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1 BERIA PA RISH A SSESSO R New Iberia.Louisiana FINA NC IA L STATEM ENTS (Audited) Decem ber tjr~der provisions of state law,this report is a public docum ent. A copy ofthe rcpoil:has been subm itted to the audited, or review ed, entity and other~l)propr]ate public officials. rt;o :~,.,por[is ~vaiiable [or pubii.~: iit'&[.)~ ~i('d} at tile ~~aton RolK"T:ofice~,{i~!(~I.+-~gislati','~:Audit o;arid,\,~!-etg~:,i:propliate+atthe of ice ofthe par'i, ",h clerk of court. Release Date r,h R.PERR Y T EM PLET O N, CERTIFIED PUBLIC ACCOUNTANT

2 BER IA PA R ISH A SSESSO R N ew Iberia.Louisiana A nnualfinancialstatem ents A s ofand forthe YearEnded Decem ber C O N T E N T S PA G E A uditor's IndependentReporton the FinancialStatem ents 2 G eneralpurpose FinancialStatem ents C om bined Balance Sheet-A lfunds Types and AccountG roups Statem entofrevenues,expenditures,and C hanges in Fund Balance -Budget(GAAP Basis)and Actual-Governmental Fund -G eneralfund N otes to the FinancialStatem ents O therreports Required by G overnm enta uditinq Standards Report on InternalControlStructure Based Solely on A n A uditofthe G eneralpurpose FinancialStatem ents Report on Com pliance w ith Law s and Regulations R.PERRY T EM PLETO N, CERTIFIED PUBLIC ACCOUNTANT

3 Phono 818/ Facsim ilie 318/ E-M ail:ptem m sis.not R.PER RY T EM PLET O N C ERTIFIED PUBLIC ACC O U NTANT (A ProfessionalAccounting Corporation) 329 Iberia Street P.O.Box New Iberia.Louisiana M EM BER AM ERICAN INS1II'O I'E OF CERTHqED PUB[,IC ACCOUN IA N IS SOCIE I'Y OF I.A CPA'S A U DITO R'S IN I-)EPEND ENT R EPO RT O N THE FINA NC IA L STATEM ENTS H O NO RA BLE ELTO N BA R RA S IBER IA PA R ISH A SSE_SSO R New Iberia.Louisiana I have audited the accom panying generalpurpose financial statem ents of the Iberia Parish A ssessor as of and for tile year ended D ecem ber 31, 1998, as listed in the foregoing table of contents. These financial statem ents are the responsibility of m anagem entofthe Iberia Parish Assessor. M y responsibility is to express an opinion on these financialstatem ents based on m y audit. conducted m y audit in accordance w ith genera ly accepted auditing standards and genera ly accepted governm ental auditing standards contained in the G overnm ent A uditịllg Standards - Standards for A udit of G overnrnental O rganizationsl Proflram s~ Activities and Functions,issued by the C om ptro lerg eneralofthe United States. These standards require that Iplan and perform the auditto obtain reasonable assurance about w hether the financialstatem ents are free of m aterialm isstatem ent. An audit includes exam ining, on a test basis, evidence supporting the am ounts and disclosures in the financialstatem ents. A n audit also includes assessing the accounting principles used and significant estim ates by m anagem ent, as w e l as evaluating the overa lfinancial statem ent presentation. I believe that m y audit provides a reasonable basis for m y In m y opinion,the generalpurpose financialstatem ents referred to above presentfairly,in a l m aterial respects, the financial position of the Iberia Parish A ssessor as of Decem ber31,1998,and the results ofoperations forthe yearthen ended,in conform ity w ith genera ly accepted accounting principles. R.Perry Tem pleton,c PA June 25,1999

4 IBERIA PA RISH ASSESSO R A LL FU N D TYPES A N D A C C O U NT G R O U PS C O M BINED BALA NC E SH EET Decem ber31,1998 G overnm ental Fund - G eneralfund A ccount G roup - G eneral Fixed A ssets Total (Memo Only) A SSETS Cash and Cash Equivalents (Note 2) A ssessor's C om pensation Receivable W orkers'c om pensation D eposit Investm entin D eferred Com pensation A ssets O fice Furnishingsand Equipment(Note 3) $251, , $251, , , TO TA L A SSETS ~811~982. ~25,1.Q9 ~837.Q91 LIA BILITIES A ND FUND EQ UITY Liabilities: Accounts Payable Payro ldeductions Payable Loans Payable (Note 6) D ue to I:-m ployees TotalLiabilities $ 7, ,344 ~ 704 ~ 829 $ $ 7, ,344 41~ _ 7 _ Fund Equity: Investm entin G eneralfixed A ssets Fund Balance -U nreserved - U ndesignated TotalFund Equity TOTAl_LIABILITIES AND FUND EQUITY 250~153 25Q 153 ~811Lg ,1 _ ~,2~ 109. _$ 8.3 7,0 9 1 The accom panying notes are an integralpartofthis statem ent R.PI):R.]{Y I~]E]VJPLI~']~O N, CERTIFIED PUBLIC ACCOUNTANT 3

5 IBER IA PA R ISH A SSESSO R G O V ER N M ENTA L FU N D-G EN ERA L FU N D Statem entofrevenues,expenditures, and C hanges in Fund Balance -Budget (GAAP Basis)and Actual Forthe YearEnded Decem ber31,1998 REV EN UES C om pensation From Taxing Bodies Tax Notice Preparation Tax Ro lpreparation U se ofm oney and Property- InterestEarnings O ther TotalRevenues Bud~ Actua $518, $518, , V ariance Favorable (Unfavorable) , EX P EN D ITU R ES G eneralg overnm ent-taxation Salaries: A ssessor D eputies Em ployee Benefits Travel: A ssessor's A low ance O ther M aterials,supplies,and O perating S ervices: O fice A utom obile Equipm entrental C ontracted Services O fice M aintenance C apitalexpenditures TotalExpenditures 69, , , ,640 3,860 4,650 10,600 6,900 17, ,679 69, , , ,555 2,818 3,975 9,805 6, , (94) EXCESS (DEFICIENCY)OF REVENUES OVIER EXPENDITURES (59,279) (44,149) 15,130 FU N D BA LA NC E AT BEG INN ING O F Y EA R 294, ,302 FUND BALANCE AT END OF YEAR ~2_3~5 023 ~L250~153 ~ ~ 130 T he accom panying notes are an integralpartofthis statem ent R,}JE][~I{Y T EM PLET O N, CERTIFIED PUBLIC ACCOUNTANT 4

6 BERIA PA R ISH A SSESSO R N ew lberia.louisiana N otes to the FinancialStatem ents INTR O D U CTIO N As provided by A rticle V II,Section 24 ofthe Louisiana Constitution of 1974,the assessor is elected by the voters ofthe parish and serves a four-yearterm. The assessorassesses a lreal and movable property in the parish,subjectto ad valorem taxation. The assessorisauthorized to appointas m any deputies as m ay be necessary forthe eficientoperation ofthe office and provides assistance to the taxpayers ofthe parish. The deputies are authorized to perforrn a l functions ofthe ofice,butthe assessoris oficia ly and pecuniarily responsible forthe actions of the deputies. The assessor's ofice is located in the Iberia Parish C ourthouse in New lberia,louisiana. The assessorem ploys 14 em ployees,a lw ho are deputies. In accordance w ith Louisiana law,the assessorbases realand m ovable property assessm ents on conditions existing on January 1 of the tax year. The assessor com pletes an assessm ent listing by M ay 1 of the tax year and subm its the list to the parish governing authority and the Louisiana Tax C om m ission, as prescribed by law. O nce the assessm ent listing is approved, the assessor subm its the assessm entro lto the parish tax co lector,w ho is responsible forco lecting and distributing taxes to the various taxing bodies. A t Decem ber 31, 1998, there are 33,766 real property and m ovable property assessm ents totaling $t41,962,610 and $133,596,240 respectively. This represents an increase of 682 assessm ents totaling $14,016,457 overthe prioryearprim arily due to new housing starts,new businesses,and Port ofiberia activity. 1. SUM M A RY O F SIG NIFICA NT A CC O UNTING PO LIC IES A. BA S IS O F PR ES ENTA TIO N The accom panying financialstatem ents ofthe Iberia Parish A ssessorhave been prepared in conform ity with generaly accepted accounting principles (GAAP) as applied to governmental units. The GovernmentalAccounting Board (GASB) is the accepted standard-setting body for establishing governm ental accounting and financial reporting principles. R.PERRY T EM PLET O N, CEFITIFIED PUBLIC ACCOUNTANT 5

7 IBER IA PA R ISH ASSESSO R Notes to the FinancialStatem ents B. R EPO RTING ENTITY For financial reporting purposes, in conform ance w ith Section 2100 of the GA SB Codification of Governmental Accounting and Financial Reporting Standards (GASB Codification),the assessorincludes alfunds,accountgroups,activities,etcetera,thatare contro led by the assessoras an independently elected parish o ficiaḷ A s an independently elected parish official,the assessor is solely responsible for the operations of his office, w hich include the hiring orretention ofem ployees,authority overbudgeting,responsibility for deficits, and the receipt and disbursem ent of funds. O ther than certain operating expenditures of the assessor's ofice that are paid or provided by the parish councilas required by Louisiana law,the assessoris financia ly independent. Statem ent No. 14 of the G A SB established the fo low ing criteria for determ ining if a governm entalentity is a prim ary governm entora com ponentunitofa prim ary governm ent. a. Ithas a separately elected governing body. b. Itis lega ly separate. c. Itis fisca ly independentofothergovern m ents Because itm eets the above criteria the assessoris notconsidered a com ponentunitofany othergovernm entalentity,noris itconsidered a prim ary govern m entforany other governm entalentities. Accordingly,the assessoris a separate governm entalreporting entity. ]-he activities ofthe considered autonom ous governm ents. These units of governm ent issue financia statem ents separate from those ofthe parish assessor. C. FUN D A C C O U NTING The assessor uses funds and account groups to report on its financialposition and the results ofits operations. Fund accounting is designed to dem onstrate legalcom pliance and to aid financialm anagem ent by segregating transactions relating to certain governm ent functions oractivities. A fund is a separate accounting entity w ith a self-balancing setofaccounts. O n the other hand,an accountgroup is a financialreporting device designed to provide accountability for certain assets and liabilities thatare notrecorded in the funds because they do notdirectly affectnetexpendable available financialresources. R.PERRY T EM PLET O N, CERTIFIED PUBLIC ACCOUNTANT 6

8 IBER IA PA R ISH A SSESSO R Notes to the FinancialStatem ents C. FUND ACCOUNTING (continued) The fund (GeneralFund) is classified as a governmentalfund. Governmentalfunds accountforthe assessor's generalactivities,including the collection and disbursem ent of specific or lega ly restricted m onies and the acquisition of general fixed assets. ]he G eneralfund,as provided by Louisiana Revised Statute 47:1906,is the principalfund of the assessor and accounts for the operation of the assessor's ofice. C om pensation received from the various taxing bodies, prescribed by form ula in Louisiana R evised Statutes 47: ,is accounted forin this fund. G eneraloperating expenditures are paid from this fund. D. BA SIS O F:A C C O U N TIN G The accounting and financialreporting treatm ent applied to a fund is determ ined by its m easurem ent focus. T he G eneral Fund is accounted for using a current financial resources m easurem ent focus. W ith this m easurem ent focus, only current assets and currentliabilities are genera ly included on the balance sheet. The operating statem entof the G eneralfund presents increases and decreases in netcurrentassets. The m odified accrualbasis of accounting is used by the G eneralfund. The G eneralfund uses the follow ing practices in recording revenues and expenditures: R oventles C om pensation from taxing bodies is recorded in the year ad valorem taxes are assessed. A d valorem taxes are assessed on a calendaryearbasis,becom e due on Novem ber 15 of each year, and becom e delinquent on Decem ber 31. The com pensation is genera ly co lected in Decem berofthe currentyearand January and February ofthe ensuing year. AtDecem ber31,1998,the assessorhad notreceived co lections ofcom pensation from the taxing bodies. nterestincom e is recorded w hen the interestis earned and credited by the bank Fees forpreparing tax ro ls and tax notices are recorded w hen received A lotherrevenues are recognized w hen received Expenditures Expenditures are genera ly recognized underthe m odified accrualbasis ofaccounting w hen the related fund liability is incurred. R.PERRY T EM PLET O N, CERTIFIED PUBLIC ACCOUNTANT 7

9 IBER IA PA RISH ASSESSO R Notes to the FinancialStatem ents E. B U DG ET PRA CTIC ES The proposed budget for the year ended Decem ber 31, 1998,w as m ade available for public inspection on Decem ber 18,1997. The proposed budget,prepared on the m odified accrualbasis ofaccounting,waspublished in the oficialjournal10 days priorto the public hearing. A public hearing w as held at the assessor's ofice on Decem ber23,1997,for com m ents from taxpayers and the proposed budgetfor 1998 w as adopted on thatdate. The proposed budgetis lega ly adopted and am ended,as necessary,by the assessor. A l appropriations lapse atyearend. Encum brance accounting is notused by the assessor. A lthough form albudgetintegration (within the accounting records)is notem ployed as a m anagementcontroldevice,actual revenues and expenditures are com pared to budgeted revenues and expenditures quarterly. The originaladopted budget w as am ended once during the year and those am endm ents are reflected in the budgetcom parison. F. CA SH A ND CA SH EQ U IVA LENTS Cash includes am ounts in interest-bearing dem and deposits. Cash equivalents include am ounts in certificates ofdeposits thatw ilm ature w ithin one yearofthe close ofthe fiscal year. U nder state law, the assessor m ay deposit funds in dem and deposits, interest bearing dem and deposits, m oney m arket accounts, or tim e deposits w ith state banks organized under Louisiana law and national banks having their principal offices in Louisiana. G. FIXED A SSETS Fixed assets are recorded as expenditures atthe tim e purchased,and the related assets are capitalized (repoded)in the generalfixed assets accountgroup. No depreciation has been provided on generalfixed assets. A lfixed assets are valued athistoricalcost. H. C O M PENSA TED A B SENC ES V acation and sick leave is granted atthe discretion ofthe assessor. Therefore,there are no accum ulated leave benefits required to be reported in accordance w ith G A SB C odification Section C 60. LO N G -TERM O B LIG A TIO NS There are no long-term obligations atdecem ber31,1998 R.])ER R~ ']'EM PLF~T O N. CERTIFIED PUBLIC ACCOUNTANT 8

10 IBERIA PARISH A SSESSO R Notes to FinancialStatem ents J. TO TA L CO LUM N O N BA LA NC E SHEET The totalcolum n on the balance sheetis captioned M em orandum O nly to indicate thatitis presented only to facilitate financialanalysis. Data in this colum n does notpresentfinancial position in conform ity w ith genera ly accepted accounting principles. Neither is such data com parable to a consolidation. 2. CA SH A N [)CA SH EQ U IVA LENTS AtDecem ber31,1998,the assessorhas cash and cash equivalents (book balances)totaling $251,180,as fo lows: Interestbearing dem and deposits C ertificates ofdeposits $101, Tota _$751~180 These deqosits are stated atcost,w hich approxim ates m arket. Understate law,these deposits (orthe resulting bank balances)m ustbe secured by federaldepositinsurance orthe pledge of securities ow ned by the fiscalagentbank. The m arketvalue ofthe pledged securities plus the federaldeposit insurance m ust at a ltim es equalthe am ount on depositw ith the fiscalagent. T hese securities are held in the nam e ofthe pledging fiscalagentbank in a holding orcustodial bank that is m utua ly acceptable to both parties. At Decem ber 31, 1998, time assessor has $251,349 in deposits (bank balances). These deposits are secured from risk by $100,000 of federaldepositinsurance and $151,349 ofpledged securities held by the custodialbank in the name ofthe fiscalagentbank (GASB Category 3). Even though the pledged securities are considered uncolateralized (Category 3) underthe provisions of G ASB Statem ent 3, Louisiana Revised Statute 39:1229 irnposes a statutory requirem ents oilthe custodialbank to advertise and se lthe pledged securities w ithin 10 days of being notified by the assessor that the fiscalagent has failed to pay deposited funds upon dem and. 3. C HA NG ES IN G EN ERA L FIXED A SSETS A sum m ary ofeha[tges in generatfixed assets (of[i.ce furnishings and equipm ent)folows Balance,January 1,1998 A dditions D eductions Balance,Decem ber31,1998 $ 24,476 15,721 ~!5,088) _~ 25,199 R.PERRY T EM PLET O N, CERTIFIED public ACCOUNTANT 9

11 IBER IA PA R ISH ASSESSO R N otes to the FiBancialStatem ents 4. PENSIO N PLA N Substantia ly a lem ployees ofthe Iberia Parish A ssessor's ofice are m em bers ofthe Louisiana Assessors Retirement System (System), a cost-sharing, m ultiple-employer defined benefit pension plan adm inistered by a separate board oftrustees. A lfu l-tim e em ployees w ho are underthe age of60 atthe tim e oforiginalem ploym entand are not draw ing retirem ent benefits from any other public retirem ent system in Louisiana are required to participate in the System. Em ployees w ho retire atorafterage 55 w ith atleast 12 years of credited service or at or after age 50 w ith a least 30 years of credited service are entitled to a retirem entbenefit,payable m onthly forlife,equalto 3 percentoftheirfinal-average salary foreach yearofcredited service,notto exceed 100 percentoftheirfinal-average salary. Final-average salary is the employee'saverage salary overthe 36 consecutive orjoined months thatproduce the highestaverage. Em ployees w ho term inate w ith atleast 12 years ofservice and do notw ithdraw theirem ployee contributions m ay retire atorafterage 55 and receive the benefit accrued to their date of term ination. The System also provides death and disability benefits. Benefits are established by state statute. The System issues an annualpublicly available financialreportthatincludes financialstatem ents and required supplem entary inform ation forthe System. Thatreport m ay be obtained by w riting to the Louisiana A ssessors'r etirem entsystem,posto ffice Box 14699,Baton R ouge,louisiana ,orby ca ling Funding Policy. Plan m em bers are required by state statute to contribute 7.0 percent oftheir annualcovered salary and the Iberia Parish A ssessoris required to contribute atan actuaria ly determ ined rate. [he currentrate is 5.75 percentofannualcovered payro l. C ontributions to the System also include one-fourth ofone percent(one percentfororleans Parish)ofthe taxes show n to be collectible by the tax ro ls ofeach parish,plus revenue sharing funds appropriated by the legislature. The contribution requirem ents of plan m em bers and the Iberia Parish A ssessor are established and m ay be am ended by state statute. A s provided by Louisiana Revised Statute 11:103,the em ployer contributions are determ ined by actuarialvaluation and are subjectto change each yearbased on the results ofthe valuation forthe priorfiscalyear. The Iberia Parish A ssessor's contribution to the System for the years ending Decem ber 31, 1998,1997,and 1996,were $51,753,$44,724,and $32,760,respectively,equalto the required contributions foreach year. R.PER RY T EM PLET O N. CERTIFIED PUBLIC ACCO UNTANT

12 IBERIA PA RISH ASSESSO R N otes to FinancialStatem ents 5. PO ST-RETIREM ENT H EA LTH CA R E A N D LIFE INSU RA NC E B ENEFITS The Iberia Parish A ssessorprovides certain continuing health care and life insurance benefits for its retired em ployees. Substantia ly a lofthe assessor's em ployees becom e eligible forthese benefits ifthey reach norm alretirem entage w hile w orking forthe assessor. These benefits for retirees and sim ilarbenefits foractive em ployees are provided through an insurance com pany whose monthly premiums are paid jointly by the employee and the assessor. The assessor recognizes the cest of providing these benefits (assessor's portion of prem ium s) as an expenditure w hen paid. 6. LO A N S PA YA B LE AtDecem ber31,1998,the assessorhas two loans payable outstanding totaling $511,344 as fo low s: beria Parish C ounci beria Parish SchoolBoard Tota $255, ~511,344 The assessorcan borrow funds from the parish governing authority and parish schoolboard to finance operations. In accordance w ith Louisiana Revised Statute 47:1906,the assessorm ust repay these loans w ithoutinterestonce the assessor's com pensation is received. 7. LITIG A TIO N ]-here is no litigation pending againstthe assessor's ofice atdecem ber31, LEA SES ]-he assessorhas operating leases ofthe fo low ing nature Ofice Equipm ent-approxim ately $4,000 peryear,renewable annualy There are no capitalleases orlong-term operating leases R.PERRY T EM PLET O N, CERTIFIED PUBLIC ACCOUNTANT

13 IBER IA PA R ISH A SSESSO R Notes to FinancialStatem ents 9. LEV IED TA XES The fo low ing is a sum m ap/ ofauthorized and levied ad valorem taxes A uthorized M ilaqa _ Levied M ilag~ 1. SchoolC onstitutional 2. Parishw ide School 3. School(Bond Retirement) 4. G eneralparish 5. C rim inaltax 6. C ourthouse M tnce. 7. Public Library 8. D rainage 9. Public Building M tnce 10. Health U nitm tnce 11. Fire Protection D ist.#1 12. Atchafalaya Basin Levee Dist. 13. Recreation Dist.#8 (Mtnce & Bond) 14. Teche Vem lilion Fresh W aterd ist. 15. Law Enforcem entd ist. 16. ForestProtection Tax (8 cents peracre) 17. Public Library ,00 Note: Bonds are notsubjectto maxim ums -they can levy whateverm ilage they need to pay currentindebtedness, The fo low ing are the principaltaxpayers forthe parish Taxp _ a3lel Type Business A ssessed V aluation 1. C entrallouisiana Electric Com pany 2. Be lsouth Telecom m unications Utility Utility $10,272, R.PER RY T EM PLET O N, CERTIFIED PUBLIC ACCOUNTANT

14 IBER IA PA R ISH A SSESSO R Notes to FinancialStatem ents Taxp(~ r. Type of Business A ssessed V aluation 3. M cllhenny C o. 4. Iberia Bank 5. [ EPI 6. Halliburton Energy Services 7. Jeanerette M ils 8. Regions Bank 9. M orton International 10.Louisiana W aterc o. Food P rocessor Bank O il& G as Prod. W ireline M anufacturer Bank Salt& C hem ical Utility 4,867,860 4,770,890 4,446,850 4,387,220 4,181,690 3,836,150 3,422, D EFE R R E D C O M PEN SA TIO N PLA N The Iberia Parish Assessor ofers its em ployees a deferred com pensation plan created in accordance w ith Internal Revenue C ode Section 457. The plan, available to a la ssessor em ployees,pertnits them to defera portion oftheirsalary untilfuture years. Participation in the plan is optional. The deferred com pensation is not available to em ployees untilterm ination, retirem ent,death orunforeseeable em ergency. A lam ounts of com pensation deferred under the plan,a lproperty and rights purchased w ith those am ounts,and alincome attributable to those amounts,property orrights are (untilpaid or nlade available to the em ployee orother beneficiary) solely the property and rights ofthe Assessorsubjectonly to the claims ofthe Assessor's generalcreditors. Participants'rights underthe plan are equalto those ofgeneralcreditors ofthe A ssessorin an am ountequalto the fair m arket value of the deferred account for each participant. The A ssessor believes it is unlikely thatitw iluse the assets to satisfy claim s ofgeneralcreditors in the future. Investm ents are m anaged by the plan's adm inistratorunderone ofseveralinvestm entoptions ora com bination thereof.the choice ofthe investm entoption(s)is m ade by the participants. 11.EXPEN D ITU RES O F TH E A SSESSO R NO T INC LU DED IN TH E FINA N C IA L STA TEM ENTS The assessor's ofice is located in the Iberia Parish Courthouse. Expenditures forutilities and janitorialservices,as welas the othermaintenance and operating expenditures,are paid by the Iberia Parish C ounciland are notincluded in the accom panying financialstatem ents. 13 R,PERRY T EM PLET O N, CERTIFIED PUBLIC ACCOUNTANT

15 O TH ER R EPO RTS R EQ UIR ED BY G O VER N M EN T A UD ITIN G S TA N DA R D S The fo low ing pages contain reports on internal control structure and com pliance w ith law s and regulations required by G overnm enta uditing Standards, issued by the C om ptroller G eneralof the U nited States. [he report on internalcontrolstructure is based solely on the audit of the financial statem ents and includes,w here appropriate,any reportable conditions and/orm aterialw eaknesses. The report on com pliance w ith law s and regulations is, likew ise, based solely on the audit of the presented financial statem ents and presents, w here applicable, com pliance m atters that w ould be m aterialto the presented financialstatem ents. 14 R.P~,][L-~Y TEM PLE']~O N, CERTIFIED PUBLIC ACCOUNTANT

16 Phone 318/ Facsim ilie 318/ E-M m sis.nel R.PER RY T EM PLET O N CERTIFIED PUBLIC ACCO UNTANT (A ProlossionalAccountingCorporation) 329 Iberia Street P.O.BOx New Iberia,Louisiana M EM IH!R AM I~RIC^N INS']IIO ]l~o f," CER I'W II~I)]'I.IBI,IC A(:COUN1AN IS SOCII~IY Ol:LA UPA'S A U D ITO R'S REPO RT O N INTER NA L.CO NTRO L STR UCTUR E BA SED SO LELY O N A N A U DIT O F THE G ENERA L PUR PO SE FINA NC IA L STATEM ENTS HO NO RA BLE ELTO N BA R RA S IBER IA PA R ISH A SSESSO R New Iberia.Louisiana Ihave audited the generalpurpose financialstatem ents ofthe Iberia Parish Assessoras ofand forthe yearended Decem ber31,1998,and have issued m y reportthereon dated June 25,1999. Iconducted m y audit in accordance w ith genera ly accepted auditing standards and G overnm ent A uditing ~S_t,3!_~d_ar_d_s_,issued by the Com ptrolergeneralofthe United States.Those standards require thatiplan and perform the auditto obtain reasonable assurance aboutw hetherthe financialstatem ents are free ofm aterialm isstatem ent. In planning and perform ing m y auditofthe financialstatem ents ofthe Iberia Parish A ssessoras ofand forthe yearended Dec;em ber31,1998,iconsidered its internalcontrolstructure in orderto determ ine m y auditing procedures forthe purpose ofexpressing m y opinion on the financialstatem ents and notto provide assurance on the internalcontrolstructure. Internal control structure consists of the control environm ent, accounting system, and control procedures used by the assessor. The internalcontrolstructure is the responsibility of m anagem ent and is used to provide the assessor w ith a reasonable,but not absolute,ability to record,process, sum m arize,and reportfinancialdata consistent w ith the assertions em bodied in the accom panying financialstatem ents;to safeguard public assets;and to com ply w ith law s and regulations. In fulfiling this responsibility,estim ates and judgm ents by m anagem ent are required to assess the expected benefits and related costs ofinternalcontrolstructure policies and procedures. Forthe purpose ofthis report,ihave classified the significant internalcontrolstructure policies and procedures into the fo low ing categories. Budgeting and budgetreporting Revenues/receipts Purchases/disbursem ents

17 Honorable Elton Barras Page 2 Fora lofthe internalcontrolstructure categories listed previously,iobtained an understanding ofthe design of relevant policies and procedures and w hether they have been placed in operations,and I assessed controlrisk. Idid notevaluate the efectiveness ofthe internalcontrolstructure categories because I determ ined that expanded substantive tests should be applied w ithout reliance on the internalcontrolstructure as a m ore eficientaudittechnique. Accordingly,Iassessed risk ata very high level(maxim um)and expanded my substantive audittests. In accordance w ith the standards m entioned previously and provisions of state law,iam required to com m unicate to rnanagernent, and include in m y report, any reportable conditions and/or m aterial w eaknesses. R eportable conditions are m atters that com e to m y attention relating to significant deficiencies in the design oroperation ofthe internalcontrolstructure that,in my judgment,could adversely affectthe assessor's ability to (1) record,process,sum m arize,and report financialdata consistentwith the assertions ofm anagem entin the financialstatem ents or(2)com ply with laws and regulations thatcould have a m aterialim pacton the financialstatem ents. A m aterialw eakness is a reportable condition in w hich the design or operation ofone ofm ore oflime internalcontrolstructure elem ents, including those relating to com pliance w ith law s and regulations, does not reduce to a relatively low levelthe risk thaterrors orirregularities,in am ounts thatw ould be m aterialin relation to the financial statem ents being audited, m ay occur and not be detected w ithin a tim ely period by em ployees in the norm alcourse ofperform ing theirassigned duties. M y consideration of the internalcontrolstructure w ould not necessarily disclose a lm atters in the internalcontrolstructure that m ight be reportable conditions and,accordingly,w ould not necessarily disclose allreportable conditions that are also considered to be m aterialw eaknesses. Because of inherent lim itations in any internalcontrolstructure,errors and irregularities m ay,nevertheless,occur and notbe detected. Also,projection ofany evaluation ofthe controlstructure to future periods is subjectto the risk thatprocedures may become inadequate because ofchanges in conditions orthat the degree ofcom pliance w ith the procedures m ay deteriorate. Inoted no m atters involving the internal controlstructure and its operation thaticonsiderto be m aterialweaknesses as defined previously. M y com m ents on internalcontrolstructure are intended forthe inform ation and use oftim(;assessor. By provisions ofstate law,this reportis a public docum ent,and ithas been distributed to appropriate public oficials. R.Perry Tem pleton,c PA June R.PERRY T EM PLET O N. CERTIFIED PUBLIC ACCOUNTANT

18 Phone 318/ Facsim ilie 318/ E-M ail:ptem rnsis.net R.PER R Y T EM PLET O N CERTIFIED PUBLIC ACCO UNTANT (A ProlessionalACCounting Corporation) 829 Iberia Street R O.8ox New Iberia.Louisiana M I~M BI~R AM ERICAN INSI['1U'[i~OF C]~R'IIFII{I)PUBLIC ACCOt]N IrkN IS SOCIETY (IF I,A CIW S A U D ITO R'S REPO RT O N C O M PLIA NC E W ITH LAW S A N D R EG U LATIO NS M ATER IA L TO THE G ENERAL PUR PO SE FINANCIAL STATEM ENTS HO NO RA BLE ELTO N BA RRA S IBER IA PA R ISH A SSESSO R New Iberia,Louisiana Ihave audited the generalpurpose financialstatem ents ofthe Iberia Parish Assessoras ofand forthe yearended Decem ber31,1998,and have issued m y reportthereon dated June 25, Iconducted m y audit in accordance w ith genera ly accepted auditing standards and G ovetm nent A udith)g Standards,issued by the Com ptro lerg eneralofthe U nited States. Those standards require thatiplan and perform the auditto obtain reasonable assurance aboutw hetherthe financialstatem ents are free ofm aterialm isstatem ent. Com pliance w ith law s and regulations applicable to the Iberia Parish A ssessor is the responsibility of the assessor's m anagem ent. A s partofobtaining reasonable assurance aboutw hetherthe financial statem ents are free o! m aterialm isstatem ent, I perform ed tests of the assessor's com pliance w ith certain provisions oflaws and regulations. However,my objective was notto provide an opinion on overa lcom pliance w ith such provisions. The results of m y tests indicate that, w ith respect to the item s tested, the Iberia Parish A ssessor com plied, in a lm aterialrespects,w ith the provisions referred to in the preceding paragraph. W ith respect to the item s not tested, nothing cam e to m y attention that caused m e to believe that the assessorhad notcom plied,in a lm aterialrespect,w ith those provisions. M y com m ents on com pliance w ith assessor. By provisions ofstate appropriate public officials. law s and regulations are intended forthe inform ation and use ofthe aw,this report is a public docum ent,and ithas been distributed to R.Perry Tem pleton,c PA June