2017-COH - Comprehensive Annual Financial Report

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We prenensive 77nnuarTmanclaf =po The assets of the County exceeded its liabilities at the end of the fiscal year by $436.0 million (net position). This amount includes a negative balance of $470.7 million in unrestricted net position, a decrease of $82.3 million from the prior year, which is explained in the sections below. As of the close of tile current fiscal year, the County's governmental funds reported combined ending fund balances of $161.5 million, a decrease of $30.4 million from the prior year, Approximately 44 percent of this total amount, $70.4 million, is available for spending at the County's discretion (unrestricted fund balance), At the end of the current fiscal year, unrestricted fund balance for the general fund was $27.1 million, or 9 percent of total general fund expenditures, financial statements, This report also contains both required and other supplementary informatiF n in addition to the basic financial statements themselves. 3 of the County's finances, in a manner similar to a private -sector business, The statement of net position presents information on all of the County's assets and liabilities, with the difference between the two reported as net position. Over time, increases or decreases in net %osition map serve as a useful indicator of whether or not the financial (woon of the Coun[W is improving or deteriorating. The statement of activities presents information showing how the County's net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and wuenses are reforted in this statement for some items that will onlki result in cash flows in future fiscal periods, such as revenues pertaining to uncollected taxes and expenses pertaining to earned but unused vacation and sick leave. Both of the government -wide financial statements distinguish functions of the County that are principally supported by taxes and intergovernmental revenues (governmental activities) from other functions that are intended to recover all or a significant portion of their costs through user fees and charges (business -type activities). The governmental activities of the County include public safety, highways and streets, health, education and welfare, culture and recreation, sanitation and general government. The business -type activities of the County include rental housing for senior citizens and families.