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VILLAGE OF HALL SUMMIT, LOUISIANA FINANCIAL STATEMENTS

DECEMBER 31, 2011

VILLAGE OF HALL SUMMIT. LOUISIANA DECEMBER 31. 2011

TABLE OF CONTENTS

Exhibit Schedule Page

Affidavit

Independent Auditors' Report

Management's Discussion and Analysis

Statement of Net Assets Statement of Activities Balance Sheet - Govemmental Funds Reconciliation ofthe Govemmental Funds Balance Sheet to the Statement of Net Assets Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds

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

Statement of Net Assets - Proprietary Funds Statement of Revenues, Expenses, and Changes in Net Assets - Proprietary Funds Statement of Cash Flows - Proprietary Funds Statement of Net Assets - Component Units Statement of Revenues, Expenses, and Changes in Net Assets - Component Units Statement of Cash Flows - Component Units

Notes to the Financial Statements

Required Supplementary Infomiation

Schedule of Revenues, Expenditures, and Changes in Fund Balances of Govemmental Funds - Budget (GAAP Basis) and Actual - General Fund

Other Supplementary Information

Schedule of Compensation Paid to the Mayor and Members ofthe Board of Aldermen

Schedule of Findings and Questioned Costs

Report on Intemal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Govemment Auditing Standards

Summary Schedule of Prior Audit Findings

Corrective Action Plan for Current Year Audit Findings

A B C D

E

F G H I J K L

10 11 12 13

14

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1

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2

3

15 16 17 18 19 20 21

22

30

31

32

33

34

35

37

38

VILLAGE OF HALL SUMMIT. LOUISIANA FINANCIAL STATEMENTS

DECEMBER 31, 2011

Legislative Auditor P. O. Box 94397 Baton Rouge, LA 70804-9397

AFFIDAVIT

Personally came and appeared before the undersigned authority, JuMe A. Murphree, Clerk ofthe Village of Hall Summit, Louisiana, who, duly swom, deposes and says, that the financial statements herewith given presents fairly the financial position ofthe Village of Hall Summit, Louisiana, at December 31, 2011 and the results of operations for the year then ended in accordance with generally accepted accounting principles as prescribed by the Govemmental Accounting Standards Board.

u J . u . (X- ^)y\uJxry{uuJi^ Village Clerk ^

Swom to and subscribed before me, this 28''' day of June , 2012.

NOTAR'i/PUBLlC % ) b " I ^ D 3

FRANKS. HINES, CPA LEWIS C. HINES, CPA E. MERLIN SQUYRES, CPA JAYH. SHEFFIELD, CPA JAMES S. SHEFFIELD, CPA

HINES, SHEFFIELD & SQUYRES, L.L.C. CERTIFIED PUBLIC ACCOUNTANTS

P.O. BOX 2188 - 133 EAST FIFTH STREET NATCHITOCHES, LA 71457

Telephone (318)352-6458 FAX (318) 352-0404 [email protected]

INDEPENDENT AUDITORS' REPORT

Village of Hall Summit P.O. Box 98 Hall Sunmiit, Louisiana 71034

We have audited the accompanying fmancial statements ofthe govemmental activities, the business-type activities, the aggregate discretely presented component units, each major fund, and the aggregate remaining fund information ofthe Village of Hall Summit, Louisiana, as of and for the year ended December 31, 201L which collectively comprise the Village's basic financial statements as listed in the table of contents. These fmancial statements are fhe responsibility ofthe Village of Hall Summit's management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to fmancial audits contained in Govemment Auditing Standards, issued by the Comptroller General ofthe United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the fmancial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position ofthe govemmental activities, the business-type activities, the aggregate discreetly presented component units, each maj or fund, and the aggregate remaining fund information ofthe Village of Hall Summit, Louisiana as of December 31, 2011, and the respective changes in financial position and cash flows, where applicable, thereof for the year then ended in conformity with accounting principles generally accepted in the United States of America.

In accordance with Government Auditing Standards, we have also issued a report dated June 28, 2012, on our consideration ofthe Village of Hall Summit's internal control over fmancial reporting and 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 intemal control over financial reporting and compliance and the results of that testing, 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 Govemment Auditing Standards and should be considered in assessing the results of our audit.

Accounting principles generally accepted in the United States of America require that the management's discussion and analysis and the budgetary comparison information on pages 4 through 9 and 31, respectively, be presented to supplement the basic financial statements. Such information, although not a part ofthe basic financial statements, is required by the Govemmental Accounting Standards Board, who considers it to be an essential part of fmancial reporting for placing fhe basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary infomiation in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit ofthe basic financial statements. We do not express an opinion or provide any assurance on the infomiation because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

-MEMBERS-American Institute of Certified Public Accountants Society of Louisiana Certified Public Accountants

mailto:[email protected]

Page #2

Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Village of Hall Summit's financial statements as a whole. The accompanying information identified in the table of contents as Other Supplementary Information is presented for the purposes of additional analysis and is not a required part ofthe financial statements. The Other Supplementary Infomiation schedules are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit ofthe financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the fmancial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole.

The financial infomiation for the year ended December 31,2010, which is included for comparative purposes was taken from the fmancial report for that year in which we expressed an imqualified opinion dated March 14, 2011, on the basic financial statements ofthe Village of Hall Summit.

H ines , Sheffield & Squyres Natchitoches, Louisiana June 28. 2012

VILLAGE OF HALL SUMMIT. LOUISIANA MANAGEMENT'S DISCUSSION AND ANALYSIS

DECEMBER 31. 2011

The Management's Discussion and Analysis ofthe Village of Hall Summit's financial performance presents a narrative overview and analysis of Village of Hall Summit's financial activities for the year ended December 31, 2011. This document focuses on the current year's activities, resulting changes, and currently known facts. Please read this document in conjunction with the additional information contained in the Village of Hall Summit's financial statements, which begin on page 10.

FINANCIAL HIGHLIGHTS

Governmental Activities

1) The Village of Hall Summit had cash and investments of $251,257 at December 31, 2011 which represents a decrease of $34,944 from prior year end.

2) The Village of Hall Summit had accounts receivable of $4,307 at December 31, 2011 which represents an increase of $125 from prior year end.

3) The Village of Hall Summit had accounts payable and accruals of $1,633 at December 31, 2011 which represents a decrease of $10,657 from prior year end.

4) The Village of Hall Summit had total revenues of $82,224 for the year ended December 31, 2011 which represents a decrease of $250,968 from prior year.

5) The Village of Hall Summit had total expenses of $74,438 for the year ended December 31, 2011 which represents an increase of $9,682 from prior year.

6) The Village of Hall Summit had capital asset purchases of $30,430 for the year ended December 31, 2011 which represents a decrease of $142,638 fiom prior year.

Business-Type Activities

1) The Village of Hall Summit had cash and investments of $164,534 for fhe year ended December 31, 2011 which represents a decrease of $2,589 from prior year.

2) The Village of Hall Summit had accounts receivable of $8,472 for the year ended December 31,2011 which represents an increase of $39 fiom prior year.

3) The Village of Hall Summit had accounts payable and accruals of $5,848 for the yea" ended December 31,2011 which represents an increase of $ 1,985 from prior year.

4) The Village of Hall Summit had total revenues of $143,969 for the year ended December 31, 2011 which represents a decrease of $133,235 from prior year.

5} The Village of Hall Simimit had total expenses of $141,152 for the year ended December 31, 2011 which represents an increase of $5,280 from prior yea".

6) The Village of Hall Summit had capital asset purchases of $77,269 for the year ended December 31, 2011 which represents a decrease of $135,133 from prior year.

VILLAGE OF HALL SUMMIT. LOUISIANA MANAGEMENT'S DISCUSSION AND ANALYSIS (CONTINUED)

DECEMBER 31. 2011

OVERVIEW OF THE FINANCIAL STATEMENTS

The following graphic illusttates the minimum requirements for the Village of Hall Summit as established by Govemmental Accounting Standards Board Statement 34, Basic Financial Statements-and Management's Discussion and Analvsis-for State and Local Govemments.

Management Discussion and Analysis

Basic Financial Statements

Required Supplementary Information

(Other than M D & A )

These financial statements consist of three sections - Management's Discussion and Analysis (this section), the basic financial statements (including the notes to fhe fmancial statements), and required supplementary information.

This annual report consist of a series of financial statements. The Statement of Net Assets and the Statement of Activities (on pages 10 and 11) provide information about the activities ofthe Village of Hall Summit as a whole and present a longer-term view ofthe Village's finances. Fund financial statements start on page 12. For governmental 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 he Village's operations in more detail than the govemment-wide statements by providing information about the Village's most significant funds.

Reporting the Village as a Whole

The Statement of Net Assets and the Statement of Activities

One ofthe most important questions asked about the Village's finances is, 'Ts the Village as a whole better off or worse off as a result ofthe year's activities?" The Statement of Net Assets and the Statement of Activities report information about the Village 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 ofthe current year's revenues and expenses are taken into account regardless of when cash is received or paid.


DECEMBER 31. 2011

OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED)

These two statements report the Village's Net assets and changes in them. You can think ofthe Village's net assets, the difference between assets and liabilities, as one way to measure the Village's financial health, or financial position. Over time, increases or decreases in the Village's net assets are one indicator of whether its financial health is improving or deteriorating.

In the Statement of Net Assets and the Statement of Activities, we divide the Village into three kinds of activities;

Govemmental Activities: Most ofthe Village's basic services are reported here including the police and general administtation. Franchise taxes, sales taxes, license and permits, and state and federal grants finance most of these activities.

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

Component Units: The Village includes one separate legal entity in its report. Development Corporation. Although legally separate, the component unit is important because the Village is financially accountable for it.

Reporting the Village's Most Significant Funds

Fund Financial Statements

The fund fmancial statements provide detailed information about the most significant funds, not the Village as a whole. Some funds are required to be established by State law and by bond covenants. However, the Board of Aldermen establishes other funds to help it control and manage money for particular purposes or to show that it is meeting legal responsibilities for using certain taxes, grants, and other money. The Village's two kind of funds, govemmental and proprietary, use different accounting approaches.

Govemmental Funds: Most ofthe Village's basic services are reported in govemmental 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 financial assets that can readily be converted to cash. The governmental fund statements provide a detailed short term view of the Village's general govermnent operations and the basic services it provides. Govemmental fund information helps you determine whether there are more or fewer financial resources that can be spent in the near future to finance the Village's activities as well as what remains for future spending.

Proprietarv Funds: When the Village charges customers for the services it provides, these services are generally reported in proprietary funds. Proprietary funds are reported in the same way that all activities are reported in the Statement of Net Assets and Statement of Activities. In fact, the Village's enterprise funds are the same as the business-type activities we reported in the govemment-wide statements but provide more detail and additional information, such as cash flows.


DECEMBER 31. 2011

FINANCIAL ANALYSIS OF THE ENTITY

Current and other assets Capital assets, net

Total Assets

Otlier liabilities Compensated absences payable

Total Liabilities

Net assets Investment in capital assets, net of related debt

Unrestricted Total Net Assets Total Liabilities and Net Assets

—

$

L

$

$_

Statement of Net Assets As of Year End Primary Govemment

Governmental Activities 2011 2010

297,654 250.015

547.669

1,633 0

1,633

250,015 296.021 546.036

547.669

$

k=

$

$_

290,700 249.937

540.637

2,387 0

2,387

249,937 288.313 538.250

540.637

$

L

$

$_

Business-Tvpe. 2011

179,326 1.084.772

1,264,098

28,998 0

28,998

1,084,772 150.328

1.235.100

1,264,098

$

L

$

$_

Activities 2010

191,276 1.066.132

1,257,408

25,125 0

25,125

1,066,132 166.151

1.232.283

1,257,408

$

L=

$

$_

Component I 2011

21,575 95.038

116.613

595 0

595

95,038 20.980

116.018

116.613

$

L

$

$_

Jnits 2010

51,736 85.420

137.156

14,225 0

14,225

85,420 37.511

122.931

137.156

Net assets ofthe Village of Hall Summit increased by $7,786 or 1.45% and $2,817 or 0.23%, and decreased $6,913 or 5.62% from tlie previous fiscal year in Govemmental Activities, Business-Type Activities, and Component Units respectively. These changes are the result of operating and otlier expenses being less than/exceeding operating and nonoperating revenues during the fiscal year ended 2011 (See table below).

Statement of Activities For the Year Ended

Primary Government

General govemment Expenses

Program revenues Charges for services Operating grants and contribution Capital grants and contributions

Subtotal

General revenues Transfers

Change in net assets

Govemmental Activities

2011

$ (74,438)

16,649 3,500 6.263

(48,026)

55,812 0

$ 7.786

$

$

2010

(64,756) $

21,631 0

163,306 120,181

148,255 (90,300)

178,136 $

Business-Type

2011

(141,152)

90,651 0

50.000 (501)

3,318 0

2.817

$

$

Activities

2010

(135,872) $

93,895 0

152,800 110,823

30,509 30.000

171,332 $

Component

2011

(27,441)

19,984 0 0

(7,457)

544 0

(6,913)

$

$

Units

2010

(9,203)

2,800 0 0

(6,403)

16,012 60.300

69,909

The Village of Hall Summit's total revenues decreased by $250,968 or 75.32% and by $133,235 or 48.06%, and increased by $1,716 or 9.12% from the previous fiscal year in Govemmental Activities, Business-Type Activities, and Component Units respectively. The total cost of all programs and services increased by $9,682 or 14.95%, $5,280 or 3.89% and $18,238 or 198.17% from the previous fiscal year in Govemmental Activities, Business-Type Activities, and Component Units respectively.


DECEMBER 31. 2011

CAPITAL ASSET AND DEBT ADMEVISTRATION

Capital Assets

At the end of 2011, the Village of HaU Summit's had $250,015. $1,084,772 and $95,038, net of depreciation, in Govermnental Activities, Business-Type Activities, and Component Units, respectively, invested in a broad range of capital assets (See table below). Tliis amoimt represents a net increase (including additions and deductions) of $78 or 0.03%, $18,640 or 1.75% and $9,618 or 11.26% in Govermnental Activities, Business-Type Activities, and Component Units, respectively, from tlie previous year.

Capital Assets at Year End (Net of Depreciation)

Primary Govemment

Laud Buildings and other improvemeuts Automobiles Equipment, tumituie aud fixtures Distribution system Construction in progress

Total

The following is the addition aud retirements for the Village of Hall Summit as of December 31, 2011:

$

s_

Govemmental Activities 2011

21,334 200,222

24,345 4,114

0 0

250.015

$

s_

2010 21,334

222.770 0

5,833 0 0

249,937

$

s_

Busmess-Type Activities 2011

30,776 0 0

7,541 1,046,455

0 1.084,772

$

s_

2010 30.776

0 0

3,710 1,031,646

0 1.066.132

$

s_

Comnouent Units 2011

15,166 61.861

0 18.011

0 0

95.038

$

s_

2010 15,116 67.515

0 2,739

0 0

85.420

Primary Goveimnent Govemmental

Activities Business-Type

Activities This year's major additions included: Automobiles Equipment, fumiture aud fixtures Distribution system

Total

This years's major retirements mcluded:

None.

30.430 0 0

0 4,900

72.369

Component tJnits

0 18,350

0 30,430 77,269 $ 18,350

Debt

The Village of Hall Summit had $0, $0 and $0 in long-term liabilities for Govemmental Activities, Business-Type Activities, and Component Units, respectively, outstanding at year end compared to $0, $0 and $0 in Govermnental Activities, Business-Type Activities, and Component Units, respectively, at tlie previous year end, no change, no change and no change, respectively, as shown in tlie table below.

Long-term debt Compensated abseuces payable

Totals

S

Outstanding Debt at Year End Primarv Govemmeut

Governmental Activities Business-Tvpe Activities 2011 2010 2011 2010

0 $ 0 $ 0 $ 0 0 0 0 $ 0 $ 0 $

0 $ 0 0 $

Compoueut Uuits 2011 2010

0 $ 0 0 $

0 0 0

New debt during the year iucluded:

None.


DECEMBER 31. 2011

VARIATIONS BETWEEN ORIGINAL AND FINAL BLDGETS

Actual revenues were $18,657 less than budgeted amounts due to lease of mineral revenues being less than expected.

Actual expenditures were $47,315 more than budgeted amounts due to capital outlay being more than expected.

ECONOMIC FACTORS AND NEXT YEAR'S BUDGET

The Village of Hall Summit's elected officials considered the following factors and indicators when setting next year's budget, rates, and fees. These factors and indicators include;

1) Taxes 2) State revenue sharing 3) Intergovernmental revenues (federal and state grants) 4) License and permits 5) Fines and forfeitures

The Village of Hall Summit does not expect any significant changes in next year's results as compared to the current year.

CONTACTING THE VILLAGE OF HALL SUMMIT'S MANAGEMENT

This financial report is designed to provide our citizens, taxpayers, customers, investors and creditors with a general overview ofthe Village of Hall Summit's finances and to show the Village of Hall Summit's accountability for the money it receives. If you have questions about this report or need additional financial information, contact Paul Snead, Clerk ofthe Village of Hall Summit, Post Office Box 98, Louisiana 71034.

EXHIBIT A VILLAGE OF HALL SUMMIT. LOUISIANA

ASSETS Qirrent Assets Cash Investaients Accounts receivable Prepaid expense Inventory Internal balances

Total Current Assets

STATEMENT OF NET ASSETS DECEMBER 31.2011

Primarv Govermnent Govenimental Business-Type

Activities Activities

$ 44,030 $ 34,426 $ 207,227 130,108

4,307 8,472 266 798

0 4,894 41,824 (4,322)

Total

78,456 ; 337,335

12,779 1,064 4,894

37,502

Component Unit

E 22,828 35,799

0 0 0

(37,502) 297,654 174.376 472.030 21.125

Noncurrent Assets Capital assets, net Unamortized grant costs Deposits

Total Assets

LIABILITIES AND NET ASSETS LIABILITIES

Current Liabilities Accounts payable and accmals

Total Current Liabilities

Noncurrent Liabilities Compensated absences payable Customer deposits

$

$

250,015 0 0

547.669

1,633 1,633

0 0

$

$

1,084,772 4,950

0

1,264,098

5.848 5,848

0 23.150

$

$

1,334,787 4,950

0

1.811.767

7,481 7,481

0 23,150

$

$

95,038 0

450

116,613

595 595

0 0

Total Liabilities 1,633 28.998 30,631 595

NET ASSETS Investment in capital assets, net of related debt Unrestricted

Total Net Assets

Total Liabilities and Net Assets $

250,015 296.021

546.036

547.669 $

1,084,772 150.328

1,235,100

1,264,098 $

1,334,787 446.349

1.781.136

1.811.767 $

95,038 20.980

116.018

116,613

The accompanying notes are an integral part of this statement. 10

Primary Govemment Governmental Activities General government Public safety Depreciation

Total Govemmental Activities

VILLAGE OF HALL SUMMIT. LOUISL\NA

74,438 16.649 3,500 6,263 (48,026) (48,026)

EXHiBrr B

Expenses

$ 22,604 21,482 30.352

ST/ FOR THE Y

Charges for Services

$ 6.385 10.264

0

^TEMENT OF ACTIVITIES EAR ENDED DECEMBER 31. 2011

Operating Capital Grants aud Grants and

Contributions Contributions

$ 3,500 $ 0 0 0 0 6,263

Govenmiental Activities

$ (12.719) (11.218) (24,089)

Business-Type Activities

$ 0 $ 0 0

Total

(12.719) (11,218) (24.089)

Component Uuits

$ 0 0 0

Business-Type Activities Water and sewer

Total Business-Type Activities

Total Primaiy Goveimnent

Component Unit Development Corporation

Total Component Unit

General Revenues Taxes Franchise Sales Other

State revenue sharing Royalty income Interest mcome Other

Transfers Total General Revenues

Change in Net Assets

Net Assets, Beginning of year

Net Assets. End of year

141.152 90.651 141.152 90.651

215.590 $ 107.300 $_

27,441 $ 19.984 $_ 27.441 $ 19.984

50.000 50.000

3.500 $ 56.263

0 $

(48,026)

(501) (501)

(501)

(501) (501)

(48,527)

(7.457) (7,457)

$

4,605 47,757

650 6 0

2,712 82 0

55,812

7,786

538,250

546.036 $

0 0 0 0

1,749 1,569

0 0

3,318

2,817

1.232.283

1.235,100 $

4,605 47,757

650 6

1,749 4,281

82 0

59.130

10,603

1,770,533

1.781.136 $

0 0 0 0 0

544 0 0

544

(6.913)

122,931

116.018


VILLAGE OF HALL SLOVIMIT. LOUISIANA BALANCE SHEET

GOVERNMENTAL FUNDS DECEMBER 31, 2011 AND 2010

EXHIBIT C

2011 2010 Assets

Cash Investments Accounts receivable Prepaid expense Internal balances

Total Assets

$

s

44,030 207,227 4,307 266

41.824

297,654

$

$

59,155 227,046 4,182 317

9.903

300,603

Liabilities and Fimd Balances Liabilities

Accounts payable and accruals Total Liabilities

Fund Balances Nonspendable

Prepaid expenses Unassigned

Total Net Assets

Total Liabilities and Fund Balances

1.633 $_ 1,633

12,290 12,290

$

266 295,755

296,021

297,654 $

317 287,996

288,313

300,603


EXHIBIT D VILLAGE OF HALL SUMMIT. LOUISIANA

RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET TO THE STATEMENT OF NET ASSETS

DECEMBER 31.2011

Total Fund Balances for Govemmental Fimds (Exhibit C) $ 296,021

Total Net Assets reported for govemmental 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 $ 21,334 Buildings and other improvements, net of $153,269

in accumulated depreciation. 200,222 Automobiles, net of $29,888 in accumulated depreciation. 24,345 Equipment, furniture, and fixtures net of $9,985

in accumulated depreciation. $ 4.114 Lotal Capital Assets 250,015

Long-term liabilities, including compensated absences payable, are not due and payable in the current period and therefore are not reported in the fund liabilities. 0

Total Net Assets of Govemmental Activities (Exhibit A) $ 546.036


VILLAGE OF HALL SUMMIT. LOUISIANA STATEMENT OF REVENUES. EXPENDITURES. AND CHANGES

IN FUND BALANCES (GOVERNMENTAL FUNDS FOR THE YEARS ENDED DECEMBER 31, 2011 AND 2010

EXHIBIT E

2011 2010 Revenues

Taxes Franchise Sales Other

State revenue sharing Intergovernmental License and permits Fines and forfeitures Lease of minerals Interest Miscellaneous

Total Revenues

$ 4,605 $ 47,757 650 6

9,763 6,385 10,264

0 2.712 82

5,464 48,276 450 99

163,306 4,950 16,681 90,114 3,736 116

82.224 333,192

Expenditures General govemment Public safety Capital outlay

Total Expenditures

Excess/(Deficiency) Of Revenues Over E:q>enditiires

Other Financing Soiirces/(Uses) Transfers

Total Other Financing Sources/(Uses)

Net Change in Fund Balances

Fund Balances, Beginning of year

Fund Balances, End of year

22,604 21,482 30.430

23,852 16,214 173,068

74.516

7.708

0 0

7,708

288,313

296.021 $

213,134

120,058

(90.300) (90.300)

29,758

258,555

288,313


EXHIBIT F VILLAGE OF HALL SUMMIT. LOUISIANA

RECONCILLVLION OF THE STATEMENT OF REVENUES. EXPENDITURES. AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES

FOR THE YEAR ENDED DECEMBER 31, 2011

Net Change in Fund Balances-Total Govemmental Funds (Exhibit E) $ 7,708

The change in Net Assets reported for govemmental activities in the statement of activities is different because;

Govemmental 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 ($30,430) exceed depreciation ($30,352) in the current period. 78

Some expense reported in the statement of activities, such as compensated absences, do not require the use of current financial resources and therefore are not reported as expenditures in governmental funds. 0

Change in Net Assets of Govemmental Activities (Exhibit B) $ 7,786


VILLAGE OF HALL SUMMIT. LOUISIANA STATEMENT OF NET ASSETS

PROPRIETARY FUNDS DECEMBER 31, 2011 AND 2010

EXHIBIT G

2011 2010 Assets

Current Assets Cash Investments Accounts receivable Prepaid expense Inventory


$ 34,426 $ 130,108

8.472 798

4.894

30,824 136,299 8,433 926

4.894 178,698 181,376

Noncurrent Assets Capital assets, net Unamortized grant costs

Total Assets

1,084,772 4.950

1.268.420 $

1,066,132 9.900

1,257,408

Liabilities and Fund Balances Liabilities

Accounts payable and accruals Internal balances

Total Current Liabilities

5,848 4.322 10.170

3,863 (288) 3.575

Noncurrent Liabilities Customer deposits

Total Liabilities

23.150

33.320

21.550

25.125

Net Assets Investments in capital assets, net of related debt Unrestricted

Total Net Assets

Total Liabilities and Net Assets $

1,084,772 150,328

1.235,100

1,268,420 $

1,066,132 166,151

1.232,283

1,257,408


$ 87,898 525

2.153 75

$ 85,278 4,750 3,467 400

EXHIBIT H VILLAGE OF HALL SUMMIT. LOUISIANA

STATEMENT OF REVENUES. EXPENSES. AND CHANGES IN NET ASSETS PROPRIETARY FUNDS

FOR THE YEARS ENDED DECEMBER 31, 2011 AND 2010

2011 2010 OPERATING REVENUES

Charges for services Connect fees Late fees Miscellaneous

Total Operating Revenues 90,651 93,895

OPERATING EXPENSES Amortization Depreciation Dues and subscriptions Garbage expense Insurance Maintenance and repairs Office supplies and expense Oil and gas Operating supplies and tools Payroll taxes Professional services Rental Salaries Telephone Utilities

Total Operating Expenses

Operating Income/(Loss) (50,501) (41,878)

Nonoperating Revenues/(Expenses) Lease of minerals Royalty income Interest income Interest expense

Total Nonoperating Revenues/(Expenses) 3.318 30.410

Income/(Loss) before Transfers Capital Contributions (47,183) (11,468)

Capital contributions Transfers



Net Assets, End of year


4,950 58,629 525 82

7.261 7,168 3,141 2,753 7,432 1,883 2,486 390

28,135 3,023 13.294

141,152

4,950 50,948 1,048 153

5,513 13,203 4.656 2,839 6,651 2.657 3.062 460

27,848 2,879 8.909

135,773

0 1,749 1,569

0

28.342 0

2.167 (99)

$

50,000 0

2,817

1.232,283

1,235,100 $

152,800 30.000

171,332

1.060,951

1,232,283

VILLAGE OF HALL SUMMIT. LOUISIANA STATEMENT OF CASH FLOWS

PROPRIETARY FUNDS FOR THE YEARS ENDED DECEMBER 31, 2011 AND 2010

EXHIBIT I

2011 2010 Cash Flows From Operating Activities Receipts from customers Cash payments to suppliers for goods and services Cash payments to employees and board members for services

Net Cash From Operating Activities

Cash Flows From Noncapital Financial Activities Transfers

Net Cash From noncapital Financial Activities

Cash Flows From Capital and Related Financing Activities Capital contributions Principal payment on revenue bonds Acquis ition/constmction of capital assets Interest paid

Net Cash From Capital and Related Financing Activities

Cash Flows From Investing Activities Lease of minerals Royalty income Sale of investments Purchase of investments Interest income

Cash Flows From Investing Activities

Net Increase/(Decrease) in Cash

Cash, Beginning of year

Cash, End of year

92,212 (45,144) (30.316)

16.752

4.610 4.610

95,623 (49,454) (30.341)

15.828

30.000 30.000

50,000 0

(77,269) 0

(27,269)

0 1,749 6,191

0 1.569 9.509

3,602

30.824

152,800 (10,522)

(212.402) (99)

(70,223)

28.342 0 0

(9,900) 2.167

20.609

(3,786)

34.610

34.426 $ 30,824

Reconciliation of Operating Loss to Net Cash From Operating Activities Operating income/(loss) Adjustments to reconcile operating loss to net cash from operating activities Amortization expense Depreciation expense (Increase)/decrease in operating assets Accounts receivable Prepaid expense Inventory

Increase/(decrease) in operating liabilities Accounts payable and accruals Customer deposits

Net Cash Flows From Operating Activities

(50,501) $ (41,878)

$

4,950 58,629

(39) 128

0

1,985 1.600

16,752 $

4,950 50,948

423 1,668 1,123

(2,711) 1.305

15,828


VILLAGE OF HALL SUMMIT. LOUISIANA STATEMENT OF NET ASSETS

COMPONENT UNITS DECEMBER 31, 2011 AND 2010

EXHIBIT J

Assets Current Assets

Cash Investments


2011

22,828 $ 35.799 58.627

2010

11,906 39.380 51.286

Noncurrent Assets Capital assets, net Utility deposits

Total Assets

95,038 450

154.115 $

85,420 450

137,156

Liabilities and Fund Balances Liabilities

Accounts payable and accruals Internal balances

Total Liabilities

595 $ 37,502 38,097

4,034 10.191 14.225

Net Assets Investments in capital assets, net of related debt Unrestricted

Total Net Assets

Total Liabilities and Net Assets

95,038 85,420 20,980 37.511

116,018

154.115 $_

122,931

137,156


EXHIBIT K VILLAGE OF HALL SUMMIT. LOUISIANA

STATEMENT OF REVENUES. EXPENSES. AND CHANGES IN NET ASSETS COMPONENT UNITS

FOR THE YEARS ENDED DECEMBER 31,2011 AND 2010

2011 2010 OPERATING REVENUES Lot rental Washateria income Other

Total Operating Revenues

OPERATING EXPENSES Advertising Depreciation Fuel Insurance Legal and professional Materials and supplies Miscellaneous Office expense Payroll taxes Repairs and maintenance Salaries Telephone Utilities Waste disposal

Total Operating Expenses

Operatmg Income/(Loss) (7,457) (6,304)

Nonoperating Revenues/(Expenses) Lease of minerals Interest income Interest expense

Total Nonoperating Revenues/(Expenses)

Income/(Loss) before Transfers

Transfers



Net Assets, End of year

$ 19,412 $ 447 125

19,984

556 8.732 407

1.743 1,104 1,134 153 924 275

1,999 3,600 112

5,684 1,018

27.441

2.800 0 0

2,800

325 6,111 45 0

175 0

269 689 0 0 0 0

1,320 170

9.104

$

0 544

0 544

(6,913)

0

(6,913)

122,931

116,018 $

14,730 1,282 (99)

15.913

9,609

60.300

69,909

53.022

122,931


EXHIBIT L VILLAGE OF HALL SUMMIT. LOUISIANA

STATEMENT OF CASH FLOWS COMPONENL UNILS

FOR LHE YEARS ENDED DECEMBER 31,2011 AND 2010

2011 2010 Cash Flows From Operating Activities Receipts fi-om customers $ 19,984 $ 2,350 Cash payments to suppliers for goods and services (22.148) (2.993)

Net Cash From Operating Activities (2,164) (643)

Cash Flows From Noncapital Financial Activities Transfers 27.311 70.491

Net Cash From noncapital Financial Activities 27,311 70,491

Cash Flows From Capital and Related Financing Activities Acquis ition/constmction of capital assets (18.350) (72,331) Interest paid 0 (99)

Cash Flows From Financing Activities (18,350) (72,430)

Cash Flows From Investing Activities Lease of minerals Sale of investments Purchase of investments Interest income

Cash Flows From Investing Activities

Net Increase in Cash

Cash, Beginning of year

Cash, End of year

Reconciliation Of Operating Income To Net Cash From Operating Activities Operatmg income/(loss) $ (7,457) $ (6,304) Adjustments to reconcile operating income/(loss) to net

cash from operating activities Depreciation (Increase)/decrease in operating assets Utility deposits

Increase/(decrease) in operating liabilities Accounts payable and accruals

Net Cash Flows From Operating Activities

$

0 3,581

0 544

4.125

10,922

11.906

22,828 $

14.730 0

(4,651) 1.282

11.361

8,779

3.127

11,906

$

8,732

0

(3.439) (2.164) $

6,111

(450)

0 (643)


VILLAGE OF HALL SUMMIT. LOUISIANA NOLES LO LHE FINANCIAL SLATEMENTS

DECEMBER 31. 2011

The Village of Hall Summit, Louisiana was incorporated on September 11, 1961, under the provisions of the Lawrason Act. The Village operates under a Mayor -Board of Aldermen form of govemment. The Village's major operations include general administrative services, public safety and utilities.

The Development Corporation of Hall Summit, a component unit ofthe Village of Hall Summit, is discretely presented in the financial statements in conformity with accounting principles generally accepted in the United States of America.

NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A. Basis of Accounting

In April of 1984, the Financial Accoimting Foundation established the Govemmental Accoimting Standards BoM"d (GASB) to promulgate generally accepted accounting principles and reporting standards with respect to activities and transactions of state and local govemmental entities. The GASB has issued a Codification of Governmental Accounting and Financial Reporting Standards (GASB Codification). This Codification and subsequent GASB pronouncements are recognized as generally accepted accounting principles for state and local govemments. The accompanying financial statements have been prepared in accordance with such principles. The accompanying financial statements ofthe Village of Hall Smnmit, Louisiana present information only as to the transactions ofthe programs ofthe Village of Hall Summit as authorized by Louisiana statutes and administrative regulations.

Basis of accounting refers to when revenues and expenses are recognized and reported in the financial statements. Basis of accounting relates to the timing ofthe measurements made, regardless ofthe measurement focus applied.

The accounts ofthe Village of Hall Summit are maintained in accordance with applicable statutory provisions:

Revenue Recognition Revenues are recognized using the full accrual basis of accounting: therefore, revenues are recognized in the accounting period in which they are eamed and become measurable.

Expense Recognition Expenses are recognized on the accrual basis; therefore, expenses, including salaries, are recognized in fhe period incurred, if measurable.

B. Budgetary Accounting

Formal budgetary accounting is employed as a management control. The Village of Hall Summit prepares and adopts a budget each year for its general fund in accordance with Louisiana Revised Statutes. The operating budget is prepared based on prior year's revenues and expenditures and the estimated increase therein for the current year, using the full accrual basis of accounting. The Village amends its budget when projected revenues are expected to be less than budgeted revenues by five percent or more and/or projected expenditures are expected to be more than budgeted amounts by five percent or more. All budget appropriations lapse at year end.

22

VILLAGE OF HALL SUMMIT. LOUISIANA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31. 2011

NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

C. Cash and Cash Equivalents

For the purpose of the Statement of Cash Flows and consistent with GASB Statement 9, the Village of Hall Summit, Louisiana defines cash and cash equivalents as follows:

Cash - includes not only currency on hand but also demand deposits with banks or other financial institutions and other kinds of accounts that have the general characteristics of demand deposits in that the customer may deposit additional fimds at any time and also effectively may withdraw funds at any time without prior notice or penalty.

Cash equivalents - includes all short term, highly liquid investments that are readily convertible to known amounts of cash and are so near their maturity that they present insignificant risk of changes in value because of interest rates. Generally, only investments which, at the day of purchase, have a maturity date no longer than three months qualify under this defmition.

D. Receivables

All receivables are reported at their gross value and, where applicable, are reduced by the estimated portion that is expected to be uncollectible.

E. Bad Debts

Uncollectible accounts receivable are recognized as bad debts through the establishment of an allowance account at the time information becomes available which would indicate the uncoUectibility ofthe particular receivable. At December 31, 2011, $0 and $218 of Governmental and Business-Type Activities receivables, respectively, were considered to be uncollectible.

F. Capital Assets

Capital assets are carried at historical costs. Depreciation of all exhaustible capital assets used by the Village of Hall Summit are charged as an expense against operations in the Statement of Activities. Capital assets net of accumulated depreciation are reported on the Statement of Net Assets. Depreciation is computed using the straight line method over the estimated useful hfe of the assets, generally 10 to 40 years for buildings and other improvements, 10 to 50 years for the distribution system and 5 to 10 years for moveable property. Expenditures for maintenance, repairs and minor renewals are charged to eamings as incurred. Major expenditures for renewals and betterments are capitalized.

G. Compensated Absences

The Village of Hall Summit, Louisiana does not have any full time employees; Therefore, no liability for compensated absences has been recorded in the accompanying financial statements.

23


DECEMBER 31. 2011

NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

H. Restricted Net Assets

In the govemment-wide statements, equity is classified as net assets and displayed in three components:

1. Investment 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 borrowings that are attributed to the acquisition, construction, or improvement of those assets.

2. Restricted net assets - consists of net assets with constraints placed on the use either by a) extemal groups such as creditors, grantors, contributors, or laws or regulations of other govemments; or b) law through constitutional provisions or enabling legislation.

3. Unrestricted net assets - all other net assets.

L Fund Equity

In the fund fmancial statements, govemmental fimd equity is classified as fund balance and displayed in five components:

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

2. Restricted - amounts constrained to specific purposes by either a) creditors, grantors, contributors, or the laws or regulations of other govemments, or b) constitutional provisions or enabling legislation.

3. Committed - amounts constrained to specific purposes by fhe governmental entity at its highest level of decision-making authority (Board of Aldermen). These amounts can not be used for any other purposes unless the govermnent takes the same highest level action to remove or change the constraint.

4. Assigned - amounts that do not meet the criteria to be classified as restricted or committed that are intended to be used for specific purposes as established by the Board of Aldermen or its management to which the Board of Aldermen has delegated the authority to assign amounts for specific purposes.

5. Unassigned - all other spendable amoimts.

The Board of Aldermen establishes (and modifies or rescinds) fimd balance commitments and assignments by passage of an ordinance or resolution.

The Village of Hall Summit typically uses restricted fund balances first, followed by committed ,assigned and unassigned fimds when an expenditure is incurred for purposes for which amounts in any of these fund balance classifications could be used.

J. Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date ofthe financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

24


DECEMBER 31. 2011

NOTE 2 DEPOSITS WTTH FINANCIAL INSTITUTIONS AND INVESTMENTS

A. Deposits with Financial Institutions

For reporting purposes, deposits with financial institutions including savings, demand deposits, time deposits, and certificates of deposit. Under state law the Village of Hall Summit may deposit funds within a fiscal agent bank selected and designated by the Interim Emergency Board. Further the Fund may invest in time certificates of deposit of state banks organized under the laws of Louisiana, national banks having their principal office in the state of Louisiana, in savings accounts or shares of savings and loan associations and savings banks and in share accounts and share certificate accounts of federally or state chartered credit unions.

Deposits in bank accounts are stated at cost, which approximates market. Under state law, these deposits must be secured by federal deposit insurance or the pledge of securities owned by fhe fiscal agent bank. The market value ofthe pledged securities plus the federal deposit insurance must at all times equal the amount on deposit with the fiscal agent bank. These pledged securities are held in the name ofthe pledging fiscal agent bank in a holding or custodial bank that is mutually acceptable to both parties. The deposits at December 31, 2011 were secured as follows:

Deposits in bank accounts per balance sheet

Bank Balances (Category 3 Only, If Any) a. Uninsured and uncoUateralized b. Uninsured and uncoUateralized with securities held by

the pledging institution c. Uninsured and uncoUateralized with securities held by

the pledging institution's trust department or agent but not in fhe entity's name

Total Category 3 Bank Balances

Total Bank Balances (All Categories Including Category 3 Reported Above)

The following is a breakdown by banking institution and amount ofthe balances shown above:

Banking Institution Amount American Bank & Tmst Co $ 56,444 Bank ofCoushatta 429,736 Sabine State Bank 22.828

Total $ 509.008

B. Investments

At December 31, 2011, the Village of Hall Summit had investments of $0.

$

$

$

$

Cash

100,584

Cash

0

0

0 0

135,874

L

$

L

$_

Certificates of Deposit

373,134

Certificates of Deposit

0

0

0 0

373,134

$

$

$

$

Total

473,718

Total

0

0

0 0

509,008

25


DECEMBER 31. 2011

NOTE 3 ACCOUNTS RECEIVABLE

The following is a summary of accounts receivable at December 31,2011:

Taxes Franchise Sales

Fines and forfeitures Charges for services Miscellaneous

Govemmental Activities

$ 873 2,669

765 0 0

Business -Type Activities

$ 0 0 0

8.304 168

$

Total

873 2,669

765 8,304

168

$

Component Unit

0 0 0 0 0

Total 4.307 $_ 8.472 $_ 12.779 $

NOTE 4 CAPITAL ASSETS

A summary of the Village of Hall Summit's capital assets at December 31,2010 follows:

Primary Government Governmental Activities

Capital Assets, not being depreciated Land

Total Capital Assets, not being depreciated

Capital Assets, being depreciated Buildings and otlier improvements Less accumulated depreciation

Total Buildings and building improvements

Automobiles Less accumulated depreciation

Total Automobiles

Equipment, furniture and fixtures Less accumulated depreciation

Total Equipment, fiimiture and fixtures

Total Capital Assets, being depreciated

Govemmental Activities Total Capital Assets, net

Balance December 31,

2010

$ 21.334 3 21,334

353,491 (130,721) 222,770

23,803 (23,803)

0

23,034 (17,201)

5.833

228.603

$ 249,937 3

Additions

; 0 0

0 (22,548) (22,548)

30,430 (6.085) 24,345

0 (1.719) (1.719)

78

; 78

Retirements

$ 0 0

0 0 0

0 0 0

(8,935) 8.935

0

0

$ 0


2011

$ 21.334 21,334

353,491 (153,269) 200,222

54,233 (29,888)

24,345

14,099 (9.985) 4.114

228.681

$ 250,015

26


DECEMBER 31. 2011

NOTE 4 CAPITAL ASSETS (CONTINUED)

Business-Type Activities Capital Assets, not being depreciated Land

Total Capital Assets, not being depreciated

Capital Assets, being depreciated Distribution system Less accumulated depreciation

Total Distribution system

Equipment, fumifiire and fixtures Less accumulated depreciation



Business-Type Activities Total Capital Assets, net

Primary Govemment Total Capital Assets, net

Component Units Capital Assets, not being depreciated

Land Total Capital Assets, not being depreciated

Capital Assets, being depreciated Buildings and otlier improvements Less accumulated depreciation

Total Buildings and building improvements

Equipment, fimiiture and fixhires Less accumulated depreciation



Component Units Total Capital Assets, net


2010

$ 30.776 30,776

1,866,473 (834,827) 1,031,646

22,549 (18,839)

3.710

1.035,356

$ 1,066,132

$ 1,316,069

$_

—

—

—

L

$_

Additions

0 0

72,369 (57.560)

14,809

4,900 (1.069)

3.831

18.640

18.640

18.718

$_

—

—

—

L

$_

Retirements

0 0

0 0 0

0 0 0

0

0

0

$_

—

—

—

L

$_


2011

30.776 30,776

1,938,842 (892,387) 1,046,455

27,449 (19,908)

7.541

1.053.996

1,084,772

1.334.787

15.166 $ 0 $ 0 $ 15.166

$

15,166

73,169 (5.654) 67,515

3,196 (457) 2.739

70.254

85.420 $

0

0 (5.654) (5,654)

18,350 (3.078) 15.272

9.618

9.618 $

0

0 0 0

0 0 0

0

0 $

15,166

73,169 (11,308)

61,861

21,546 (3.535) 18.011

79.872

95.038

No depreciation expense was charged directly to any govemmental functions.

Depreciation expense for the year ended December 31, 2011 was $97,713 ($30,352 for governmental-type activities, $58,629 for business-type activities and $8,732 for component units).

27


DECEMBER 31. 2011

NOTE 5 ACCOUNTS PAYABLE AND ACCRIALS

The following is a summary of accounts payable at December 31,2011:

Govemmental Business-Type Component Activities Activities Total Unit

Vendor Salaries and related benefits Other

t

Total

INTERNAL BALANCES

$

$

1,443 190

0

1.633

$

$

3,478 2,370

0

5.848

$

$

4,921 2,560

0

7.481

$

$

595 0 0

595

NOTE 6

A summary of intemal balances at December 31, 2011, is as follows:

Govemmental Activities Business-Type Activities Component Unit

Totals

Due To Due From 41,824 $

0 0

0 4,322

37.502 41.824 $_ 41,824

NOTE 7 LEASES

The Village of Hall Summit was not obligated under miy capital or operating lease commitments at December 31,2011.

NOTE 8 SALES AND USE TAX

The Village of Hall Summit has a one percent sales tax. Sales tax revenues for the year ended December 31, 2011 were $47,757. The proceeds are dedicated to any lawful purpose ofthe Village.

NOTE 9 RISK MANAGEMENT

The Village of Hall Summit 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 Village maintains commercial insurance coverage covering each of those risks of loss. Management believes such coverage is sufficient to preclude any significant uninsured losses to the Village.

NOTE 10 LITIGATION

There was no outstanding litigation against the Village of Hall Summit at December 31,2011.

28


DECEMBER 31. 2011

NOTE 11 CLAIMS AND JIDGMENTS

The Village of Hall Summit participates in federal and state programs that are flilly or partially funded by grants received from other governmental units. Expenditures financed by grants are subject to audit by fhe appropriate grantor govemment. If expenditures are disallowed due to noncompliance with grant program regulations, the Village may be required to reimburse the grantor govemment. The Village believes that disallowed expenditures, if any, based on subsequent audits will not have a material effect on any ofthe individual govemmental funds or the overall financial position ofthe Village.

29

REQUIRED SUPPLEMENTARY INFORMATION

30

SCHEDULE 1 VILLAGE OF HALL SUMMIT. LOUISIANA

SCHEDULE OF REVENUES. EXPENDITURES. AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS - BUDGET (GAAP BASIS) AND ACTUAL - GENERAL FUND


REVENUES Taxes

Franchise Sales Other

State revenue sharing Intergovemmental License and permits Fines and forfeitures Lease of minerals Interest Miscellaneous

Total Revenues

EXPENDITURES General govemment Public safety Capital outlay

Total Expenditures

Original/Final Budget

$ 5,200 $ 34,830

0 125

0 5,000 9,880

40,596 4,850

400 100,881

17,903 9,298

0 27,201

Acmal

4,605 47,757

650 6

9,763 6,385

10,264 0

2,712 82

82,224

22,604 21,482 30,430 74,516

Variance Fav./(Unfav.)

$ (595) 12,927

650 (119) 9,763 1,385

384 (40,596)

(2,138) (318)

(18,657)

(4,701) (12,184) (30.430) (47,315)

Excess/(Deficiency) Of Revenues Over Expenditures

Other Financing Sources/(Uses) Transfers

Total Other Financing Sources/(Uses)

Net Change in Fund Balances

Fund Balance, Beginning of year

Fund Balance, End of year

73,680 7,708 (65,972)

$

0

73,680

288.313

361.993 $

0

7,708

288.313

296.021 $

0

(65,972)

0

(65,972)

Supplementary infonnation. Presented as additional analytical data. 31

OTHER SUPPLEMENTARY INFORMATION

32


SCHEDULE OF COMPENSATION PAID TO THE MAYOR AND MEMBERS OF THE BOARD OF ALDERMEN

YEAR ENDED DECEMBER 31,2011

Mayor Wimberly Alderman Moore Alderman Quick Alderman Thomas

Total

Compensation 2,400 1,800 1,800 1.800

7.800

Compensation Paid Board Members

The schedule of compensation paid to the Mayor and members ofthe Board of Aldermen ofthe Village of Hall Summit is presented in compliance with House Concurrent Resolution No. 54 ofthe 1979 Session ofthe Louisiana Legislature. Compensation ofthe Mayor and Aldermen is included in fhe Govemmental Activities expenses.

Supplementary information. Presented as additional analytical data. 33


SCHEDULE OF FINDINGS AND QUESTIONED COSTS FOR THE YEAR ENDED DECEMBER 31, 2011

SECTION #1

FINANCL\L STATEMENTS 1. Type of auditors' report issued.

2. Intemal control over financial reporting: a) Material weakness(es) identified? b) Significant deficiency(ies) identified that are not

considered to be material weaknesses?

3. Noncompliance material to financial statements noted?

SUMMARY OF AUDITORS' RESULTS

Unqualified

No

None reported

No

SECTION #2

FINANCIAL STATEMENT FINDINGS

None reported.

34

FRANKS. HINES, CPA LEWIS C. HINES, CPA E. MERLIN SQUYRES, CPA JAYH. SHEFFIELD, CPA JAMES S. SHEFFIELD, CPA

HINES, SHEFFIELD & SQUYRES, L.L.C. CERTIFIED PUBLIC ACCOUNTANTS

P.O. BOX 2188 - 133 EAST FIFTH STREET NATCHITOCHES, LA 71457

Telephone (318)352-6458 FAX (318) 352-0404 [email protected]

REPORT ON INTERNAL CONTROL OVER FINANCL\L REPORLING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS

PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS

Village of Hall Summit P.O. Box 98 Hall Summit, Louisiana 71034

We have audited the fmancial statements ofthe govemmental activities, the business-type activities, the aggregate discretely presented component units, each major fund, and the aggregate remaining fimd information ofthe Village of Hall Summit as of and for the year ended December 31, 2011, and have issued our report dated June 28, 2012. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Govemment Auditing Standards, issued by the Comptroller General ofthe United States.

Intemal Control Over Financial Reporting Management ofthe Village of Hall Smmnit is responsible for establishing and maintaining effective intemal control over financial reporting. In planning and performing our audit, we considered the Village of Hall Summit's internal control over financial reporting as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness ofthe Village of Hall SunmiiCs internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Village of Hall Sunmiit's intemal control over financial reporting.

A deficiency in intemal 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 material weakness is a deficiency, or combination of deficiencies, in internal control such that there is a reasonable possibility that a material misstatement ofthe entity's financial statements will not be prevented, or detected and corrected on a timely basis.

Our consideration of intemal control over fmancial reporting was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in intemal control over financial reporting that might be deficiencies, significant deficiencies or material weaknesses. We did not identify any deficiencies in intemal control over financial reporting that we consider to be material weaknesses, as defined above.

Compliance and Other Matters As part of obtaining reasonable assurance about whether the Village of Hall Summit's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. Lhe results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

-MEMBERS-American Institute of Certified Public Accountants Society of Louisiana Certified Public Accountants 35

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This report is intended solely for the information and use ofthe Village of Hall Summit, management and the Louisiana State Legislative Auditor and is not intended to be. and should not be used by anyone other than these specified parties. Under Louisiana Revised Statute 24:513. this report is distributed by the Legislative Auditor as a public document.

HineSy Sheffield & Squyres Natchitoches, Louisiana June 28, 2012

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VILLAGE OF HALL SUMMIT. LOUISIANA SUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS


SCHEDULE 4

Fiscal Year Finding Initially

Ref No. Occurred

2010-01 2010

Description of Finding

The Village obtained a loan for capital improvements to the proprietary fimd and the component unit without the approval ofthe State Bonding Commission.

Corrective Action Taken

(Yes, No, Partiallv)

Yes

Planned Corrective Action/Partial

Corrective Action Taken

This finding has been resolved.

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CORRECTIVE ACTION PLAN FOR CURRENL YEAR AUDIT FINDD^GS FOR THE YEAR ENDED DECEMBER 31, 2011

Name(s) of Anticipated Contract Completion

Ref No. Description of Finding Corrective Action Planned Person(s) Date

Nothing came to our attention that would require disclosure under Govemment Auditing Standards.

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village of hall summit - app.lla.state.la.us · 1) the village of hall summit had cash and...

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