Regular Fire Board Meeting - June 24, 2020

NOTE 18- PREPAID EXPENSES

Prepaid expenses at June 30, 2019 were $ 889 and consist of operating expenses expected to be incurred in the following fiscal year.

NOTE 19- SUBSEQUENT EVENTS

Management has evaluated subsequent events and does not know of any additional comments or disclosures that should be made thru the date of this report.

NOTE 20 - GOING CONCERN

The District has experienced a negative cash flow for the past four years. This has resulted in an overdraft of the County Warrant account of $214,388 . This overdra ft amounts to 36.55% of the 2018/2019 Property Tax Revenues of the District. This has resulted from a lawsuit filed against Counties in the state by “Centrally Assessed Utilities ” resulting in the District having to refund tax money to these Utilities as well as a subsequent reduction of property tax valuation s in the District. The Distri ct is exploring options to mitigate the reduction in property taxes such as additional annexations into the District. The County is aware of the issue and is working with the District to alleviate the problem.

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