FY 2018 Financial Statement Presentation


What is an audit?

Financial Statement Audit

  • Examination and evaluation of the financial statements to obtain reasonable assurance that the financial statement are free from material misstatements

  • Management is responsible for the presentation of the financial statements and the auditor expresses an opinion on the information provided

Single Audit

Evaluation of Internal Controls

Why is an audit required?

A Financial Statement audit is required under Idaho State section 67-450B Code.

  • Local governmental entity whose annual expenditures exceed $250,000

  • This must be performed by an independent auditor in accordance with GAGAS (Generally Accepted Governmental Auditing Standards)

A Single Audit is required by the Federal Government

  • An entities Federal Assistance expenditures exceed $750,000

  • This also must be performed by an independent auditor in accordance with Government Auditing Standards and Office of Management and Budget Uniform Guidance

Audit Results

click here for full Audit Report

Unqualified (Clean) Opinion

Financial Statement Audit - Independent Auditor's Report (pages 1-3)


  • Reasonable Assurance that the Statements are free from material misstatement
  • Adequate Presentation
  • Adequate Disclosure

Single Audit - Independent Auditor's Report (pages 67-70)


  • Internal Control over Financial Reporting and Compliance with Laws and Regulations (pages 67-68)
  • Compliance with Major Federal Programs (pages 69-70)

Management Discussion & Analysis

(Page 4-16)

Management Analysis of FY 2018 Activity:

  • Financial Highlights
  • Overview of the Financial Statements
  • Governmental-Wide Overall Financial Analysis
  • General Fund Budgetary Highlights
  • Capital Assets and Debt Administration
  • Future Outlook for the City

  • General Fund Revenues & Expenses

    (page 54)

    FY 2018 Revenues - $5,150,181 Under Budget

    FY 2018 Expenses - $6,536,971 Under Budget


    Differences in Budget to Actual:


    • Downtown Phase 2 and Lighting - Approximately $3 million
    • Grant Projects and other Capital projects - Approximately $2.3 million

    General Fund FY18 Projects/Capital

    • Downtown Revitalization Phase 1 - Construction in Progress as of 9/30/18
    • Downtown Revitalization Phase 2 - Construction in Progress as of 9/30/18
    • Ella Overlay
    • Oak Bike Path and Underground Power
    • Travers Field Storage Structure
    • Great Northern Restrooms
    • Kubota Tractor


    General Fund Financial Highlights

    (page 20)

    General Fund Ending Fund Balance

    Non-spendable Fund Balance - $34,223

    Restricted Fund Balance - $50,094

    Committed Fund Balance - $870,144

    Assigned Fund Balance - $6,537,027

    Unassigned Fund Balance - $1,663,715

    Total Ending Fund Balance - $9,155,203

    General Fund Unassigned Balance with Reserves

    General Fund Emergency Reserve

    (10% - 15% of Expenditures)

    FY 2019 GF Budget Expenditures - $9,513,750


    10% - $951,375 15% - $1,141,650


    9/30/18 Reserve Balance - $951,375


    Fully Funded at 15% $1,141,650

    General Fund Operating Reserve

    (20% - 28% of Expenditures)

    FY 2019 GF Budget Expenditures - $9,513,750


    20% - $1,902,750 28% - $2,663,850


    9/30/18 Reserve Balance - $2,442,577


    Fully Funded at 28% - $2,663,850

    Water Fund FY18 Projects/Capital

    • Sandcreek Waterline Replacement and Hydroelectric Project

    Sewer Fund FY18 Projects/Capital

    • Downtown Sewer Main Replacement Phase 1 - Complete
    • Downtown Sewer Main Replacement Phase 2 - Construction in Progress as of 9/30/18
    • Inflow and Infiltration Project (ongoing)
    • Dump Truck
    • Excavator
    • Wastewater Facility Planning