HomeMy WebLinkAboutAudit Presentation ► I1
ClayCountyUtility
Authority
Annual Audit for the Year Ended
September 30, 2023
Presented by:
Zach Chalifour, CPA
February 20, 2024
w.f\ DAMES
MOORE
888-387-6851
www.jmco.com
• I Auditors' Reports
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• Unmodified Opinion (pages 1 -3)
• State Single Audit Report (pages 23-25)
• DEP and SJRWMD grants
• Internal Control and Compliance Report (pages 26-27)
• No material weaknesses or compliance matters
• Management Letter Required by Auditor General (pages 28-31 )
• Examination Report (page 32)
JAMESMOORE
Other Items
Required communications to those charged with Governance:
• New Standards Implemented in Current Year
• No significant changes as minimal impacts from GASB 96
• Significant estimates
• Allowance for doubtful accounts, Depreciation
• Significant disclosures
• Debt
• Corrected and uncorrected misstatements
• None
• Issues performing audit/ disagreements with management
• None
JAMESMOORE
t11i .hts This Year
• Increase in net position of $44.8 million
• Fixed Assets — net additions of approximately $41 .3 million
• Debt — One new revenue bond for $75M; $7 million in current year principal payments
• Operating Income: $5.3 million; consistent with prior year of $5.4 million
• Revenues: $5.9 million increase
• Expenses: $6.0 million increase
• Significant increase in developer and other contributions: approximately $13.8 million increase
JAMESMOORE
Wye Y.'re At Today
— —
202 2022 202
Unrestricted Net $ 56,296,646 $ 64,436,550 $ 73,312,640
Position
Unrestricted Net 98.08% 126.83% 154.67%
Position as a % of
Expenses
Unrestricted Net 54.47% 81 .04% 135.08%
Position as a % of
Cash Outflows
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Revenue / Expense Trends
or mi
2021
Operating Revenues $ 59,890,483 $ 53,992, 145 $ 49,449, 162
Operating Expenses 54,568,373 48,521 ,737 $ 44,914, 101
Operating Income 5,322, 110 5,470,408 $ 4,535,061
Op Income % of Revenue 8.9% 10. 1 % 9.2%
Cash Flows from Operating 20,212,595 17,991 ,632 $ 16,911 ,234
Activities
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Comparison to Similar Entities
Equity / Working Capital Operating Unrestricted UNP as % of
vs : udge Reven - Net Position Revenues
CCUA, 2023 $ 59,890,483 $ 56,296,646 94.0%
Seacoast Utility, 2022 65,715,647 83,003,047 126.3%
Toho Utility, 2022 150,999,000 161 ,316,000 106.8%
Emerald Coast UA, 2022 163,347,634 127, 118,318 77.8%
Okeechobee Utility, 2022 11 ,845,052 8,637,990 72.9%
FGUA, 2022 (total) 92,657,722 68,404,580 73.8%
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O I i 1 , • o a to Similar Entities
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Debt (Bond, Notes, Loans) Long-term Unrestricted UNP as % of
to Equity Debt Net Position Debt
CCUA, 2023 $ 159,283,835 $ 56,296,646 35.3%
Seacoast Utility, 2022 24,214,562 83,003,047 342.8%
Toho Utility, 2022 239,854,000 161 ,316,000 67.3%
Emerald Coast UA, 2022 267,211 ,371 127, 118,318 47.6%
Okeechobee Utility, 2022 16,922,604 8,637,990 51 .0%
FGUA, 2022 (total) 302,548, 145 68,404,580 22.6%
‘)_ JAMESMOORE
Comparison to Similar Entities
Long-term Operating Debt as
Debt to Revenue Debt Revenue of Op Rev
CCUA, 2023 $ 159,283,835 $ 59,890,483 265.9%
Seacoast Utility, 2022 24,214,562 65,715,647 26.8%
Toho Utility, 2022 239,854,000 150,999,000 158.8%
Emerald Coast UA, 2022 267,211 ,371 163,347,634 163.6%
Okeechobee Utility, 2022 16,922,604 11 ,845,052 142.9%
FGUA, 2022 (total) 302,548, 145 92,657,722 326.5%
‘)_ JAMESMOORE
QUESTIONS