RECEIVED te;s;./,iivy:/:,ije~i'ior 201]ODEC29,P~H9:53. STONPARISHSCItOLB JUNE30,20.0 VINGSTON.LOUISIANA

Transcription

1 RECEIVED te;s;./,iivy:/:,ije~i'ior 201]ODEC29,P~H9:53 STONPARISHSCItOLB JUNE30,20.0 VINGSTON.LOUISIANA

2 LivingstonParishScholBoard FortheYearEndedJune30,20(I TABLEOFCONTENTS INDEPENDENTAUDITOR'SREPORTONTHE SCHEDULESTATEMENTPAGE GENERALPURPOSEFINANCIALSTATEMENTS FINANCIALSTATEMENTS 1-2 CombinedBalanceShets-AlFund (COMBINEDSTATEMENTS-OVERVIEW) CombinedStatementsofRevenues, TypesandAc.countGroups Expenditures,andChangesin FundBalances-AlGovernmental CombinedStatementsofRevenues FundTypos 5 4 Expenditures,andChangesin FundBaZlances-Budget(GAP Basis)andActual: GeneralandSpecial DebtServiceandCapital RevenueFunds NotestoFinancialStatements ProljectsFunds i SUPLEMENTAZ[,INFORMATIONSCHEDULES SpecialRevenueFunds ConfiningBalanceShets CombiningSchedulesofRevenues 37 Expenditures,andChangesin FundBalances StatementofRevenues,Expenditures,andChangesinFund Ba]ance-Budget(GAPBasis) andactual: [;lementaryandsecondary EducationActTitleI- Chapter Continued)

3 LivingstonParishScholBoard TABLEOFCONTENTS(CONTINUED FortheYearEndedJune30,20 SCHEDULE!TATEMENTPAGE ElementaryandSecondary EducationActTitleI- Chapter2 2-2 PublicLaw Special Education MaintenanceofSchols ScholLunch SpecialFederalFund OtherFederalESEAFund DebtServiceFunds CombiningBalanceShets CombiningSchedulesofRevenues Expenditures,andChangesin FundI~alances Capita]ProjectsFunds CombiningBalanceShets CombiningSchedulesofRevenues Expenditures,andChangesin Fund]~alances AgencyFunds: CombiningBalanceShets SchedulesofChangesinDeposits DueO~hers: ScholActivityAgencyFund SalesTaxAgencyFund Min:imu~FoundationCo~nmision Fund i0 (Continued)

4 LivingstonParishScholBoard FortheYearEndedJune30,20[) TABLEOFCONTENTS(CONTINUED General: SCHEDULEEXHIBIT PAGE Scheduleo~CompensationPaidBoard OTHERSUPLEMENTARYINFORMATION Members i 5 ScheduleofExpenditureso~ IndependentAuditor'sReporton FederalAwards ComplianceandonInternalControl overfinancialreportingbasedon anauditofthegeneralpurpose FinancialStatementsPer~ormed inacordancewithgovernment IndependentAuditor'sReportonCompliancewithRequirementsAplicable Auditin~Standards ControloverComplianceinAcordancewithOMBCircularA-13 toitshajorprogramsandinternal ScheduleofFindingsandQuestionedCosts SumaryScheduleofPriorAuditFindings 65

5 ~,utai.momoc.(!pa 91/',.h~,m,tA.um,J.~Coq~,.,~ CertifiedPublicAcountants 175DelF,steAvcmae,SuiteB DenhamSprings,LA70726 Phone:(25) Fax:(25) November27,20 NDEPENDENTAUDITOR'SREPORT LivingstonParishScholBoard Livingston,Louisiana ]l~etntgersatactical;instiltleof CertifiedPublicAcmtants 232I]'cn]onl)rivc,S;uic20 l;alol}~.oug~,i,a?0809 Wehaveauditedtheacompanyinggeneralpurposefinancialstatements ofthelivingstonparishscholboardasofandfortheyearended June30,20,aslistedinthetableofcontents.Tihesefinancial statementsaretheresponsibilityofthemanagementofthelivingston ParishSchoelBoard.Ourresponsibilityistoexpresanopinionon thesefinancialstatementsbasedonouraudit. Weconductedourauditinacordancewithgeneralyaceptedauditing standardsandthestandardsapl~cabletofinancialauditscontainedin GovernmentAuditin~Standard_s,isuedbytheComptrolerGeneral UnitedStates,andtheprovisionsofOficeofManagementandofthe Budget CircularA-13,AuditsofSt _ at_es,localgovernments,an_d_non-profit Orqanizations.ThosestandardsandOMBCircularA-13requirethatwe planandperfoi~theauditobtainreasonableasuranceaboutwhether thefinancialstatementsarefreofmaterialmistatement.anaudit includesexami~ling,onatestbasis,evidencesuportingtheamounts andisclosuresinthefinancialstatements.anauditalsoincludes asesingtheacountingprinciplesusedandsignificantestimatesmade bymanagement,aswelasevaluatingtheoveralfinancialstatement presentation.webelievethatourauditprovidesareasonablebasis forouropinion. Inouropinion,thegeneralpurposefinancialstatementsreferedto abovepresentfairly,inalmaterialrespects,thefinancialposition ofthelivingstonparishscholboardasofjune30,20,andthe resultsofoperationsfortheyearendedjune30,20,inconformity withgeneralyaceptedacountingprinciples. InacordancewithGovernr~entAuditi[~Standards,wehavealsoisued ourreportdatednovember27,20,onourconsiderationofthe LivingstonParishScholBoard'sinternalcontroloverfinancial reportingandourtestsofitscompliancewithcertainprovisionsof laws,regulations,contractsandgrants.thatreportisanintegral partofanauditperformedinacordancewithgovernmentauditing Standardsandshouldbereadinconjunctionwiththisreportin consideringtheresultsofouraudit.

6 Respectfullysubmitted / J.P

7 GENERALPURPOSEFINANCIALSTATEMENTS (COMBINEDSTATEMENTS-OVERVIEW)

8 LivingstonParishScholBoard COMBINI~DBALANCESHETS-ALFUNDTYPESANDACOI]NTGROUPS June30,20 GOVERNMENTALFUNDTYPES ASETSANDOTHERDEBITSGENERAL SPECIAL REVENUE SERVICE DEBT CAPITAL ~sets: PROJECTS CashandCash~quivalents $3,76,028$986,951$ CashwithFi~i~calAgent Investments(CertificatesofDeposit 30,0 521,864$23,20 124,40 Receivables MaturitiesG:ceater DuefromOtherFunds Than90Days) 2 Inventory 1,318,245 2,0,0 OtherDebits: GeneralFixedAsets 79,698 5,9791,0,0 292,896 8,325 ]b[lountavailablein ]~JnountobeP:'.?evided DebtServiceFunds forretirement:of GeneralLongTerqn Obligations TotalAsetsand OtherDebJts $26,302,919$2,384,894$2,702,283$1,43,41 CONTINUED 3

9 FIDUCIARY FUNDTYPE AGENCYFIXEDASETSOBLIGATIONS GENERAL ACOUNTGROUPSGENERAL LONG-TERM 20 (MEMORANDUMONLY) TOTALS 19 $2,421,705$ $7,929, , ,74, ,696,709 2,696,709 2, ,846,304 28,846,304 2~,87,97 $2,421,705$150,74,801$31,543,013$217,563,056$209,876,231

10 INEDBA LivingstonParishscholBoard i!~ntinued_pj_ ĀLFUND_T TGROUP June30,20 S LIABILITIES,EQUITYAND Liabilities: OTHERCREDITS GENERALREVENUESERVICE SPECIAL DEBT CAPITAL PROJECT$ Acounts,Salariesand DuetootherFunds DepositsDueOthers OtherPayables $13,329,279$157,698$5,574$348,480 1,215, ,896 Claimsand(~udgements CompensatedAbsences BondsPayable FUNDEQUITY TotalLiabilities 13,329,2791,372,832 5, ,376 investmentingeneral FundBalances: FixedAsets Reservedfor: DebtService CapitalOutlay Inventory Salaries Unreserved: UtilitiesandMaintenance 750,895 79,698 2,696, ,424 Other 58"7,]03 426,515 Designatedfor: 51,314 PropertyDamage GeneralLiability Worker'sCompensation ComputerEquipment Insurance 1,074,674 1,49[],53 Undesignated(Deficit) AlternatJveSchol/ 32"7,17 CarerCenter 1,0,0 TotalFundEquity _260, ,364 TotalLiabilities 12,973,640].,012,0622,696,709 _279,64_1 893,065 andfundequity 826,302,919$2,384,894$2,702,283$1,43,41 Theacompany3.ng~otesconstituteanintegralpartofthisstatement 4

11 StatementA (Continuedl F'IDUCIARY F'UNDTYPE AGENCYFIXEDASETSOBLIGATIONS GENERAL GROUPSGENERAL LONG-TERM 20 MEMORANDUMONL TOTALS ,705 6,268,49 643,379 2,421,705 24,631,13~ _24,631,135 6, ,039,i~ 6,]274,054 31,543,01349, ,258,248 ].50, ,!)3,467 1, ,4953 1,01, _i~472,436 1,0,0 1,<108,510 i,0,0 375, , ,350,271.59,(17,983 _1,782,65_~4 $2,421,705$150,74,801$31,543,013$2!7,563,056$209,876,231

12 STATEMENTSOF'REVENUES.EXPENDITURES,AN LivingstonParishScholBoard CET~N~ESINFUNDBALANCES-ALGOVERNMENTALFUNDTYPES FortheYearEndedJune30,20 Revenues: GENERAL GOVERNMENTALFUNDTYPES SPECIAL REVENUE SERVICE DEBT LocalSources: Taxes: AdValorem Rentals,Leases, Other SalesandUse $905,487$605,395$2,850,807 16,894,312 Tuition InterestEarnings androyalties 145,974 StateSources: FodServices Other 1,297, ,429 91,17 UnrestrictedGrantsin-Aid 1,375,42 2,397,375 13, ,134 RestrictedGrantsin-Aid FederalSources: Unrestricted- 69,57,793 2,092, ,356 RestrictedGrantsinAid-Subgrants Recoveries 69,468 IndirectCost Other-Co~m~Lodities Expenditures: TotalRevenues 92,570,2901,19,4322,95,941 7,].03, ,03!9 Instruction: RegularProgram~s SpecialPrograms VocationalP"rograms 46,121,701 OtherPrograms 9,089,456 SuportServices: AdultandContinuing. 2,313,084 PupilSuport EducationPrograms 869,730 1,79,204 64,369 5,95 10,754 6] ,689 InstructionalStaf GeneralAdh~iniatration ScholAdministration Suport 2,871,47 2,124,832 19,935 5,090, ,571 24,926 17,83 CONTINUED 5

13 StatementB CAPITAl, PROJECTS 20 EMORANDUMONLY TOTALS ,429 $4,794,108$5,126,781 ].6,894,31215,405,203 ]45, , ,270,50 2,092,753 6,38],136 2,785,965 69,468 6,970 64,0]5 _4_!65,039 7,103,038 6,784, ,429, ,856 _453,i_.94 46,127,696 10,868,60 2,37,453 1,479, ,071, , ,737 ]67,7]_4 17,805 2,83,403 1,197,791 5, , , ,39].

14 STATEMENTSOF'REVENUES,EXPENDITURES,~qD LivingstonParishScholBoard ANGESINFUNDBALANCES-ALGOVERNMENTA FortheYearEndedJune30,20 (CON<!NUED_L SuportServices(Continued C~]IN_ERAL GOVERNMENTALFUNDTYPES SPECIAL REVENUE SERVICE DEBT BusinesServices PlantServices TransportationServices 935,92 ComunityService CentralServices 637,190 FodServices 05, ,326 1,683,50 25,859 CapitalOutlay DebtService: Programs 51,204 8,692 7,671,652 PrincipalRetirement 3,297,97 14,642 60,59 InterestandBank Charges TotalExpenditures Exces('Deficiency) ofrevenues 85,582,385 13,52,960 1,607,284 1,7.51,29 3,476,46 OtherFinancingSources OverExpenditures 6,987,905(2,323,528)(480,525) [Uses): SalesofFixedAsets OperatingTransfersIn InsuranceProceds OperatingT:<ansfersOut fromlos 20,8142,689,686 27,73 TotalOtherFinancing (7a_60_8~765)_(69,~68 8,349 Exces',Deficiency) Sources(Uses) 7,39,602)2,620,218 27,73 ofrevenuesand OtherSourcesOver Expendituresand FundBalancesat Othe:~Uses FundBalancesat BeginingofYear 1_3.3~38._.~i,37 (41,697) 296, ,~7_~22,949,501 (252,792 EndofYear $12,973,640$1,012,062$2,696,709 '5'heacompanyingnctesconstituteanintegralpartofthisstatement 6

15 StatementB (Continued) CAPITAL PROJECTS 20 MEMORANDUMONLY TOTALS 19 38,232 7,358,92 5,05', ,851 7,72, ,326 5,909,21S 9,867,795 23,34 17,032 1,607,284 9,517,305 2,015,0 5,965,256.1,751,29 108,547,067 1o4,81,256 _!,453~98_9. 5,301,241)(1,1.7,389)(2,760,40} 7,678,23 _/L_~78, , , _19_~182,~57 8, ,0]2 741,241)(i,i09,040)(2,017,38 1,6343~.3p0.6_18<_8~684,516~701,f04 893,065$17,575,476$18,684,516

16 COHBI~ ]LivingstonParishScholBoard GENERALANDSPECIALREVENUEFUNDS MENTSOFREVENUES,9<XPENDTNR FortheYearEndedJune30,20 Rcvenues: _BUDGET GENERALFUNDVARIANCE- ACTUAL~DNFAVORABLE) l,ocalsources Taxes: AdValorem SalesandUse Other $ 920 Rentals,LeasesandRoyalties Tuition Other InterestEa]:nings StateSources: FodServices (14, , (i0,571 35,67 (4,026?0, , ,101,375,4,42 (1,108, ,18569,57,793 2,092, , 287,36432} Other-Co~nodities Expenditures: TotalRevenues 92861,41292,570,290 (291,12 Instruction: ReqularPrograms SpecialProgram,s VocationalPrograms 46,121,701 OtherPrograms 9,089,456 SuportServices: AdultandContinuing 2,313,084 PupilSuport EducationPrograms 869,730 InstructionalStaf GeneralAdministration ScholAdministration Suport 2,939,6502,871,47 103,828 10,754 (6,926 2,124 68,203 BusinesServices 1,037 PlantServJc?s 5, , , , ,232 78,67 61,458 CONTINUED) 7

17 StatementC BUDGET ACTUAL (UNFAVO_QRABLE) VARIANCE- FAVORABLE 593,0$605,395$12,395 2,262,50 148,20 1,50 2,397,375 13,761 (].34, 545, ,{], 137, ) 87550) 8,340,536 50,0 7,172,506 ;!2,253,486:[2.,19,432(1,054,054 ~6~_i~(!3_9.(1,]68,030) (3.4~_961) 5,95 2,218 ].,79, ,019 64, ,03 275,731 68,8 7, ,21 31,102 19,935 73, , ,52 928,805 24, ,571 20,234 1,670,827 35,648 24,926 1,683,50 25,859 12,673 9,789

18 LivingstonParishScholBoard CIOH~INEDSTATEMENTSOFREVENUES.EXPENDITURES.ANDCHANGES INFUNDBALANCES-BUDGET(GAPBASIS}ANDACTUAL GENERALANDSPECIALREVENUEFUNDS-(CONTINUED FortheYearEndedJune30,20 SuportServices(Continued TransportationServices Centra]Services FodServices ComunityServicePrograms CapitalOut)ay TotalExpenditures OtherFinancingSources(Uses) SaleofFixedAsets OperatingTransfersIn NetInsuranceProcedsfrom Los OperatingTransfersOut TotalOtherFinancingSources(Uses) GENERAl,FUND 5,]46,072 1,162,50 48,0 8,80 5,Qo~s194 87,909,086 5,05, ,326 51,204 8,6!92 3,297~97 85,582,385 VARIANCE- FAVORABLE _[UNFAVORABLE) 90, ,174 (3,204) 108 1,710,217 2,326,701 4,952,3266,987,905 2,035,579 15,0 210,0 20,8:54 8,349 (7,4_9._~186)(7,608,76_5 (15, (9, ,349 (13,579 7,270,186)(7,39,602) (129,416) Exc6s(Deficiency)of Rew;-~nuesandOther Sou:tcesOverExpendituresandOtherUses (2,317,860)(4]1,697)1,906,163 FundBalanceAt BeginingofYear FundBalancea.t EndofYear Theacompanyingnotesconstitute 13,3_85_~_3713,385,3-7 $1,067,47$12,973,640$1,906,163 anintegralpartofthistatement 8

19 StatementC (Continued) BUDGET SPEC~IALREVENUEFUNDSVARIANCE- ACTUAL-_(UNFAVORABLE~ 7,095, ,269, ,059 17,904 _60,59 13,52,960 7,671,652 14,642 (575, ,950 9~,460 3,262 2,016,424)(2,323,528) (307,104 2,674,6862,689,686 ]5,0 _(102,19~')._(69,4_6i 2,572,4892,620,218 ~2_~_ , ,690 (259,375) 715,372_7_15_~3_7~ $1,271,43781,012,062$(259,375)

20 COMBINEDSTATEMENTSOFREVENUES,EXPENDITURES,ANDCHANGES LivingstonParishScholBoard INFUNDBALANCES-BUDGET(GAPBASIS)ANDACTUA DEBTSERVICEANDCAPITALPROJECTSFUNDS FortheYearEndedJune30,20 DEBTSERVICE Revenues: l,ocalsources: BUDGET ACTUAl,_~UNFAVORABLE) VARIANCE- AdValoremTaxes St.~teSources-Unrestricted ]interestearnings Other $2,6180$2,850,80'7 ] , ,807 41,134 Grants-in-Aid Expenditures: TotalRevenues 2,7202,95,941[ 273,941 SuportServices: CapitalOutlay GeneralA~aJnistration IDcbtService: PlantServices ] ,83 PrincipalRetirement ]interestandbankcharges i, TotalExpenditures i,752~_538 3,47,705 1,607,28<i i~751,29 Exces(Deficiency)of 3,476,46 _1,239 OtherFinancingSources(Uses): RevenuesOverExpenditures (75,705)(480, ,180 OperatingTransfersIn TotalOtherFinancing Sources(Uses) 2~)_~Q0 230,0 27~73 27,73 _(2,267 Exces(Deficiency)ofRevenuesarldOtherSourcesOver ExpendituresandOther (2,26?) FundBalancesatBeginingofYear2,949,5012,949,501 Uses (525,705)(252,792) FundBalancesatEndofYear $2,423,796$2,696,709 $272, ,913 Theacompanyingnotesconstituteanintegralpartofthistatement 9

21 StatementD BUDGET CAPITALPROJECTSFUNDVARIANCE- ACTUAL (UNFAVORABLE) 430,0 36,60 $432,419 57,70 147,50 26,545 21,10 614i0 147,3~< 26,545 2,419 64,015 49,915 6, ,909,219 17,80[{ 38,232 38,232) 95,018 6, ,965,256 56,786 5,407942)(5,301,24]) ].06,701 _4,30,0._4~._560,0_0. 260,0 4,30,04,560,0 260,0 _._1,634,306 (1,107,942).~~34,306 (741, ,364$893,065 36,701 36,701

22 LivingstonParishScholBoard NOTESTOFINANCIAl,STATEMENT~ June30,20 INTRODUCTION TheLivingstonParishScholBoardwascreatedbyLouisianaRevised Statute(LSA-R.S.)17:51toprovidepubliceducationforthechildren withinlivingstonparish.thescholboardisauthorizedbylsa-r.s. 17:81toestablishpoliciesandregulationsforitsowngovernment consistentwiththelawsofthestateoflouisianandtheregulations ofthelouisianaboardofel~nentaryandsecondaryeducation.the ScholBoardiscomprisedofninememberswhoareelectedfromnine districtsfortermsofouryears. TheScholBoardoperatesthirty-fivescholsandaspecialeducation centerwithintheparishwithatotalenrolmentofaproximately 19,428pupiJs.Inconjunctionwiththeregulareducationalprograms, someofthesescholsoferspecialeducationand/oradulteducation programs.inadition,thescholboardprovidestransportationand scholfodservicesforthestudents, (i]sumaryofsignificantacountingpolicies A.BasisofPresentation Theacompanyingfinanc!ialstatementsoftheLivingstonParish ScholBoardhavebenpreparedinconforn~itywithgeneraly aceptedacountingprinciples(gap)asapliedtogovernmentalunits.thegovernmentalacountingstandardsboard(gasb) istheaceptedstandard-setingbodyforestablishingovernmentalacountingandfinancialreportingprinciples. B.Re~)ortinmEntity Forfinancialreportingpurposes,theScholBoardincludes alfunds,acountgroups,schols,andagenciesthatare withintheoversight:responsibilityofthescholboarḍthe oversightresponsibilityderivedbythescholboardis relatedtoitscopeofpublicserviceandgivesitthe authoritytoestablishpublicscholsasitdemsnecesary. ThisoversightresponsibilityalsoalowstheScholBoardto determinethenumberofteachersandemployestobemployed, toestablishthefinancialinterdependencyof!thefundsand acountgroups,toapointmanagement,andtosignificantly influenceoperationsandacountabilityforfiscalmaters. I0

23 TESTOFINANCIALSTATEMENTZ(C~N~" LivingstonParishScholBoard June30,20 CertainunitsoflocalgovernmentoverwhichtheScholBeard municipalitieswithintheparish,areexcludedfromthe exercisesnooversightresponsibility,suchastheparish Council,otherindependentlyelectedparishoficialșand acompanyingfinancialstatements.theseunitsofgovernment Boa.~d. areconsideredseparatereportingentitiesandisuefinancial sta.t~entseparatefromthoseofthelivingstonparishschol C.flu_r>dAcountin_n_q TheacountsoftheScholBoardareorganizedonthebasisof separateacountingentity.theoperationsofeachfundare acountedforwithaseparatesetofself-balancingacounts fundsandacountgroupșeachofwhichisconsidereda thatcompriseitsasets,liabilities,fundequity,revenues, andexpenditures.revenuesareacountedforinthese individualfundsbaseduponthepurposeforwhichtheyareto bespentandthemeansbywhichspendingactivitiesarecontre]led.eachacountgrouprepresentsafinancialreporting devicedesignedtoprovideacountabilityforcertainasets andliabilitiesthat:arenotrecordedinthefundsbecause theydonotafectnetexpendableavailablefinancial resources. TheScholBoardusesthefolowingfundcategorieșfund typesandacountgroupṣ Go%,ermaentalFundTypes: ofthescholboard.itacountsforalfinancialresources, exceptthoserequiredtobeacountedforinotherfundṣ GeneralFund-TheGenera]Fundisthegeneraloperatingfund Ii

24 OTESTOFINANCIALSTATEMENTZ(CONTINUED LivingstonParishScholBoard June30,20 SpecialRevenueFunds-TheSpecialRevenueFundsareusedto acountfortheprocedsofspecificrevenuesourcesthatare legalyrestrictedtoexpendituresforspecifiedpurposes. DebtServiceFunds-TheDebt acountfortheacumulationof of,generallong-termdebt ServiceFundsareusedto relatedcosts. resourcesfor,andthepayment principal,interest,and CapitalProjectsFunds-TheCapitalProjectsFundsareused toacountforfinancialresourcestobeusedfortheacquisitionorconstructionofmajorcapitalfacilitiesandforthe majorepairsthereto. FiduciaryFundType: Agen~zFunds-Agencyfundsacountforasetsheldbythe Scho]Boardasanagentforscholsandscholorganizations, othergovernments,and/orotherfunds.agencyfundsarecustodia]inature(asetsequalliabilities)andonotinvolve measurementofresultsofoperations. AcountGroups: Ge1:eralFixedAsetsAcountGroup-TheGeneralFixedAsets AcountGroupisusedtoacountforalfixedasetsofthe Scbo3Board. GeneralLong-TermDebtAcountGroupTheLong-TermDebt AcountGroupisestablishedtoacountforalong-termdebt ofthescholboardandforthoselong-termliabilitiestobe liquidatedwithresourcestobeprovidedinfutureperiods. Theacountingandfinancialreportingtreatmentapliedtoa sofacountina fundisdeterminedbyitsmeasurementfocus.thegovernmental andagencyfundsofthescholboardareacountedforusing acurentfinancialresourcesmeasurementfocus.withthis measurementfocus,onlycurentasetsandcurent liabilitiesgeneralyareincludedonthebalanceshet. Operatingstatementsofthesefundspresentincreases (i.e.,revenuesandotherfinancingsources)anddecreases (i.e.,expendituresandotherfinancinguses)inetcurent asets. 12

25 LivingstonParishScholBoard FINANCIALSTA June30,20 basisofacountingrevenuesarerecognizedwhensusceptible Thegovernmentalandagencyfundsaremaintainedonthemodifiedacrualbasisofacounting.Underthemodifiedacruaminedand"available"meanscolectiblewithinthecurent toacrual(i.e.,whentheyare"measurableandavailable"). periodorsonenoughthereaftertopayliabilitiesofthe "Measurable"meanstheamountofthetransactioncanbedeter- practicesinrecordingrevenuesandexpenditures: curentperiod.thegoverm~entalfundsusethefolowing Revenues Adva]oremtaxesarerecordedintheyearthetaxesaredue andpayable.advaloremtaxesareasesedonacalendaryear basis,becomedueonnovember15ofeachyear,andbecome delinquentondecember3.thetaxesaregeneralycolected Feder~.landStateentitle/aents(whichincludestatequalizationandstaterevenuesharing)arerecorded,whenavailable indecer~oe~-,january,andfebruaryofthefiscalyear. andmeasurable.federalandstategrantsarerecordedwhen thereimbursableexpenditureshavebeninc,ured. Sa~esandusetaxrevenuesarerecordedinthemonthcolected bythescholboard. Substantialyalotherevenuesarerecordedwhenreceived Expenditures ituresaregeneralyrecognizedundertheacrualbasis ountingwiththefolowingexceptionswhichareinconywithgeneralyaceptedacountingprinciples: stsofacumulatedunpaidvacation,sickleaveandother eratherthantheperiodearnedbyemployes;(2) 1long-termobligationsprincipalandinterestpayments ebenefitamountsarereportedintheperiodueand OtherFinancingSources(Uses) cognizedwhendue. Tra:nsfersbetwenfundsthatarenotexpectedtoberepaid, saleoffixedasets,long-termdebtprocedșbankloanproceds,etc.,areacountedforasotherfinancingsources atthetimetheunderlyingeventsocuṛ (uses).theseotherfinancingsources(uses)arerecognized 13

26 NOTESTOFINANCIAl,STATEMENTS(CONTINUED LivingstonParishScholBoard E.BudgetPractices June30,20 TheScholBoardadoptsbudgetsfortheGenez:alFund,each SpecialRevenueFund,andtheCapitalProjectsFund.Inadition,theScholBoardadoptsasinglecombinedbudgetforal DebtServiceFunds. ThepzoposedbudgetsforthefiscalyearendedJune30,20, weremadeavailableforpublicinspectionandcomentsfrom taxpayers,athescholboardoficeonaugust19,19.the budgets,whichincludedproposedexpendituresandthemeansof financingthem,werepublishedintheoficialjournalfiften dayspriortothepublichearingonthebudgetsfortheyear ended0une30,20.athismeting,theproposedbudgets werelegalyadoptedbythescheolboard. Thebudgetsarepreparedonamodifiedacrualbasisof acounting.alapropriationslapseatyearend.encumbrancesarenotrecognizedwithintheacountingrecords forbudgetarycontrolpurposes.formalbudgetintegration (withintheacountingrecords)isemployedasamanagement controldevice.thesuperintendentofparishscholsis authorizedtotransferbetwenlineitemswithinanyfund. However,whenactualrevenueswithinafundfailtomet budgetedrevenuesbyfivepercentormore,abudgetamendment isadoptedbythescholboardinanopenmeting. BudgetamountsincludedJntheacompanyingfinancialstatementsincludetheoriginaladoptedbudgetandalsubsequent F.Encumbrances amendments. Encumbranceacounting,underwhichpurchaseordersare recordedinordertoreservethatportionoftheaplicable apropriation,isnotemployed.however,outstandingpurchase ordersaretakenintoconsiderationbeforeexpendituresare incuredinordertoasurethataplicableapgopriationsare G.CashandCashEquivalent netexceded. Cashandcashequivalentsincludeinterestbearingdemand depositsandamountsintimedepositswithmaturitiesles than90days.understatelaw,thescholboardmaydeposit fundsindemandeposits,interestbearingdemandeposits, moneymarketacounts,ortimedepositswithstatebanks organizedunderlouisianalawandnationalbankshavingtheir principaloficesinlouisiana.cashandcashequivalentsare statedatcost,whichaproximatesmarketvalue. 14

27 NOTESTOFINANCIALSTATEMENTS{CONTINUED LivingstonParishScholBoard June30,20 Certificatesofdepositwithmaturities areclasifiedasinvestmentsandarestatedat H.Dueto/fromOtherFunds alsoaproximatesmarketvalue. than90days cost,which Duringthecourseofoperations,numeroustransactionsocur betwenindividualfundsforgodsprovidedorservicesrendered.thesereceivablesandpayablesareclasifiedasdue I._]ny~L~tOQ~f~ fromotherfundsorduetootherfundsonthebalanceshet. expenditurewhenconsumed,usingthefirst-in,first-out InventoryoftheGenera].Fundisvaluedatcostandconsists method. ofexpendablematerialsandsuplies,whicharerecordedasan InventoryoftheSchol]bunchSpecialRevenueFundconsistsof ~odpurchasedbythescholboardandcom~oditiesgrantedby theunitedstatesdepartmentofagriculturethroughthelouisianadepartmentofagricultureandforestry.thecomodities purchasedinventoryitemsarevaluedatthelowerofcost arerecorded&srevenueswhenreceived;however,alinventory itemsarerecordedasexpenditureswhenconsumed.al (first-in,first-outbasis)ormarket,andcomoditiesare asignedvaluesbasedoninfo~nationprovidedbytheunited J.I~:xe~Asets StatesDepartmentof!Agriculture. FixedasetsoftheGovernmentalFundsarerecordedasexpendituresathetimeheyarepurchasedorconstructed,andthe relatedasetsarecapitalized(reported)jnthegeneralfixed asetsacountgroup.nodepreciationhasbenprovidedon generalfixedasets.aproximatelyninety-threpercentof cost. fixedasetsarevaluedatactualhistoricalcost,whilethe re:~ainingsevenpercentarevaluedatestimatedhistorical K.Co:nensatedAbsences Al12-monthemployesearnfrom5to20daysofvacation leaveachyear,dependingontheirlengthofservicewiththe ScholBoard.Vacationleavecanbeacumulatedwithout limitation,butmustbeusedpriortoretirementor te~ninatic)n. 15

28 NOTESTOFINANCIALSTATEMENTS(CONTYNI]RD LivingstonParishScholBoard June30,20 AlscholboardemployesearnfromI0te18daysofsick leaveeachyear,dependinguponthenumberofmonths er~d.oyed.sickleavemaybeacumulatedwithoutlimitation. Uponretirementordeath,unusedacumulatedsickleaveofup totwenty-fivedaysispaidtotheemployeortothe el~)loye'sestateathemploye'scurentrateofpay.under thelouisianateachersretirementsystem,thetotalunused acumulatedsickleave,includingthetwenty-fivedayspaid, isusedintheretirementbenefitcomputationasearned serviceforleavearnedpriortojulyi,198.forsick leavearnedafterjulyl,198,underthelouisianateachers RetirementSystemandforsickleavearnedundertheLouisianaScholEmployesRetirementSystem,alunpaidsickleave, whichexcludesthetwenty-fivedayspaid,isusedintheretirementbenefitcomputationasearnedservice. Sabaticalleavemayonlybegrantedformedical[leaveandfor profesionalandculturalimprovement.anyemployewitha teachingcertificateisentitled,subjectoaprovalbythe ScholBoard,tonesemesterofsabaticalleaveafterthre yearsofcontinuousserviceortwosemestersofsabatical leaveaftersixormoreyearsof ca]leavebenefitsarerecorded paid. continuousservice.sabatiasexpendituresintheperiod Thecostofcurentleaveprivileges,computed{inacordance withthegasbcodificationsectionc60,isrecognizedasa curent-yearexpenditureinthegovernmentalfundswhenleave isactualytakenorwhenemployesortheirheirsarepaid foracruedleaveuponretirementordeath,thecost:ofleave privilegesnotrequiringcurentresourcesisrecordedinthe generallong-termobligationsacountgroup. Long-termobligationsexpectedtobefinancedfr~ngovernmentalfundsarereportedinthegeneralong-termobligations acountgroup.expendituresforprincipalandinterest pa!~entsforlong-termobligationsarerecognizedinthe TermOblimations governmentalfundswhendue. 16

29 NOTESTOFINANCIALSTATEMENTS(CONTINUED LivingstonParishScholBoard June30,20 Reserves Reservesrepresentthoseportionsoffundequitynot apropriableforexpendituresorlegalysegregatedfora specificfutureuse. DesignatedFundBalances Designatedfundbalancesrepresenttentativeplansfor N.InterfundTransactions futureuseofinancialresources. Transactionsthatconstitutereimbursementstoafundfor expendituresinitialymadefromitthatareproperly aplicabletoanotherfundarerecordedasexpendituresinthe :cei1~,ursingfundandasreductionsofexpendituresinthefund thatisreimbursed.alotherinterfundtransfersare O.SalesandUseTaxes reportedasoperatingtransfers. TheScholBoardreceivesatwoandone-halfpercentsalesand usetax.thesalesandusetaxiscolectedbythesalestax departmentofthescholboardandisincludedintherevenues ofthegeneralfund.theprocedsofthetaxarededicatedto thepaymentofsalariesofscholteachersandotherschol enkployes;thepaymentofutilities;andconstructing,mainrainingoroperatingscholbuildingsandotherscholrelated facilities,includingtheacquisitionofsites. TheScholBoardisalsoauthorizedtocolectsalesanduse texesleviedbythefolowingovern~enta]entities: GravityDrainageDistrictNo.1 LawEnforcementSubdistrictA LivingstonParishCouncil GravityDrainageDistrictNo.2 GravityDrainageDistrictNo.5 CityofDenhamSprings TownofLivingston VilageofAlbany CityofWalker TownofSpringfield 17

30 NOTESTOFINANCIALSTATEMENTS(CONTNU~D LivingstonParishScholBoard June30,20 TheScholBoardreceivesacolectionfefromeachofthese entitiesatarateof2%onthefirst$i,0,0colectedand then].5%ontheamountscolectedinexcesof$i,0,0. Thecolectionanddistributionofthesalestaxesare P.MemorandumOnly-Totalcolumns acountedforinthesalestaxagencyfund. Totalcolumnsonthegeneralpurposefinancialstatementsare captionedas"memorandumonly"becausetheydonotrepresent consolidatedfinancialinformationandarepresentedonlyto facilitatefinancialanalysis.thecolu1~sdonotpresent info:inationthatreflectsfinancialposition,resultsof operationsorcashflowsinacordancewithgeneraly aceptedacountingprinciples.interfundeliminationshave Q.ComparativeData/Reclasificiation notbenmadeintheagregationofthisdata. Comparativetotaldatafortheprioryearhavebenpresented inselectedsectionsoftheacompanyingfinancialstatements inordertoprovideanunderstandingofthechangesinthe ScholBoard'sflnanci&lpositionandoperations.Also, certainamountspresentedintheprioryeardatahaveben reclasifiedinordertoheconsistentwiththecurent R.UseofEstimates year'spresentation. Thepreparationoffinancialstatementsinconformitywith generalyaceptedacountingprinciplesincludestheuseof e~timatesthatafectthefinancialstatements.acordingly, S.C~rentAcountinmDevelopments actualresultscouldiferfromthoseestimates. IlJune19,GASBisuedStatementNo.34,"BasicFinancial Statements-andManagement'sDiscusionandAnalysis-for StateandLocalGovernments",whichestab]ishednewrequirementsfortheanualfinancialreportsofstateandlocal governments.thescholboardisrequiredtoadopthis StatementasofJune38,202andiscurentlyasesingthe efectofthenewstandard. 18

31 NOTESTOFINANCIALSTATEMENTS{CONTINUED LivingstonParishScholBoard June30,20 (2)CashandCashEquivalents- TheScholBoardmaintainsvariousdepositacountsforthe c~r~en%eperationsofcertainindividualfundboftheschol Board.Inadition,itmaintainsacashinvestmentpolwiththe Board'spayingagentforalremainingfunds.Eachfund'sportion ofthecashandinvestmentpolisincludedinthatfund'scash andcashequivalentacount. TheScholBoardalsomaintainscertificatesofdepositswith maturitiesgreaterthan90days.thesecertificatesareclasified asit>vestments. Intere~:.tearned paticipating balances. fundsbasedupontheircombinedparticipating Therearethrecategoriesofcreditriskthataplytothe ScholBoard'scashandinvestments. onpoledcashandinvestmentsisalocatedtothe 1Insuredoregisteredorforwhichthesecuritiesareheldby 2 thescholboardortheboard'sagentinthe]board'sname. Un:[nsuredandunregisteredforwhichthesecuritiesareheld bythebank'strustdepartmentorthescholboard'sagentin 3 theboard'sname. Uninsuredandunregisteredforwhichthesecuritiesareheld bythebrokerorbythebank. AtJune30,20,thecaryingamountoftheScholBoard's CashandCashEquivalentsandInvestments(checkingacounts, savingsacounts,andcertificatesofdeposits)was $30,834,208andtheconfirmedbankbalanceswere$32,187,859. CashandCashEquivalentsandInvestmentsarestatedatcost, whichaproximatesmarket. ThefolowingisasumaryofCashandCashEquivalentsand InvestmentsatJune30,20,clasifiedbycreditrisk: ]9

32 NOTESTOFINANCIALSTATEMENTS(CONTINUED LivingstonParishScholBoard June30,20 CARYING Category] AMOUNT CONFIRMED Category2 Category3 $30,834,208$32,187,859 BALANCE $30,834,208$32,187,859 (3)AdValoremTaxes AltaxablepropertyinLouisianaisrequiredbylawtobe asesedanualyatapercentageofitsfairmarketvaluebythe ParishAsesor,except:forpublicutilitypropertywhichis asesedbythelouisianataxcomision. The1974LouisianaConstitution(Article7Section18)provided that:landandimprovementsforresidentialpurposesbeasesedat 10%ofairmarketvalue;otherpropertyandelectricoperative properties,excludinglandaretobeasesedat15%andpublic serviceproperties,excludingland,aretobeasesedat25%of fairmarketvalue.fairmarketvalueisdeterminedbythelected asesoroftheparishonalpropertysubjectotaxationexcept publicserviceproperties,whichisvaluedbythelouisianatax Comision(LRS47:1957).Thecorectnesofasesmentsbythe asesorisubjecttoreviewandcertificationbythelouisiana TaxCoi~mnision.TheAsesorisrequiredtoreapraisealpropertysubjectotaxationatintervalsofnotmorethanfouryears. AdVa]oremtaxesatachasanenforceablelienonpropertyasof January]ofeachyear.TaxesareleviedbytheParishAsesor duringtheyearandarebiledtotaxpayersinnovember.biled taxesbeomedelinquentondecember31.revenuesfromadvalorem taxesarebudgetedintheyearbiledandrecognizedasrevenue whenbiled.theparishasesorbilsandcolectstheproperty taxesusingtheasesedvaluedeterminedbyhisofice. 20

33 LivingstonParishScholBoard NOTESTOFINANCIALSTATEMENTS(CONTINUED June30,20 Thefolowingisasumaryofauthorizedandleviedadvalorem taxes: ParishwideTaxes AUTHORIZED Constitutional MILAGE LEVIED AdJtionalSuport 3.29 MILAGE Maintenance Construction DistrictTaxes- BondandInterest LOWHIGHLOWHIGH Any6iferencesbetwenauthorizedandleviedmilagesarethere sultofreasesmentofthetaxrolsrequiredbyarticle7,sec tion2}3ofthelouisianaconstjtutionof1974. TotalAdValoremTaxesLevied Les:AmountsDemedUncolectible $5,873,46 NetAdValoremTaxesColectible $4,794,108 i!~q/07~,358) AdValor~ntaxesreceivableatJune30,20,totaled$91,21and isincludedunderthecaptionreceivablesinthesefinancial statements. AsesorsOfice,therewerenumeroustaxadjustmentsaprovedby DuringtheCurentfiscalyear,acordingtotheLivingstonParish thei,ouisianataxcomisionsubsequentothe19taxlevy. Becauseoftheseadjustmentsamountsdemeduncolectible increasedsubstantialy. 21

34 LivingstonParishScholBoard INANCZALSTA June30,20 T (4)Receivables- ThereceivablesatJune30,20,areasfolows: CLASOF RfCEIVABLE GENERALREVENUESERVICEPROJECTSAGENCY FUND SPECIAL FUNDS DEBTCAPITAL FUND FUNDFUNDS TO~AL. Advalorem 67,848 Interest Other Taxes 17,432 $i,286,028$ 60,970 Totals _!J~!_2_ 1.1,658 20,%~ 53, 2, ,325 $1,286,028 67,848 91,21 63,143 $790,86281,318,245$5,979$8,325$ $2,173,41 5,171 (5)InterfundReceivables,Payables~TransfersIr~,TransfersOut DUEFROM OTHER GeneralFund FUNDS DUETO OTHER FUNDS Special[RevenueFunds: Eleme~)taryandSecondary $1,215,134$ SpecialEducationFund EducationAct: SpecialFederalFund Chapter1 542,048 OtherFederalESEAFund 375,42 208,103 89,561 79,896 28,0 14,0,0 16,0 12,0 10,50 i,0 3,0 8,50 389,896 Total 81,407,030$1,407,030 _9,0 2

35 LivingstonParishScholBoard NOTESTOFINANCIALSTATEMENTS(CONTINUED June30,20 Genera]'Tund SpecialRevenueFunds: E]ementaryand SecondaryEducationAct Chapter1 Chapter2 SpecialEducation MaintenanceofSchols ScholLunch SpecialFederal OtherFederalESEA DebtServiceFunds: DistrictNo.4 DistrictNo.24 DistrictNo.27 CapitalFYojectsFunds: DistrictNo1 DistrictNO4 DistrictNo2 DistrictNo24 DistrictNo25 DistrictNe26 DistrictNo27 DistrictNo31 DistrictNo32 DistrictNo3 23 TRANSFERS IN TRANSFERS OUT $20,814$7,608,765 1,060,0 1,629, ,862 58,393 17,478 2,0,0 1,0,0 1,050,0 30,0 20,0 i0,0 35,784 2,64 15,712 5,632 9,696 $7,678,23$7,678,23

36 LivingstonParishScholBoard TOFINANCIALSTATEMENTS(CONT7 June30,20 (6)ChangesinGeneralFixedAsets- Asur~laryofchangesingeneralfixedasetsfortheyearended June30,20,areasfolows: BALANCE BALANCE Buildingand Land JULYi,19_~9.ADI~f~ONSREDUCTIO_]qi9UNE30,20 AT AT Furnitureand Improvements LibraryBoksand Equipment 105,962,5615,962,531 3,27,095$1,378,10$ $4,65,195 Vehicles Incomplete Textboks 17,801,8783,973,645(1,386,309)20,389,214 1,925,092 10,658,01,469,243 Construction 690,286 57,842 (147,913) Totals $140,93,467 2,543,64_~7 $17,057,606 (7)Acounts,Salaries,andOtherPayables 4,2J6_u245 1,979,30 $(7,216,2V2) $150,74,801 1,07, ,128 Thepayablesof$13,841,03]atJune30,20,areasfolows Acounts Salaries _j~un_d GENERAL SPECIALDEBTCAPITAL REVENUESERVICEPROJECTS Witholdings $157,69885,574$348,480 FUNDSFUND FUND Retirement TOTAL Total $13,329,279$157,698$5,574$348,480$13,841,031 (8)DefinedBenefitPensionPlans- A.PlanDescriptions,ContributionInformationandFunding SubstantialyalemployesoftheScholBoardaremembersof PolJciestwostatewideretirementsystems.Ingeneral,profesional employes(suchasteachersandprincipals)andlunchrom workersaremembersofthelouisianateachersretirement System(TRS);other~ployes,suchascustodialpersoneland busdrivers,aremembersofthelouisianascholemployes RetirementSystems(LSERS). 24

37 LivingstonParishScholBoard N TAT June30,20 'rilefolowingisasun~naryofeligibilityfactors contributionmethods,andbenefitprovisions. T}']ACHERS' SYSTI{MOF'RETIREMENT LOUISIANATEACHERS' SYSTEMOFRETIREMENT LOUISIANA F<ligJbilityto ParticipateEraployesthatmetheEmployespaidwith legaldefinitionofascholfodservice "teacher,'inacordancefundsinwhichthe withlouisianarevisedparishaswithdrawn :~tatues]:701(23)(a).fromsocialsecurity coverage. STATEOFLOUISIANA SCHOLEMPLOYES' RETIREMENTSYSTEM Membershipismandatory foralemployesunder age60employedbya LouisianaParishorCity ScholBoardwhowork morethan20hoursasa scholbusdriver,schol janitor,scholcustod* tan,scholmaintenance employe,orscholbus aide. OblJ@atJons ~ndbenefitsstatestatute StateStatute StateStatute P3anMembers' Contribution Pate{Percent cfcovered Payrol3) ~:.0% Schno]Board's Centribution Rate{Percent e,fcovered Payrol)!:eriodRequired tovest Benefitsad Eligibilityfor Nistrihutio~ (Ful-time)Benefitbasedona percentageofthe m61mber'saveragesalary forthe36highest sucesivemonthsusing thefolowingrequiremeats: 9.10% 15.20% i0years Benefitbasedona percentageofthe member'saveragesalary forthe36highest s~ceslvemonthsusi~ thefoi]owingrequirements: (CONg21NUED % 0.0% i0years At]east30yearsof creditableservicere~ gard]esofage,25 yearsofereditable serviceandisatleast age[15,or10yearsof creditableserviceandis atleastage60,z1/2% ofaveragecompensation ~orthethrehighest consecutiveyearsof

38 LivingstonParishScholBoard qotestofinancialstatements(continued TEACHERS' SYSTEMOF RE(~ULAR RETIREMENT LOUISIANA June30,20 YEARSMIN.FORMULA ~![;RV!.C_EAG_F~PERCENTAGE i02o253o2o 6OAnyAge5AnyAge652.0% 2.0% 2.5% 2.5% 2.5% DeferedRetire meritoptionyes,sameligibility requirementsasabove regu]atretirement. ~Lovisionsfor: CostofLiving Adjustments (Normal Retirement)Yes I)isabity i'duty,non- Duty) Yes CostofLiving A]owancesYes TEACHERS' SYSTEMOFRETIREMENT LOUISIANA YEARSMIN.FORMULA SERVICEAGEPERCENTAGE i0~ AnyAge 3.0% 3.0% 3.0% *Lesthani0years atage70ifmember enteredschollunch Employes"Retirement SystemwhenParish withdrewfromsocial Security. Yes,sameligibility requirementsasabove regularetirement. Yes Yes Yes Yes 26 STATEOFLOUISIANA SCHOl,EMPLOYES' RETIREMENTSYSTEM Servicetimesthenumber <Ifyearsofservice,plus anaditional1/2%of averagefinalcompensationtimestheyearsof creditab]eservicein excesof20years,plus asuplementaryalowance of$24peranumor$2 permonthforeachyear ofservjce,notoexced averagefjna]compensation. Yes,30yearsatage60 25yearsat5,orany agewith30yearsof credltabieservice. Yes Yes Yes Yes

39 El!SCAL _/}{%R_ ] ] ]9 20 B LivingstonParishScholBoard STOFINANCIALSTATEMENTS(CONTI June30,20 TrendInformation- ContributionsrequiredbyStatestatue TEACHERS' SYSTEM09 EG RETIREMENT L0UISIANA REQUIRED CONTRSBUT]ON 09 82i PERCENTAGE CONTRIBUTED 10% 10% 10% 10% 10% 1.0% TEACHERS' SYSTEMOFRETIREMENT LOUISIANA ANA REQUIRED CONTR]~BUTION $16,723 $107,718 $86,835 $92,247 $8,797 $7,967 PERCENTAGE CONTRIBUTE[) I0% 10% 10% 10% 10% 10% D STATEOFLOUISIANA SCHOLEMPLOYES' RETIREMENTSYSTEM REQUIRED CONTRIBUTION $23,479 $252,034 $258,71 $276,31 $298,691 $ PERCENTAGE CONTRIBUTED 10% ~0% 10% 10% ]0% 10% Tx:endinformationshowingtheprogresoftheSystemsin acumulatingsuficientasetstopaybenefitswhendueis pxesentedintheiranualfinancialreports.copiesofthese reportsmaybeobtainedfromtherespectivestateretirement systems. C.DeferedCompensationPlan- Mayest457and aditiontotheabovementionedretirementplans 5,194,theScholBoardadoptedaresoluti ab]ishingadeferedcompensationplanpursuanttosecti oftheinternalrevenuecode.alpart-time,season temporaryemployesofthescholboardareligible on ononalto cipationinthisplanisat thcontributionstotheplan 6.2%bythemploye.This yearsendingafterjune30, year,totalcontributionsto chconsistedof$2,746from :omthemployes. participateinthisplan.parti arateof7.5%ofcompensationwi funded1.3%bytheemployerand planbec~nefectiveforf~scal 194.Duringthecurentfiscal theplanamountedto$131,24whi thescholboardand$108,478fr TheScholBoardhasimplementedGASBStatementNo.32, "AcountingandFinancialReportingforInternalRevenueCode Section457DeferedCompensationPlans"Ụnderthistate- ~nentgovernmentswhohavenoresponsibilityfortheplanand a~:enotformalyconsideredtheplan'strustearenot requiredtoreporttheplaninitsfinancialstatements. SincetheScholBoard'splanisheldinacustodialacount withathirdpartyadministrator,theasetsandliabilities arenotpresentedinthescholboard'sfinancialstatmnents asofjune30,20. 27

40 NOTESTOFINANCIALSTATEMENTS(CONT]:NUED LivingstonParishScholBoard June30,20 9)Post-RetirementHealthCareandLifeInsuranceBenefits- InaditiontothepensionbenefitsdescribedinNote(8),the LivingstonParishScholBoardprovidescertaincontinuinghealth careandlifeinsurancebenefitsforitsretiredemployes. SubstantialyaloftheScholBoard'semployesbecomeeligible forthesebenefitsiftheyreachnormalretirementagewhile wo~:kingforthescholboard.thesebenefitsforetires andsimilarbenefitsforactivemployesareprovidedthroughan insurancecompanywhosemonthlypremiumsarepaidjointlybythe e~ploye,thestatef~nployesgroupbenefitsprogram(thestate), andthescholboard(theparish).thescholboa:cdrecognizes thecostofprovidingthesebenefitsasanexpenditurewhenthe monthlypremiumsaredue.forthefiscalyearendedjune30, 20,thecostofprovidingthesebenefitsfor1,429active (I0)ChangesinAgencyFundDepositsDueOthersemployesis$3,052,103andfor394retiresis$i,376,136. AsuJ~]aryofchangesinagencyfundepositsdueothersfolows ACTIVITY SCHOL MINIMUM Balance FUND SALESTAXCOMISION FInD FOUNDATION FUND TOTAL Aditions Deductions 19 $1,929,394 7,596,815 Balance-Juyle30 20 (7,313,!8_!i) $ _(_~5~487,581) 3,487,581 $]9,542 ~0_A0) 9,835 $2,212,428$ $2,128,936.(40,8.01,46_~2) 41,094,231 $209,27$2,421,705 (i)changesingenerallong-termobligations Thefolowingisasumaryofthelong-termobligationtransactions fortheyearendedjune30,20: Long-TermOb]igations-J~]yi, BONDEDCOMPENSATEDCLAIMSAND Aditions DEBT ABSENCES_JUDGEMENTS TOTAL 20 $26,039,506$6,274,054$523,938$32,837,498 1,385,973 27,07.91,63,051 (CONTINUED) 28

41 TESTOFINANCIALSTAq~M~N~{~nm~ LivingstonParishScholBoard June30,20 BONDEDCOMPENSATEDCLAIMSAN]3 DEBT ABSENCESJUDGEMENT:~._TOTAL 198,93.3 Long-Ter~l]Obliga- (1,607,28!)15_~3~i~52_8)_.(1576~!~3"[)_t3,156,49) 198,913 tionsjune30, 20 BondedDebt $24,631,135$6,268,49$643,379831,543,013 GeneralObligation ORIGINALINTERESTPAYMENT Bonds-Secured _ISUE RATES FINALINTEREST DUEMATURITYOUTSTANDING TO PRINCIPAL byadva]orem Taxes: scholdistract NO.i: ScholDistrict 10/01/89 No.4: 1/01/94 $2,631, % $9,60, % ],07,045 4,350,098 7, ScholDistrict 06/01/80 NO.2: 1/Ol/94 $1, % $4, % 2014 ],902,460 4,320 3,485,0 120,0 ScholDistrict 04/01/92 No.24: 12/01/96 $3,1 $1,50, % % ,781, ,135 2,60,0 1,360,0 03/03./89 1/01/93 $1,284, % $2,035, % ,083, ,48 2,05,0 1,53 (CONTINUED 29

42 NOTESTOFINANCIALSTATEMENTSfCONTNI]ED LivingstonParishScholBoard June30,20 Les: ORIGINALINTEREST Capita]. ISUE RATE8 PAYMENT FINAL]INTEREST.DUE.MATURITYOUTSTANDING TO PRINCIPAL Apreciation ScholDistrict BondDep No.25: Discount (58,418) ScholDistrict No.26: 12/15/90$685, % , ,0 ScholDistrict No.27-A: $850,06.60-]2.0% , ,0 03/01/89 1/01/93 $1,308, % Les: $i,0, % Cap/ta] $1,140,06.70% , ,640 5, , ,0 975,0 (214,320 ScholDistrict ScholDistrict No.32-A: ,290 60,0 No.3: 04/02./96 $1,790, % ,941,635,0 03/0]/89 Ii/0~/93 Les: $4, % Capitai Apreciation BondDep Discount $1,045, % , 253, ,0 15,583 Tota].Genera.]. Obligation _(187,762) Bonds 14,31,56424,41,135 (CONTINUED) 3O

43 NOTESTOFINANCIALSTATEMENTS(CONTINUED LivingstonParishScholBoard June30,20 ORIGINALINTERESTPAYMENT SpecialRevenue ISUE RATES FINALINTEREST DUEMATURITYOUTSTANDING TO PRINCIPAL Bonds-Secured bysalesanduse Taxes: ScholDistrict ScholDistrict No.4: No.24: 08/03./85 $1,30, %201 4, ,6 ScholDistrict No.27: 08/0185 $50, %201 1,693 56,412 08/0]/85$150, %201 Tc:,talSpecial RevenueBonds ,9.2 TotalBondedDebt $14,38,165$24,631,135 6,601 20,0 Alprincipalandinterestxequirementsarefundedinacordance withlouisianalawbytheanualadvaloremtaxlevyontaxable propertywithintheparishorbytheparishwide1978salesand usetax.atjune30,20thescholboardhasacumulated $2,696,709intheDebtServiceFundsforfuturedebtrequirements. Thebondsaredue,byyears,asfolows: YEARENDING _.o_\7~3o,_. 201 _PAYMENTS PRINCIPALINTEREST PAYMENTS 202 Thereafter 203 $3,42,808 TOTAL 204 2,950,465 Les:Capital Apreciation 25,091,63514,38,165 27~098,87 2,979,160 39,429,80 2,978,480 I~ondDep Discount $24,631,135$14,38,165$38,969,30 ~460,~0_Q0 _~460,50 31

44 T LivingstonParishScholBoard TOFINANCIALSTATEMENT~ICOm~7 June30,20 DuringthefiscalyearendedJune30,194,votersofLivingston Parishaprovedtheisuanceof$5,20,0(parvalue)of193A, B,CandDGeneralObligationScholImprovementBondsdated Nover~erI,193.EachseriesofBondsconstitutegeneralobligationsoftherespectiveSchol]Districtforwhichthefulfaith andcreditoftheisuingdistrict'sarepledgeḍeachseriesof Bondsispayablefromunlimitedadvaloremtaxationonaltaxable propertyintherespectiveisuingdistricṭtheseriesa,band CBon~swereisuedatadepdiscounttotaling$1,618,01. Acretionofthisdepdiscount:forthefiscalyear'endedJune30, 20amountedto$198,913leavinganamortizeddepdiscountof $460,50atJune30,20. O1April1,196,theScholBoardisued$2,515,0JnGeneral ObligationBondswithanaverageinterestrateof5,3%toadvance refund$],180,0ofoutstandinggeneralobligationbondswithan averageinterestrateof8.0%.thenetprocedsof$1,430,562 (afterpaymentof$16,595inunderwritingfes,insuranceand otherisuancecosts)plusanaditional$184,748oftheadvance refundedbondssinkingfundmonieswereusedtopurchaseu.s. gove:cnmentsecurities.thosesecuritiesweredepositedinan irevocabletrustwithanescrowagentoprovideforalfuture debtservicepaymentsonthesebondṣasaresult,thesebonds areconsideredtobedefeasedandtheliabilityforthesebonds hasbenremovedfromthegenerallong-te~ndebtacountgroup. TheScholBoardadvancerefundedthesebondswhichincreasedits totaldebtservicepa~nentsoverthenext20yearsby aproximately$2,70,0.thescholboardexperiencedan economiclos(diferencebetwenthepresentvaluesofthedebt servicepaymentsontheoldandnewdebt)ofaproximately $1,30,0.Thisloswascausedbytheaditionaldebtisued fortheconstructionofnewfacilitiesindistricts#31and#32. BoardJslegalyrestrictedfromincuringlong-termbondedebt InacordancewithLouisianaRevisedStatute39:562,theSchol fundedbyadvaloremtaxes,inexcesofthirty-fivepercentof genera]obligationbondeddebtfundedbyadvaloremtaxestotals theasesedvalueoftaxablepropertỵatjune30,20,the statutorylimitisaproximately$74,50,0,andoutstanding Inadition,theScholBoardislegalyrestrictedfromincuring $24,41],135. long-termbondeddebtsecuredbysalesandusetaxinexcesof seventy-fivepercentoftheavailsofthetax,asprescribedby LouisianaRevisedStatute3: (A).TheScholBoardwas withinthisseventy-fivepercentlimitationin1982and1985when thesalestaxbondswereisued. 32

45 NOTESTOFINANCIALSTATEMENTS(CONTIN[]ED LivingstonParishScholBoard June30,20 AtJune30,20,employesoftheScholBoardhaveacumulated andvested$6,268,49ofemployeleavebenefits,whichwascomputedinacordancewithgasbcodificationsectionc60andis 12)RiskManagement/FundBalancesDesignatedforInsurancensur recordedinthegenerallong-termobligationsaceuntgroup. TheScholBoardhasestablishedalimitedriskmanag~nentprogram fordamagetoandestructionofasets.onseptember24,197, andthenaqainonoctoberi,197,aportionofdenhamsprings HighScholwasetonfirebyanarsonist.Thefiresdestroyed theschol'sadministrationbuildingalongwithnineclasroms. Estimatedamagecausedbythefiresamountedto$1,90,0of whichaproximately$],80,0wascoveredbyinsurance.the ScholBoard'sportion(~I0,0)representstheinsurance deductibleforthetwofires.atjune30,198,theninedamaged clasromshadbenrepairedandmostofthedestroyedequipment andsuplieshadbenreplaced,atacostofaproximately $i,30~0.thescholboardmadedisbursementsforepairsand constructionduetopropertydamageofaproximately$50,0in thefiscalyearendedjune30,19.thescholboardhas completedconstructionofanewlargeradministrationbuilding whichcostaproximately$1,125,0.atjune30,20,theschol Boardhascompletedalconstructionandreplacedalthe equipmentandsuplieslostinthefireṣ TheScholBoardcontinuestocaryanexcescoveraqeinsurance policytocoveranualosesinexcesof$50,0andhasdesignated$],074,674offundbalanceofthegeneralfundatjune30, 20,tocoverthecostofuturepropertydamagenotcoveredby insurance. TheScholBoardisexposedtolosesrelatingtoanypotential ]Liabili general]liabilityclaimitmayface.becauseoftheprohibitive costo~caryingcomercialinsurance,thescholboard establishedalimitedriskmanagementprogramforliability claims.thescholboardhasanexcescoverageinsurancepolicy tocoveranuallosesinexcesof$350,0. 3

46 NOTESTOFINANCIALSTATEMENTS(CONTINUED LivingstonParishScholBoard June30,20 TheScholBoardmadedisbursementsforliabilityclaimsof $50,378inthefiscalyearendedJune30,20.TheGeneralFund reportstheclaimsexpenditureswhenpaid.thestimatedclaims liabilityatjune30,20,amountedto$459,250whichasben includedunderthecaptionclaimsandjudgementsinthegeneral Long-TermDebtAcountGroup. EachyeartheScholBoardcomparestheclaimspaidandthedesignatedfundbalanceforgeneralliabilityinsurancetodetermine theamountoffundstobesetasidethatyear.thescholboard hasdesignated$1,495,53ofthefundbalanceofthegeneralfund tocoverfuturegenera],liabilitydamageclaims. Worker'sCompensation]insurance TheScholBoardisexposedtolosesrelatingtoanypotential worker'scompensationclaimsitmayface.becauseoftheprohibitivecostofcaryingcomercialinsurance,thescholboard establishedalimitedrjskmanagementprogramforworker's compe~]satjonclaims.thescholboardhaspurchasedanexces coverageinsurancepolicytocoverworker'scompe1~sationclaimsin excesof$250,0. AI]worker'scompensationclaimsarepaidoutoftheGeneralFund resources.thescholboardmadedisbursementsforworker'scompensationclaimsof$2,584inthefiscalyearendedjune30, 20.TheGeneralFundreportstheclaimsexpenditureswhenpaid. TheestimatedclaimsliabilityatJune30,20130,amountedto $184,129whichhasbenincludedunderthecaptionClaimsand JudgementsintheGeneralLong-TermDebtAcountGroup. EachyeartheScholBoardcomparestheclaimspaidandth designatedfundbalanceforworker'scompensationinsurancet determinetheamountoffundstobesetasidethatyear.th ScholBoardhasdesignated$327,17ofthefund{balanceofth GeneralFundtocoverfutureworker'scompensationdamageclaims Includedinthisamountisacertificateofdepositintheamount of$]50,0purchasedbythescholboardinthenameofthe OficeofWorkers'CompensationthroughtheDepartmentofEmploymentandTrainingandheldintrustfortheScholBoard. 13)FundBalanceDesignatedforComputerEquipment-GeneralFund- TheScholBoardestablishedinprioryearsadesignationoffund balanceinthegeneralfundtoacumulatetheprojectedcostof buyingnewcomputerequipment.atjune30,20,thescholboard hasexpendedalfundsodesignated. 34