REPORT OF THE AUDIT OF THE MCCREARY COUNTY FISCAL COURT

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1 REPORT OF THE AUDIT OF THE MCCREARY COUNTY FISCAL COURT For The Fiscal Year Ended June 30, 2013 ADAM H. EDELEN AUDITOR OF PUBLIC ACCOUNTS 209 ST. CLAIR STREET FRANKFORT, KY TELEPHONE (502) FACSIMILE (502)

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3 To the People of Kentucky Honorable Steven L. Beshear, Governor Lori H. Flanery, Secretary Finance and Administrative Cabinet Honorable Douglas Stephens, McCreary County Judge/Executive Members of the McCreary County Fiscal Court The enclosed report prepared by Tichenor & Associates, LLP, Certified Public Accountants, presents the financial statement of McCreary County, Kentucky, for the year ended June 30, We engaged Tichenor & Associates, LLP to perform the audit of this financial statement. We worked closely with the firm during our report review process; Tichenor & Associates, LLP evaluated McCreary County s internal controls and compliance with applicable laws and regulations. Respectfully submitted, Adam H. Edelen Auditor of Pubic Accounts Enclosure

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5 EXECUTIVE SUMMARY AUDIT EXAMINATION OF THE MCCREARY COUNTY FISCAL COURT June 30, 2013 Tichenor & Associates, LLP has completed the audit of the McCreary County Fiscal Court for fiscal year ended June 30, We have issued a qualified opinion, based on our audit, on the Statement of Receipts, Disbursements, and Changes in Cash Balances and Cash Equivalents - Regulatory Basis of McCreary County, Kentucky. Financial Condition: The McCreary County Fiscal Court had total receipts of $7,814,518, an increase of $208,953, disbursements of $7,953,816, an increase of $111,886, and cash balances and cash equivalents of $1,604,864, an increase from the prior year. Report Comments: The Fiscal Court Should Improve Procedures Over Disbursements The Jailer Should Maintain Accurate Records For The Jail Commissary Fund Proper Documentation Should Be Maintained For All Jail Commissary Fund Disbursements And Invoices Should Be Paid Within Thirty (30) Working Days Lack Of Documentation With Jail Fund Records The County Treasurer Should Maintain Accurate Financial Records The Fiscal Court Should Properly Reconcile The Payroll Revolving Account The Fiscal Court Should Improve Internal Control Procedures Over Receipts By Maintaining Proper Segregation of Duties Over Accounting Functions The McCreary County Airport Board Lacks An Adequate Segregation Of Duties Over All Accounting Functions The McCreary County Tourist Commission Should Improve Internal Control Procedures Over Receipts And Disbursements The Revolving Loan Program Controls Needs Improvement Deposits: The Fiscal Court s deposits as of August 31, 2012, were exposed to custodial credit risk as follows: Uncollateralized and Uninsured $892,610 The Fiscal Court's deposits were covered by FDIC insurance and a properly executed collateral security agreement, but the bank did not adequately collateralize the Fiscal Court's deposits in accordance with the security agreement.

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7 CONTENTS PAGE INDEPENDENT AUDITOR S REPORT... 1 MCCREARY COUNTY OFFICIALS... 5 STATEMENT OF RECEIPTS, DISBURSEMENTS, AND CHANGES IN CASH BALANCES AND CASH EQUILVALENTS - REGULATORY BASIS... 8 NOTES TO FINANCIAL STATEMENT BUDGETARY COMPARISON SCHEDULES NOTES TO SUPPLEMENTARY INFORMATION SCHEDULE OF CAPITAL ASSETS NOTES TO OTHER INFORMATION REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF THE FINANCIAL STATEMENT PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS COMMENTS AND RECOMMENDATIONS APPENDIX A: CERTIFICATION OF COMPLIANCE - LOCAL GOVERNMENT ECONOMIC ASSISTANCE PROGRAM

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9 TICHENOR & ASSOCIATES, LLP CERTIFIED PUBLIC ACCOUNTANTS and MANAGEMENT CONSULTANTS 304 MIDDLETOWN PARK PLACE, SUITE C LOUISVILLE, KENTUCKY BUSINESS: (502) FAX: (502) To the People of Kentucky Honorable Steven L. Beshear, Governor Lori H. Flanery, Secretary Finance and Administration Cabinet Honorable Douglas Stephens, McCreary County Judge/Executive Members of the McCreary County Fiscal Court Report on the Financial Statement Independent Auditor s Report We have audited the accompanying Statement of Receipts, Disbursements, and Changes in Cash Balances and Cash Equivalents - Regulatory Basis of McCreary County, Kentucky, for the year ended June 30, 2013, and the related notes to the financial statement. Management s Responsibility for the Financial Statement Management is responsible for the preparation and fair presentation of this financial statement in accordance with accounting practices prescribed or permitted by the Department for Local Government to demonstrate compliance with the Commonwealth of Kentucky s regulatory basis of accounting and budget laws. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of a financial statement that is free from material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express an opinion on this financial statement based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America, the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States and the Audit Guide for Fiscal Court Audits issued by the Auditor of Public Accounts, Commonwealth of Kentucky. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statement. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statement, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statement in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

10 To the People of Kentucky Honorable Steven L. Beshear, Governor Lori H. Flanery, Secretary Finance and Administration Cabinet Honorable Douglas Stephens, McCreary County Judge/Executive Members of the McCreary County Fiscal Court Page 2 Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles As described in more fully in Note 1, the financial statement is prepared by McCreary County, Kentucky on the basis of the accounting practices prescribed or permitted by the Department for Local Government to demonstrate compliance with the Commonwealth of Kentucky s regulatory basis of accounting and budget laws, which is a basis of accounting other than accounting principles generally accepted in the United States of America. The effects on the financial statement of the variances between the regulatory basis of accounting described in Note 1 and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material. Adverse Opinion on U.S. Generally Accepted Accounting Principles In our opinion, because of the significance of the matter discussed in the Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles paragraph, the financial statement referred to above does not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of McCreary County, Kentucky as of June 30, 2013, or changes in financial position or cash flows thereof for the year then ended. Basis for Qualified Opinion on Regulatory Basis of Accounting The McCreary County Jailer did not provide us with a signed management representation letter and did not maintain adequate accounting records for the McCreary County Jail Commissary Fund to satisfy the guidelines for minimum accounting and reporting standards as prescribed by the State Local Finance Officer for the Commonwealth of Kentucky. These guidelines are to be utilized by County Jailers for maintaining Jail Commissary Funds. Since the Jailer s accounting records are not adequate, the financial information presented for the receipts, disbursements, cash balances and cash equivalents of the McCreary County Jail Commissary Fund cannot be determined to be reasonably accurate. The McCreary County Fiscal Court does not maintain adequate accounting records to satisfy the guidelines for minimum accounting and reporting standards as prescribed by the State Local Finance Officer for the Commonwealth of Kentucky. Since the accounting records are not adequate, the financial information presented for the receipts, disbursements, cash balances and cash equivalents of the Revolving Loan Fund cannot be determined to be reasonably accurate. Qualified Opinion on Regulatory Basis of Accounting In our opinion, except for the effects of the matters discussed in the Basis for Qualified Opinion on Regulatory Basis of Accounting paragraphs, the financial statement referred to above presents fairly, in all material respects, the cash and cash equivalents of McCreary County, Kentucky as of June 30, 2013, and its cash receipts and disbursements, for the year then ended, in accordance with the accounting provisions prescribed or permitted by the Department for Local Government described in Note 1.

11 To the People of Kentucky Honorable Steven L. Beshear, Governor Lori H. Flanery, Secretary Finance and Administration Cabinet Honorable Douglas Stephens, McCreary County Judge/Executive Members of the McCreary County Fiscal Court Page 3 Emphasis of Matters As discussed in Note 1 to the financial statement, in fiscal year 2013, the McCreary County Fiscal Court adopted new accounting guidance on a regulatory basis. Our opinion is not modified with respect to this matter. As discussed in Note 1 to the financial statement, the McCreary County Fiscal Court would have included some component entities under accounting principles generally accepted in the United State of America (GAAP) as established by the Government Accounting Standards Board. However, under the regulatory basis they are no longer required components of the reporting entity. Our opinion is not modified with respect to this matter. Other Matters Our audit was conducted for the purpose of forming an opinion on the financial statement taken as a whole of McCreary County, Kentucky. The budgetary comparison schedules and capital asset schedule are presented for purposes of additional analysis and are not a required part of the financial statement. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statement. The budgetary comparison schedules have been subjected to the auditing procedures applied in the audit of the financial statement and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statement or to the financial statement itself, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the budgetary comparison schedules are fairly stated in all material respects in relation to the basic financial statement. The capital asset schedule has not been subjected to the auditing procedures applied in the audit of the basic financial statement and, accordingly, we do not express an opinion or provide any assurance on it. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated May 22, 2014 on our consideration of McCreary County, Kentucky s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be considered in assessing the results of our audit.

12 To the People of Kentucky Honorable Steven L. Beshear, Governor Lori H. Flanery, Secretary Finance and Administration Cabinet Honorable Douglas Stephens, McCreary County Judge/Executive Members of the McCreary County Fiscal Court Page 4 Other Reporting Required by Government Auditing Standards (Continued) Based on the results of our audit, we present the accompanying comments and recommendations included herein, which discusses the following report comments: The Fiscal Court Should Improve Procedures Over Disbursements The Jailer Should Maintain Accurate Records For The Jail Commissary Fund Proper Documentation Should Be Maintained For All Jail Commissary Fund Disbursements And Invoices Should Be Paid Within Thirty (30) Working Days Lack Of Documentation With Jail Fund Records The County Treasurer Should Maintain Accurate Financial Records The Fiscal Court Should Properly Reconcile The Payroll Revolving Account The Fiscal Court Should Improve Internal Control Procedures Over Receipts By Maintaining Proper Segregation of Duties Over Accounting Functions The McCreary County Airport Board Lacks An Adequate Segregation Of Duties Over All Accounting Functions The McCreary County Tourist Commission Should Improve Internal Control Procedures Over Receipts And Disbursements The Revolving Loan Program Controls Needs Improvement Respectfully submitted, Tichenor & Associates, LLP May 22, 2014 Tichenor & Associates, LLP Certified Public Accountants

13 OFFICIALS Page 5 For The Year Ended June 30, 2013 Fiscal Court Members: Douglas Stephens Stanley Cox Roger Phillips Jason Mann Frankie Ball County Judge/Executive Magistrate Magistrate Magistrate Magistrate Other Elected Officials: Michele Wilson Jones Tony Ball Eric Hayes Othel King Gus H. Skinner Jr. Bruce Lominac Daniel Ridner County Attorney Jailer County Clerk Circuit Court Clerk Sheriff Property Valuation Administrator Coroner Appointed Personnel: Donna Ross Stephanie Tucker Candice Greene County Treasurer Occupational Tax Collector Finance Officer

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15 STATEMENT OF RECEIPTS, DISBURSEMENTS, AND CHANGES IN CASH BALANCES AND CASH EQUIVALENTS - REGULATORY BASIS For The Year Ended June 30, 2013

16 STATEMENT OF RECEIPTS, DISBURSEMENTS, AND CHANGES IN CASH BALANCES AND CASH EQUIVALENTS - REGULATORY BASIS Page 8 For The Year Ended June 30, 2013 Budgeted Funds General Road Jail Fund Fund Fund RECEIPTS Taxes $ 581,986 $ $ In Lieu Tax Payments 337, ,661 Excess Fees 14,152 Licenses and Permits 44,156 Intergovernmental 183,181 2,055, ,349 Charges for Services 1,050,807 2,232 Miscellaneous 264, ,387 26,162 Interest Total Receipts 2,476,529 2,539, ,759 DISBURSEMENTS General Government 883,114 Protection to Persons and Property 1,247, ,860 General Health and Sanitation 91,238 Recreation and Culture 59,918 Roads 1,305,767 Airports Road Facilities 290,548 Debt Service 348,544 14,433 22,518 Capital Projects Administration 690, , ,166 Total Disbursements 3,321,183 2,049, ,544 Excess (Deficiency) of Receipts Over Disbursements Before Other Adjustments to Cash (Uses) (844,654) 490,047 (569,785) Other Adjustments to Cash (Uses) Payroll Revolving Account 150,197 Loan Proceeds 246,320 Transfers From Other Funds 1,072, ,396 Transfers To Other Funds (532,800) (220,760) Total Other Adjustments to Cash (Uses) 936,428 (220,760) 547,396 Net Change in Cash Balances and Cash Equivalents 91, ,287 (22,389) Cash Balances and Cash Equivalents - Beginning (Restated) 202, ,481 20,642 Cash Balances and Cash Equivalents - Ending $ 294,480 $ 542,768 $ (1,747) The accompanying notes are an integral part of the financial statement.

17 STATEMENT OF RECEIPTS, DISBURSEMENTS, AND CHANGES IN CASH BALANCES AND CASH EQUIVALENTS - REGULATORY BASIS For The Year Ended June 30, 2013 (Continued) Page 9 Budgeted Funds Local Government Economic Solid Park Occupational Assistance Waste Park Dedicated Tax Grant Fund Fund Fund Fund Fund Fund $ $ $ $ $ 900,576 $ 49, ,907 79, ,895 12,910 2,362 6,251 14, , ,515 27, , ,896 56,400 24,850 66,991 17, , ,180 58,779 53,458 9,155 8, ,179 94, , ,030 14,276 41,386 (137,286) 5 900,478 3, , ,000 (45,074) (261,694) (880,022) (45,074) 150, ,000 (880,022) 14,276 (3,688) 12, ,005 20,456 3, ,374 31,304 36, $ 147,650 $ 27,616 $ 12,986 $ 230,005 $ 57,063 $ 3,914 The accompanying notes are an integral part of the financial statement.

18 STATEMENT OF RECEIPTS, DISBURSEMENTS, AND CHANGES IN CASH BALANCES AND CASH EQUIVALENTS - REGULATORY BASIS For The Year Ended June 30, 2013 (Continued) Page 10 Budgeted Funds Emergency Disaster Revolving Economic 911 Dispatch Assistance Loan Development Fund Fund Fund Fund $ 255,984 $ $ $ 26,462 31,908 5,478 7, ,683 2, , ,075 31, ,455 28, ,765 1,330 20,020 56, ,897 6,337 8, ,662 1,330 26,357 64,772 (54,587) 30,613 77,098 (36,117) 32,798 62,133 (66,820) 32,798 (4,687) (21,789) 30,613 77,098 (40,804) 23,154 19, ,255 $ 1,365 $ 50,208 $ 78,028 $ 114,451 The accompanying notes are an integral part of the financial statement.

19 STATEMENT OF RECEIPTS, DISBURSEMENTS, AND CHANGES IN CASH BALANCES AND CASH EQUIVALENTS - REGULATORY BASIS For The Year Ended June 30, 2013 (Continued) Page 11 Unbudgeted Funds McCreary County McCreary Courthouse and McCreary County Public Square County Park Airport Corporation Board Board Fund RECEIPTS Taxes $ $ $ In Lieu Tax Payments Excess Fees Licenses and Permits Intergovernmental 52, ,955 Charges for Services 3,720 Miscellaneous 1,812 Interest Total Receipts , ,955 DISBURSEMENTS General Government Protection to Persons and Property General Health and Sanitation Recreation and Culture Roads Airports 27,884 Road Facilities Debt Service 420,955 Capital Projects 66,082 Administration 200 2,000 Total Disbursements 94, ,955 Excess (Deficiency) of Receipts Over Disbursements Before Other Adjustments to Cash (Uses) 123 (35,532) Other Adjustments to Cash (Uses) Payroll Revolving Account Loan Proceeds Transfers From Other Funds Transfers To Other Funds (349,834) Total Other Adjustments to Cash (Uses) (349,834) Net Change in Cash Balances and Cash Equivalents (349,711) (35,532) Cash Balances and Cash Equivalents - Beginning 349,751 52,259 Cash Balances and Cash Equivalents - Ending $ 40 $ 16,727 $ 0 The accompanying notes are an integral part of the financial statement.

20 STATEMENT OF RECEIPTS, DISBURSEMENTS, AND CHANGES IN CASH BALANCES AND CASH EQUIVALENTS - REGULATORY BASIS For The Year Ended June 30, 2013 (Continued) Page 12 Unbudgeted Funds McCreary McCreary County County Jail Tourist Commissary Total Commission Fund Funds $ 14,656 $ $ 1,779, ,944 14,152 93,861 20,566 3,548,141 1,069, , , ,385 35,825 25,196 7,814, ,476 2,151, ,229 47,252 32, ,808 1,362,167 27, , ,687 66,082 1,433,635 47,252 32,998 7,953,816 (11,427) (7,802) (139,298) 150, ,320 2,357,004 (2,357,004) 396,517 (11,427) (7,802) 257,219 31,673 16,866 1,347,645 $ 20,246 $ 9,064 $ 1,604,864 The accompanying notes are an integral part of the financial statement.

21 INDEX FOR NOTES TO THE FINANCIAL STATEMENT Page 13 NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES NOTE 2. DEPOSITS NOTE 3. TRANSFERS NOTE 4. TRUST FUNDS NOTE 5. OPERATING LEASES NOTE 6. NOTES RECEIVABLE NOTE 7. LONG-TERM DEBT NOTE 8. EMPLOYEE RETIREMENT SYSTEM NOTE 9. INSURANCE NOTE 10. PAYROLL REVOLVING ACCOUNT NOTE 11. CHANGE IN BASIS OF ACCOUNTING AND PRIOR PERIOD ADJUSTMENTS NOTE 12. PRIOR PERIOD ADJUSTMENT NOTE 13. FLEXIBLE SPENDING ACCOUNT NOTE 14. FUND BALANCE - DEFICIT... 25

22 NOTES TO FINANCIAL STATEMENT Page 14 June 30, 2013 Note 1. Summary of Significant Accounting Policies A. Reporting Entity The financial statement of McCreary County includes all budgeted and unbudgeted funds under the control of the McCreary County Fiscal Court. Budgeted funds included within the reporting entity are those funds presented in the county's approved annual budget and reported on the quarterly reports submitted to the Department for Local Government. Unbudgeted funds include non-fiduciary financial activities that are within the county's control. Unbudgeted funds may also include any corporation created to act as the Fiscal Court in the acquisition and financing of any public project which may be undertaken by the Fiscal Court pursuant to the provisions of Kentucky law and thus accomplish a public purpose of the Fiscal Court. The unbudgeted funds are not presented in the annual approved budget or in the quarterly reports submitted to the Department for Local Government. B. Basis of Accounting The financial statement is presented on a regulatory basis of accounting, which is a basis of accounting, which is a basis of accounting other than accounting principles generally accepted in the United States of America (GAAP) as established by the Government Accounting Standards Board. This basis of accounting involves the reporting of cash and cash equivalents and the changes therein resulting from cash inflows (cash receipts) and cash outflows (cash disbursements) to meet the financial reporting requirements of the Department for Local Government and the laws of the Commonwealth of Kentucky. This regulatory basis of accounting differs from GAAP primarily because the financial statement format does not include the GAAP presentations of government-wide and fund financial statements, cash receipts are recognized when received in cash rather than when earned and susceptible to accrual, and cash disbursements are recognized when paid rather than when incurred or subject to accrual. Generally and except as otherwise provided by law, property taxes are assessed as of January 1, levied (mailed) November 1, due at discount November 30, due at face value December 31, delinquent January 1 following the assessment, and subject to sale ninety days following April 15. C. Basis of Presentation Budgeted Funds The Fiscal Court reports the following budgeted funds: General Fund - This is the primary operating fund of the Fiscal Court. It accounts for all financial resources of the general government, except where the Department for Local Government requires a separate fund or where management requires that a separate fund be used for some function. Road Fund - This fund is for road and bridge construction and repair. The primary source of receipts for this fund is state payments for truck licenses distribution, municipal road aid, and transportation grants. The Department for Local Government requires the Fiscal Court to maintain these receipts and disbursements separately from the General Fund. Jail Fund - The primary purpose of this fund is to account for the jail expenses of the county. The primary sources of receipts for this fund are reimbursements from the state and federal government, payments from other counties for housing prisoners, and transfers from the General Fund. The Department for Local Government requires the Fiscal Court to maintain these receipts and disbursements separately from the General Fund.

23 NOTES TO FINANCIAL STATEMENT June 30, 2013 (Continued) Page 15 Note 1. Summary of Significant Accounting Policies (Continued) C. Basis of Presentation (Continued) Local Government Economic Assistance Fund - The primary purpose of this fund is to account for grants and related disbursements. The primary sources of receipts for this fund are grants from the state and federal governments. Solid Waste Fund - The primary purpose of this fund is to account for the County s solid waste programs including recycling, tire recycling, litter abatement and general operation and enforcement of solid waste laws and programs in the County. The primary source of receipts for this fund is derived from franchise fees paid to the County and state grants. Park Fund - The primary purpose of this fund is to account for operations at the county park and the 4H Camp. The primary source of receipts for this fund is transfers from the General Fund but also includes facility rentals. Park Dedicated Fund - The primary purpose of this fund is to account for activity as a result of an ongoing environmental issue that occurred during construction of the county park. The contractor performed outside his scope of work causing a sediment breach which resulted in the "take" of a habitat of an endangered fish. As a result the Kentucky Division of Water and Fish and Wildlife Service became involved with the project causing fines and mitigation work on site. The contractor was owed $230,000 in order to complete his contract, so these funds were set aside until the project is given environmental clearance and costs of the contractor s action to the County determined. Occupational Tax Fund - The primary purpose of this fund is to account for the collection of occupational tax. The primary source of receipts for this fund is occupational employment tax and net profit tax. Grant Fund - The primary purpose of this fund is to manage state and federal grants received by the County. The primary source of receipts for this fund is state and federal grants. Emergency 911 Dispatch Fund - The primary purpose of this fund is to account for the County s emergency dispatch center and operations within the local office of emergency management. The primary source of receipts for this fund is phone surcharges and wireless surcharges. Disaster Assistance Fund - The primary purpose of this fund is to account for the expense of emergencies and disasters in the County. The primary source of receipts for this fund is transfers from the General Fund. Revolving Loan Fund - The primary purpose of this fund is to account for the County small business revolving loan program. The primary source of receipts for this fund is the payments on the loans. Economic Development Fund - The primary purpose of this fund is to account for economic development and tourism offices. The primary source of receipts for this fund is occupational tax. Unbudgeted Funds The Fiscal Court reports the following unbudgeted funds: McCreary County Park Board - The purpose of this fund is to account for receipts collected for use at the McCreary County Park. McCreary County Airport Board - The purpose of this fund is to account for the activity at the McCreary County Airport. The primary source of receipts for this fund is federal and state grants.

24 NOTES TO FINANCIAL STATEMENT June 30, 2013 (Continued) Page 16 Note 1. Summary of Significant Accounting Policies (Continued) C. Basis of Presentation (Continued) McCreary County Courthouse and Public Square Corporation Fund - The primary purpose of this fund is to account for the proceeds and debt service of revenue bonds that were issued to fund construction of public buildings. McCreary County Tourist Commission - The primary purpose of this fund is to account for activities relating to promoting recreational, tourism, and convention activities within the County. The primary source of receipts for this fund is transient taxes. McCreary County Jail Commissary Fund - The commissary operations are authorized pursuant to KRS (1), which allows the jailer to sell snacks, sodas, and other items to inmates. The profits generated from the sale of those items are to be used for the benefit or recreation of the inmates. KRS (2) requires the jailer to maintain accounting records and report annually to the county treasurer the receipts and disbursements of the Jail Commissary Fund. The Fiscal Court closed this fund during the fiscal year ending June 30, D. Budgetary Information Annual budgets are adopted on a cash basis of accounting and according to the laws of Kentucky as required by the State Local Finance Officer. The County Judge/Executive is required to submit estimated receipts and proposed disbursements to the Fiscal Court by May 1 of each year. The budget is prepared by fund, function, and activity and is required to be adopted by the Fiscal Court by July 1. The Fiscal Court may change the original budget by transferring appropriations at the activity level; however, the Fiscal Court may not increase the total budget without approval by the State Local Finance Officer. Disbursements may not exceed budgeted appropriations at the activity level. The State Local Finance Officer does not require the McCreary County Jail Commissary Fund to be budgeted because the Fiscal Court does not approve the expenses of these funds. The State Local Finance Officer does not require the McCreary County Park Board, McCreary County Airport Board, McCreary County Courthouse and Public Square Corporation Fund or the McCreary County Tourist Commission to be budgeted. Bond indentures and other relevant contractual provisions require specific payments to and from this fund annually. E. McCreary County Elected Officials Kentucky law provides for election of the officials below from the geographic area constituting McCreary County. Pursuant to state statute, these officials perform various services for the Commonwealth of Kentucky, its judicial courts, the Fiscal Court, various cities and special districts within the county, and the board of education. In exercising these responsibilities, however, they are required to comply with state laws. Audits of their financial statements are issued separately and individually and can be obtained from their respective administrative offices. These financial statements are not required to be included in the financial statement of McCreary County, Kentucky. Circuit Court Clerk County Attorney

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