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Lehigh County (Pa.) 2010 Financial Statements

Lehigh County (Pa.) 2010 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, 2010
 Financial Statements and Independent Auditors’ Report
 
County of LehighYear Ended December 31, 2010TABLE 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 (Deficit) – Proprietary Funds……………………..……………………………..………..17Statement of Revenues, Expenses and Changes in Fund Net Assets (Deficit) – 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
 
Deposit and Investment Risk….……………………………………….………………….……..…..….303
 
Long-term Obligations……………………………………………….…………………………..….….324
 
Interfund Transfers…………………...……………………………..……………………………….…345
 
Capital Assets……………………………………………………….………………...………….….…356
 
Employees’ Retirement Fund……………………………………..….……………………….…….….367
 
Postemployment Benefits Other Than Retirement Fund……………………………………………….388
 
Risk Management…………………………………………………….………………………….……..409
 
Restatement of Net Assets……………………………………………………………………………...4110
 
Restricted Assets……………………………………………………………………………………….4111
 
Reserved Fund Balances…………..…………………..……………………………………………….4212
 
Construction Commitments…………………………………………………………………………….4213
 
Operating Lease…………………………………………………………………………………...……4214
 
Litigation…….…..……………………………………….…………………………………………….42
Required Supplemental Information
Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budget (Cash Basis) and Actual –General Fund………………………………………………………………………….……………………..…...…….43Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budget (Cash Basis) and Actual –Mental Health Fund……………..…………………………………………………………………………....………..45Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budget (Cash Basis) and Actual –Health Choices Fund……………………………………………………………………………………..…………….47Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budget (Cash Basis) and Actual –Area Agency on Aging Fund….…………………………………………………………………...….………...……..49
 
Zelenko
INDEPENDENTAUDITOR'S REPORTBoard
of
CommissionersCountyof
Lehigh
Allentown,Pennsylvania
We
have audited
the
accompanying
financial
statements
of
the
governmentalactivities,
the
business-typeactivitres,
each major fund, and
the
aggregate
remaining
fund informatjon of
the
County
of
Lehigh
as of
and for
theyear
ended
December 31,
2010, which
collectively comprise
the County'sbasic financial statements
as
listedinthetable
of
contents.
These financial
statements are
the
responsibility
of the County
of
Lehigh's
management.Our responsibility
is
to express
opinions
on
thesefinancial statements based on our
audit.
We conducted our
audit
in accordance withauditing standardsgenerally
accepted
in
the
United States of America,
and the
standards applicable
to
financial audits
contained
in
Government
Auditing
Standards,
issued
by
theComptrollerGeneral
of
the
United States. Those
standards
require thatweplan
and
performtheaudit
to
obtainreasonableassurance about
whether
the
financial
statementsarefree
of material misstatement.
An
audit
includesexamining, on
a
test
basis,
evidence supporting
the amounts and
disclosures
inthe
financialstatements.
An
audit
also
includes
assessing the accountingprinciplesused
and
significantestimates
made
by management,
as wellas evaluating
the overall financial statement
presentation.
We
believe
that our auditprovides
a
reasonable
basisfor
our
opinions.
In our
opinion,
the
financial statements referred
to
abovepresent
fairly, in
all
material
respects,
the
respectivefinancialposition
ofthegovernmentalactivities, the
business-type
activities,each major fund,
and
the
aggregate
remaining
fund information
of
the
County
of
Lehigh,
as
of
December
31,
2010,
and the
respective
changes
in
financialpositionand cash flows
thereof
fortheyearthen ended in conformity
withaccounting
principles
generally
acceoted
in
the United Statesof
America.
As
described
in
Note
1 to the
flnancial
statements,
in 2010
the
County
of
Lehigh
adopted
the
provisions
ofGovernmental
Accounting StandardBoard'sStatement
No,
51,
Tccounting
for Financial Reporting forlntangible
Assefs,
"
/Vo. 53,
"
Accounting
and
Financial
Reporting
for
Derivative lnstruments,"No.
SS,"Accounting
andFinancial Repofting
for
Chapter
I
Bankruptcies."
ln accordance
with
Government
Auditing
Standards,we have
also
issued
our
report
dated June 22,2011, on
ourconsideration
of
the
County
of
Lehigh's
internal controlover
financialreporting and
on
our tests of its compliancewith
certain
provisions
of
laws, regulations,contracts, andgrantagreements and
other
matters.
The
purposeofthat
report
is to describe the scope
of
our testing
of
internal
control over financialreporting
and
compliance
and
the
results
of
that
testing,
andnot
to
provide
an
opinion
on
internal control
over
financial reporting
or
on
compliance.
That report
is an
integral
part
of
an
audit
performed
in
accordance
wilh
GovernmentAuditing
Sfandards
andshould be
considered
in assessinothe results of our audit.
830
Sir
Thonas1101West
Haftbbutg,
PA
17109
717.551.92N
Fal(717.561.9202
NLmtmDn.
PA
L8101-1043
610.871.5077
Faa
717.561.9202Iamison,
PA
78929
215,918.2277
Fa.x
215.918.2302
P415237
412.367.7102 Fa,
472.i67.7103

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