County gets financial statements to auditors

Moffat County officials recently forwarded auditors the county's 2002 financial statements.

Expenditure reports from The Memorial Hospital and the Housing Authority are audited separately before being included in the county's financial report.

Because the two enterprise funds require more preparation, the county's auditing firm, McMahan and Associates out of Avon, Colo., will file a 60-day extension.

County budgets must have state approval by the July 31 deadline unless an extension has been filed.

Financial statements from 2001 also were granted an extension, said Tinneal Gerber, administrative assistant for Moffat County.

The county has received clean audits in the last several years, said Moffat County Commissioner Marianna Raftopoulos.

"An audit includes examining on a test basis evidence supporting the amounts and disclosures in the financial statements," states the 2001 audit report. "2001 ended in conformity with U.S. generally accepted accounting principles."

According to the executive summary from the county's 2001 audit, the county may have fallen out of state statute regarding transactions within the Public Safety Center Fund and the Emergency 9-11 fund.

An audit's summary is intended to assist counties in keeping good financial records through recommendations, yet auditors aren't responsible for legal determination on county compliance with accounting requirements.

Former Administrative Services Director Debra Murray recommended the county put out a bid for a new auditing firm about every three years, Raftopoulos said.

This year's 2002 financial statement mark the third year McMahan and Associates has audited the county financial statements.

Last year's audit of 2001 records states that the county's top ten taxpayers make up 72 percent of the county's total property tax revenue.

In 2001, Tri-State paid $86,081,500 in property taxes, which amounted to 28 percent of the county's total property revenue. PacifiCorp paid in $34,501,700 or 11 percent of the county's total property tax revenue.

According to the 2001 audit the county's end-of-year fund balance was $9,665,552. In 2000 it was $10,824,572.

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