Laserfiche WebLink
<br />t'J /I'" 0'6 <br /> <br /> <br />I-I <br /> <br />])i~~l"ib"+t<I.. aA <br />h'\ee.+i "'j <br /> <br />FY 2003 - 2004 <br />Financial Review <br /> <br />. Divestiture of Internally Operated Programs <br /> <br />o The most significant event during the fiscal year was the divestiture of programs to contracted <br />selVice providers. This plan of divestiture is part of ongoing reform within mental health in the <br />State of North Carolina. <br /> <br />. Restructuring of Area Authority <br /> <br />o The Area Authority underwent major operational and administrative restructuring due to the plan of <br />divestiture. <br /> <br />. Expansion <br /> <br />o Davidson County was added to the catchment area January 1, 2004. <br /> <br />. Auditors' Report <br /> <br />o The auditors' report on financial statements is unqualified as to fairness of presentation in <br />conformity with generally accepted accounting principles. This represents the highest level of <br />assurance that may be achieved. <br /> <br />. Fiscal Responsibility <br /> <br />o The total net revenues and expenditures were under budgeted amounts. <br />o Revenues increased $16.9 million, or 36.5% from 2003. Significant increases were: <br />. Prior Year Medicaid: $ 1,261,026 (Accounts receivable collected after year end close) <br />. Davidson County Fund Balance: $ 1,051,385 (one time transfer of fund balance due to <br />merger with Davidson County) <br />. State Institutions: $ 11,334,651 (Piedmont now manages the funding for the state <br />institutions) <br />. Davidson County State funds allocation: $ 3,236,390 (Jan - June) <br />o The Authority administered $36.1 million in federal and state financial assistance during 2004, an <br />increase of $17.2 million from 2003. This is primarily ,due to the addition of Davidson County and <br />the management of funding for the state institutions. <br /> <br />Creating sotutiom, One person at a time <br /> <br />Q-.~ <br />