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COOS BAY/NORTH BEND TOURISM AND PROMOTIONS COMMITTEE OREGON ANNUAL FINANCIAL REPORT For the Year Ended June 30, 2004 COOS BAY/NORTH BEND TOURISM AND PROMOTIONS COMMITTEE ANNUAL FINANCIAL REPORT For the Year Ended June 30, 2004 TABLE OF CONTENTS Page GOVERNING BOARD 1 FINANCIAL SECTION Independent Auditor's Report 2 Management’s Discussion and Analysis 3-6 Basic Financial Statements Statement of Net Assets and Governmental Funds Balance Sheet 7 Statement of Activities and Government Fund Statement of Revenues, Expenditures, and Changes in Fund Balances 8 Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual General Fund - Major 9 Notes to the Basic Financial Statements 10-12 OTHER SUPPLEMENTARY INFORMATION Independent Auditor’s Comments 13-14 COOS BAY/NORTH BEND TOURISM PROMOTIONS COMMITTEE GOVERNING BOARD As of June 30, 2004 Tricia Benetti, Chair Chamber Representative PO Box 457 Coos Bay, OR 97420 Larry Werhan Coos Bay Member at Large 1445 North Bayshore Coos Bay, OR 97459 Mark Mattecheck North Bend Member at Large 1225 Virginia Avenue North Bend, OR 97459 Kevin Stufflebean Coos Bay City Council 250 Johnson Ave., Space #40 Coos Bay, OR 97420 Larry Garboden North Bend City Council 2328 Chester North Bend, OR 97459 FINANCIAL ...

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• Publié par: Emme
• Nombre de lectures: 17
• Langue: English

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COOS BAY/NORTH BEND TOURISM AND PROMOTIONS COMMITTEE   OREGON   ANNUAL FINANCIAL REPORT   For the Year Ended June 30, 2004

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       GOVERNING BOARD     FINANCIAL SECTION    Independent Auditor's Report    Managements Discussion and Analysis    Basic Financial Statements    Statement of Net Assets and Governmental Funds Balance Sheet    Statement of Activities and Government Fund Statement of Revenues,  Expenditures, and Changes in Fund Balances    Statement of Revenues, Expenditures, and Changes in Fund Balances  - Budget and Actual    General Fund - Major    Notes to the Basic Financial Statements   OTHER SUPPLEMENTARY INFORMATION    Independent Auditors Comments

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    COOS BAY/NORTH BEND TOURISM PROMOTIONS COMMITTEE       GOVERNING BOARD   As of June 30, 2004  

Tricia Benetti, Chair Chamber Representative PO Box 457 Coos Bay, OR 97420     Larry Werhan Coos Bay Member at Large 1445 North Bayshore Coos Bay, OR 97459     Mark Mattecheck North Bend Member at Large 1225 Virginia Avenue North Bend, OR 97459     Kevin Stufflebean Coos Bay City Council 250 Johnson Ave., Space #40 Coos Bay, OR 97420     Larry Garboden North Bend City Council 2328 Chester North Bend, OR 97459

                               

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A W LL TNNACCUOST D IEIFRT AICBLPU ,LLA W   &  EC   .C.P 

    To the Governing Body of the  Coos Bay/North Bend Tourism and Promotions Committee:     We have audited the accompanying financial statements of the governmental activities and the major fund of the Coos Bay/North Bend Tourism and Promotions Committee (Committee), as of and for the year ended June 30, 2004, which collectively comprise the Committees basic financial statements as listed in the table of contents. These financial statements are the responsibility of the Coos Bay/North Bend Tourism and Promotions Committee's management. Our responsibility is to express an opinion 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. 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 opinion.   In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the governmental activities and the major fund of the Coos Bay/North Bend Tourism and Promotions Committee as of June 30, 2004, and the respective changes in financial position, thereof for the year then ended in conformity with accounting principles generally accepted in the United States of America.   As described in NOTE 1, the Coos Bay/North Bend Tourism and Promotions Committee has implemented a new financial reporting model, as required by the provisions of GASB Statement No. 34, Basic Financial Statements  and Managements Discussion and Analysis  for State and Local Governments, as of June 30, 2004.   The managements discussion and analysis and budgetary comparison information on pages 3 through 6 and 9, are not required part of the basic financial statements but are supplementary information required by 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 no audit the information and express no opinion on it.   Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Coos Bay/North Bend Tourism and Promotions Committee basic financial statements. The other supplementary information as listed in the table of contents is presented for purposes of additional analysis and is not a required part of the basic financial statements. The other supplementary information as listed in the table of contents has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

  J. Robert Wall, C.P.A. Wall & Wall P.C., Certified Public Accountants   Coos Bay, Oregon December 21, 2004       MEMBER h  AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS h  OREGON SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS   750 CENTRAL AVENUE, SUITE 102 COOS BAY, OR 97420 [phone] FAX: [phone]

J. ROBERT WALL, C.P.A. KAREN S. WALL, C.P.A.      

INDEPENDENT AUDITOR'S REPORT    

 

   

City of Coos Bay   500 Central Avenue, Coos Bay, Oregon 97420    y    Phone [phone]   Fax [phone]    y     http://www.coosbay.org               MANAGEMENTS DISCUSSION AND ANALYSIS Fiscal Year Ended June 30, 2004

    This discussion and analysis presents the highlights of financial activities and financial position for the Coos Bay/North Bend Tourism and Promotions Committee (Committee). The analysis focuses on significant financial issues, major financial activities and resulting changes in financial position, budget changes and variances from the budget, and specific issues related to funds and the economic factors affecting the Committee.   Managements Discussion and Analysis (MD&A) focuses on current year activities and resulting changes. Please read it in conjunction with the Committees financial statements (beginning on page 7).     FINANCIAL HIGHLIGHTS The Committees net assets increased by $54,000 (or 47%), primarily due to the vacancy of the executive director.   Governmental activities revenue increased by $5,000 (or 3%), as a result of transient taxes increasing at a modest rate.   Overall Committee program costs decreased by $30,000 (or 19%), due to the vacancy of the executive director.     REPORT LAYOUT The Committees annual financial report consists of several sections. Taken together they provide a comprehensive look at the Committee. The components of the report include the following:   Managements Discussion and Analysis.  This section of the report provides financial highlights, overview and economic factors affecting the Committee.   Basic Financial Statements.  Includes Statement of Net Assets, Statement of Activities, fund financial statements and the notes to the financial statements. Statements of Net Assets and Activities focus on an entity-wide presentation using the accrual basis of accounting. They are designed to be more corporate-like in that all activities are consolidated into a total for the Committee.

    • The Statement of Net Assets focuses on resources available for future operations. In simple terms, this statement presents a snapshot view of the assets the community owns, the liabilities it owes and the net difference. The net difference is further separated into amounts restricted for specific purposes and unrestricted amounts.   • The Statement of Activities focuses on gross and net costs of the Committee programs and the extent to which such programs rely upon general tax and other revenues. This statement summarizes and simplifies the users analysis to determine the extent to which programs are self-supporting and/or subsidized by general revenues.   • Fund financial statements focus separately on major governmental funds and proprietary funds. Governmental fund statements follow the more traditional presentation of financial statements. The Committee only has one fund, which is a major governmental fund. Budgetary comparison statements are presented for this fund.   • The notes to the financial statements provide additional disclosures required by governmental accounting standards and provide information to assist the reader in understanding the Committees financial condition.   Reports by independent certified public accountants.  Supplemental communication on Committee compliance and internal controls as required by Oregon statutes.     COMMITTEE AS A WHOLE   Government-Wide Financial Statements      Table 1    Net Assets at Fiscal Year-End  (in thousands)           Governmental     Activities  2004 2003  Cash and investments $124.0 $64.0  Other assets 46.3 54.3  Total assets 170.3 118.3        Other liabilities 3.1 4.7  Total liabilities 3.1 4.7  Net assets:  Unrestricted 167.2 113.6  Total net assets $167.2 $113.6                          

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    Statement of Net Assets, Governmental Activities, at June 30, 2004: During fiscal year 2003-04 there were a couple events that changed the balance of net assets. The growth in net assets is attributed to a slight increase in revenues and reduced expenditures, due to the vacancy of the executive director. All year-end net assets are unrestricted.   Statement of Activities for the Year Ended June 30, 2004:        Governmental and Proprietary Activities    For Fiscal Year Ending June 30, 2004 and 2003  (in thousands)           Governmental     Activities  2004 2003    REVENUES     General revenues  Taxes $181.0 $174.7  Interest 1.3 1.5  Other 0.0 0.9  Total revenues 182.3 177.1    EXPENSES     Governmental activities:  General government 128.7 158.9  Total expenses 128.7 158.9  Increase in net assets 53.6 18.2  Beginning net assets 113.6 95.4  Ending net assets $167.2 $113.6           Governmental Activities Total revenues increased by $5,000 (or 3%). This was due to a moderate increase in transient tax revenues.   Governmental activity expenses decreased by $30,000 (or 19%). The decrease is due primarily to the vacancy of the executive director.   BUDGETARY HIGHLIGHTS The Committees appropriations increased by $39,000 between 2002-03 and 2003-04, from $158,000 to $197,000. This was related to an increased carryover balance and increasing transient tax revenues. Actual operating costs were 65% of the final budget. This resulted in an overall increase to the fund balance of $50,000. There were no changes between original and final budget amounts.                     5

    FUND-BASED FINANCIAL ANALYSIS   The General Fund is the chief operating, and only, fund for the Committee. At the end of the current fiscal year, fund balance of the General Fund was $167,000, all of which was unreserved. The fund balance of the Committees General Fund increased by $54,000 in fiscal year 2003-04. The increase in fund balance is attributed to a slight increase in revenues and reduced expenditures, primarily due to the vacancy of the executive director.   CAPITAL ASSETS AND DEBT ADMINISTRATION   Capital Assets As of June 30, 2004, the Committee did not have any investments in capital assets.   Debt Outstanding As of year-end, the Committee did not have any debt outstanding.     ECONOMIC FACTORS The Committees primary source of revenue is the transient occupancy tax. The downturn in economic conditions nationwide has hit our community as well. However, the transient occupancy tax revenue has continued to increase at a moderate rate.     FINANCIAL CONTACT The Committees financial statements are designed to present users (citizens, taxpayers, customers, investors, and creditors) with a general overview of the Committees finances and to demonstrate the Committees accountability. If you have questions about the report or need additional financial information, please contact the City of Coos Bays Finance Director at 500 Central Avenue, Coos Bay, Oregon 97420.                                                        

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                              BASIC FINANCIAL STATEMENTS

COOS BAY/NORTH BEND TOURISM AND PROMOTIONS COMMITTEE STATEMENT OF NET ASSETS AND GOVERNMENTAL FUND BALANCE SHEET June 30, 2004

ASSETS Cash and investments Intergovernmental receivable Total assets LIABILITIES Accounts payable NET ASSETS Unreserved, undesignated

                                                                                    The notes to the financial statements are an integral part of this statement.   7

General Fund $ 124,050  46,271  170,321

 3,093

$ 167,228