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1 O F/h:'~;,, ~x~ro~n~ces.~ [Y copies ~ron'~~bl~ c00y and PLACE BACK in ~:ILE) ~I C O NC O R D IA PA RISH A IR PO RT A UTHO R ITY C O N C O R D IA PA R IS H PO LIC E JU R Y Vidalia,Louisiana C om ponentu nitfinancialstatem ents and Accountant's C om pilation Reports D ecem ber31, 1998 and forthe Year Then Ended U i;d.er ph:,.'ision~;o,~~m te!aw, this repo t i,.: a public c;,':,r;~!!r:.'.:r~t. A ccpy ofl:.l;e re,porth Q,.:,Ix:u:h.~,;~;bYqitted lo the M ;':!itpd, or iev;ewed, e~~iiy c,qcioth~.y sppropri:~b. ~pub]4c osi.'.fia:s, The rep~.',l-~is aw,i!able for public inspe:cdc~,'~ a~ the Etaton Rc.v~e o;iice offi,e Legislative A udi- 1o,.-and,w here ~pprorjriate, at the office of the parish, cle~:k~q[l~ourt. JERISUE TO SSPO N Certified Public Accounronr

2 C O NC O R D IA PA R ISH A IR PO RT A UTHO R ITY C O NC O R D IA PA R ISH PO LIC E JU RY V idalia.louisiana C om ponentu nitfinancialstatem ents and A ccountant's C om pilation R eports Decem ber31,1998 and forthe Y eart hen E nded

3 C O NC O R D IA PA R ISH A IR PO RT A UTHO R ITY TA BLE O F C O NT ENTS D ecem ber Pag~ Affidavit 2 Accountant's Com pilation Report 3 C om ponentu nitfinancialstatem ents C om bined Balance Sheet -A lfund Types and A ccountg roups C om bined Statem entofrevenues,expenditures and C hanges in Fund Balance Com bined Statem entofrevenues,expenditures and Changes in Fund Balance -Budget(Cash Basis) and A ctual-g eneralfund N otes to FinancialStatem ents

4 CO NCO RDIA PA RISH A IRPO RT A UTHO RITY V idalia.louisiana A N N UA L SW O R N FINA NC IA L STATEM ENTS A N D CERTIFICATE O F REVENUES O F $50,000 O R LESS A FFIDAV IT Persona ly cam e and appeared before the undersigned authority,raym ond C ow an, M anager, w ho is duly sw orn, deposes and says, that the financial statem ents herew ith given presentfairly the financialposition ofthe Concordia Parish A irporta uthority as ofdecem ber31,1998,and the results ofoperations for the yearthen ended,in accordance w ith the basis ofaccounting described w ithin the accom panying financialstatem ents. In addition,raym ond C ow an,w ho,duly sw orn,deposes and says thatthe Concordia Parish AirportAuthority received $50,000 orless in revenues and other sources forthe fiscalyear ended Decem ber 31,1998,and,accordingly,is not required to have an auditforthe previously m entioned fiscalyearend. - S/~'~J /~S Sig n a tu r ~ Sworn to and subscribed before m e,this ~ /zf;f~ day ofmay,1999,#notary Public O ficer: A ddress M anager 359 NationalG uard Road V idalia.louisiana Telephone:(318)

5 JER IS U E TO SS PO N Certified Public Accountant P O Box 445 Ferriday,Louisiana (318) Fax (318) jtosspon@ iamedca.net AC C O U NTA NT'S C O M PILATIO N R EPO RT BO A R D O F C O M M ISSIO N ER S CO NCO RD IA PAR ISH A IRPO RT AUTHO R ITY The accom panying balance sheetofthe Concordia Parish AirportA uthority for Decem ber31,1998,and the related statem ents ofincom e,changes in retained earnings,and cash flow s forthe period then ended have been com piled by m e,in accordance w ith standards established by the A m erican Institute ofc ertified Public Accountants. A com pilation is lim ited to presenting in the form offinancialstatem ents,inform ation that is the representation of m anagem ent. Ihave not audited or review ed the accom panying financialstatem ents,accordingly,do notexpress an opinion orany otherform ofassurance on them. M ay 24,1999 M em ber-am erican Institute ofcertified Public Accountants Louisiana Society ofcertified Public Accountants

6 CO NCO RDIA PARISH A IRPO RT AUTHO RITY BALANCE SHEET (ALL FUND TYPES AND ACCOUNT GROUPS) DEC EM BER G overnm ental Fund G eneralfund Account G roup - G eneral Fixed Asset~ _ Total (Memorandum ~ Only) Cash (Note 3) Receivables(Note 4) Inventory (Note 2-H) Land,buildingsand equipment(note 5) 1, , $ 893,949 _ 89 _ 3,949 TotalAssets ~ _ 2~269 $ 893L949.. $ 896,218 EQ t.jity Liabilities: Accounts payable Payro lw ithholdings payable TotalLiabilities 5,154 5, ,154 5,250 $ 10,404 Fund equity - Investm entin generalfixed assets Fund balance,unreserved and undesignated $ 1~8,135~ TotalFundEquity $,8~ 893,949 $ 893,949 L8,132 ) $ 893,949 _ $ ~ 885,814 TotalLiabilities and Fund Equity,~ 2j269 $ 893,949 $ 896,218 See accom panying notes and accountant's com pilation report. (4)

7 C O N C O R D IA PA R ISH A IRPO RT A UTHO R ITY STATEM ENT O F R EV EN U E,EX PEN D ITU R ES A N D C HA NG ES IN FU N D BA LAN C E (GOVERNMENTAL FUND -GENERAL FUND) O N E Y EA R EN D ED D EC EM BER 31,1998 R EV EN IJES Intergovernm entalrevenues: C oncordia Parish Police Jury grants O therrevenues: Sales ofpetroleum products Property rentals and use ofairport Interest O ther TotalRevenue 13,500 9,003 3, $ 26,338 EXPEND_ TLIRE~$ Transportation -airport: Personalservices and related benefits O perating services M aterials and supplies Repairs and m aintenance $ 16,820 4,074 9, TotalExpenditures.$ _ 30,458 EXCESS (DEFICIT)OF REVENUES OVER EXPENDITURES $ (4,120) FUND BALANC E,JANUA RY 1 FU N D BA LA NC E.D EC EM BER 31 L4,015) $ j8,!35) See accom panying notes and accountant's com pilation report (5)

8 CO N CO R DIA PA R ISH A IRPO RT A UTH O RITY STATEM ENT O F:R EV EN UE,EXPEND ITURES AN D C HANG ES IN FUND BALANC E (GOVERNMENTALFUND -GENERAL FUND) BUDG ET AND ACTUAL O NE YEA R ENDED DECEM BER RECEIE~ Intergovernm entalrevenues: Coneordia Parish Police Jury grants $ O therrevenues: Sales ofpetroleum products Property rentals and use ofairport Interest O ther Budqet A ctual 13,500 $ 13,500 $,300,500 50,000 9,149 3, Variance Favorable (Unfavorable) 0 (3,151) (392) (25) (238) TotalReceipts $ 30,350 $ 26,544 $ ~3,806) D~ BLU~_SE M_ENTS Transportation -airport: Personalservices and related benefits $ O perating serv ices M aterials and supplies Repairs and m aintenance 8,750 1,050 9, ,275 $ 2, ,475 (1,879) TotalDisbursem ents 29,900 $ 27,173 $ _ 3,625 EXCESS (DEFICIT)OF RECEIPTS OVER DISBURSEMENTS $ 450 $ (629) $ (181) CASH AN D C ERTIFICATES O F DEPO SIT BALANCE,JANUARY 1 5,345 1,702 (3,643) CASH A ND C ERTIFICATES O F D EPO SIT BALANCE,DECEMBER 31 $ ~795 $ 1j073 ~ ~ =(3,824) See accom panying notes and accountant's com pilation report (6)

9 N O TE 1 -IN TR O D U C T IO N C O N C O R D IA PA RISH A IRPO RT A UTH O RITY N O T ES TO FINA N C IA L STATEM ENTS A s ofand forthe YearEnded D ecem ber31,1998 The C oncordia Parish A irport Authority w as established by Louisiana Revised Statute 2:602 for the purpose of operating and m aintaining airport facilities in C oncordia Parish. The A irport A uthority is governed by a board of five com m issioners who are appointed by the police jury.the board is responsible for m aintaining and operating the Concordia Parish Airportin orderto provide residents ofthe parish w ith airportfacilities. M em bers ofthe board ofcom m issioners serve w ithoutcom pensation. NO TE 2 -SU M M A RY O F S IG N IFICA NT A CC O U NTIN G PO LIC IES A. Basis of Presentation - The accom panying financialstatem ents have been prepared in conform ity with generaly accepted accounting principles (GAAP)as applied to governm entalunits. The G overnm entala ccounting Standards Board (GASB) is the accepted standard-seting body for establishing governmental accounting and financialreporting principles. B. Repqrt jing Entity - As the governing authority ofthe parish,for reporting _ purposes,the Concordia Parish Police Jury is the financialreporting entity for Concordia Parish. The financialreporting entity consists of (a) the primary governm ent(police jury),(b)organizations forwhich the prim ary governmentis financialy accountable,and (c)otherorganizations forwhich nature and significance oftheir relationship w ith the prim ary governm entare such thatexclusion w ould cause the reporting entity's financialstatem ents to be m isleading orincom plete. G overnm entalaccounting Standards Board Statem entno.14 established criteria fordeterm ining w hich com ponentunits should be considered part ofthe Concordia Parish Police Jury forfinancialreporting purposes.the basic criterion forincluding a potentialcom ponentunitw ithin the reporting entity is financialaccountability.the G ASB has setforth criteria to be considered in determ ining financialaccountability. T his criteria includes: 1. Appointing a voting majority ofan organization's governing body,and a.the ability ofthe police jury to impose its wilon thatorganization and/or

10 13.The potentialforthe organization to provide specific financial benefits to orim pose specific financialburdens on the police jury 2 Organizations forwhich the police jury does notappointa voting majority butare fiscaly dependenton the police jury 3 O rganizations forw hich the reporting entity financialstatem ents w ould be m isleading ifdata ofthe organization is notincluded because ofthe nature orsignificance ofthe relationship. Because the police jury appoints a voting majority of the AirportAuthority's com missioners and said board is fiscaly dependenton the police jury,the Airport Authority w as determ ined to be a com ponentunitofthe Concordia Parish Police Jury,the financialreporting entity.t he accom panying financialstatem ents present inform ation only on the funds m aintained by the A irporta uthority and do notpresent information on the police jury,the generalgovernmentservices provided by that governm entalunit,orthe othergovernm entalunits thatcom prise the governm ental reporting entity. C. Fund Accounting -The AirportA uthority uses a fund and an accountgroup to reporton 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 entfunctions oractivities. A fund is a separate accounting entity w ith a self-balancing setofaccounts.o n the otherhand,an accountgroup is a financialreporting device designed to provide accountability for certain assets and liabilities thatare notrecorded in the funds because they do notdirectly a fectnetexpendable available financialresources. The G eneralfund of the A irport A uthority is classified as a governm entalfund.the G eneralfund is the principalfund forthe authority and accounts forits financial operations. D. Basis ofa ccounting -The accounting and financialreporting treatm entapplied to a fund is determ ined by its m easurem entfocus, The G eneralfund is accounted forusing a currentfinancialresources m easurem entfocus. W ith this m easurem ent focus, only current assets and current liabilities are genera ly included on the balance sheet,the operating statem entofthe G eneralfund presents increases and decreases in netcurrentassets. The m odified accrualbasis ofaccounting is used by the G eneralfund. The G eneralfund uses the fo low ing practices in recording revenues and expenditures: (8)

11 R evenues -G rants from C oncordia Parish Police Jury and others are recorded w hen received. A llotherrevenues are recorded w hen earned Expenditures -Expenditures are genera ly recognized underthe m odified accrualbasis ofaccounting w hen the related fund liability is incurred. E. Budgets _ - A prelim inary cash basis budgetforthe ensuing yearis prepared by the m anaget prior to D ecem ber of each ~,ear. O ~fi~g D ecem ber,the /ki~pt)tt A uthority board review s the proposed budgetand m akes changes as itdeem s appropriate. The budget is then adopted during the board's regular Decem ber m eeting.the board ofcom m issioners reserves a lauthority to m ake changes to the budget. Budgeted am ounts included in the accom panying financialstatem ents include the originaladopted budgets and a lsubsequentam endm ents.appropriations lapse at yearend. The folowing reconciles the excess (deficiency)ofrevenues over expenditures shown on page 6 (cash basis)with the amountshown on page 5 (GAAP basis): Excess(deficiency)ofreceiptsoverexpenditures (cash basis) Adjustmentfor: R evenue accruals Expenditure accruals Excess (deficiency)ofrevenues overexpenditures (GAAP basis) ($ 629) ( 207) ( 3,28_4) ($4,12_0) F. Encum brances -Encum brance accounting,underw hich purchase orders are recorded in order to reserve that portion of the applicable appropriation,is not em ployed in the AirportAuthority's accounting system. G. C ash - C ash includes am ounts in petty cash and interestbearing dem and deposits accounts. U nder state law,the A irport A uthority m ay depositfunds in dem and deposits,interestbearing dem and deposits,m oney m arketaccounts,or tim e deposits w ith state banks organized underlouisiana law and nationalbanks having theirprincipaloffices in Louisiana. H. Inventories -Inventories are valued atthe lowerofcostorm arket(first-in,firstout).inventories consistofexpendable fuelheld forconsum ption and is accounted forby a perpetualinventory system. Expenditures are recognized w hen the fuelis consum ed. I. Fixed A ssets -Fixed assets are recorded as expenditures atthe tim e purchased

12 orconstructed and the related assets are capitalized (reported)in the generalfixed assets accountgroup. Public dom ain orinfrastructures are notcapitalized. No depreciation has been provided on genera~fixed assets. Fixed assets are valued athistoricalcostorestim ated historicalcost,using the currentcostforlike item s,if historicalcostis notavailable. A pproxim ately 33 percentofthe fixed assets are valued atestim ated cost. J. C om pensated Absences/Pensions -The C oncordia Parish AirportAuthority has only one fu l-tim e em ployee.the A irporta uthority has an inform alpolicy regarding vacation and sick leave. The fu l-tim e em ployee is a low ed one w eek ofvacation leave and one w eek ofsick leave each year. This leave cannotaccum ulate from one yearto the nextand is notpaid atterm ination. K. TotalColum n on Balance Sheet -The totalcolum n on the balance sheetis captioned M em orandum O nly to indicate thatitis presented only to facilitate financial analysis. Data in this colum n does notpresentfinancialposition in conform ity w ith genera ly accepted accounting principles. Neitheris such data com parable to a consolidation. N O T E 3 -.CA S H AtDecember31,1998,the AirportAuthority has cash (book balances),totaling $1,072,as fo lows: Petty cash Interestbearing dem and deposits $ Tota These deposits are stated atcost,w hich approxim ates m arket. U nderstate law, these deposits (orthe resulting bank balances)m ustbe secured by federaldeposit insurance,orthe pledge ofsecurities ow ned by the fiscalagentbank. The m arket value ofthe pledged securities plus the federaldepositinsurance m ustata ltim es equalthe am ounton depositw ith the fiscalagent. AtDecem ber31,1998,the AirportAuthority has$1,072 in deposits(colected bank balances).these deposits are secured from risk by federaldepositinsurance.

13 N O T E 4 -R EC E IVA B LES The fo low ing is a sum m ary ofreceivables atdecem ber31,1998 C lass of R eceivable Fuelsales Hangarrental $ O $ 818 N O TE 5 -C HA N G ES IN G EN ER A L FIX ED A SS ETS A sum m ary ofgeneralfixed assets forthe yearended D ecem ber31,1998,fo low s Land Building Equipm entand furniture TotalG eneralfixed A ssets $222, , ,143 JL~.,949 There w ere no changes in generalfixed assets for the year ended Decem ber 31,1998. N O T E 6.- PEN S IO N PLA N A t D ecem ber 31,1998,the A irporta uthority is nota participantin any retirem ent program. N O TE 7 -LITIG A TIO N The A irport A uthority is notinvolved in any litigation atdecem ber31,1998 N O T E 8 -Y EA R 2000 The A irport A uthority expects no m aterialexpenditures to becom e Year 2000 com pliant.

14 N O T E 9 - EX PEN D ITU R ES O F TH E A IR PO RT A UT H O R ITY PA ID BY TH E C O N C O R D IA PA R IS H P O LIC E JU R Y C ertain operating expenditures ofthe A irportauthority paid by the C oncordia Parish P olice Jury thatare notincluded in the accom panying financialstatem ents fo low : Utilities R epairs and m aintenance Insurance Telephone Tota $ 8, , , $15,468.96

ReleaseDate c~i-~io)i3~ /

ReleaseDate c~i-~io)i3~ / O'e:,"/ REC REATIO N DISTRICT #2 O F THE PA RISH O F C O NCO RDIA CO NCO R D IA PARISH PO LIC E JURY M onterey,louisiana G eneralpurpose FinancialStatem ents and Accountant's Com pilation R eport Decem