FY2010 City of Blair Audit Closure Communications1.i1 1 S
&ASSOCUTES, L.L.C.
Certified Public Accountants I Consultants
City of Blair, Nebraska
Audit Closure Communications to the Council
Year ended September 30, 2010
1. Independent Auditor's Report over the Financial Statements —page 3 & 4
2. Highlights to Financials
Net Assets Page 9 - Increase in total assets of appx. $3.1 million, of which
o $1.7 million was donated from Hayden Place
o $1 million in street additions
o Remainder split across other government functions and water and sewer
o Overall long term debt relatively stable, and registered warrant liabilities went down $677,000
o Another highlight is that the water & sewer funds restricted cash & investments up $813
million due to new bond requirements
Changes/Activities Page 11
o Increase in revenue related to donated assets in other income, not a regular occurrence
o Operating costs for water & sewer up $241,000 related to operating expenses
3. Other Required Communications
• No new policies, disclosures, or estimates
• Significant estimates related to:
o Special assessments and related allowances
o Estimated lives of capital assets
• No issues disagreements or issues dealing with management
• Management provided the required management representation letter to us
• To our knowledge there were no consultations with other accountants related to second opinions
4. Governmental Auditing Standards Report — page 52
• Financial Statements & Adjustments — page 54
• Policies & Procedures — page 54
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