Town of Golden M eadow,louisiana

Transcription

1 ~ 53 F inancialr ep ort Town of Golden M eadow,louisiana i

2 Town of G olde,n M eadow,louisiana D ecem ber31,2001 Exhibit Page N um ber Introductory Section Title Page Table of Contents FinancialSection IndependentA uditor's Report G eneral-purpose FinancialStatem ents Com bined Balance Sheet-A llfund Typesand AccountG roups Com bined Statem entof RevenueS,Expendituresand Changesin Fund Balances-AllG ovem m ehtalfund Types A i ii-v vi Com bined Statem entof Revenues,Expendituresand Changesin Fund Balances -Budgetand A ctual-g eneraland Special Revenue Fund Types 7-8 Combined Statem entof Revenues,Expensesand Changesin Retained Earnings-A llproprieta ry Fund Types Com bined Sta tem entof Cash Flow s -A llproprieta ry Fund Types N otesto FinancialStatem ents il

3 TABLE OF CONTENTS (Continued) Page Number Supplem entary Inform ation Section 34 Com bining and IndividualFund Statem ents G overnm entalfund Types: G eneralfund: Balance Sheet A-I Statem entof Revenues,Expendituresand Changes in Fund Balance -Budgetand A ctual A-2 SpecialRevenue Funds Com bining Balance Sheet B-I Com bining Statem entof Revenues,Expenditures and Changesin Fund Balance s B SalesTax Fund Statem entof Revenues,Expendituresand Changesin Fund Balance -Budgetand A ctu al B-3 43 Levee M aintenance Tax Fund: Sta tem entof Revenues,Expendituresand Changesin Fund Balance -Budgetand Actual B-4 44 D rainage M aintenance Tax Fund Statem entof Revenues,Expenditu res an d Changesin Fund Balance -Budgetand A ctual B-5 45

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5 TABLE OF CQ,NTENTS (Continued) Page Number StatisticalSection (Unaudited) G eneralg overn m entalexpendituresby Function G eneralg overn m entalrevenue by Source Property Tax Leviesand Collections PrincipalTaxpayers Ratio of N etg eneralbonded D ebtto A ssessed V alue and N et Bonded D ebtpercapita Ratio of A nnuald ebtservice ExpendituresforG eneralbonded Debtto Total~eneralExpenditures M iscellaneousstatistics Insurance in Force SpecialR eportsof C ertified Public A ccountants Report on Com pliance and on Intern alcontrolo verfinancial Reporting Based on an Auditof GeneralPurpose Financial Statem ents Perform ed in A ccordance w ith G overnm ent Auditing Standards Schedule of Findings R eports by M anagem ent Sehedule of PriorY earfindings M anagem ent'scorrective A ction Plan v

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7 B o u r g e o ll B e n n e tt To the H onorable Joey Bouziga,M ayor, and the M em bersof the Tow n Council Tow n of G olden M eadow,louisiana W e have audited the accom panying general;purpose financialstatem entsof the Tow n of Golden M eadow,louisiana(the Town)asof and forthe yearended December31,2001,aslisted in the table of contents.these general-purpose fin ancialstatem entsare the responsibility of the Tow n's m anagem ent.o urresponsibility isto expressan opinion on these general-purpose financialstatem ents based on ouraudit. W e conducted ourauditin accordance w ith auditing standardsgenerally accepted in the United StatesofAmerica and the standardsapplicable to financialauditscontained in Goyem m~nt Auditing Standards,issued by the Com ptrollerg eneralof the United States.Those standardsrequire that w e plan and perform the auditto obtain reasonable assurance about w hether the financial statem entsare free of m aterialm isstatem ent.a.n auditineludesexam ining,on a testbasis,evidence supporting the am ountsand disclosuresin the financialstatem ents.a n auditalso includesassessing the accounting principlesused and significantestim atesm ade by m anagem ent,asw ellasevaluating the overallfinancialstatem entpresenta tion.w e believe thatourauditprovides a reasonable basisfor ouropinion. In ouropinion,the general-purp ose financialstatem ents referred to above presentfairly,in all m aterialrespects,the financialposition of the Tow n of G olden M eadow,louisiana,asof D ece m ber 31,2001,and the resultso fitsoperations and its cash flows forthe yearthen ended in conform ity with accounting principlesgenerally accepted in the U nited Statesof A m erica. In accordance with Governm entauditing Standards.,we have also issued ourreport dated February 18,2002 on ourco nsideration of the Tow n of G olden M eadow,louisiaua'sinternalcontrol overfinancialreporting and ourtestsof its com pliance w ith certain provisions of law s,regulations, contracts and grants. Thatreport is an integralpartof an auditperform ed in accordance w ith resultsof ouraudit. and should be read in conjunction with thisreport in considering the 1340 W esttunnelblvd.,$~dt~430 P.O.Box 2165 Hounu,LA Phone(98S) FIX(9B5) Cerltlkd PNS)II~ AeCOunla~ [ConlultJlt~ A IJmlted l~blutf 4~ mt~my P.O.Box ~o00 New Orkqm~ LA 70160~0600 HerttaleFIzz*,Sd~ 8~ Phone004) Fax004)$~ S04West~ con4 Str~~ P.O.Box1203 "ld'0o~ ux,la J Phone(955)

8 Ourauditwas conducted forthe purpose of form ing an opinion on the general-purpose financialstatem ents of the Town of G olden M eadow,louisiana taken as a whole. The com bining statem entsand individualfund and acco tm tgroup schedulesand othersupplem enta ry inform ation as listed in the table of contents are presented forpurposesof additionalanalysis and are nota required partof the genera l-purp ose financialstatem entsof the Town of G olden M eadow,louisiana. Such inform ation,exceptforthe StatisticalInform ation Section m arked "U nan dited",on which w e express no opinion,hasbeen subjected to theauditing proceduresapplied in theauditof the general-purp ose financialstatem ents,and,in ouropinion,the inform ation isfairly presented in,allm aterialrespects,in relation to the general-purpose financialstatem entstaken asa w hole. H oum a,la., February 18,2002 C.ertified Public A cco unta nts

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10 Town of Golden M eadow,louisiana December G overnm entalfund Tvoes ASSETS AND OTH ER DEBITS General Special Revenue Debt Service Capital ProJects Assets Cash and cash equivalents Investm ents Receivables(net,where applicable of allowancesforuncollc tibles): Taxes A ccounts Unbilled service revenues D ue from otherfunds D ue from othergovern m entalunits Restricted assets-cash and cash equivalents Fixed assets-net O therd ebits Am ountavailable in DebtService Fund $ 201,878 40,266 35,375 I1,794 31,490 17,722 $ 722,495 $ 66,523 $ , ,355 1, ,451 13,067 Totalassetsand otherdebits 2~ $ 872~205 $ 68,487 $ 17,610 LIABILITIES,EQUITY AND OTHER CREDITS Liabilities Accountspayable and ac ru ed expenditures Payable from restricted assets D ue to otherfunds Deferred revenue Contractspayable Bondspayable $ 46,724 67,985 42,490 $ = 106,322 $ 1,523 16,087 Totalliabilitics 15% ,322 17~610 Equity and O therc redits Contributed capital Investm entin generalfixed assets Retained eam ings: U nreserved: Designated Undesignated Fund balances: Unreservcd: D esignated Undesignated _ 181, ~883 68,487 Totalequity and othercred its 181, ,883 68,487 Totalliabilities,equity and othercredits S 338,525 $ 872,205 $ 68t487 $ 17,610 m See notesto linaneialstatem ents. 4

11 Proprietary Fund Type Enterprise AccountGroups General General Fixed Long-Term A ssets Debt (Memorandum O~l9 $ 149,529 6,903 $ 1,140,517 82,874 7,564 60,038 62,872 49,73; 1,717,165 4,113, ,326 19,358 60,038 99,476 57,144 49,731 5,830,942 4o,ooo 4o,oqq $ 40,000 $ 7~504~406 $ 34,838 49,731 29, ,000 40~000 $ 81,562 49,731 99, ,812 16,087 40, ,779,140 $ 4,113,777 1,779,140 4,113,777 27, ,815 27, ,815 1,939,265 $ 2, , ,209 7,068,738 $ 40,000 $

12 Town of Golden M eadow,louisiana Forthe yearended Deoember3 I,200 Revenues Taxes Finesand forfeitures [ntergovcm mea tal Licensesand perm its Franchise fe s Chargesforservice s [nvestmea tincome M iscelaneous Oeneml $ 42, , ,156 83,149 73,443 25,438 8,186 19,32g _._ Speeinl Revenue $ 359,632 $ 34,119 25,738 Debt Service 2,749 Capital FroJ~ Total (Memorandum only) $ $ 402, ~98 220, ,319 83,149 73,443 25,438 36,673 19,328. To~lrevcnue s,,, 735~5?2 419,489 2, ,044 1,377,874 Expenditures Current: Generalgovern m ent Public ea f~ty Streetsand highways Sanitation Drainage and leve Culture and recrea tion Civildefense Capitaloutlay Debtservice: principalretirement Interestand fiscalcharges 160, , ,968 2t, ,479 62, ,000 3, , , ,968 21, ,479 62, ,245 33,000 3,656 Totalexpenditures Excess(deficiency)ofrevenues overexpe nditures OtherFlnnnelng Sources(Uses) Proce ed sfrom the sale ofassets Ope rating transfersin Ope rating transfersout Totalotherfinancing sources(uses) Excess(Deficiency)ofRevenuesand Other SourcesO verexpendituresand O theruses t,o2o,o4l (284,452.)_ 419,489, (33,907~ (5,20.1~.. 95,929 2, ,844 (4,45I) 337,757_ {339,844) (339,844) 79,645 03,907) 4,451, 4,4~! (75o) 2, ,295 {344,295~ 2, ,293 Fund Balances Beginning of year 128v02L _ 686r f End ofy~ r $ 181~326 $ 765r~3 $ 68r487 See notesto financialstatements.

13 Tow n of G olden M eadow,louisiana Forthe yearended Decem ber31,2001 GeneralFund Actual Favorable (Unfavorable) R eveuues Taxes Finesand forfeitures Intergovem m ental Licensesand perm its Franchise fees Chargesforservices Investm entincom e M iscellaneous 42, , ,477 82,650 76, ,630 18,362 $ 42, , ,156 83,149 73,443 25,438 8,186 19,328 $ 394 3,013 18, (2,993) 3,488 2, Totalrevenues 735, Expenditures Current: G eneralgovernm ent Public safety Streetsand highways Sanitation Drainage and levee Culture and recreation C ivildefense 160, , , ,847 61, , , , ,479 62, (18,310) (21.992) 834 (2,632) (212) Totalexpenditures Excess(deficiency)ofrevenues overexpenditures ,044.. (268,808) (284,452) OtherFinancing Sources(Uses) Proce edsfrom the sale assets Operating transfersin O perating transfersout 2, , (4,451) 24,844,,, (4,451) Totalotherfinancing source s(uses) ExcessofRevenues and O thersources O verexpendituresand O ther Uses 53,305 Fund Balances Beginning ofyear End of year Sea notes to linanoialsta tem ents.

14 Revenue Funds Actual v ar ancc Favorable ~Unfavorable) $ 363,045 34,207 $ 359,632 34,119 $ (3,413) (88) 31,410 25,738 (5,672) , (315,000), (339,844) (24,844) (315,000) (339,844) (24,844) 79, ,238 $ 765,883

15 ~ghlbltd Tow n of G olden M eadow,louisiana Forthe yearended December31,2001 Enterprise Funds O perating Revenues Salesand service charges M iscellaneous Totaloperating revenues O perating Expenses Salaries Perdiem Payrolltaxes Retirem ent Hospitalization insurance Utilitiesand telephone Repairsand m aintenance Truck O therinsurance O ffice Postage end freight Legaland auditing Travel G aspurchases Bad debts Depreciation M iscellaneous Totaloperating expenses Operating loss $ 496,170 4, ,644 13,389 7,596 6,494 13,509 12,047 39,493 3,983 6,692 4,042 1,606 7,000 2, ,305 8,530 50, (11,726) N nnoperating R evenues Investm entincom e Netloss D epreciation Transferred to Contributed C apital. NetIncom e Transferred to Retained Earnings Retained Earnings Beginning of year End of year (7,293) 34,788 27, ,630 $ 160,125 See notesto tinanoialsta tem ents.

16 Tow n of G olden M eadow,louisiana Forthe yearended Dec ember31,2001 Enterprise Funds Cash Flow sfrom O perating Activities O perating loss Adjustm entsto reconcileoperating lossto netcash provided by operating activities: Depreciation (Increase)decreasein assets: Receivables Increase(dec rease)in liabilities: A ccountspayable and accrued expenses Custom erdeposits D ue to otherfunds Totaladjustments N etcash provided by operating activities C ash Flow sfrom Investing A ctivities Proceed sfrom m aturitiesof investments Investm entincom e N etcash provided by investing activities N etincrease In C ash and C ash Equivalents $ (11,726) 50,154 37,018 (49,715) 1,536 3,807 42,800 31,074 1,205 4,433 5,638 36,712 C ash and C ash Equivalents Beginning of year End of year See notes to financialstatem ents.

17 Tow n of Golden M eadow,louisiana D ecem ber31,2001 Page Num ber N ote 1 -Sum m ary of SignificantA ccounting Policies A.Reporting Entity B. Basis of Presentation C. M easurem entfocus/basis of A eeounting D.U se of Estim ates E. Budgets F. Cash,Cash Equivalentsand Investm ents G.A ccounts Receivable H. Property,Plantand Equipm ent I. Com pensated A bsences J. Long-Term D ebt K.Fund Equity L. Interfund Transactions M.G A SB Pronouncem ents N.Reclassification O.M em orandum O nly -TotalColum ns N ote 2 - Stew ardship,com pliance and A ccountability N ote 3 - Property Taxes N ote 4 - D eposits and Investm ents N ote 5 - Interfund Receivable and Payable Balances N ote 6 - D ue From O therg overn m entalu nits N ote 7 - Restricted A ssets Note 8 -Property,Plantand Equipment Note 9 - Long-Term D ebt Note 10 -Segm entinform ation Note 11-M ajorsuppliers-enterprise Funds N ote 12 -Contributed Capital N ote 13 - Risk M anagem ent N ote 14 -Com m itm ents and Contingan eies N ote 15 - Pension Plans N ote 16 -Supplem entalpay

18 ExhlbR F Tow n of G olde,n M eadow,louisiana D ecem ber31,2001 Note 1 -SUM M ARY O F SIG N IFICANT ACCO UNTING PO LICIES The financialstatementsofthe Town of Golden M eadow,louisiana(the Town)have been prepared in conform ity with accounting princip]es generally accepted in the United States of America (GAAP)asapplied to governmentalunits.the more signifioantaccounting policies of the Tow n are described below : A.Reporting Entity The Town of Golden M eadow,loifisiana wasincorporated July 17,1950,underthe provisionsofact136 (Lawrson Act)of1898,StateofLouisiana.TheTown operates undera M ayor-tow n Councilform of govern m entand providesthe fo low ing servicesas authorized by its charter: public safety,streets and highw ays,drainage,sanitation, culture-recreation,gas distribution system,sew erage,planning and zoning,and general adm inistrative servic s. The Town's com bined financialstatem ents include the accounts of alltown operations. The criteria forincluding organizationsas com ponentunits w ithin the Tow n's reporting entity,as setforth in Section 2100 of G A SB 's include w hether: The organization islegally separate (can sue and besued in theirown name). The Town holdsthe corporate powers of the organiza tion. TheTown appointsa voting,majority oftheorganiza tion'sboard. TheTown isableto impose!ts wilontheorganization. The organiza tion has the potentialto im pose a financialbenefit/burden on the Town. There isfiscaldependency lay the organiza tion on the Tow n. Based on the aforem entioned criteria,th e Town of Golden M eadow,louisiana has no com ponentunits. 12

19 ExhibitF (Continued) Note1-SUM M ARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) B. Basisof Presentation The accounts of the Tow n are oqganized on the basisof fundsand ac ountgroups, each of which isconsidered a separate accounting entity. The transactionsof each fund are accounted forw ith a separate setof self-balancing accounts thatcom prise its assets, liabilities,fu nd equity,revenues,and expenditures /e~penses.govern mentalres ource sare allocated to and accounted forin individualfu nds based upon the purposes forwhich they are to be spentand the m eansby which spending activitiesare controlled, Fundsare ordered into two majorcategories,governmentaland proprietary.fundswithin each majorcategory are grouped by fu nd type in thecombined financialstatements.thefunds and accountgroupsused by the Tow n are asfollow s: G overn m entalfundsare those through w hich generalgovernm entalfunctionsof the Town are financed. The acq uisition,use and balancesof the Town's expendable financial resources and the related liabilities (except those accounted for in Proprietary Funds)are accounted forthrough Govern mentalfunds.the following are the Tow n'sg overnm entalfund types. G eneralfund The GeneralFund isthe m ain operating fund of the Town. Thisfu nd isused to accountforallfinancialresourcesnotac ounted forin otherfu nds.a llgeneraltax revenues and otherreceiptsthatare notrestricted by law orcontractualagreem ent to som e otherfund are accounted forin thisfu nd.generaloperating expenditures, fixed chargesand capitalim provem entco sts thatare notpaid thr ough otherfu nds are paid from the GeneralFund. SpecialR evenue Funds The SpecialRevenue Funds are used to acco untforthe proceeds of spec ific revenue resources(otherthan assessments,expendable trusts ormajorcapital projects)thatare legaly restfioted to expendituresforspecified purposes.these fu nds include sales tax,levee an d drainage m aintenance ta xes,and street. 13

20 .E~hlbitI:' (Continued) Note1-SUM M ARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) B.BasisofPresentation (Continued) GovernmentalFund Types:(Continued) D ebtservice Fund The D ebt Service Fund is used to account for the accum ulation of financial resource sforthe paym entof principal,interestand related costson generallongterm debt.the fund balanee of the DebtService Fund isreserv ed to signify the am ounts thatare restricted exclusively fordebtserv ice expenditures. CapitalProjectsFunds The CapitalProjectsFunds;are used to accountforthe acquisition orconstruction of majorca pitalfacilities(otherthan those financed by Proprietary Funds)being financed from GeneralObligation orcertificatesof Obligation Bondsproceeds, grants ortransfers from otherfu nds. These fu nds include a walking trail,the LCDBG Economic DevelopmentProject,and thew iliamslanedrainageproject. Proprietary Fundsare accounted foron a flow of econom ic resourcesm easurem ent focus.the accounting objectives are a determination ofnetincome,finaneialposition and changesin cash flow. A llassets and liabilities assoeiated w ith a Proprietary Fund's activities are included on its balance sheet. Proprietary Fund equity is segregated into contributed capitaland retained earnings. The follow ing is the Tow n's Proprietary Fund type: Enterprise Funds The Enterprise Funds are used foractivitieswhich are finance d and operated in a m annersim ilarto private businessenterprise where the intentof the governing body isthatthe co sts (expenses,including depreciation)of providing goodsor service s to the generalpublic on a co ntinuing basis be financed orreco vered prim arily through user obarges,orw here the govern ing body has decided th at periodic determ ination of revenues earned,expensesincurred,or netincom e is appropriate for capita l m aintenance, public policy, m anagem ent control, accountability or other purposes,these fu nds include gas distribution and sew er system s. 14

21 ExhibitF (Continued) Note I-SUM M ARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) B.BasisofPresentation (Continued) Accountgroupsare used to establish ac ounting controland accountability forthe Town'sgeneralfixed assetsand generallong-term debtobligations.the tw o ac ount groups are not"funds." They are concerned only w ith the m easure m entof financial position.they are notinvolved w ith m easure m entof resultsof operations. G eneralfixed A ssets A ccountg roup Thisacco untgroup isestablished to ace ountforallfixed assetsof the Tow n other than those assetsac ounted forin the Proprietary Funds.Capita loutlays in funds otherthan Proprietary Funds are recorded as expendituresof those funds atthe tim e of purchas e and are subsexluenfly recorded forco ntrolpurposes in the G eneral Fixed AssetsAce ountg roup. G enerallong-t erm D ebta ccountg roup Thisaccountgroup is established to ac ountforallof the Town's long-term debt and governm enta lfund co m pensated absence sthatw illbe finance d from general govern m ental resources. Long-term liabilities of all Proprietary Funds are accounted forin those funds. C.M easurem entfoeusfbasis of A ccounting M easurem entfocusre fersto w hatisbeing m easured;basis of acco unting refersto w hen revenuesand expendituresare reco gnized in the ac ounts and reported in the financial sta tem ents. Basis of ac ounting relates to th e tim ing of the m easurem ent m ade, regardlessof the m easurem entfocus applied. G overn m entalfunds are acc,ouuted forusing the m odified ac ru albasisof acco unting. Theirrevenuesare reco gnized when they becom e m eas urable and available.ad valorem taxes are re cord ed as revenue in the period for w hich levied;thus,the currentyear property taxes w hich are being levied to finance the subsequent year's budgetare reco rded asrevenue forthe subsequentfiscalyear. The 2001tax levy isreco rded as deferred re venue in the Town's 2001financialstatem ents. Sales taxesare co nsidered "m easurable" w hen in the handsof m erc hants an d axe reco gnized as revenue atth attim e.

22 ,ExhibitF (Continued) Note1-SUM M ARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) C.M easurementfocus/basisofaccounting (Continued) Anticipated refunds of such taxes am recorded as fund liabilities and reductions of revenue when they are m easurable and valid.otherrevenuessusceptible to acem alare franchise fees,interestincom e and intergovem m entalrevenues.licenses,perm its,fines, forfeitures,and m iscellaneousrevenuesare recorded asre venueswhen rece ived in cash by the Town or and interm ediary co llecting ageney because th ey are generally not m easurable untilactually rece ived. The Proprieta ry Fund Types are accounted foron an econom ic resource s m easurem ent focus using the ac rualbasisof acco unting.revenuesare recorded w hen they are earn ed, including unbilled gasand sew erservice sw hich are accru ed. Expensesare recorded at the tim e liabilities are incurred. D.Use of Estim ates The preparation of financialstatem entsin co nform ity w ith G A A P requires m anagem ent to m ake estim atesand assum ptionsthataffectce rtain reported am ountsand disclosures. A ccordingly,actu alresultscould differfrom those estim ates. E. Budgets The Tow n adheres to the following procedures in establishing the budgetary data reflected in the financialstatem ents: N otlaterthan D ec,em ber 16,a proposed operating budgetforthe yearcom m encing the follow ing January! shallbe subm itted to the Town Council. The operating budgetincludes proposed expendituresand the m eans of financing them. b. The Tow n Councilconductspublic hearingsto obtain taxpayer com m ents e. A llactions nece ssary to adoptand otherw ise finalize and im plem entth e budgetforan ensuing yearare ta ken priorto the end of th e yearin progress. d.the levelof budgetary co nlrolisatthe fund,departmentorprojectleveland any am endmentinvolving the transferof m onies from one fund,departmentorprojectto anotheror any am endm entforam ounts exce eding any currentexpenditu re am ount budgeted m ustbe approved by the Town Council.

23 ẸxhibitF (Continued) NoteI-SUM M ARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) E.Budgets(Continued) e. Allbudgeted am ounts,whioh are notexpended,orobligated through contracts,lapse atyearend. f. Budgets for allgovern m ental fund types are adopted on a basis consistentw ith G AA P. g. The budgetw as am ended one tim e during the year.the financialstatem entsreflect the am ended budgetam ounts.the budgetam endm entsare asfollow s: G eneralfund Revenues/operating transfers in Expenditures/operating transfersout BudgetA s Budget ~)ri~inallv Enacted Amendments AsRevised $878, ,252 $147,661 $1,026, , ,798 SpecialRevenue Funds Revenues/operating transfersin Expenditures/operating transfers out 355, ,000 72,855 (5,000) 428, ,000 Theamendmentswere in orderto adjustrevenuesand expendituresto come within five percentof actu alrevenues and expenditu res as required by state law. The financial statem entsreflectthe am ended budgetam ounts. Budget-to-aetualcomparisonsare notpresented forthe DebtService and CapitalProject Funds. Form albudgetary ac ounting isnotem ployed ford ebtserv ice Fundsbeean se efective controlisalternatively achieved through the indenture provisionsof the bonds and c~rtifieates.thecapitalprqjeotfundspresentprojectasopposed to annualbudget am ounts and are therefore notreported in th e aoco m pan ying financialreport.efective co ntrolof co stsismaintained by the Town Council,who approveseach projootbudget.

24 E _ xhlbltf (Continued) Note1-SUM M ARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) E.Budgets(Continued) Com parison of the budgeted and actual am ounts as shown in Exhibit C in the accom panying financialreportincludesthe GeneralFund and SpecialRevenue Funds w hich arc included in the annualoperating budgetand for w hich a budget-to-actu al com parison is required. Encum brance accounting,underw hich pum hase orders,co ntractsand othercomm itm ents are reco rded in the fund generalledgers,isnotutilized by the Tow n. F. C ash,c ash Equivalentsand Investm ents Cash includesam ountsin regularand m oney m arketaccounts Forpurposesof the statem entof cash flows,cash and cash equivalents include certificates ofdeposit,the investmentin the Louisiana AssetM anagementpool(lamp),and securitieswith maturitiesofthree monthsorlesswhen purchased. Investm ents are stated atfairvalue asestablished by the open m arket,exceptforla M P. LA M P isan extern alpool,w hich isoperated in a m annerco nsistentw ith the SEC's Rule 2a7 of the Investm entcom pany A ctof Rule 2a7 allow ssec-registered m utual fundsto use am ortized costratherthan fairvalue to reportnetassets to com pute share pricesif certain conditionsare m et.a ccordingly,the fairvalue of the Tow n'sposition in LAM P is the sam e as the value of its poolshares. Securities traded on a nationalorintern ationalexchange are valued atth e lastreported salesprice atcurrentexchange rates.investm ents thatdo nothave an esta blished m arket are reported atestim ated fairvalue.realized gainsand losses on investm entsreco rded at fairvalue are included in investm entinco m e. Investm entpolicies are govern ed by state statu es and bond co venants. Investm ents during the yearconsisted of the follow ing: Certificate of D eposit GovernmentNationalM ortgage (GNM A)Notes LouisianaAssetM anagementpool(lam P)

25 Ẹ xhibitf _ (Continued) Note I-SUM M ARY OF SIGNIFICANT ACCOUNT ING POLICIES (Continued) G.A ccountsr eceivables Uncollectible amountsdue forad valorem taxesand customers'utility rece ivablesare recognized as bad debts through an increase in the allow ance acco unt at the tim e inform ation beco m esavailable which w ould indicate the unco lleetibility of the particular rece ivable.a tdece m ber31,2001,an allowance foruncollectible accounts wasreported in the Enterprise Fundsin the am ountof $8,530. H.Property,Plantand Equipm ent G eneralfixed A ssetsa ccountg roup Fixed assetsused in G ovem m enf:alfund Type operationsare accounted forin the G eneral Fixed A ssets A ccount G roup,rather than in G overnm ental Funds. Public dom ain ("infrastructure")generalfixed assetsincluding roads,bridges,curbsand guters,streets and sidew alks,drainage system s and lighting system s are capitalized for reporting purp oses. N o depreciation hasbeen provided on generalfixed assets. Interesthasalso notbeen capitalized on fixed assetsin the G overnm entfund Type operations. A llfixed assetsare valued athistoricalcost. Proprietary Fund Type Property,plantand equipm entow ned by the Proprieta ry Fund are recorded atcostor,if contributed property,attheirfairm arketvalue atthe tim e of contribution. Repairs and maintenance are reco rded asexpenses;renewalsand beterm ents are capitalized.interest hasnotbeen capitalized during the construction period on property,plantand equipm ent in the proprietary fund. D epreciation has been calculated on each classof depreeiable property using the straightline m eth od. Estim ated usefu llives are as follow s: G as D istribution and Sew ersystem s M achinery,equipm ent,v ehicles Furn iture and Fixtu res years 5-20 years

26 ExhibitF (Continued) Note1-SUM M ARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) I. Com pensated A bsences A totalof 5 to 10 days annualleave and 10 days sick leave per yearm ay be accum ulated by each em ployee.em ployeesm ay notcarry overoraccum ulate annualleave.a ny sick leave notused during any calendaryearcan be carded over and accum ulate w ithoutlim it. A ny sick leave accum ulated atthe tim e of term ination of em ploym entby the Tow n shall notbe paid. J. Long-Term D ebt Long-term debtisrecognized asa liability of a G overn m entalfund w hen due,orw hen resources have been accum ulated in the DebtService Fund forpaym entearly in the follow ing year.forotherlong-term obligations,only thatportion expected to be financed from unexpendable available financialresources is reported as a fund liability of a G overn m entalfund.the rem aining portion of such obligationsisreported in the G eneral Long-Term DebtAccountGroup. Long-term liabilitiesexpected to be financed from Proprietary Fund operationsare acco unted forin those funds. K.Fund Equity Contributed capitalisrecorded in Proprietary Funds thathave re ce ived contributionsfrom developers,custom ers orotherfu nds. Reservesre presentthose portionsof fund equity not appropriable for expenditure or legally segregated for a specific futu re use. D esignated fund balancesrepre senttentative plansforfutu re use of financialresources. L.lnterfund T ransactions Quasi-extern altransactionsare accounted forasrevenues,expendituresorexpenses. Transactionsthatconstitu te re im bursem ents to a fund for expenditu res/expenses initially made from itthatare properly applicable to anotherfund,are reco rded asexpenditures/ expenses in the reim bursing fund and as red uctions ofexpendita re~jexpenses in the fund thatis reim bursed. A llotherinterfu nd transactions,exceptquasi-extern altransactionsand re im burs em ents, are reported as transfers.nonre curring ornonre utine perm anenttransfers of equity are reported as residualequity transfers. Allother interfund transfers are reported as operating transfers.

27 ẸxhibitF (Continued) Note1 -SUM M ARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) M.G A SB Pronouncem ents GovernmentalAccounting StandardsBoard (GASB)StatementNo.20 "Aece unting and FinancialReporting for Proprietary Fundsand OtherGovernm entalentities thatuse Proprietary Fund Accounting," providesthatproprietary Fundsm ay apply allgasb pronouncem ents,asw ellas the follow ing pronouncem ents issued on orbefore N ovem ber 30,1989,unlessthose pronouncem ents conflictw ith orcontradictg A SB pronouncem ents; Statem ents and interpretations of the Financial A c ounting Standard Board (FASB),Accounting Principles Board (APB)Opinions,and Ac ounting Research Bulletins(ARB's)of thecommitee on Aece unting Proce dure.thetown haselected to apply only FA SB,A PB and A RB m aterialsissued on orbefore N ovem ber30,1989 to the Proprietary Fundsand com ponentunits. N.Reclassification Certain am ountsreported ascash and cash investm entsin the prioryearwere reclassified asinvestm ents. The reclassificationswere m ade to conform to the presentation in the D ece m ber31,2001financialstatem ents. O.M em orandum O nly -TotalC olum ns The total colum ns on the general-purpose financial statem ents are captioned "M em orandum O nly" because they do notre presentconsolidated financialinform ation and are presented only to facilitate financialanalysis. The colum ns do notpresent inform ation that reflects financial position,results of operations or cash flow s in ac ordance w ith G A AP.lnterfund elim inationshave notbeen m ade in the aggregation of thisdata. N ote 2 - STEW A RD SH IP,C O M PLIA N C E A N D A CC O U N TA BILITY Expendituresf ransferso ut The follow ing individual funds had actual expenditu res/transfers out exceeding appropriations: A etu.al SpecialRevenue Fund: D rainage M aintenance Fund $54,844 $(24,844)

28 ExhibitF (Continued) N ote 3 - PR O PER TY TAX ES Property taxes are levied each N ovem ber 1 on the assessed value listed as of the prior January 1 forallrealproperty,m erchandise and m ovable property located in the Tow n. A ssessed valuesare established by lhe Lafourche Parish Assessor'sO ffice and the State Tax Com m ission atpercentagesof actualvalue as specified by Lot~isiana Law.A reevaluation of allproperty is required to be com pleted no less th~n every fouryears.the lastreevaluation w ascom pleted forthe listof January 1,2000.Taxesare due and payable D ece m ber31w ith interestbeing charged on paym entsafterjanuary 1.Taxescan be paid through the tax sale date,w hich isthe lastw ednesday in June.Propertiesforw hich the taxeshave notbeen paid are sold forthe am ountof the taxes. The assessed value,upon which the 2001levy was based w as $7,004,060. The1974 LouisianaConstitution (Article 7 Se tion 18)provided thatland and improvements forresidentialpurposesbe assessed at10% of fairm arketvalue;otherproperty and electric cooperative properties,excluding land,are to be assessed at 15% ;and public service properties,excluding land,are to be assessed at25% of fairm arketvalue.fairm arketvalue isdetermined by theelected assessorof theparish on allproperty subjectto taxation except public service properties,which are valued by the Louisiana Tax Com m ission (LRS 47:1957). The correctnessofassessmentsby theassessorissubjectto thereview and certification by the Louisiana Tax Com m ission. The Tow n haslevied property taxesform aintenance of levees,drainage and streetsand for generalco rporate purp oses. The varioustax ratesforthe yearended Decem ber3 I,2001 w ere as follow s: D escription Leve M aintenance D rainage M aintenance StreetM aintenance G eneral Tax Rate Per$1,000 $ A sindicated in N ote le,property taxesare recorded as revenue by the Tow n in the yearthe taxes finance budgeted expenditures. Property taxes,w hich are paid underprotest,are recorded as revenue in the yearthe ta xesare co llected.

29 Exhib!tF (Continued) N ote 4 - D EPO SIT S A N D IN VE STM EN TS Louisiana state law allowsallpoliticalsubdivisionsto investexcessfundsin obligationsof the U nited States,certificates of depositof any bank dom iciled orhaving a branch office in the State of Louisiana orany oth erfederally insured investm ent. Bank D eposits: State Law requiresdeposits(cash and certifieatesof deposits)of allpoliticalsubdivisionsto be fully collateralized atalltim es.a cceptable co llateralization includesfd IC insurance and securities purchased and pledged to the politicalsubdivision. Obligationsof the United States,the State of Louisiana,and certain politicalsubdivisionsare allowed assecurity for deposits.obligationsfurn ished assecurity m ustbe held by the politicalsubdivision,orwith an unaffiliated bank,orw ith a trustcom pany forthe acco untof the politicalsubdivision.in acco rdance w ith state law allcash and depositsw ere collateralized. Cash and deposits are categorized into three categoriesof creditrisk Category 1 includesdeposits covered by federaldepository insurance orby collatera held by the Tow n orits agent,in the Tow n'snam e. Category 2 includes deposits covered by collateral held by the pledging financia institution's trustdepartm ent,oritsagentin the Tow n's nam e. Category 3 includes deposits covered by collateral held by the pledging financial institu tion,oritstrustdepartm entoragentbutnotin the Tow n'snam e. The yearend balance sof deposits are asfollow s: Bank Balance s Category 2 3 Book Balance s A td ecem ber31,2001,cash in excessof the FDIC insurance w asco llatera lized by securities held by unaffiliated banksfor the accountof th e depositors.the G overn m entalacco unting StandardsBoard (GASB),which promulgatesthestandardsforaccounting and financial reporting forstate and localgovernrnents,co nsiders th ese securities unco llateralized.even though the pledged securities are considered unco llateralized under the provisionsof GA SB 23

30 Ẹ. xhibltf (Continued) Note 4 - DEPOSITS AND INVESTM ENTS (Continued) Statem ent3,louisiana Revised Statute 39:1229 im poses a statutory requirem enton the custodialbank to advertise and sellthe pledged securitiesw ithin 10 daysof being notified by the depositorthatthe fiscalagenthasfailed to pay deposited fundsupon dem and. Investm ents: State statu tesauthorize the Tow n to investin obligationsof the U.S.Treasury,agencies,and instrum entalities;comm ercialpaperrated AA A I,2,or3;repurchase agreem ents;and the Louisiana A ssetm anagem entpool. The Tow n's investm ents are categorized to give an indication of the levelof risk assum ed by the entity atyearend. Category Iincludes investm entsthatare insured orregistered orforwhich the securities are held by the Tow n oritsagentin the Tow n'snam e. Category 2 includesuninsured and unregistered investm entsforw hich the securitiesare held by the counterparty'stru stdepartm entoragentin the Tow n'snam e. Category 3 includesuninsured and unregistered investm entsforw hich the securitiesare held by the counterparty orby its trustdepartm entoragent,butnotin the Tow n'snam e. A tyearend,the investm entbalancesare asfollow s Fair V alue Risk Category 2 3 Reported Am ount Investmentssubjectto categofizatinn: G overnm entn ationalm ortgage Association (GNM A)Notes $ Investmentsnotsubjectto categorization: Louisiana A ssetm anagem ent Pool(LAM P) $ 82, ,Q15 Totalinvestm ents

31 .ExhibitF (Continued) Note4 - DEPOSITS AND INVESTM ENTS (Continued) Investm entin the Louisiana AssetM anagem entpoolisnotcategorized as to creditrisk because itis notevidenced by securitiesthatexistin physicalorbook entry form. LAM P,a Ioealgovern m entinvestm entpool,isadm inistered by LA M P,Inc.,a non-profit corporation organized underthe laws of the State of Louisiana,which was form ed by an initiative of the State Treasurerin W hile LAM P isnotrequired to be a registered investm entcom pany underthe Investm entcom pany A ctof 1940,itsinvestm entpoliciesare sim ilarto those established by Rule 2-a7,which governsregistered m oney m arketfunds.the primary objective oflam P isto providea safe environmentforthe placementofpublic fundsin short-term,high quality investm ents.the LA M P portfolio includes only securities and other obligations in w hich loca lgovernm ents in Louisiana are authorized to invest. Accordingly,LAM P investm ents are restricted to securitiesissued,guaranteed,orbacked by the LI.S. Treasury, the U.S. G overnm ent, or one of its agencies, enterprises, or instrum entalities,as w ellas repurchase agreem ents collateralized by those securities.the dollarweighted average portfolio m aturity of LA M P assets isrestricted to notm ore than 90 days,and consistsof no securitiesw ith a m aturity in excessof 397 days. The fairm arket value of investm ents is determ ined on a weekly basis to m onitorany variancesbetween am ortized cost and m arket value. For purp oses of determ ining participants' shares, investm ents are valued atam ortized cost.la M P isdesigned to be highly liquid to give its participants im m ediate accessto theiraccountbalances. A reconciliation of deposits and investm entsasshow n on the Balance Sheetisasfollows C ash on hand Reported am ountof deposits Reported am ountof investm ent,; $ , ,889 Total Cash and ca sh equivalents C ash and ca sh equivalents-restricted Investm ents $1,140,517 49,731 82,874 Total

32 Ẹ. xhlbitf (Continued) N ote 5 - IN TERFUND R EC EIV A BLE A N D PA Y ABLE BA LA N C ES Individualfund interfu nd receivable and payable balancesatd ecem ber31,2001 w ere as follow s: G eneralfund SpecialRevenue Funds StreetFund Enterprise Funds: G asd istribution System Fund Sew erage Fund CapitalProjectFunds: W alking Trail LCDBG Econom ic D evelopm ent W illiam slane D rainage Totalfrom com bined balalace sheet Interfu nd Receivables $31, ,872 4,451 lnterfund Payables $67,985 6,683 23,285 1, $ N ote 6 - D U E FRO M O TH ER G O V ERN M ENTA L UN ITS A m ounts due from other govern m ental units at D ecem ber 31,2001 consisted of the follow ing: Special Capital General Revenue Projecls Fund Funds Funds Louisiana D epartm entof Treasury Louisian a Departm entof Treasury Lo uisian a Departm ent.of Treasury Lafourehe Parish SchoolBoard Lafourehe Parish Council Lafourehe Parish Council Lafourehe Parish Council Lo uisian a D ep artm entof M otor V ehicles Be rtax Parish Tran sportation Program s Video Poker Sales Tax Expenditure Reim bursem ent Fran chise Fee Of-track Betting O fi ce Rental 26 $1,038 $ 6,027 3,400 1, ,934 2,668 20,534

33 ~ExhibitF (Continued) Note6 -DUE FROM OTHER GOVERNM ENTAL UNITS (Continued) Special Capilal General Revenue Projects Fund Funds.Funds Louisiana D ivision of Adm inistration Lo uisian a D ivision of Adm inistration Lo uisiana D epartm entof Tran sportation Lafourche Housing Authority LCDBG Gran t- Econom ic D evelopm ent W illiam s Lane Drainage State M aintenan ee ContractAgreem ent P.I.L.O.T.Revenue ,153 7, Totals N ote 7 - R EST R IC TE D A SSET S A sum m ary of restricted assetsatdecem ber31,2001is indicated asfollow s Enterprise Funds Custom erdeposits $ Note8 -PROPERTY,PLANT AND EQUIPM ENT A sum m ary of changesin property,plantand equipm entforthe yearended Decem ber follows: Balance January 1, Balance D ecem ber 2001 Additions Deletions 31,200! Land B uildings and im provem ents Christm asfixtures Protection levee Sw im m ing pool A utos and trucks Sidew alks,streets and drainage $ 92, ,548 16, , , ,739 1,589,192 $ $ 7,108 $ 92, ,656 16, , ,486 19, ,524-1,985,127 27

34 E~ xhibltf (Continued) Note 8 -PROPERTY,PLANT AND EQUIPM ENT (Continued) Balance January 1, Balance December 2001 A dditions Ḍ _ eletions 31,2001_ O akridge Park O ffice furniture and fixtures Equipm ent: Streetdepartm ent Sanitation departm ent Police departm ent Civildefense D M V Building Econom ic D evelopm ent Building 534,090 39, ,989 12,500 64,692 8, , ,000 30,201 2,200 6, ,291 38, ,189 19,200 64,692 8, ,641, 335,000 Totalgeneralfixed assets $ $ $2{),336 ~I.13,27_7. $4. _._.._.._ A sum m ary of proprietary funds property,plantand equipm entatdecem ber3 I,2001 follow s: G asd istribution System Fund Sew erage Fund Sewersystem phase I Sew ersystem phase II G asdistribution system Land A utosand trucks Furn itu re and fixtures Eq uipmentand machinery Totals Lessaccum ulated depreciation N etproperty,plantand equipm ent $457,651 2,500 27,565 73,902 28, , ,748 $ 756,659 1,039,774 1,796, ,456 ~d~.c.l,27.z

35 ExhibitF (Continued) N ote 9 -LO NG -TERM DEBT A t D ecem ber 31,2001,the Tow n had outstanding generalobligation refunding bonds totaling $40,000 bearing interestat6.5%. The bonds are repayable through AprilI,2002 prim arily from ad valorem ta x revenues. The follow ing is a sum m ary of the bond transactions of the Town for the yearended D ecem ber31,200!: Bonds payable atjanuary 1,2001 Bondsretired $ 73,000 (33,000) Bondspayable atd ecem ber31,2001 To amortizeallong-term debtoutstanding atdecember31,2001required by thebond indenture,the Tow n w illpay $40,000 in principaland $1,300 in interestduring the year ending D ecem ber31,2002. N ote 10 - SEG M ENT INFO R M AT IO N The Tow n m aintainstw o enterprise funds,the G asd istribution System Fund and Sewerage Fund,to acco unt for sew er and gas distribution services for m ostcitizens w ithin the boundariesof the Tow n. Selected segm entinform ation fortile Sewerage and G asd istribution System Funds forthe yearended D ecem ber3!,2(101,isasfollows: Gas D istribution System Sew erage Fund Fund Total O perating revenue Operating expenses D epreciation A llother Operating inco me(loss) O thernon-opera ting revenues,net Netincome (loss) $447,166 $53,018 $500,184 14, ,220 20,209 3,837 24,046 35,418 49,535 (31,935) 596 (31,339) 50, ,755 (11,726) 4:33 (7,293) 29

36 ]ExhibitF (Continued) Note 10 -SEG M ENT INFORM ATION (Continued) G as D istribution System Fund Sew erage Fund Totalassets Totalequity N etw orking capital 446, , ,845 1,607,494 1,582,232 20,255 2,053,802 1,939, ,100 N ote 11- M AJO R SU PPLIER S -EN TER PRISE FUN D S Expensesforpurchasesofgasfrom them~orsuppliersatdeeember31,2001were Purchases SupplierA SupplierB Total $117, ,760 $233 _ ~.30~5 Note 12 - C O NT RIBUTED C A PITA L A cum ulative sum m ary of the Enterprise Funds'contributed capitalatd ecem ber31,2001is as follow s: J Federalgrants Town of G olden M eadow State grants Lessdepreciation Totals G as D istribution Sys~ m Fund $ 216, ,091 Sewerage Fund,: $1~90, ,348 48,835 1,790,984 (227,935)

37 .ExhibitF (Continued) Note12 -CONTRIBUTED CAPITAL (Continued) A summ ary of changesin the Enterprise Funds'contributed ca pitalisasfollows Contributed capitalatbeginning of year Less: D epreciation Contributed capitalatend of year G as D istribution System Fund $216,091 Sew erage Fund $1,597,837 (34.788) $ N ote 13 -RISK M A N A G EM ENT The Tow n is exposed to various risks of loss related to generalliability,auto,workers' com pensation,property and group health benefits forw hich the Tow n carriescom m ercial insurance.the Tow n iscoverundera generalliability contractforclaim s,including claim s related to the gas distribution system,up to $500,000.Any claim sin exce ss of $500,000 are to be paid by the Town.Varioussuitsand claimsarising from personalinjury and property dam age,som e forsubstantialam ounts,are pending againstthe Tow n,its insurersand others. The Town has notprovided for estim ated losses from th e aforem entioned pending suits and claim sin its financialsta tem ents because the Town believesthe ultim ate settlem entcostsw ill notm aterially exce ed th e am ounts provided by com m ercialinsurance. Note 14 -CO M M ITM ENTS A ND C O NTIG ENC IES The Tow n received funding under grants from various federaland state govern m enta l agencies.the agency grants specify the purpose forwhich the grantm oniesare to be used; the grantsare subjeolto auditby the granting agency oritsrepresentative. The Tow n has com pleted an Eco nom ic D evelopm ent contract w ith th e D ivision of Adm inistration to re ceive a Louisiana Com unity D evelopm entblock G rantin th e am ount of $335,000 for the acquisition and 1~novafion era building in th e Town of G olden M eadow. The Town has notbeen able to lease th e building in orderto repay Louisian a Comm unity D evelopm entblock Grantcontribution am ortized over20 years atno interest.repaym ent willnotbe required if the building isnotleased. 31

38 ExhibitF (Continued) N ote 15- PEN SIO N PLAN S Em ployeesof the Town,w ith the exception of the police m en,are m em bers of the M unicipal Em ployees'retirem entsystem of Louisiana.FulM im e policem en,notparticipating in the FederalSocialSecurity System,are m em bers of the M unicipalpolice Em ployees'retirem ent System of Louisiana(M PERS).During 2001,the Town had no employeesparticipating in the M PERS. A.M unicipalem ployees'r etirem entsystem Plan D escription - The Tow n eontributes to Plan A of the M unicipalem ployees' RetirementSystem oflouisiana(the System),a cost-sharing multiple-employerdefined benefitpublic employee retirementsystem,which iscontrolled and administered by a separate Board of Trustees. The System provides retirem ent,deferred and disability benefits,survivor'sbenefitsand costofliving adjustmentsto plan membersand beneficiaries. Act356 of the 1954 Louisiana Legislative Session established the plan.the System isgoverned by Louisiana Revised Statutes11:1731through I1:1884,specifically, and othergenerallaw sof the State of Louisiana.The System issued a publicly available financialreportthatincludesfinancialstatem ents and required supplem entary inform ation for the System. Thatreportm ay be obtained by writing to M unicipalem ployees' Retirem entsystem of Louisiana,7937 O ffice Park Blvd.,Baton Rouge,Louisiana Funding Policy -Plan m em bersare required to contribute 9.25% of theirannualcovered earn ings,and the Tow n isrequired to contribute atan actu arially determ ined rate.the Town'scontribution rate is6.25% effective June 30,2000.In addition,the System also receives a percentage of tax revenues from various taxing bodies. The co ntribution requirem entsof plan m em bers and the Town are established and m ay be am ended by state statute.the Tow n'scontributionsto the System forthe years ended D ece m ber31,2001, 2000,and 1999 w ere $19,500,$20,484 and $16,681,respectively,equalto the required contributions foreach year. B.M unicipalpolice Em ployees'r etirem entsystem Plan D es cription -The Town contributes to th e M unicipalpolice Em ployees'retire m ent System of Louisiana (thesystem),a cost-sharing multiple-employerdefined benefit public em ployee re tire m entsystem,which is co ntrolled and adm inistered by a separate Board of Trustees. The Sys tem providesretirem ent,defered and disability benefits, survivor'sbenefitsand costof living adjustments to plan membersand beneficiaries.act 189 of the 1973 Louisiana Legislative Session established the plan. The System is govern ed by Louisian a Revised Statutes11:2211through 11:2234,specifically,an d other 32

39 Exh bltf (Continued) Note 15 -PENSION PLANS (Continued) generallaws of the State of Louisiana.The System issued a publicly available financial reportthatincludes financialsta tem ents and required supplem entary inform ation forthe System. That report m ay be obta ined by w riting to M unicipal Police Em ployees' Retirem entsystem of Louisiana,P.O.B ox 94095,Baton Rouge,Louisiana Funding Policy -Plan m em bers are required to co ntribute 7.50% of theirannualcovered earnings,and the Town isrequired to contribute atan aetuarially determ ined rate.the Tow n's currentcontribution rate is 9.00% of annualearnings excluding overtim e but including state supplem entalpay.in addition,the System also receivesa percentage of insura nce prem ium s.the co ntribution requirem ents of plan m embersand the Town are established and m ay be am ended by state sta tute.the Town's co ntributionsto the System forthe years ended D ece m ber31,2001,2000,and 1999 w ere $ -,$4,176 and $9,083, respectively,equalto the required co ntributionsforeach year. Note 16 - SU PPLEM ENTA L PA Y In addition to the com pensation paid to the Town's em ployees,em ployeesw ho are policem an m ay be eligible to receive supplem enta lpay.the am ountof the co m pensation isdeterm ined by State Law and isrevised periodically. A s per Louisiana Revised Sta tute 33:2218.2,any em ploye w ho devotes his orherfull working tim e to law enforcem ent,w ho is hired arer M arch 31,1986 and w ho has co m pleted a certified training program asprovided in Louisiana Revised Statute 40:2405 and ispaid a salary of notlessthan three hundred fifty dollars perm onth shallbe paid by the state extra co m pensation. A police ofi cerentitled to additionalpay outof state funds includesany pers on em ployed on a fu ll-tim e basisw ho w orks as a duly com m issioned Jaw enforcem ent ofi cerforthe perform ance of prim ary dutieswhich enco m pas sthe enforcem entof state law s,supe rvisory police w ork,providesnece ssary servicesto line oficers,desk sergeantor identification technician ora fu ll-tim e ra dio dispatcher.any pers on w ho received additional pay outof sta te funds shallco ntinue to receive said additionalsta te pay during any period of disability resulting from any injury sustained in theline of duty.the additionalpay outof sta te funds shallco ntinue to be paid to suoh person untilsuch tim e thatsaid pers on is determ ined to be perm anently disabled and no longerable to retu rn to w ork. As of D ece m ber31,2001,th e Tow n has recognized revenue and expenditu resors 15,440 in salary supplem ents thatthe Sta te of Louisiana has paid directly to the Town 's em ployees. 33

40 ilil~i~"i~~ ~Ii~i~I,I~Ip~

41 To accountforresources traditionally associ[ated w ith governm ents,w hich are notrequired to be accounted for in anotherfund.

42 Statem enta -1 Tow n of G olden M eadow,louisiana D ece m ber31,2001 A ssets Cash and cash equivalents Investm ents Receivables: Taxes A ccounts D ue from otherfunds D ue from othergovernm entalunits $ 201,878 40,266 35,375 11,794 31,490 17,722 Totalassets Liabilities A ccounts payable and accrued expenditures D ue to otherfunds D eferred revenue Totalliabilities $ 46,724 67,985 42, Fund Balance U nreserved -undesignated Totalliabilitiesand fund balance 36

43 ~TATEM ENT O F REVENU~ BUDG wn of G o~den M eadow,louisiana Statem enta-2 Revenues Taxes.ed valorem Finesand forfeitures lntergovem ncntah FederalG ovem rnce t: Fed eralemergency M anagementagency State oflouisiana: Video poker Beertaxes om c~ ofruralbevc opment Highway Safe& SoberCampa{~ State supplemce talpay Lafourche Parish Council: Recreation DistrictNo.3 Of track beting Lafourche Housing Authority Lafourche Parish Drainage DistrictNo,I South Lafourche Levee District Licenses end perm its-occupationallicenses Franchisefoes Chargesforservices Investmentincom e M iscelaneous: Donations Olher ~rtheyearcededdecember3l,2001 Budl~ $ 42, ,485 Actual $ , , ,120 31,500 3,270 21,0 0 3, ,80 3,380 $.40O 1,0 0 82, $.630 I ,306 3,560 21,000 3,607 15, ,879 3,444 5,4O0 1,00 83,149 73, ,230 8,098 V arianr~ Favorable (Unfavorable) $ 394 3, I$, (2,993) ,556 9~6 Totalrevenues 708, Expenditures Current: G eneralgovernment Publicsefety Strec4sandhighways Sanitation Drainage and leve Culture and rec reation Civildefense 160, ,976 22, ,968 21~01 236~79 62, ) (21.992) 834 (2~32) (212) Totalexpce ditures (47,246~ Deficice cy ofrcvce ues over expenditures (is,644) OtherFinancing Source~ (Uses) Proceedsfrom the sale u sers Ope.~ting transfersin Operating transfersout 2, ,000 2, ,844 (4t45I) 24,844 {4,451) Totalotherfinancing sources ~393 ExcessofRevenuesand OtherSo urce s O verexpendltureland O ther Uses $ 4t749 Fund Balsnce l Beginning of year 128~21. End of year $ 181r326

44 SalesTax -To acco untforthe reccip and apprppriation of proceed sof the Town's1% salesand use tax. The revenues derived fr4,m the tax are to be used for the purposes of constructing, acquiring,extending and/oriml~roving drainage facilities,streets(including sidewalksand stre t lighting facilities),public build ngs,public parks,and fire departmentand police stationsand equipm ent;public w orks,build rigs,im provem ents and facilities,title to w hich im provem ents shallbe in th e.public,and forth(purpose of paying principaland intereston any bonded debtor funded indebtednessof the Tow a.the tax may be subjectto funding bondsby the Town,and it m ay be used forthe purpose olpaying any costs of salary and/oradm inistrative costs of any em ployee of th e Tow n an d to pa /any orallcosts of any services and co sts of any legalfunctions of the Town. Levee M aintenance Tax -To accountforthe receiptand appropriation of proce eds from a 5.09 m illad valorem tax levied on the assessed valuation of taxable property situated w ithin the corporate lim its of the Tow n of G olden M eadow.th e ta x isused to defray the co stof m ainta ining levees in the Tow n of G olden M eadow.