The firm was engaged by the office of Crit Luallen, auditor of public accounts in Frankfort, to perform the audit.
The fiscal court had net assets of $52,928,044 as of June 30 of last year.
The fiscal court had unrestricted net assets of $6.29 million in its governmental activities as of that time, with total net assets of $52.79 million.
In its business-type activities, total net cash and cash equivalents were $117,850 with total net assets of $135,329. The fiscal court had a total debt principal as of June 30, 2005, of $1.36 million due within the next year.
The audit stated that on June 30, 2005, the collateral and FDIC insurance together did not equal or exceed the amount on deposit, leaving $138,051 of public funds uninsured and unsecured. But that situation was taken care of the following day, according to county treasurer, Tammy East.
"They [the bank] just didn't have enough to cover it on that particular day," she said.
Totals for general revenues listed in the report include real property taxes, $1.29 million; personal property taxes, $133,146; motor vehicle taxes, $286,115; other taxes, $5.3 million; excess fees, $832,281; unrestricted investment earnings, $76,738; and miscellaneous revenues, $724,884, for a total general revenue of $8.64 million and net assets of $52.92 million, as mentioned above.
The report also contains figures for operating grants and contributions, expenses of government entities, including the road department ($2.29 million), social services ($85,778), health and sanitation ($702,855), jail canteen ($195,871), and capital projects ($348,994).
The report included the following funds:
General Fund, $5.96 million
Road Fund, $42,620
Jail Fund, $71,585
LGEA Fund, $133,262
Emergency Services Fund, $82,389
Total fund balance, $6.32 million
Total revenues, expenditures, financing, and other information, is also included.
To view the audit report in its entirety, visit www.auditor.ky.gov.