N orth D elta R egionalplanning and D evelopm entd istrict,incorporated

Transcription

1 ,:S N orth D elta R egionalplanning and D evelopm entd istrict,incorporated M onroe,louisiana O FFICIAL FILE COPY DO NOT SEND OUT (Xerox necessary copies flom 1his coi',y ~rld PLACF_ G~',CK i~ FILE) EIN : REPORT O N A UDIT O F FINA NCIAL STA TEM EN TS A ND SUPPLEM ENTAL.INFORM A TION For the Year Ended June 3,1999 J no(or ~)rovlslofis Of $~'ate~jiw repo~t is ~ r, "cfii~ _>,J!,!i(, docum ent. copy ofiii( A,.,~~:,ti;,'a:;been ";ubn"it. led i(~th,: -;~<:;i,..~. or review ed t.ihu:,<;~c!~~!i~.-".l':;,:;:~:iate public, olfioi:;is ~!{~!Ct)oltiS ~:~'v'ai}~',l.~!o for,~:>:!bhc h!z:,;<?ci:j(;~ ~C ~:h~. B.aton ~:. '.o t~k-".o o :-;iu ;:o7tl~ L~t~is/a tlye Aud ị. to, ~ (.! ',vhe'.rc appropti~-e~, atthe '~ffice c;fth e parish clerk ofcourl ' SA UN D ER $ & A SSO CIA TES C arlified P ublic A ccountants 63 East17th street p,o,bo)~146 A da,o klahom a 7482 (58) FAX: (58,)

2 NO RTH DELTA REG IO NAL PLA NNING AND DEVELO PM ENT DISTR~CT,INC. TA BLE O F CO NTENTS June ndependent Auditors Report 1 FINA NC IA L STATEM ENTS Com bined Balance Sheet- A lfund types and AccountG roups Com bined Statem entofrevenues,expenditures and Changes in Fund Balance - A lg overnm entalfunds 3 4 Com bined StatementofRevenues,Expenditures,and Changesin Fund Balance - Budget(GAAP BASIS)and Actual-Governm entalfund Type - GeneralFund 6 Combined StatementofRevenues,Expenditures,and Changesin Fund Balance - Budget(GAAP BASIS)and Actual-Governm entalfund Types - SpecialRevenue Funds 7 Com bined Statem entofrevenues,expenditures,and ChangesinFund Balance - Budget(GAAP BASIS)and Actual- Proprietary Fund Type -Enterprise Fund 8 C om bined Statem entofcash Flow s 9 NOTES TO FINA NC IAL STATEM ENTS Notes to the G eneralpurpose FinancialStatem ents ndependentauditor's Reporton C om pliance and on InternalControlO verfinancialreporting Based on an AuditofFinancialStatem ents Perform ed in Accordance W ith G overnm ent Auditing Standards ndependentauditor'sreport oncompliance W ith RequirementsApplicable to Each Major Program and InternalC ontrolo verc om pliance in Accordance W ith O M B CircularA SUPPLEM ENTAL INFO RM ATIO N:. Schedule ofexpenditures offederalaw ards SpecialRevenue Funds C om bining Balance Sheet- A lspecialrevenue Funds Com bining Statem entofrevenues,expenditures,and Changes in Fund Balance - A l SpecialRevenue Funds

3 NO RTH DELTA REG IO NAL PLANNING AND DEVELO PM ENT DISTRICT,INC. TABLE O F CO NTENTS June Page Proprietary Funds C om bining Balance Sheet- Proprietary Fund Type - Enterprise Funds Com bining Statem entofrevenues,expenses,and C hanges in Retained Earnings - Proprietary Fund Type - Enterprise Funds C om bined Statem entofc ash Flow s - Proprietary Fund Type - Enterprise Funds Agency Funds C om bining Statem entofassets and Liabilities - Agency Funds Com bining Statem entofc hanges in Assets and Liabilities - Agency Funds Com bining Schedule ofprogram Revenues/Receipts,Expenditures/Disbursem ents and C hanges in Fund Balances - SpecialRevenue and Agency Funds Schedule ofexpenditures - Budgetand Actual--SpecialRevenue and Agency Funds - Funded By the G overnor's O fi ce ofelderly Affairs Status ofpriorauditfindings Schedule offindings and Q uestioned Costs Corrective Action Plan forthe Current-YearAuditFindings M anagem entletter

4 ,~.~o~ 146 " 63 East17th * Ada,Oklahoma 7482 * (58) / ~ FAX:(58) E~mail chickasaw.com INDEPENDENT AUDITOR'S REPORT Board ofdirectors North Delta RegionalPlanning and Developm entdistrict,inc. W e have audited the accom panying general-purpose financialstatem ents ofthe North Delta RegionalPlanning and Developm entdistrict,inc.as ofand forth e yearended June 3,1999,as listed in th e preceding table of contents.these general-purp ose financialsta tem ents are th e responsibility ofth e District's m anagem ent.o ur responsibility is to express an opinion on th ese financialsta tem ents based on ouraudit. W e co nducted ourauditin accordance w ith generaly accepted auditing standards and the standards applicable to financialaudits contained in Governm entaudfing Standards,issued by the Com ptrolergeneralofthe United States.Those sta ndards require th atw e plan and perform the auditto obtain reasonable assurance aboutw hether the financialstatem ents are free ofm atedalm issta tem ent.an auditincludes exam ining,on a testbasis,evidence supporting th e am ounts and disclosures in th e financialstatem ents. An audit also includes assessing the accounting pdnciples used and significantestim ates m ade by m anagem ent,as w elas evaluating the overal financialstatem entpresentation.w e believe ourauditprovides a reasonable basis forouropinion. In ouropinion,th e general-purpose financialstatem ents referred to above presentfaidy,in alm atedalrespects, th e financialposition ofnorth Delta RegionalPlanning and Developm entdistrict,inc.as ofjune 3,1999,and the results ofits operations and the cash flows ofits proprietary fund types and non-expendable trustfunds forthe yearth en ended in conform ity w ith genera ly accepted accounting principles. In acco rdance w ith Governm entauditing Standards,w e have also issued ourreportdated O ctober14, 1999 on our co nsideration ofth e District's intern alco ntroloverfinancialreporting and our tests ofits co m pliance w ith ce rtain provisions oflaw s,regulations,contract s and grants. O urauditw as perform ed forth e purp ose ofform ing an opinion on th e general-purp ose financialstatem ents ofthe Disb-ict taken as a w hole.the accom panying schedule of expenditures of federalaw ards is presented for purp oses ofadditionalanalysis as required by U.S.O fi ce ofm anagem entand BudgetCircularA-133,Audits of States,LocalGovern m ents,and Non-Profit Organizations.In addition,accom panying supplem entalinform ation, as listed in the preceding table ofco ntents,is presented forpurp oses ofadditionalanalysis.this supplem ental inform ation is nota required partofth e general-purp ose financialsta tem ents. Such information has been subjected to the auditing procedures applied in the auditofthe general-purpose finar~cial.~tatem ents ~nd,~n ~,urobinion,is fairly stated,in alm atedalrespects,in relation to the general-purpose financialstatem ents taken as a w hole. The District has notpresented th e disclosures required by GASB's Technica lbuletin 98-1 Disclosures AboutYear 2 Issues,as am ended by GASB's Technica lbuletin 99-1,w hich GASB has determ ined are necessary to supplem ent,alth ough not be a part of,th e general-purp ose financialstatem ents. In addition,we do notprovide

5 Page 2 assurance thatth e Districtis orw ilbe year2 com pliant,thatth e District's 2 rem ediation eforts w ilbe successfulin w hole orin part,orthatparties w ith w hich th e Districtdoes business are orw ilbeco m e year2 co m pliant. IATES Ce~ fied PublicAcco un~ n~ O ct ober

6 FINANCIAL STATEM ENTS

7 NO RTH DELTA REG IO NAL PLANNING AND DEVELO PM ENT DISTRICT,INCO RPO RATED Page 1of2 CO M BINED BALANCE SHEET - ALL FUND TYPES AND ACCO UNT G RO UPS June Governm entalfunds G eneral Fund Special Revenue Fund Proprietary Fund - Enterprise Fund Fiduciary Funds- Agency Funds Assets: Cash and Cash Equivalents Receivables Notes Receivable -Short-Term Notes Receivable -Long-Term M ortgage Receivable Allowance forbad Debts Interfund Receivable Prepaid Item s Land,Buildings and Equipm ent Repossed Properties O therd ebits: A m ountto be Provided forpaym ent ofg enerallong-term O bligations 17,916 16,121 $ 58,62 47,296 O 27 $ 332, ,75 267,773 88,67 2, (22,666) 134, ,62 1,61 TO TAL ASSETS AND OTHER DEBITS $ 124L37 $ _ $ LIABILITIES EQ UITY AND OTHER CREDITS Liabilities: Accounts,Salaries and OtherPayables Interfund Payable Due to O therg overnm entalunits Notes Payable Deferred Revenue O therliabilities Refunds Due to G rantor Com pensated Absences Payable 3,229 $ 49,992 $ 7,966 1,987 3,425 2, ,117 1,68,31 7,1 $ O 19,663 TotalLiabilities Equity and O therc redits: Investm ents in O therfixed Assets Retained Earnings (Deficit) Fund Balances: Unreserved and Undesignated ,979 TotalEquity and OtherCredits TOTAL LIABILITIES,EQ UITY AND OTHER CREDITS $ 124~ 37 $ 15,628 $ * The accom panying notes are an integralpart ofthe financialstatem ents

8 NO RTH DELTA REG IO NAL PLANNING AND DEV ELO PM ENT DISTRICT,INCO RPO RA TED Page 2 of2 CO M BINED BALA NCE SHEET - A LL FUND TY PES AND ACCO UNT G RO UPS June Assets Cash and Cash Equivalents Receivables Notes Receivable -Short-Term Notes Receivable -Long-Term M ortgage Receivable A llow ance forbad Debts Interfund Receivable Prepaid Item s Land,Buildings and Equipm ent Repossed Properties O therd ebits: Am ountto be Provided forpaym ent ofg enerallong-term O bligations TOTAL ASSETS AND OTHER DEBITS AccountG roups G eneral G eneral Fixed Long-Term Assets Debt $ $ Total (Memorandum Only) 57, , ,773 88,67 2, (22,666) 134, , $ 2~236,975 LIABILITIES EQ UITY AND OTHER CREDITS Liabilities: Accounts,Salaries and OtherPayables Intertund Payable Due to OtherG overnm entalunits Notes Payable Deferred Revenue OtherLiabilities Refunds Due to G rantor Com pensated Absences Payable $ ,848 ~34,117 19, ,267 1,987 7,1 3, TotalLiabilities Equity and O therc redits: Investm ents in O therfixed Assets Retained Earnings (Deficit) Fund Balances: Unreserved and Undesignated 136,54 136,54 t TotalEquity and O thercredits TO TAL LIABILITIES,EQ UITY AND O THER CR EDITS $ $ 12,568 $ 2,236,975 The accom panying notes are an integralpart ofthe financialstatem ents

9 NO RTH DELTA REG IO NAL PLANNING AND DEVELO PM ENT DISTRICT,INCO RPO RATED COM BINED STATEM ENT O F REVENUES,EXPENDITURES A ND C HANG ES IN FUND BALANC ES ALL G OVERNM ENTAL FUNDS Forthe YearEnded June REVENUES Intergovernm entalrevenues FederalSources State Sources LocalSources M isce laneous G enera Fund O O 4, Special Revenue 283,662 7, , Total (M emorandum Only) 283,662 7, , TotalRevenues EXPENDITURES C urrent: G eneralg overnm ent Health and W elfare Econom ic Developm entand Assistance Transportation (44) 279,532 14, (44) 279,532 14, TotalExpenditures (44) Excess (Deficiency)ofRevenues Over Expenditures (8,783) (7,414) O THER FINANC ING SO URCES (USES O perating Transfers In O perating Transfers O ut 2,2 12,52 14,72 (3,465). (13,591) (17,56) TotalOtherFinancing Sources(Uses) (1,265) Excess (Deficiency)ofRevenues and Other Sources O verexpenditures and OtherUses 9,14 8,146 17,25 Fund Balance,Beginning ofyear PriorPeriod Adjustm ent(note 22) 111,74 24, ,17 7O9 FUND BALA NCE.END OF YEAR $ 12,88 $ 33,258 $ The accom panying notes are an integralpartofthe financialstatem ents 5

10 NO RTH DELTA REG IO NAt.PLANNING AND DEVELO PM ENT DISTRICT,INCO RPO RATED CO M BINED STATEM ENT O F REVENUES,EXPENDITURES, AND CHANGES IN FUND BALANCE +BUDGET (GAAP BASIS)AND ACTUAL G OVERNM ENTAL FUND TYPES -G ENERA L FUND Forthe YearEnded June R EV ENUES Intergoveram entalrevenues LocalSources M iscellaneous Budget 6,44 $ A ctua 4, Variance Favorable (Unfavorable) (1,837) 35 TotalRevenues (1,82) EX PEN DITUR ES C urrent: G eneralg overnm ent TotalExpenditures (44) 2,46. (44) 2.46 Excess (Deficiency)ofRevenues Over Expenditures O TH ER FINANC ING SO URC ES (USES O perating Transfers In O perating Transfers O ut ,2 2,2 (2,54) (3,465) (925) TotalOtherFinancing Sources (Uses) (2,54) (1,265) Excess (Deficiency)ofRevenues and OtherSources O verexpenditures and O theruses 7,585 9,14 1,519 Fund Balance,Beginning ofyear FUND BALANCE.END O F YEAR $ 119,289 $ $ ]'he accom panying notes are an integralpartofthe financialstatem ents 6

11 NO RTH DELTA REGIO NAL PLANNING AND DEVELO PM ENT DISTRICT,INCO RPO RATED M onroe,louisiana CO M BINED STATEM ENT O F REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCES -BUDGET (GAAP BASIS)AND ACTUAL SPECIAL REVENUE FUNDS Forthe YearEnded June 3,1999 Budget Actua Variance Favorable (Unfavorable) REVENUES Intergovernm entalrevenues FederalSources State Sources LocalSources M iscellaneous 283,662 7,124 14, $ 283,662 7, , (3,997). 8~27. TotalRevenues EXPEND ITUR ES C urrent: Health and W elfare Econom ic Developm entand Assistance Transportation TotalExpenditures 282,44 14, ,532 14, Excess (Deficiency)ofRevenues OverExpenditures {.87,216). (8,783) 2,98 (748) SO URCE O perating Transfers In O perating Transfers O ut 14,89 (13,784) 12,52 (13,591) (2,37) 193 TotalOtherFinancing Sources (Uses) 91,16 66,929 (2,177) Excess (Deficiency)ofRevenues and OtherSources O verexpenditures Fund Balance,Beginning ofyear PriorPeriod Adjustm ent(note 22) FUND BALA NCE,END O F YEAR 3,89 24,43 8,146 24,43 7O9 $ 28,293 $ = 33,258 $ 4, * The accom panying notes are an integralpart ofthe financialstatem ents 7

12 NO RTH DELTA REG IO NAL PLANNING AND DEVELO PM ENT DISTRICT,INCO RPO RA TED M onroe,louisiana CO M BINED STATEM ENT O F REVENUES,EXPENSES AND C HANG ES IN RETAINED EARNING S PRO PRIETARY FUND TYPE -ENTERPRISE FUND Forthe YearEnded June O PERA TING REVENUES O rigination Fees InterestFrom Loans RentalIncom e TotalO perating Revenues 1,225 8, O PERA TING EXPENSES InterestExpense Salaries,W ages and Benefits Legal Traveland M eeting O theradm inistrative Bad DebtExpense TotalO perating Expenses Operating Income (Loss) 14,438 19,132 2, , ntergovernm entalrevenues FederalSources Intereston D eposits Service Fees TotalNon-Operating Revenue (Expenses) ncom e (Loss)Before Operating Transfers 17,583 (7,38) 1,275 5,27 O PERATIN G TRA N SFER S IN (C UT) O perating Transfers In O perating Transfers O ut NetIncome (Loss) Retained Earnings (Deficit),Beginning ofyear 3,92 (3,92) 5,27 (35,291) RETAINED EARNINGS (DEFICIT),END OF YEAR "The accom panying notes are an integralpartofthe financialstatem ents 8

13 NO RTH DELTA REGIONAL.PLANNING AND DEVELO PM ENT DISTRICT,INCO RPO RATED M onroe,louisiana CO M BINED STATEM ENT O F CASH FLOW S PRO PRIETARY FUND TYPE -ENTERPRISE FUND Forthe YearEnded June CASH FLO W S FRO M O PERATING ACTIV ITIES NetIncom e (Loss) Adjustments to Reconcile Operating Income to NetCash Provided (Used)forOperating Activities: Increase (Decrease)in Provision forloan Losses (Increase)Decrease in Receivables Increase (Decrease)in Accounts Payables and OtherLiabilities Increase (Decrease)inOtherLiabilities (Increase)Decrease in Interfund Receivables Increase (Decrease)in Interfund Payables NetCash Provided (Used)by Operating Activities CASH FLOW S FRO M NO N-CAPITAL FINANCING ACTIVITIES PrincipalPaym ents on Revolving Loan Fund NetCash Provided (Used)by Non-CapitalFinancing Activities CASH FLO W S FRO M CAPITAl F{NANCING ACTIVITIES CA S H FLO W S FR O M INV ESTING A CTIV ITIES New Loans M ade PrincipalCollection on Loans Loan Foreclosures NetCash Provided (Used)by Investing Activities NetIncrease (Decrease)inCash and Cash Equivalents Cash and Cash Equivalents,Beginning ofyear 5,27 (172,71) (33,31) 29 (27) (15,527) (155,99.9~. (64,811) (64,811) (81,25) 157, , CASH AND CASH EQ UIVALENTS.END O F YEAR "['he accom panying notes are an integralpartofthe financialstatem ents. 9

14 NO TES TO THE FINA NC IAL STATEM ENTS

15 NO RTH DELTA REG IO NAL PLANNING AND DEVELO PM ENT DISTRICT,INCO RPO RATED NO TES TO THE G EN ERA L-PURPO SE FINA NC IA L STATEM ENTS Forthe YearEnded June NO TE 1 SU M M A RY O F SIG NIFICANT ACC O UNTING PO LIC IES The accom panying financialstatem ents of North Delta RegionalPlanning and Developm ent Districthave been prepared in conform ity with generaly accepted accounting principles (GAAP) as applied to governmentalunits.the GovernmentalAccounting Standards Board (GASB) is the accepted standardsetting body forestablishing governm entalaccounting and financialreporting principles. A. REPO RTING ENTITY North Delta RegionatPlanning and Development Distdct, Incorporated (the District) was oficialy incorporated on February 24,1969,as a nonprofitorganization underthe provision oflouisiana statutes of1959,title 12.The Districtfunctioned as a planning districtby virtue ofa 1973 G overnor's Executive O rder.in 1977,the Districtbecam e one ofeightregionalplanning and developm entdistricts created by the Louisiana legislaturebyactno.472,section 1,(LA.R.S.33:14.61and 14.62). The District is com prised of the fo low ing parishes in Northeast Louisiana: Caldwe l, East Carrol, Franklin,Jackson,Madison,Morehouse,Quachita,Richland,Tensas,Union and W est Carrol.The purpose ofthe Distdctis to provide econom ic developm entassistance to the parishes in the District.The Districtaccomplishes this objective by planning,coordinating and unifying various local,state and federaleforts to overcom e the econom ic and socialdeficiencies in the eleven-parish area.the board of directors consisting of29 m em bers representing the parishes ofthe Districtis the governing body.board m em bers receive no com pensation fortheirservices. GASB Statem ent 14 establishes criteria for determ ining the governm ental reporting entity and com ponentunits thatshould be included w ithin the reporting entity.underprovisions ofthis Statem ent, the Districtis considered a prim ary governm ent,since itis a specialpurpose governm entthathas a separately elected governing body,is lega ly separate,and is fisca ly independentofotherstate orlocal governm ents.as used in GASB Statem ent14,fisca ly independentm eans thatthe Districtm ay,w ithout the approvalorconsentofanothergovernm entalentity,determine ormodify its own budget,levy itsown taxes orsetrates orcharges and issue bonded debt.the Districtalso has no com ponentunits,defined by G ASB Statem ent14 as otherlega ly separate organizations forw hich the elected Districtm em bers are financia ly accountable.there are no other prim ary governm ents w ith w hich the District has a significantrelationship. B. FU NDS A ND ACCO UNT G RO U PS The accounts ofthe Districtare organized and operated on the basis offunds and accountgroups.a fund is an independent fiscal and accounting entity w ith a self-balancing set of accounts. Fund accounting segregates funds according to theirintended purpose and is used to aid m anagem entin dem onstrating com pliance w ith finance-related legaland contractualprovisions.the m inim um num ber of funds are m aintained consistent w ith legaland m anagerial requirem ents.account groups are a reporting device to accountfor certain assets and liabilities of the governm entalfunds not recorded directly in those funds.

16 NO RTH DELTA R EG IO NA l.plan NING AN D DEVELOPM ENT DISTRICT,INCO RPO RATED NO TES TO THE G ENERAL-PURPO SE FiNANC ial STATEM ENTS Forthe YearEnded June NO TE 1 SUM M ARY O F SIGNIFICANT ACCO UNTING PC)LICIES.(Continued B. FUNDS AND ACCOUNT GROUPS,(Continued) The funds ofthe Districtare classified into three categories:govern m ental, proprietary and fiduciary.in turn,each category is divided into separate fund types.the fund and accountgroup classifications and a description ofeach existing fund type fo low : G overnm entalfunds G overnm entalfunds are used to accountforthe District's generalgovernm entactivities,including the co lections and disbursem entofspecific orlega ly restricted m onies,the acquisition orconstruction of generalfixed assets,and the servicing ofgenerallong-term debt.g overnm entalfunds include: G eneralfund - the prim ary operating fund ofthe District.Itaccounts fora lfinancialresources of the District,exceptthose accounted forin anotherfund. Specialrevenue fund - accountforrevenue sources thatare lega ly restricted to expenditures for specified purposes(notincluding expendable trustsormajorcapitalprojects). Proprietary funds account for activities sim ilar to those found in the private sector, w here the determ ination ofnetincom e is necessary orusefulto sound financialadm inistration.proprietary funds diferfrom governm entalfunds in thattheirfocus is on incom e m easurem ent,w hich,togetherw ith the m aintenance ofequity,is an im portantfinancialindicator. The proprietary fund includes the fo low ing: Enterprise funds - accounts for those operations that are financed and operated in a m anner sim ilarto private business orw here the Districthas decided that the determ ination of revenues earned,costs incurred and/ornetincom e is necessary form anagem entaccountability. Fm HA Revolving Loan - accounts forthe District's participation in a $2 milion intermediary relending program through the Farm ers Hom e Adm inistration.underthis program,the District borrow s funds from Fm HA at1% for3 years,then reloans the funds to qualified borrow ers at m arketrates ofinterest. Fm HA North Delta Adm in - accounts forthe District's adm inistration function overthe Fm HA Revolving Loan Fund,Loan Loss Reserv e,and RuralBusiness Enterprise G rant. Loan Loss Reserve - accounts forthe District's loan loss reserve forthe Fm HA Revolving Loan Fund and the RuralBusiness Enterprise G rantfund. Rural Business Enterprise Grant - accounts for the District's participation in an $8, interm ediary relending program through the U.S.Departm entofagriculture Ruraland Econom ic C om m unity D evelopm entprogram.underthis program,the Districtreceives a grantfrom USDA, then reloans the funds to qualified borrow ers atm arketrates ofinterest. 11

17 NO RTH DELTA REG IO NAL.PLANNING AND DEV ELO PM ENT DISTRICT,INC O R PO RATED M onroe,louisiana NO TES TO THE G ENERA L-PURPO SE FINA NC IAL STATEM ENTS Forthe YearEnded June NOTE 1 SU M M A RY O F SIG NIFICA NT ACCO UNTING PO LIC IES (C ontinued B. FUNDS AND ACCOUNT GROUPS (Continued) Fiduciary funds accountforassets held by the governm entin a trustee capacity oras an agenton behalf ofoutside parties,including othergovernm ents,oron behalfofotherfunds w ithin the District. Agency funds are custodialin nature (assetsequatliabilities)and do notpresentresultsofoperationsor have a m easurem ent focus.agency funds are accounted for using the m odified accrual basis of accounting.these funds are used to accountfor assets thatthe governm ent holds for others in an agency capacity.these agency funds are as fo low s: Pass-through funds - account for federal and state funds provided through the Louisiana G overnor's Ofi ce of Elderly A fairs.the District passes the funds through to the six parishes C ouncils on Aging. The general fixed assets account group is used to account for fixed assets not accounted for in proprietary funds. The generallong-term debtaccountgroup is used to accountfor generallong-term debtand certain otherliabilities thatare notspecific liabilities orproprietary funds. C. M EA SU REM ENT FO CUS A N D BA SIS O F:AC CO UNTING G overnm entalfunds The accounting and financialreporting treatm entapplied to a fund is determ ined by its m easurem ent focus.g overnm entalfund types use the flow ofcu rentfinancialresources m easurem entfocus and the m odified accrualbasis of accounting.under the m odified accrualbasis of accounting,revenues are recognized when susceptible to accrual(i.e.,when they are "measurable and available")."measurable" m eans the am ountof the transaction can be determ ined and "available" m eans co lectible w ithin the current period or soon enough thereafter to pay liabilities of the current period. The governm ent considers a lrevenues available ifthey are co lected w ithin 6 days afteryear-end.expenditures are recorded when the related fund liability isincurred,exceptforunm atured intereston generallong-term debtwhich is recognized when due,and certain compensated absences and claims and judgments w hich are recognized w hen the obligations are expected to be liquidated w ith expendable available financialresources. W ith this m easurem entfocus,only currentassets and currentliabilities are genera ly included on the balance sheet.o perating statem ents ofthese funds present increases and decreases in net current assets.the governm entalfunds use the fo low ing practices in recording revenues and expenditures:

18 NO RTH DELTA REG IO NA L.PLANNING AND D EV ELO PM ENT DISTRICT,INCO RPO RA TED NO TES TO THE G ENERAL-PURPO SE FINANCIAL STATEM ENTS Forthe YearEnded June NO TE 1 SU M M A RY O F SIG N IFICA NT ACC O UNTING PO LIC IES (Continued C. MEASUREMENT FOCUS AND BASIS OF ACCOUNTING (Continued) Entitlem ents and shared revenues are recorded as unrestricted grants-in-aid at the tim e of receipt or eadier if the susceptible to accrual criteria are m et. Expenditure-driven grants are recognized as revenue w hen the qualifying expenditures have been incurred and a lother grant requirem ents have been m et. O ther receipts becom e m easurable and available w hen cash is received by the Districtand are recognized as revenue atthattim e. Salaries are recorded as incurred Principaland intereston long-term obligation is recognized w hen due C om pensated absences are recognized w hen paid O ther Financina Sources fuses Transfersbetweenfundsthatare notexpected to berepaid (orany othertypes,such ascapitallease transactions,sale of fixed assets,debtextinguishm ents,long-term debtproceeds,et cetera) are accounted forasotherfinancing sources(uses).these otherfinancing sources(uses)are recognized atthe tim e the underlying events occur. Proprietary funds are accounted foron the flow ofeconom ic resources m easurem entfocus and use the accrualbasis ofaccounting.underthis m ethod,revenues are recorded w hen earned and expenses are recorded atthe tim e the liabilities are incurred.w ith this m easurem entfocus,a lassets and a lliabilities associated w ith the operation ofthese funds are included on the balance sheet.the Districthas elected, pursuant to G ASB Statem ent No. 2, to apply a l GASB pronouncem ents and only FASB pronouncem ents issued before Novem ber3,1989. The agency fund is custodial in nature and does not present results of operations or have a m easurem entfocus.agency funds are accounted for using the m odified accrualbasis of accounting. This fund is used to accountforassets thatthe Districtholds forothers in an agency capacity.

19 NO RTH D ELTA REG IO NAl.PLA NN ING AND DEVELO PM ENT DISTRICT,INCO RPO RATED NOTES TO THE G ENERAL-PURPO SE FINANCIAL STATEM ENTS Forthe YearEnded June NOTE 1:SUM MARY OF SIGNIFICANT ACCOUNTING POLICIES,CContinued D. BUDG ETS G eneralb udoetpolicies The Districtfo low s these procedures in establishing the budgetary data reflected in the com bined financialstatem ents. The Districtadopts budgets forthe generalfund and a lspecialrevenue funds Each year prior to June 3,the Executive Director subm its to the Board of Directors of the District proposed annualbudgets forthe generalfund and specialrevenue funds'budgets thatare notgrantoriented.g rantfunds are included in specialrevenue funds and theirbudgets are adopted atthe tim e the grant applications are approved by the grantor. The operating budgets include proposed expenditures and the m eans offinancing them. Appropriations(unexpended budgetbalances)lapse atyear-end Encum brance accounting is notem ployed in governm entalfunds B udoetbasis ofa ccountinq A lgovernm entalfunds'budgets are prepared on the m odified accrualbasis of accounting,a basis consistentwith generaly accepted accounting principles (GAAP).Budgeted am ounts are as originaly adopted oras amended by the District.Form albudgetintegration (within the accounting records)is em ployed as a m anagem entcontroldevice.a lbudgets are contro led atthe division,departm entalor projectlevel.budgetamounts included in the accompanying financialstatements include the odgina{ adopted budgetand a lsubsequentam endm ents.these revisions w ere considered insignificantby the District.A lbudgetrevisions are approved by the District. E. CASH AND CASH EQ UIVALENTS C ash includes am ounts in dem and deposits, interest-bearing dem and deposits, and tim e deposit accounts. Cash equivalents include am ounts in tim e deposits and those investm ents w ith original m aturities of 9 days or less. Under state law,the DJstdct m ay deposit funds in dem and deposits, interest-bearing dem and deposits,ortim e deposits w ith state banks organized underlouisiana law and nationalbanks having theirprincipalofi ces in Louisiana. Understate law,the Districtm ay investin United States bonds,treasury notes,orcertificates.these are classified as investm ents iftheiroriginalm aturities exceed 9 days;how ever,ifthe originalm aturities are 9 days orless,they are classified as cash equivalents.

20 NO RTH DELTA REG IO NAL PLANNING AND DEVELO PM ENT DISTRICT,INCO RPO RATED NO TES TO THE G ENERAL-PURPO SE FINANCIAL STATEM ENTS Forthe YearEnded June 3,1999 NO TE 1 SU M M ARY O F SIG NIFICANT ACCO UNTING PO LIC IES.(Continued F. INVESTM ENTS Investm ents are lim ited by R.S.33:$2955,and the District's investm entpolicy.ifthe originalm aturities ofinvestm ents exceed 9 days,they are classified as investm ents;how ever,ifthe originalm aturities are 9 days orless,they are classified as cash equivalents. The investm ents are reflected at quoted required/perm ited as pergasb Statem entno m arket pdces except for the fo low ing, w hich are 31: 1. Investm ents in nonparticipating interest-earning contracts, such as nonnegotiable certificates of depositw ith redem ption term s thatdo notconsiderm arketrates,are reported using a cost-based m easure. 2. "]'he District's reported at am ortized cost m arket investm ents and participating interest-earning investm entcontracts thathave a rem aining m aturity attim e ofpurchase ofone yearorless. Definitions Interest-earning investm ent contracts include time deposits with financialinstitutions (such as certificates ofdeposit),repurchase agreem ents,and guaranteed investm entcontracts. M oney m arketinvestm ents are short-term,highly liquid debtinstrum ents thatinclude U.S.Treasury obligations. G. SH O RT TER M INTERFUND RECEIVA BLES/PAYA BLES During the course of operation, num erous transactions occur betw een individual funds for services rendered.these receivables and payables are classified as due from otherfunds ordue to otherfunds on the balance sheet.short-term interfund loans are classified as inter'fund receivables/payables. H. INVENTO RY A ND PREPAID ITEM S Certain paym ents to vendors reflectcosts applicable to future accounting periods and are recorded as prepaid item s. LO A NS A N D A LLOW ANCE FO R LO A N LO SSES Loans are stated atprincipalam ounts outstanding.intereston loans is prim arily calculated by using the sim ple interestm ethod on daily balances ofthe principalam ountoutstanding. C ollateralor other security is required to support financialinstrum ents w ith credit risk.the am ountof collateralobtained upon extension ofcreditis based on m anagem ent's creditevaluation.colateralheld vanes butm ay include unim proved and im proved realestate,certificates ofdepositorpersonalproperty.

21 NORTH DELTA REGIO NAL PLANNING AND D EVELO PM ENT DISTRICT,iNCO R PO RATED NOTES TO THE G ENERA L-PURPO SE FINANC IAL STATEM ENTS Forthe YearEnded June NO TE 1 SUM M ARY O F SIG NIFICANT ACCO UNTING PO LICIES.(Continued LOANS AND ALLOW ANCE FOR LOAN LOSSES (Continued) The a low ance forloan losses is established through a provision forloan losses charged to expense. Loans are charged against the a low ance for loan losses w hen m anagem ent believes that the co lectibility ofthe principalis unlikely.the a low ance represents an am ount,w hich,in m anagem ent's judgment,wilbe adequate to absorb probable lossesonexisting loansthatmay become uncolectible. Management's judgementin determining the adequacy ofthe alowance is based on evaluations of co lectibility ofloans.these evaluations take into consideration such factors as changes in the nature and volum e ofthe loan portfolio,currenteconom ic conditions that m ay affectthe borrow er's ability to pay,overa lportfolio quality and review ofspecific problem loans. M anagem entbelieves thatthe a low ance forloan losses is adequate.w hile m anagem entuses available inform ation to recognize losses on loans,future additions to the a low ance m ay be necessary based on changes in econom ic conditions.in addition,various regulatory agencies,as an integralpartof their exam ination process,periodica ly review the District's a low ance for loan losses.such agencies m ay require the Districtto recognize additions to the alowance based on theirjudgements ofinform ation available to them atthe tim e oftheirexam ination. J. FIXED A SSETS Fixed assets used in governm entalfund types ofthe Districtare recorded in the generalfixed assets accountgroup atcostorestim ated historicalcostifpurchased orconstructed.donated fixed assets are recorded attheirestim ated fairvalue atthe date ofdonation.assets in the generalfixed assets account group are notdepreciated.interestdudng construction is notcapitalized on generalfixed asset. The cost of norm alm aintenance and repairs that do not add to the value of the asset or m ateria ly extend assets lives are notincluded in the generalfixed assets accountgroup. K. D EFERR ED REVENU ES The Districtreports deferred revenues on its com bined balance sheet.deferred revenues arise w hen resources are received by the Districtbefore ithas a legalclaim to them,as w hen grantm onies are received priorto the occurrence ofqualifying expenditures.in subsequentperiods,w hen the Districthas a legalclaim to the resources,th~ liability fardeferred revenue is rem oved from the com bined balance sheetand the revenue is recognized. L. CO M PENSATED ABSENCES Fu l-tim e em ployees ofthe Districtearn up to 15 days ofvacation leave each year,depending on length of service. Regular,part-tim e em ployees earn prorated vacation leave based on hours w orked and length ofcontinuous service.vacation leave m ay accum ulate up to 3 days w ith unused accum ulated leave tim e being paid to em ployees upon term ination ofem ploym ent,atthe em ployee's currentrate of pay.paym ents atseparation;how ever,w ilnotexceed the num berofdays accrued each year.

22 NO RTH DELTA R EG IO NA L PLANNING AN D DEVELO PM ENT DISTRICT,INCO RPO RATED NOTES TO THE G ENERAL-PURPO SE FINANCIAL STATEM ENTS Forthe YearEnded June NOTE 1 SU M M ARY O F SIG NIFICA NT ACC O UNTING PO LIC IES.(Continued L. COMPENSATED ABSENCES,(Continued) Sick leave forfu l-tim e em ployees is earned atthe rate ofeighthours perm onth.unused sick leave m ay accum ulate w ith no lim it;how ever,no com pensation w ilbe paid upon term ination ofem ploym ent. The D istrict's recognition and m easurem entcriteria forcom pensated absences fo low s G ASB Statem entno.16 provides thatvacation leave and othercom pensated absences w ith sim ilar characteristics should be accrued as a liability as the benefits are earn ed by the em ployees ifboth of the fo low ing conditions are m et: A. The em ployees'rightto receive com pensation are attributable to services already rendered B. Itis probable thatthe em ployerw ilcom pensate the em ployees forthe benefits through paid tim e o forsom e otherm eans,such as cash paym ents atterm ination orretirem ent. G ASB Statem entno.16 provides thata liability forsick leave should be accrued using one ofthe follow ing term ination approaches. A. An accrualforearned sick leave should be m ade only to the extentitis probable thatthe benefits w ilresult in term ination paym ents,rather than be taken as absences due to ilness or other contingencies,such as m edicalappointm ents and funerals. B. A lternatively,a governm entalentity should estim ate its accrued sick leave liability based on the sick leave accum ulated atthe balance sheetdate by those em ployees w ho currently are eligible to receive term ination paym ents as w e las otherem ployees w ho are expected to becom e eligible in the future to receive such paym ents. O nly the currentportion ofthe liability for com pensated absences is reported in the fund.the current portion is the am ountleftunpaid atthe end ofthe reporting period thatnorm a ly w ould be liquidated w ith expendable available financialresources.the rem ainderofthe liability is reported in the generallongterm obligations accountgroup. M. LO N G -TER M O BLIGATIO NS The Districtreports long-term debtofgovernm entalfunds atface value in the generallong-term debt accountgroup.certain other governm entalfund obligations not expected to be financed w ith current available financialresources are also reported in the generallong-term debtaccountgroup.long-term debt and other obligations financed by proprietary funds are reported as liabilities in the appropriate fund.

23 NO RTH D ELTA REG IO NAL PLANN ING AND DEVELO PM ENT DISTRICT,iNCO RPO RATED NOTES TO THE G ENERAL-PURPO SE FINANC IAL STATEM ENTS Forthe YearEnded June NOTE 1:SUM MARY OF SIG NIFICANT ACCO UNTING POLICIES (Continued N. INTERFUND TRANSACTIO NS A lotherinterfund transactions,exceptquasi-externaltransactions and reim bursem ents, are reported as transfers. Nonrecurring or nonroutine perm anenttransfers of equity are reported as residualequity transfers.a lotherinterfund transfers are reported as operating transfers. O. M EM O RA ND UM O NLY - TO TA L C O LU M N S Total colum ns on the general-purpose financial statem ents are captioned as "m em orandum only" because they do notrepresentconsolidated financialinform ation and are presented only to facilitate financialanalysis.the colum ns do not present inform ation that reflects financial position, results of operations or cash flow s in accordance w ith genera ly accepted accounting principles. Interfund elim inations have notbeen m ade in the aggregation ofthis data. P. U SE O F ESTIM ATES The preparation of financialstatem ents,in conform ity w ith generafly accepted accounting principles, requires m anagem entto m ake estim ates and assum ptions thatafectthe reported am ounts ofassets and liabilities,and disclosure ofcontingentassets and liabilities atthe date ofthe financialstatem entand the reported am ounts of revenues, expenditures and expenses during the reporting period. Actual results could diferfrom those estim ates. NO TE 2:STEW A RDSHIP,C O M PLIA NC E A ND AC CO UNTABILITY DeficitFund Balances/Retained Earnings The fo low ing funds have deficits in the fund balance/retained earnings atjune 3,1999 Fund SpeciatRevenue Funds Econom ic Developm entadm inistration M adison Parish E-911 Enterprise Funds Fm HA Revolving Loan Deficit Am ount $ 2, The deficit in fund balance in the Econom ic Developm ent Adm inistration fund w il be cleared by the realization ofdeferred revenues subsequentto June 3,1999.

24 NO RTH D ELTA REG IO NAL PLA NNING A ND DEV ELO PM ENT DISTRICT,INCO RPO RA TED NOTES TO THE G ENERA L-PURPOSE FINANCIAL STATEM ENTS Forthe YearEnded June 3,1999 NO TE 3 CASH AND CASH EQ UIVALENTS AtJune 3,1999,the Districthas cash and cash equivalents (book balances)totaling $57,919 as folows: Dem and deposit Interest-bearing dem and deposits pe ty cash Subtota~ Plus investm ents reclassified as cash and cash equivalents(see Note 4) TO TA L $ 31,891 1, _ 465,421 $. 57:9~ 9 NO TE 4:INVESTM ENTS nvestm ents are categorized into these three categories ofcreditrisk: 1.Insured orregistered,orsecurities held by the Districtorits agentin the District's nam e 2.Uninsured and unregistered,w ith securities held by the counterparty's trustdepartm entoragentin the District's nam e. 3. Uninsured and unregistered,w ith securities held by the counterparty,or by its trustdepartm entor agentbutnotin the District's nam e. Atyear-end,the D istrictinvestm entbalances w ere as fo low s: Type ofinvestm ent U.S.G overnm entsecurities Total CaLe.qory _ 1._ C arrvina Am oun Fair Am ortized Value Cost Cost Total Carrying Am ount $465,42! $. $ $465,421 $ $ $465,421 Less:Investm ents reclassified as cash and cash equivalents (See Note 3) TotalInvestm ents 465, ,421 $ _ ~ $~ $ $ _ ~ nvestm ents during the yearw ere in U.S.G overnm entsecurities

25 NO RTH DELTA REG IO NAL PLANNING AND D EV ELO PM ENT DISTRICT, INCO RPO RATED M onroe,louisiana NO TES TO THE G ENERAL-PURPOSE FINANCIAL STATEM ENTS Forthe YearEnded June NO TE 5:REC EIVA BLES The receivables of$222,553 atjune 3,1999,are as fo low s C lass ofreceivable Special G eneral Revenue Enterprise Agency Fund Funds. Funds. Funds Tota Intergovernm ental O ther Total $ 7,236 8,885 $ 47,296 $ $ 1,61 $ 64, ,75 157, 96 $_ $_149,75 $ _ 1=61 $ 222.~ 3_ NO TE 6:FIX ED ASSETS The changes in generalfixed assets are as fo low s Balance Be qinnin9, Additioqs Deletions Balance Ending _ Furniture and equipm ent $~ _ $~ $_13:462_ NOTE 7:REPOSSESSED PROPERTIES Properties consistof com m ercialand residentialland, buildings,and equipm ent.these properties w ere repossessed from borrow ers w ho defaulted on theirloan agreem ents m ade as part ofthe Farm er's Hom e Adm inistration and Interm ediary Relending Program. The proceeds from the subsequent sale of these assets are used to m ake new loans. NOTE 8:M O RTGAG E RECEIVABLE A m ortgage receivable in the am ountof$2, hasbeen recorded pursuantto sale ofcerlain realproperty acquired by the Districtsubsequentto foreclosure on a loan m ade by its Interm ediary Relending Program. NO TE 9:R ETIR EM ENT SYSTEM S Substantia ly a lem ployees ofthe Districtare eligible to be m em bers ofthe Deferred Com pensation Plan for Public Em ployees.underthis plan,participants m ay contribute up to five percentoftheirgross salary and the Districtcontributes up to an additionalthree percenton theirbehalf. 29

26 NO RTH DELTA REGIO NAL PLANNING AND DEV ELO PM ENT DISTRICT,INCO RPO RATED NO TES TO THE G ENERAL-PURPO SE FINANC IAL STATEM ENTS Forthe YearEnded June 3,1999 NOTE 1 ACCO UNTS,SALARIES AND OTHER PAYABLES The payables of$55,848 atjune 3,1999 are as folows Special G eneral Revenue Enterprise Fund Funds Funds Total Salaries Accounts $ 3,229 $ 2,685 _ 29 _~3p/ 37 $ ,283 $ 24,258 31,59 Total $.3=3~ $4=~ $2._62.Z $~ NOTE 11 C O M PENSATED ABSENC ES AtJune 3,1999,em ployees ofthe Districthave accum ulated and vested $12,568 of em ployee leave benefits,w hich w as com puted in accordance w ith GASB Codification Section C6.O fthis am ount,$12,588 is recorded w ithin the generallong-term debtaccountgroup. NO TE 12 C HANG ES IN AG ENCY FUN D DEPO SITS DU E OTHERS A sum m ary ofchanges in agency fund deposits due others folow s Balance Beginning of"year ~,dditions R eductions Balance End of"fear Title IllB - Supportive Services Title IIIC -1 - C ongregate M eals Title IllC-2 - Hom e Delivered M eals Title IIID - In-Hom e Serv ices Supplem entalseniorc enter U.S.D.A.C ash-in-lieu M iscellaneous G rant Title [11F - Disease and Health G ene Chelette/"DED" $ 19,365 4,17 4,125. $ 262, ,27 381,673 9,26 18, ,297 22,5 14,758 $ 262, ,27 381,673 9,26 16, ,999 22,5 18, $ o 19,663 $_27.66_ $ =!=,~,=~,=~ $ ~2,~r~_4=4 $j9 ~._63 6 _

27 NO RTH DELTA REGIO NAL PLANNING AND DEV ELO PM ENT DISTRICT,INC O RPO RATED NO TES TO TH E G ENERA L.PU RPO SE FINA NC IA L STATEM ENTS Forthe YearEnded June 3,1999 NOTE 13 LEASES O perating Leases - The District leased its ofice space under an operating lease,w hich expired in February 1995.The lease is currently operating as a m onth-to-m onth lease.forthe yearended June 3, 1999,rentexpense underthis lease w as $21,.The Districthas an operating lease agreem entforcopier equipm entfora three-yearterm,expiring October1999.Also,the Districtis undertw o otheroperating lease agreem ents foran autom obile and otheroffice equipm entwith tw o-to-five yearterm s,expiring in Decem ber 1999,and July 2.Annualrentals are show n below. AtJune 3,1999 future m inim um rentalcom m itm ents underoperating leases having initialornoncancelable term s in excess ofone yearare as fo low s: YearEnded June 2 21 Total $ 5, $_& ~t,? NO TE 14 NO TES PAYA BLE in 1987,the Districtborrowed $33,333 from the city ofnatchitoches fora relending program to enhance econom ic developm ent.underthe originalterm s ofthe note payable,principle and interestatthe rate of 6.25% w ere to be repaid in sem i-annualinstallm ents through January 27,1991.During the yearended June 3,1997,a new agreem entw as entered into w ith the city ofnatchitoches forgiving North Delta ofa linterest owed.the new agreem entrequires the Districtto pay $3 perm onth untilthe entire principalbalance is paid.principaltotaling $7,966 rem ains unpaid atjune 3,1999. NO TE 15 NTER FUND TRANSFERS O perating transfers in and outare listed by fund forthe yearended June 3,1999 G eneralfund LA.Coalition forliteracy Title IllC-1 Congregate Nutrition Title IIIC-2 Hom e Delivered M eals USDA C ash-in-lieu Tensas USDA Cash-in-Lieu Fm HA Revolving Loans Tensas Title IIC-1 G eneral Congre. Fund Nutrition $ $ 6 2,2 2,617 O o ọ Tnesas Title I1[C-2 Funds Transferred In Tensas Hom e Del. USDA Fm HA M eals Cash-in-Lieu Adm in TO TAL $ 1,265 $ $ $ 1, , ,882 12,882 O o o _3o,o92 2,617 54,165 13,591 12,882 3,92 TotalTransferred In $69 2~ $~

28 NO RTH D ELTA REG IO NAL PLANN ING AN D DEVELO PM ENT DISTRICT,INCORPORATED NOTES TO THE G ENERAL-PURPOSE FINANCIAL STATEM ENTS Forthe YearEnded June NO TE 15 NTERFUND TRANSFERS (Continued G eneralfund Tensas Title IIIC-1 Congregate Nutrition Tensas Title IllC-2 Hom e Delivered M eals Tensas USDA C ash-in-lieu Fm HA Revolving Loans Tota{Transferred in Louisiana Funds Transferred O u Tensas Coalition Title IIIO-I Title IIIC-2 USDA USDA General for Congregate Delivered Cash- Cash - Revolving Fund L)teracy Nutfitio~ Meals }n-lieu in-lieu Loans TOTAL $ O $(2,26) $ $ O $ $ $ $( 2,2) (1,265) O O s~ ) (2,617) (54,165) ( 79) (12,882) o (2,617] (69,21) (12,882) O (12,882) (3L92) (3,92) NO TE 16 G ENERAL LO NG -TERM O BLIG ATIO NS The fo low ing is a sum m ary oflong-term obligations transactions forthe yearended June 3,1999 Balance,beginning ofyear Additions Deductions PrincipalPaym ent Balance,end ofyear Special Revenue Notes P _ayab[e $ 11,566 O Enterprise Fund Notes Payable $1,745,112 64,811 $$~ _o.3o~ G LTDAG C om pensated Absences $ 11,754 12,568 11,754 The enterprise notes payable show n above represents the District's drawdow ns under a $2 m ilion interm ediary relending program through the FarmersHom e Administration (Fm HA).Underthis program,the districtborrow s funds from Fm HA at1% for3 years then reloans the funds to qualified borrow ers atm arket rates ofinterest.atjune 3,1999,the Districthad draw n dow n a lofthe $2 m ilion and had loaned out $1,996, ofthatam ount.the term s ofthe program calforthe Distdctto pay only interestforthe firstthree years ofthe program and then annualpaym ents of$82,26,w hich covers principaland interest,untilthe am ountdue the Fm HA is fu ly paid.the firstprincipalpaym entw as m ade in January 1995.The am ountdue Fm HA is secured by the loans m ade to qualified borrow ers and the related underlying security devices.debt service to m aturity is as fo low s: Therafler Total _Principal $ 65,457 66,112 66,773 67,44 68,115 1_ ~346,46 Interest $ 16,83 16,148 15,487 14,82 14,145 13!,265 $~ Tota ~ l $ 82,26 82,26 82,26 82,26 82,

29 NO RTH DELTA REG IO NAL PLANNING AND D EV ELO PM ENT D ISTRICT,INCO R PO RATED NOTES TO THE G ENERA L-PURPO SE!FINANC IAL STATEM ENTS Forthe YearEnded June NOTE 17 LITIGATIO N AND CLAIM S Litigation - AtJune 3,1999,the Districtw as not involved in any litigation,norw ere there claim s pending w hich m ighthave a m aterialim pacton the financial statem ents. G rantd isallow ances - The Districtparticipates in a num berofstate and federa ly assisted grantprogram s. The programsare subjectto compliance auditsunderthe single auditapproach.such auditscould lead to requests for reim bursem entby the grantoragency forexpenditures disa low ed underterm s ofthe grants. Districtm anagem entbelieves thatthe am ountofdisalow ances,ifany,w hich m ay arise from future audits w ilnotbe m aterial NO TE 18 EC O NO M IC D EPEND ENCY The District receives the majodty of its revenue from funds provided through grants or programs adm inistered by the Louisiana G overnor's O fice ofelderly Affairs.The grantam ounts are appropriated each yearby the federaland state governm ents.ifsignificantbudgetcuts are m ade atthe federaland/orstate level,the am ount ofthe funds the District receives could be reduced significantly and have an adverse im pacton its operations.m anagem entis notaw are ofany action thatw iladversely afectthe am ountof funds the Districtw ilreceive in the nextfiscalyear. NO TE 19 NC O M E TAX STATUS The District,a nonprofitcorporation,has been granted tax-exemptstatus undersection 51(c)(4)ofthe InternalRevenue Code. NOTE 2:NEW FUNDS SpecialRevenue Funds The Tensas C-1 C ongregate M eals fund has been created to accountfor directcongregate nutritiona m ealservices provided by the Districtto the elderly in Tensas Parish. The Tensas C-2 Hom e Delivered M eals fund has been created to accountfor direct nutritionalm ea services provided by the Districtto hom ebound elderly individuals in Tensas Parish. The Tensas USDA C ash-in-lieu fund has been created to account for funds provided by the U.S Depar~,m entofagriculture,w hich w ere used by the Districtto provide directservices in Tensas Parish. The M adison Parish E-911 fund has been created to accountforfunds received from the M adison Parish Police Jury for technical assistance in conjunction w ith im plem entation of the Em ergency 911 C om m unication System in M adison Parish. 24