For the Year ending September 30, 2011 an independent audit was done by Crowe Herewith LLP, certified public accountants for the county of Broward. The opinion rendered was unqualified, the financial statements included in the report conforms with generally accepted accounting principals (GAAP) accepted by Governmental Accounting Standards Board (GASB). The purpose of the independent audit is for the purpose of providing explanatory and applicable financial information to the citizens, board members, investors, creditors and all other readers. The responsibility lies upon the county for accuracy and fairness presented within the financial statements and other information presented. In addition to the independent audit of the financial statements a federal and state mandated “Single Audit” was done that is designed to meet the needs of federal and state grantor agencies. This report requires the independent auditor to report on the fair presentation of the financial statements, in addition to the audit of the government’s internal controls and compliance with legal requirements, with focus on the administration of federal and state awards.
Broward county provides a vast array of services, ranging from property assessments, “tax collection, law enforcement, fire rescue protection, maintenance of streets, highways, bridges and traffic signals, parks, libraries, airport, seaport, a convention center, water and sewer systems, transportation, environmental protection,urban planning, economic development, and other community and human services.” There are other legally separate entities also included in the financial Statements that hold financial bearing.
The economic base for broward country are as follows, tourism industry, construction industry, air and seaport facilities and many other industries approximately 50,000 businesses with 100 fortune 500 companies in the county.
Additionally, CAFR asserts that that the labor force/unemployment has taken a downward plunge. The factual supporting figure provided as to the number the labor force has fallen by is approximately 2,630 or .2%.
Broward County allocates many of its efforts to welcome Tourists whom contribute/generate (according to the 2011 statistics) approximately $9 billion in revenue within the local economy. The is perhaps a direct impact of Florida’s desirable climate and array of recreational opportunities. It goes without saying that for every 85 visitors, one new job is created and ultimately increases our economic stability.
CAFR shifts its focuses to discuss Broward County’s mission to create a more urbanized community by allowing for the re-development of Broward’s appearance. This is evidenced by the allowance of residential permitting in connection with construction. The factual statistic provided within CAFR is an increase from “940 units in 2010 to 1,622 in 2011”.
Next, the CAFR discusses some of the issues Broward County faces. Specifically the budgeting challenges which have resulted due to the decline in the assed value of real and personal property and because of the interest rates decline. “In order order to maximize interest earnings, substantially all of the County’s Cash and investments are pooled, except where legal requirements dictate separate accounts” (p. 3).
2Summary of significant accounting policies
In Note 1 reporting entity, the report outlines the four primary parts of Broward county government. What is also stated are the financial statements of the primary government along with its component units. These unites being fiscally responsible by the government of broward county.
The two main subsections to the component units outlined in the report are as follows. The first, blended component units, followed by discretely presented component units. The make up of the blended component units is comprised mostly of the water control districts which are combined into one special...