CITY OF SACO FINANCIAL OVERVIEW Presented by: Roger A. Lebreux and Parker Madden RUNYON KERSTEEN OUELLETTE INSIDE 2. Summary of Audit Results 3. City General Fund – Fund Balance 4. City General Fund – Revenues 5. City General Fund – Expenditures 6. School General Fund – Fund Balance 7. School General Fund – Revenues 8. School General Fund – Expenditures 9. Unassigned Fund Balance as a Percentage of Budget 10. General Fund – Fund Balance Analysis Last Ten Years 11. Unassigned Fund Balance as a Percentage of Budget Compared to other Cities 12. Property Tax Collection Rates 13. Property Tax Rates 14. General Fund - Expenditure Distribution - 2018 15. General Fund - Expenditure Distribution – 2017 16. Long Term Debt & Capital Leases 17. Debt Per Capita – Last Ten Fiscal Years About this presentation This presentation is intended as a tool to assist the City Council, School Department and management in understanding its financial operating results. The information contained in this publication should be read in conjunction with the audited financial statements and related disclosures and should not be used for any other purpose without the expressed consent of RUNYON KERSTEEN OUELLETTE. Please contact us at 207-773-2986 or 1-800-486- 1784 20 Long Creek Drive, South Portland, ME 04106
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CITY OF SACO FY2018 Audit Presentation.pdfrevenue and expenditure variances that will be discussed in further detail on further slides. 2018 2017 2016 2015 2014 ... 49.76%. CITY OF
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CITY OF SACOFINANCIAL OVERVIEW
Presented by: Roger A. Lebreux and Parker MaddenRUNYON KERSTEEN OUELLETTE
INSIDE2. Summary of Audit Results3. City General Fund – Fund Balance4. City General Fund – Revenues 5. City General Fund – Expenditures6. School General Fund – Fund Balance 7. School General Fund – Revenues8. School General Fund – Expenditures9. Unassigned Fund Balance as a Percentage of Budget10. General Fund – Fund Balance Analysis Last Ten Years11. Unassigned Fund Balance as a Percentage of Budget
Compared to other Cities12. Property Tax Collection Rates13. Property Tax Rates14. General Fund - Expenditure Distribution - 201815. General Fund - Expenditure Distribution – 201716. Long Term Debt & Capital Leases17. Debt Per Capita – Last Ten Fiscal Years
About this presentationThis presentation is intended as a tool to assist the City Council, School Department and management in understanding its financial operating results. The information contained in this publication should be read in conjunction with the audited financial statements and related disclosures and should not be used for any other purpose without the expressed consent of RUNYON KERSTEEN OUELLETTE.
Please contact us at 207-773-2986 or 1-800-486-178420 Long Creek Drive, South Portland, ME 04106
CITY OF SACOSUMMARY OF AUDIT RESULTS
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• Financial Statement Opinion – Unmodified
• Awarded a certificate of achievement for excellence in financial reporting for the fiscal year ended June 30, 2017
• Report Required by Government Auditing Standards (GAS)• No Material Weaknesses
• No Significant Deficiencies
• There was one compliance finding
• Other Comments• There were 2 additional other comments
• Report Required by the Uniform Guidance• Programs Tested:
• Child Nutrition Cluster
• Findings: None
CITY OF SACOCity General Fund – Fund Balance
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Observations: • Total fund balance increased by $131,647 from 2017 to 2018. This is attributable to favorable
revenue and expenditure variances that will be discussed in further detail on further slides.
Total expenditures and other uses 35,548,262 35,733,717 (185,455)
CITY OF SACOUNASSIGNED FUND BALANCE AS A PERCENT OF BUDGET
2014 2015 2016 2017 2018
City - General Fund 9.88% 10.15% 11.86% 13.58% 13.15%
City - All Funds 7.25% 6.02% 9.04% 9.04% 11.63%
City & School - General Fund 0.00% 8.15% 11.45% 10.40% 12.24%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
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Observations:• Fund balance provides working capital for the City and enhances its credit worthiness.• RKO recommends a ratio of fund balance to equal approximately one and a half to two months of expenditures
which equals 12.5% to 16.67%.
CITY OF SACOGENERAL FUND – FUND BALANCE ANALYSIS 2009 - 2018
• Tax rates have remained fairly consistent through 2012 with a large spike in 2013 due to increases in the education assessment, along with a 7% reduction in values. They have increased 5.9% since then.
CITY OF SACOGENERAL FUND – Expenditure Distribution - 2018
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General government 5.40%
Public safety 13.08% Public works
10.29%
Culture and recreation 3.07%
County tax 2.45%
Unclassified 9.66%
Debt service 4.96%
Capital projects 1.33%
Transfer out (includes education)
49.76%
CITY OF SACOGENERAL FUND – Expenditure Distribution - 2017
Observations:• The City and School entered into $1,029,050 of new capital leases during 2018.• The change in the net pension liability is due to the actuarial calculation of the liability
based on investment performance and other assumptions. • Other post-employment benefit liability changed due to implementing GASB 75.
CITY OF SACODEBT PER CAPITA – LAST TEN FISCAL YEARS