Washtenaw County

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Washtenaw County

• Highlights from the
• Comprehensive Annual Financial Report (CAFR)
• Year ended December 31, 2006

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CAFR Awards and Preparation

• Washtenaw County has won the GFOA Certificate of
  Achievement for Excellence in Financial Reporting
  for the last 16 years.
• We finished the CAFR before March 31 for the 10th
  straight year.
• The CAFR was prepared according to the Blue Book
  (published by GFOA).

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General Fund Fiscal Highlights (cont.)
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General Fund Fiscal Highlights (cont.)
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General Fund Fiscal Highlights

• General Fund (pages 20 and 23 of CAFR)
• The General Fund finished 2006 with a surplus of
  402 thousand.
• The unreserved fund balance in the General Fund
  was 8.4 million at 12/31/06.
• This represents 8.5 of annual General Fund
  expenditures (including appropriations to other
  County funds).

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General Fund Fiscal Highlights (cont.)
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County Reserve Funds Fiscal Highlights

• The fund balance in the Capital Reserve funds was
  13 million at 12/31/06 (obligated for future
  years debt service payments).
• The Delinquent Tax Reserve fund had 4 million in
  actual reserves at 12/31/06.
• The unreserved fund balance in the General Fund
  was 8.4 million at 12/31/06.

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County Reserve Funds - Fund Balance
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County Legal Debt Margin

• Legal Debt Margin (page 132 of CAFR)
• Constitutional debt limit for County -
• 10 of SEV or 1,854,553,316
• Actual debt amount for County -
• 0.62 of SEV or 115,193,717
• Based on total County SEV (state equalized
  value) of 18,545,533,160

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County Debt 10 Year Comparison
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County Debt Bond Rating

• County Bond Rating
• Debt Instrument Rating Rating Agency
• Bonds AA Standard Poors
• Aa2 Moodys
• General Obligation
• Tax Notes Prime - 1 Fitch

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County Fiscal Process and CAFR Discussion
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Overview of the Countys Fiscal Year

• I. Budget approval by Board of Commissioners
• II. Fiscal activity takes place during year
• Payroll (paying employees every two weeks)
• Payables (paying vendors 3 times per week)
• Grant reporting to state and federal agencies
• Receipting of monies daily
• Accounting work performed daily to ensure the
  general ledger the books - are correct
• III. Close the books / prepare for audit
• IV. Audit performed / CAFR printed
• V. Presentation of CAFR to Board of Commissioners

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Continued Improvement on Audit Timeliness!
Excellent!
average
improving
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What Is Needed For A Successful Audit?

• How have we finished the audit by March 31 for
  the last 10 years?
• Leadership and daily support from County
  Administration and the Finance Director.
• Dedicated, knowledgeable employees who stay with
  the County many years (low turnover).
• Significant cooperation from many employees
  working throughout the County fiscal system.
• Excellent auditors who know how local government
  finances work.

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Fiscal Staff Who Worked on the Audit

• Finance Department
• Roberta Allen
• Terry Ballantyne
• Don Bilbey
• Peter Collinson
• Tina Gavalier
• Kirk Profit Jr.
• Xiaohong Wu
• Planning Environment
• Janet Gilkey
• Drain Commissioner
• Pat Willis

• CSTS
• Florice Boelter
• Public Health
• Kelly Belknap
• Dick Eckoff
• Treasurers Office
• Kirsten Osborn
• Sue Bos
• Road Commission
• Dan Ackerman

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New Item in 12-31-06 Audit

• We implemented GASB 43 for the VEBA
• financial reporting for retiree health plans
  (VEBA)
• disclosure in the VEBA financial statements

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Change in CAFR for 12-31-07

• During 2007 we will implement GASB Statement 45
  for the County as a whole
• GASB 45 accounting and financial reporting by
  employers for retiree health benefits
• primarily a reporting mandate, not a funding
  mandate

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Our External Auditors - Rehmann Robson

• Rehmann Robson has audited the County for a
  number of years. We have been very pleased with
  their work.
• Rehmann Robson audits 1/3 of the counties in the
  State and many cities, villages, townships,
  school districts.
• Mark Kettner, Principal at Rehmann Robson, will
  briefly discuss the 2006 audit.
• Mark has played a significant role in our audit
  success over the years.

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