Financial Audit of Accounting and General Services, State Parking Revolving FundPosted on Apr 8, 2020 in Summary
Financial Audit of Accounting and General Services, State Parking Revolving Fund
THE PRIMARY PURPOSE of the audit was to form an opinion on the fairness of the presentation of the financial statements for the Department of Accounting and General Services, State Parking Revolving Fund, as of and for the fiscal year ended June 30, 2019. The audit was conducted by KPMG LLP.
FOR THE FISCAL YEAR ended June 30, 2019, the Fund reported total revenues of $3.9 million and total expenses of $3.7 million. Total revenues consisted of parking assessments of $2.7 million, parking meter collections of $1 million, and traffic fines and other income of $200,000. Total expenses consisted of depreciation of $400,000, personnel services of $1.9 million, repairs and maintenance of $500,000, and other expenses of $900,000.
As of June 30, 2019, total assets and deferred outflows of resources of $18 million were comprised of (1) net capital assets of $14.6 million, (2) cash of $2.6 million, and (3) receivables and deferred outflows of resources of $800,000. Total liabilities and deferred inflows of resources of $6.8 million were comprised of (1) pension liability of $2.8 million, (2) net other postemployment benefits other than pensions of $2.8 million, and (3) accrued liabilities and deferred inflows of resources of $1.2 million.
Capital assets are used to provide parking for employees, contractors with state-related business, and the public. Net capital assets of $14.6 million consist of land of $9.3 million, structures and improvements of $4.9 million, and construction in progress of $400,000.
THE FUND RECEIVED AN UNMODIFIED OPINION that its financial statements were presented fairly, in all material respects, in accordance with generally accepted accounting principles.
THERE WERE NO REPORTED DEFICIENCIES in internal control over financial reporting that were considered to be material weaknesses and no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.
|About the Fund
The State Parking Revolving Fund (Fund) was established by Act 161, Session Laws of Hawai‘i 1963 (codified as Section 107–11, Hawai‘i Revised Statutes). The Fund is responsible for the assessment and collection of reasonable parking fees, installation of parking meters, and the restriction and control of parking on all state lands within the state Comptroller’s jurisdiction. All fees, charges, and other revenue collected are deposited into this fund. Moneys are expended, as necessary, to defray the cost of paving parking areas as well as the purchase and installation of parking meters on state lands within the state Comptroller’s jurisdiction.