I?KgflVE9. 1:1tO.r:'i-3P~I2"36 TOWNOFGIBSLAND,LOUISIANA GENERALPURPOSEFINANCIALSTATEMENTS FORTHEYEARENDEDJUNE30,201. ReleaseDate,/o/Z~/~/

Transcription

1 I?KgflVE9 1:1tO.r:'i-3P~I2"36 TOWNOFGIBSLAND,LOUISIANA GENERALPURPOSEFINANCIALSTATEMENTS FORTHEYEARENDEDJUNE30,201 ReleaseDate,/o/Z~/~/

2 GeneralPurposeFinancialStatements TownofGibsland,Louisiana ForIhcYearEndedJune30,201 TABLEOFCONTENTS ]ndependenlauditor'sreport StatementPag_ 1 CombinedBalanceShet-AlFundTypesandAcountGroups StatementofRevenue,Expenditures,andChanges A 2 infundbalances-govermnentalfundtype StalementofRevenue,Expenditures,andChanges infundbalances-budgetandactual-cashbasis- GeneralFund C SlatemcnlofRevenues,Expenses,andChanges inretainedearnings-proprietaryfundtypes D StatementofRevenues,Expenses,andChanges inp.etainedearnings-budgetandactual- CashBasis-WaterFund StatementofRevenues,Expenses,andChanges inretainedearnings-budgetandactual- CashBasis-SewerFund StatementofCashFlows-ProprietaryFundTypes G F NotestotheFinancialStatements 7 8 OTHERSUPLEMENTARYI)ATA 9-17 CombiningStatementofRevenues,Expenditures,andClmnges Schedule t~.epor{oncomplianceandoninternalcontroloverfinancial infundbalances-capitalprojectsfunds RepoJlingBasedonanAuditofFinancialStatements PerformedinAcordancewiflaGovernmentAuditingStandards 20-21

3 TAB1.EOFCONTENTS(CONTD.) SchedulePage ScheduleofFindingsandQuestionedCosts SumaryofPriorYearFindings CoreliveAclionPlan 25

4 WILIAMD.EDWARDS AProfesionalAcountingCorporation Member:AICPA/SocietyofLCPA'S CertifiedPublicAcountant INDEPENDENTAUDITOR'SREPORT MayorandBoardofAldermen TownofGibsland Gibsland,Louisiana 1haveatditedtheacompanyingeneralpurposefinancialstatementsoftheTownofGibslandasofand fortheyearendedjune30,201,aslistedinthetableofcontents.thesefinancialstatementsarethe responsibilityofmanagement.myresponsibilityistoexpresanopiniononthesegeneralproposefinancial statementsbasedonmyaudit. Iconductedmyauditinacordancewithgeneralyaceptedauditingstandardsandthestandardsaplicable lofinancialauditscontainedingovernmentalauditingstandards,isuedbythecomplrolergeneralofthe UnitedSlates.ThosestandardsrequirethatIplanandperformtheauditobtainreasonableasurance aboulwhetherthegeneralpurposefinancialstatementsarefreofmaterialmistatement.anauditincludes aswelasevaluatingtheoveralfinancialstatementpresentation.1believethatnayauditprovidesa examining,onalestbasis,evidencesuportingtheamounlsandisclosuresinthefinancialstalements.an auditalsoincludesasesingtheacountingprinciplesusedandsignificantestimatesmadebymanagement, reasonablebasisformyopinion. Inmyopinion,thegeneralpurposefinancialstatementsreferedtoabovepresentfairly,inalmaterial respects,thefinancialpositionofthetown0fgibslandasofjune30,201,andtheresultsofitsoperations andthecashflowsofitsproprietaryfandtypesfortheyearthenendedinconformitywithgeneralyacepted acountingprinciples. InacordancewithGovernmentAuditingStandards,1havealsoisucdarcportdatedSeptember21,201, onayconsiderationofthetownofgibsland'sinternalcontroloverfinancialreportingandmytestsofits compliancewithcertainprovisionsoflaws,regulations,contracts,andgrants. ThefinancialstatementsfortheyearetadedJune30,20,whichareincludedforcomparativeproposes, weretakenfi'omthefinancialreportforthatyearinwhich1expresedanunqualifiedopiniondated December14,20,onthegeneralpurposefinancialstatementsoftheTownofGibsland. Ruston,Louisiana Septcmber21, ReynoldsDrive~Suite(3-2 Ruston,Louisiana ~FAX:318-25% ~FAX: Bastrop,Louisiana AnlaresIDrive

5 ASFTS Umesldcledasets: Cashandcquivalenls Acoul)lSreceivable l)uefloraotbcrfunds OIherasets Property,plant,andcquipmenl Acumulatedeplciation Totalunrestrictedasets Restrictedasets: (~ash-cus onlerdeposits Cash-Fnd1Arequirements Tolal~cstrictedasets TOTAl.ASETS IAablitlesandFundEquity I.iabilities: Acountspayable andtaxespayable 1)uetoilierfluids Notespayable-curent Notespayable-long-term Acruedinterest Customerdeposits Totaliabilities FundEquity: lnvestl'lentilgclcla]fixedasets Contributedcapital-grants Retainedearnings: F,eservedfordebtrclirements Ul lescived l;ul dbalance-norcservcdundesignated Totalfur~dequity TOWNOFGI~SLANI) CombinedBalanceShets-AlFundTypesandAcounlGroups FortheYearEndedJune30,201andJune30.20 Govcrlnental FundTvoe ProDrielarvFundTvoc GClera Fund Capital Pfojecls Fund $78,027 $94 7,12 17, ,129 Water Fund $2,518 15, ,5760 1,120,561 (508,516) ,653 10, ,473 Sewer Fund $78,350 19,963 19,57 2,70,81.(435,768) 2,382,983 _57, $8,969 42, ,159 52,159 0 $9494 $2,325 28,684 1,0 32,0 10,69 21~ ,360 $3,31 97,28 16,0 689, A (195,761) 127,947(31,60) $ ,360 ~lalemcnta Totals (Menloraldunl Only) $178,989 42,72 167, ,073,802 ~(94,284) 3,519,403 21,653 ~168, ,974 $162,852 41, , ,891,541 _(89,879) 3,374,329 4,569 ~143,816._148,385 ~3,709,37~3,52,714 0 $252, ,9501, $14, ,972 27,0 1,01,176 26,35 21~653 1,268, ,360 2, (195,761) 96,287 52,253 2,467,616 $14,8 167,973 27,0 1,010,757 2,393 4, , (19s,761) 97,367,40,782._2,274,964 TOTAl.1JABI.]TIF.S ANDFUNI)EQUITY $103,129 $94$924,310.$_2~456,484~.$t736,373~52,714 Seacoml)anyingauditol'sreportandilotestolhefinailcialslaten'~cnls.

6 CombinedStatementofRevenue,Expenditmes,and TOWNOFGIBSI.AND Stalenleu1 ChangesinFundBalances-GovernmentalFundType FortheyearendedJune30,201andJune30,20 RF.VF.NUES General Fund Capilal Projects Totals Funds 201 (Memorandum Only) Staleglant Federalglaul Ix~calgrant Ocupationalicense Saleslax $2,50 $19,978 Franchisefes 18, ,135 $19, ,135 Tobacolaxandberlax 5,195 2,50 $502,076 18,538 Propertylax Finesandforfeitures 21, , ,200 19,218 Minelalrightsleaseincome 39,730 Slaleleveuesharing , ,483 39,730 19,648 41,297 8,376 Gainonsaleofaset TOTAl,REVI';NUES ]lcleslileolne 747 3,268 OlhcIiucole 6, XPENI)ITUI{]';S 156, ,9261,353,71 10, , Generalgovclnlent Publicsafely-police q'otali~xpi~ni)itures Opcralionsandmainlcnane-stret 79,656 Capilaloulay 27,651 79,656 19, EXCESOFREVENUES , ~234 OTItI~,RIqNANCINGSOURCE(USE) OVERI{XPENDITURES 19,868 1,462~ ,01 31,36 18,70 29,367 (850)28,517(108,560) l.oanproceds Opelatingtransfersin TOTAl.OTItERFINANCINGSOURCE(USE) OperatingItansfersout (18,491 1,45 EXCESOFREVENUESANDOTHER IqNANCINGSOURCEOVEREXPENDITURES (17, (1, (20,241 3,195 0 (17, , ,3J8) FUNDIAI.ANCE,BEGINING ANDOTItERFINANCING(USE) 12,321 (850) 1,471 15,572 FUNDBALANCI~,ENI)ING ,782_25,210Q_ Seacompalyiugauditor'sreportandnotestolhefirlancialslatemenls

7 REVENUES Granlinonlc Ocupalionalicense Saleslax Franchiscfcs "l'obacotaxandbcrtax Propertylax Fresandforfeilurcs Stalerevenuesharing Gainonsaleofasel ]utcreslincome Otherincome TO'I'AI,RI';VENUI~S TOWNOFG1BSI.AND CombinedStatementofRevenue,Expenditures,and ChangesinFundBalances-BudgetandActual CashBasis-GeneralFund ForlheyearendedJune30,201 IiXPl:.NI)H'URES (JencralgoveHlnlenl Publicsafely-police Operationsandmaintenance-slrel Capitaloulay TOTAl.I':XI~I{NI)IT(JI~.I~S EXCESOFRI~VI~NUESOVEREXPI~NDITURES OTItERFINANCINGSOURCE(Use) Opcratingtransfersin Operalinglransfersout TOTAl.OTI}I,;P,FINANCINGSOURCE(Use) F.XCF.SOFRF.VI~.NUESOVEREXPENDrI'URES ANDO3]ERFINANCINGUSE I:UNI)BA1.ANCE,BEGINING FUNI)BA1.ANCE,ENI)ING Seacompanyingaudilor'sreportandnotes1olhefinancialstatements Budget 13,0 48,0 18,0 5,80 34,0 5,0 36, ,30 43,80 43,30 2, Aclua $2,50 18,538 53,679 21,423 1,985 39,71 10, , ,85 27,659 19, Slalemenl( Variance Favorable (Unfavorablc) $2,50 5,538 5,679 3,423 (3,815) 5,71 5, (29,948) (4,19) 58,945 15,641 2,751 (271) 7.06 (49,30)23,647 72,947 49,0 (16,0) 3.0 1,45 (18,491) (17,0,16) (16,30)40,693 42, ,5 (34,491) ,93 0 $26,542$83,535$56,93

8 TOWNOFGIBSLAND CombinedStatementofRevenues,Expenses,and ChangesinRetainedEarnings-ProprietaryFundType FortheyearendedJune30,201andJune30,20 OPERATINGREVENUES Fes Otherincome TOTAl.OI'ERATINGREVENUES OPI~.RATINGEXPENSES Salariesandrelatedbenefits Mainlenanceandrepairs-plant lnstlralce Chemicals Salestax l)cprciation 1.cgalandacounling Ulililies Telephone Renlalexpense Vehiclexpense Miscelaneous Suplies Equipmenl Oficexpense NSFcheksandbankcharges TOTAl.OPERA3"INGEXPENSES Opcralingincome(los) Nonopcraingrevenue(expenses) lntereslincome Operatinglransfersin Operalinglransfcrsout lnlereslexpense q'otal.nonoperating REVENUI~(EXPENSES) NETINCOME(LOS) RETAINH)EARNINGS,BEGINING RETAINEDEARNINGS,ENDING Water Fund $93,134 45~ ,564 30, ,40 28, , ,579 2,620 9,91 2,140 1, Sower Fund $13, ,683 32,31 4,19 2,950 7,214 25,617 5,596 12, ,597 1,314 1,28 1,074 1, ,82 SlalcmcnlI) Tolals (Mcmorandum Only)_ $206,574 _A47,6~ 254,247 62,465 4,404 3,050 7,524 4,40 54,405 6,346 32,653 1,290 5,176 3,934 21,139 3,214 3, $234,014 2, ,617 58,269 6,504 1,867 8,12 4,09 54,82 1,250 19,682 1,576 19,895 3,49 4,767 16,164 4,42 4, ,87 6,80140,67846,542 4,08740 (28,6) (14,86) (39,065) (5,18) (62,626) ($67,814)_ 1,151 47,463 (2,150) _(32,647) 5,238 47,863 (30,816) (47,53). 3,892 3,626 (I5,308) _[32,757) 13,817(25,248).(10,547~ 20,618 (52~278) ($31,60) Seacompanyingauditor'sreportandholeslothefinancialstatements 15,430 (14,904) ($9,474). 35,95.~=34,390~.(~98,3953_

9 TOWNOFGIBSLAND CombinedSlatementofRevenues,Expenses,and ChangesinRetainedEarnings-BudgelandActua CashBasis-WaterFund FortheyearendedJune30,201 OI'I;RATINGREVENUES Fes Otherincome TOTAl.OPERATINGREVENUES OI'ERATINGEXPENSES Salariesandrelaledbenefils Maimcnanecandrepairs-plant hlsl.lrance Chenficals Salestax l.cgalandacounting Ulililics Telephone Vehiclexpense Miscelaneous Materials&suplies Oficexpense TOTAl.OPERATINGEXPENSES Operatingincome(Jos) Nonopcralingrevenue(expenses) lulcrestineolne Operatingtransfersin ]nlcreslexpense Operatingtransfersout TOTALNONOPERATINGREVENUE(EXPENSES) NETINCOME(LOS) RI3TAINEDEARNINGS,BEGINING RETAINEDEARNINGS,ENDING _Budget $14,0 9,0 123,0 27,5050 1,50 1,0 21,30 1,0 2,0 4,50 8, ,0 Water Fund $93, Slalcmcnl1 Variance Favorable (Unfavorable) ($20,428) ,767 15,767 30, , , ,403 5,278 10,541 1, (2,654) 215 1,40690 (4,404) (750) 1, (403) (78) (2,541) (536) (8,41) 5,0 62,356 7,356 4,08740 (16,750) _(5,0).~28,67) _(5,0)(40,930) ,426 16,576 4,08740 (16,750) ,426 0 $_._.16,576.$18,02 $21,426 Seacompanyingauditor'sreportandnotestothefinancialstatemenls

10 TOWNOFGIBSI.AND CombinedStalemenIofRevenues,Expenses,and ChangesinRetainedEarnings-BudgetandActual CashBasis-SewerFund 17ol~theyearendedJune30,201 OPI~I~.ATINGR1WIV.NUES Fes Odmrincome TOTALOPERATINGREVENUES OPERATINGEXPENSES Salariesandrelatedbenefits Maintenanceandrepairs-plant ]nstlrance Chemicals Ulililies Telephone Vehiclexpense Miscelaneous Materials&suplies Oficexpense Rentalexpense TOTAl.OPEI/ATINGEXPENSES Operatingincome(los) Nonoperatingrevenue(expenses) ]nlerestincome Operatingtransfersin Operatingtransfersout Interestexpense TOTAl.NONOPERAT1NGREVENUE(EXPENSES) NETINCOME(LOS) RETAINEDEARNINGS,BEGINING RETAINEDEARNINGS,ENDING _l~udget $1,0 10 1,10 29,0 4,0 9,0 1,0 1,0 1,0 3,0 16,0 3,0 2, ,10 (2,0) _(2,0). Sewer Fund $13, Slalenlenl1 Variance Favorable (Unfavorable) $2, ,091 3,91 32,31 3,81 2,950 7,310 12, ,960 9,206 10, ,231 32,860 1,151 47,463 (2,150) (26,820) ,504 _(43,547)(43,547) (3,31) 19 6,050 3,690 (1,176) (9,206) 5,694 2, ,960 1,151 47,463 (24,150) (26,820[ (2,356) 52, ,47)$8.~957 $52,604 Secacompanyingauditor'sreportandnoteslothefinancialstate]~lcnts

11 ]'OWNOFG1BSLAND StatemcntsofCashFlows-ProprietaryFundType FortheYearEndedJune30,201andJune30,20 CAStF1.OWSFROMOPERATINGACTIVITIES OperatingIncome AdjustmentstoReconcileOperatingIncometoNet CashProvidedbyOperatingActivities: 1)eprecialion lnereaseinacountsreceivable Increase(decrease)inacountspayable Increaseincustomerdeposits lncrcascininterfundpayable Increaseinintcrfundreceivable NETCASHPROVIDEDBYOPERATINGACTIVITIES CASltFLOWSFROMFINANCINGACTIVITIES AdilionstoProperty,Plant,&Equipment NETCASIt(USEDBY)FINANCINGACTIVITIES CASltFLOWSFROMINVESTINGACTIVITIES Priorperiodadjustment Decreaseinloanspayable-C1P Increase(decrease)inacruedinterest Operatingtransfers(net) Grantincome Loanproceds Principalreductions lnlcreslpayjnenls lnlereslincome NETCASltPROVIDEDBYINVESTINGACTIVITIES NETINCREASEINCASH CASItATBEGININGOFYEAR CASlATENDOFYEAR SUMARY Operatingacount Reslricled Expendituresforinteresl-cashbasis Expendituresfortaxes-cashbasis $40,678 54,405(389) StatementG $46,542 54,82 (10,451) (634) 791 2,932 (24,157~ 95,271 89,845 _(157,969) _(1,302,124) (157,969)_(I,302,124) 0 3,960 17, ,9690 (26,581) (47,53) _5,240 Seacompanyingauditor'sreportandnotestothefinancialstatements , (290) (167,394) (6,582) 18,318 1,157,27 310,0 (27,35) (32,757) _1,25,109 42, ~$290,842$243,438 $92, ,717 $29._~0,842 $4._~3,570 $4,489 $95, ,385 $243,438 $31,783 $4,158_

12 NotestotheFinm~cialStatements FortheYearEndedJune30,201 TownofGibsland 1N3'RODUCTION ThcTownofGibsland,]~ouisianaislocatedinthewesternportionofBienvileParishinorthecntral l~ouisiana.thetownwasincorporatedundertheprovisionsoflouisianarcvisedstatutes3:52.the TownoperatesunderaformofgovermnentconsistingofanelectedmayorandaBoardofaldcrpcrsons, whichasixelectedmembers.thetownprovidesgarbagecolection,strctmaintenanec,drainage maintenance,andotherhealthandwelfareservices,inaditiontotheadministrativeservicesprovidedto itsresidents. I.SUMARYOFSIGNIFICANTACOUNTINGPOLICES A.REPORTINGENTITY Asthemunicipalgoverningauthority,foreportingpurposes,theTownofGibslandisconsidereda separatefinancialreportingentity.thefinancialreportingentityconsistsof(a)theprimary government(municipality),(b)organizationsforwhichtheprimarygovernmentisfinancial acountable,and(c)otherorganizationsforwhichnatureandsignificanceoftheirelationshipwith theprimarygovernmentaresuchthatexclusionwouldcausethereportingentily'sfinancialstatements tobemisleadingorincomplete. GovernmentalAcountingStandardsBoard(GASB)StatementNo.14establishcdcriteriafor determiningwhichcomponentunitshouldbeconsideredpartofthetownofgibslaudforfinancial rcporlingpurposes.thebasicriterionforincludingapotenfialcomponentunitwithinthereporting entityisfinancialacountability.thegasbhasetforthcriteriatobeconsideredindclermining financialacountability.thiscriteriainclude: 1.Apointingavotingmajorityofanorganization'sgoverningbody,and a.theabilityofthemunicipalitytoimposeitswilonthat organizationand/or Thepotentialfortheorganizaliontoprovidespecificfinancial benefitstorimposespecificfinancialburdensonthe municipality. 2.Organizationsforwhichlhemunicipalitydoesnolapoinlavolingmajorilybul mefiscalydependentofthemunicipality. Organizationsforwhichthereportingentityfinancialstatemenlswouldbe misleadingifdataoftheorganizationwerenotincludedbecauscofthenature orsignificanceoftherelationship. Seacompanyingauditor'sreport 9

13 TownofGibsland NotestotileFinancialStatements(Continued) Asrequiredbygeneralyaceptedacountingprinciples,thesefinancialstatementsprcscultileTown ofgibsland(tileprimarygovernment),thetownofgibslandhasnocomponentunits. ConsideredinthedeterminationofcomponentunitsofthereportingentityweretileBienvilcParish PoliceJury,Sherif,ClerkofCourt,Asesor,andScholBoardandtheDistrictAilorncyandJudges forbienvilcparish.itwasdeterminedthathesegovernmentalentitiesarcnolcomponcnlunitsof the']'ownofgibslandreportingentitybecausetheyhaveseparatelyelectedgoverningbodies,arc legalyseparate,andarefiscalyindependentofthetownofgibsland. B.FUNDACOUNTING Themunicipalityusesfundsandacountgroupstoreportonitsfinancialpositionandtheresultsof itsoperations.fundacountingisdesignedtodemonstratelegalcomplianceandtoaidfinancial managementbysegregatingtransactionsrelatingtocertaingovernmentfunctionsoractivities. Afiredisaseparateacountingentitywithaself-balancingsetofacounts.Ontheolherhand,an acountgroupisafinancialreportingdevicedesignedtoprovideacountabilityforcertainasetsand liabilitiesthatarenotrecordedinthefundsbecausetheydonotdirectlyafectnetexpendableavailable financialresources. Thefundsusedbythe']'ownofGibslandaregroupedintotwobroadfundtypesand3genericfimds asfolows: GovernmentalfundsGovermnentalfundsareusedtoacountfortheprogramsandactivitiesof tilegovencnlalfunctionsofthetown. GeneralFund:TheGeneralFundservesasthegeneraloperatingfundoftheTown.Itis usedtoacountforalfinancialresourcesexcepthoserequiredtobeacountedforin anotherfund. CapitalProjectsFunds:Thesefundsarestablishedtoacountformajorcapital expendituresnotfinancedbyenterprisefunds. ProprietaryfundsProprietaryfundsarcusedtoacountforongoingorganizationsandactivities thaiaresimilartothosefoundintheprivatesector. EnterpriseFunds:EnterpriseFundsarcusedtoacounlforoperationsthatarefinanced andoperatedinamanersimilartoprivatebusinesenterpriseswheretheintentisthat costs(expenses,includingamortizationandepreciaiion)ofprovidingodsorservices tothegeneralpubliconacontinuingbasisbefinancedorecoveredprimarilythroughuser charges. Seacompanyingauditor'sreport 10

14 TownofGibsland NotestotheFinancialStatements(Continued) AcountgroupsInaditiontotheseventhregenericfundsdescribedabove,theTownuses acountgroupstoestablishacountingcontrolandacountabilityforthetown'sgeneralfixed asets,asdescribedbelow: GeneralFixedAsetAcountGroupTheGeneralFixedAsetsAcountGroupisusedto acountforalfixedasetsoflaetownoiliertitanthoseacountedforinproprietaryflmds. Property,plant,andequipmentFixedasetsusedingovermnentalfundtypeoperations (generalfixedasets)areacountedforinthegeneralfixedasetsacountgroup,ratherthan ingovcrmnentalfunds.publicdomain("infrastructure")fixedasetsconsistingofcertain improvementsotherthanbuildings,includingroads,bridges,sidewalks,andrainage Alfixedasetsarestatedathistoricalcostorestimaledhistoricalcostifactualhistoricalcost improvements,arenotcapitalized.nodepreciationhasbenprovidedongeneralfixedasets. isnotavailable.donatedfixedasetsarcstatedatheirestimatedfairvalueonthedatedolaled. Depreciationofalexhaustiblefixedasetsusedbytheproprietaryfundsarechargedasan expenseagainstoperations.acumulatedepreciationisreportedonproprietaryfiredbalance shets.depreciationhasbenprovidedoverthestimatedusefulifeusingthestraight-line methodoverthestimatedusefulivesof5-40years. GeneralLongTermDebt-Long-termliabilitiesexpectedtobefinancedfromgovernmenla fundsareacountedforinthegenerallong-termdebtacountgroup,notinthegovernmcnta fimds,l,ong-tcnliabilitiesexpectedtobefinancedfromeuterprisefunds.atjune30,201 thetownhadnogenerallong-termdebt. C.BASISOFACOUNTING Theacountingandfinancialtreatmentapliedtoafundisdeterminedbyitsmeasurementfocus.Al governmentalfundsareacountedforusingacurentfinancialresourcesmeasurementfocus.with thismeasurementfocus,onlycurentasetsandcurentliabilitiesaregeneralyincludedonthebalance shet.opcratingstatementsofthesefundspresentiuereasesandecreasesinetcurcutasets.the modifiedacrualbasisofacountingisusedbyalgovernmentalfunds.thegovenmlentalfimdsuse thefolowingpracticesinrecordingrevenuesandexpenditures: Rcveunes Revenuesarerecognizedwhentheybecomemeasurableandavailableasnetcurentasets. Taxpayer-asesedincome,grosreceipts,andsalestaxesareconsidered"measurable"whenin thehandsofcolectingovernmentsandarerecognizedasrevenueathatime.anticipated refundsofsuchtaxesarerecordedasliabilitiesandreductionsofrevenuewhentheyare measurableandtheirvaliditysemscertain. Seacompanyingauditor'sreport

15 TownofGibsland NotestotheFinancialStatements(Continued) Propertytaxesbecomemeasurablewhenapropertytaxasesmentismade.Thetaxesareused tofinancethebudgetofaparticularperiod.therefore,thcrcvenueproducedtaxesisrecognized intilefiscalperiodforwhichitwaslevied,provideditisavailable."available"means(1)then due,or(2)pastdueandreceivablewithincurentperiod,or(3)expectedtobecolectedwithin 60daysandusedtopayliabilitiesofthecurentperiod. amountsrclniteduringthecun'entperiodandamoutscolectedbythegovernmentalagency duringthecun'entperiodandremitedwithin60daystothetownofgibsland,arcrecognized SaleslaxarecolectedbythesalestaxcolectionagencyandremitedtotheTown.Therefore, asrevenue, Licensesandpermitsarerecognizedasrevenueintheperiodreceived,butnotbeforethebenefit period.however,fortheyearendedjune30,201,amountswerealsorecognizedasrevenue iftheywereavailablewilhin60days(basedonactualcolections).sincelicensesandpermits werenot"biled"onatimelybasis,thisacrualrecognizesrevenuetofinancethebudgetforthat period. Expenditures Expcndilnresaregeneralyrecognizedunderthemodificdacrualbasisofacountingwhenlhc relatedfundliabilityisincured.exceptiontothisgeneralrule:aecmnulatedunpaidvacalion, sickpayandotheremployeamountswhicharenotacrued. OtherFinancingSources(Uses) Transfersbetwenfundsthatarenotexpectedtoberepaidareacountedforasotherfinancing Alproprietaryfundsareacountedforonaflowofconolraicresourcesmcasurelncntfocusanda sources(uses). determinationofnetincomeandcapitalmaintenance.withthismeasurementfocus,alasetsandal liabilitiesasociatedwiththeoperationofthesefundsarcincludedonthebalanceshet.the proprietaryfundsusetileacrualbasisofacounting.revenuesarcrecognizedwhenearned,and expensesarerecognizedathetimeliabilitiesarcincured. BudgetsAndBudgetaryAcountingTheTownadoptedabudgetfortheyearendedJune30,201 forthegeneralfundandbothproprietaryfunds.thetownfolowsthefolowingproceduresin establishingthebudgetarydatareflectedinthefinancialstatements.duringthemaymeting,the townclerksubmitstotheboardofalden~enaproposedoperatingbudgetforthefiscalyear comencingthefolowingjuly1.theoperatingbudgetincludesproposedexpendituresandexpenses andthemeansofinancingthem.duringthejunemeting,thebudgetislegalyenactedthrough pasageofanordinance.thepublicisinvitedloatendalmetings.thelawnclerkisauthorized totransferbudgetedamountsbetwendepartmentswithinanyfund;however,anyrevisionsthataler thetotalexpendituresorexpensesofanyfundmustbeaprovedbytheboardofaldermen. Apropriationslapseathendoftheyear.Therewasoneamendmentotheoriginalbudget. Secacompanyingauditor'sreport 12

16 TownofGibsland Notes1otheFinancialSlatemen(s(Continued) 2.CASltANDCASItEQUIVALENTS At3unc30,201,theTownhascashandcashequivalents(bokbalmaces)totaling$368,962asfolows l)cmandeposits Timedeposits Total $368,9620 Thesedeposilsarestatedatcost,whichaproximatesmarket.Understatelaw,thesedeposits(oresulting bankbalances)mustbesecuredbyfederaldepositinsuranceorthepledgeofsecuritiesownedbythefiscal agen!bankthemarkelvalueofthepledgedsecuritiesplusthefederaldeposilinsurancenmslalalimes equaltheamountondepositwiththefiscalagent.thesesecuritiesareheldinthenameofthepledging fiscalagentbankinaholdingorcustodialbankthatismutualyaceptabletobothparties.a(june30,201, thetownhas$370,87indeposit(colectedbankbalances).thesedeposilsaresecuredfromriskby $130,58ofederaldepositinsuranceand$240,29ofpledgedsecuritiesheldbythecustodialbankinthe nameofthefiscalagentbank.(gasbcalcgory3). Eventhoughthepledgedsecuritiesareconsidereduncolateralized(Category3)undertheprovisionsof GASBStatementNo.3,Ix)uisianaRevisedStatute39:129imposesastatutoryrequirementonthecustodial banktoadvezq.iscandselthepledgedsecuritieswithin10daysofbeingnotifiedbythedistricthathefiscal agenthasfailedtopaydepositedfundsupondemand. 3.LICVIEDTAXES l'hcfolowingisasumaryofauthorizedandleviedadvaloremtaxesfortheyear AuthorizedLevied MilageṂilageExpiration June30,201 Date June30,201 Thefolowingaretheprincipaltaxpayersforthemunicipality(amountsexpresedinthousands) TaxDavcr Asesed BclSouthTelconmnicalions Valuation GibslandBankandTrust KansasCitySouthernRailroad,Co $187, ,810 PercentageOf TotalAsesed Valuation 74, % 1.06% 4.58% Seacoml)anyingauditor'sreport

17 TownofGibsland NotestotheFinancialStatemenls(Continued) qaxpavc GibslandVilas l.a.unwired EntcrgyIJa. P,cliantEnergy La.andNWRailroad,Co BufordGroup JefcrySampson Total 4.RECEIVABLES Asescd Valuation 54,20 46,90 38,960 38,780 21,10 13, $482,340 l'hcfolowingisasumaryofreceivablesforjune30,201 ClasofRecivable Taxes: Sales Bcer Franchise Fines Other Tolal 5.FIXI,;I)ASETS Pcrcntagcof TotalAsesed Valuation Govcrnlcuta] FundTypes 3.31% 2.8% 2.37% 2.37% 1.29% 0.85% 0.78% 29.49% Proprietary Funds $712 $735 ~I AsumaryofthechangesinfixedasetsfortheyearendedJune30,201,ishownbelow Land BuildingandImprovements Vehicles l,'urnitureandequipment Consh'uclioninprogres Total Seacompanyingauditor'sreport Balance 6/30/0 $23,643 45,515 20,10 138,810 Adjustments 14,97 7,50 Balanc AditionsDeletions6/30/01 2,30(5,0) $28,068$2,47$6,815($5,0) $23,643 45,515 32,37 146,831 3,94 $252,360

18 TownofGibsland NotestolheFinancialStalemcnts(Continued) TheJtmc30,20balanceswereadjustedforasetspurchaseduringaprioryear.Aditionsfortheyear endedjtme30,201,includedonatedasetsof$6,54. Balance June30, Balance 20AditionsDeletions201 June30, ljand Buildings Sewersystem $49,175 Watersyslem 1,016,360 91,81 7,935 1,016,360 $49,175 Equipment hnprovements Vehicle 142,460 7,930 91,81 7,935 Constructioninprogres 1,525,302157,969 2,50 142,460 7,930 l.esacumulatedepreciation(89,.879)(54,405~. Subtotal 3,63,473157,969 01,683,271 2,50 3,821,42 Total $2,73,594$103,564 l,and Water Buildings Sewersystem $49,175 Sewcr $o,$2,87358_ (94,284_)_ Total Watersystem 7,935 Equipment 91,81 $1,016,360 1,016,360 $49,175 lmprovelnents Vehicle 142,460 7,930 91,81 7,935 Constructioninprogres 1,250 1, ,460 7,930 I~esacumulatedepreciation Subtotal 1,120,561 1,683,271 Tolal (508,516[ 2,70,81 $612,045= $2,265,13 (435~768) 1,683,271_ 2,50 ~(94,284~_ 3,821,42 6.LONGTERMDEBT-PROPRIETARYFUND,$_2,87,158 Thefolowingisasumaryoflong-termdebtransactionsfortheTownfortheyearendedJune30,201 Balance,June30,20 Aditions Balance,June30,201 Principalpa~nents $35,0$702,757 WaterSewer Total,$32,0_=$689,176 l_(l0_oj_~13,581) _(26,585~)_ $1,037,757 0.$l,01,176 Seacompanyingauditor'sreport

19 TownofGibsland NotestotheFinancialStatements(Continued) Nolespayablea!June30,201,consistsofonenotespayabletotheU.S.DepartmenlofAgriculture FarmersltomeAdministration.Thebasicdataonthenotesisumarizedbelow: Loan91-01/20/805.0% l,oan91-05l1/20/805.0% l,oan /15/835.0% l,oan /15/835.0% l,oan92-031/20/805.0% l,oan /08/856.75% I,oan /08/94.50% Total 7.lnterfnadReceivablesandPayables WaterSewer Tota $294,0 28,0$79,0 158,0 78,947 69, $294,0 28,0 79,0 158,0 78,947 69, $32,0.9._,$689,176$1,01,176 AtJune30,201,inicrfundreceivablesandpayableswereasfolows GeneralFund WaterFund SewerFund Tolal Asumaryofintcrfundreceivablesandpayablesfolows GeneralFund SewerConstruclionFund WaterFund SewerFund Tolal 8.PENSIONANDRETIREMENTPLAN l)uefromi)ueto $17, , $42,01 28,684 97,28 $167,973 TransfersInTransfersOut $1,45 1, TheTowndoesnotprovidepensionoretirementplanbenefitstoanyemploye 9.ENTERPRISEFUNDSDEFICIT $18,941 1,750 28,67 2,150 $5h508 ThedefieilintheProprietaryFundretainedearnings-unreservediscreatedmainlybydepreciation.The dcfieitsarexpectedtoberemovedinthesubsequentyearsrevenues. Seacompanyingauditor'sreport

20 "l'ownofgibsland NotestotheFinancialStatements(Continued) ]0.I'FI{DIEMI'AYMENTSTOMAYORANDALDERMEN ThefolowingisascheduleofperdiempaymentsfortheyearendedJuc30,201 OdisKey,Mayor JoeR.Yotmgblod,Jr DawsonAnglin MaryRochele OlenJackson TravisCrawford Total 1.REI.ATEDORGANIZATIONS $1, $4,58 TheTownhasetuptheGibslandltousingAuthority.ThatentityisalegalyseparatentityfromtheTown ofgibsland,whichisnotfinancialyresponsibleforthegibslandltousingauthority.fortheyearended June30,201,therewerenorelatedpartytransactions. 12.PRIORPERIODADJUSTMENT TheUtilityfundbeginingretainedearningswasadjusteduetoapriorperiodadjustmentnotbeingposted inthetown'sgeneraledger,asfolows: June30,20endingbalance Adjustmcnt-priorperiod July1,20beginingbalance 13.CONSTRUCTIONINPROGRES $549,649 (16,51) $53,138 TheTownhasaconstructionprojectforimprovingsewerservice.ThisprojectwilbefundedbyanI.CDBG grantfor$52,0;ausdaloanfor"$310,0;andafederalgrantfor$84,0.theutilizationofthese revenuesourcesisumarizedbelow: Grant/l.oanTitle LCI)BGgrant USDAloan Federalgrant Total Seacompanyingauditor'srepro1 Expended BalanceatYearended 6/30/06/30/01 $484, ,0 679,95 $1,474,310 $16, d89 $157,969 Unexpended $50,9050 2,816 $73,721 3~tal $52,0 310,0 84,0 _$1,706,0 17

21 SUPLEMENTARYINFORMATIONSC]IEDULES

22 CombiningSlatementofRevenues,Expenditures,and TOWNOFG1BSLAND Schedule1 ChangesinFundBalances-CapitalProjectsFunds FortheyearendedJune30,201 REVI~NUI';S SidewalkConstruclion Sower Federalgranl Fund Fund Totals TOTAl.RI';VENUES Slalegranl $3,94 EXPENDITURES $141, , $141, ,13 19,978 TOTALEXPEND1TUIO~S Capilaloutlay E~CES(Deficiency)OFREVENUES 3, , '1tERFINANCINGSOURCE(Use) OVEREXPENDITURES (850)(850) OperatingIransfcrsin TOTALOTHERFINANCINGSOURCE(Use) Operatinglransfersoul (1,750)_(1,750) EXCES(Deficiency)OFREVENUESANDOTHER 0 0 FINANCINGSOURCEOVEREXPENDITURES FUNI)BALANCE(Deficit),BEGINING ANDOTItERFINANCINGUSE FUNI)BALANCE(Deficit),ENDING 0 (850) $0 ($757)_($757) 94 (85o) 94

23 WILIAMD.EDWARDS AProfesionalAcountingCorporation Member:AICPA/SocietyofLCPA'S CertifiedPublicAcountant REPORTONCOMPLIANCEANDONINTERaNALCONTROl, FINANCIALSTATEMENTSPERFORMEDINACORDANCE OVERFINANCIALREPORTINGBASEDONANAUDITOF WITltGOVERNMENTAUD1TINGSTANDARDS MayorandBoardofAIdenen TownofGibsland Gibsland,Louisiana IhaveauditedthegeneralpurposefinancialstatementsoftheTownofGibslandas&andfortheyearended June30,201,andhaveisuedmyreporthereondatedSeptember21,201.lconductednayauditin acordancewithauditingstandardsgeneralyaceptedintheunitedstatesofamericandthestandards aplicabletofinancialauditscontainedingovernmentauditingstandards,isuedbythecomptroler GeneraloftheUnitedStates. Compliance AspartofobtainingreasonableasuranceaboutwhetherTownofGibsland'sgeneralpurposefinancial statementsarefreofmaterialmistatement,iperformedtestsofitscompliancewithcertainprovisionsof thoseprovisionswasnotanobjectiveofmyauditand,acordingly,1donotexpresuchanopinion.the Jaws,regulations,contractsandgrants,noncompliancewithwhichcouldhaveadirectandmaterialefect resultsofmytestsdisclosednoinstancesofnoncompliancethatarerequiredtobereportedunder onthedeterminationofinancialstatementamounts.however,providinganopiniononcompliancewith GovernmentAuditingStandards. nternalcontroloverfinancialrenortinu Inplaningandperformingmyaudit,1consideredTownofGibsland'sinternalcontroloverfinancial reportinginordertodeterminenayauditingproceduresforthepurposeofexpresingnayopiniononthe generalmrposefinancialstatementsandnotoprovideasuranceontheinternalcontroloverfinancial reporting.myconsiderationoftheinternalcontroloverfinancialreportingwouldnotnecesarilydisclose almatersintheinternalcontroloverfinancialreportingthatmightbematerialweakneses.amaterial weaknesisaconditioninwhichthedesignoroperationofoneormoreoftheinternalcontrolcomponents doesnotreducetoarelativelylowleveltheriskthatmistatementsinamountsthaiwouldbematerialin relationtothegeneralpurposefinancialstatementsbeingauditedmayocurandnotbedetectedwithina timelyperiodbyemployesinthenormalcourseofperformingtheirasignedfunctions.inotednomailers involvingtheinternalcontroloverfinancialreportinganditsoperationthaiiconsidertobematerial wcakneses. 206ReynoldsDrive~Suite(3-2 Ruston,Louisiana ~FAX: ~FAX: Bastrop,Louisiana Antar~.(pdve

24 Becauseofalimitednumberofavailablepersonel,itisnotposibler.oadequatelysegrcgalecrlain incompalibleduliesothatnonemployehasacestobothphysicalasetsandtherelatedacounting erors05"iregularitiescouldexistandnotbepromptlydetected. recordsortoalphasesofatransaction.consequently,theposibilityexiststhaiunintentionalorin/enlional Ourauditdidnolrevealanysignificanterorsoriregularitiesresultingfi'omlhislackofsegregationof employedutiesandresponsibilities. Thisreportisintendedfortheinformationanduseofmanagement,theLegislativeAuditor,andany interestedfederalandstaleagenciesandisnotintendedtobeandshouldnotbeusedbyanyoneolhcrlhau thesespecifiedpmlies. Ruslon,Louisiana Scplembcr21,201 21

25 ScheduleofFindingsandQuestionedCosts FortheYearEndedJune30,201 TownofGibsland Schcdtle2 IhaveauditedthefinancialstatementsofTownofGibslandasofmadfortheyearendedJune30,20,and haveisuedmyreporthereondatedseptember21,201.]conductedmyauditinacordancewithgeneraly aceptedauditingstandardsandtlacstandardsaplicabletofinancialauditscontainedingovernment AuditingStandards,isuedbylheComptrolerGeneraloftheUnitedStates.Myauditofthefinancial statementsasofseptember21,201resultedinanunqualifiedopinion. A.SumaryofAuditResults I.Reporlon]nlenmlControlandComplianceMaleria/totheFinancialStatements InternalControl MaterialWeakueses_Yes_NXNoReportable_Yes~No Compliance 2.FederalAwards ColnplianceMaterialtoFinancialStatements_YesXNo lnlernalconh'ol MaterialWeakneses_YesXNoReporlable_ Yes_X_XNo TypeofOpinionOnComplianceUnqualified_ ForMajorPrograms Disclaimer Qualified_ Adverse Aretheirfindingsrequiredtobereportedi1~acordancewithCircularA-13,Section _Yes_ No 3.IdentificationofMajorPrograms CFDANumber(s) NameofFederalProgram(orCluste DolarthresholdusedtodistinguishbetwenTypeAandTypeBPrograms:$30,0_ lslheauditeda"low-risk"audited,asdefinedbyombcirculara-13?_yesxno 2

26 B.FinancialSlaiemenlsFindings None C.FederalAwardFindingsandQuestionedCosts None 23

27 SumaryofPriorYearFindings TownofGibsland Schedule3 FortheYearEndedJune30,201 AINTERNALCONTROLANDCOMPLIANCEMATERIALTOTIlEFINANCIAl, 0-1.Finding:DuringtheyearendedJune30,20,theTownpurchasedwatermeterswithfimdsfi'om STATEMENTS ReconmaendalionIreomeudthatinthefuturetheTownpurchasemelers,materials,suplies, lhewatermeterdepositacount. Conclusiou:Resolved etc.fromtheoperatingacount. 0-2.Finding:ThestateofLouisianafoundseveralfindingsduringtheirmonitoringvisitonAugusl4 INTERNAl.CONTROl.ANDCOMPLIANCEMATERIAl,TOFEDERALAWARDS RecomendationTherepresentativesmadespecificrecomendationsinseveralcompliance 19. areas. C.MANAGEMENTLETER Conclusion:Resolved None 24

28 Gibsland,Louisiana7t028 P.O.Box309 Telephone(318) CORECTIVEACTIONPLAN ODISODELKEY,Mayor FortheYearEndedJune30,201 TownofGibslandhas1ofindingsfortheyearendingJune30,201