05 Audit for FY01-02 - Laserfiche WebLink

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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 Depart- ment'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 9-30w02: Moody's -- Tax Revenue Final Investors Issue Supported Supported Maturity Rating. -- 1993 Certificates of Obligation $ 3,685,000 $ 12-15-13 A 1994 Certificates of Obligation 4,210,000 06-15-15 A 1997 W & S Rev. Bonds 4,260,000 06-15-16 Aaa 1998 Tax & Rev. Refunding Bonds 5,810,000 12-15-11 Aaa 1998 W & S Rev. Refunding Bonds 6,905,000 12-15-11 Aaa _ 2000 Tax & Rev. C. O. 5,740,000 12-15-09 Aaa 2000 W & S Rev. Bonds 9,290,000 6-15-20 Aaa 2001 Tax & Rev. Refunding Bonds 5,130,000 6-15-12 A2 2002 Tax & Rev. Bonds 6,060,000 6-15-22 Aaa Total $15,485,000 $35,605,000 __ The City has various lease/purchase agreements outstanding for the purpose of acquiring certain equipment items in the amount of $798,041. The last of these leases ends in the year 2007. -- 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. Interest and sinking fund balances on the existing City bond debt equal $2,551,348 _ Therefore, the net bond debt per capita is $1,860. I-9