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COOS BAY/NORTH BEND TOURISM PROMOTIONS COMMITTEE ANNUAL FINANCIAL REPORT For the Year Ended June 30, 2005 COOS BAY/NORTH BEND TOURISM PROMOTIONS COMMITTEE ANNUAL FINANCIAL REPORT For the Year Ended June 30, 2005 TABLE OF CONTENTS Page GOVERNING BOARD 1 FINANCIAL SECTION Independent Auditor's Report 2 Management’s Discussion and Analysis 3-6 Basic Financial Statements Statement of Net Assets and Governmental Fund Balance Sheet 7 Statement of Activities and Governmental Fund Statement of Revenues Expenditures, and Changes in Fund Balances 8 Notes to the Basic Financial Statements 9-12 REQUIRED SUPPLEMENTARY INFORMATION Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual 13 OTHER SUPPLEMENTARY INFORMATION Independent Auditor’s Comments 14-15 COOS BAY/NORTH BEND TOURISM PROMOTIONS COMMITTEE GOVERNING BOARD As of June 30, 2005 Tricia Benetti, Chair Chamber Representative PO Box 457 Coos Bay, OR 97420 Don Yost Coos Bay Member at Large 1257 Alder Avenue Coos Bay, OR 97420 Mark Mattecheck North Bend Member at Large 1225 Virginia Avenue North Bend, OR 97459 Kevin Stufflebean Coos Bay City Council PO Box 1480 Coos Bay, OR 97420 Larry Garboden North Bend City Council 2328 Chester North Bend, OR 97459 FINANCIAL SECTION CERTIFIED PUBLIC ...
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COOS BAY/NORTH BEND TOURISM PROMOTIONS COMMITTEE ANNUAL FINANCIAL REPORT For the Year Ended June 30, 2005
COOS BAY/NORTH BEND TOURISM PROMOTIONS COMMITTEE ANNUAL FINANCIAL REPORT For the Year Ended June 30, 2005 TABLE OF CONTENTSGOVERNING BOARDFINANCIAL SECTION Independent Auditor's Report Managements Discussion and Analysis Basic Financial Statements Statement of Net Assets and Governmental Fund Balance Sheet Statement of Activities and Governmental Fund Statement of Revenues Expenditures, and Changes in Fund Balances Notes to the Basic Financial Statements REQUIRED SUPPLEMENTARY INFORMATION Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual OTHER SUPPLEMENTARY INFORMATION Independent Auditors Comments
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COOS BAY/NORTH BEND TOURISM PROMOTIONS COMMITTEEGOVERNING BOARD As of June 30, 2005
Tricia Benetti, Chair Chamber Representative PO Box 457 Coos Bay, OR 97420 Don Yost Coos Bay Member at Large 1257 Alder Avenue Coos Bay, OR 97420 Mark Mattecheck North Bend Member at Large 1225 Virginia Avenue North Bend, OR 97459 Kevin Stufflebean Coos Bay City Council PO Box 1480 Coos Bay, OR 97420 Larry Garboden North Bend City Council 2328 Chester North Bend, OR 97459
FINANCIAL SECTION
WALL &WALL, P.C.NTSACCOUNTABUPCILITREDEIFC
J. ROBERT WALL, C.P.A. KAREN S. WALL, C.P.A.
INDEPENDENT AUDITOR'S REPORTTo the Governing Body of the Coos Bay/North Bend Tourism Promotions Committee: We have audited the accompanying financial statements of the governmental activities and the major fund of the Coos Bay/North Bend Tourism Promotions Committee (Committee), as of and for the year ended June 30, 2005, which collectively comprise the Committees basic financial statements as listed in the table of contents. These financial statements are the responsibility of the Coos Bay/North Bend Tourism Promotions Committee's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the governmental activities and the major fund of the Coos Bay/North Bend Tourism Promotions Committee as of June 30, 2005, and the respective changes in financial position, thereof for the year then ended in conformity with accounting principles generally accepted in the United States of America. The managements discussion and analysis and budgetary comparison information on pages 3 through 6 and 9, are not required part of the basic financial statements but are supplementary information required by accounting principles generally accepted in the United States of America. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the required supplementary information. However, we did not audit the information and express no opinion on it. Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Coos Bay/North Bend Tourism Promotions Committees basic financial statements. The required supplementary information and other supplementary information as listed in the table of contents are presented for purposes of additional analysis and are not a required part of the basic financial statements. The required and other supplementary information as listed in the table of contents have been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a
J. Robert Wall, C.P.A. Wall & Wall P.C., Certified Public Accountants Coos Bay, Oregon October 7, 2005 MEMBERh AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTSh SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS OREGON 750 CENTRAL AVENUE, SUITE 102 (541) 269-1358 FAX: (541) 269-0202
COOS BAY, OR 97420
MANAGEMENT S DISCUSSION AND ANALYSIS
PROMOTIONS & CONVENTIONS BUREAU
MANAGEMENTS DISCUSSION AND ANALYSIS Fiscal Year Ended June 30, 2005 This discussion and analysis presents the highlights of financial activities and financial position for the Coos Bay/North Bend Tourism and Promotions Committee (Committee). The analysis focuses on significant financial issues, major financial activities and resulting changes in financial position, budget changes and variances from the budget, and specific issues related to funds and the economic factors affecting the Committee. Managements Discussion and Analysis (MD&A) focuses on current year activities and resulting changes. Please read it in conjunction with the Committees financial statements (beginning on page 7). FINANCIAL HIGHLIGHTS The Committees net assets increased by $64,000 (or 38%), primarily due to the vacancy of the executive director and increasing transient tax revenue. Governmental activities revenue increased by $14,000 (or 8%), as a result of transient taxes increasing. Overall Committee program costs increased by $4,000 (or 3%), which is consistent with the cost of living. REPORT LAYOUT The Committees annual financial report consists of several sections. Taken together they provide a comprehensive look at the Committee. The components of the report include the following: Managements Discussion and Analysis. This section of the report provides financial highlights, overview and economic factors affecting the Committee. 145 Central Avenue | Coos Bay, OR 97420 | 541 297-2432 | fax: 541 267-6704 | promotions@uci.net | www.oregonsbayarea.com COOS BAY * NORTH BEND * CHARLESTON
Basic Financial Statements. Statement of Net Assets, Statement of Activities, fund Includes financial statements and the notes to the financial statements. Statements of Net Assets and Activities focus on an entity-wide presentation using the accrual basis of accounting. They are designed to be more corporate-like in that all activities are consolidated into a total for the Committee.•Statement of Net Assets focuses on resources available for future operations. InThe simple terms, this statement presents a snapshot view of the assets the community owns, the liabilities it owes and the net difference. The net difference is further separated into amounts restricted for specific purposes and unrestricted amounts.
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The Statement of Activities focuses on gross and net costs of the Committee programs and the extent to which such programs rely upon general tax and other revenues. This statement summarizes and simplifies the users analysis to determine the extent to which programs are self-supporting and/or subsidized by general revenues.
Fund financial statements focus separately on major governmental funds and proprietary funds. Governmental fund statements follow the more traditional presentation of financial statements. The Committee only has one fund, which is a major governmental
fund. Budgetary comparison statements are presented for this fund. •The notes to the financial statements provide additional disclosures required by governmental accounting standards and provide information to assist the reader in understanding the Committees financial condition. Reports by independent certified public accountants.Supplemental communication on Committee compliance and internal controls as required by Oregon statutes. COMMITTEE AS A WHOLE Government-Wide Financial Statements
Table 1 Net Assets at Fiscal Year-End (in thousands)
Cash and investments Other assets Total assets Other liabilities Total liabilities Net assets: UnrestrictedTotal net assets
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GovernmentalActivities2005 2004 $191.5 $124.0 50.9 46.3 242.4 170.3
10.9 10.9
231.5 $231.5
3.1 3.1
167.2 $167.2
Statement of Net Assets, Governmental Activities, at June 30, 2005: During fiscal year 2004-05 there were a couple events that changed the balance of net assets. The growth in net assets is attributed to an increase in revenues and from expenditures being less than budget, primarily due to the vacancy of the executive director. All year-end net assets are unrestricted. Statement of Activities for the Year Ended June 30, 2005:Table 2 Governmental and Proprietary Activities For Fiscal Year Ending June 30, 2005 and 2004 (in thousands) evnremtnlaGo seitivitAc 2005 2004 VEREUNSE General revenues Taxes $195.1 $181.0 Interest 2.2 1.3 Total revenues 197.3 182.3 NEESEPXS Governmental activities: General government 133.0 128.7 Total expenses 133.0 128.7 Increase in net assets 64.3 53.6 Beginning net assets 167.2 113.6
Ending net assets $231.5 $167.2 Governmental Activities Total revenues increased by $14,000 (or 8%). This was due to a moderate increase in transient tax revenues. Governmental activity expenses increased by $4,000 (or 3%), which is consistent with the cost of living. The executive director position has remained vacant for 2004-05. However, the Committee did hire administrative assistance through a temporary agency in May 2005. BUDGETARY HIGHLIGHTS The Committees appropriations increased slightly by $2,000 between 2003-04 and 2004-05, from $197,000 to $199,000. Actual operating costs were 67% of the final budget. This resulted in an overall increase to the fund balance of $64,000. Total appropriations did not change between original and final budget amounts. 5
FUND-BASED FINANCIAL ANALYSIS The General Fund is the chief operating, and only, fund for the Committee. At the end of the current fiscal year, fund balance of the General Fund was $231,000, all of which was unreserved. The fund balance of the Committees General Fund increased by $64,000 in fiscal year 2004-05. The increase in fund balance is attributed to an increase in revenues and expenditures less than budget, primarily due to the vacancy of the executive director. CAPITAL ASSETS AND DEBT ADMINISTRATION Capital Assets As of June 30, 2005, the Committee did not have any investments in capital assets. Debt Outstanding As of year-end, the Committee did not have any debt outstanding. ECONOMIC FACTORS The Committees primary source of revenue is the transient occupancy tax. The downturn in economic conditions nationwide has hit our community as well. However, the transient occupancy tax revenue has continued to increase at a moderate rate. FINANCIAL CONTACT The Committees financial statements are designed to present users (citizens, taxpayers, customers, investors, and creditors) with a general overview of the Committees finances and to demonstrate the Committees accountability. If you have questions about the report or need additional financial information, please contact the City of Coos Bays Finance Director at 500 Central Avenue, Coos Bay, Oregon 97420. 6
BASIC FINANCIAL STATEMENTS
