Audit shows county ‘in good shape’
San Jacinto News- Times - July 2008
COLDSPRING – “San Jacinto County is in good shape,” auditor Robert Belt of Sadersen, Knox and Belt LLP, told members of commissioners’ court Tuesday. Referring to San Jacinto County’s 2006-2007 annual fi nancial audit, Belt said, “You have a healthy fund balance and your records are in good order.” Belt congratulated the county for receiving a Certifi cate of Achievement for Excellence in Financial Reporting for the fi scal year ended Sept. 30, 2006. “Only about 5 percent of governments receive the award. It’s a very prestigious honor for you,” Belt told commissioners’ court. A Certifi cate of Achievement for Excellence in Financial Reporting is presented by the Government Finance Offi cers Association of the United States and Canada to government units and public employee retirement systems whose comprehensive annual fi nancial reports achieve the highest standards in government accounting and fi nancial reporting. “By frugal budgeting and careful adherence to its budget, San Jacinto County continues to improve its position fi nancially.
The general fund balance for the year ended Sept. 30, 2006 was a positive $1,931,489. As of Sept. 30, 2007, the general fund balance has increased by $803,917, which continues to show positive growth for the county,” Belt said. “As of Sept. 30, 2007, San Jacinto County had outstanding general obligation debt in the amount of $5,545,000 in certifi cates of obligation and capital leases of $1,122,481,” Belt said. According to the audit, San Jacinto County’s assets exceeded liabilities by $12,070,723 as of the year end. The largest portion of the county’s net assets, 64 percent, refl ects its investments in capital assets such as land, buildings, machinery and equipment, less any debt used to acquire those assets that are still outstanding. Unrestricted net assets, $2,865,231, increased 5 percent over the prior year and may be used to meet the county’s ongoing obligation to citizens and creditors.
For the year ended Sept. 30, 2007, revenues for San Jacinto County totaled $7.3 million in general fund revenues, 609,649 in Pct. 1 Road and Bridge; 638,175 in Pct. 2 Road and Bridge; $796,086 in Pct. 3 Road and Bridge; $740,017 in Pct. 4 Road and Bridge; $84,062 in Capital Projects; $916,538 in Non-major Governmental Funds; and $11,111,303 in Total Governmental Funds. Expenditures for the same period included $6,916,985 in the General Fund; $595,276 in Pct. 1 R&B; $836,838 in Pct. 2 R&B; $794,408 in Pct. 3 R&B; $960,878 in Pct. 4 R&B; $1,255,982 in Capital Projects; $1,012,781 in Non-major Governmental Funds; and $12,373,148 in Total Governmental Funds. Beginning fund balances in the General Fund for the same period totaled $1.9 million with an ending fund balance of $2.7 million; Pct. 1 R&B had a beginning fund balance of $160,551 and an ending fund balance of $217,457; Pct. 2 had a beginning fund balance of $118,969 and an ending fund balance of $176,422; Pct. 3 R&B had a beginning fund balance of $385,956 and an ending fund balance of $419,182; Pct. 4 R&B had a beginning fund balance of $114,188 and an ending fund balance of $186,124; Capital Projects had an ending fund balance of $3 million; Non-major Governmental Funds had a beginning fund balance of $470,159 and an ending fund balance of $554,669; and the beginning fund balance for Total Governmental Funds was $3.2 million with an ending fund balance of $7.4 million.