimates. Deposits All deposits are held in qualified public depositories pursuant to the Florida Statutes, Chapter 280, "Florida Security for Public Deposits Act" and are covered by either federal depository insurance or collateral held by the Chief Financial Officer of Florida. In the event of a default by a qualified public depository, all claims for government deposits would be satisfied by the Chief Financial Officer of Florida from the proceeds of federal deposit insurance, pledged collateral of the public depository in default and, if necessary, a pro rata assessment to the other qualified public depositories in the collateral pool. Cash Equivalents Highly liquid investments with maturities of three months or less when purchased are reported as cash equivalents. The funds‟ investments in the County's internal investment pool are reported in the fund financial statements as cash equivalents. Internal Investment Pool The County maintains an investment pool for substantially all cash and cash equivalents and investments of all funds. All money market investments and participating interest earning investment contracts with a remaining maturity at time of purchase of ninety days or less are recorded at amortized cost plus accrued interest. All other investments are carried at fair value as determined from quoted market prices. Each fund‟s portion of the pool is presented as “cash and cash equivalents”, “investments” or “restricted assets” as appropriate. Earnings are allocated to each fund based on average daily balances of cash and investments. The County considers cash and cash equivalents to be cash on hand, demand deposits, investments and equity in the County‟s cash management internal investment pool. The internal investment pool is reported as a cash equivalent in accordance with GASB 9 footnote 5 and the 2009 GASB Comprehensive Implementation Guide, paragraph 2.13.1. Investments State statutes and local ordinances authorize investments in obligations of the U.S. Government, its agencies and instrumentalities, repurchase agreements, interest-bearing time deposits, savings accounts, Florida Prime Investment Pool (formerly known as the Local Government Surplus funds Trust Fund LGIP administered by the State Board of Administration), the Florida Local Government Investment Trust (FLGIT), collateralized mortgage obligations (CMO), certain corporate securities, bankers acceptances, and money market mutual funds. This is trial version www.adultpdf.com [...]... Sheriff PalmBeachCounty,Florida We have audited the financial statements of each major fund and the aggregate remaining fund information of the Sheriff of PalmBeachCounty,Florida (“the Sheriff”), as of and for the yearendedSeptember30, 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. .. www.adultpdf.com Independent Auditor’s Report The Honorable Sharon R Bock Clerk & Comptroller PalmBeachCounty,Florida We have audited the accompanying financial statements of each major fund, and the aggregate remaining fund information of the Clerk & Comptroller, PalmBeachCounty,Florida (the “Clerk”), as of and for the yearendedSeptember30, 2009, as listed in the table of contents These financial statements... Independent Auditor’s Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance With Government Auditing Standards To the Honorable Ric L Bradshaw Sheriff PalmBeachCounty,Florida We have audited the financial statements of each major fund and the aggregate remaining fund information of the Sheriff, PalmBeach County,. .. www.adultpdf.com VIII-14 PALMBEACHCOUNTY,FLORIDA SHERIFF NOTES TO FINANCIAL STATEMENTS SEPTEMBER30, 2009 During claim years 2009 and 2008, changes recorded to the claims liability for general liability were as follows: FiscalYear Beginning of FiscalYear Liability Current Year Claims and Changes in Estimates 2008 2009 $14,069,096 12,907,299 $2,935,585 3,601,656 Claim Payments Balance at Fiscal Year- end $(4,097,382)... 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 VIII-12 PALM BEACH COUNTY, FLORIDA SHERIFF NOTES TO FINANCIAL STATEMENTS SEPTEMBER30, 2009 The Division of Retirement issues a publicly available financial report. .. Sheriff, Palm Beach County, Florida (the “Sheriff”) as of and for the yearendedSeptember30, 2009, and have issued our report thereon dated June 18, 2010 These financial statements were prepared to comply with Section 218.39 (2), Florida Statutes and Section 10.557(3), Rules of the Auditor General for Local Government Entity Audits We conducted our audit in accordance with auditing standards generally... recommendations made in the preceding annualfinancialauditreport There were no findings and recommendations made in the preceding annualfinancialauditreport 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 Sheriff... Sheriff, management of Palm Beach County, Florida Sheriff’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 these specified parties West Palm Beach, Florida June 18, 2010 This is trial version www.adultpdf.com VIII-24 Management Letter in Accordance with the Rules of the Auditor General of the State of Florida The Honorable... United States of America require us to indicate that this letter is intended solely for the information and use of the Sheriff, management of the Palm Beach County, Florida Sheriff’s Office, and the Florida Auditor General, and is not intended to be and should not be used by another other than these specified parties West Palm Beach, Florida June 18, 2010 This is trial version www.adultpdf.com VIII-26... for the current and preceding fiscal year: Fiscal Percentage of YearAnnualAnnual OPEB Ended OPEB Cost Cost Contributed 9/30/2008 $ 15,300,000 28.1 % 9/30/2009 16,200,000 29.0 Net OPEB Obligation $ 11,000,000 22,500,000 This is trial version www.adultpdf.com VIII-16 PALM BEACH COUNTY, FLORIDA SHERIFF NOTES TO FINANCIAL STATEMENTS SEPTEMBER30, 2009 Funded Status and Funding Progress: The plan is financed . version www.adultpdf.com PALM BEACH COUNTY, FLORIDA SHERIFF NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2009 VIII-13 The Division of Retirement issues a publicly available financial report that includes financial. presentation of the financial position of the Palm Beach County, Florida, Sheriff as of September 30, 2009 and the changes in financial position for the year then ended, in conformity with Governmental. version www.adultpdf.com PALM BEACH COUNTY, FLORIDA SHERIFF NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2009 VIII-9 of contingent assets and liabilities at the date of the financial statements and the reported