HomeMy WebLinkAboutC.054.93010_1268 (2)1RF0FI 1 C01'N 1'\ BOARD OF COMMISSIONERS
RF(A I %R MINFTF'S
NON F HIER 1S, 20113
lite h-cdcll Comm Board of Commissioners met in Regular Session on
IuCs,ias, Noscmbcr IN, _'Ott}, ;u 7:00 p.m., in the Iredell County Government Center
tc ommissioners' Meeting Room). 200 South ('enter Street, Statesville, NC.
Present were:
Chairman Steve D. Johnson
Vice Chairman Godfrey Williams
Doug Madison
Marvin Norman
Sara Hairc Tice
Statfpresent:. County Manager Joel Mashburn, County Attorney Bill Pope,
Finance Director Susan Blumenstein, and Clerk to the Board Jean Moore.
CALL TO ORDER by Chairman Johnson.
INVOCATION by Commissioner Williams.
PLEDGE OF ALLEGIANCE TO THE FLAG
ADJUSTMENTS TO THE AGENDA: MojfoN by Chairman Johnson to
approve the agenda by the following adjustments.
Addition: Request from the Mooresville Graded School District for an FY 2003-04
Capital Outlay Budget Amendment in Regards to the Transfer of $200,000
from line items for Water Sewer Services at the new Mooresville
Intermediate School.
Delition: Three Appointments to the Transportation Advisory Board (The
transportation director will suggest nominees at a future meeting.)
VOTING: Ayes -- 5; Nays - 0.
APPOINTMENTS BEFORE THE BOARD
Presentation of the Comprehensive Annual Financial Report for Iredell
County, as of June 30, 2003, by McLelland, Rutherford & McKenzie, PA: CPA Ron
McLelland advised that the county's annual financial report ending June 30, 2003 had
been approved by the Local Government Commission on November 10, 2003.
McLelland said his firm had rendered an "unqualified" opinion on the county's financial
status for this reporting period. He said there were no reportable conditions or findings
relating to noncompliance to state and federal awards, laws, or regulations. Mr.
McLelland stated that as required, Governmental Accounting Standards Board (GASB)
Statement Number 34 had been implemented during the 2002-03 year. He said the
GASB standards required significant changes in the audit pertaining to terminology and
presentation. He said the basic financial statement was presented on the full accrual or
commercial basis of the county, while the fund financial statements continued to be
presented in the modified accrual method.
Financial Director Blumenstein said the management discussion and analysis
information included the following financial highlights.
• The assets of Iredell County, North Carolina exceeded its liabilities at the close of the
fiscal year by $76,667,166 (net assets).
• The government's total net assets increased by $6,278,828, prinnarily due to increased
net assets in the General Fund.
• At the end of the current fiscal year, Iredell County, North Carolina's governmental
finds reported combined ending fund balances of $29,210,584, a decrease of $3,757,593 in