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VILLAGE OF CHATAIGNIER, LOUISIANA
Financial Report
Year Ended June 30, 2009
Under provisions of state law, this report is a public document. Acopy of the report has been submitted to the entity and other appropriate public officials. The report is available for public inspection at the Baton Rouge office of the Legislative Auditor and, v /here appropriate, at the office of the parish clerk of court.
Release Date 10 'j^hf
TABLE OF CONTENTS
Page
Accountants' Compilation Report 1
BASIC FINANCIAL STATEMENTS
GOVERNMENT-WIDE FINANCIAL STATEMENTS (GWFS) Statement of net assets 4 Statement of activities 5
FUND FINANCIAL STATEMENTS (FFS) Balance sheet - governmental llinds 8 Reconciliation of the governmental funds balance sheet
to the statement of net assets 9 Statement of revenues, expenditures, and changes in fund balances -
governmental funds 10 Reconciliation of the statement of revenues, expenditures, and
changes in fund balances of governmental funds to the statement of activities 11 Statement of net assets - proprietary fund 12 Statement of revenues, expenses, and changes in fund net
assets - proprietary fund 13 Statement of cash flows - proprietary fund 14
Notes to basic financial statements 15-23
REQUIRED SUPPLEMENTARY INFORMATION Budgetary comparison schedules;
General Fund 25
OTHER SUPPLEMENTAL INFORMATION Schedule of insurance in force 27
INTERNAL CONTROL AND COMPLIANCE Summary schedule of current and prior year findings
and corrective action plan 29
C. Bi r ton Koldof. CPA* Russell F, Champagne, CPA* V i d o r R . S I a v o a C P A * P. Troy CoufVillft, CPA* Gerald A, Thibodoaux, Jr.CPA* Robert S Carter, CPA ' Arthur R. M i « n , C P A *
KOLDER, CHAMPAGNE, SLAVEN & COMPANY, LLC CERTIFIED PUBLIC ACCOUNTANTS
Tyres E Mbton.J r , CPA AHenJ. U B r y , CPA Albert R. LQoer.CPAi>FS,CSA-P e m y A r g d l a Scruggtns, CPA Chriatino L, Cousin, CPA Mary T. Thibtxfeaux, CPA Marehal lW. Guidry, CPA Aten M.Taylor, CPA slamftftR, Roy, CPA Robert J. Motz. CPA KoByM Douce t .CPA ChoryfL. BarHey, CPA Mandy B. Self, CPA P a u L Delcambre, Jr. CPA Wanda F. Arcemant CPA, OVA Kr isenB. Deuzat.CPA Richard R. Anderson Sr., CPA Carolyn C. AndarEon. CPA
Rebred: Conrad O. Chapmanr CPA* 2006 HorryJ.CIoat io .CPA 2007
ACCOUNTANTS' COMPILATION REPORT
OFFICES
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1013 Main Stroet FranWin, LA 70538
Phone (337)628-0272 FBK (337)828-0290
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Phone (318) 263-9252 F w (318)253-8661
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Phone (316) 442-4421 Fax (318) 442-9833
• A PiofaMbrw) ^oouflSng Cojporaion
WEBSITE WWWKCSRCPAS COM
To the Board of Aldermen Village of Chataignier, Louisiana
We have compiied the accompanying financial statements of the governmental activities, the business-type activities and each major fund of the Village of Chataignier, as of and for the year ended June 30, 2009, which collectively comprise the Village's basic financial statements as listed in the table of contents, and the accompanying supplementary information contained on page 27, which is presented only for supplemental analysis purposes, in accordance with Statements on Stan<jards for Accounting and Review Services issued by the American Institute of Certified Public Accountants.
A compilation is limited to presenting in the form of financial statements information that is the representation of management. We have not audited or reviewed the accompanying fmancial statements and, accordingly, do not express an opinion or any other form of assurance on them.
The Village has not presented management's discussion and analysis that the Governmental Accounting Standards Board has determined is necessary to supplement, although not required to be part of, the basic financial statements.
The budgetary comparison infonnation, on page 25, is not a required part of the basic financial statements but is supplementary information required by the Governmental Accounting Standards Board. We have compiled the supplementary information from information that is the representation of management, without audit or review. Accordingly, we do not express an opinion or any other form of assurance on the supplementary information.
Koldetf Champagne, Slaven & Company, LLC Certified Public Accountants
Ville Platte, Louisiana September 15,2009
Member of: AMERICAN INSTITUTE OF CE RTI F E D PUBUC ACCOUNTANTS
Member of: SOCIETY OF LOUISIANA
CERTIFIED PUBLIC ACCOUNTANTS
BASIC FINANCIAL STATEMENTS
GOVERNMENT-WIDE FINANCIAL STATEMENTS (GWFS)
VILLAGE OF CHATAIGNIER, LOUISIANA
ASSETS Current assets:
Cash and interest-bearing deposits Receivables Due from other governmental units
Total current assets
Noncurrent assets:
Statement of Net Assets June 30, 2009
Governmental Activities
$ 88,193 5,879 -
Business-Type Activities
$ 15,903 3,616 8,825
Total
$104,096 9,495 8,825
94.072
357,555
28,344
517,902
122,416
875,457
Total assets
LIABILITIES Current Habilities:
Accounts and other payables
Noncurrent liabilities:
Customers deposits payable
Total liabilities
NET ASSETS Invested in capital assets, net of related debt
Unrestricted Total net assets
451,627
-
-
,
386,326 65,301
$451,627
546,246
18,325
2,154
20,479
517,902 7,865
$525,767
997,873
18,325
2,154
20,479
904,228 73,166
$977,394
See accompan3ang notes and accountants' report.
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FUND FINANCIAL STATEMENTS (FFS)
MAJOR FUND DESCRIPTIONS
General Fund
The General Fund is used to account for resources traditionally associated with governments which are not required to be accounted for in. another fund.
Enterprise Fund
Sewer Fund -To account for the provision of sewerage services to residents of the Village. All activities necessary to provide such services are accoxinted for in this fund,-including, but not limited to, administration, operations, maintenance, fmancing and related debt service, and billing and collection.
VILLAGE OF CHATAIGNIER, LOUISIANA
Balance Sheet Governmental Fund - General Fund
June 30, 2009
ASSETS
Cash and interest-bearing deposits $ 88,193 Receivables:
Sales tax 2,124 Other 3,755
Total assets $94,072
FUND BALANCE
Fund balance: Unreserved, undesignated $ 94,072
See accompanying notes and accountants' report.
VILLAGE OF CHATAIGNIER, LOUISIANA
Reconciliation of the Governmental Fund Balance Sheet to the Statement of Net Assets
June 30,2009
Total fund balances for governmental funds at June 30, 2009 $ 94,072
Total net assets reported for governmental activities in the statement of net assets is different because:
Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the funds. Those assets consist of: Land $25,964 Buildings, net of $219,818 accumulated depreciation 81,084 Equipment, furniture, and fixtures net of $92,743 accumulated depreciation 8,353 Infrastructure, net of $101,494 accumulated depreciation 242,154 357,555
Total net assets of governmental activities at June 30, 2009 $ 451,627
See accompanying notes and accountants' report,
9
VILLAGE OF CHATAIGNIER, LOUISIANA
Statement of Revenues, Expenditures, and Changes in Fund Balance-Governmental Fund - General Fund For the Year Ended June 30, 2009
Revenues: Taxes Licenses and permits Franchise tax Intergovernmental Fines and forfeits Interest Miscellaneous
Total revenues
Expenditures: Current -
General govemment Public safety Public works Culture and recreation
Total expenditures
Deficiency of revenues over expenditures
Other financing sources (uses):
Transfers out
Net change in fund balance
Fund balance, beginning
Fund balance, ending
$23,523 6,828
15,288 3,550 5,456 2,242 7,174
64,061
35,164
10,286
14,631
8,733
68,814
(4,753)
(3,950)
(8,703)
102,775
$94,072
See accompanying notes and accountants' report.
10
VILLAGE OF CHATAIGNIER, LOUISIANA
Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Fund
to the Statement of Activities For the Year Ended June 30, 2009
Total net changes in fund balance at June 30, 2009 per Statement of Revenues, Expenditures and Changes in Fund Balances $ (8,703)
Depreciation expense for the year ended June 30, 2009 28,771
Total change in net assets at June 30, 2009 per Statement of Activities $ (37,474)
See accompanying notes and accountants' report.
II
VILLAGE OF CHATAIGNIER, LOUISIANA
Statement of Net Assets Proprietary Fund - Enterprise Fund
June 30, 2009
ASSETS
Current assets; Cash
Accounts receivable
Due from other governmental units
Total current assets
Noncurrent assets:
Capital assets, net of accumulated depreciation
Total assets
$ 15,903 3,616 8,825
28,344
517,902
546,246
Current liabilities: Accounts payable
Noncurrent liabilities:
Customers' deposits
Total liabilities
LIABILITIES
18,325
2,154
20,479
NET ASSETS
Invested in capital assets, net of related debt
Unrestricted
Total net assets
517,902 7,865
$525,767
See accompanying notes and accountants' report.
12
VILLAGE OF CHATAIGNIER, LOUISIANA
Statement of Revenues, Expenses, and Changes in Fund Net Assets Proprietary Fund - Enterprise Fund For the Year Ended June 30,2009
Operating revenues: Charges for services Penalty income
Total operating revenues
Operating expenses: Depreciation expense Insurance Office expense Repairs and maintenance Salaries and related benefits Fees and testing expenses Utilities
Total operating expenses
Operating loss
Capital contributions
Loss before transfers
Transfers in (out): Transfers in
Change in net assets
Net assets, beginning
Net assets, ending
20,757 1,141
21,898
25,890 1,200
773 29,145
9,300 1,715 4,339
72,362
(50,464)
24,973
(25,491)
3,950
(21,541)
547,308
$525,767
See accompanying notes and accountants' report.
13
VILLAGE OF CHATAIGNIER, LOUISIANA
Statement of Cash Flows Proprietary Fund Type-Enterprise Fund
Year Ended June 30,2009
Cash flows from operating activities: Operating loss $ (50,464)
Adjustments to reconcile operating loss to net cash used by operating activities -
Depreciation 25,890 Increase in accounts receivable (126) Increase in due from other governmental units (8,825) Increase in accounts payable 14,978
Total adjustments 31,917
Net cash used by operating activities (18,547)
Cash flows from noncapital financing activities:
Transfers from other funds 3,950
Cash flows from capital and related financing activities: Proceeds from capital contribution 24,973 Proceeds from meter deposits 746
Net cash used by capital and related financing activities 25,719
Net increase in cash and cash equivalents 11,122
Cash and cash equivalents, beginning of period 4,781
Cash and cash equivalents, end of period $ 15,903
See accompanying notes and accountants' report.
14
VILLAGE OF CHATAIGNIER, LOUISLWA
Notes to Basic Financial Statements
(1) Summary of Significant Accounting Policies
The accompanying financial statements of the Village of Chataignier (Village) have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to governmental units. GAAP includes all relevant Governmental Accounting Standards Board (GASB) pronouncements. In the government-wide financial statements, Financial Accounting Standards Board (FASB) pronouncements and Accounting Principles Board (APB) opinions on or before November 30, 1989 have been applied unless those pronouncements conflict with or contradict GASB pronouncements, in which case, GASB prevails. The accounting and reporting framework and the more significant accounting policies are discussed in subsequent subsections ofthis note.
A. Financial Reportrng Entitv
The Village of Chataignier was incorporated in 1972, under the provisions of the Lawrason Act. The Village operates under a Mayor-Board of Alderman form of govemment and provides the following services: public safety, highway and streets, sanitation, culture and recreation, health and welfare, public improvements and general administrative services.
This report includes all funds and activities that are confrolled by the Village as an independent political subdivision of the State of Louisiana. There are no component units required to be reported in conformity with generally accepted accounting principles.
B. Basis of Presentation
Government-Wide Financial Statements (GWFS)
The statement of net assets and statement of activities display information about the Village, the primary govemment, as a whole. They include all funds of the reporting entity. The statements distinguish between governmental and business-type activities. Governmental activities generally are financed through taxes, intergovernmental revenues, and other nonexchange revenues. Business-type activities are financed in whole or in part by fees charged to external parties for goods or services.
The statement of activities presents a comparison between direct expenses and program revenues for the business-type activities of the Village and for each function of the Village's governmental activities. Direct expenses are those that are specifically associated -with, a program or function and, therefore, are clearly identifiable to a particular function. Program revenues include (a) fees, fines, and charges paid by the recipients of goods or services offered by the programs, and (b) grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not classified as program revenues, including all taxes, are presented as general revenues.
15
VILLAGE OF CHATAIGNIER, LOUISIANA
Notes to Basic Financial Statements (Continued)
Fund Financial Statements
The accounts of the Village are organized and operated on the basis of funds. A fund is an independent fiscal and accounting entity with a separate set of self-balancing accounts. Fund accounting segregates funds according to their intended purpose and is used to aid management in demonstrating compliance with finance-related legal and contractual provisions. The minimum number of funds is maintained consistent with legal and managerial requirements. Fund financial statements report detailed information about the Village,
The various funds of the Village are classified into two categories: governmental and proprietary. The emphasis on fund financial statements is on major governmental and enterprise funds, each displayed in a separate column. A fund is considered major if it is the primary operating fund of the Village or meets the following criteria:
a. Total assets, liabilities, revenues, or expenditures/expenses of that individual govemmental or enterprise fund are at least 10 percent of the corresponding total for all funds of that category or type; and
b. Total assets, liabiHties, revenues, or expenditures/expenses of the individual govemmental or enterprise fund are at least- 5 percent of the corresponding total for all govemmental and enterprise funds combined
The major funds of the Village are described below:
Govemmental Funds -
The General Fund is the general operating fund of the Village. It is used to account for all fmancial resources except those required to be accounted for in another fund.
Proprietary Funds -
Proprietary funds are used to account for ongoing organizations and activities that are similar to those often found in the private sector. The measurement focus is based upon determination of net income, financial position, and cash flows. The Village's proprietary fund types are enterprise funds.
16
VILLAGE OF CHATAIGNIER, LOUISIANA
Notes to Basic Financial Statements (Continued)
Enterprise Funds
Enterprise funds are used to account for operations (a) that are financed and operated in a manner similar to private business enterprises, where the intent of the governing body is that the costs (expenses, including depreciation) of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges; or (b) where the governing body has decided that periodic determination of revenues eamed, expenses incurred, and/or net income is appropriate for capital maintenance, public policy, management control, accountability or other purposes. The Village applies all applicable FASB pronouncements issued after November 30, 1989 in accounting and reporting for its enterprise fund. The Village's enterprise fund is the Sewer Fund.
Measurement Focus/Basis of Accounting
Measurement focus is a term used to describe "which" transactions are recorded within the various financial statements. Basis of accounting refers to "when" transactions are recorded regardless of the measurement focus applied.
Measurement Focus
On the government-wide statement of net assets and the statement of activities, both govemmental and business-type activities are presented using the economic resources measurement focus as defmed in item b. below.
In the fund financial statements, the "current financial resources" measurement focus or the "economic resources" measurement focus is used as appropriate:
a. All govemmental funds utilize a "current financial resources" measurement focus. Only current financial assets and liabilities are generally included on their balance sheets. Their operating statements present sources and uses of available spendable fmancial resources during a given period. These funds use fund balance as their measure of available spendable financial resources at the end of the period.
b. The proprietary fund utilizes an "economic resources" measurement focus. The accounting objectives of this measurement focus are the determination of operating income, changes in net assets (or cost recovery), financial position, and cash flows. All assets and liabilities (whether current or noncurrent) associated with their activities are reported. Proprietary fund equity is classified as net assets.
17
VILLAGE OF CHATAIGNIER, LOUISIANA
Notes to Basic Financial Statements (Continued)
Basis of Accounting
In the government-wide statement of net assets and statement of activities, both govemmental and business-type activities are presented using the accrual basis of accounting. Under the accrual basis of accounting, revenues are recognized when eamed and expenses are recorded when the liability is incurred or economic asset used. Revenues, expenses, gains, losses, assets, and liabilities resulting from exchange and exchange-like transactions are recognized when the exchange takes place.
Govemmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period- For this purpose, the government considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures (including capital outlay) generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures are recorded only when payment is due.
The proprietary ftind utilizes the accrual basis of accounting. Under the accrual basis of accounting, revenues are recognized when eamed and expenses are recorded when the liability is incurred or economic asset used.
Program revenues
Program revenues included in the Statement of Activities are derived directly from the program itself or from parties outside the Village's taxpayers or citizenry, as a whole; program revenues reduce the cost of the function to be financed from the Village's general revenues.
Allocation of indirect expenses
The Village reports all direct expenses by function in the Statement of Activities. Direct expenses are those that are clearly identifiable with a function. Indirect expenses of other functions are not allocated to those functions, but are reported separately in the Statement of Activities. Depreciation expense is specifically identified by function and is included in the direct expense of each function. Interest on general long-term debt is considered an indirect expense and is reported separately on the Statement of Activities.
When both restricted and unrestricted resources are available for use, it is the Village's policy to use restricted resources first, then unrestricted resources as they are needed.
18
VILLAGE OF CHATAIGNIER, LOUISIANA
Notes to Basic Financial Statements (Continued)
D. Assets. Liabilities and Equity
Cash and interest-bearing deposits
For purposes of the Statement of Net Assets, cash and interest-bearing deposits include all demand accounts, savings accounts, and certificates of deposits of the City. For the purpose of the proprietary fund statement of cash flows, "cash and cash equivalents" include all demand and savings accounts, and certificates of deposit or short-term investments with an original maturity of three months or less when purchased.
Capital Assets
Capital assets, which include property, plant, equipment, and infrastructure assets, are reported in the applicable governmental or business-type activities columns in the government-wide or financial statements. Capital assets are capitalized at historical cost or estimated cost if historical is not available. Donated assets are recorded as capital assets at their estimated fair market value at the date of donation. The Village maintains a threshold level of $5,000 or more for capitalizing capital assets. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend assets lives are not capitalized.
Depreciation of all exhaustible capital assets is recorded as an allocated expense in the statement of activities, with accumulated depreciation reflected in the statement of net assets. Depreciation is provided over the assets' estimated useful lives using the straight-line method of depreciation. The range of estimated useful lives by type of asset is as follows:
Buildings 30 years Equipment 5 years Utility system and improvements 20-40 years Infrastructure 20 years
In the fund financial statements, capital assets used in govemmental fund operations are accounted for as capital outlay expenditures of the govemmental fund upon acquisition. Capital assets used in proprietary fund operations are accounted for the same as in the govemment-wide statements.
Equity Classifications
In the govemment-wide statements, equity is classified as net assets and displayed in three components:
a. Invested in capital assets, net of related debt - Consists of capital assets including restricted capital assets, net of accumulated depreciation and reduced by the outstanding balances of any bonds, mortgages, notes, or other borrowing that are attributable to the acquisition, construction, or improvement of those assets.
19
VILLAGE OF CHATAIGNIER, LOUISL\NA
Notes to Basic Financial Statements (Continued)
b. Restricted net assets - Consists of net assets with constraints placed on the use either by (1) external groups, such as creditors, grantors, contributors, or laws or regulations of other governments; or (2) law through constitutional provisions or enabling legislation.
c. Unrestricted net assets - All other net assets that do not meet the definition of'Vestricted" or "invested in capital assets, net of related debt."
In the fund financial statements, govemmental fund equity is classified as fund balance. Fund balance is frirther classified as reserved and unreserved, with unreserved further split between designated and undesignated. Proprietary fund equity is classified the same as in the govemment-wide statements.
Revenues, Expenditures, and Expenses
Operating Revenues and Expenses
Operating revenues and expenses for proprietary funds are those that result from providing services and producing and delivering goods and/or services. It also includes all revenue and expenses not related to capital and related financing, noncapital financing, or investing activities.
Expenditures/Expenses
In the govemment-wide financial statements, expenses are classified by function for both govemmental and business-type activities.
In the fund financial statements, expenditures are classified as follows:
Govemmental Funds - By Character: Proprietary Fund - By Operating and Nonoperating
In the fund fmancial statements, govemmental funds report expenditures of financial resources. Proprietary funds report expenses relating to use of economic resources.
Interfrmd Transfers
Permanent reallocations of resources between funds of the reporting entity are classified as interfund fransfers. For the puiposes of the statement of activities, all interfund transfers between individual govemmental funds have been eliminated.
20
VILLAGE OF CHATAIGNIER, LOUISIANA
Notes to Basic Financial Statements (Continued)
F. Budgets
A budget for the General Fxmd for the year ended June 30, 2009 was adopted in accordance with LSA-R.S. 39:1301, cited as the "Louisiana Local Govemment Budget Act." Budgeted amounts included in the accompanymg financial statements are as originally adopted or as finally amended by the Village.
G. Compensated Absences
The Village has no policy relating to compensated absences. Any liability the Village might have in this regard at June 30, 2009 is considered immaterial; therefore, no liability has been recorded in the accounts.
(2) Cash and Interest-Bearing Deposits
Under state law, the Village may deposit funds within a fiscal agent bank organized under the laws of the State of Louisiana, the laws of any other state in the Union, or the laws of the United States. The Village may invest in certificates and time deposits of state banks organized under Louisiana law and national banks having principal offices in Louisiana. At June 30, 2009, the Village has cash and interest-bearing deposits (book balances) totaling $104,096 as follows:
Demand deposits $ 78,149 Interest bearing deposits 25,947
Total $104,096
Custodial credit risk for deposits is the risk that in the event of the failure of a depository financial institution, the Village's deposits may not be recovered or will not be able to recover the collateral secuiities that are in the possession of an outside party. Under state law, these deposits (or the resulting bank balances) must be secured by federal deposit insurance or the pledge of securities owned by the fiscal agent bank. The market value of the pledged securities plus the federal deposit insurance must at all times equal the amount on deposit with the fiscal agent bank. These securities are held in the name of the pledging fiscal agent bank in a holding or custodial bank that is mutually acceptable to both parties. As of June 30, 2009, bank balances in the amount of $104,653 were secured in total by federal deposit insurance.
(3) Receivables
Receivables at June 30, 2009 of $9,495 consist of the following:
General Sewer Total Accounts Franchise tax Sales tax Other
Totals
21
$ -2,290 2,124 1,465
$5,879
$3,616 --
. -$3,616
$3,616 2,290 2,124 1,465
$9,495
VILLAGE OF CHATAIGNIER, LOUISIANA
Notes to Basic Financial Statements (Continued)
(4) Ad Valorem Taxes
Ad valorem taxes attach as an enforceable lien on property as of January 1 of each year. Taxes are levied in September or October and billed to the taxpayers in December. Billed taxes become delinquent on January 1 of the following year.
For the year ended June 30,2009, taxes of 4.10 mills were levied on property with assessed valuations totaling $770,430. Total taxes levied were $3,159.
(5) Capital Assets
Capital asset activity for the year ended June 30, 2009 was as follows;
Govemmental activities: Land Buildings and improvements Equipment Street Improvements
Totals
Less: accumulated depreciation Buildings and improvements Equipment Street Improvements
Total accumulated depreciation
Balance 6/30/2008
$ 25,964 300,902 101,096 343,648 771,610
216,582 84,390 84,312
385,284
Addtions
$ -----
3,236 8,353
17,182
28,771
Deletions
$ ----_
----
Balance 6/30/2009
$ 25,964 300,902 101,096 343,648 771,610
219,818 92,743
101,494 414,055
Govemmental activities, capital assets, net $386,326 $ (28,771) $ $357,555
Business-type activities: Land Systems and extensions Equipment
Totals Less accumulated depreciation
Business-type activities, capital assets, net
$ 10,000 1,035,584
5,236 1,050,820
507,028
$ 543,792
25,890
$ -
$ 10,000 1,035,584
5,236
1,050,820 532,918
$ 517,902
22
VILLAGE OF CHATAIGNIER, LOUISIANA
Notes to Basic Financial Statements (Continued)
(6) Board Members' Compensation
The Village paid the mayor and aldermen the following salaries:
Hennan Malveaux $ 3,600 Joseph Semien 1,200 Lucy Green 1,200 Alton Thomas, Jr, 1,200
$7,200
(7) Risk Management
The Village is exposed to risks of loss in the areas of general and auto liability, property hazards and workers' compensation. All of these risks are handled by purchasing commercial insurance coverage. There have been no significant reductions in the insurance coverage during the year.
(8) Litigation
At June 30, 2009, there is no litigation pending against the Village.
(9) Changes in Accounting Principles
For the year ended June 30, 2009, the Village has implemented GASB Statement No, 34, Basic Financial Statements - and Management's Discussion and Analysis ~ for State and Local Governments. GASB Statement No, 34 creates new basic financial statements for reporting on the Village's financial activities. The financial statements now include govemment-wide fmancial statements prepared on the accmal basis of accounting, and fund financial statements which present infonnation for individual major funds rather than by fund type which has been the mode of presentation in previously issued financial statements. The Village also implemented GASB Statement No. 33, Accounting and Financial Reporting for Nonexchange Transactions, No. 37, Basic Financial Statements - And Management's Discussion and Analysis - For State and Local Govemments: Omnibus. No. 38, Certain Financial Statement Note Disclosures, and Interpretation No. 6, Recognition and Measurement of Certain Liabilities and Expenditures in Governmental Fund Financial Statements. At Jime 30, 2008, there was no effect on fund balance as a result of implementation of GASB Statement No. 33,
The implementation of GASB Statement No. 34 caused the opening fund balance at Jxme 30, 2008 to be restated in terms of "net assets" as follows:
Total fund balances - Govemmental Funds - at June 30, 2008 $ 102,776
Add: Cost of capital assets at June 30, 2008 $ 771,610 Less: Accumulated depreciation at June 30,2008 (385,285) 386,325
Net assets at June 30,2008 $489,101
23
REQUIRED SUPPLEMENTARY INFORMATION
24
VILLAGE OF CHATAIGNIER, LOUISIANA General Fund
Budgetary Comparison Schedule Year Ended June 30, 2009
Revenues: Taxes Licenses and permits Franchise tax Intergovernmental Fines and forfeitures Interest Miscellaneous
Total revenues
Expenditures: Current -
General govemment Public safety Public works Culture and recreation
Total expenditures
Excess (deficiency) of revenues
over expenditures
Other financing sources (uses):
Transfers out
Excess (deficiency) of revenues over expenditures and other uses
Fund balance, beginning
Fund balance, ending
Budget
Original Final
$ 24,900 9,000
15,000
2,853 8,850
640
6,970
68,213
Variance with Final Budget
Positive Actual (Negative)
$ 21,398 6,465
16,328 2,970 5,080 2,237 7,174
61,652
$ 23,523 6,828
15,288 3,550 5,456 2,242 7,174
64,061
$ 2,125 363
(1,040) 580 376
5 -
2,409
34,128 8,505 7,347 2,849
36,333 10,466 8.328 9,688
35,164 10,286 14,631 8,733
1,169 180
(6,303) 955
52,829 64,815 68,814 (3.999)
15,384 (3,163) (4,753) (1,590)
(3,950) (3,950)
15,384 787 (803) (1,590)
102,775 102,775 102,775
$118,159 $103,562 $101,972 $(1,590)
See accountants' report.
25
OTHER SUPPLEMENTARY INFORMATION
26
VILLAGE OF CHATAIGNIER, LOUISL\NA
Schedule of Insurance in Force June 30,2009
Description of Coverage
Workmen's Compensation: Louisiana Worker's Compensation Corporation
Commercial property insurance: Office building - 113-117 First Street Public Library - 6215 Charles Armand Jr. Street
Automobile liability
Commercial general liability
Errors and omissions
Law enforcement offrcer
Expiration Coverage Date Amounts
Statutory
11/22/09 11/22/09
12/6/09
12/6/09
12/6/09
12/6/09
85,000 40,000
500,000
500,000
500,000
500,000
27
INTERNAL CONTROL AND COMPLIANCE
28
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