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REPORT OF THE AUDIT OF THE BOYD COUNTY FISCAL COURT For The Fiscal Year Ended June 30, 2011

REPORT OF THE AUDIT OF THE BOYD COUNTY FISCAL COURT For The Fiscal Year Ended June 30, 2011

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Published by: Tracy James Justice Jr on Aug 31, 2012
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08/31/2012

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ADAM H. EDELENAUDITOR OF PUBLIC ACCOUNTS
www.auditor.ky.gov
209 ST. CLAIR STREETFRANKFORT, KY 40601-1817TELEPHONE (502) 564-5841FACSIMILE (502) 564-2912
 REPORT OF THE AUDIT OF THEBOYD COUNTYFISCAL COURT
For The Fiscal Year EndedJune 30, 2011
 
EXECUTIVE SUMMARYAUDIT EXAMINATION OF THEBOYD COUNTY FISCAL COURTJune 30, 2011
The Auditor of Public Accounts has completed the audit of the Boyd County Fiscal Court for fiscal year endedJune 30, 2011. We have issued unqualified opinions, based on our audit, on the governmental activities,business-type activities, and each major fund of Boyd County, Kentucky.The financial statements of the Boyd County Sanitation District No. 4, a discretely presented component unit,have been prepared under accounting principles generally accepted in the United States of America, which isinconsistent with the basis of accounting Boyd County, Kentucky, uses to prepare its financial statements. Asa result, we have issued a qualified opinion on the discretely presented component unit.
 
Financial Condition:
The fiscal court had total net assets of $8,092,323 as of June 30, 2011. The fiscal court had unrestricted netassets of $1,552,340 in its governmental activities as of June 30, 2011, with total net assets of $8,033,605. Inits business-type activities, total net cash and cash equivalents were $54,010 with total net assets of $58,718.The fiscal
court’s disc
retely presented component unit had net assets of $5,832,641 as of June 30, 2011. Thediscretely presented component unit had net cash and cash equivalents of $723,100. The fiscal court had totaldebt principal as of June 30, 2011 of $46,061,866 with $2,023,723 due within the next year. The discretelypresented component units had total debt principal as of June 30, 2011 of $2,505,301 with $425,615 duewithin the next year.
Report Comments:
2011-01 The Fourth Quarter Report Was Submitted With Substantial Errors2011-02 The General And Road Funds Have Deficits Totaling $88,1902011-03 Expenditures Should Not Exceed Budgeted Appropriations2011-04 All Transfers Should Be Approved By The Fiscal Court2011-05 The County Treasurer Should Not Pay Claims Without Fiscal Court Approval2011-06 Truck License Receipts Should Be Deposited Into The Road Fund2011-07 Local Government Economic Assistance Funds Should Be Spent Properly2011-08 Quarterly Financial Reports Were Submitted Late To The Department For Local Government2011-09 The County Should Bid All Expenditures Over $20,0002011-10 Invoices Should Be Paid Within Thirty Working Days2011-11 The County Should Annually Review The Administrative Code And Make Any Changes OrRevisions They Deem Necessary2011-12 The County Treasurer Should Properly Prepare A County Settlement And Present It To The FiscalCourt For Approval2011-13 The Fiscal Court Should Strengthen Internal Controls Over Accounting Records2011-14 The Fiscal Court Lacks Adequate Segregation Of Duties Over Payroll Processes2011-15 The Jail Lacks Adequate Segregation Of Duties Over Commissary Transactions2011-16 The Payroll Revolving Account Was Not Reconciled To Zero On A Monthly Basis2011-17 Timesheets Should Be Properly Approved
Deposits:
The
fiscal court’s
deposits were insured and collateralized by bank securities.

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