C.A.F.R., FY 2006-07 - Laserfiche WebLink

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Generally, appropriations are legally adopted at the department level. Budgetary controls are maintained at the major category of expenditure level within each operating division. All anticipated expenditures are budgeted for control purposes. Capital project funds are appropriated on a project by project basis. Expenditures and/or expenses are duectly monitored by the City Council. Internal Controls Internal accounting controls are designed to provide reasonable, but not absolute, assurance of the safeguarding of assets against loss from unauthorized use or disposition and reliable financial records for preparing financial statements and maintaining accountability for assets. The concept of reasonable assurance recognizes that the cost of a control should not exceed the benefits likely to be derived. All internal control evaluations occur within this framework. The Finance Department's staff believes the City's internal control structure adequately ensures compliance with laws and regulations and reasonable assurance for safeguarding of assets. Debt The following schedule outlines the outstanding City debt as of 9-30-07: Moody's Tax Revenue Final Investors Issue Supported Supported Maturi RatinQ• 1997 W & S Rev. Bonds $ - $ 3,090,000 06-IS-16 A3 1998 Tax & Rev. Refunding Bonds - 3,240,000 12-15-11 A3 1998 W & S Rev. Refunding Bonds - 3,860,000 12-15-11 A3 2000 Tax & Rev. C. O. 4,690,000 - 12-15-19 A3 2000 W & S Rev. Bonds - 7,925,000 6-15-20 A3 2001 Tax & Rev. Refunding Bonds - 2,800,000 6-15-12 A3 2002 Tax & Rev. C. O. 5,005,000 - 12-15-21 A3 2003 General Obligation Refunding Bonds 2,601,600 2.818,400 12-15-14 A3 Total The City has various lease/purchase agreements outstanding for the purpose of acquiring certain equipment items with the minimum lease payments amounting to $641,497. The last of these leases ends in the year 2010. A $120,600 note payable for the construction of aircraft hangars and associated appurtenances at the City's Cox Field was obtained February 27, 1991. The note bears an interest rate of 5% with principal and interest payments made in annual installments. The current principal outstanding is $34,315.07. Final payment is due August 21, 2011. Independent Audit The City Charter requires an annual audit to be made of the accounts, financial records, and transactions of all administrative departments of the City by a certified public accountant selected by -the City Council. The requirement has been complied with, and the Independent Auditors' Report has been included in this report. I-5