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Finance Director Fry referred to Pages 100 and 101 and noted that under the column for Water and Sewer System there was a net increase in working capital of $45,199; so, basically the utility system does have a positive cash flow at this time. Director Fry then turned the discussion over to the auditors from Coopers & Lybrand. Christine Hill referred to Page 1, the auditor's opinion on the financial statements of Indian River County. She noted that it is an unqualified opinion and also noted that it does state that they were in agreement with the restatements discussed earlier in regard to the change in reporting of Special Assess- ment Funds, reclassification of the Housing Authority Fund, etc. Ms. Hill then addressed the Compliance Section, which begins on Page 173 of the report. This, section deals with the require- ments of the Single Audit Act of 1984 covering federal financial assistance programs. Each Constitutional Officer has their own set of reports as does the Board of County Commissioners, and at the end of this section are the responses from those officials and the Board dealing with the comments and recommendations made. Ms. Hill felt the Board would like to know that the auditors were in agreement with the responses. She advised that the reports on internal control indicate no material weaknesses and the reports of compliance indicate no items that would have a material effect on the financial statements. Ms. Hill thanked everyone for their assistance and cooperation during the audit. Chairman Scurlock thanked Coopers & Lybrand for making possible such a smooth transition, which he believed is the most orderly he has ever seen. He did wish to remind them, that we didn't use our 40 hours last year and agreed we can double up this year, which he felt may be discussed later in the agenda. 23 FEB 161988 BOOK 7fl FAGE 841