ZACHARY TAYLOR PARKW AY COM M ISSION Baton Rouge,Louisiana FinancialStatem ents As ofand forthe YearEnded June 30,1999.

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2 ZACHARY TAYLOR PARKW AY COM M ISSION FinancialStatem ents As ofand forthe YearEnded June 30,1999 Table ofcontents Page No LO UISIANA ATTESTATIO N Q UESTIO NNAIRE NDEPENDENT ACCO UNTANTS'REPO RT ON APPLYING AGREED UPO N PROCEDURES NDEPENDENT ACCO UNTANTS'CO M PILATIO N REPO RT CO M BINED BALANCE SHEET STATEM ENT O F REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE -BUDGET (GAAP BASIS)AND ACTUAL - G ENERAL FUND N OTES TO THE FINANC IAL STATEM ENTS

3 Zachary TaylorParkw ay Com m ission J.Curtis Jelks Chairm an P.O.Box Baton Rouae.Louisiana Telephone (225) Fax (225) LOUISIANA ATTESTATION QUESTIONNAIRE Decem ber21,1999 Ducote & Com pany Certified Public Accountants P.O.Box 309 M arksvile.louisiana n connection with yourcom pilation ofourfinancialstatem ents as ofjune 30,1999 and forthe period then ended,and as required by Louisiana Revised Statute 24:513 and the Louisiana Governm entauditg uide,we m ake the fo lowing representations to you.w e acceptfulresponsibility forourcom pliance with the folowing laws and regulations and the internalcontrols overcom pliance with such laws and regulations.w e have evaluated ourcom pliance w ith the fo low ing laws and regulations priorto m aking these representations. These representations are based on the inform ation available to us as ofdecem ber20,1999 PUBLIC BID LAW Itis true thatwe have com plied with the public bid taw,lsa-rs Title 38:2212,and,where applicable,the regulations ofthe Division ofadm inistration,state Purchasing O ffice. Yes[X] No [] C O DE O F ETHICS FO R PUBLIC O FFIC IALS AND PUBLIC EM PLO YEES Itis true thatno em ployees orofficials have accepted anything ofvalue,whetherin the form ofa service loan,orprom ise,from anyone thatwould constitute a violation oflsa-rs 42: Yes[X] No [] It is true thatno m em berofthe im m ediate fam ily ofany m em berofthe governing authority,orthe chief executive ofthe governm entalentity,has been em ployed by the governm entalentity afterapril1,1980, undercircum stances thatwould constitute a violation oflsa-rs 42:1119. Yes [X]No []

4 B U DG ETING W e have complied with the state budgeting requirements ofthe LocalGovernmentBudgetAct(LSA-RS 39: )orthe budgetrequirements oflsa-rs 39:43. Yes IX] No [] ACCO UNTING AND REPORTING A lnon-exem ptgovernm entrecords are available as a public record and have been retained foratleastthree years,as required by LSA-RS 44:1,44:7,44:31,and 44:36. Yes IX] No [] W e have filed ourannualfinancialstatem ents in accordance with LSA-RS 24:514,33:463,and/or39:92 as applicable. Yes [XJNo [] W e have had ourfinancialstatem ents audited orcom piled in accordance with LSA-RS 24:513 Yes IX] No [] M EETINGS W e have com plied w ith the provisions ofthe O pen M eetings Law,provided in RS 42:1through 42:12 Yes [X] No [] DEBT Itis true we have notincurred any indebtedness,otherthan creditfor90 days orless to m ake purchases in the ordinary course ofadm inistration,norhave we entered into any lease-purchase agreem ents,withoutthe approval of the State Bond Com m ission, as provided by Article VII, Section 8 of the 1974 Louisiana C onstitution,article Vl,Section 33 ofthe 1974 Louisiana Constitution,and LSA-RS 47: Yes [X] No [] ADVANCES AN D BO NUSES Itis true we have notadvanced wages orsalaries to em ployees orpaid bonuses in violation orarticle V I Section 14 ofthe 1974 Louisiana C onstitution,lsa-rs 14:138,and AG opinion Yes [X] No [] W e have disclosed to you at1known noncom pliance ofthe foregoing laws and regulations,as we las any contradictions to the foregoing representations.w e have m ade avairab(e to you docum entation relating to the foregoing laws and regulations. W e have provided you with any com m unications from regulatory agencies orothersources concerning any possible noncom pliance w ith the foregoing law s and regulations,including any com m unications received betw een the end ofthe period under exam ination and the issuance ofthis report. W e acknowledge our responsibility to disclose to you any known noncom pliance,w hich m ay occursubsequentto the issuance of

5 D ucote ~ C om Certified P ublic A ccountants pany AloysiaC.Duvote,CPA,PC Joan$.Dueote,CPA~PC INDEPENDENT ACCO UNTANTS'REPORT O N APPLYING AG REED-UPO N PROCEDURES M r.j.curtis Jelks,Chairm an Zachary TaylorParkway Com m ission BatonRouge,Louisiana W e have perform ed the procedures included in the Louisiana Governm entauditg uide and enum erated below,which were agreed to by the m anagem entofthe Zachary TaylorParkway Com m ission and the Legislative Auditor,State oflouisiana,solely to assistthe users in evaluating m anagem ent's assertions and the Zachary "rayiorparkway Com mission's compliance with certain laws and regulations during the year ended June 30,1999 included in the accom panying Louisiana A testation Questionnaire. This agreed-upon procedures engagem entw as perform ed in accordance with standards established by the Am edcan Institute of Cerfified Public Accountants. The suficiency of these procedures is solely the responsibility ofthe specified users ofthe report. Consequently,we m ake no representation regarding the sufficiency ofthe proced ures describe below eitherforthe purpose forwhich this reporthas been requested orforany other purpose. PUBLIC BID LAW 1.Selectalexpenditures m ade during the yearform aterialand supplies exceeding $15,000,orpublic works exceeding $100,000,and determ ine whethersuch purchases were made in accordance with LSA-RS 38: (the public bid law). No expenditures w ere m ade during the fiscalyearended June 30,1999 form aterials and supplies exceeding $15,000 ortorpublic works exceeding $100,O00. CO DE O F ETHICS FO R PUBLIC O FFICIALS AND PUBLIC EM PLO Y EES 2. O btain from m anagem enta listofthe im m ediate fam ily m em bers ofeach board m em beras defined by LSA-RS 42: (the code ofethics),and a listofoutside business interests ofalboard members and em ployees,as we las theirim m ediate fam ilies. M anagem entprovided us with a listing ofboard m em bers. Q uestionnaires regarding related party interestwere com pleted by each ofthe board m em bers and theiralternates. A lresponses indicated there were no related party transactions. 3. O btain from m anagem enta listing ofa lem ployees paid during the period underexam inat~n The Com m ission had no em ployees during the fiscalyearended June 30, Determ ine whetherany ofthose em ployees included in the listing obtained from m anagem entin agreedupon procedure (3)were also included on the listing obtained from managementin agreed-upon procedure (2)asim mediate family members. This step is inapplicable as the Com m ission had no em ployees during the fiscalyearended June as noted in Item 3 above. Am erican Instituteof Certified PublicAccountants ~ Met~bers * Society of Louisiana Certified PublicAccountants 219NorthWashington~PostOficeBox309~MarhsoiUe,Louisiana71351~(318) ~Fax(318)

6 BUDGETING 5. O btained a copy ofthe lega ly adopted budgetand alam endm ents. M anagem entprovided us w ith a copy ofthe originalbudget. 6, Trace the budgetadoption and am endm ents to the m inute book, W e traced the adoption ofthe originalbudgetto the m inutes ofa m eeting held on M arch 8,1998, which indicated thatthe budget had been adopted by a unanim ous vote ofthe m em bers ofthe board. 7. Com pare the revenues and expenditures ofthe finalbudgetto actualrevenues and expenditures to determ ine ifactualrevenues orexpenditures exceed budgeted am ounts by m ore than 5%. W e com pared the revenues and expenditures of the final budget to actual revenues and expenditures. Actualrevenues and expenditures forthe yeardid notexceed budgeted am ounts by m ore than 5%. ACCO UNTING AND REPORTING 8. Random ly select6 disbursem ents m ade during the period underexam ination and (a) trace payments to supporting documentation as to properamountand payee W e exam ined supporting docum entation for each ofthe six selected disbursem ents and found thatpaym entw as forthe properam ountand m ade to the correctpayee; (b)determine ifpaym ents were properly coded to the correctfund and generalledgeraccount;and A lsix ofthe paym ents w ere properly coded to the correctfund and generalledgeraccount. (c)determine whetherpaym ents received approvalfrom properauthorities Inspection ofdocum entation supporting each ofthe six selected disbursem ents indicated approvals from the chairm an ofthe Board and/oranotherofficerorm em berofthe Board. M EETINGS 9. Exam ine evidence indicating thatagendas form eetings recorded in the m inute book were posted or advertised as required by LSA-RS 42:1 through 42:12. The Zachary TaylorParkway Com m ission is only required to posta notice ofeach m eeting and the accom panying agenda on lhe doorofthe Com m ission's office faejlify, M anagem enthas asserted to us thatsuch notices are properly posted. The files indicated thatsuch notices and agendas are m ailed to each ofthe m em bers approxim ately 30 days in advance.

7 DEBT 10. Exam ine bank deposits forthe period underexam ination and determ ine whetherany such deposits appearto be proceeds ofbank loans,bonds,orlike indebtedness. W e inspected copies of albank depositslips for the period under exam ination and noted no deposits w hich appeared to be proceeds ofbank loans,bonds,orlike indebtedness. ADVANCES AND BONUSES 11. Exam ine payrollrecords forthe yearto determ ine whetherany paym ents have been m ade to em ployees which m ay constitute bonuses,advances,orgifts. This step is inapplicable as the Com m ission had no em ployees during the fiscalyearended June as noted in Item 3 above. W e were notengaged to,and did not,perform an examination,the objective ofwhich would be the expression ofan opinion on m anagem ent's assertions. Accordingly,we do notexpress such an opinion. Had we perform ed additionalprocedures,otherm atters m ighthave com e to ouratention thatwould been reported to you. This reportis intended solely forthe use ofm anagem entofthe Zachary TaylorParkway Com m ission and the Legislative Auditor,State of Louisiana,and should notbe used by those who have not agreed to the procedures and taken responsibility forthe suficiency ofthe procedures fortheirpurposes. However,this reportis a m aterofpublic record and its distribution is notlim ited. DUCOTE & CO M P Certified Public Accountants M arksvile,louisiana Decem ber

8 D urcote,.~.~oompan AloysiaC,Ducote,CPA,PC Joan8.Ducote.CPA.PC NDEPENDENT ACCO UNTANTS'COM PILATiO N REPO RT M r.j.curtis Jelks,Chairm an Zachary TaylorParkway Com m ission W e have com piled the accom panying balance sheetotthe Zachary TaylorParkway Com m ission as ofjune 30,1999 and the related statem entof revenues,expenditures,and changes in fund balance,forthe year then ended,in accordance with Statem ents on Standards foraccounting and Review Services issued by the Am erican Inst}tute ofcedif}ed Public Accountants. A compilation is lim ited to presenting in the form offinancialstatem ents inform ation thatis the representation ofm anagem ent. W e have notaudited orreview ed the accom panying financialstatem ents and,accordingly, do notexpress an opinion orany otherform ofassurance on them. DUCOTE & CO M PANY Certified Public Accountants M arksvile,louisiana Decem ber A.zerican Instituteof Certified PublicAccountants ~Members, SocietyofLouisiana C ertified PublicAccountants 219NorthWashington ~PostOfficeBox309 ~Marksuilte,Louisiana71351~(318) ~Fax (318)

9 ZACHARY TAYLOR PARKW AY COM M ISSIO N ALL FUND TYPES AND ACCO UNT GRO UPS Com bined Balance Sheet June 30,1999 Governm ental AccountGroup Totals Fund G eneral GeneralFund Fixed Assets (Memorandum Only) Assets Cash M achinery and equipm ent $ 103,349 0 $ 0 5,469 $103,349 5,469 TotalAssets and OtherDebits $ 103~,9 $ 5.~ $~ Liabilities: Accounts payable $ 1,891 0 $ 1,891 Equity and O thercredits: Investm entin generalfixed assets Fund Balance: Unreserved and undesignated 101, ,458 TotalEquity and OtherCredits 101,458 5, ,927 TotalLiabilities,Equity,and OtherCredits $ 103,3~,9 See accountants'com pilation reportand the accom panying notes

10 ZACHARY TAYLO R PARKW AY CO M M ISSIO N GOVERNM ENTAL FUND-G ENERAL FUND STATEM ENT O F REVENUES,EXPENDITURES,AND CHANGES IN FUND BALANCE -BUDGET (GAAP BASIS)AND ACTUAL YearEnded June 30,1999 Variance- Favorable (Unfavorable) R EVEN UES Intergovernm entalrevenues State appropriation nterestearnings $ 80,OOO 0 $ 80,000 1,552 $ o 1,552 TotalRevenues 80,000 81,552 1,552 EXPENDITURES Education and prom otion Adm inistrative services Legalserv ices Capitalexpenditure O ther 75,000 10,000 15,000 3,000 11,200 25,491 8,078 3, ,509 1,922 11,409 3,000 1~848 TotalExpenditures 114,200 37,512 76,688 EXCESS (DEFICIENCY)OF REVENUES OVER EXPENDITURES (34,200) 44,040 78,240 FU N D BALANCE,BEG INNING O F YEAR 57~418 57,418 FUND BALANCE,END O F YEAR ~101.45~ ~L.8 Z~2~ See accountants'com pilation reportand the accom panying notes

11 ZACHARY TAYLO R PARKW AY CO M M ISSIO N Notes to the FinancialStatem ents June 30,1999 INTRO DUCTION The Zachary TaylorParkway Com m ission was created by ActNo.288 ofthe State oflouisiana Legislature on June 11,1992. The purpose ofthe Com m ission is to serve as the m anaging agency ofthe Zachary TaylorParkway Districtand to be the officialrepository forinform ation relating to and aboutthe prom otion and public education ofthe planning and designing ofthe Zachary TaylorParkway. The districtcom prises the geographicalterritory ofthe parishes ofavoye les,eastfeliciana,pointe Coupee,Rapides,St.Helena, W ashington,w estfeliciana,and thatportion oftangipahoa w hich lies north oflouisiana H ighway 40. The Com m ission is com posed ofm em bers from each ofthe parishes which com prise the district. Each parish also has an alternate m em berappointed to the Com m ission who is a lowed to vote in the absence of the appointed m em ber. M em bers to the Com m ission are appointed by the govern ing body ofthe parish they representand are required to be a registered voterand cannotbe a m em berofthe parish's governing body. NO TE 1 -SUM M ARY O F SIG N IFICANT ACCO UNTING PO LICIES A.BASIS O F PRESENTATIO N The accom panying financialstatem ents ofthe Zachary Taylor Parkway Com m ission have been prepared in conformity with generaly accepted accounting principles (GAAP) as applied to governmentalunits. The GovernmentalAccounting Standards Board (GASB) is the accepted standard-seting body forestablishing governm entalaccounting and financialreporting principles. B. REPORTING ENTITY As an independent district created by the State of Louisiana, the Zachary Taylor Parkway Com m ission is considered to be a separate financialreporting entity. 3-he financialreporting entity consists of(a)the prim ary governm ent,(b)organizations forwhich the prim ary governmentis financialy accountable,and (c) other organizations for which nature and significance of their relationship with the prim ary governm entare such thatexclusion would cause the reporting entity's financialstatem ents to be m isleading orincom plete.

12 ZACHARY TAYLOR PARKW AY CO M M ISSIO N Notes to the FinancialStatements (continued) June 30,1999 NOTE 1-SUM M ARY O F B.REPORTING ENTITY (continued) G overnm entalaccounting Standards Board Statem entno.14 established criteria fordeterm ining which com ponent units should be considered pad of Zachary Taylor Parkway Com m ission for financialreporting purposes. The basic criterion forincluding a potentialcom ponentunitwithin the reporting entity is financialaccountability.the GASB has set forth criteria to be considered in determ ining financialaccountability.this C riteria includes: 1.Appointing a voting majority ofan organization's governing body,and a.the ability ofthe Com m ission to im pose its w ilon that organization and/or b. The potentialforthe organization to provide specific financialburdens on the Com m ission. 2. Organizations forwhich the Commission does notappointa voting majority butare fisca ly dependenton the Com m ission. 3. O rganizations forw hich the reporting entity financialstatem ents would be m isleading if data ofthe organization is notincluded because ofthe nature orsignificance ofthe relationship. T he Zachary Taylor Parkw ay C om m ission is an independent district, created by State Statute, covering an eightpariah territory. The m em bers to the Com m ission are appointed by the governing authority ofthe parish they representand each ofthe parishes in the Districtappointone m em ber and one alternate m em berto the Com m ission. However,no parish authority exercises controlover the Com m ission,noris the C om m ission fisca ly dependenton any parish authority. Based on the above criterion,the Zachary Taylor Parkway Com m ission w as determ ined notto be a com ponent unitofany organization orto be the oversightentity forany com ponentunit. The accom panying financial statem ents present inform ation only on the funds m aintained by the Zachary Taylor Parkway Com m ission. C. FUND ACCO UNTING The Com m ission uses funds and accountgroups to reporton its financialposition and the results of its operations. Fund accounting is designed to dem onstrate legalcom pliance and to aid financial m anagem entby segregating transactions relating to certain govern m entfunctions oractivities. A fund is a separate accounting entity with self-balancing setofaccounts. O n the otherhand,an accountgroup is a financialreporting device designed to provide accountability forcertain assets and liabilities that are not recorded in the funds because they do not directly affect net expendable available financialresources. 3.0

13 ZAC HARY TAYLO R PARKW AY CO M M ISSIO N Notes to the FinancialStatements (continued) June NOTE 1-SUM M ARY D.BASIS O F ACCO UNTING The accounting and financialreporting treatm entapplied to a fund is determ ined by its m easurem ent focus. The G eneralfund is accounted forusing a currentfinancialresources m easurem entfocus. W ith this m easurem entfocus,only currentassets and currentliabilities are genera ly included on the balance sheet. The operating statem entpresents increases and decreases in netcurrentassets. The m odified accrualbasis ofaccounting is used by the G eneralfund. The GeneralFund uses the fo lowing practices in recording revenues and expenditures. E.BUDG ETS REVENUES Revenues are recognized w hen they becom e m easurable and available as net current assets. EXPENDITURES Expenditures are recognized underthe m odified accrualbasis of accounting when the related fund liability is incurred. In accordance w ith Louisiana R.S.39:1302,the Zachary TaylorParkway Com m ission is a political subdivision w ithin the m eaning ofthe Louisiana G overnm entbudgetact. However,since the total proposed expenditures forthe fiscalyearare below $250,000,the Commission isnotsubjectto the public participation laws w ith respectto the adoption ofits annualoperating budget.the Com m ission form a ly adopted its budget forthe June 30,1999 fiscalyear by resolution at its M arch 8,1998 m eeting. F.TOTAL CO LUM N O N CO M BINED STATEM ENTS The totalcolum n on the com bined statem ents are captioned M em orandum O nly to indicate thatthey are presented only 1o facilitate financialanalysis. Data in these colum ns do notpresentfinancial position,results ofopera tions,orchanges in financialposition in conform ity with generaly accepted accounting principles. Neitheris such data com parable to a consolidation. Interfund elim inations have notbeen m ade in the aggregation ofthis data. 11

14 ZAC HARY TAYLO R PARKW AY CO M M ISSIO N Notes to the FinancialStatements (continued) June 30,1999 Atyear-end,June 30,1999,cash consisted ofdeposits with banks,with a book value of$103,349 These deposits are stated atcost,which approximates market. Understate law,these deposits (orthe resulting bankbalance)mustbe secured by federaldepositinsurance orthe pledgeofsecuritiesowned by the fiscalagentbank. The m arketvalue ofthe pledged securities plus the federaldepositinsurance m ustat a ltim es equalthe am ounton depositwith the fiscalagent. These securities are held in the nam e ofthe pledging fiscalagentbank in a holding orcustodialbank thatis m utua ly acceptable to both parities. AtJune 30,1999 the districthad $103,882 in deposits (colected bank balances)ofwhich $102,500 was covered by FederalDepository Insurance and the rem ainderwas uninsured and unco lateralized. The changes in generalfixed assets fo lows: Balance July 1, 1998 Balance June 30, 1999 N O TE 4 - M achinery & equipm ent TotalG eneralfixed Assets $ 5,469 $ -0- $ -0- $A,4~ 9 $ -0- $ -0- $ 5,469 IL,5,~ 9 O n August 16,1996,the Com m ission entered into a one yearcontractwith the Zachary TaylorParkway Association form anagem entservices. This contractwas renewed in August1999 and expires August16, 2000;however,itautom atica ly renews on a m onth to m onth basis unless eitherparty gives 30 day w ritten notice to cancelthe contract. The Zachary TaylorParkway Association is a nonprofitcorporation,w hose prim ary purpose is the gathering and dissem inating inform ation relative to the im provem entof highway transportation along the LA Highway 1- LA Highway 10 corridor.the contractprovides thatthe Association provide the Com m ission with adm inistrative and m anagem entservices fora fee of$600 perm onth plus certain expenses. Also,the contactis subjectto termination ifatany time the non-availability offunds precludes paym entto be m ade in accordance w ith contractprovisions. O n August16,1996,the Com m ission entered into a contractforlegalserv ices with E lis C.M agee,attorney atlaw. The contractexpires on August15,2000,butm ay be term inated by eitherparty with a thirty-day notice. The contractprovides a biling rate of$50 perhourplus reasonable and necessary outofpocket costs;howeverthe totalofalsums paid wilnotexceed $8,500 forthe fiscalyearended June 30,1999 and $15,000 forthe subsequentfiscalyears. O n February 17,1997,the Com m ission entered into a contractforprom otion and public relations w ith East Advertising and Public Relations,Inc.. The originalcontractexpired June 30, 1997,butwas extended through Decem ber 31, 1997 w ith provisions for annualextensions through Decem ber of each year. It currently expires Decem ber31,

15 ZACHARY TAYLO R PARKW AY CO M M ISSIO N Notes to the FinancialStatem ents (continued) June 30,1999 NO TE 4 - O n April1,1999,the Com m ission entered into a contractfora consulting engineerwith NeilL.W agoner, P.E.The contractexpires on June 30,2000,unless term inated soonerby eitherparty giving 30 day written notice to the otherparty priorto the date ofterm ination.the contractprovides forpaymentofa fee of$350 perm onth,plus expenses incurred in connection w ith out-of-state travelas authorized by the Chairm an. 13

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