2003-058 - Laserfiche WebLink

Home Browse Search

as the total appropriations of a fund are not exceeded . Board approval to amend the budget is required when unanticipated revenues are received that management wishes to have appropriated, thereby increasing the total appropriations of a fund. Appropriations for the County lapse at the close ofthe fiscal year. FINANCIAL INFORMATION Readers ofthis report are encouraged to read Management' s Discussion and Analysis (MD&A) . The MD&A provides basic financial information about the County and an overview of the County ' s activities . The government-wide financial statements , consisting of a statement of net assets and a statement of activities , provide a comprehensive financial picture ofthe County, split between governmental activities and business-type activities . These statements are prepared using the economic resources measurement focus and the accrual basis of accounting, where all assets, liabilities, revenues, and expenses ofthe County are reported. The fund financial statements provide information concerning the County' s funds and are prepared from the County ' s accounting records . The County ' s accounting records for general governmental operations are maintained on a modified accrual basis, with revenues being recorded when available and measurable and expenditures being recorded when the services or goods are received and the liabilities are incurred. Accounting records for the County ' s proprietary funds are maintained on the accrual basis . The County operates on a fiscal year (FY) of October 1 to September 30 . Internal accounting controls for the County are designed to provide reasonable , but not absolute , assurance regarding the safeguarding of assets against loss from unauthorized use or disposition and the reliability of 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, and the evaluation of costs and benefits requires estimates and judgements by management. CashMana eg ment In accordance with Section 218 . 415 , Florida Statutes, the County adopted an investment policy which guides the investment of County surplus funds . This policy establishes investment objectives, maturity and liquidity requirements, portfolio composition, risk and diversification requirements , and authorized investments . The primary objectives of investment activities are to preserve capital and maintain sufficient liquidity to meet anticipated cash flow needs . The secondary objective is to obtain competitive returns on the investment of County surplus funds . Surplus funds were invested in direct U . S . government obligations , U . S . agency obligations , the Florida Local Government Surplus Funds Trust Fund and the Florida Local Government Investment Trust Fund. During FY 2002, County investments had yields ranging from 2 . 0% to 7 . 515 % . The average yield ofthe portfolio as of September 30, 2002 was 4 . 64% . 1 1 ix