Audit for Ky. County`s EMS Comes Back Clean
Dec. 10--GLASGOW -- Barren-Metcalfe County Emergency Medical Services' board of directors received good news about the accuracy of its financial reports for the fiscal year ending June 30 during the board's regular meeting Wednesday.
"You have a clean, unqualified opinion on these financial reports," said Belinda Coulter, a certified public accountant with Taylor, Polson & Co., regarding an audit report she presented.
As other local public agencies who are part of any of the state's retirement programs have heard with their recent audit reports, an accounting change has been required that reflects the respective entity's proportionate share of the entire unpaid, committed liability for the retirement fund, based on the amount that entity pays into the fund. A formula is provided that takes into account the number of hazardous-duty employees and nonhazardous-duty employees and other factors, she said.
For the ambulance service, that figure is $2.9 million.
She said the firm has been asked by other clients just how "real" that number is.
"It's an estimate, but it does represent a real liability," Coulter said.
Because of that change, she said, it was difficult to do a comparative statement of the finances with the prior year, but a condensed balance sheet was provided that summarized the finances for the fiscal year ending in 2014 and this past one.
The total assets and deferred outflows were $1.57 million for FY 2015, compared with $1.33 million in FY 2014. The total liabilities because of having to reflect the retirement fund in that way, jumped from $479,476 in FY 2014 to $3.22 million for FY 2015.
Copyright 2015 - Glasgow Daily Times, Ky.
