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CASH FORWARD BALANCES AT SEPTEMBER 30, 1988 <br />The Board reviewed the following memo dated 4/4/89: <br />TO: Members of the Board <br />of County Commissioners <br />DATE: April 4, 1989 <br />SUBJECT: CASH FORWARD BALANCES <br />AT SEPTEMBER 30, 1988 <br />THROUGH: James E. Chandler <br />County Administrator <br />lib <br />FROM: Joseph A. Baird <br />OMB Director <br />DESCRIPTION AND CONDITIONS <br />Our auditors, Coopers and Lybrand, recently certified the financial <br />statements of Indian River County for the 1987/88 fiscal year. The <br />audit report has already been mailed to the State of Florida. The <br />financial statements, however, are still being printed at this writing <br />and will be presented to the Board when they are complete. <br />One area of the statements that needs to be addressed is the balance <br />of actual cash in the two General Fund accounts at September 30, 1988 <br />versus the amount budgeted as cash forward. The chart below indicates <br />the condition of these accounts: <br />GENERAL FUND <br />Cash left 9/30/88 $ 7,159,090 <br />Less adjustment <br />by auditors ($11,263) <br />Balance of Actual <br />Cash $ 7,147,827 <br />Cash Forward <br />expected (budgeted) <br />at 09/30/88 <br />Difference between <br />Actual Cash at <br />09/30/88 and <br />budgeted cash <br />M.S.T.U. <br />$ 3,037,400 <br />TOTAL GENERAL <br />FUND ACCOUNT TYPE <br />$10,196,490 <br />($11.263) <br />$ 3,037,400 $10,185,227 <br />$ 3,004,269 $ 889,945 <br />$ 3,894,214 <br />$ 4,143,558 <br />$ 2,147,455 $ 6,291,013 <br />The actual cash forward balance exceeded the budgeted <br />following reasons: <br />balance for the <br />1. Last year the County had many more job vacancies than anticipated, <br />in part due to deferral or cancellation of various projects. Less <br />money was spent on personnel expenses than was actually planned. <br />2. The County received money from a lawsuit regarding time sharing <br />projects. <br />3. The County had "seed" money in reserve. These are the funds that <br />were to be spent on the start up costs of a capital protect (land <br />purchases. financing costs. and design) that were not expended in <br />the 1987/88 year. (i.e. Jail Phase III, and the new Health <br />Building). It should be noted that the additional One Cent Sales <br />APR 11 1989 <br />70 <br />KICK 6 F'46t. pit <br />