Pinal County June 30, 2006 Report Highlights-Financial Audit

Pinal County June 30, 2006 Report Highlights-Financial Audit

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Pinal CountyREPORTThe General Fund’s FundHIGHLIGHTSFINANCIAL STATEMENT AUDIT Balance Continues to IncreaseSubjectPinal County issues aComprehensive Annual The General Fund’s fund balance, ofFinancial Report. The $46.1 million at June 30, 2006, increased General FundCounty is responsible for 39 percent from fiscal year 2005 and 257 Ending Fund Balancepreparing financial Past 5 Yearspercent from fiscal year 2002. Thisstatements, maintainingincrease is illustrated in the figure to thestrong internal controls, $50 $46.1right.and demonstrating$45accountability for its use$40of public monies. As the Property taxes; intergovernmental $33.2auditors, our job is to $35revenues including state-shared sales tax;determine whether the $30 $27.3licenses and permits; and charges forCounty has met its $25services revenues represent at least 96responsibilities. $19.5$20percent of General Fund revenues from$12.9$15fiscal years 2002 through 2006. Increases$10in these revenues are the primary reason$5for the significant increase in the GeneralOur Conclusion$0Fund’s fund balance due to increases inThe information in the 2002 2003 2004 2005 2006property values and population growth.financial statements is (restated) (restated) (restated)fairly stated in allmaterial respects, andthe financial statementscan be relied upon. County Entered into a $63.2Million Loan AgreementIn April 2006, Pinal County entered into a Net Assets increased 46 percent from theloan agreement ...

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