Santa Cruz County June 30, 2003 Report Highlights Financial Audit
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Santa Cruz County June 30, 2003 Report Highlights Financial Audit

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Santa Cruz CountyREPORT The County’s Fund BalancesHIGHLIGHTSFINANCIAL STATEMENT AUDIT Increased by $3.2 MillionSubjectThe County’s total governmental fundSanta Cruz County Comparison of Fund Balancesbalances were approximately $11issues a Comprehensive June 30, 2002 and 2003million at June 30, 2003, an increase ofAnnual Financial Report. (In millions)approximately $3.2 million from theThe County is$12responsible for preparing prior year. For fiscal year 2003, the $11.0financial statements, County anticipated a decrease in$10maintaining strong intergovernmental revenues from stateinternal controls, and and federal sources. To help $7.8demonstrating $8$7.4compensate for the anticipatedaccountability for its userevenue loss, the County reducedof public monies. As the $6auditors, our job is to actual General Fund expenditures for $4.7determine whether the $3.6general government and capital outlay $4County has met its $3.1from the prior year. In addition, theresponsibilities.County increased rates for charges for $2services and property taxes, andOur Conclusion$0experienced a substantial increase inThe information in the property assessed valuation. These General Fund Other Funds Totalfinancial statements isFiscal Yearsfactors, combined with a less thanfairly stated in all2002 2003expected decrease in intergovernmentalmaterial respects andrevenues, resulted in the increase inthe financial statementscan be relied on. fund balances. The table to the ...

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Santa Cruz County
REPORT The County’s Fund BalancesHIGHLIGHTS
FINANCIAL STATEMENT AUDIT Increased by $3.2 Million
Subject
The County’s total governmental fund
Santa Cruz County Comparison of Fund Balancesbalances were approximately $11
issues a Comprehensive June 30, 2002 and 2003million at June 30, 2003, an increase ofAnnual Financial Report. (In millions)approximately $3.2 million from theThe County is
$12responsible for preparing prior year. For fiscal year 2003, the $11.0
financial statements, County anticipated a decrease in
$10maintaining strong intergovernmental revenues from state
internal controls, and and federal sources. To help $7.8demonstrating $8
$7.4compensate for the anticipatedaccountability for its use
revenue loss, the County reducedof public monies. As the $6
auditors, our job is to actual General Fund expenditures for $4.7
determine whether the $3.6general government and capital outlay $4County has met its $3.1from the prior year. In addition, the
responsibilities.
County increased rates for charges for $2
services and property taxes, andOur Conclusion
$0experienced a substantial increase in
The information in the property assessed valuation. These General Fund Other Funds Total
financial statements is
Fiscal Yearsfactors, combined with a less thanfairly stated in all
2002 2003expected decrease in intergovernmentalmaterial respects and
revenues, resulted in the increase inthe financial statements
can be relied on. fund balances. The table to the right
compares the County’s fund balances
between June 30, 2002 and 2003.
The County Implemented a
New Reporting Model
The information presented in the Santa The new reporting model’s objective is
Cruz County Comprehensive Annual to enhance the understandability and
Financial Report (CAFR) for the year usefulness of government financial
ended June 30, 2003, follows the new reports to the citizenry, legislative and
reporting model specified by the oversight bodies, and investors and
Governmental Accounting Standards creditors.2003
Board. The new accounting standards
required the County to implement theYear Ended June 30, 2003
new reporting model this year.The most important changes resulting
Statement of Net Assets
from this reporting model’s June 30, 2003
implementation include: (In thousands)
TO OBTAIN Total • New government-wide financial MORE INFORMATIONNGovernmental statements that focus on the overall
Activities government are presented, in addition A copy of the full reportCurrent and other assets $14,805
to traditional fund-based financial Capital assets 19,749 can be obtained by calling
statements; Total assets 34,554 ((660022)) 555533-00333333

• Separate financial statements are Current and other liabilities 1,423
presented for the County’s largest Long-term liabilities 8,237
Total liabilities 9,660 funds, rather than by aggregate fund
or by visitingtypes such as special revenue, capital
Net Assets our Web site at:projects, and debt service funds; Invested in capital assets, net of www.auditorgen.state.az.us
related debt 16,487
• Depreciation expense is reported for all Restricted net assets 2,289 Contact person for
capital assets that the County owns, Unrestricted net assets 6,118 this report:
Total net assets $24,894 except for infrastructure, which is not Philip Shultz
reported;
• Reconciliations are presented between
Statement of Activities the government-wide financial For the Year Ended June 30, 2003
statements, which focus on the (In thousands)
economic changes in total resources,
Total and the fund-based financial
Governmental
Activities financial changes in current spendable
Program revenues: resources; and Charges for services $ 4,955
Operating grants and contributions 11,323
• Management’s Discussion and Capital grants and contributions 100
Analysis, a new document in which the
General revenues: County provides an introduction and
Taxes 15,647 analytical overview of the County’s
Miscellaneous 1,080 financial activities. Total revenues 33,105

The management’s discussion and Expenses:
General government 10,129 analysis, government-wide financial
Public safety 5,758 statements, and fund-based financial Highways and streets 3,409
statements provide three different views of Health, welfare and sanitation 4,935
the County’s financial resources and the Education and economic opportunity 3,999
Other 262 year’s results of its financial activities.
Total expenses 28,492

The tables to the right present Change in net assets 4,613
summarized versions of the County’s Net assets—beginning 20,281 —ending $24,894 government-wide Statement of Net Assets
and Statement of Activities reported in the
current year CAFR.
REPORT
HIGHLIGHTS
FINANCIAL STATEMENT AUDIT
Year Ended June 30, 2003
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