HomeMy WebLinkAboutAudit Presentation Clay County Utility
Authority
Annual Audit for the Year Ended
September 30, 2024
Presented by:
Zach Chalifour, CPA
Wi DAMES
MOORE
888-387-6851
www.jmco.com
i i • • • • • • i uditors' Re s orts
• Unmodified Opinion (pages 1 -3)
• Internal Control and Compliance Report (pages 23-24)
• No material weaknesses or compliance matters
• Management Letter Required by Auditor General (pages 25-28)
• Inventory tracking recommendation
• Examination Report (page 29)
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Other Items
•
Required communications to those charged with Governance:
• No New Standards Implemented in Current Year
• However, implementation of GASB 96 from ERP transitions
• Significant estimates
• Allowance for doubtful accounts
• Significant disclosures
• Debt
• Corrected and uncorrected misstatements
• Inventory balance reduction
• Issues performing audit/ disagreements with management
• None
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• ' I i ' i i is Year
•
• Increase in net position of $38.0 million
• Fixed Assets — net additions of approximately $105 million
• Debt — One new revenue bond for $30M; $7 million in current year principal payments
• Operating Income: $5.5 million; consistent with prior year of $5.3 million
• Revenues: $5.6 million increase
• Expenses: $5.4 million increase
• Decrease in developer and other contributions: approximately $5.3 million decrease
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Where You're At Toda
VIA ITi
Unrestricted Net Position $ 57,339,662 $ 56,296,646 $ 64,436,550 $ 73,312,640
Unrestricted Net Position as a 87.56% 98.08% 126.83% 154.67%
% of Expenses
Unrestricted Net Position as a 38.44% 54.47% 81 .04% 135.08%
% of Cash Outflows
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Revenue / EN • ense Trends
..limari impr
202'
Operating Revenues $ 65,525,059 $ 59,890,483 $ 53,992,145 $ 49,449,162
Operating Expenses 60,032,201 54,568,373 48,521 ,737 44,914,101
Operating Income 5,492,858 5,322,110 5,470,408 4,535,061
Op Income % of 8.4% 8.9% 10.1 % 9.2%
Revenue
Cash Flows from 20,665,045 20,212,595 17,991 ,632 16,911 ,234
Operating Activities
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ii I . • I i o Similar Entities
Equity / Working Capital Operating Unrestricte , 1 UNP as % of
vs. Budget Revenue Net Positio Revenu -
CCUA, 2024 $ 65,525,059 $ 57,339,662 87.5%
Seacoast Utility, 2023 70,584,663 92,075,336 130.4%
Tohopekaliga Utility, 2023 199,288,000 146,197,000 73.4%
Emerald Coast UA, 2023 173,246,758 116,584,853 67.3%
Okeechobee Utility, 2023 12,793,018 11 ,543,740 90.2%
FGUA, 2023 (total) 95,419,410 70,877,264 74.3%
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uu I . • I i o Similar Entities
Debt (Bond, Notes, Loans) Long-term Unrestricted UNP as
• ,• uity Deb Net Position Deb
CCUA, 2024 $ 182,224,457 $ 57,339,662 31 .5%
Seacoast Utility, 2023 12,141 ,474 92,075,336 758.4%
Tohopekaliga Utility, 2023 257,269,000 146,197,000 56.8%
Emerald Coast UA, 2023 235,800,021 116,584,853 49.4%
Okeechobee Utility, 2023 14,809,351 11 ,543,740 77.9%
FGUA, 2023 (total) 290,927,328 70,877,264 24.4%
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ii I . • I i o Similar Entities
Long-term Operating Debt as %
Debt to Revenue Debt Revenue of Op R-v
CCUA, 2024 $ 182,224,457 $ 65,525,059 278.1%
Seacoast Utility, 2023 12,141 ,474 70,584,663 17.2%
Tohopekaliga Utility, 2023 257,269,000 199,288,000 129.1 %
Emerald Coast UA, 2023 235,800,021 173,246,758 136.1 %
Okeechobee Utility, 2023 14,809,351 12,793,018 115.8%
FGUA, 2023 (total) 290,927,328 95,419,410 304.9%
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QUESTIONS
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