Pima CountyREPORTHIGHLIGHTS County’s CondensedFINANCIAL STATEMENT AUDIT Financial InformationSubjectPima County issues aThe County’s government-wide financialComprehensive Annual Statement of Net Assets Financial Report. The statements are designed to provide June 30, 2005 County is responsible for readers with a broad overview of the (In millions) preparing financial County’s finances in a manner similar tostatements, maintaining Total private-sector businesses. Thesestrong internal controls, Governmental statements report the financial activities ofand demonstrating and the overall government, except foraccountability for its use Business-type Activities of public monies. As the fiduciary activities.Assets: auditors, we determineCurrent and other assets $ 469 whether the County has The tables to the right present a Capital assets 1,655 met its responsibilities.summarized version of the County’s Total assets 2,124 Liabilities: government-wide Statement of NetOur ConclusionCurrent liabilities 123 Assets and Statement of Activities for its Noncurrent liabilities 630 The information in the governmental and business-type activities Total liabilities 753 financial statements is reported in the current year financial Net assets: fairly stated in all Invested in capital assets, statements.material respects and net of related debt 1,199 the financial statements Restricted net assets 118 can be relied on. Also, The Statement of Net ...
Subject Pima County issues a Comprehensive Annual Financial Report. The County is responsible for preparing financial statements, maintaining strong internal controls, and demonstrating accountability for its use of public monies. As the auditors, we determine whether the County has met its responsibilities. Our Conclusion The information in the financial statements is fairly stated in all material respects and the financial statements can be relied on. Also, the County maintained adequate internal controls over its financial reporting.
2005 Year Ended June 30, 2005
County’s Condensed Financial Informatio
The County’s governmentwide finan statements are designed to provide readers with a broad overview of the County’s finances in a manner simila privatesector businesses. These statements report the financial activiti the overall government, except for fiduciary activities.
The tables to the right present a summarized version of the County’s governmentwide Statement of Net Assets and Statement of Activities for governmental and businesstype acti reported in the current year financial statements.
The Statement of Net Assets present information on the County’s assets a liabilities, with the difference between two reported as net assets. The Statement of Activities presents information showing how net assets changed during the most recent fiscal year.
As shown in the tables, net assets totaled $1.371 billion at June 30, 2005, and beginning net assets, as restated, totaled $1.256 billion. The beginning net asset restatement primarily resulted from the addition of infrastructure. The current year change in net assets of $115 million resulted from a $63 million increase in the County’s investment in capital assets, net of related debt, a $34 million increase in its restricted net assets, and an $18 million increase in its unrestricted net assets.
Pima County
Statement of Net Assets June 30, 2005 (In millions) Total Governmental and Businesstype Activities Assets: Current and other assets$ 469 Capital assets1,655 Total assets2,124 Liabilities: Current liabilities123 Noncurrent liabilities630 Total liabilities753 Net assets: Invested in capital assets, net of related debt1,199 Restricted net assets118 Unrestricted net assets54 Total net assets$1,371 Statement of Activities Year Ended June 30, 2005 (In millions) Total Governmental and Businesstype Activities Program revenues: Governmental activities$ 211 Businesstype activities358 General revenues: Governmental activities451 Businesstype activities26 Total revenues1,046 Expenses: Governmental activities593 Businesstype activities338 Total expenses931 Change in net assets115 Net assets—beginning, as restated1,256 Net assets—ending$1,371
T tr d 2 i 2 i t i i T e fi a c r n h l
County Reports Over $430 Million of
PimaCounty’sLargestInfrastructureNetworks
Roadways—Asphalted two, four, or six lane roads, including the costs of connected sidewalks, traffic signs, traffic lights, medians, and gutters.
Drainageways—Structural bank protection of major washes and rivers, including the costs of connected safety railings.
Balance June30,2005
$364,465,000
67,359,000
ired ucture vided 06 for
cal 2005, s
that en rt its that 2002 e ue s
TOOBTAIN MOREINFORMATION
A copy of the full report can be obtained by calling (602)5530333