VILLAGE OF CHATAIGNIER, LOUISIANA. Financial Report. Year Ended June 30, 2009

Transcription

1 .ztsi Financial Reprt Year Ended June 30, 2009 Under prvisins f state law, this reprt is a public dcument. Acpy f the reprt has been submitted t the entity and ther apprpriate public fficials. The reprt is available fr public inspectin at the Batn Ruge ffice f the Legislative Auditr and, v^/here apprpriate, at the ffice f the parish clerk f curt. Release Date 10 'j^hf

2 TABLE OF CONTENTS Accuntants' Cmpilatin Reprt 1 BASIC FINANCIAL STATEMENTS GOVERNMENT-WIDE FINANCIAL STATEMENTS (GWFS) Statement f net assets 4 Statement f activities 5 FUND FINANCIAL STATEMENTS (FFS) Balance sheet - gvernmental llinds 8 Recnciliatin f the gvernmental funds balance sheet t the statement f net assets 9 Statement f revenues, expenditures, and changes in fund balances - gvernmental funds 10 Recnciliatin f the statement f revenues, expenditures, and changes in fund balances f gvernmental funds t the statement f activities 11 Statement f net assets - prprietary fund 12 Statement f revenues, expenses, and changes in fund net assets - prprietary fund 13 Statement f cash flws - prprietary fund 14 Ntes t basic financial statements REQUIRED SUPPLEMENTARY INFORMATION Budgetary cmparisn schedules; General Fund 25 OTHER SUPPLEMENTAL INFORMATION Schedule f insurance in frce 27 INTERNAL CONTROL AND COMPLIANCE Summary schedule f current and prir year findings and crrective actin plan 29 Page

3 C. Birtn Kldf. CPA* Russell F, Champagne, CPA* VidrR.SIavaCPA* P. Try CufVillft, CPA* Gerald A, Thibdaux, Jr.CPA* Rbert S Carter, CPA' Arthur R. Mi«n,CPA* Tyres E Mbtn.Jr, CPA AHenJ. UBry, CPA Albert R. LQer.CPAi>FS,CSA- Pemy Argdla Scruggtns, CPA Chriatin L, Cusin, CPA Mary T. Thibtxfeaux, CPA MarehallW. Guidry, CPA Aten M.Taylr, CPA slamftftr, Ry, CPA Rbert J. Mtz. CPA KByM Ducet.CPA ChryfL. BarHey, CPA Mandy B. Self, CPA Pau L Delcambre, Jr. CPA Wanda F. Arcemant CPA, OVA KrisenB. Deuzat.CPA Richard R. Andersn Sr., CPA Carlyn C. AndarEn. CPA Rebred: Cnrad O. Chapmanr CPA* 2006 HrryJ.CIati.CPA 2007 A PifaMbrw) ^uflsng Cjprain KOLDER, CHAMPAGNE, SLAVEN & COMPANY, LLC CERTIFIED PUBLIC ACCOUNTANTS ACCOUNTANTS' COMPILATION REPORT 163 Suth SatSe Rd. Utayene. LA Ptina (337) Fax{337) OFFICES 450 EaJtM«)r>S>f»«t Nw befla. LA Phn» (337) Fax (337) EeslQridge SL ZOO SUh Mtdn Street Sreaux Bridge LA Abbeville. LA Ptine (337) Pbna (337) Pax{337) Fax (337) David Dr. Ste 203 Mrgan City. LA Phne (985) Fax(9a6) WastCfln Street Vlll«Platte, LA Phne (337) Fax{337) WralSixth Avenue Obadin. LA Phne (337) Fax (337) 639^568 WEBSITE WWWKCSRCPAS COM 1013 Main Stret FranWin, LA Phne (337) FBK (337) EaatWaddliSL Mflfksville LA Phne (318) Fw (318) MalnStraat PfrBvllle, LA Phne (316) Fax (318) T the Bard f Aldermen Village f Chataignier, Luisiana We have cmpiied the accmpanying financial statements f the gvernmental activities, the businesstype activities and each majr fund f the Village f Chataignier, as f and fr the year ended June 30, 2009, which cllectively cmprise the Village's basic financial statements as listed in the table f cntents, and the accmpanying supplementary infrmatin cntained n page 27, which is presented nly fr supplemental analysis purpses, in accrdance with Statements n Stan<jards fr Accunting and Review Services issued by the American Institute f Certified Public Accuntants. A cmpilatin is limited t presenting in the frm f financial statements infrmatin that is the representatin f management. We have nt audited r reviewed the accmpanying fmancial statements and, accrdingly, d nt express an pinin r any ther frm f assurance n them. The Village has nt presented management's discussin and analysis that the Gvernmental Accunting Standards Bard has determined is necessary t supplement, althugh nt required t be part f, the basic financial statements. The budgetary cmparisn infnnatin, n page 25, is nt a required part f the basic financial statements but is supplementary infrmatin required by the Gvernmental Accunting Standards Bard. We have cmpiled the supplementary infrmatin frm infrmatin that is the representatin f management, withut audit r review. Accrdingly, we d nt express an pinin r any ther frm f assurance n the supplementary infrmatin. Kldetf Champagne, Slaven & Cmpany, LLC Certified Public Accuntants Ville Platte, Luisiana September 15,2009 Member f: AMERICAN INSTITUTE OF CE RTI FED PUBUC ACCOUNTANTS Member f: SOCIETY OF LOUISIANA CERTIFIED PUBLIC ACCOUNTANTS

4 BASIC FINANCIAL STATEMENTS

5 GOVERNMENT-WIDE FINANCIAL STATEMENTS (GWFS)

6 Statement f Net Assets June 30, 2009 ASSETS Current assets: Cash and interest-bearing depsits Receivables Due frm ther gvernmental units Ttal current assets Gvernmental Activities $ 88,193 5, Business-Type Activities $ 15,903 3,616 8,825 28,344 Ttal $104,096 9,495 8, ,416 Nncurrent assets: 357, , ,457 Ttal assets 451, , ,873 LIABILITIES Current Habilities: Accunts and ther payables - 18,325 18,325 Nncurrent liabilities: Custmers depsits payable Ttal liabilities -, 2,154 20,479 2,154 20,479 NET ASSETS Invested in capital assets, net f related debt Unrestricted Ttal net assets 386,326 65,301 $451, ,902 7,865 $525, ,228 73,166 $977,394 See accmpan3ang ntes and accuntants' reprt.

7 in m Cs ^ in tn ct \ r- ^ CO <N >n fo <N OO 00 <N <n in n r CN ^ CN CN ^ r-- r-" ON ^ v" fo "" ^1 Os] CO ^\ t^ ON 6ftl >. t 1/1 -r" tn > g < CQ,-H a* ^. t' (N, ' N I I 0\ '^ IT) CN O in <?\ CO vn \ CO,_, Tf "n 1 1 CN 00 r r^ Tjin r~v r-~ "n CN in 1=^ s? < (" G^ C rn m \ v m (^ " " O r CN tn_^ f" CN CN n" >n "n c" CN rrj- CN r4" -^ r^ r- <n Os^ CO ^ 5 C tn VO^ >n ^ i 1 * 00 ^ i i U s Cr\ O S O Statement f Activiti the Year Ended June 3 1 > 4) ^ E e (3.tsand butins Gran Cntri xi M Fees, Fines, an Charges fr Servi 1 1 t 1 &^ S 6,828 5,456 s CN v en ) v v >n m ( <3- m r-- OS TT (S 00 0^ OO CN ^ ^ fo r- c^ -^ (N 6ft (N OO 1 1 ^ r 6ft 4> > 2 c S -- EX 3

8 FUND FINANCIAL STATEMENTS (FFS)

9 MAJOR FUND DESCRIPTIONS General Fund The General Fund is used t accunt fr resurces traditinally assciated with gvernments which are nt required t be accunted fr in. anther fund. Enterprise Fund Sewer Fund - T accunt fr the prvisin f sewerage services t residents f the Village. All activities necessary t prvide such services are accxinted fr in this fund,-including, but nt limited t, administratin, peratins, maintenance, fmancing and related debt service, and billing and cllectin.

10 Balance Sheet Gvernmental Fund - General Fund June 30, 2009 ASSETS Cash and interest-bearing depsits $ 88,193 Receivables: Sales tax 2,124 Other 3,755 Ttal assets $94,072 FUND BALANCE Fund balance: Unreserved, undesignated $ 94,072 See accmpanying ntes and accuntants' reprt.

11 Recnciliatin f the Gvernmental Fund Balance Sheet t the Statement f Net Assets June 30,2009 Ttal fund balances fr gvernmental funds at June 30, 2009 $ 94,072 Ttal net assets reprted fr gvernmental activities in the statement f net assets is different because: Capital assets used in gvernmental activities are nt financial resurces and, therefre, are nt reprted in the funds. Thse assets cnsist f: Land $25,964 Buildings, net f $219,818 accumulated depreciatin 81,084 Equipment, furniture, and fixtures net f $92,743 accumulated depreciatin 8,353 Infrastructure, net f $101,494 accumulated depreciatin 242, ,555 Ttal net assets f gvernmental activities at June 30, 2009 $ 451,627 See accmpanying ntes and accuntants' reprt, 9

12 Statement f Revenues, Expenditures, and Changes in Fund Balance- Gvernmental Fund - General Fund Fr the Year Ended June 30, 2009 Revenues: Taxes Licenses and permits Franchise tax Intergvernmental Fines and frfeits Interest Miscellaneus Ttal revenues Expenditures: Current - General gvemment Public safety Public wrks Culture and recreatin Ttal expenditures Deficiency f revenues ver expenditures Other financing surces (uses): Transfers ut Net change in fund balance Fund balance, beginning Fund balance, ending $23,523 6,828 15,288 3,550 5,456 2,242 7,174 64,061 35,164 10,286 14,631 8,733 68,814 (4,753) (3,950) (8,703) 102,775 $94,072 See accmpanying ntes and accuntants' reprt. 10

13 Recnciliatin f the Statement f Revenues, Expenditures, and Changes in Fund Balances f Gvernmental Fund t the Statement f Activities Fr the Year Ended June 30, 2009 Ttal net changes in fund balance at June 30, 2009 per Statement f Revenues, Expenditures and Changes in Fund Balances $ (8,703) Depreciatin expense fr the year ended June 30, ,771 Ttal change in net assets at June 30, 2009 per Statement f Activities $ (37,474) See accmpanying ntes and accuntants' reprt. II

14 Statement f Net Assets Prprietary Fund - Enterprise Fund June 30, 2009 ASSETS Current assets; Cash Accunts receivable Due frm ther gvernmental units Ttal current assets Nncurrent assets: Capital assets, net f accumulated depreciatin Ttal assets $ 15,903 3,616 8,825 28, , ,246 LIABILITIES Current liabilities: Accunts payable Nncurrent liabilities: Custmers' depsits Ttal liabilities 18,325 2,154 20,479 NET ASSETS Invested in capital assets, net f related debt Unrestricted Ttal net assets 517,902 7,865 $525,767 See accmpanying ntes and accuntants' reprt. 12

15 Statement f Revenues, Expenses, and Changes in Fund Net Assets Prprietary Fund - Enterprise Fund Fr the Year Ended June 30,2009 Operating revenues: Charges fr services Penalty incme Ttal perating revenues Operating expenses: Depreciatin expense Insurance Office expense Repairs and maintenance Salaries and related benefits Fees and testing expenses Utilities Ttal perating expenses Operating lss Capital cntributins Lss befre transfers Transfers in (ut): Transfers in Change in net assets Net assets, beginning Net assets, ending 20,757 1,141 21,898 25,890 1, ,145 9,300 1,715 4,339 72,362 (50,464) 24,973 (25,491) 3,950 (21,541) 547,308 $525,767 See accmpanying ntes and accuntants' reprt. 13

16 Statement f Cash Flws Prprietary Fund Type-Enterprise Fund Year Ended June 30,2009 Cash flws frm perating activities: Operating lss $ (50,464) Adjustments t recncile perating lss t net cash used by perating activities - Depreciatin 25,890 Increase in accunts receivable (126) Increase in due frm ther gvernmental units (8,825) Increase in accunts payable 14,978 Ttal adjustments 31,917 Net cash used by perating activities (18,547) Cash flws frm nncapital financing activities: Transfers frm ther funds 3,950 Cash flws frm capital and related financing activities: Prceeds frm capital cntributin 24,973 Prceeds frm meter depsits 746 Net cash used by capital and related financing activities 25,719 Net increase in cash and cash equivalents 11,122 Cash and cash equivalents, beginning f perid 4,781 Cash and cash equivalents, end f perid $ 15,903 See accmpanying ntes and accuntants' reprt. 14

17 VILLAGE OF CHATAIGNIER, LOUISLWA Ntes t Basic Financial Statements (1) Summary f Significant Accunting Plicies The accmpanying financial statements f the Village f Chataignier (Village) have been prepared in cnfrmity with generally accepted accunting principles (GAAP) as applied t gvernmental units. GAAP includes all relevant Gvernmental Accunting Standards Bard (GASB) prnuncements. In the gvernment-wide financial statements, Financial Accunting Standards Bard (FASB) prnuncements and Accunting Principles Bard (APB) pinins n r befre Nvember 30, 1989 have been applied unless thse prnuncements cnflict with r cntradict GASB prnuncements, in which case, GASB prevails. The accunting and reprting framewrk and the mre significant accunting plicies are discussed in subsequent subsectins fthis nte. A. Financial Reprtrng Entitv The Village f Chataignier was incrprated in 1972, under the prvisins f the Lawrasn Act. The Village perates under a Mayr-Bard f Alderman frm f gvemment and prvides the fllwing services: public safety, highway and streets, sanitatin, culture and recreatin, health and welfare, public imprvements and general administrative services. This reprt includes all funds and activities that are cnfrlled by the Village as an independent plitical subdivisin f the State f Luisiana. There are n cmpnent units required t be reprted in cnfrmity with generally accepted accunting principles. B. Basis f Presentatin Gvernment-Wide Financial Statements (GWFS) The statement f net assets and statement f activities display infrmatin abut the Village, the primary gvemment, as a whle. They include all funds f the reprting entity. The statements distinguish between gvernmental and business-type activities. Gvernmental activities generally are financed thrugh taxes, intergvernmental revenues, and ther nnexchange revenues. Business-type activities are financed in whle r in part by fees charged t external parties fr gds r services. The statement f activities presents a cmparisn between direct expenses and prgram revenues fr the business-type activities f the Village and fr each functin f the Village's gvernmental activities. Direct expenses are thse that are specifically assciated -with, a prgram r functin and, therefre, are clearly identifiable t a particular functin. Prgram revenues include (a) fees, fines, and charges paid by the recipients f gds r services ffered by the prgrams, and (b) grants and cntributins that are restricted t meeting the peratinal r capital requirements f a particular prgram. Revenues that are nt classified as prgram revenues, including all taxes, are presented as general revenues. 15

18 Ntes t Basic Financial Statements (Cntinued) Fund Financial Statements The accunts f the Village are rganized and perated n the basis f funds. A fund is an independent fiscal and accunting entity with a separate set f selfbalancing accunts. Fund accunting segregates funds accrding t their intended purpse and is used t aid management in demnstrating cmpliance with financerelated legal and cntractual prvisins. The minimum number f funds is maintained cnsistent with legal and managerial requirements. Fund financial statements reprt detailed infrmatin abut the Village, The varius funds f the Village are classified int tw categries: gvernmental and prprietary. The emphasis n fund financial statements is n majr gvernmental and enterprise funds, each displayed in a separate clumn. A fund is cnsidered majr if it is the primary perating fund f the Village r meets the fllwing criteria: a. Ttal assets, liabilities, revenues, r expenditures/expenses f that individual gvemmental r enterprise fund are at least 10 percent f the crrespnding ttal fr all funds f that categry r type; and b. Ttal assets, liabihties, revenues, r expenditures/expenses f the individual gvemmental r enterprise fund are at least- 5 percent f the crrespnding ttal fr all gvemmental and enterprise funds cmbined The majr funds f the Village are described belw: Gvemmental Funds - The General Fund is the general perating fund f the Village. It is used t accunt fr all fmancial resurces except thse required t be accunted fr in anther fund. Prprietary Funds - Prprietary funds are used t accunt fr nging rganizatins and activities that are similar t thse ften fund in the private sectr. The measurement fcus is based upn determinatin f net incme, financial psitin, and cash flws. The Village's prprietary fund types are enterprise funds. 16

19 Ntes t Basic Financial Statements (Cntinued) Enterprise Funds Enterprise funds are used t accunt fr peratins (a) that are financed and perated in a manner similar t private business enterprises, where the intent f the gverning bdy is that the csts (expenses, including depreciatin) f prviding gds r services t the general public n a cntinuing basis be financed r recvered primarily thrugh user charges; r (b) where the gverning bdy has decided that peridic determinatin f revenues eamed, expenses incurred, and/r net incme is apprpriate fr capital maintenance, public plicy, management cntrl, accuntability r ther purpses. The Village applies all applicable FASB prnuncements issued after Nvember 30, 1989 in accunting and reprting fr its enterprise fund. The Village's enterprise fund is the Sewer Fund. Measurement Fcus/Basis f Accunting Measurement fcus is a term used t describe "which" transactins are recrded within the varius financial statements. Basis f accunting refers t "when" transactins are recrded regardless f the measurement fcus applied. Measurement Fcus On the gvernment-wide statement f net assets and the statement f activities, bth gvemmental and business-type activities are presented using the ecnmic resurces measurement fcus as defmed in item b. belw. In the fund financial statements, the "current financial resurces" measurement fcus r the "ecnmic resurces" measurement fcus is used as apprpriate: a. All gvemmental funds utilize a "current financial resurces" measurement fcus. Only current financial assets and liabilities are generally included n their balance sheets. Their perating statements present surces and uses f available spendable fmancial resurces during a given perid. These funds use fund balance as their measure f available spendable financial resurces at the end f the perid. b. The prprietary fund utilizes an "ecnmic resurces" measurement fcus. The accunting bjectives f this measurement fcus are the determinatin f perating incme, changes in net assets (r cst recvery), financial psitin, and cash flws. All assets and liabilities (whether current r nncurrent) assciated with their activities are reprted. Prprietary fund equity is classified as net assets. 17

20 Ntes t Basic Financial Statements (Cntinued) Basis f Accunting In the gvernment-wide statement f net assets and statement f activities, bth gvemmental and business-type activities are presented using the accrual basis f accunting. Under the accrual basis f accunting, revenues are recgnized when eamed and expenses are recrded when the liability is incurred r ecnmic asset used. Revenues, expenses, gains, lsses, assets, and liabilities resulting frm exchange and exchange-like transactins are recgnized when the exchange takes place. Gvemmental fund financial statements are reprted using the current financial resurces measurement fcus and the mdified accrual basis f accunting. Revenues are recgnized as sn as they are bth measurable and available. Revenues are cnsidered t be available when they are cllectible within the current perid r sn enugh thereafter t pay liabilities f the current perid- Fr this purpse, the gvernment cnsiders revenues t be available if they are cllected within 60 days f the end f the currentfiscalperid. Expenditures (including capital utlay) generally are recrded when a liability is incurred, as under accrual accunting. Hwever, debt service expenditures are recrded nly when payment is due. The prprietary ftind utilizes the accrual basis f accunting. Under the accrual basis f accunting, revenues are recgnized when eamed and expenses are recrded when the liability is incurred r ecnmic asset used. Prgram revenues Prgram revenues included in the Statement f Activities are derived directly frm the prgram itself rfrmparties utside the Village's taxpayers r citizenry, as a whle; prgram revenues reduce the cst f the functin t be financed frm the Village's general revenues. Allcatin f indirect expenses The Village reprts all direct expenses by functin in the Statement f Activities. Direct expenses are thse that are clearly identifiable with a functin. Indirect expenses f ther functins are nt allcated t thse functins, but are reprted separately in the Statement f Activities. Depreciatin expense is specifically identified by functin and is included in the direct expense f each functin. Interest n general lng-term debt is cnsidered an indirect expense and is reprted separately n the Statement f Activities. When bth restricted and unrestricted resurces are available fr use, it is the Village's plicy t use restricted resurces first, then unrestricted resurces as they are needed. 18

21 Ntes t Basic Financial Statements (Cntinued) D. Assets. Liabilities and Equity Cash and interest-bearing depsits Fr purpses f the Statement f Net Assets, cash and interest-bearing depsits include all demand accunts, savings accunts, and certificates f depsits f the City. Fr the purpse f the prprietary fund statement f cash flws, "cash and cash equivalents" include all demand and savings accunts, and certificates f depsit r shrt-term investments with an riginal maturity f three mnths r less when purchased. Capital Assets Capital assets, which include prperty, plant, equipment, and infrastructure assets, are reprted in the applicable gvernmental r business-type activities clumns in the gvernment-wide r financial statements. Capital assets are capitalized at histrical cst r estimated cst if histrical is nt available. Dnated assets are recrded as capital assets at their estimated fair market value at the date f dnatin. The Village maintains a threshld level f $5,000 r mre fr capitalizing capital assets. The csts f nrmal maintenance and repairs that d nt add t the value f the asset r materially extend assets lives are nt capitalized. Depreciatin f all exhaustible capital assets is recrded as an allcated expense in the statement f activities, with accumulated depreciatin reflected in the statement f net assets. Depreciatin is prvided ver the assets' estimated useful lives using the straight-line methd f depreciatin. The range f estimated useful lives by type f asset is as fllws: Buildings Equipment Utility system and imprvements Infrastructure 30 years 5 years years 20 years In the fund financial statements, capital assets used in gvemmental fund peratins are accunted fr as capital utlay expenditures f the gvemmental fund upn acquisitin. Capital assets used in prprietary fund peratins are accunted fr the same as in the gvemment-wide statements. Equity Classificatins In the gvemment-wide statements, equity is classified as net assets and displayed in three cmpnents: a. Invested in capital assets, net f related debt - Cnsists f capital assets including restricted capital assets, net f accumulated depreciatin and reduced by the utstanding balances f any bnds, mrtgages, ntes, r ther brrwing that are attributable t the acquisitin, cnstructin, r imprvement f thse assets. 19

22 VILLAGE OF CHATAIGNIER, LOUISL\NA Ntes t Basic Financial Statements (Cntinued) b. Restricted net assets - Cnsists f net assets with cnstraints placed n the use either by (1) external grups, such as creditrs, grantrs, cntributrs, r laws r regulatins f ther gvernments; r (2) law thrugh cnstitutinal prvisins r enabling legislatin. c. Unrestricted net assets - All ther net assets that d nt meet the definitin f'vestricted" r "invested in capital assets, net f related debt." In the fund financial statements, gvemmental fund equity is classified as fund balance. Fund balance is frirther classified as reserved and unreserved, with unreserved further split between designated and undesignated. Prprietary fund equity is classified the same as in the gvemment-wide statements. Revenues, Expenditures, and Expenses Operating Revenues and Expenses Operating revenues and expenses fr prprietary funds are thse that result frm prviding services and prducing and delivering gds and/r services. It als includes all revenue and expenses nt related t capital and related financing, nncapitalfinancing,r investing activities. Expenditures/Expenses In the gvemment-wide financial statements, expenses are classified by functin fr bth gvemmental and business-type activities. In the fund financial statements, expenditures are classified as fllws: Gvemmental Funds - By Character: Prprietary Fund - By Operating and Nnperating In the fund fmancial statements, gvemmental funds reprt expenditures f financial resurces. Prprietary funds reprt expenses relating t use f ecnmic resurces. Interfrmd Transfers Permanent reallcatins f resurces between funds f the reprting entity are classified as interfund fransfers. Fr the puipses f the statement f activities, all interfund transfers between individual gvemmental funds have been eliminated. 20

23 Ntes t Basic Financial Statements (Cntinued) F. Budgets A budget fr the General Fxmd fr the year ended June 30, 2009 was adpted in accrdance with LSA-R.S. 39:1301, cited as the "Luisiana Lcal Gvemment Budget Act." Budgeted amunts included in the accmpanymg financial statements are as riginally adpted r as finally amended by the Village. G. Cmpensated Absences The Village has n plicy relating t cmpensated absences. Any liability the Village might have in this regard at June 30, 2009 is cnsidered immaterial; therefre, n liability has been recrded in the accunts. (2) Cash and Interest-Bearing Depsits Under state law, the Village may depsit funds within a fiscal agent bank rganized under the laws f the State f Luisiana, the laws f any ther state in the Unin, r the laws f the United States. The Village may invest in certificates and time depsits f state banks rganized under Luisiana law and natinal banks having principal ffices in Luisiana. At June 30, 2009, the Village has cash and interest-bearing depsits (bk balances) ttaling $104,096 as fllws: Demand depsits $ 78,149 Interest bearing depsits 25,947 Ttal $104,096 Custdial credit risk fr depsits is the risk that in the event f the failure f a depsitry financial institutin, the Village's depsits may nt be recvered r will nt be able t recver the cllateral secuiities that are in the pssessin f an utside party. Under state law, these depsits (r the resulting bank balances) must be secured by federal depsit insurance r the pledge f securities wned by the fiscal agent bank. The market value f the pledged securities plus the federal depsit insurance must at all times equal the amunt n depsit with the fiscal agent bank. These securities are held in the name f the pledging fiscal agent bank in a hlding r custdial bank that is mutually acceptable t bth parties. As f June 30, 2009, bank balances in the amunt f $104,653 were secured in ttal by federal depsit insurance. (3) Receivables Receivables at June 30, 2009 f $9,495 cnsist f the fllwing: Accunts Franchise tax Sales tax Other Ttals General Sewer Ttal $ - $3,616 $3,616 2,290-2,290 2,124-2,124 1, ,465 $5,879 $3,616 $9,495 21

24 Ntes t Basic Financial Statements (Cntinued) (4) Ad Valrem Taxes Ad valrem taxes attach as an enfrceable lien n prperty as f January 1 f each year. Taxes are levied in September r Octber and billed t the taxpayers in December. Billed taxes becme delinquent n January 1 f the fllwing year. Fr the year ended June 30,2009, taxes f 4.10 mills were levied n prperty with assessed valuatins ttaling $770,430. Ttal taxes levied were $3,159. (5) Capital Assets Capital asset activity fr the year ended June 30, 2009 was as fllws; Balance 6/30/2008 Addtins Deletins Gvemmental activities: Land Buildings and imprvements Equipment Street Imprvements Ttals Less: accumulated depreciatin Buildings and imprvements Equipment Street Imprvements Ttal accumulated depreciatin $ 25, , , , , ,582 84,390 84, ,284 $ ,236 8,353 17,182 28,771 $ _ Balance 6/30/2009 $ 25, , , , , ,818 92, , ,055 Gvemmental activities, capital assets, net $386,326 $ (28,771) $^ $357,555 Business-type activities: Land Systems and extensins Equipment Ttals Less accumulated depreciatin $ 10,000 1,035,584 5,236 1,050, ,028 25,890 $ 10,000 1,035,584 5,236 1,050, ,918 Business-type activities, capital assets, net $ 543,792 $ - $ 517,902 22

25 (6) Bard Members' Cmpensatin Ntes t Basic Financial Statements (Cntinued) The Village paid the mayr and aldermen the fllwing salaries: Hennan Malveaux $ 3,600 Jseph Semien 1,200 Lucy Green 1,200 Altn Thmas, Jr, 1,200 $7,200 (7) Risk Management The Village is expsed t risks f lss in the areas f general and aut liability, prperty hazards and wrkers' cmpensatin. All f these risks are handled by purchasing cmmercial insurance cverage. There have been n significant reductins in the insurance cverage during the year. (8) Litigatin At June 30, 2009, there is n litigatin pending against the Village. (9) Changes in Accunting Principles Fr the year ended June 30, 2009, the Village has implemented GASB Statement N, 34, Basic Financial Statements - and Management's Discussin and Analysis ~ fr State and Lcal Gvernments. GASB Statement N, 34 creates new basic financial statements fr reprting n the Village's financial activities. The financial statements nw include gvemment-wide fmancial statements prepared n the accmal basis f accunting, and fund financial statements which present infnnatin fr individual majr funds rather than by fund type which has been the mde f presentatin in previusly issued financial statements. The Village als implemented GASB Statement N. 33, Accunting and Financial Reprting fr Nnexchange Transactins, N. 37, Basic Financial Statements - And Management's Discussin and Analysis - Fr State and Lcal Gvemments: Omnibus. N. 38, Certain Financial Statement Nte Disclsures, and Interpretatin N. 6, Recgnitin and Measurement f Certain Liabilities and Expenditures in Gvernmental Fund Financial Statements. At Jime 30, 2008, there was n effect n fund balance as a result f implementatin f GASB Statement N. 33, The implementatin f GASB Statement N. 34 caused the pening fund balance at Jxme 30, 2008 t be restated in terms f "net assets" as fllws: Ttal fund balances - Gvemmental Funds - at June 30, 2008 $ 102,776 Add: Cst f capital assets at June 30, 2008 $ 771,610 Less: Accumulated depreciatin at June 30,2008 (385,285) 386,325 Net assets at June 30,2008 $489,101 23

26 REQUIRED SUPPLEMENTARY INFORMATION 24

27 General Fund Budgetary Cmparisn Schedule Year Ended June 30, 2009 Original Budget Final Actual Variance with Final Budget Psitive (Negative) Revenues: Taxes Licenses and permits Franchise tax Intergvernmental Fines and frfeitures Interest Miscellaneus Ttal revenues $ 24,900 9,000 15,000 2,853 8, ,970 68,213 $ 21,398 6,465 16,328 2,970 5,080 2,237 7,174 61,652 $ 23,523 6,828 15,288 3,550 5,456 2,242 7,174 64,061 $ 2, (1,040) ,409 Expenditures: Current - General gvemment Public safety Public wrks Culture and recreatin Ttal expenditures Excess (deficiency) f revenues ver expenditures Other financing surces (uses): Transfers ut Excess (deficiency) f revenues ver expenditures and ther uses Fund balance, beginning Fund balance, ending 34,128 8,505 7,347 2,849 36,333 10, ,688 35,164 10,286 14,631 8,733 1, (6,303) ,829 64,815 68,814 (3.999) 15,384 (3,163) (4,753) (1,590) (3,950) (3,950) 15, (803) (1,590) 102, , ,775 $118,159 $103,562 $101,972 $(1,590) See accuntants' reprt. 25

28 OTHER SUPPLEMENTARY INFORMATION 26

29 VILLAGE OF CHATAIGNIER, LOUISL\NA Schedule f Insurance in Frce June 30,2009 Descriptin f Cverage Wrkmen's Cmpensatin: Luisiana Wrker's Cmpensatin Crpratin Cmmercial prperty insurance: Office building First Street Public Library Charles Armand Jr. Street Autmbile liability Cmmercial general liability Errrs and missins Law enfrcement ffrcer Expiratin Date 11/22/09 11/22/09 12/6/09 12/6/09 12/6/09 12/6/09 Cverage Amunts Statutry 85,000 40, , , , ,000 27

30 INTERNAL CONTROL AND COMPLIANCE 28

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