TOWNOFROSELAND Louisiana. December31,20

Transcription

1 /,/ L.Ef~i,~./,:iI'.,'[AI[)I'OR 2~01JUt427~;,f10:29 ~,RECF.VED TOWNOFROSELAND Louisiana FINANCIALREPORT December31,20

2 TABLEOFCONTENTS TOWNOFROSELAND LOUISIANA December31,20 INDEPENDENTAUDITOR'SREPORTON TIlEFINANCIALSTATEMENTS GENERALPURPOSEFINANCIALSTATEMENTS CombinedBalanceShet-AlFundTypes CombinedStatementofRevenues,Expenditures,and andacountgroup CombinedStatementofRevenues,Expenditures,and ChangesinFundBalances-AlGovernmentalFundTypes StatementofRevenues,Expenses,and ChangesinFundBalances-Budget(GAPBasis) ChangesinRetainedEarnings-ProprietaryFundType. andactual-generalandspecialrevenuefundtypes StatementofCashFlows-ProprietaryFundType NotestoFinancialStatements SUPLEMENTALINFORMATIONSCIEDULES GeneralFund ScheduleofRevenues,Expenditures,and ScheduleofExpendituresComparedtoBudget(GAPBasis). ChangesinFundBalance-Budget(GAPBasis)andActual SpecialReveu'tleFunds CombiningBalanceShet CombiningScheduleofRevenues,Expenditures andchangesinfundbalances ~

3 ABI,EOFCONTEN'I\S-Continued SalesTaxFund- ScheduleofRevenues,Expenditures,andChanges FireProtectionFtmdinFundBalance-Budget(GAPBasis)andActual ScheduleofRevemlcs,Expenditures,andChanges EcononficDevelopmentFundinFundBalance ScheduleofRevenues,Expenditures,andChanges infundbalance WaterworksandSewerUtilityRevenueBonds- Aditionalhformation OTIERINDEPENDENTAUDITOR'SREPORTANDFINDINGS IndependentAuditor'sReportonComplianceandon InternalControlOverFinancialReportingBased onanauditoffinancialstatementsperformedin SumaryScheduleofPriorAuditFindings AcordancewithGovernmentAuditingStandards ScheduleofCurentYearAuditFindings Management'sCorectiveActionPlanfor CurentYearAuditFindings

4 60ICOLIRTNEYDRIVE O.130x368 AMIYE.LOUISIANA7042 CERTIFIEDPUBLICACOUNTANT LEGRAY PENDENTAUDITOR'SREPORT PHONE(504)74B-9067 F.~( ltonorablemayorcharlesm.bracey TownofRoseland MembersoftileTownCouncil Roseland.Louisiana 1haveauditedtileacompanyingeneralpurposefinancialstatementsoftileTownofRoseland, Louisiana,asofandfortheyearendedDecember31,20.Thesegeneralpurposefinancial statementsarctileresponsibilityofthetownofroseland,louisiana,managemem.myresponsibility istoexpresanopiniononthesegeneralpurposefinancialstatementsbasedonmyaudit. Iconductedmyauditit~acordancewithgeneralyaceptedauditingstandardsandGovernment AuditingStandardsisuedbytheComptrolerGeneraloftheUnitedStates.Thosestandardsrequire that1planandperformtheauditobtainreasonableasuranceaboutwhetherthegeneralpurpose financialstatementsarefreofmaterialmistatement.anauditincludesexamining,onatestbasis, evidencesuportingtheamountsandisclosuresinthegeneralpurposefinancialstatements.anaudit alsoincludesasesingtheacountingprinciplesusedandsignificantestimatesmadebymanagement, aswelasevaluatingtheoveralgeneralpurposefinancialstatementpresentation.1believethatmy auditprovidesareasonablebasisformyopiniom Inmyopinion,tilegeneralpurposefinancialstatementsreferedtointilefirstparagraphpresent fairly,inalmaterialrespects,thefinancialpositionofthetownofroseland,louisiana,asof December31,20,andtileresultsofitsoperationsandthecashflowsofitsproprietaryfundtype fortheyearthenendedinconformitywithgeneralyaceptedacountingprinciples. Myauditwasmadeforthepurposeoforminganopiniononthegeneralpurposefinancialstatements takenasawhole.thesuplementalinformationscheduleslistedinthetableofcontentsarepresented forpurposesofaditionalanalysisandarenotarequiredpartofthegeneralpurposefinancial statementsofthetownofroselaud,louisiana.suchinformationhasbensubjectedtotheauditing proceduresapliedintheauditofthegeneralpurposefinancialstatementsand,inayopinion,isfairly presentedinalmaterialrespectsinrelationtothegeneralpurposefinancialstatementstakenasa whole.

5 IndependentAuditor'sReport-continued InacordancewithGovernmentAuditingStandards,1havealsoisuedareportdatedJune1,201, o17mytestsofthetown'scompliancewithcertainprovisionsoflaws,regulations,contracts,and grantsandolnayconsiderationofitsinternalcontroloverfinancialreporting. CertifiedPublicAcountant June1,201

6 GENERALPURPOSEFINANCIALSTATEMENTS

7 0 1

8 .TownofRoseland COMBINEDSTATEMENTOFREVENUES,EXPENDITURESANDClANGESIN NDBALANCES-ALl.GOVERNMENTALFUNDTYPES RCVCUCS Taxes Licensesandpermits ]ntergovernmental Fines Onbehalfpaymentsbystate Advanceleasepayments Miscelaneous Totalrevenues.F~peuditures Curent- Generalgoverultleut Publicsafety-Police Publicsafety-Fire Strets Economicdeveloplnent Totalexpenditures Exces(deficiency)of revenuesofexpenditures OtherFinancingSources(Uses Operatingtransfersin Operatingtransfersout Totalotherfinancing sources(uses) Excesofrevenues andotherfinancingsources overexpendituresand otherfinancinguses Fundbalances(deficits),begining Fundbalances,ending YearEndedDecember31.20 General $36,970 34,70 18,586 26,045 5,260 1,210 12,71 60, ,485 7,240 17, ,16 Special Reveue $9,819 30,0 20,0 59,819 1,89 50,0 501,89 Total (Memorandum Ouly.)~ $136,789 34,70 318,586 26,045 5,260 20,0 1,210 72,590 62, ,485 7,240 17,017 50~0 68,05 (63,395) 97, ,189 83,189 19,794 (9,70) 10,094 Theacompanyingnotesareanintegralpartofthistatement 5 (83,189) (83,189) 14,741 6,541 $21,282 83,189 (83,189) 34,535 (3,159) $31,376

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10 TownofRoseland STATEMENTO17REVENUES.EXPENSES.AND CItANGES1NRETAINEDEARNINGS-PI/OPRIETARYFUNDTY.QperalingRevenues Chargesforservices- Watersales Sewercharges Delinquentcharges Conectioncharges Otherincome Totaloperatingrevenues OperalinlgEN)enses Salaries Payroltaxes Acountingandauditing Dues Repairsandmaiutenance Equipmentfuel Insurance Metereadingexpense Oficexpense Suplies Testing Utilitiesandtelephone Depreciation Tolaloperatingexpenses NetOperating(los) Non-oeratinr,P,evenues(Ext)enses YearEndedDecember31.20 P,uralDevelopmentGrant Interestir~colne P,el)aymentof192LCDBGgrant Interestexpense Totalnon-operatingrevenues(expenses) Netlos ContributedCaoitalAdjustments Depreciationonfixedasetsacquiredwithgrantsthatreducescontributedcapital Decreaseilretainedearnings Retainedearnings(deficit),begining Retainedearnings(deficit),ending Theacompanyingnotesareanintegralpartofthistatement. $13,153 47,938 7,350 1, ,439 57,987 4,538 6, , ,986 4,852 3,135 1,489 1,17 16,948 82, ,751 (25,312) 2, (4,090) (42,350).(43,096) (68,408) 6,963 (1,45),(21,653) $(23,98)

11 Cashflowsfromoperatingactivities: Operatinglos TownofRoseland STATEMENTOFCASHFLOWS Adjustmentstoreconcilenetoperatinglos tonetcashprovidedbyoperatingactivities Del)reciation (Increase)inacountsreceivable (Increase)inrestrictedasets Increaseilacountspayable Increaseincustomerdeposits Increaseininterfundpayables Increaseinintergovernmentalpayables Totaladjustments Netcashprovidedbyoperatingactivities Cashflowsfi'omnoncapitalfinancingaclivities: Receiptofnon-operatingrantproceds Netcashprovidedbynoncapitalfinancingactivities Cashflowsfromcapitalandrelaiedfinancingactivities Receiptsfromcapitalgrants Paymentsforcapitalacquisitions Principalrepayments l(el)aymeltof192lcdbgrant Interestpaid Netcash(used)forcapitalandrelated financingactivities Cashflowsfrominvestingactivities: hltercstilcome Netcashprovidedbyinvestingactivities Netcashdecreasefortileyear Cashatbeginingofyear Cashatendofyear Theacompanyingnotesareanintegralpartofthistatement $82,539 (2,82) (9,872) 1,310 2, ,187 2,70 24,730 (25,971) (8,809) (4,090) (42,764) 574 $(25,312) 75, ,70 (56,904) 574 (3,45) 63&!219 L_L_864.

12 TownofRoseland AsofandfortileYearEndedDecember3120 NOTESTOFINANCIALSTATEMENTS INTRODUCTION TileTownofRoselandwasincorporatedonJanuary4,1892,undertileprovisionsofthe"Lawrason Act".[LouisianaRevisedStatutes(R.S.)3: ]oftheconstitutionoftheStateofLouisiana. ThetownislocatediltheParishofTangipahoandhasapopulationof1,162.Thetownoperates underaboardofcouneihnen-mayorformofgovermnentand,aspermitedundertheact,provides policeprotection;fireprotection;roads,strets,andsidewalks;sponsorshipofederalandstate suportedl)rograms;waterandsewerutilities;andothernecesarypublicservices. (1)SUMARYOFSIGNIFICANTACOUNTINGPOLICIES A.BASISOFPRESENTATION TheacolnpanyingfinancialstatementsoftheTownofRoselandhavebenpreparedin conformitywithgeneralyaceptedacountingprinciples(gap)asapliedtogovernmental milts.thegovernmentalacountingstandardsboard(gasb)istheaceptedstandardseting bodyforestablishingovcrmncntalacountingandfinancialreportingprinciples. Astilemunicipalgoverningauthority,foreportingpurposes,theTownofRoselandis REPORTINGENTITY consideredaseparatefinancialreportingentity.thefinancialreportingentityconsistsof(a) theprimarygovermnenttownofroseland,(b)organizationsforwhichtheprimary governmentisfinancialyacountable,and(c)otherorganizationsforwhichnatureand significanceoftheirelationshipwiththeprimarygovermnentaresuchtlmtexclusionwould causethereportingentity'sfinancialstatelnentstobemisleadingorincomplete. GASBStatcmcntNo.14establishedcriteriafordeterminingwhichcomponentunitshouldbe consideredpartofthetownofroselandforfinancialreportingpurposes.thebasicriterion forincludingapotentialcomponentunitwithinthereportingentityisfinancialacountability. TheGASBhasetforthcriteriatobeconsideredindeterminingfinancialacountability.This criteriaincludes: 1.Apointingavotingmajorityofanorganization'sgoverningbody,and a.theabilityofthemunicipalitytoimposeitswilonthatorgalfizationand/or b.thepotentialfortheorganizationtoprovidespecificfinancialbenefitsto orimposespecificfinancialburdensonthemunicipality.

13 TownofRoseland ofandfortheyearendedd LSTATE 2.Organizationsforwhichthemunicipalitydoesnotapointavotingmajoritybut 3.Organizationsforwhichthereportingentityfinancialstatementswouldbe arefiscalydependentonthemunicipality. misleadingifdataoftheorganizationisnotincludedbecauseofthenatureor Asrequiredbygeneralyaceptedacountingprinciples,thesefinancialstatementsprcsenthe significanceoftherelationship. TownofRoseland.BasedonthecriteriaofGASBStatementNo.14,therearenocomponent unitstobeincludedeitherblendedwithinthetown'sfundsordiscretelypresentedinthese financialstatements. Themunicipalityusesfundsandacountgroupstoreportonitsfinancialpositionandthe FUNDACOUNTING resultsofitsoperations.fundacountingisdesignedtodemonstratelegalcomplianceandto aidfinancialmaoagementbysegregatingtransactionsrelatiugtocertaingovernmentflmctions oractivities. Afundisaseparateacountingentitywithaself-balancingsetofacounts.Ontheother hand,anacountgroupisafinancialreportingdevicedesignedtoprovideacountabilityfor certainasetsandliabilitiesthatarenotrecordedinthefundsbecausetheydonotdirectly afectnetexpendableavailablefinancialresources. Fundsofthemunicipalityareclasifiedintotwocategories:governmentalandproprietary. Inturn,eachcategoryisdividedintoseparatefundtypes.Thefundclasificationsanda descriptionofeachexistingfundtypefolow: GovernmentalFunds Governmentalfundsareusedtoacountforalormostofthemunicipality'sgeneral activities,includingthecolectionandisbursementofspecificorlegalyrestricted monies,theacquisitionorconstructionofgeneralfixedasets,andtheservicingof generalong-termdebt.gover;anentalfundsinclude: I.GeneralFund-thegeneraloperatingfundoftheTownandacountsforal financialresourcesexcepthoserequiredtobeacountedforinotherfunds. 2.Specialrevenuefunds-acountfortheprocedsofspecificrevelmesourcesthat arelegalyrestrictedtoexpendituresforspecificpurposes. 10

14 TownofRoseland NOTESTOFINANCIALSTATEMENTS AsofandfortheYearEndedl)ecember312 ProprietaryFunds Proprictaryfundsarcuscdtoacountforactivitiesimilartoflosefoundintheprivate sector,wherethedeterminationofnetincomeisnecesaryorusefultosoundfinancial adnfinistration.proprietaryfundsdiferfromgovernmentalfundsinthatheirfocus isonincomemeasurement,wlfich,togetherwiththelnaintenanceofequity,isan importantfinancialindicator.proprietaryfundsinclude: Enterprisefunds-acountforoperations(a)wheretheintentofthegoverning bodyisthathecosts(expenses,includingdepreciation)ofprovidingodsor servicestothegeneralpubliconacontinuingbasisbefinancedorecovered primarilythroughusercharges,or(b)wherethegoverningbodybasdecidedthe periodicdeterminationofrevenuesearned,expensesincured,and/ornetincome isapropriateforcapitalmaintenance,publicpolicy,managelnentcontrol, acountability,orotherpurposes.thetownmaintainsonenterprisefund,the D.BASISOFACOUNTING WaterworksandSewerFund,whichprovideswaterandsewerservices. Theacountingandfinancialreportingtreatmentapliedtoafundisdeterminedbyits leasurementfocus. GovermnentalFunds Algovernmentalfundsareacountedforusingacurentfinancialresources measurementfocus.withthismeasurementfocus,onlycurentasetsandcurent liabilitiesaregeneralyincludedonthebalanceshet.operatingstatementsofthese fundspresentincreasesandecreasesinetcurentasets.themodifiedacrualbasis ofacountingisusedbyalgovermnentalfunds.thegovernmentalfundsusethe folowingpracticesinrecordingrevenuesandexpenditures: Revenues Revenuesarerecognized,underthemodifiedacrualbasisofacounting,when susceptibletoacrual(i.e.,whentheyare"measurableandavailable"). "Measurable"meanstheamountofthetransactioncanbedeterminedand "available"meanscolectiblewithinibecurentperiodorsonenoughthereafter topayliabilitiesofthecurentperiod. Propertytaxesareconsideredmeasurableinthecalendaryearofthetaxlevythat falswithinthetown'sfiscalyear.salestaxesareconsideredmeasurableandare

15 TownofRoseland 15~JUI~lNI~iNUIj~l~0Jt~,J]JYJSl'~Jo fandfortheyearendeddecember31 recognizedinthemonthrceivcdbytheparishscholboard.grosreceiptsof businestaxesarerecognizedwhenreceived.statesharedrevenuesuchas tobaco,ber,andganfingtaxesarerecordedintheperiodcolectedbythestate. Licenses,permits,fines,forfeits,andmiscelaneousrevenues(exceptinvestment earnings)arerecordedasrevenueswhenreceived.chargesforservicesand investmentearningsarerecordedwhenearnedsincetheyaremeasurableand available. Entitlementsandsharedrevenuesarerecordedathetimeofreceiptorearlierif thesusceptibletoacrualcriteriaremet.expenditure-drivengrantsare recognizedasrevenuewhenthequalifyingexpenditureshavebenincuredand alothergrantrequirementshavebenmet. Expenditures Expendituresarerecordedwhentherelatedfundliabilityisincured,exceptfor unmaluredinterestongeneralong-termdebtwhichisrecognizedwhendue,and certaincompensatedabsencesandclaimsandjudgementswhicharerecognized whentheobligationsarexpectedtobeliquidatedwithexpendableavailable financialresources. OtherFinancingSources(Uses) Transfersbetwenfundsthatarenotexpectedtoberepaid(andanyother financingsource/use)areacountedforasotherfinancingsources(uses). ProprietaryFund Alproprietaryfundsareacountedforonaflowofconomicresourceslneasurement focusandadeterminationofnetincomeandcapitalmaintenance.withthis measurementfocus,alasetsandaliabilitiesasociatedwiththeoperationofthese fundsareincludedonthebalanceshet.theproprietaryfundusestheacrualbasis ofacounting.revenuesarerecognizedwhenearnedandexpensesarerecognizedat thetimeliabilitiesareincured. FormalbudgetaryacoumingisemployedasamanagementcontrolfortheGeneralFundand BUDGETS SpecialRevenueFundsoftheTown.Anualoperatingbudgetsareadoptedeachfiscalyear throughpasageofananualbudgetordinanceandamendedasrequiredforthegeneralfund andspecialrevenuefunds,andthesamebasisofacountingisusedtoreflectactualrevenues

16 TownofRoseland NOTF.STOFINANCIALSTATEMENTS AsofandfortileYearEndedDecember31.20 andexpendituresrecognizedonageneralyaceptedacountingprinciplesbasis.budgetsare preparedandadoptedinacordancewiththelouisianalocalgovernmentbudgetact. Budgetarycontrolisexercisedathefundlevelforeachfund.TheTownamendedit'sbudget duringthefiscalyear. Albudgetapropriationslapseathendofeachfiscalyear F.ENCUMBRANCES TheTowndoesnotusencumbranceacounting G.CASI Cashincludescashonhandandamountsindemandepositacounts.Understatelaw,the townmaydepositfundsindemandeposits,interest-bearingdemandeposits,andmoney marketortimedepositacountswithstatebanksorganizedunderlouisianalawsandnational bankshavingtheirprincipaloficesinlouisiana. Understatelaw,thetownmayalsoinvestinU.S.Governmentbonds,notes,orcertificates. Thosewithmaturitiesof90daysorleswouldbeclasifiedascashequivalentsandalothers reportedasinvestments. 1.RECEIVABLES Rceivablesareshownetofanalowanceforuncolectibles.Uncolectibleamountsduefor waterandsewerchargesarerecognizedasbadebtsthroughthestablishmentofanalowance acountathetimeinformationbecomesavailablewhichwouldindicatetheuncolcetibilityof theparticulareceivables.uncolectibleamountsforpropertytaxesarerecordedasa reductionofcurentrevenues. SlORT-TERMINTERFUND RECEIVABLES/PAYABLES Duringthecourseofoperations,numeroustransactionsocurbetwenindividualfundsfor godsprovidedorservicesrendered.thesereceivablesandpayablesareclasifiedasdue fromotherfundsorduetotherfundsonthebalanceshet.short-terminterfundloansare clasifiedasinterfundreceivables/payables. 13

17 TownofRoseland NOTES3"OFINANCIAl.STATEMNTS AsofandfortheYearEndedDece RESTRICTEDASETS er31.20 Restrictedaselsconsistofcashresourcesofthenterprisefundsetasideforepaymentof customerdepositsandrevenuebondsandinterestinacordancewithaplicablebond covenants. K.FIXEDASETS Fixedasetsofgovernmentalfundsarcrecordedasexpendituresathetimepurchasedor constructed,andtherelatedasetsarecapitalized(reported)inthegeneralfixedasetsacount group.publicdomainorinfrastructuresarenotcapitalized.nodepreciationhasben providedongeneralfixedasets.alfixedasetsarevaluedathistoricalcostorestimatedcost ifhistoricalcostisnotavailable. Fixedasetsusedintheproprietaryfundoperationsareincludedonthebalanceshetofthe fundsnetoftheacumulateadepreciation.imerestcostsincureduringconstruction,ifany, arecapitalized.depreciationofalexhaustiblefixedasetsusedbyproprietaryfund operationsischargedasanexpenseagainstoperations.depreciationiscomputedusingthe straight-linemethodoverthefolowingusefulives: WaterUtility: Wels Storagetanks Linesandmeters Miscelaneousequipment SewerUtility: Wetwelandpumps Lagonandfence 10years Forcemainsandliftstations 20years L.COMPENSATEDABSENCES Colectionsystem-lines 30years 50years Permanent,ful-timemployes(subjectoasix-monthprobationaryperiod)earnanualeave ontheaniversarydateoftheiremploymentbasedonyearsofservice.anualeaveisearned asfolows: After1yearofservice 2years 4years 5daysofleaveisearned 10days 15days

18 TownofRoseland NOTESTOFINANCIALSTATEMENTS AsofandfortheYearEndedDecember31.2 Anualeavemayacruewithoutlimitm~dsbalbepaidtoanemployeatimeofseparation ofemploymentprovidedthathemployewasnotdismisedfortheftoftownproperty.the acruedanualeaveisnotconsideredmaterialandnoliabilityisrecordedinthe acompauyingstatements. Sickleaveisearnedatherateofonedaypermonth,Anyunusedsickleaveathendofa calendaryearmaybeacruedupto90daysbutcanbeusedonlyformajormedicaleave. Thereisnopaymentforacruedsickormedicaleaveuponretirementortermination. Therefore,acrualoftheliabilityforunusedsickleaveisnotrequired. M.LONG-TERMOBLIGATIONS l.ong-termobligationsexpectedtobefinancedfromthewaterworksandsewerfund operationsareacountedforinthatfund. N.FUNDEQUITY ContributedCapital ContributedcapitalisrecordedintheWaterworksandSewerFund(aproprietaryfund)to acountforcontributionsofcapitalasetsfromothergovermnents,privatedevelopers,and othersandtorecognizegrantsandothercontributedfundsdedicatedandrestrictedtothe acquisitionorconstructionofcapitalasets.thecontributedcapitalisamortizedbasedonthe depreciationrecognizedonthefixedasetscontributedorthoseacquiredorconstructedfrom contributedresources.thisdepreciationisclosedtothecontributedcapitalacountand recordedasaretirementofcontributedcapitalandanadjustmentonetincome. Reserves Reservesrepresenthoseportionsofundequitylegalysegregatedforaspecificfutureuse O.INTERFUNDTRANSACTIONS Quasi-externaltransactionsareacountedforasrevenues,expenditures,orexpenses. Transactionsthatconstitutereimbursementstoafundforexpenditures/expensesinitialymade fiomithatareproperlyaplicabletoanotherfundarerecordedasexpenditures/expensesin thereimbursingfundandasreductionsofexpenditures/expensesinthefiredthatis reimbursed. 15

19 TownofRosela!ld sofandfortileyearendedl)cembcr31 ADVALOREMTAXES AdvaloremtaxesatachasalenforceablelienonpropertyasofJanuary1ofeachyear. TaxeswereleviedbytheTowninOctoberandbiledtothetaxpayersinNovember.Biled taxesbecomedelinquentonjanuary1ofthefolowingyear.revenuesfi'omadvalorcmtaxes arebudgetedintheyearbiled. TheTownbilsandcolectsitsownpropertytaxesusinglheasesedvaluesdeterminedby thetaxasesoroftangipahoaparish. Q.SALESTAXES TheTownasesesa1%salesandusetaxasauthorizedbyOrdinanceNumber158adopted November6,1967,andanaditional1%salesandusetaxauthorizedbytheadoptionof OrdinanceNumber182revisingandextendingOrdinanceNumber158increasingtheoriginal salestaxfrom1%to2%efectiveapril12,1982.thetaxmaybeusedforanylawful purpose. R.TOTALCOLUMNSONCOMBINEDSTATEMENTS Totalcolumnsonthecombinedstatementsarecaptioned"MemorandumOnly"toindicatethat theyarepresentedonlytofacilitatefinancialanalysis.datainthesecolumnsdonotpresent financialposition,resultsofoperations,orcashflowsinconformitywithgeneralyacepted acountingprinciples.neitherisuchdatacomparabletoaconsolidation.interfimd eliminationshavenotbenmadeintheagregationofthisdata. (2)FUNI)DEHC1TS ThefolowingindividualfundhadadeficitinretainedearningsatDecember31,20 Ful~d Deficit WaterworksandSewerFund $23,098 16

20 TownofRoseland NOTESTOFINANCIALSTATEMENTS AsofandfortheYearEndedDecember31.20 (3)XI'ENDITURES-ACTUALANDBUDGET Thefolowingindividualfundshadactualexpendituresandotherusesoverbudgetedexpendituresand otherusesfortheyearendeddecember31,20: Fund GeneralFund SalesTaxFund $153,0 Budget Actual Unfavorable Variance 68,50 $186,16 83,728 $3,16 Pcrceut 15, % TheLouisianaLocalGovernmentBudgetActrequiresalocalgovermnemtoamenditsoperating 2.23% budgetwhelthetotalrevenueandothersourcesfailtometotalbudgetedrevenuesandothersources by5%ormore.also,amendmentisrequiredwhentotalactualexpendituresandotherusesexced thetotalbudgetedexpendituresandotherusesby5%ormore.thetownfailedtoamendtbebudgets forthegeneralfundandsalestaxfundforthefiscalyearendeddecember31,20. (4)CASl cash)asfolows: AtDecember31,20,thetownhascash(bokbalances)of$70,504(including$56,342ofrestricted Cashonhand Noninterestbearingdemandeposits Interestbearingdemandeposits $91 Total 39,83 ~o,5o4 30,580 Thesedepositsarestatedatcost,whichaproximatesmarket.Understatelaw,thesedeposits(ortile resultingbankbalances)mustbesecuredbyfederaldepositinsuranceorthepledgeofsecurities ownedbythefiscalagentbank.themarketvalueofthepledgedsecuritiesplusthefederaldeposit insurancemustataltimesequaltheamountondepositwiththefiscalagent.thebankbalanceof $76,272atDecember31,20,isecuredfromriskbyfederaldepositinsurance(GASBRisk Category1). 17

21 TownofRoseland NOTESTOFINANCIALSTATEMENTS AsofandfortheYearEndedDecember31,20 (5)RIgCE1VABLES ReceivablesatDecember31,20,consistofthefolowing ClasofReceivables Taxes Ādvalorem Franchise Sales Acounts- WaterandSewer Other Intergovernmental- Bertaxes Federalgrant Stategrant Les:Alowancefor Uncolectibles (6)LEVIEDTAXES General $10,546 12,240 1, ,698 (316) $31,36 Special Revelue $17,350 5,702 10,0 16,482 (520) $149,014 Enterprise $ 1,439 27,624 (10,0) $19,063 Thefolowingisasumaryofauthorizedandleviedadvaloremtaxes Asesedvaluation Authorizedandleviedmilage GeneralFund FireProtectionFund Totalmilage Totaltaxlevy Total $27,896 12,240 7,141 27,624 1, ,698 16,482 _~!0,836) $1,735, $27,896 AdvaloremtaxesatachasanenforceablelienonpropertyasofJanuary1ofeachyear.Taxesare leviedbythetownofrosclanduringtheyearandactualybiledtotaxpayersandbecomeduein November.BiledtaxesbecomedelinquentonDecember31ofeachyear.Revenuesfromadvalorem

22 TownofRoseland NOTESTOFINANCIALSTATEMENTS AsofandfortileYearEndedDecember31.20 taxesarebudgetedintileyearbiledandrecognizedasrevenuewhenbiled.thetaxesaregeneraly colectedindecemberoftilecurentyearandjanuaryandfebruaryofthensuingyear. AspecialelectionwasheldonOctober7,20,inwhichvotersoftheTownofRoselandpaseda 10year,10milspropertytaxforfireprotectiontobeginwiththeyearof20. (7) RestrictedasetsaplicabletotheWaterworksandSewerFundatDecember31,20,consistedof STRICTEDASETS-PROPRIETARYFUNDTYPE cashreservedforbondrequirementsof$41,975andforcustomerdepositsof$14,090.thecustomer depositsareunderfundedby$24,20astheliabilityforcustomerdepositsis$38,290atdecember31, 20. (8)FIXEDASETS Asunmryofchangesingeneralfixedasetsfolows Land Buildings $58,693$ Balance Aditions Equipment 14,53650,0 81,325 4,086 Deletions $ $58,693 Balanec 64,536 85,41 Asumaryofproprietaryproperty,plant,andequipmentatI)cember31,20,folows Total Balance Land Buildings Equipment $6,5O ,861 Watersystem 15,391 $ Aditions Deletions Balance Seweragesystem Sub-total 1,678,671 7,730 $- $6,50 19,861 1,19,376 2,919, ,121 Les:acumulatedepreciation(1,197,190) ~5~2~971-1,696,912 1,19,376 2,945, (1,279,729) Depreciationforthefiscalyearamountedto$82,539 Net $1,72,609

23 TownofRoscland NOTESTOFINANCIAl.STATEMENTS AsofandforthEYEarEndEdDecember31,20 (9)PENSIONI'I,ANS ThepolicechiefoftileTownofRoselandandOnEotherful-timepoliceoficeraremembersoftile MunicipalPoliceEmployeEsRetirementSystem(MPERS)ofLouisiana.Thisystemisacostsharing,multiple-employer,definedbenefitpensionplanestablishedbystatestatuteandadministErEd byaseparateboardoftrustes. A.Muicir)alPoliceEmnlovces'REtirEmentSystemofLouisiana(System PlanDescription.Alful-timepolicedepartmentEmployesengagedinlawenforcementarc requiredtoparticipateinthesystem.employeeswhoretireatorafterage50withatleast20years ofcreditableserviceoratorafterage5withatleast12yearsofcreditableserviceareentitledto aretirementbenefit,payablemonthlyforlife,equalto3-1/3percentoftheirfinal-averagesalary foreachyearofcreditableservice.final-averagesalaryisthemploye'saveragesalaryoverthe 36consecutiveorjoinedmonthsthatproducethehighestaverage.Employeswhoterminatewith atleastheamountofcreditableservicestatedabove,andonotwithdrawtheircmployec contributions,mayretireatheagespecifiedpreviouslyandreceivethebenefitacruedtotheir dateoftermil)ation.thesystemalsoprovidesdeathandisabilitybenefits.benefitsare eslablishcdoramendedbystatestatute. TheSystemisuesananualpubliclyavailablefinancialreporthatincludesfinancialstatementand requiredsuplementaryinformationforthesystem.thatreportmaybeobtainedbywritingtothe MunicipalPoliceEml)loyecsRetiremEntSystEmofLouisiana,8401UnitEdPlazaBoulEvard,Baton RougE,Louisiana ,orbycaling(25) FundingPolicy.PlanmEmbErsarerequiredbystatestatutetocontribute7.5percentoftheir anualcoveredsalaryandthetownofroselandisrequiredtocontributeatanacmarialy determinedrate.thecurentrateis9.0percentofanualcoveredpayrol.thecontribution requirementsofplanmembersandthetownofroselandarestablishedandmaybeamendedby statestatute.asprovidedbylouisianarevisedstatute1:103,themployercontributionsare determinedbyactuarialvaluationandaresubjectochangeachyearbasedontheresultsofthe valuationforthepriorfiscalyear.thetownofroselandcontributionstothesystemfortheyears endingdecember31,20,19,and198,were$3,06,$2,106,and$1,94,respectively,equal totherequiredcontributionsforeachyear. (lo) EmployEesoftheTownaremembersofthesocialsecuritysystem.InaditiontoemployeEpayrol deductions,townfundsarcremitedtomatchthemployecontributions.agregatecontributions tothesocialsecuritysystemfortheyearendeddecembcr31,20,were$13,740ofwhich$6,870 wascontributedbythetown.

24 TownofP,oseland NOTF,STOFINANCIAl.STATEMENTS AsofandfortheYearEndedDecember31,20 (1)ECONOMICDEVELOPMENTAWARDAGREMENTANDLEASE OnMay3,20,anEconomicDevelopmentAwardAgrementbetwentheLouisianaDepartment ofeconomicdevelopment,kartsinternational,inc.(referedtoascompany),andthetownof Roseland(referedtoasSponsoringEntity)wasaprovedbytheGovernoroftheStateofLouisiana, Theaward(grant)of$30,0wasusedtoasistheTowninbuildinganewmanufacturingfacility thatislocatedinthetown'sindustrialpark.theagrementisefectivefrommay3,20,thru November10,203. AspartoftheAgrement,tileCompanyhaspecificperformanceobjectivesthatitmustmeteach year.ifthecompanyfailstocomplywiththeperformanceobjectives,thedepartmentofeconomic Developmentshalretaintherightowitholdaditionalawardfundsand/oreclaimpreviously disbursedfundsfromthecompany,orboththecompanyandsponsoringentity,inanamount conensuratewiththescopeoftheunmetperformanceobjectivesandtheforegonebenefitstothe State. Tiletotalcostoconstructhebuildingwas$50,0.TopayfortheconstructiontheTownusedthe $30,0awardmoneyplus$20,0advancedleasepaymentsreceivedfromKartsInternational, Inc.The$20,0advanceleasepaymentsisforthefulmonthlynetrentalthatwouldotherwise becomedueoverboththeprixnarytermoftheleasecomencingoctober1,20,andending September30,207,andtheoptiontermcomencingOctober1,207,andendingSeptember30, )ONG-TERMOBLIGATIONS AdetailedsumaryofalobligationsoutstandingatDecember31,20,andchangesinlong-term obligationsforlheyearthenendedareasfolows: ProprietaryFund Balanceat WaterworksandSewerFund AditionsReductions U.S.DepartmentofAgriculture RuralDevelopnlentRevenueBonds SeriesA SeriesBTotalProprietaryFund $428,92 248, ,3~_56 $ $5,748 3_L0~o61 8,809 $423,24 _68, ,303 Totalong-termobligations $67,356 ~- ~09.~68~54._7 21

25 TownofRoseland NOTF.STOFINANCIAI.STATEMEN?S AsofandfortheYearEndedDecembe TheRevenueBondspayableiltheWaterworksandSewerFundconsistsoftwoisuesfinancedby theu.s.departmentofagriculture,ruralutilitiesservice,formerlyfarmershomeadministration, topaypartofthecostofconstructiug,acquiring,extending,andimprovingthewaterworksand seweragesystems.principalandinterestpaymentsarepayablesolelyfromrevenuesderivedfi'omthe operationofthewaterworksandsewersystem.seriesarevenuebondsfor$472,50,dated January2,198,aredueinanualinstalmentsofprincipalandinterest,totaling$3,094,payable for40years,withinterestat6.375%.seriesbrevenuebondsfor$272,0,datedmay23,198, arcdueinanualiostalhnentsofprincipalandinterestotaling$18,480payablefor40years,with interestat6.125%. ThebondagrementsfortheserevenuebondsrequireaCombinedWaterworksandSewerageSystem RevenueBondReserveFund("ReserveFund")fundedbymonthlypaymentsbasedon5%ofthe anualbondpaymentsuntiltheacumulationofasumequaltothehighestcombinedprincipaland interestfalingdueinanysucedingyear.bydecember31,20,thereservefundshouldhave totaled$30,434;however,thisacountonlyhas$30,303.inadition,thesebondagrelnentsrequire adepreciationandcontingencyfundfundedbymonthlypaymentsof$21eachmonthuntilthe bondshavebenretired.thefundistobeusedforpaymentofextraordinarymaintenance,repairs, andreplacements.bydecember31,20,thedepreciationandcontingencyfundshouldhave totaled$31,317;however,thebalanceinthisacountisonly$1,672. In197,tosatisfyandremoveadelinquencyinthepaymentofthesebonds,thetownagredtoa PositiveActionPlandatedJune5,197,whichrequiresmonthlypaymentsofprincipalandintercst inlicuoftheoriginalalmualpayments.inadition,thetownistomakeaditionaldepositsintothe ReserveFundandtheDepreciationandContingencyFundtobringtheseacountstothelevels requiredintheinitialbondagrements. Theanualrequirementstoamortizealong-termobligationsoutstandingatDecembEr31,20 includinginterestof$76,295areasfolows: Thereafter USDARuralDevelopment FmlIARevenueBonds 198-A 198-B ~l'olal $3,094 3,094 3,094 3,094 3, ,424 $18,480 18,480 18,480 18,480 18, ,548 $517,948 2 $51,574 51,574 51,574 51,574 51,574 1,186,972

26 TownofRoseland NOTESTOFINANCIALSTATEMENTS AsofandfortileYearEndedDecember312 (13)NTERFUNDRECEIVABLES/PAYABLES AmounlsduetorfromotherfundsatDecember31,20,consistedofthefolowing Receivables Interfund Interfund Payables GeneralFund $10,793 $3,735 SpecialRevenueFunds- FireProtectionFund EconomicDevelopmentFund 3, EnterpriseFund- WaterworksandSewerFund 10,484 Total (14) CIANGESINCONTRIBUTEDCAPITAL ~a4,528 $14,528 ThefolowingisasumaryofchangesincontributedcapitaloftheTownfortheyearended December31,20: BalanceatJanuary1,20,netofamortization Aditions: $1,275,060 RuralDevelopmentgrantopurchase Entergygrantfornewaterandsewerline truckandequipment 15,0 9,730 Deductions: Depreciationonfixedasets BalanceatDecember31,20,netofamortization acquiredwithcapitalgrants (6,963) 05) 1TIGATIONANDCLAIMS ~1,232,82_27 LegalcounselfortileTownofRoseland,LouisianahasinformedtheTown'smanagementofone potentialclaimforcauseofactionagainstiletownforatotalof$3,831.thetownhasrecorded aliabilityof$28,34relatedtothismater.thetowndisputesalorpartoftheliability.

27 TownofRoseland NOTESTOFINANCIALSTATEMEN"S AsofandfortheYearEndedl)ecembe TherearenolawsuitsoroiliercolnplaintscurentlypendingagainstfileTownofRoseland 3120 (16)COMPENSATIONPAIDMAYOR.CHIEFOFPOLIC ANDTOWNCOUNCIL AmountspaidtotheMayor,ChiefofPolice,andmembersoftheTownCouncilforcompensationare asfolows: JeryElzey: AsMayor AsWater/StretSuperintendent $8,70 18,0 TonyCulrer,ChiefofPolice TownCouncil 18.0 AnthonyDistefano Paulaliughes JohnPritchet,Sr. LeTerel 1,450 FredrickWidas 1,40 1,450 (17) ONIEIALIrPAYMENTSBYSTATEOFLOUISIANA $51,90 FortheyearendedDecember31,20,theStateofLouisianamadeonbehalfpaymentsintheform ofsuplementalpaytothetownofroseland'spolicechief.inacordancewithgasb24,thetown hasrecorded$5,260ofonbehalfpaymentsasrevenueandasexpenseinthegeneralfund. (18)SKMANAGEMENT TheTownofRoselandisexposedtovariousrisksoflosesrelatedtotorts;flefiof,damageto,and destructionofasets;erorsandomisions;injuriestoemployes;andnaturaldisasters.thetown atemptstominimizeriskfromsignificantlosesthroughthepurchaseofcomercialinsurance. (19)CDBGPROGRAMREPAYMENT OnApril2,193,theTownofRoselandenteredintoacontractwiththeLouisianaDivisionof Administration,LouisianaConmnityDevelopmentBlockGrantProgram,fora192sewerage extensiongrantfortheamountof$642,

28 :l'ownofroseland NOTESTOFINANCIALSTATEMENTS AsofandfortheYearEndedDecember31.20 TheTownofRoselandcouldnotordidnotcompletetileprojectcausingalosof$73,624in engineringandadministrativefes.thiscausedthetowntobeindefaultwiththe192sewergrant whichmadetiletownineligibletobeconsideredforfuturegrantfunds. Tocurethedefaultintile192sewergrantandtherebyalowingtileTownofRoselandtobecome eligibleforfutureconsiderationoflouisianacomunitydevelopmentblockgrantfunds,thetown enteredintoanagrementwiththedivisionofadministration,stateoflouisianaonnovember16, 19,torepaythe$73,624mentionedabove. Intheagrement,theTownofRoselandagredtopaytheDivisionofAdministration$409.03per monthforaperiodofonehundredeighty(180)monthsuntilthetotalsumof$73,624isrepaidinful. Thisrepaymentshalbewithouthepaymentofinterest. AltherequiredmonthlypaymentsforthisfiscalyearwerepaidbytheWaterworksmadSewerFund ThefirstpaymentwasmadeonMarch1,20. (20)GASB3ANDGASB34IMPLEMENTATION TheGASBisuedStatementNumber3,AcoumingandFinancialReportingforNoncxchange Trausactions,inDecemberof198.Theprovisionsforthepronouncementarefectiveforfinancial statementsforperiodsbeginingafterjune15,20.thefectsonthetown'sfinancialstatements arcnotknownathistime;however,thepronouncementwilbeimplementedforthefiscalyear endingdecember31,201. TheGASBisuedSlatementNumber34,BasicFinancialStatements-andMauagement'sDiscusion andanalysis-forstateandlocalgovernments,injuneof19.thedateofimplementationis efectiveinthrephasesbasedonagovernment'stotalanualrevenuesinthefirstfiscalyearending afterjune15,19(earlieraplicationisencouraged).thetownofroseland'stotalanualrevenues werelesthan$10milioninthefiscalyearendingdecember31,19;therefore,thetownof Roselandis(phase3)requiredtoimplementheprovisionsforthepronouncementforfinancial statementsfortheperiodbeginingafterjune15,203.gasbstatementnumber34establishesa newgovernmentalfinancialreportingmodelthatwilfeature,amongothersignificantchanges, managementdiscusionandanalysis,auniquecombinationofund-basedandgovernmentwide financialstatements,requiredsuplementaryinformation,acountingforinfrastructureasets,and acountingforthedepreciationofinfrastructureasets.thefectsonthetown'sfinancialstatement arenotknownathistime;however,thepronouncementwilbeimplementedforthefiscalyear endingdecember31,204,ifnoimplementedearlier.

29 TownofRoseland NOTESTOFINANCIALSTATEMENTS AsofandfortheYearEndedDecember312 (21)O'l'lIlgRMATERS OnJuly21,20,theTownreceivcdaconsolidatedcomplianceorderandnoticeofpotential penaltyfromthelouisianadepartmentofenvironmentalqualityinregardstothetown's sewertreatmentplantnotbeingincompliance. IftheTownfailstobringtilesewertreatmentplantintocompliance,thereisaposibilityof civilpenaltiesofnotmorethan$27,50foreachdayofviolationbeingasesed. OnNovember29,20,tileTownwasnotifiedthatheywereinon-compliancewiththeSafe DrinkingWaterActforaTier1BacteriologicalMCLViolation.Theviolationocurcd duringthemonthofoctober20.thetowniscurentlyilcompliance. (2) TheTownhasapliedforaLouisianaComnmnityDevelopmentBlockGrantoupdatetilesewer SUBSEOUENTEVENTS system.theanticipatedamountofthegrantis$872,0.aprovalispending. InMarch201,theTownreceiveda$12,50grantfromtileGovernor'sOficeofRural Development.Themoneywasusedtopurchasethrepolicevehicles.

30 SUPLEMENTALINFOIUVIATIONSCIEDULES 27

31 GeneralFund Thegeneralfundisusedtoacountforesourcestraditionalyasociatedwith governmentwhicharenotrequiredlegalyorbysoundfinancialmanagemento beacountedforinanotherfund.

32 TownofRoseland GeneralFund EOFREVENUESEXPENDITURESAND CHANGESINFUNDBALANCE-BUDGET(GAPBASIS)ANDACTUAL Revenues TaxesĀdvalorcm Publicutilitiesfranchise Licensesandpermits- Ocupationalicenses Permits lulergovernmel~tal- Berandtobacotaxes Federalgrants-police Stategrants-police Fines Onbehalfpaymentsbystate Miscelaneousreveues Totalrevelmes ~endilurcs Curent- Generalgovernment Publicsafety-police Publicsafety-fire StretsTotalexpenditures Exces(deficiency)of revenuesoverexpenditures OtherFinaucineSource Operatingtransfersin Totalotherfinancingsources Excesofrevel}uesandother financingsourcesoverexpenditures Fundeficit,begining Fundbalance(deficit),ending YearEndedDecember31.20 Budget Actual $9,0 17,50 26,2065O 6,0 6,0 25,0 1o&~0o 91,350 50,80 82,60 6,60 13OQ~_0 153,0 $10, , ,128 1,345 2,13 26,045 5,260 1,210 12,71 60, ,485 7,240 17,01_7 186,16 Variance Favorable (Unfavorablc) $1,418 9,052 7,16684 (872) 5,345 2,13 1,045 5, ,421 (9,624) (18,85) (640) _X40~Q~IT) (3,16) ~).(63,395).(1,745] 68o,~Qo 68,0 6,350 ~) 83,189 83,]89 19,794 (9,70) $10,094 15,189 ~15,189 13,4 $13,4

33 TownofRosoland GeneralFunḍ SCIEDULEOFEXPENDITURESCOMPAREDTOBUDGET(GAPBASIS GeneralGovernrLlel Salaries-MayorandCouncil Salaries-Clerical Payroltaxes Atorney Acountingandauditing hlsurance Oficexpense Oficialjournal Citylalutilitiesandtelephone Coroner Repairsandmaintenance Miscelaneous Calfitalpurchases TotalGeneralGovernment J~ublicSafety-Police Salaries Payrontaxes Onbehalfpaymentsbystate Retirementcontributions Autofuel Autorepairs Insurance Miscelaneous Suplies Utilities Fxluipmentacquisitions TotalPublicSafety-Police.PublicSafety-Fire Salaries Payroltaxes Utilities Miscelaneous TotalPublicSafety-Fire Strets Stretandtraficlight Materials,suplies,andrepairs TotalStrets YearEndedDecember BtJdget AcltJal $13,750 6,01,60 4,80 6,0 1,0 2,40 1,0 2,60 1,650 $50,80 56,0 3,0 2,0 5,0 3,0 6,80 2,50 1,50 2,80 $1,2010 2,80 2,50 6~ $13,0 ~130~Qm0 $15,90 5,4171,68 5,06 6,150 6,107 4,941,743 3,876 1,481 6,02 1, ,424 59,303 2,257 5,260 3,06 6,438 3,458 9,86 2,87 1,594 3,851 3,575 ~lo1,48~ $1, ,590 1,358 ~7,24o $13,894 3,123.LtL017 Yariance Favorable.(_Unfavorable) $(2,150)583(8) (206) (150) 4,893 (2,594) (743) (1,276) (1,481) (6,02)121(5~).,~(9,624) (3,303) 743 (5,260) (1,o6) (1,438) (458) (3,06) (37)(94) (1,o51) _(3,575) ~(18,85) $-8 (1,790) 1,142 L_6~) $(894) 3_(LdL3).L(LO17)

34 SPECIALREVENUEFUNDS Specialrevenuefundsareusedtoacountforspecificrevenuesthatarelegaly restrictedtoexpenditureforparticularpurposes. SalesTaxFund-Thisfundisusedtoacountfortilereceiptanduseof procedsofthetown'sonepercentsalesandusetaxauthorizedbyordinance Number158adoptedNovember6,1967,andanaditionalonepercentsales andusetaxauthorizedbytheadoptionofordinancenumber182revisingand extendingordinancenumber158increasingtheoriginalsalestaxfromone percentotwopercentefectiveapril12,1982.althoughthetaxmaybeused foranypurpose,theordinancerequireseparateacountingforsalestax. FireProtectionFund-AspecialelectionwasheldonOctober7,20,in whichthevotersofthetownofroselandaproveda10year,10mils propertytax.thetaxistobeusedfortheacquiring,constructing,improving, maintainingandoperatingfacilitiesandequipmentoprovidefireprotection andemergencymedicalservicetothepublic,includingpayingthecostof obtainingwaterforfireprotectionpurpose.thetaxbeginswithyear20and endsinyear209. EconomicDevelopmentFund-Tifsfundisusedtoacountforthe$30,0 EconoinicDevelopmentAwardProjectfortheconstructionoftheKart's InternationalbuildingandthereceiptofleasepaymentsbetwentheTownof RoselandandKart'sInternational. 31

35 ASETS Cash Adwdoremtaxreceivable (netofalowance) Grantreceivable Leasereceivable Salestaxreceivable DuefromGeneralFund "FolalAsets LIABIATIESAND FUNDBALANCES 1Aabilities Acountspayable Contractspayable l~,etainagepayable DuetoGeneralFund TotalLiabilities FtldBalance Unreserved-undesignated TotalLiabilitiesandFundBalances TownofRoseland SpecialRevenueFunds COMBININGBALANCESHE December31,20 Sales TaxFund $10 5,702 Fire Protection Fund 16,830 $5,802 ~16,83Q0 5,802 $5,8o~ $1, ,350 15,48.Q Eeononlic Development Fund Tolal 16,482 10,0 3,735 ~130,217 $105, $10 16,830 16,482 10,0 5,702 3,735 $1, ,217 25, , ,567 ~17 ~21,282 ~152849

36 TownofRoseland SpecialRevenueFunds 3IN1NGSCIlEDULEOFREVENUE~ REVENUES "lhxes Grant-state Advanceleasepayments TotalRevenues ~enditures Colectionfes EconomicDevelopment Electioncost TotalExpenditures EXCESofreveleS overexpenditures OtherFinancing(Uses) Operatingtransfersout Totalotherfinancing Exces(deficiency)ofrevenues overexpendituresand otherfinaueinguses Fundbalance,begining Fundbalance,ending ClANGESINFUNDBALAN YearEndedDecember31,20 SalesTax Fund $82,989._.82, Fire Protection Fund $16,830 16,830 _!L350 1,350 82,450 15,480 (83,189)._~3,189) (739) 6,541 ~58o2 3 15,480 Ecouomic Development Fund $ 30,0 20,0 50,0 50,0 _50,0 $9,819 30,0 20,0 59, ,0 1, ,89 97,930 (83,189) (83j8989) 14,741 _6,541 ~21,282

37 SpecialRevenueFund TownofRoseland SCHEI)ULEOFREVENUESEXPENDITURESAND SalesTaxFund CIlANGESINFUNDBALANCE-BUDGET(GAPBASIS)ANDACTUAL YearEndedl)ecember31.20 Revenues Budget Actual '/'axes-salestaxes Penaltiesandinterest Exr~el~ditures TotalRevenues $68, $82,45 (UnfavorableJ Variance Favorable 82, $14, Colectionfes ExcesofFCVCleSover (39) OtherFiuancing(Uses expenditures 68,0 82,450 14,450 Operatingtransfersto: Exces(deficiency)ofrevenues GeneralFund ~(68,0) _(83,189"),(15,189) overexpendituresandother financinguses Fundbalance,beginuiug Fundbalance,ending $6,54! 6,541 _6,541 (739) (739) 5,802 $(739)

38 SpecialP,evenueFund FireProtectionFund TownofRoseland SCIEDULEOFREVENUESEXPENDITURESAND CIANGESINFUNDBALANCE YearEndedDecember31.20 Rcvelues Taxes-AdValorem E~pendimres TotalRevenues ElectionCost Excesofrevenuesover expenditures Fundbalance,begining Fundbalance,ending *Nobudgetwasformalyadoptcdforthisfund Actual.~6~830 16,830 1,

39 iconomiedevelomentfund SpecialRevenueFund TownofP,oseland EOF.EVENUES.EXPENDITURES,AND CHANGESINFUNDBALANCE YearEndedDecember31.20 Revenues Grant-state Advanceleasepayments Expenditures TotalRevenues Capitaloutlay Excesofrevenuesover Fundbalance,begimling expenditures Fundbalance,ending *Nobudgetwasformalyadoptedfortifsfund Actual $30,0 20, ,0 $-

40 TownofRoseland AsofandfortileYearEndedDecember31,20 SuplementaryInformationSchedule WATERWORKSANDSEWERUTILITYREVENUEBONDS ADITIONALINFORMATION Theresolutionsauthorizingtheisuanceof$74,50WaterworksandSewerUtilityRevenueBonds requirethefolowinginformationtobesubmitedinconectionwiththeauditreport: a.insurancepoliciesinforceatdecember31,20 LouisianaMunicipalRiskManagementAgency, Policyl.imit expiringnovember6,20(hasbenrenewedtonovember6,201) RisksCovered $50,0 Automobileliability $50,0 Comercialgeneraliability $50,0 LawEnforcementoficer'scomprehensiveliability $50,0 Publicoficials'erorsandomisionsliability 2)Insurer:LouisianaMunicipalRiskManagementAgency, PolicyLimit expiringdecember29,20(hasbenrenewedtodecember29,201) RiskCovered LouisianaStatutes Worker'sCompensation 3)Insurer:AmericanFireandIndemnity PolicyLimit expiringmay15,201: RiskCovered $20,0 ComercialFireonBuilding(CityHal) $35,0 ComercialFireonContents 37

41 TownofRoseland SuplementaryInformationSchedule AsofandfortheYearEndedDecember31,20-continued 4)Insurer ltanoverinsurancecompany expiringapril25,201 PolicyLimit RiskCovered $104,010 Comercialpropertycoverage(Watertanks,etc.) 5)Insurer:TrinityUniversalInsuranceCompany $52,0BondonMayorexpiringJanuary10,201 $15,0Bondo17ClerkexpiringJune19,201 $15,0BondonAst.ClerkexpiringFebruary12,201 6)Insurer AudubonInsuranceGroup, expiringaugust18,201 PolicyLimit RiskCovered b.therewere625meteredwatcrusersand362usersoftlmseweragesystematdecember31 ActualCashValue ComercialAutomobilePhysicalDamage(Police) 20. c.therewere591residentialand34comercialwaterusersatdecember31,20 d.agingofwaterandseweracountsreceivableasofdecember31, days Over30days Over60days $14,804 Over90days 6,152 2,312 $27,62_4 4,356

42 TownofRoscland SuplementaryInformationSchcdule AsofandfortheYearEndedDecember31,20-continued e.scheduleofwaterandsewerates ResidentialRates SewerServiceClaraes $6.0baserateforsewerservice-for2,0galonswateruse $.95perthousandgalonsalover2,0galons. ComercialRates $20.0baserateforsewerservice-for2,0galonswateruse $.95perthousandgalonsalover2,0galons. ResidcntialRates WaterRates $7.0permonthforthefirst2,0galons $1.30permonthperthousandorparthereofalover2,0galons ComercialRates $20.0pcrmonthforthefirst10,0galons SeauditFinding0-2forauditor'sotherconunents $1.30perthousandorparthereofalover10,0galons 39

43 OTIERINDEPENDENTAUDITOR'S1OgPORT ANDFINDINGS 40

44 O0tCOURINEYDR~VE O,BOX368 AMITE,LOUISIANA7042 O LEGRAY CEFUrlFIEDPUBLIC~B~.COUNI'ANI" PHONE1504)74B'gO~7 FN<(504)748"4370 E'MNL:LEGP,Ay~I"5,COM REPORTINGBASEDONANAUDITOFINANCIAl.STATEMENTSPERFORMED ONCOMPLIANCEANDONINTERNALCONTROLOVERFINANCIAL independentauditor'sreport INACORDANCEWITHGOVERNMENTAUDITINGSTANDARDS ThelonorableMayorCharlesM.Braceyand TownofRoseland MembersoftheTownCouncil Roseland,Louisiana 1haveauditedthegeneralpurposefinancialstatementsoftheTownofRoseland,Louisiana,asofaud fortheyearendeddecember31,20,andhaveisuedmyreporthereondatedjune1,201.1 conductedmyauditinacordancewithgeneralyaceptedauditingstandardsandthestandards aplicabletofinancialauditscontainedingovermnentauditingstandards,isuedbythecomptroler GeneraloftheUnitedStates. Compliance purposefinancialstatementsarefreofmaterialmistatelnent,iperformedtestsofitscompliancewith cerlainprovisionsoflaws,regulations,contracts,andgrants,noncompliancewithwhichcouldhave Aspar{ofobtainingreasonableasuranceaboutwhethertheTownofRoseland,Louisiaua'sgeneral adirectandmalerialefectonthedeterminationofinancialstatementamounts.ilowever,providing anopiniononcompliancewiththoseprovisionswasnotanobjectiveofnayauditarid,acordingly, ]donotexpresuchanopinion. Theresultsofmytestsdisclosedinstancesofnoncon}l)liancethatarerequiredtobereportedunder GovermnentAuditingStandardswhicharedescribedintheacompanyingscheduleofindingsas items0-1,0-2,0-3,and0-4. ernalcontroloverfinancialredortin~ Inplaningandperformingmyaudit,IconsideredtheTownofRoseland,Louisiana'sinlernalcontrol overfinancialreportinginordertodeterminenayauditingproceduresforthepurposeofexpresing myol)iniouonthegeneralimrposefinancialstatementsandnotoprovideasuranceontheinternal 41

45 42 TownofRoseland ReportonComplianceandInternalControl Page2 controloverfinancialreporting.however,inotedcertainmatersinvolvingtileinternalcontrolover financialreportinganditsoperationthaticonsidertobereportableconditions.reportableconditions involvematerscomingtomyatentionrelatingtosignificantdeficienciesinthedesignoroperation oftheinternalcontroloverfinancialreportingthat,inmyjudgment,couldadverselyafecthetorch ofroseland,louisiana'sabilitytorecord,proces,sumarize,andreportfinancialdataconsistent withtheasertionsofmanagementinthegeneralpurposefinancialstatements.p,eportableconditions aredescribedintheacompanyingscheduleofindingsasitems0-1,0-4,0-5,and0-6. Amaterialweaknesisaconditioninwhichthedesignoroperationofoneormoreoftheiutenml controlcomponentsdoesnotreducetoarelativelylowleveltheriskthatmistatelnentsinamoults thatwouldbematerialinrelationtothegeneralpurposefinancialstatementsbeingauditedmayocur andnotbedetectedwithinatimelyperiodbyclnployecsinthenormalcourseofpcrforluingtheir asignedfunctions.myconsiderationoftheinternalcontroloverfinancialreportingwouldlot necesarilydisclosealmatersintheinternalcontrolthatmightbereportableconditionsmid, acordingly,wouldnotnecesarilydisclosealreportableconditionsthatarealsoconsideredtobe materialweakneses,lowever,ofthereportableconditionsdescribedabove,iconsideritems0-6 tobeamaterialweaknes. Thisreportisintendedtortheinformationofthegoverningcouncil,management,andtheLegislative Auditor.ltowever,thisreportisamaterofpublicrecordanditsdistributionisnotlimited. CertifiedPublicAcountant June1,201

46 SUMARYSClEDULEOFPRIORYEARAUDITFINDINGS 3'OWNOFROSELAND FortheYearEndedDecember31,20 SECTIONi.INTERNALCONTROLANDCOMPLIANCEMATERIALTO'HIE 9-1FailuretocomplywiththeLocal FINANCIALSTATEMENTS GovernmentBudgetAct Unresolved-securentyearFinding InadequateinternalcontrolsoverPartialyresolved-securentyear 9-3Failuretocomplywithbond revenues Finding0-5 resolution Unresolved-securentyearFinding Lackofsegregationofduties Unresolved-securentyearFinding0-6 43

47 ScheduleofCurentYearAuditFindings TOWNOFROSELAND YearEndedDecember31.20 SECTIONI-SUMARYOFAUDITOR'SRESULTS IhaveauditedthefinancialstatementsoftheTownofRoselandasofandfortileyearended December31,20,andhaveisuedmyreporthereondatedJune1,201.1conductedmyaudit inacordancewithgeneralyaceptedauditingstandardsandthestandardsaplicabletofinancial auditscontainedingovernmentauditingstandards,isuedbythecomptrolergeneraloftheunited Slales.MyauditofthefiJ~ancialstatementsasofDecember31,20,resultedinanunqualified opinion. FinancialStatements Typeofauditor'sreportisued Internalcontroloverfinancialreporting unqualified Materialweaknesesidentified? Reportableconditionsidentifiednot._Xyes_ no consideredtobematerialweakneses? Noncompliancematerialtofinancial Xyes nonereported statementsnoted? Xyes_ no SECTIONI-FINANCIALSTATEMENTFINDINGS Thisectionisusedtoidentifythereportableconditions,materialweakneses,andinstancesof noncompliancerelatedtothefinancialstatementsrequiredtobereportedundergovermnentauditing Standards. Condition-FailuretocomplywiththeLocalGovermnet2tBudgetAct/LawrasonAct FindingNo.0-1 Criteria-LouisianaRevisedStatutes3:406and39: setsforththerequirementsthata municipalitymustfolowindeterminingfundstobebudgeted,themanerofpreparing,adopting, andamendingbudgets,andotherbudgetmaters.