Not-For-Profit Entity: Man In The Mirror, Government Entity For CAFR Project: Calvert County, MD
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ACCT410_CAFR_Presentation.pptxCalvert County, Maryland Comprehensive Annual Financial Report For the Fiscal Year Ended June 30, 2016
ACCT 410-7980
Accounting for Government and Not-for-Profit Organizations
Presented by:
Date: December 3, 2017
Certificate of Achievement for Excellence in Financial Reporting
Established in 1945 to encourage and assist state and local governments to go beyond the minimum requirements of generally accepted accounting principles to prepare comprehensive annual financial reports that evidence the spirit of transparency and full disclosure and then to recognize individual governments that succeed in achieving that goal.
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to Calvert County Government for its comprehensive annual financial report for the fiscal year ended June 30, 2015.
Governmental Funds
There are two major funds on the financial statements:
General Fund
Capital Projects Fund
There are thirteen non major funds:
Planning and Zoning
Board of Library Trustee
Parks and Recreation
Chesapeake Hills Golf Course
Calvert Marine Museum
Bar Library
Economic Development Authority Revolving Loan
Revolving Loan
Calvert County Family Network
Excise Tax
Economic Development Incentive
Grants
Land Preservation
County Statistics
The largest employer of Calvert County is Calvert County Public Schools with 2,224 employees, which equates to 4.78% of total county employees.
The County of Calvert, for that last 3 fiscal years has collected 100% of property tax levies and collections for a total of $120,625,659 in 2016
The County continues its policy of maintaining a reserve of 8 percent of current budgeted General Fund expenditures to protect its high credit ratings and provide for a source of funds to be available in the event of “catastrophic” revenue short falls. In June 2016, the County’s credit ratings were reaffirmed by Standard & Poor’s and Fitch and upgraded by Moody’s Investors Service, Inc. The current ratings follow:
The unemployment rate for Calvert County was reported as 3.9% for 2015 by the Maryland Department of Labor Licensing and Regulation. This continues an improving trend.
The average per‐capita personal income of County residents reported by the Maryland Department of Planning for 2011‐2015 is $50,066 ($43,546 in 2010‐2014), an increase of 15.0 percent.
Proprietary and Fiduciary Funds
There are two major enterprise funds:
1. Water and Sewer Funds
2. Solid Waste and Recycling Fund
Both major enterprise funds are operating at a Operating Income (loss).
Calvert County maintains 4 internal service funds.
1.General Fund
2.Special revenue funds
3.Capital projects fund
4.Enterprise funds
Fiduciary Funds:
1. Others county records Pension funds
2. Other Post-Employment Benefit types
3. Agency Fund
Fiduciary funds are used to account for resources held for the benefit of parties outside the government.
Other information
In fiscal year 2016, assets and deferred outflows exceeded liabilities and deferred inflows by $160.9 million (prior year, $153.9 million). Property taxes and income taxes provide the majority (89 percent, fiscal year 2016 budget) of the revenue for the General Fund of the Calvert County Government.
Property tax, the largest revenue source, represented 60 percent of the total General Fund revenue for fiscal year 2016. The number of residential building permits issued in fiscal year 2016 was 215, a decrease of about 36 percent or 120 permits from the 335 issued in FY 2015.
The County also received the GFOA Award for Distinguished Budget Presentation for its annual budget dated July 1, 2015 to June 30, 2016. In order to qualify for this Distinguished Budget Award, the County must publish a budget document that meets program criteria as a policy document, operations guide, financial plan, and communications medium.
References
Calvert County Maryland Comprehensive Annual Financial Report For the Fiscal Year Ended June 30, 2016. Retrieved from http://www.co.cal.md.us/DocumentCenter/View/14361
