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HomeMy WebLinkAbout2017-COH - Local Government Financial Test WorksheetCOUNTY OF HAWAII STATE OF HAWAII LOCAL GOVERNMENT FINANCIAL TEST WORKSHEET INDEPENDENT ACCOUNTANT'S REPORT ON APPLYING AGREED-UPON PROCEDURES Fiscal Year Ended June 30, 2017 N&KCPAs, Inc. ACCOUNTANTS1CONSULTANTS AMERICAN SAVINGS BANK TOWER 11001 BISHOP STREET, SUITE 1700 1 HONOLULU, HAWAII 96813-3696 T (808) 524-2255 F (808) 523-2090 1 nkcpa.com N WF ;A� N&K CPAs, Inc. ACCOUNTANTS I CONSULTANTS AMERICAN SAVINGS BANK TOWER 1001 BISHOP STREET, SUITE 1700 HONOLULU, HAWAII 96813-3696 T (808) 524-2255 F (808) 523-2090 INDEPENDENT ACCOUNTANT'S REPORT ON APPLYING AGREED-UPON PROCEDURES To the Director of Finance County of Hawaii, State of Hawaii We have performed the procedures enumerated below, which were agreed to by the County of Hawaii, State of Hawaii (County) and the U.S. Environmental Protection Agency, on the accompanying Local Government Financial Test Worksheet prepared in accordance with the Federal Register (40 CFR Part 258 - Criteria For Municipal Solid Waste Landfills for the fiscal year ended June 30, 2017. The County's management is responsible for the Local Government Financial Test Worksheet. The sufficiency of these procedures is solely the responsibility of those parties specified in the report. Consequently, we make no representation regarding the sufficiency of the procedures described below either for the purpose for which this report has been requested or for any other purpose. We performed the following agreed-upon procedures for the fiscal year ended June 30, 2017. These procedures were performed using the definitions in Attachment 2. 1. With respect to the computation of the excess of revenues over expenditures/expenses, we recomputed the amount for the fiscal year ended June 30, 2017 by deducting total expenditures/expenses, as adjusted, from total revenues. We compared the amounts, which comprise the total revenues and total expenditures/expenses, as adjusted, with the related amounts in the County's Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June 30, 2017 and we found such amounts to be in agreement with the amounts presented in the County's CAFR. 2. We verified that the computations on the Local Government Financial Test Worksheet were arithmetically correct. 3. We audited the County's CAFR as of and for the fiscal year ended June 30, 2017 to determine whether the County's basic financial statements were prepared in accordance with U.S. generally accepted accounting principles and have issued our report thereon dated December 28, 2017. Our independent auditor's report states that, in our opinion, the County's basic financial statements present fairly, in all material respects, the respective financial position of the governmental activities, the business -type activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of the County as of June 30, 2017, and the respective changes in the financial position and, where 2 N&K CPAs, Inc. ACCOUNTANTS I CONSULTANTS applicable, cash flows thereof and the budgetary comparison for the general fund for the fiscal year then ended in conformity with accounting principles generally accepted in the United States of America. We have not performed any additional auditing procedures since the date of the aforementioned auditor's report. This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. We were not engaged to and did not conduct an examination or review, the objective of which would be the expression of an opinion or conclusion, respectively, on the Local Government Financial Test Worksheet. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you. This report is intended solely for the information and use of management of the County and the U.S. Environmental Protection Agency, and is not intended to be and should not be used by anyone other than those specified parties. Honolulu, Hawaii July 2, 2018 3 County of Hawaii State of Hawaii LOCAL GOVERNMENT FINANCIAL TEST WORKSHEET Fiscal Year Ended June 30, 2017 Computation of excess of revenues over expenditures/expenses Revenues Gross revenues Governmental funds Proprietary funds Non-operating revenues - proprietary funds - interest and other Total revenues Expenditures/expenses Governmental funds Proprietary funds Less: Debt service (governmental funds) Debt service (proprietary funds) Capital outlays (governmental funds) Total expenditures/expenses, as adjusted Excess of revenues over expenditures/expenses 12 Attachment 1 (in thousands) $ 427,463 47,090 10,398 484,951 529,342 56,376 (39,321) (1,840) (111,109) 433,448 $ 51,503 County of Hawaii State of Hawaii LOCAL GOVERNMENT FINANCIAL TEST WORKSHEET - DEFINITIONS Fiscal Year Ended June 30, 2017 Attachment 2 The following terms used in the accompanying Local Government Financial Test Worksheet are defined in the Federal Register (40 CFR Part 258.74), Criteria For Municipal Solid Waste Landfills - Financial Assurance Criteria - Allowable Mechanisms, as follows: A) Total revenues include revenues from all taxes and fees, but does not include the proceeds from borrowings or asset sales, excluding revenue from funds managed by the local government on behalf of a specific third party. B) Total expenditures/expenses include all expenditures, excluding capital outlays and debt repayment. C) Debt service is the amount of principal and interest due on loans in a given time period.