town of benton - louisianaapp1.lla.la.gov/publicreports.nsf/9e0998386922377986257... · 2020. 6....

Town of Benton Benton, Louisiana

Fmancial Statement with Auditors' Report

As of and For the Year Ended December 31,2012


Table of Contents

Page

independent Auditors' Report 1 - 2

Required Supplementary Information:

Management's Discussion and Analysis 3 - 9

Basic Financial Statements:

Gavernment-mde Financial Statements:

Statement of Net Position 10

Statement of Activities 11

Fund Financial Statements:

Balance Sheet - Governmental Funds 12

Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position 13

Statement of Revenues, Expenditures, and Changes in Fund Balances - Govemmental Funds U

Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities 15

Balance Sheet - Proprietary Funds 16

Statement of Revenues, Expenses, and Changes in Fund Net Position - Proprietary Funds 17

Statement of Cash Flows - Proprietary Funds 18

Notes to the Financial Statements 19-36

Required Supplementary Information:

Budgetary Comparison Schedules:

General Fund 37 Sales Tax Fund 38

Note to Required Supplementary Information 39

(Continued)


Table of Contents (Continued)

Other Supplementary Information:

Page

Schedule of Compensation Paid to Board Members

For the Year Ended December 31,2012 40

Schedule of Expenditures of Federal Awards 41

Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed In Accordance With Government Auditing Standards 42 - 43 Report on Compliance for Each Major Program and on Internal Control

Over Compliance Required by OMB Circular A-133 44 -45

Summary Schedule of Prior Audit Findings 46

Schedule of Findings and Questioned Costs 46 - 47

Schedules For Louisiana Legislative Auditor Summary Schedule of Prior Year Audit Findings 48 Summary Schedule of Current Year Audit Findings 48

COOK & MOREHART

Certified Public Accountants

m S HA»W AVENUE • SHREVETOKT, LOUISIANA 7 i m • P.O. BOX 73240 - SHBEVEPOBT, L0UJSJ.4NA 7II37-8I40

TfMVIS H MOREHART. CPA T E L E P H O N E (3IB) I22-541S FAX (318) 111-5441 A EDWARD BALL, CPA VICKIED CASE, CPA

_ ^ MEMBER AMERICAN mSTITLTTE

STUART L REEKS, CPA CERTIFIED PUBLFC ACCOUNTANTS

SOCIETY OF LOUrSFANA

(nda5gH9aff}g&tfifg>y^Rgbort

Town of Benton Benton. Louisiana

Report on the Financial Statements

We have audited the accompanying financial statements of the governmental activities, the business-type activities, and each major fund of the Town of Benton, Louisiana, as of and for the year ended December 31, 2012, and Uie related notes to the financial statements, which collectively comprise the Town's basic financial statements as listed in the table of contents.

Management'& Responsibility for ttie Financial Statements

Management is respcsnsibillty for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express opinions on these financial statements based on our audit We conducted our audit in accordance with auditing standands generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller Genera! of the United States. Those standards require ttiat we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the ris!<s of material misstatement of the financial statements, 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 statements 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 statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Opinions

In our opinion, the financial statements referred to above present fairiy, in all material respects, flie respective financial position of the governmental activities, the business-type activities, and each major fund of the Town of Benton. Louisiana, as of December 31, 2012, and the respective changes in financial position, and where applicat3le, cash ffows thereof for the year then ended in conformity with accounting principles generally accepted in the United States of America.

1

other Matters

Required Supplementary Information

Accounting principles generally accepted in the United States of America require that the management's discussion and analysis and budgetary comparison information on pages 3 - 9 and 37 - 39 be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appnspriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing stendands generally accepted in the United States of America, »f7(ch consisted of inquires of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquires, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or pnavide any assurance on the Information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide an assurance.

Other Inkirmation

Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Town of Benton's basic financial statements. The accompanying other supplementary information listed in the table of contents and shown on page 40 Is presented for purposes of additional analysis and is not a required part of the basic flnancial statemente. The accompanying schedule of expenditures of federal awards is presented for purposes of additional analysis as required by U.S. Office of Management and Budget Circular A-133, Audits of States. Local Governments, and Non-Profit Organizations and Is not a required part of the basic financial statements. 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 basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such infonnation directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and otiier additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairiy stated in all material respects in relation to the basic financial statements as a whole.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued our report dated July 1, 2013, on our consideration of Uie Town of Benton, Louisiana's internal contrcil 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 tesfing, 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 in considering tiie Town of Benton's internal control over financial reporting and compliance.

Q_^<jSi5-^ )^x.«>jJ^i>-4 Cook & Wlorehart Certified Public Accountants July t, 20t3

TOWN OF BENTON

MANAGEMENT'S DISCUSSION AND ANALYSIS

Our discussion and analysis of the Town of Benton's fmancial perfonnance provides an overview of the Town of Benton's fmancial activities for the fiscal year ended December 31, 2012. Please read it in conjunction with the Town's financial statements, which begin on page 10.

FINANCIAL HIGHLIGHTS

• The Town of Benton's net position of our govemmental activities increased by $553,748 or 9%. The Town of Benton's net position of our business-type activities increased $363,416 or 6%.

• In the Town's govemmental activities, total general and program revenues were $1,911,799 in 2012 compared to $1,734,492 in 2011. Total expenses, excluding depreciation, totaled $1,259,152 for the year ended December 31, 2012.

• In the Town's business-type activities, total revenues were $2,502,382 in 2012 compared to $2,589,014 in 2011. Total expenses, excluding depreciation, totaled $1,945,627 for the year ended December 31, 2012.

USING THIS ANNUAL REPORT

This aimual report consists of a series of fmancial statements. The Statement of Net Position and the Statement of Activities (on pages 10 and 11) provide information about the activities of the Town of Benton as a whole and present a longer-term view of the Town's finances. Fund fmancial statements start on page 12. For govemmental activities, these statements tell how these services were financed in the short term as well as what remains for future spending. Fund financial statements also report the Town of Benton's operations in more detail than the government-wide statements by providing information about the Town of Benton's most significant funds.

Reporting the Town of Benton as a Whole

Our analysis of the Town of Benton as a whole begins on page 10. One of the most important questions asked about the Town of Benton's fmances is "Is the Town of Benton as a whole better off or worse off as a result of the year's activities?" The Statement of Net Position and the Statement of Activities report information about the funds maintained by the Town of Benton as a whole and about its activities in a way that helps answer this question. These statements include all assets and liabilities using the accrual basis of accounting, which is similar to the accounting used by most private-sector companies. All of the current year's revenues and expenses are taken into account regardless of when cash is received or paid.

These two statements report the Town of Benton's net positions and changes in them. You can think of the Town of Benton's net position - the difference between assets and liabilities - as one way to measure the Town of Benton's financial health, or financial position. Overtime, increases or decreases in the Town of Benton's net positions are one indicator of whether its financial health is improving or deteriorating. You will need to

consider other non-financial factors, however, such as changes m the Town's property tax base, to assess the overall health of the Town.

In the Statement of Net Position and the Statement of Activities, we divide the Town into two kinds of activities:

Goverrmiental activities - Most of the Town's basic services are reported here, mcluding the police, public works, and general administration. Property taxes, franchise fees, sales taxes, and police department fines, and various other revenues finance most of these activities.

Business-type activities - The Town charges a fee to customers to help it cover all or most of the cost of certain services it provides. The Town's water and sewer system are reported here.

Reporting the Town's Most Signilicanf Funds

Our analysis of the major funds maintained by the Town of Benton begins on page 12. The fiind financial statements begin on page 12 and provide detailed information about the most significant fimds maintained by the Town of Benton — not the Town of Benton as a whole. The Town of Benton's two kinds of funds -governmental and proprietary ~ use different accounting approaches,

Govemmental funds - Most of the Town of Benton's basic services are reported in govermnental funds, which focus on how money flows into and out of those funds and the balances left at year-end that are available for spending. These funds are reported using an accounting method called modified accrual accounting, which measures cash and all other fmancial assets that can readily be converted to cash. The govemmental fimd statements provide a detailed short-term view of the Town of Benton's general government operations and the expenses paid from those funds. Govermnental fimd information helps you determine whether there are more or fewer financial resources that can be spent in the near future to finance certain Town of Benton expenses. We describe the relationship (or differences) between govemmental activities (reported in the Statement of Net Assets and the Statement of Activities) and govemmental^wifa in a reconciliation following the fund financial statements.

Proprietary funds - When the Town charges customers for the services it provides, these services are generally reported in proprietary funds. Proprietary funds are rejwrted in the same way that all activities are reported in the Statement of Net Position and the Statement of Activities. In fact, the Town's enterprise funds (a component of proprietaiy fimds) are the same as the business-type activities we report in the government-wide statements but provide more detail and additional information, such as cash flows, for proprietary funds.

THE TOWN OF BENTON AS A WHOLE

The Town of Benton's combined net position changed fi-om a year ago, increasing from $12,885,476 to $13,802,640. A comparative analysis of the fimds maintained by the Town of Benton is presented in Table 1 below:

Current and other assets Capital assets

Total assels

Current Liabilities Long-term liabilities

Total liabilities

Net position: Investment in capital

assets Restricted Unrestricted

Total net position

Governmental Activities 2012

S 5,760,860 1,327,293 7.088,153

29,168 11,409 40,577

1,327,293 3.553,018 2,167.265

$ 7,047,576

$

$

20U

5,261.738 1,280.472 6,542,210

36,244 12,138 48,382

1.280.472 3,027,922 2,185.434 6.493,828

Table 1 yet Position

Business-typi 2012

$ 2,838,678 4,286.932 7,125,610

370,546

370.546

4,286,932

2,468,132 $ 6,755,064

; Activities

$

S

2011

2,964,816 3,796,364 6,761.180

369,532

369.532

3,796,364

2,595,284 6,391,648

Total 2012

$ 8,599,538 $ 5.614,225

14,213.763

399,714 11.409

411.123

5,614,225 3,553,018 4,635,397

$ 13,802,640 $

2011

8.226,554 5,076,836

13,303,390

405,776 12,138

417,914

5,076,836 3.027,922 4,780,718

12,885.476

Net position of the Town of Benton's govemmental activities increased by $553,748 or 9%. Net position of the Town of Benton's business-type activities increased by $363,416 or 6%. See Table 2 below:

Revenues Program revenues

Charges for services 3 Capita! grants

General revenue Ad valorem (axes Sales taxes Franchise taxes Gaming taxes Investment earnings Donations Miscellaneous

Total revenues

Expenses General government Public safety Public works Parks and recreation Water, sewer, and

sanitation Total expenses

Increase in net position $

Table 2 Change in Ket Position

Governmental Activities 2012

i 298.187 115,417

104,901 1,038,407

41,263 199,831

9,020 11,285 93,488

1,911.799

528,527 619,679 185,226 24,619

1,358,051

553,748

2011

$ 339,405 10,588

104,279 962,760 42.182

198,250 11,141 13.254 62,633

1,734,492

470,293 635,572 147,643 21,530

1,275.038

S 459.454

Business-type Activities 2012

$ 1,641,496 $ 593,743

259,602

7,541

2,502,382

2,138,966 2.138,966

S 363,416 $

2011

1,738,218 598,608

240,690

11,498

2,589,014

2,342,705 2,342.705

246,309

Total 2012

S 1.939,683 S 709,160

104,901 1,298,009

41,263 199.831

16,561 11,285 93.488

4,414.181

528,527 619.679 185,226 24,619

2,138.966 3,497.017

S 917.164 S

2011

2,067,623 609,196

104,279 1,203,450

42,182 198,250 22.639 13.254 62,633

4,323,506

470,293 635,572 147,643 21,530

2,342,705 3.617,743

705,763

The Town's total revenues increased by $90,675 (2%). The total cost of all programs and services decreased $120,726 (3%). Our analysis below separately considers the operations of the govemmental and business-type activities.

Governmental Activities

Total revenues for the govemmental activities increased approximately $) 77,307 due in part to an increase in sales tax revenues.

The cost of all govemmental activities this year was $1,358,051. These costs were covered by $413,604 of program revenues, with the remaining costs covered by property taxes, sales taxes, and other general revenues.

Business-type Activities

Total revenues for the business-type activities decreased $86,632 (3%) from total revenues in the year ended December 31,2011 of $2,589,014 to total revenues of $2,502,382 in the year ended December 31, 2012.

The cost of all business-type activities this year was $2,138,966. These costs were covered by $2,235,239 of program revenues, consisting of charges for services assessed to users and capital grants.

THE TOWN'S FUNDS

As the Town completed the year, its govermnental funds (as presented in the balance sheet on page 12) reported a combined fund balance of $5,706,244, wliich is higher than last year's fund balance of $5,204,266.

Genera) Fund Budgetaiy Highlights

The Town adopted a budget for its General Fund for the year ended December 31, 2012. There was one amendment to the budget during the year. The Town's budgetary comparison is presented as required supplementary information and shown on pages 37 - 38. Highlights for tiie year are as follows:

• Revenues were approximately $39,000 more than budgeted revenues.

• General government expenses were approximately $107,000 more than budgeted amounts.

• Public Works expenses were approximately $108,000 less than budgeted amounts.

CAPITAL ASSETS AND DEBT ADMINISTRATION

Capital Assets

At tiie end of December 31, 2012, tiie Town of Benton had invested $5,614,225 in capital assets, (see table 3 below)

Land

Construction in progress

Idle Assets

Buildings

Infrastructure

Furniture, equipment.

and vehicles

Sewer system and

equipment

Water system

Tolal assels

Table 3 CaptUI Assets at Year End

(Net of Depreciation)

Governmental Activilies 2012

S 340.775

-

40,632

355,471

356.343

234,072

S 1.327,293

S

s

2011

340,775

16,5SS

348,082

367,843

207,184

1,280,472

S

s

Business-type Activities 2012

29,500 S

-

35,477

3,576,767

645.188

4.286,932 S

2011

29,500

5,775

21,921

3,024,196

714,972

3,796,364

2012

S 370,275

-

40,632

355,471

356,343

269,549

3,576.767

645,188

S 5,614,235

Tola)

S

s

2011

370,275

22.363

348,082

367,843

229,105

3,024,196

714,972

5,076,836

This year's major additions Included:

Sewer equipment Buildings Equipment and vehicles Total

689,682 32,741 88.935

S 811.358

More detailed information about the capital assets are presented in Note 6 to the financial statements.

ECONOMIC FACTORS AND NEXT YEAR'S BUDGETS

The Town of Benton's management considered many factors when setting a fiscal year December 31, 2013 budget. Amounts available for appropriation in the govemmental fimds are expected to remain substantially the same as 2012. Expenditures for 2013 are expected to remain substantially the same as 2012.

CONTACTING THE TOWN'S FINANCIAL MANAGEMENT

This financial report is designed to provide our citizens and taxpayers with a general overview of the tinances for those fiinds maintained by the Town of Benton and to show the Town of Benton's accountability for the money it receives. If you have questions about this report or need additional financial information, contact the Mayor at P.O. Box 336, Benton, LA 71006.


Statement of Net Positon December 31, 2012

Assets Cash and cash equivalents Investments Receivables Prepaid expenses Restricted assets;

Cash and cash equivalents Capital assets, net

Total net position

Govemmental Activities

S 4,871,342 729,766 134.304 25,448

1,327.293 7,088,153

Btisiness-type Activities

$ 995,848 1,465,266

197,170 13,509

166,885 4,286,932 7,125,610

Total

S 5,867,190 2,195,032

331,474 38,957

166,885 5,614,225

14,213,763

Liabilities Accounts payable and accrued expenses Payable from restricted assets:

Customer deposits Non-current liabilities:

Due within one year Total liabilities

Net Position Invested in capital assets Restricted for:

Public Works Unrestricted

Total net position

29,168

11,409 40,577

1,327,293

3,553,018 2,167,265

$ 7.047,576

203,661

166,885

370,546

4,286,932

2,468,132 $ 6,755,064

232,829

166,885

11,409 411,123

5,614,225

3,553,018 4.635,397

$ 13,802,640

The accompanying notes are an integral part of this statement.

10

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Balance Sheet Govemmental Funds December 31,2012

Assets Cash and cash equivalents Investments Receivables

Total assets

Liabilities and Fund Balances Liabilities:

Accounts payable Total iiabrlfties

Fund balances: Restricted - public works Unassigned Total fund balances

Total liabilities and fund balances

$

$

$

S

General

1,896,728 196,512 89,154

2,182,394

29.168 29,168

2,153,226 2,153,226

2,182,394

Sales Tax -Streets

$

$

$

$

2,974,614 533,254 45,150

3,553.018

3,553,018

3,553,018

3.553,018

Total Governmental

Funds

$

S

S

$

4,871.342 729,766 134,304

5,735,412

29,168 29,168

3.553,018 2,153,226 5,706,244

5,735.412


12


Reconciliation of the Balance Sheet of Govemmental Funds to the Statement of Net Position

December31,2012

Fund balances - total governmental funds $ 5,706.244

Amounts reported for governmental activities in the statement of net position are different because:

Capital assets used in governmental activities are not financial resources and therefore are not reported in the funds. 1.327,293

The nonallocation method of accounting for prepayments is used in the fund statements, since the prepayment does not provide expendable financial resources. 25,448

Long-term liabilities, including compensated absences payable, are not due and payable in the current period and thereforB are not reported in the funds. (11,409)

Net position of govemmental activities $ 7,047,576


13


Statement of Revenues, Expenditures, and Changes in Fund Balances Govemmental Funds

For the Year Ended December 31, 2012

Revenues: Ad valorem taxes Sales tax Franchise taxes Gaming taxes Intergovernmental - grants Licenses and permits Fines and forfeitures Investment earnings Donations Miscellaneous

Total revenues

Expenditures: Current:

General government Public safety Public works Parks and recreation

Capital outlay

Total expenditures

Excess (deficiency) of revenues over (under) expenditures

Fund balances at beginning of year

Fund fcialances at end of year

General $ 104,901

519,204 41,263

199,831 115,417

193,601 104,586

3,127 11,285 93,488

1,386,703

Sales Tax -Streets

$ 519,203

S,893

525,096

Total Governmental

Funds $ 104,901

1,038,407 41,263

199.831 115,417 193,601 104,586

9,020 11,285 93,488

1,911,799

456,497 597,067 186,509 24,027

145,721 1,409,821

456,497 597,067 186,509 24,027

145,721

1,409,821

(23,118) 525,096 501.978

2,176.344 3,027,922 5,204.266

$ 2,153,226 $ 3,553,018 $ 5.706.244


14


Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Govemmental Funds to the Statement of Activities


Net change in fund balances - total governmental funds $ 501.978

Amounts reported for governmental activities in the statement of activities are different because:

Governmental funds report capital outlays as expenditures. However, in the statement of activities, the cost of those assets is allocated over their estimated useful lives and reported as depreciation expense. This is the amount by which capital outlays ($145,721) exceeded depreciation ($98,899) in the current period. 46,822

The nonallocation method of accounting for prepayments is used in the fund statements, since the prepayment does not provide expendable financial resources. 4,220

Some expenses reported in the statement of activities do not require the use of current financial resources and therefore are not reported as expenditures in the funds. 728

Change in net position of governmental activities $ 553,748


15


Statement of Net Position Proprietary Funds

December 31, 2012

Business-Type Activities-

Enterprise Funds Assets

Current assets: Cash and cash equivalents $ 995,848 Investments 1,465,266 Receivables 197,170 Prepaid expenses 13,509

Total cun-ent assets 2,671,793

Noncurrent assets: Restricted cash and cash equivalents 166,885 Capital assets:

Land 29,500 Plant and equipment 7,263,341 Less: accumulated depreciation (3,005,909)

Total noncun^Bnt assets 4,453,817

Total assets 7,125,610

Liabilities Current liabilities:

Accounts payable 203,661 Total current liabilities 203,661

Noncurrent liabilities: Payable from restricted assets:

Customer deposits 166.885

Total noncurrent liabilities 166,885

Total liabilities 370,546

Net position Invested in capital assets, net of related debt 4,286,932 Unrestricted 2,468,132

Total net position $ 6,755,064

The acc:ompanylng notes are an integral part of this statement.

16


Statement of Revenues, Expenses, and Changes in Fund Net Position Proprietary Funds



Enterprise Funds^ Operating revenues: Charges for service -

Water sales Sewerage service charges Solid waste collection Other charges and fees

Total operating revenues

Operating expenses: Salaries Payroll taxes and benefits Office expense Insurance Professional fees Repairs and maintenance Telephone Utilities Travel and training Vehicle operations Commericat solid waste Miscellaneous Supplies Water purchases Depreciation

Total operating expenses

Operating loss

Non-operating revenues (expenses): Interest income Sales taxes

Tolal non-operating revenues (expenses)

Capital contributions: Contributed capital

Change in net position

Net position - beginning of year

Net position - end of year


17

S 942,574 351,504 131,788 215,630

1,641,496

353,369 115,855 14,195 21,079 36,075 193,384 9,035

66,921 3,399

37,542 116,409 11,730 8,936

957.698 193,339

2,138,966

(497,470)

7,541 259,602 267,143

593.743

363,416

6,391,648

$ 6,755,064


Statement of Cash Flows Proprietary Funds



EntefgriseFunds Cash Flows From Operating Activities

Receipts from customers Cash payments to suppliers for goods and services Cash payments to employees for services

Net Cash (used in) Operating Aclivr'ties

Cash Flows From Non-Capital Financing Activities Sates Tax

Net Cash From Non-Capital Financing Activities

Cash Flows From Capital and Related Financing Activities Capital grants

Net Cash from Capital and Related Financing Activities

Cash FItJws From Investing Activities Cash payments for purchase of investments Payments for property and equipment Interest income

Net Cash (used in) Investing Activities

Net decrease in cash and cash equivalents

Cash. Beginning of year

Cash, End of year

Reconciliation of Operating lnc»me to Net Cash Used By Operating Activities: Operating income (loss) Adjustments to reconcile operating loss to net cash

provided (used) by operating activities: Depreciation expense Accounts receivable Prepaid expenses AcK^unts payable Due to other funds Customer deposits

Net Cash Flows From Operating Activities

Non-cash investing and financing transaction: Acquisition of property

Cost of pnaperty and equipment $ 683,907 Vendor payable for property and equipment (71.905)

Cash down payment for property and equipment $ 612,002

The actximpanying notes are an integral part of this statement.

18

$ 1,636,944 (1,549,258) (473.949) (386,263)

259,571 259,571

584,900 584,900

(6,399) (612,002)

7,541 (610,860)

(152.652)

1,315,385

$ 1,162,733

$ (497,470)

193,339 (4,155)

(1) (76,048) (7,088) 5,160

$ (386.263)


Notes to Financial Statements December 31, 2012

INTRODUCTION

The Town of Benton is incorporated under the provisions of the Lawrason Act. The Town operates under a Mayor-Board of Aldermen form of government.

(1) Summary of Significant Accounting Policies

The Town of Benton's financial statements are prepared in conformity with generally accepted accounting principles (GAAP). The Governmental Accounting Standards Board (GASB) is responsible for establishing GAAP for state and local governments through its pronouncements (Statements and Interpretations). The more significant accounting policies established in GAAP and used by the Town of Benton are discussed below.

A. Reporting Entity

As the municipal governing authority, for reporting purposes, the Tovm of Benton is considered a separate financial reporting entity. The financial reporting entity consists of (a) the primary government (the Town of Benton), (b) organizations for which the primary government is financially accountable, and (c) other organizations for which nature and significance of their relationship with the Town of Benton are such that exclusion would cause the reporting entity's financial statements to be misleading or incomplete.

GASB Statement l^o. 14, as amended by GASB Statement No, 39, established criteria for determining which component units should be considered part of the Town of Benton for financial reporting purposes. The basic criterion for including a potential component unit within tiie reporting entity is financial accountability. The GASB has set forth criteria to be considered in determining financial accountability. This criteria includes:

1. Appointing a voting majority of an organization's governing body, and

a. The ability of the Town to impose its will on that organization and/or

b. The potential for the organization to provide specific financial benefits to or impose specific financial burdens on the Town,

2. Organizations for which the Town does not appoint a voting majority but are fiscally dependent on the Town.

3. Organizations for which the reporting entity financial statements would be misleading if data of the organization is not included because of the nature or significance of the relationship.

In addition, the GASB 39 states that a legalty separate, tax-exempt organization should be reported as a component unit of a reporting entity if all of the following criteria are met:

1. The economic resources received or held by the separate organization are entirely or almost entirely for the direct benefit of the primary government, its component units, or its constituents.

(Continued)

19


Notes to Financial Statements December31,2012

(Continued)

2. The primary government is entitled to, or has the ability to otherwise access, a majority of the economic resources received or held by tiie separate organization.

3. The economic resources received or held by an individual organization that the specific primary government, or its component units, is entitled to, or has the ability to otiiemvise access, are significant to that primary government.

In addition, other organizations should be evaluated as potential component units if Uiey are closely related to, or financially integrated with, the primary government.

As required by generally accepted accounting principles, these financial statements present the Town of Benton and its component unit The component unit included in the accompanying financial statements is blended with the Town's funds.

Blended Component Unit

Component units that are legally separate from the Town but are so intertwined with the Town that they are, in substance, the same as the Town are blended component units. For a component unit to be blended, the organization's board and the Town must be substantively the same, or the organization must prcivide services entirely or almost entirely to the Town, The following component unit is reported as part of the Town and blended with the appropriate Town funds:

Metropolitan Planning Commission

The Metropolitan Planning Commission is responsible for the orderly physical development of the Town and the surrounding planning area. The Commission makes recommendations to the Board of Aldermen and the Parish Police Jury, The Metropolitan Planning Commission consists of five members with two appointed by the Town of Benton, two appointed by the Bossier Parish Police Jury, and one member is elected by joint action of the governing authorities. AlUiough the Commission is legally separate, the Town acts as Its fiscal agent and has the ai^lity to modify and approve its budget. Separate financial statements are not issued on the Commission since its revenues and expenditures have been historically included as part of the General Fund within the Town's financial statements. Since the Commission pnDvtdes services almost entirely to the Town and due to the significance of the fiscal dependency relationship, it has been blended with the Town's financial statements,

B. Basic Financial Statements - Government-Wide Statements

The Town of Benton's basic financial statements include tjoth government-wide (reporting the funds maintained by the Town of Benton as a whole) and fund financial statements {reporting the Town of Benton's major funds). Both the government-wide and fund financial statements categorize primary activities as eitiier governmental or business type. The Town's sales tax-streets fund and general fund are classified as governmental activities. The Town's water, sewer, and sanitation services are classified as business-type activities.

(Continued)

20



(Continued)

In tiie government-wide Statement of Net Position, both the governmental activities and business-type activities columns are presented on a consolidated basis by column and are reported on a full accrual, economic resource basis, which recognizes all long-term assels and receivables, as well as long-tenn debt and obligations. The Town of Benton's net position is reported in three parts - invested In capital assets, net of related debt; restiicted net position; and unrestricted net positi'on.

The government-wide Statement of Activities reports both tiie gross and net cost of each of tine Tovm of Benton's functions. The functions are also supported by general government revenues {property, sales and use taxes, certain Intergovernmental revenues, etc.). The Statement of Activities reduces gross expenses (Including depreciation) by related program revenues, operating, and capital grants. Program revenues must be directly associated with the function. Operating grants include operating-specific and discretionary (eitiier operating or capital) grants while the capital grante column reflects capital-specific grants. Amounts reported as program revenues include 1) charges to customers or applicants for goods, services, or privileges provided, 2) operating grants and contributions, and 3) capital grants and conti'lbutions. Internally dedicated resources are reported as general revenues rather than as program revenues. Liitewise, general revenues include all taxes.

Proprietary ftjnds distinguish operating revenues and expenses from non-operating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with the proprietary fund's principal ongoing operations of providing vrater, sewer, and sanitation services.

The net costs (by function) are nomially covered by general revenue (property, sales and use taxes, certain intergovernmental revenues, interest income, etc).

This government-wide focus is more on the sustainability of the Town of Benton as an entity and the change in ttie Town of Benton's net position resulting from the current year's activities,

C. Basic Financial Statements - Fund Finandal Statements

The financial transactions of the Town of Benton are recorded in individual funds in the fund financial statements. Each fund Is accounted for by providing a separate set of self-balancing accounts that comprises its assets, liabilities, reserves, fund equity, revenues and expenditures/expenses. The various funds are reported by generic classification within the financial statements.

The following fund types are used by the Tovm of Benton:

1, Governmental Funds - the focus of the govemmental funds' measurement (in the fund statements) is upon determination of financial position and changes in financial position (sources, uses, and balances of financial resourcies) ratiier than upon net income. The following is a description of the governmental funds of the Town of Benton:

a. General ftjnd is the general operating fund of Uie Town of Benton, It is used to account for all financial resources not accounted for and reported in another fund.

(Continued)

21



(Continued)

b. Sales tax - streets fund is the special revenue fund of the Town of Benton. The special revenue fund is used to account for the proceeds of specific revenue sources Uiat are restricted or committed to expenditures for specific purposes other Uian debt sen/ice and capital projects,

2. Proprietary Funds - the focus of proprietary fund measurement is upon determination of operating income, changes in net assets, financial position, and cash fiows. The generally accepted accounting principles applicable are those similar to businesses in the private sector. The following is a description of the pnaprietary funds of the Town:

a. Enterprise funds are required to be used to account for operations for which a fee is charged to external users tor goods or services and the activity (a) is financed with debt that is solely secured by a pledge of the net revenues, (b) tias third party requirements that the cxjst of providing services, including capital costs, be recovered with fees and charges, or (c) establishes fees and charges based on a pricing policy designed to recover similar costs.

The emphasis in fund financial statements is on the major funds in either the governmental or business-type activities categories. Non-major fijnds by category are summarized into a single column. GASB Statement No, 34 sets forth minimum criteria (percentage of the assets, liabilities, revenues, or expenditures/expenses of fund category) for the determination of major funds.

The following major funds are presented in the fund financial statements:

General Fund - accounts for all financial resources not accounted for and reported in another fund.

Sales Tax - Streets Fund - accounts for tiie pnxeeds of sates taxes levied for debt sen/ice requirements and sti-eet and drainage improvements.

Enterprise Fund - accounts for the provision of water, sewer, and sanitation sen/ices of the Town.

D, Basis of Accounting

Basis of accounting refers to the point at which revenues or expenditures are recognized in tiie accounts and reported in the financial statements. It relates to the timing of the measurements made regardless of the measurement focus applied,

1, Accrual;

Both govemmental and business-type activities in the government-wide financial statements and the proprietary fund financial statements are presented on the accrual basis of accounting. Revenues are recognized when earned and expenses are recognized when incurred.

(Continued)

22

Tovm of Benton Benton, Louisiana


(Continued)

2. Modified Accrual:

The govemmental funds financial statements are presented on the modified accnjal basis of accounting. Under modified accrual basis of accounting, revenues are recoreted when susceptible to accrual: i.e.. both measurable and available. "Available" means collectible within the cun-ent period or within 60 days after year end. Expenditures are generally recognized under the modified accmal trasis of accounting when the related liability is incurred. The excef^on to this general njle is that principal and interest on general obligation long-term debt, If any, is recognized when due.

E, Budget and Budgetary Accounfing

The Town follows these procedures in establishing the budgetary data reflected in these financial statements:

1. The Mayor prepares a proposed budget and submits same to Board of Aldermen no later than fifteen days prior to the beginning of each fiscal year.

2. A summary of the proposed budget is published and the public notified tiiat the proposed budget is available for public inspection. At the same time, a public hearing is called,

3. A public hearing is held on the proposed budget after publication of the call for the hearing,

4. After the holding of the public hearing and completion of all action necessary to finalize and implement the budget, the budget is adopted through passage of an ordinance prior to the commencement of the fiscal year for which the budget is being adopted.

5. Budgetary amendments involving the transfer of funds from one department, program or function to another, or involving increases in expenditures resulting fi-om revenues exceeding amounts estimated, require the approval of the Board of Aldermen.

6. All budgetary appropriations lapse at the end of each fiscal year,

7. The budget was adopted on a basis consistent with generally accepted accounting principles (GAAP), Budgeted amounts in the accompanying statements are as originally adopted, or as amended by the Board of Aldermen.

F. Cash, Cash Equivalents, and Investments

Cash includes amounts in petty cash, demand deposits, interest liearing demand deposits, and time deposits. Cash equivalents include amounts in time deposits and those investments wiUi original mabjrities of 90 days or less. Under state law, Uie Town may deposit funds in demand deposits, interest Ijearing demand deposits, money market accounts, or time deposits with state banks organized under Louisiana law or any other state of the United States, or under the laws of ttie United States.

(Continued)

23



(Continued)

Investments are limited by R.S. 33:2955 and the Town's investment policy. If the original maturities of investments exceed 90 days, they are classified as investmente; however. If the original maturities are 90 days or less, they are classified as cash equivalents.

G. Capital Assets

Capital assets pun;hased or acquired with an original cost of $1,000 or more are reported at historical cost or estimated historical cost Contributed assets are reported at fair marttet value as of the date received. Additions, improvements, and other capital outlays that signiflcantty extend the useful life of an asset are capitalized. Other costs incurred for repairs and maintenance are expensed as incurred. Depreciation on all assets is provided on Uie sti aight-line basis over the folloviring estimated useful lives:

Buildings 10-54 years Infrastructure 40 years Furniture and equipment 5-20 years Vehicles 5-10 years Water and sewer systems 5-50 years

GASBS No, 34 requires the Town to report and depreciate new infrastructure assets effective January 1, 2004. Inft-astructure assets include roads, bridges, ti^affic signals, etc. These infrastructure assets are likely to be tiie largest asset class of the Tovm. Neither their historical cost nor related depreciation has historically been reported in Uie financial statements. The retroactive reporting of infrastnicture is not required.

H. Revenues

Ad valorem taxes attach as an enforceable lien on property as of January 1 of each year. Taxes are levied by the Town in September or October and are actually billed to the taxpayers in November. Billed taxes become delinquent on January 1 of the following year. Revenues fram ad valorem faxes are budgeted in the year billed. The Town bills and collects its own pnaperty taxes, using the assessed values determined by the tax assessor of Bossier Parish, Sales tax revenues are recorded In the period in which the underi^ng exchange has occuned. Fines, forfeitures, licenses, and permits are recognized in the period they are collected. Interest income on demand and time deposits is recorcled when earned. Federal and state grants are recorded when tiie Town is entitied to the funds.

Net Position

Net Position represents the difference between assets and liabilities. Net investment in capital assets, net of related debt, consist of capital assets, net of accumulated depreciation, reduced by the outstanding balance of any borrowing used for the acquisition, construction, or improvement of those assets. Restricted net position consists of assets that are restricted by limitations imposed on their use either through constitutional provisions or enabling legislation adopted by the Town or through external restrictions imposed by creditors, grantors, or laws or regulations of other governments. All other net position is reported as unrestricted net position. When an expense is incurred that can be paid using either restricted or unrestricted resources (net position), the Town's policy is to first apply the expense toward restricted resources and then tovrard unrestricted resources.

(Continued)

24



(Continued)

J. Sales Taxes

The General Fund and Special Revenue Fund account for the collection of a one cent sales and use tax each and the distribution of these taxes to other funds of the Town, Also, ttie enterprise fund accounts for a one-half cent sales and use tax dedicated for sewer system improvements and upkeep. For financial reporting purposes, sales taxes are recorded as revenue in the General, Special Revenue and Enterprise Funds net of collection expenses.

In 1989, the voters approved the issuance of public improvement bonds and rededicated the proceeds from the original one cent sales tax to pay any balance due to service Uie annual debt not covered by an additional one cent sales tax approved in conjunction with the bonds. Any remaining proceeds are used to pay general operating expenses of the Town.

In 1989, an additional one cent sales tax was approved by the voters. This revenue, net of expenses incurred in collecting the tax, Is to be used for scheduled monthly payments to the Debt Service Fund for debt service requirements. The remaining amount, if any, is to be used for street and drainage improvements.

In 1990, a half cent sales tax was approved by the voters for the purpose of paying for improvements to and the upkeep of the Sewer System within the Town.

In 1989 and effective January 1, 1990, the Town entered into an agreement with the City of Bossier City, Louisiana for the City of Bossier City, Louisiana to collect and distribute to the Town it's two and one-half cent sales and use tax. The City of Bossier City, Louisiana charges 1% of the sales tax collected for these services.

K. Compensated Absences

The Town's policy allows annual leave based upon years of service. Employees must use all annual leave during the year in which it is earned or within the next three succeeding calendar months. Unused annual leave accumulated by an employee at the time of termination (not to exceed the amount of leave the employee can earn in one year) shall be paid in a lump sum with the employee's final pay.

The Town's policy allows sick leave based upon time worked. Employees may carryover unused sick leave, but will not be paid for unused sick leave upon separation from employment,

L, Interfund Activity

Interfund activity is reported as either loans, reimbursements, or transfers. Loans are reported as interfund receivables and payables as appropriate and are subject to elimination upon consolidation. Any residual balances outstantjing between Uie govemmental activities and business-type activities are reported in the government-wide flnancial statements as "internal balances." Reimbursements are when one fund incurs a cost, charges ttie appropriate benefiting fund and reduces its related cost as a reimbursement. Transfers between govemmental funds are netted as part of ttie reconciliation to the government-wide financial statements.

(Continued)

25



(Continued)

M. Use of Estimates

Management uses estimates and assumptions in preparing financial statements. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and reported revenues and expenses. Actual results could differ from those estimates.

N. Long-Term Obligations

In the government-wide financial statements, long-term debt and other tong-ferm obligations are reported as liabilities in the applicable governmental activities in Uie statement of net assets,

O, Bad Debts

Uncollectible amounts due for ad valorem taxes, customer's utility receivables, and special assessments are recognized as bad debts through the establishment of an allowance account at the time information becomes available which would indicate the uncollectibility of the particular receivable. Accounts receivable for the enterprise fund are shown net of an allowance of $23,710.

P. Capitalized Interest

The Town capitalizes net interest costs and interest earned as part of the cost of constructing various water and sewer pnDJects when material.

Q. Statement of Cash Flows

For the purposes of the Statement of Cash Flows, the Enterprise Fund considers all highly liquid investments (including restricted assets) with a maturity of three months or less when purchased to be cash equivalents.

R, Postretirement Benefits

The Town provides no postretirement benefits to its employees.

S, Fund Balance

In the governmental fund fmancial statements, fund balances are classified as follows:

1. Nonspendable - amounts that cannot be spent either because they are not in spendable form or because they are legally or contractually required to be maintained intact.

(Continued)

26


Notes to Financial Statements December 31. 2012

(Continued)

2, Restricted - amounts that can be spent only for specific purpose due to constraints placed on the use of resources that are either (a) externally Imposed by creditors, grantors, contributors, or laws or regulations of other governments, or (b) imposed by law through constitutional provisions or enabling legislation.

3, Committed ~ amounts that can be used only for the specific purpose as a result of constraints imposed by the Town Council (the Town's highest level of decision making authority). Committed amounts cannot be used for any other purpose unless the Town removes those constraints by faking the same type of action (i.e. legislation, resolution, or ordinance).

4, Assigned - amounts Uiat are constrained by the Town's intent to be used for specific purposes, but are neither restricted nor committed.

5, Unassigned - all amounts not included in other spendable classifications.

The Town's policy is to apply expenditures against restricted fund balance and then to other, less-restricted classifications - committed and then assigned fund balances before using unassigned fund balances.

The calculafion of fund balance amounts begins with Uie determination of nonspendable fund balances. Then restricted fund balances for specific purposes are determined (not including non-spendable amounts). Then any remaining fund balance amounts for the non-general funds are classified as restricted fund balance. It is possible for the non-general funds to have negative unassigned fund balance when non-spendable amounts plus the restricted fund balances for specific purpose amounts exceeds the positive fund balance for the non-general fund,

(2) New Accounting Standards

Effective January 1, 2012, the Town implemented GASB Statement No. 63, "Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position." This Statement establishes standards for reporting defen-ed outfiows of resources, defended infiows of resources, and net position.

(Continued)

27



(Continued)

(3) Levied Taxes

Ad valorem taxes are assessed on a calendar year tjasis and attach as an enforceable lien and become due and payable on the date ttie tax rolls are filed with the recorder of mortgages. State law requires that the tax roll be filed on or before November 15 of each year. Ad vatorem taxes become delinquent If not paid by December 31.

The following is a summary of authorized and levied ad valorem teixes for the year:

Authorized Levied Expiration Millage Millage Date

General 7,40 7.40 N/A

Streets 5,07 5,07 2015

Approximately 30% of the Town's ad valorem tax revenues are derived from 10 taxpayers,

(4) Cash, Cash Equivalents, and Investinents At December 31, 2012, the Town has cash, cash equivalents, and investments (book balances) totaling $8,229,107 as detailed below:

A, Cash and Cash Equivalents

Cash and cash equivalents at December 31. 2012 (book balances) totaled $6,034,075, of which $166,885 is shown as a restricted asset.. These deposits are stated at cost, which approximates market. 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,

B. Investments

At December 31, 2012, the Town had investments totaling $2,195,032 consisting of certificates of deposit with initial maturities greater than 90 days. The certificates of deposits are carried at cost, which approximates market.

(Continued)

28



(Continued)

0. Custodial Credit Risk

Custodial credit risk is the risk that in the event of a bank failure, Uie government's deposits may not be returned to it. As of December 31, 2012, $7,739,560 of the Town's bank balance of $8,260,275 was exposed to custodial credit risk as follows:

Uninsured and collateral held by the pledging bank's trust department, not in the Town's name:

Cash and cash equivalents $ 5,815,243 Certificates of deposit 1.924.317

$ LZ3a.5eo

Even Uiough the pledged securities are considered uncollateralized (Category 3) under the provisions of GASB Statement 3, R.S. 39:1229 imposes a statutory requirement on the custodial tiank to advertise and sell the pledged securities within 10 days of being notified that Uie fiscal agent has failed to pay deposited fijnds upon demand.

(5) Receivables

The following is a summary of receivat)!es at December 31, 2012:

Class of Receivable

Governmental activities -Property taxes $ 24,695 Sales taxes Gaming taxes Grants Miscellaneous

-

Business-type activities ~ Accounts receivable - wafer and sewer charges Sales taxes Grants Miscellaneous

-

Total 1

89,669 17,733

1.879 328

134,304

102,193 22,417 71,905

655 197.170

> 331,474

(Continued)

29


Notes to Financial Statements December 31,2012

(Continued)

(6) Capital Assets

Capital asset activity for the year ended December 31,2012, was as follows:

Governmental Activities: Capital assets, not being depreciated:

Construction in Process Idle Assets Land Total Capital assets, not being depreciated

Capital assets, being depreciated: Buildings Infrastructure Equipment Vehicles

Total capital assets, being depreciated, at historical cost

Less accumulated depreciation: Buildings Infrastructure Equipment Vehicles

Total accumulated depreciation

Total capital assets, being depreciated, net

Govemmental activities capital assets, net

Balance at Jan. 1.2012

$ 16.588

340,775

357.363

761,302 423,713 390.349 304,563

1.879,927

(413,220) (55,870)

(223,124) (264,604) (956.818)

923,109

$ 1,280,472

Additions

$ 40,632

40,632

32,741

46,283 42,652

121,676

(25,352) (11,500) (36,149) (25,898) (98,899)

22,777

S 63,409

Deletions

$ (16,588)

(16,588)

(17,500)

(17,500)

17,500

17,500

$ (16,588)

Balance at Dec. 31,2012

$ 40,632

340,775

381,407

794,043 423,713 419,132 347,215

1,984.103

(438,572) (67,370)

(241,773) (290,502)

(1,038.217)

945,886

$ 1,327,293

(Continued)

30


Notes to Financial Statements December 31,2012

(Continued)

Business-Type Activities: Capital assets, not being depretaated:

Land Construction I'n progress

Total capital assets, not being depreciated, at historical cost

Capital assets, being depreciated: Vehicles Sewer system Sewer equipment Water equipment Other equipment

Total capital assets, being depreciated, at historical c:ost

Less acicumulated depreciation: Vehicles Sewer system Sewer equipment Water equipment Other equipment Total accumulated depreciation

Total capital assets, being depreciated, net

Business-type activities capital assets, net

Balance at Jan. 1,2012

$ 29,500 5,775

35,275

154,373 3,275,220 1,440,719 1,686,438

59.188

6,615,938

(132.452) (1,482,852)

(209,091) (995.002) (35,652)

(2.854,849)

3,761,089

$ 3,796,364

Additions

$

683,907

683,907

(9,980) (118,127)

(18,984) (46,248)

(193,339)

490,568

$ 490,568

Deletions

$

(12,422)

(12,250)

(17,606)

(42,278)

12,422

12,250

17,606 42,278

$

Transfers

(5.775)

(5,775)

5,775

5,775

5,775

S

Balance at Dec, 31,2012

$ 29,500

29,500

141,951 3,275,220 2.118.151 1,686,438

41,582

7,263.342

(130,010) (1,600,779)

(215,825) (1,041,250)

(18,046) (3,005.910)

4.257.432

$ 4,286,932

Depreciation expense was charged to Govemmental and Business-type Activities as follows:

Genera! Government Water, sewer, and sanitation

Total

Governmental Business-type Activities Activities Total

$

$

98,899

98,899

(Continued)

31

193,339

193,339

$

$

98.899 193.339

292.238



(Continued)

(7) Restricted Assets - Proprietary Fund Type

Restricted assets were applicable to the following at December 31,2012;

Enterprise Fund Customer deposits S 166,885

(fi) Accounts Payable and Accrued Bqsenses

Accounts payable and accaied expenses at December 31, 2012, consisted of the following:

Govemmental Business-type Class of Payable Activities Activities Total Accounts $ 8,266 S 175,838 $ 184,104 Payroll liabilities 20,902 27.823 48.725

Total S 29,168 S__203.661 $__ j32,829

(9) Customers' Deposits

Deposits held for customers that are currently active on the water system total $166,885 at December 31. 2012.

(Continued)

32



(Continued)

(10) Long-Term Liabilities

Longh-term liability activity for the year ended December 31, 2012, was as follows:

Beginning Ending Due Within Balance Additions Reductions Balance One Year

Govemmental Activities: Other long-term

Liabilities Compensated Absences $ 13,388 $ 15,125 S (15.600) $ 12,913 12.913

Total - Govemmental Activities long-term liabilities $ _13_,358 $ 15,125 $ (15,600)

Less amounts due within period of availability -Recorded in accounts payable (1.504) (1,504)

Total lont - term liabilities - governmental activities -Government - wide statements $ 11,409 £ 11,409

Business - type Activities Long - term

Liabilities -Compensated Absences $ 19,887 $ 15,902 $ (14,080) $ 21,709 $ 21,709

Total - Business - type Activities long - term liabilities $ 19,887 $ 15,902 $ (14,080) 21,709 21,709

Less amounts due within period of availability - business - type activities - reconJed in accounts payable (21,709) (21,709)

Total long - term liabilities - business - type activities -Government-wide statements $ S

(Continued)

33



(Continued)

(11) Risk Management

The Town is exposed to various risks of loss related to torts; theft of. damage to, and destruction of assets; errors and omissions; injuries to employees; and natural disasters. The Town maintains cornmercial insurance coverage covering each of those risks of loss. Management believes such coverage is sufficient to preclude any significant uninsured losses to the Town.

(12) Pension Plans

Municipal Employees Retirement System of Louisiana (System) Employees of the Town (except for police employees) are members of The Municipal Employees Retirement System of Louisiana. The System is a cost-sharing, multiple-employer, defined benefit pension plan administered by a separate board of trustees. Pertinent information relative to the Plan follows:

The System is composed of two distinct plans. Plan A and Plan B, with separate assets and benefit provisions. All employees of the municipality are members of Plan B.

All permanent employees working at least 35 hours per week who are not covered by another pension plan and are paid wholly or in part from municipal funds and all elected municipal officials are eligible to participate in the System.

Under Plan A, employees who retire at or after age 60 with at least 10 years of creditable service, at or after age 55 with at least 30 years of creditable service are entitied to a retirement benefit, payable monthly for life, equal to 2 percent of their final-average monthly salary in excess of $100 for each year of creditable service. Furthermore, employees with at least 10 years of creditable service, but less than 30 years, may take earty retirement benefits commencing at or after age 60, with the basic benefit reduced 3 percent lor each year retirement precedes age 62, unless he has at least 30 years of creditable service. In any case, monthly retirement benefits paid under Plan B cannot exceed 100 percent of final-average salary. Final-average salary is the employee's average salary over the 36 consecutive or joined months that produce the highest average. Employees who terminate with at least the amount of creditable service stated above, and do not withdraw their employee contributions, may retire at the ages specified above and receive the benefit accrued to their date of termination. The System also provides death and disability benefits. Benefits are established or amended by state statute.

The System issues an annual publicly available financial report that Includes financial statements and required supplementary infonnation for the System. That report may be obtained by writing to the Municipal Employees Retirement System of Louisiana, 7937 Office Park Boulevard, Baton Rouge, Louisiana 70809. or by calling (225) 925-4810.

Under Plan B, members are required by state statute to contribute 5.0 percent of their annual covered salary and the Town is required to contribute at an actuarially determined rate. The current rate was 8,00 percent from January through December 2012, Contributions to the System also include one-fourth of one percent (except Orleans and East Baton Rouge parishes) of the taxes shown to be collectible by the tax rolls of each parish. These tax dollars are divided tJetween Plan A and Plan B based proportionately on the salaries of the active members of each plan. The contribution requirements of plan members and the Town are established and may be amended by state statute.

(Continued)

34



(Continued)

As pnavided by Louisiana Revised Statute 11:103. the employer contributions are determined by actuarial valuation and are subject to change each year based on results of the valuation for the prior fiscal year. The Town contributions to the System under Plan B for the years ending December 31. 2012, 2011, and 2010 were $39,729, $37,689, and $32,105, respectively, equal to the required contributions for each year.

Municipal Police Employees Retirement System of Louisiana (Svsteml Police employees of the Town are members of Municipal Police Employee's Retirement System of Louisiana. This is a statewide retirement system. This system is a cost-sharing, multiple-employer, defined benefit pension plan administered by a separate board of trustees. Pertinent information relative to the plan follows;

All fulMime police department employees engaged in law enforcement are required to participate in the System, Employees who retire at or after age 50 with at least 20 years of creditable service or at or after age 55 with at least 12 years of creditable service are entitled to a retirement benefit, payable monthly for life, equal to 3 1/3 per cent of their final-average salary for each year of creditable service. Final-average salary is the employee's average salary over the 36 consecutive or joined months that produce the highest average. Employees who terminate with at least the amount of creditable service stated above, and do not withdraw their employee contributions, may retire at tiie ages specified previously and receive the benefit accrued to their date of termination. The System also provides death and disability benefits. Benefits are established by state statute.

The System issues an annual publicly available financial report that includes financial statements and required supplementary information for the System. That report may be obtained by writing to the Municipal Police Employees Retirement System of Louisiana, 8401 United Plaza Boulevard, Baton Rouge, Louisiana 70809-2250, or by calling (225) 929-7411.

Plan members are required by state statute to contribute 10,0 percent of their annual covered salary, effective July 1, 2011. The Town is required to contribute at an actuarially determined rate. The current rate was 26,50 percent for January through June, 2012, increasing to 31.00 percent effective July 1, 2012. Effective July 1, 2011, employeecontributions will remain at 7.5 percent for any member whose earnable compensation is less than or equal to the poverty guidelines which is issued by the United States Department of Health and Human Services, Employer contributions for those members below poverty guidelines will be 33,5 percent. The contribution requirements of plan members and the Town are established and may be amended by state statute. As provided by Louisiana Revised Statute 11:103, the employer contributions are determined by actuarial valuation and are subject to change each year based on the results of the valuation for the prior fiscal year. The Town contributions to the System for the years ending December 31, 2012, 2011, and 2010 were $69,580, $61,378, and $45,531, respectivety, equal to the required contributions for each year.

(Continued)

35


Notes to Financial Statemente December 31, 2012

(Continued)

(13) Leases

The Town leases certain equipment under operating leases. Rental costs on the equipment were $4,969 for the year ended December 31, 2012,

The minimum annual commitments under non-cancelable operating leases are as follows:

Year Ending December 31.

2013 $ 2,768

(14) Subsequent events

Subsequent events have been evaluated through July 1. 2013. the date the financial statements were available to be issued.

(15) Contingency - Investigation

In June, 2011, the Town of Benton reported to the District Attorney of the Twenty-Sixth Judicial Disti"ict and to the Louisiana Legislative Auditor a discrepancy in a certain employee's timesheets. The discrepancy alleges that a certain employee was paid for hours not worked. An investigation began at the time which was ultimately resolved in the court system. The Town considers this matter closed,

(16) Contingency

The Town is the defendant in a lawsuit of which the ultimate outcome is unknown at this time. In the opinion of legal counsel, the amount of any damages awarded in excess of insurance coverage cannot be reasonably estimated at this time.

36


Required Supplementary Information Budgetary Comparison Schedule

General Fund For the Year Ended December 31, 2012

Revenues: Ad valorem taxes $ Sales tax Franchise taxes Gaming taxes Intergovernmental - grants Licenses and pemiits Fines and forfeitures Investment eamings Miscellaneous

Total revenues

Expenditures: Current:

General government Public safety Public works Parks and recreation

Capital outlay Total expenditures

Excess (deficiency) of revenues over (under) expenditures

Other financing sources (uses): Transfers in

Total other financing sources (uses)

Excess (deficiency) of revenues and other sources over expenditures and other uses

Fund balanc:es at beginning of year

Fund balances at end of year $

Budgeted Ohglnal

104,000 480,000 45,000

190,000 124,500 191,300 130.000

3,500 35,900

1,304,200

353,980 605.562 440,883 67,225 97,600

1,565.250

(261,050)

150,000 150,000

(111,050)

1,785,000

1.673.950

1 Amounts Final

$ 108,500 523,200 41,000

195,000 120,520 191,200 115,000

2,800 49,652

1,346,872

348.626 613,103 295.180 61,891 91,490

1,410,290

(63,418)

(63,418)

1,785,000

$ 1.721.582

Actual Amounts (Budgetary Basis) $ 104,901

519,204 41,263

199.831 115,417 193,601 104.586

2,946 104,488

1.386,237

456,497 597,067 186.509 24,027

145,721 1,409,821

(23,584)

(23,584)

2,101,942

$ 2.078,358

Variance with Final Budget

Positive (Negative)

$ (3,599) (3.996)

263 4,831

(5,103) 2,401

(10,414) 146

54,836 39,365

(107,871) 16,036

108,671 37,864 (54,231)

469

39,834

39,834

316,942

$ 356.776

37


Required Supplementary Information Budgetary Comparison Schedule

Sales Tax Fund For the Year Ended December 31, 2012

Revenues: Sales tax Investment earnings

Total revenues

Other financing sources (uses): Transfers in Transfers out

Total other financing sources (uses)

Budgeted Original

$ 480,000 6.500

486.500

(150,000) (150,000)

Amounts

$ Final

523,200 6,100

529,300

Actual Amounts (Budgetary Basis) $ 519,203

5,893 525,096

Variance with Final Budget

Positive (Negative)

$ (3,997) (207)

(4,204)

Excess (deficiency) of revenues and other sources over expenditures and other uses

Fund balances at beginning of year

Fund balances at end of year

336,500 529.300 525.096

3,027,922

(4.204)

3,027,922

$ 336,500 $ 529.300 $ 3,553,018 $ 3.023.718

38

Tovm of Benton Benton, Louisiana

Note to Required Supplementary Infomiation December 31, 2012

Budget comparison statements included in the accompanying financial statements include the original adopted budgets and all subsequent amendments. For GAAP basis financial reporting, Uie General fund includes activities of the Rehabilitation fund, as those funds do not meet the criteria to be classified as special revenue funds.

The following schedule reconciles excess (deficiency) of revenues and other sources over expenditures and other uses on the statement of revenues, expenditures and changes in fund balances (budget basis) with the amounts shown on the statement of revenues, expenditures and changes in fijnd balances (GAAP basis):

General Fund

Excess of revenues and other sources over expenditures and other uses (budget basis) $ (23.584)

Revenues, transfers, and: other financing sources:

Rehabilitation 466

Excess of revenues and other sources over expenditures and other uses (GAAP basis) $ (23,118)

39


Schedule of Compensation Paid to Board Members For the Year Ended December 31, 2012

Mayor - Wayne Cathcarl $ 29,310

Aldermen; Ronald Jones 5,100 Linda Gates 5,100 James Friday 5,100 Thomas Hill 5,100 Richard Jackson 5,100

$ 54,810

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COOK & MOREHART

Certified Public Accouniants 1215 HAWN AVENUE • SHREVEPORT, LOUISIANA 71107 • P,0, BOX 78240 . SHREVEPORT, LOUlSIAfJA T1I3T-8I40

TRAVISH MOREHART.CPA TELEPHONE(318) 221-54IS FAX (318) 122-5441 \ EDWARD BALL, CPA VICKIED CASB.CFA

_ ^ _ _ , ^ _ ^ MEMBER AMERICAN INSTITUTE

STUART L REEKS, CPA CERTEFIEDPUBUC ACCOUNTANTS

SOCKTY OP LOVISIAHA CERTIFIEB PUBLIC ACCOUNTANTS

.Report on Internal Control Over Financial Recjortinq and on Compliance and Other Matters Based on an Audit of Financial Statements

Perfomied In Accord.ance With Government Auditing Standards

Independent Auditor's Report


We have audited, in accordance wiHi the auditing standards generally accepted in the United Stales of America and the standards applicable to the financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities, business-type activities and each major fund of the Town of Benton, Louisiana, as of and for the year ended December 31, 2012, and the related notes to the financial statements, wtiich collectively comprise the Town of Benton's basic financial statements, and have issued our report thereon dated July 1, 2013.

Internal Control Over Financial Reporting

In planning and performing our audit of the financial statements, we considered Town of Baton's internal control over financial reporting {internal control) to determine the audit procedures that are apprcjpriale in the cin^umstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Town of Benton's internal control, Accwrding^, we do not express an opinion on the effectiveness of Town of Benton's internal control,

A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A matenai weai^ness is a deficiency, or combination of deficiencies. In internal control such that there is a reasonable possibili^ that a material misstatement of the entity's financial statements will not be prevented, or detected and conected on a timely basis, A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged writh governance.

Our consideration of internal control over financial reporting was for ttie limited purpose described in the first paragraph of this section and was not designed to identic all deficiencies in internal control that might be material weakness or significant deficiencies. Given these limitations, during our audit we did not identify any deficiendes in internal control that we consider to tie material weaknesses. However, material weaknesses may exist that have not been Identified,

42

Compliance and Other Matters

As part of obtaining reasonable assurance about whether the Town of Benton's financial statements are free of material misstatement, we performed tests of its compliance with certain prcivisions of laws, regulations, contracts, and grant agreemente. noncompliance with which could have a direct and material efferf on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an cibjective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed an instance of noncompliance or other matters that is required to be reported under Government Auditing Standards and which is described in the accompanying Summary Schedule of Current Year Findings as item 2012-1,

Town of Benton's Response to Finding

Town of Benton's response to the finding identified in our audit is described in the accompanying Summary Schedule of Current Year Audit Findings. Tovm of Benton's response was not subjected to the auditing procedures applied in the audit of the financial statements and, accordingly, we express no opinion on H.

Purpose of this Report

The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity's internal control or on compliance. This report is an integral part of an audit perfomied in accordance with Government Auditing Standards in considering the entity's internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

Q_c^^i*_4-" ^A-O-J'^-o-'J Cook & Morehart Certified Public Accountants July 1,2013

43

COOK & MOREHART

Certified Public Accountants 1215 H A W N A V E N U E • S H R E V E P O R T , LOUISIANA 71lfl7 • P , 0 , B O X 78240 • S H R E V E P O R T , L O D I S L \ N A 71137-8140

TRAVIS H MOHEHART. CPA T E L E P H O N E (318) 22Z-S4I5 FAX (318) 222-5441 A EDWARD BALL, CPA VICKIED CASE, CPA

. MEMBER AMERICAN INSTITUTE

STVIRT L KEEKS, CPA CERTIWED PIJ8LIC ACCOLIKTANTS

SOCIETY OF LOUISIANA CERTIFIED e m U C ACCOimTANTS

Report on Compliance for Each Maior Program and on Internal Control Over Compliance Required by OMB Circular A-133

Independent Auditor's Report


Report on Compliance for Each Major Federal Program

We have audited the Town of Benton's compliance with the types of compliance requirements described in the OMB Circular A-133 Compliance Supplement that could have a direct and material effect on eac^ of the Town of Benton's major federal programs for the year ended December 31, 2012. The Town of Benton's major federal programs are identified in the summary of auditor's results section of the accompanying schedule of findings and questioned costs.

Management's Responsibility

Management is responsible for compliance with the requiremente of laws, regulations, contracts, and grante applicable to its federal programs.

Auditor's Responsibility

Our responsibility is to express an opinion on compliance for each of the Town of Benton's major federal programs based on our audit of the types of compliance requirements referred to at?ove. We conducted our audit of compliance in accordance witti auditing standards generally accepted in the United States of America; the standands applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and OMB Circular A-133. Audits of States. Local Governments. and /slon-PnDf/t Organizations. Those standards and OMB Circular A-133 require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major federal program occurred. An audit includes examining, on a test basis, evidence about the Town of Benton's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances.

We believe that our audit provides a reasonable basis for our opinion on compliance for each major federal program. However, our audit does not provide a legal determination of the Town of Benton's compliance.

Opinion of Each Major Federal Program

In our opinion, The Town of Benton complied, in all material respects, with the types of compliance requirements refen^d to above that could have a direct and material effect on each of its major federal programs for the year ended December 31.2012,

44

Report on Internal Control Over Compliance

Management of the Town of Benton is responsible for establishing and maintaining effective internal control over compliance with the types of compliance requirements referenced above. In planning and perfomiing our audit of compliance, we considered the Town of Benton's internal control over compliance with Uie types of requirements that could have a direct and material effect on each major federal program to determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing an of^nion on compliance for each major federal program and to test and report on internal control over compliance in accordance with OMB Cin:ular A-133, but not for ttie purpose of expressing an opinion on the effectiveness of internal contnDl over compliance. Accordingly, we do not e>^ress an opinion on the effectiveness of the Town of Benton's internal control over compliance.

A deficiency in internal control over compliance exists virfien the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely l)asis. A material weakness in internal control over compliance is a deficiency, or comtAna^on of deficiencies, in internal control over compliance, such that ttiere is reasonable possibility that material noncompliance with a fype of compliance requirement of a federal program will not tie prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal contODl over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance.

Our consideration of internal control over compliance was for the limited purpose described in the fjrst paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies. We did not identify any deficiencies in internal con^d over compliance that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.

The purpose of Hiis report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing biased on the requirements of OMB Circular A-133, Accondingly, this report is not suitable fiar any oUier purpose.

(L^sJisL-V J^^^'^Ji-^'^^'-'-^ Cook & Morehart Certified Public Accountants July 1,2013

45


Summary Schedule of Prior Audit Findings December 31, 2012

The Town of Benton vras not required to have an audit in accordance with OMB-Circular A-133 for the prior year ended December 31, 2011

Schedule of Finding and Questioned Costs December 31. 2012

A. Summary of Audit Results

1, The auditor's report expresses an unqualified opinion on the governmental activities, business-type activities, and each major fund of the Town of Benton,

2, No significant deficiencies are reported in the Report on Compliance and on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards.

3, One instance of noncompliance material to the financial statements of The Town of Benton was disclosed during the audit.

4, No significant deficiencies are reported in the Report on Compliance for Each Major Program and on Internal Control Over Compliance Required by OMB Circular A-133,

5, The auditor's report on compliance for the major federal award programs for The Town of Benton expresses an unqualified opinion,

6, There are no audit findings relative to the major federal award programs for The Town of Benton reported in Part C, of this Schedule.

7, The programs tested as major programs included the Louisiana Community Development Block Grant (LCDGB), CFDA #14,228, Wastewater Improvement and Physical Accessibility Grants.

8, The threshold for distinguishing Types A and B programs was $300,000.

9, The Town of Benton does not qualify as a low-risk auditee,

B. Findings - Financial Statements Audit:

2012-1 Budget Adoption

Finding: The Town of Benton did not appropriately advertise its budget for 2012 prior to adoption. The Town published the notice on the day of the public hearing.

Criteria: Louisiana Revised Statute 1307 requires that the notice be published at least ten days prior to the date of the first public hearing.

Effect: The Town was not in compliance with the Local Government Budget Act in adoption of its budget for 2012,

(Continued)

46


Schedule of Finding and Questioned Costs December 31, 2012

(Continued)

Recommendation: We recommend that the Town implement procedures for ensuring that all provisions of the Local Government Budget Act are complied with in the future.

Management Response: The Town of Benton has implemented procedures for ensuring that all provisions of the local Government Budget Act are met. The Town of Benton policies include that a confirmation receipt for all publications sent for public notice to the Town of Benton's official journal are received and included in the official records of all publications.

C. Findings and Questioned Costs ~ Major Federal Award Programs Audit: None

47


Summary Schedule of Prior Year Audit Findings Schedule For Louisiana Legislative Auditor

December 31,2012

There are no findings for the prior year audit for the year ended DecemlJer 31, 2011,

Summary Schedule of Cunent Year Audit Findings Schedule For Louisiana Legislative Auditor

December 31, 2012

There is one finding for the current year audit for the year ended December 31, 2012, as desaibed in the accompanying Schedule of Findings and Questioned Costs.

48

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