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Lehigh County (Pa.) 2004 Financial Statements

Lehigh County (Pa.) 2004 Financial Statements

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Published by Scott Ott
Financial Statements and Independent Auditor's Report
Financial Statements and Independent Auditor's Report

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Published by: Scott Ott on Oct 18, 2012
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County of Lehigh, Pennsylvania December 31, 2004
 Financial Statements and Independent Auditors’ Report
 
 
County of LehighYear Ended December 31, 2004TABLE OF CONTENTS
PageIndependent Auditors’ Report on Basic Financial Statements
…………………………………..……………………..1
Management’s Discussion and Analysis
……………….…………………………………………………………………3
Basic Financial Statements
Government-wide Financial StatementsStatement of Net Assets……………………………………………………………………………………….…...11Statement of Activities…………………………………………………………………………………………..…12Fund Financial StatementsBalance Sheet – Governmental Funds……………………………………………………………….………….…13Reconciliation of Balance Sheet of Governmental Funds to the Statement of Net Assets………………………...14Statement of Revenues, Expenditures, and Changes in Fund Balances – Governmental Funds…………………..15Reconciliation of the Statement of Revenues, Expenditures and Changes inFund Balances of Governmental Funds to the Statement of Activities………………………………………....16Statement of Net Assets – Proprietary Funds……………………………………………………………..………..17Statement of Revenues, Expenses and Changes in Fund Net Assets – Proprietary Funds……………...……….....18Statement of Cash Flows – Proprietary Funds……………………………………………………………….……..19Statement of Fiduciary Net Assets – Fiduciary Funds……………………………………………………...…..…..20Statement of Changes in Fiduciary Net Assets……………………………………………………………….…….21
Notes to Financial Statements
1 Summary of Significant Accounting Policies………….……………………………………….….…...222 Cash and Investments………………………………………………….………………….……..…..….293 Long-term Obligations……………………………………………….…………………………..….….304 Defeased Debt…….………………………………………………………………………...…….….....315 Interfund Balances…………………………………………………..……………………………….…326 Capital Assets……………………………………………………….………………...………….….…337 Employees’ Retirement Fund and other Postemployment Benefits….……………………….…….….348 Risk Management…………………………………………………….………………………….……..369 Litigation…….…..……………………………………….…………………………………………….37
Required Supplemental Information
Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual –General Fund………………………………………………………………………………………………..…...…….38Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual –Health Choices Fund………………………………………………………………………………………....………..40Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual –Children and Youth Fund………………………………………………………………………………..…………….42Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual –Mental Retardation Fund…………………………………………………………………………...…………...……..44
 
 
 Zelenkofske Axelrod LL
INDEPENDENT AUDITORS' REPORTBoard of CommissionersCounty of LehighAllentown, PennsylvaniaWe have audited the accompanying financial statements of the governmental activities, the business-typeactivities, each major fund, and the aggregate remaining fund information of COUNTY OF LEHIGH as of andfor the year ended December 31, 2004, which collectively comprise the County's basic financial statements aslisted in the table of contents. These financial statements are the responsibility of the management of theCOUNTY OF LEHIGH. Our responsibility is to express an opinion on these financial statements based on ouraudit.We conducted our audit in accordance with auditing standards generally accepted in the United States of America, and the standards applicable to financial audits contained in
Government Auditing Standards,
issuedby the Comptroller General of the United States. Those standards require that we plan and perform the audit toobtain reasonable assurance about whether the financial statements are free of material misstatement. An auditincludes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.An audit also includes assessing the accounting principles used and the significant estimates made bymanagement, as well as evaluating the overall financial statement presentation. We believe that our auditprovides a reasonable basis for our opinions.In our opinion, the financial statements referred to above present fairly, in all material respects, the respectivefinancial position of the governmental activities, the business-type activities, each major fund, and the aggregateremaining fund information of the COUNTY OF LEHIGH as of December 31, 2004, and the respective changesin financial position and cash flows, where applicable, thereof for the year then ended in conformity withaccounting principles generally accepted in the United States of America.In accordance with
Government Auditing Standards,
we have also issued our report dated May 27, 2005, on ourconsideration of the COUNTY OF LEHIGH's internal control over financial reporting and on our tests of itscompliance with certain provisions of laws, regulations, contracts, and grants. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be read in conjunction withthis report in considering the results of our audit.
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 Harrisburg Lehigh Valley Philadelphia_______________________________________________________________________________________________________4316 Derry Street 1101 West Hamilton Street 2370 York Road, Suite A-5 Harrisburg, PA 17111 Allentown, PA 18101-1043 Jamison, PA 18929717.561.9200 Fax 717.561.9202 610.871.5077 Fax 610.871.5078 215.918.2277 Fax 215.918.2302

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