Santa Cruz County June 30, 2005 Report Highlights-Financial Statement Audit

Office Of The Auditor General

Description

Santa Cruz CountyREPORT County Implements NewHIGHLIGHTS Financial Reporting StandardFINANCIAL STATEMENT AUDITSubject During fiscal year 2005, the County to this risk by type and fair value, andimplemented Governmental Accounting describe how they are held. At June 30,Santa Cruz CountyStandards Board Statement No. 40, 2005, the County’s deposits andissues a ComprehensiveDeposit and Investment Risk Disclosures.Annual Financial Report. investments totaled $30.2 million, withThe County is This reporting standard requires the $436 thousand in a Money Market Mutualresponsible for preparing County to disclose its investment policies Fund exposed to custodial credit risk.financial statements, and any investment and deposit risksmaintaining strong related to credit risk, custodial credit risk, Concentration risk: This is the risk ofinternal controls, andconcentration of credit risk, interest rate loss attributed to the magnitude of ademonstratingrisk, and foreign currency risk. At June 30,accountability for its use government’s investment in a single issuer.of public monies. As the 2005, the County’s deposits and Governments must generally disclose, byauditors, our job is to investments were exposed to the following amount and issuer, investments in any onedetermine whether the risks: issuer that represents 5 percent or more ofCounty has met itstotal investments. At June 30, 2005, theresponsibilities.Credit risk: This is the risk that an issuer County had 19 ...

Informations

• Publié par: Nazil
• Nombre de lectures: 9
• Langue: English

Extrait

REPORT HIGHLIGHTS FINANCIAL STATEMENT AUDIT

Santa Cruz County

County Implements New Financial Reporting Standard

Subject During fiscal year 2005, the County to this risk by type and fair value, and implemented Governmental Accounting describe how they are held. At June 30, Santa Cruz County Standards Board Statement No. 40, 2005, the County’s deposits and issues a Comprehensive Deposit and Investment Risk Disclosures. Annual Financial Report. investments totaled $30.2 million, with The County is This reporting standard requires the $436 thousand in a Money Market Mutual responsible for preparing County to disclose its investment policies Fund exposed to custodial credit risk. financial statements, and any investment and deposit risks maintaining strong Concentration risk : This is the risk of related to credit risk, custodial credit risk, internal controls, and concentration of credit risk, interest rate loss attributed to the magnitude of a demonstrating accountability for its use government’s investment in a single issuer. risk, and foreign currency risk. At June 30, of public monies. As the 2005, the County’s deposits and Governments must generally disclose, by auditors, our job is to investments were exposed to the following amount and issuer, investments in any one determine whether the risks: issuer that represents 5 percent or more of County has met its total investments. At June 30, 2005, the responsibilities. Credit risk County had 19 percent invested in : This is the risk that an issuer Our Conclusion securities issued by the Federal Home of a debt security will not fulfill its obligations. Governments must disclose Loan Bank and 10 percent invested in The information in the the credit quality ratings of investments in securities issued by the Federal National financial statements is most debt securities. The County obtained Mortgage Association. fairly stated in all material respects and credit quality ratings from Standard and the financial statements The County’sPoor’s Ratings Service. Interest rate risk : This is the risk that can be relied on. investments received the highest ratings changes in interest rates will adversely assigned by Standard and Poor’s. affect the value of an investment in debt e County uses the weighted Credit Risk urity (WAM) method of Standard and Poor's Ratings significant portion, or 65 he County’s debt securities Not Rated AAA bject to interest risk had a (U.S. (U.S.Agency than 1 year as shown in the Treasury Securities) Securities 33% and State I nterestRate Risk LGIP) Maturity in Years 67%

2005 Year Ended June 30, 2005

Custodial risk : This is the risk that a government will not be able to recover deposits if a depository financial institution fails, or recover the value of an investment in the possession of an outside party if the transaction fails. Governments must disclose deposits and investments subject

Less than 1 year 65%

Between 1 and 2 years 2%

Greater than 2 years 33%

County’s Condensed Governmentwide

Statement of Net Assets June 30, 2005 and 2004 (In thousands) Total Governmental and Businesstype Activities 2004 2005 Current and other assets$19,048 $17,587 Capital assets, net24,201 23,129 Total assets43,249 40,716 Current and other liabilities1,706 2,665 Longterm liabilities6,353 7,552 Total liabilities8,059 10,217 Net assets Invested in capital assets, net of related debt22,726 20,709 Restricted net assets4,530 2,125 Unrestricted net assets7,934 7,665 Total net assets$35,190 $30,499

of Activities as of and for the years ended June 30, 2005 and 2004.

Statement of Activities Years Ended June 30, 2005 and 2004 (In thousands) Total Governmental and Businesstype Activities 2004 2005 Program revenues: Governmental activities$17,835 $19,522 Businesstype activities1,891 1,829 General revenues: Governmental activities20,303 17,105 Businesstype activities448 19 Total revenues40,477 38,475 Expenses: Governmental activities34,160 31,520 Businesstype activities1,626 1,350 Total expenses35,786 32,870 Change in net assets4,691 5,605 Net assets—beginning30,499 24,894 Net assets—ending$35,190 $30,499

TOOBTAIN MOREINFORMATION

A copy of the full report can be obtained by calling (602)5530333

or by visiting our Web site at: www.azauditor.gov

Contact person for this report: Jay Zsorey

REPORT HIGHLIGHTS FINANCIAL STATEMENT AUDIT

Year Ended June 30, 2005

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