Tompkins County
New York

Report or Discussion Item
7138

Presentation of 2016 Financial Report

Information

Department:Finance DepartmentSponsors:
Category:FiscalFunctions:Fiscal (Budget)

Attachments

  1. Printout

Meeting History

Jul 10, 2017 4:00 PM  Budget, Capital and Personnel Committee Regular Meeting

Mrs. McBean-Clairborne arrived at this time.

Mr. Snyder reported the Audit Subcommittee met prior to this meeting to review the results of the County’s annual financial audit. All Legislators will receive a copy of the audit prior to taking action on the report at its next meeting.

Mr. Mickelson presented the Committee with highlights from the County’s annual financial audit report dated June 30th. He stated this report identified no material weaknesses or significant deficiencies in internal control over financial reporting at the financial statement level and no material instances of noncompliance. He said there was an increase of approximately $2.5 million in the County's financial position. He reported one management comment letter was issued to address a minor compliance issue regarding State funding for various contracts, which is consistent with other county entities due to not having guidance from the State.

Mr. Dennis commented that five to seven years ago there was a need to increase the County's Fund Balance as it was at a dangerously low point and said the County, through an effort of the Legislature, County Administrator, and Finance Director and his staff, has been able to build up a Fund Balance that will provide protection to the County for unplanned events. He thanked Insero & Co., LLP for their work on the audit.

RESULT:COMPLETED