Frequently Asked Questions

Questions

1. What is the county's fiscal year?
2. What is the county's primary source of revenue?
3. How can I obtain information about the county's annual budget?
4. Who prepares the county's financial statements and are they subject to audit?
5. The county's budget and financial statements refer to various "funds." What is meant by this?

Answers

What is the county's fiscal year?

The county operates on a calendar fiscal year.

2. What is the county's primary source of revenue?

The county is very dependent on local sales tax for its annual operating revenues. Approximately 70% of the county's operating revenues are derived from locally approved sales taxes. Some of the sales tax revenue, however, is legally restricted (i.e., dedicated) for specific purposes such as roadway infrastructure or law enforcement and judicial needs.

Property taxes are levied for the General Fund and the Road and Bridge Fund, but in total account for less than 10% of all operating revenues.

3. How can I obtain information about the county's annual budget?

The annual budget is available for viewing or downloading from the county's Web site (Boone County Budget Reports). If you need additional information or have questions, contact the county Auditor.

4. Who prepares the county's financial statements and are they subject to audit?

The Boone County Auditor is responsible for preparing the county's comprehensive annual financial report. The county obtains an annual independent audit of these financial statements as required by federal Single Audit provisions and bond (debt) covenants. The independent audit firm is selected through a competitive Request for Proposal process.

5. The county's budget and financial statements refer to various "funds." What is meant by this?

"Fund Accounting" is unique to governmental entities. It is specifically designed to help governments ensure and demonstrate legal compliance by segregating the government's resources into various separate and distinct funds for budgeting, accounting, and financial reporting purposes. As an example, the county's available resources that are restricted solely to roadway purposes are accounted for in a separate and distinct fund (the Road and Bridge Fund).

The county's primary operating fund is the General Fund. It accounts for all revenues that are not otherwise restricted; these revenues are budgeted by the Boone County Commission annually. In addition to the General Fund, the county's fiscal operations consist of approximately 50 additional funds.

The county's annual budget document and annual financial reports contain fiscal information for all of these various funds.