2018-COH - Comprehensive Annual Financial Report

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Signiji-caltl4ccounting Policies The County has implemented Governmental Accounting Standards Board Statement No. 14, The Financial Reporting Entity (GASB Statement No. 14), Statement No. 3 9, Determining Whether Certain organizations Are Component Units (GASB Statement No. 3 9) and Statement No. 61, The Financial Reporting Entity: omnibus an amendment of GASB Statements No. 14 and 34 (GASB Statement No. 6 1). All organizations, activities or functions that meet the criteria in GASB Statement No. 14, No. 39 and No. 61 for inclusion in the reporting entity arc included in the County's basic financial statements. For further discussion on other significant accounting policies, refer to the notes to the basic financial statements. Fihanci*al M2ghl2ghts Total revenues increased by $59.1 million from the prior year, which was mostly due to property taxes increasing by approximately $35.4 million, most notably in the homeowners class, which increased by 8.0 percent from the prior ycar. Sccond, there was a $1 6.7 million increase in capital grants and contributions related to increases in highways and streets. With a 13.5 percent ($59.2 million) increase in revenues that was offset by a 3.7 percent ($18.3 million) increase in expenses, the County experienced a decrease in net position of $20.2 million, which represented a 66.9% decrease over the prior year's decrease in net position. These results arc prior to the impact of the prior year's cumulativc effect of an accounting change related to the reporting of the County's liability related to other Postcmploymcnt Benefits (OPEB). The County's investment in capital assets increased by $4.4 million from the prior year, which represented a 1 percent increase. New and continued construction projects in the areas of highways and streets and sanitation accounted for the majority of the increase. Other Information Independent 14 edit The County Charter requires an annual audit by independent certified public accountants. N&K CPAs Inc. was selected in accordance with the County Charter and the procurement provisions of the Hawaii Revised Statutes (HRS) and Hawaii Administrative Rules (HAR) to perform the audit. -Eployee Union Contracts County employees arc members of eight different bargaining units, of which six have contracts that expire on June 30, 2019 and two will expire on June 30, 2021. Certifzcate of -Achievement The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the County of Hawai' i for its Comprehensive Annual Financial Report for the fiscal year ended June 30, 2017. This was the thirtieth consecutive year that the government has received this prestigious award. In order to be awarded a Certificate of Achievement, a government must publish an easily I: