Navajo Council in special session at Council chamber in Window Rock, Ariz. Speaker Pro Temp is Delegate Roscoe Smith, who also serves as Resources and Development Committee Vice Chairperson.
The Council is receiving information from KPMG about their audit of the 2012 Navajo Nation government annual budget. KPMG is taking really fast. Doing my best to keep up. Wish I cud get booklet with all the colored charts of 2012 audit. But I am video taping KPMG presentation and so I’ll get that posted as soon as I can.
LEGISLATION 0315-13: ACCEPTING THE AUDIT REPORT OF KPMG LLP ON THE PRIMARY GOVERNMENT FINANCIAL STATEMENT OF THE NAVAJO NATION FOR THE YEAR 2012
almost half of money is pay employees and allocating to chapters but largest portion is payroll.
Last three years all positive.
2011: large spike due to Peabody litigation settlement, reserves grew in 2011 and 2912 due to Peabody settlement and lump sum payments from natural resources.
with revenues don’t overproject and that is conservative. Also not overspending which is positive picture see.
GRANT FUND, FEDERAL DOLLARS TO FUND PROGRAMS
$300 million to $350 million
Receiving 638 funds and not spending and that cud be for a number of reasons.
Increased in 2012.
PERMANENT TRUST FUND
largest chunk of trust funds. 2008, semi decrease cuz of stock market.
2008, when stock market took tumble, decrease. but good stock market then good for nation.
important thing is each fund has asset
Hypothetical interest received and wat it wud have done.
Receivables: of funds that funded receivables was there any negative impact.
LONG TERM LIABILITIES
Build American Bonds – balloon payment 2015.
2012 $9.3 m underfunded so liability for retirement, haven’t paid back.
OTHER FUNDS TO HIGHLIGHT
Public Safety Facilities: lot of activity due to judicial complexes and have excess fund balance but will decrease. Point on that tribe has 50 funds and outside of major funds these are most significant cuz of dollars and acitivity.
Sales Tax Trust Fund: $9 m for chapters
Many of funds for fairs are not generating revenues so general fund are funding and not uncommon and does provide value.
GRANTS TESTED FOR SINGLE AUDIT
NTUA, Dine College, etc.
LARGEST PROGRAMS BY EXPENDITURES
Point out correctional facilities and due to judicial complexes.
Diabetes program and Community Development Block Programs
GOT 2012 done in 5.5 months and get this audit in six months, by May and federal govt deadline is June.
SIGNIFICANT AUDIT ADJUSTMENTS
RECEIVEABLE going down
SLIDE SHOWING PERMANENT TRUST FUND
Teal shows interest and dividends which is 2 to 1 ratio so watever put in, get back.