LAFAYETEPUBLICTRUST FINANCINGAUTHORITY Lafayete,Louisiana. FinancialReport. YearEndedMarch31,201

Transcription

1 ~rc~ive[} i.i~vft,jlor OIOC'{-3tlO:15 LAFAYETEPUBLICTRUST FINANCINGAUTHORITY Lafayete,Louisiana YearEndedMarch31,201 FinancialReport Underprovisionsofstatelaw,thisreportisapublic document.acopyoftilerepolthasbensi~bmi-~edto thentityandotherapropriatepublicofqci~;v;.3he reportisavailableforpublicinspection~,the[3ston Rougeoficeofthe[egislativeAuditorand,where apropriate,atheoficeoftheparishclerkofco,~l:. Relea,eDate.~L,(~!~Qi~'

2 TABLEOFCONTENTS IndependentAuditors'Report GENERALPURPOSEFINANCIALSTATEMENTS (COMBINEDSTATEMENTS~OVERVIEW) Combinedbalanceshet-alfundtypes Comparativestatementofrevenues,expendituresand changesinfundbalance-governmentalfiredtype- Comparativestatementofrevenues,expensesandchanges GeneralFund inretainedearnings-proprietaryfundtypeenterprisefund Comparativestatementofcashflows-proprietaryfund Notestofinancialstatements type-enterprisefired SUPLEMENTALINFORMATION SCIEDULESOFINDIVIDUALFUND EnterpriseFund: Comparativecombiningbalanceshet Comparativecombiningstatementofrevenues,expenses Scheduleofgeneralandadministrativexpenses andchangesinretainedearnings COMPLIANCEANDINTERNALCONTROL IndependentAuditors'ReportonComplianceandonInterna ControlOverFinancialReportingBasedonanAuditof FinancialStatementsPerformedinAcordancewith Sumaryscheduleofcurentandprioryearauditfindings andcorectiveactionplan Page

3 C8ur1~KokleLCPA* RuselFChampagne,CPA VK;IorRStarch.CPA~ Cc~redOChapmen,CPA" P,TsoyC~irl~,CPA* AlienJLeBrLCPA penyange'p,es~jglnscpa M,a~Tr~ibodea~.CPA GeraldAlhd>~eaux,Jr,CPA KelryMDouCel,CPA Ke~eJhJRechaJ,CPA ~Ap~fes~.lA~n~Co~ore1~n KOLDER,CHAMPAGNE,SLAVEN&COMPANY',LC CERTtFtEDPUBLtCACOUNTANTS P.O.Box82329 Lafayete,LA70598 Phone(37) Fax(37) INDEPENDENTAUDITORS'REPORT TheBoardofTrustes LafayetePublicTrustFinancingAuthority Lafayete,Louisiana W~BITE: VCWKCSRCPASCOM MEMBEROF: AMERICANINSTITUTEOF CERTIFIEDPUBLICACOUNTANTS SOCIET'(OFLOUISIANA CERTIFIEDPUBLICACOUNTANTS WehaveauditedtheacompanyingeneralpurposefinancialstatementsoftheLafayetePublicTrust FinancingAuthority,acomponentunitoftheLafayeteCity-ParishConsolidatedGovernment,Lafayetle, Louisiana,primarygovernment,asofMarch31,201,andfortheyearthenended.Thesegeneralpurpose financialstatementsaretheresponsibilityoftheboardoftrustesoftheauthority.ouresponsibilityisto expresanopiniononthesegeneralpurposefinancialstatementsbasedonouraudit. Weconductedourauditinacordancewithgeneralyaceptedauditingstandardsandthestandards generalyaceptedintheunitedstatesofamericaplicabletofinancialauditscontainedingovernment AuditingStandards,isuedbytheComptrolerGeneraloftheUnitedStates.Thosestandardsrequirethatwe planandperformtheauditobtainreasonableasuranceaboutwhetherthegeneralpurposefinancialstatements arefreofmaterialmistatement.anauditincludesexamining,onatestbasis,evidencesuportingtheamounts andisclosuresinthegeneralpurposefinancialstatements.anauditalsoincludesasesingtheacounting principlesusedandsignificantestimatesmadebymanagement,aswelasevaluatingtheoveralgeneralpurpose financialstatementpresentation.webelievethatourauditprovidesareasonablebasisforouropinion. Inouropinion,thegeneralpurposefinancialstatementsreferedtoabovepresentfairly,inalmaterial respects,thefinancialpositionofthelafayetepublictrustfinancingauthorityasofmarch31,201,andthe resultsofitsoperationsandthecashflowsofitsproprietaryfundfortheyearthenendedinconformitywith generalyaceptedacountingprinciples. InacordancewithGovernmentAuditingStandards,wehavealsoisuedareportdatedSeptember26 201onourconsiderationofLafayetePublicTrustFinancingAuthority'sinternalcontroloverfiancia reportingandourtestsofitscompliancewithcertainprovisionsoflaws,regulations,andcontracts.thatreport isanintegralpartofanauditperformedinacordancewithgovernmentauditingstandardsandshouldberead inconjunctionwiththisreportinconsideringtheresultsofouraudit. Ourauditwasmadeforthepurposeoforminganopiniononthegeneralpurposefinancialstatements takenasawhole.theacompanyingfinancialinformationlistedunder"suplementalinformation"inthetable ofcontentsispresentedforpurposesofaditionalanalysisandisnotarequiredpartofthegeneralpurpose financialstatementsofthelafayetepublictrustfinancingauthority.suchinformationhasbensubjectedto theauditingproceduresapliedintheauditofthegeneralpurposefinancialstatementsand,inouropinion,is fairlypresentedinalmaterialrespectsinrelationtothegeneralpurposefinancialstatementstakenasawhole. t83southb~d~eroad13e~tbridgestr~l13~s~wadl 1234DavidDrlv~.Suite105408W,CotonStret Ltfa~tIe,LA70~0BBtouxBrklgẹLA'70517Idtk~viIle,LA713S1MorganCity,LAT0380VilePlalte,l,AT0586 Plane(3,')232414]phone(37) Pho~(318) Pho~(985) phone(37) Fa~(37)232-16rlFax(37) F~x(31s)2~3-8681F~O85) Fax(37) wSixthAvenue Oberlin,LA7065 phone(37)639-4?3? F~(37) S 20SouthMainStret ^bc~;ik,l^7051i Pho~(37) I~O37)

4 fromthefinancialreportforthatyearinwhichwexpresedanunqualifiedopiniononthegeneralpurpose financialstatements. Tilefinancialinformationfortileprecedingyear,whichisincludedforcomparativepurposes,wastakeil Kolder,Champagne,Slaven&Company,LC CertifiedPublicAcountants Lafayete,Louisiana September26,201 2

5 GENERALPURPOSEFINANCIALSTATEMENTS (COMBINEDSTATEMENTS-OVERVIEW)

6 LAFAYETI'EPUBLICTRUSTFINANCINGAUTHORITY Lafayete,Louisiana CombinedBalanceShet-AlFundTypes March31,201 Governmental Restrictedasets: ASETS GeneralFund FundType EnterpriseFund Proprietary FundType (MemorandumOnly) 201 Totals 20 CashInterest-bearingdeposits Investments Acruedinterestreceivable 2,209,932 18$ $ Mortgageloansreceivable 803,691,067,108 10,031,042 3,929 3,27,040 Acruedinterestreceivableonloans 2,191,372 10,834,741 Deferedcharges: Totalrestrictedasets 3,013,64913,310,842 17,391 2,191,372 3,929 $8,730 4,507,375 12,313,438 16,324,491 17,391 2,860,196 6,262 19,716,354 20,353 Unamortizedbondisuecosts Totalasets 450, ,585 53,782 LIABILITIESANDFUNDEQUITY $3,013,649$13,761,427$16,75,076$20,270,136 Liabilitiespayablefromrestrictedasets: Singlefamilymortgagerevenuebondspayable$ Les:Unacretediscount $5,108,168$5,108,168$7,9,041 Netsinglefamilymortgagebonds 1,034,2361,034,2361,140,58 Acruedservicefes outstanding(secured) 4,073,932 Acountspayable Acruedinterestonbonds ,073,9326,858,453 Totaliabilitiespayablefrom 26,521 26, restrictedasets 509 4,101,232 4,101,74 6,905, FundEquity: Retainedearnings- Fundbalance- Unreserved 9,60,1959,60,1959,249,056 Unreserved,designated Totalfundequity 3,013,140 9,60,1953,013,140 12,673,354,15,428 13,364,484 Theacompanyingnotesareanintegralpartofthistatement. Totaliabilitiesandfundequity $3,013,649$13,761,427$16,75,076$20,270,136 4

7 LAFAYETEPUBLICTRUSTFINANCINGAUTJ-tORITY Lafayete,Louisiana ComparativeStatementofRevenues,ExpendituresandChangesinFundBalance- GovernmentalFundType-GeneralFund YearsEndedMarch31,201and20 Revenues: Interestoninterest-bearingdeposils andinvestments Servicerfeincome Totalrevenues Expenditures: Curent- Generalgovernment: Legalfes Acountingandauditing Administrativefes-CityofLafayete Apropriation-LafayeteConsolidatedGovernment- FirstTimeHomeBuyersProgram Distributionoftrustprincipaltobeneficiary Totalexpenditures Deficiencyofrevenuesoverexpenditures Otherfinancingsources Operatingtransfersin $26,656 26,656 10,280 3, ,0 875,0 1,341,271 $271,57 38, ,498 4,86 2, ,0 80,0 1,158,740 (1,14,615)(848,242) 12,327 Deficiencyofrevenuesandothersourcesoverexpenditures (1,102,28)(848,242) Fundbalance,begining Fundbalance,ending Theacompanyingnotesareanintegralpartofthistatement. 4,15,4284,963,670 $3,013,140$4,15,428

8 LAFAYETEPUBLICTRUSTFINANCINGAUTHORITY Lafayete,Louisiana ComparativeStatementofRevenues,ExpensesandChangesinRetainedEarnings- ProprietaryFundType YearsEndedMarch31,201and20 EnterpriseFund Operatingrevenues: Interestonloans Interestoninterest-bearingdeposits andinvestments $239,602$262,817 Totaloperatingrevenues 1,175,531,18, ,951925,841 Operatingexpenses: Interestonbonds Amortizationofbondisuecost Generalandadministrativexpenses 482, ,197 Totaloperatingexpenses 752,087 16, ,64 68,693 80,132 72,489 Operatingincome 423,46416,169 Otherfinancinguses: Operatingtransfersout (12,327) Retainedearnings,begining Netincome 9,249,0568,832,87 41,139416,169 Retainedearnings,ending $9,60,195$9,249,056 Theacompanyingnotesareanintegralpart&thistatement. 6

9 LAFAYETI'EPUBLICTRUSTFINANCINGAUTHORITY Lafayete,Louisiana Cashflowsfromoperatingactivities Operatingincome ComparativeStatementofCashFlows ProprietaryFundType EnterpriseFund YearsEndedMarch31,201and20 Adjustmentstoreconcileoperatingincometonet cashprovidedbyoperatingactivities- Amortizationofbondisuecost Acretionofdiscountoilinvestments Acretionofbondiscount Changesinasetsandliabilities: Decreaseinacruedinterestreceivable Decreaseinacruedservicefes Decreaseilacruedinterest onbondspayable Totaladjustments Netcashprovidedbyoperatingactivities Cashflowsfromnoncapitalfinancingactivities: Principalcolectedolmortgageloans Principalpaidonrevenuebonds TransfertoGeneralFund Netcashusedbynoncapitalfinancingactivities Cashflowsfrominvestingaetivities: Principalcolectedonmortgage-backed securities Netmaturitiesofinvestments Netcashprovidedbyinvestingactivities Netincrease(decrease)incashandcashequivalents Cashandcashequivalents,beginingofperiod Cashandcashequivalents,endofperiod Stmnlementaldisclosuresofcashflowinformafin Cashpaiduringtheperiod- Interest $423,46$416, ,197 (502,908) 106,352 5,295(78) (19,821) (307,963) 15,503 68,824 (2,890,873) (12,327) (2,234,376) 825,406 96,768 1,82,174 (296,69) 1,363,807 68,693 (462,151) 41,895 6,125 (1,142) (13,549) (360,129) 56, ,679 (2,07,316) (1,074,637) 1,075,679 16,154 1,091,83 73,236 1,290,571 $1,067,108$1,363,807 $501,946$637,213

10 LAFAYETI'EPUBLICTRUSTFINANCINGAUTHORITY Lafayete,Louisiana NotestoFinancialStatements (1) SumaryofSit,nificantAcountinePolicies Louisiana.TheAuthoritywasformedasapublictrustonJanuary16,1979pursuantoChapter2-AofTitle9 ofthelouisianarevisedstatutes.thebeneficiaryofthetrustisthelafayetecity-parishconsolidated TheLafayetePublicTrustFinancingAuthority(Authority)isapoliticalsubdivisionofthestateof Government,Lafayete,Louisiana.TheAuthoritywascreatedforthepurposeofprovidingfinancingfor residentialfacilitiestolowandmoderateincomefamilieswithintheparishoflafayete.theauthority's governingbodyiscomprisedofaboardofivetrustes. principlesasaplicabletogovernments.suchacountingandreportingproceduresalsoconformtothe TheacountingandreportingpoliciesoftheAuthorityconformtogeneralyaceptedacounting requirementsoflouisianarevisedstatutes24:513andtotheindustryauditguide,auditsofstaleandloca GovernmentalUnits. Thefolowingisasumaryofcertainsignificantacountingpolicies A.FinancialRe6ortineEntity thatarecontroledbytheauthorityasanindependentpoliticalsubdivisionofthestate oflouisiana.theauthorityisacomponentunitofthelafayetecity-parish Forfinancialreportingpurposes,theAuthorityincludesalfundsandactivities ConsolidatedGovernment,theprimarygovernment.Althoughlegalyseparatefrom thelafayetecity-parishconsolidatedgovernment,thefolowingfactorswere consideredindecidingthatheauthorityisacomponentunitofthelafayetecity- ParishConsolidatedGovernment,Louisiana: 2 ThetrustesoftheAuthorityshalbeapointedbythegoverningauthorityof thelafayetecity-parishconsolidatedgovernment. Alproposedby-lawsandanyamendmentstheretonedtobeaprovedbythe governingauthorityofthelafayetecity-parishconsolidatedgovernment. Nodebtobligationsmaybeisuedormoneysborowedwithoutheprior consentofthegoverningauthorityofthelafayetecity-parishconsolidated Government. NobondsoftheTrustshalbedeliveredwithoutheprioraprovalofthe governingauthorityofthelafayetecity-parishconsolidatedgovernment. PublicTrustFinancingAuthority,whichdoesnotincludetheoversightunit(Lafayete ThisreportincludesthecomponentunitfinancialstatementsoftheLafayete City-ParishConsolidatedGovernment)financialstatements. 8

11 LAFAYETEPUBLICTRUSTFINANCINGAUTtORITY NotestoFinancialStatements(Continued) Lafayete,Louisiana B.FundAcounting whichisconsideredaseparateacountingentity.theoperationsofeachfundare acountedforwithaseparatesetofself-balancingacountsthatcompriseitsasets, TheacountsoftheAuthorityareorganizedonthebasisofundșeachof liabilities,retainedearnings/fundequity,revenues,andexpenses.resourcesare alocatedtoandacountedforinindividualfundsbaseduponthepurposesforwhich theyaretobespentandthemeansbywhichspendingistobecontroled.thevarious fundsaregrouped,inthefinancialstatementsintbisreport,intotwogenericfundtypes andtwobroadfundcategoriesasfolows: GovernmentalFund- GeneralFund acountforalfinancialresourcesexcepthoserequiredtobeacountedforinanother fund. TheGeneralFundisthegeneraloperatingfundoftheAuthority.Itisusedto ProprietaryFund- EnterpriseFund operatedinamanersimilartoprivatebusinesenterprises-wheretheintentofthe governingbodyisthathecosts(expenses,includingamortizationofbondisuecosts) Enterprisefundsareusedtoacountforoperations(a)thatarefinancedand ofprovidingservicestothegeneralpubliconacontinuingbasisbefinancedor recoveredprimarilythroughusercharges;or(b)wherethegoverningbodyhasdecided thatperiodicdeterminationofrevenuesearned,expensesincured,and/ornetincome isapropriateforcapitalmaintenance,publicpolicy,managementcontrol, acountability,orotherpurposes. C.BasisofAcounting recognizedintheacountsandreportedinthefinancialstatements.basisofacounting relatestothetimingofthemeasurementsmade,regardlesofthemeasurementfocus Basisofacountingreferstowhenrevenuesandexpendituresorexpensesare aplied acounting.revenuesarerecognizedwhentheybecomemeasurableandavailableas Ṫhegovernmentalfundisacountedforusingthemodifiedacrualbasisof netcurentasets.interestoninterest-bearingdepositsandinvestmentsisrecognized whenearnedandavailable. 9

12 LAFAYEYI'EPUBLICTRUSTFINANCINGAUTHORITY NotestoFinancialStatements(Continued) Lafayete,Louisiana revenuesarerecognizedwhentheyarearnedandexpensesarerecognizedwhenthey areincured.alaplicablefinancialacountingstandardsboard(fasb) Theproprietaryfundisacountedforusingtheacrualbasisofacounting.Its pronouncementsisuedonorbeforenovember30,1989areapliedunlesthose pronouncementsconflictwithorcontradictgovernmentalacountingstandardsboard D.Investments (GASB)pronouncements. certificatesofdeposit,repurchaseagrements,pasboksavingsacounts,bankers' aceptances,andotheravailablebankinvestmentsprovidedthataprovedsecuritiesare StatutesauthorizetheLafayetePublicTrustFinancingAuthoritytoinvestin pledgedtosecurethosefundsondepositinanamountofthosefunds.inadition,the LafayetePublicTrustFinancingAuthoritycaninvestindirectdebtsecuritiesofthe UnitedStatesunlesuchaninvestmentisexpreslyprohibitedbylaw.Investmentsare statedatcost,increasedbytheacretionofdiscounts. E.StatementofCashFlows highlyliquidinvestmentswithamaturityofthremonthsorleswhenpurchasedtobe cashequivalents. Forpurposesofthestatementofcashflows,theEnterpriseFundconsidersal F.Vacation.SickLeaveandPensionPlan therefore,itdidnothaveapolicyonvacationandsickleave,nordidithaveapension plan. TheAuthorityhadnoemployesduringtheyearendedMarch31,201; G.Amortization dividedbythesumofthebondsoutstandingasofthebeginingofthepresentyear. Thismethodoesnotmaterialydiferfromtheinterestmethodrequiredbygeneraly Amortizationofbondisuecostsisbasedonthetotaloutstandingbonds aceptedacountingprinciples. H.LoansReceivable loansisacruedmonthlyasearned. Loansarecariedatamountsadvancedlespaymentscolected,lntereston 10

13 LAFAYETEPUBLICTRUSTFINANCINGAUTHORITY Lafayete,Louisiana BondsPayable Bondspayablearestatedatmaturityvaluelesunaecretediscount. NotestoFinancialStatements(Continued) ComparativeData acompanyingfinancialstatementsinordertoprovideanunderstandingofchangesin theauthority'sfinancialpositionandoperations.however,comparative(i.e., Comparativetotaldatafortheprioryearhavebenpresentedinthe presentationofprioryeartotalsbyfundtype)datahavenotbenpresentedineachof thestatementsincetheirinclusionwouldmakethestatementsundulycomplexand K.TotalColumnsonCombinedStatements-Overview dificultoread. MemorandumOnlytoindicatethatheyarepresentedonlytofacilitatefinancial analysis.datainthesecolumnsdonotpresentfinancialposition,resultsofoperations, TotalcolumnsontheCombinedStatements-Overviewarecaptioned orchangesinfinancialpositioninconformitywithgeneralyaceptedacounting principles.neitherisuchdatacomparabletoaconsolidation,lnterfuodeliminations havenotbenmadeintheagregationofthisdata. (2)BondRestrictions A.J90BondIsue acount,debtserviceacount,redemptionacount,preservationacountandrebate TheacountstobeheldbytheTrustearethecolectionacount,revenue acount, ColectionAcountdefinedbySection5.07ofthebondindenture,moniesinexcesofnon-mortgage earningswilbetransferedtotherebateacount.monthlybondinterestandprincipal Thecolectionacountwilbeusedtopayforitemsinthefolowingorder:As wilalsobepaid.thecolectionacountwilalsouseitsfundstosuplementhedebt serviceacountforanydeficienciesinitsreserverequirement,lfexcesmoniesexist afterthepaymentoftheaforementioned,theremaindershalbetransferedtothe revenueacount.thesourcesofmoniesforthecolectionacountwilbepaymentsof principalonmortgageloansincludingregularlyscheduledprincipalpayments,principal prepayments,recoveriesofprincipalthroughforeclosureandinsurancesetlements.

14 LAFAYETEPUBLICTRUSTFINANCINGAUTHORITY NotestoFinancialStatements(Continued) Lafayete,Louisiana RevenueAcount- October1ofeachyear,comencingApril1,195.Thesexpensesincludetruste's fes,premiumsonthespecialhazardandperformancebondinsurancepoliciesaswel TherevenueacountwilbeusedtopayforcertainexpensesonApril1and asotherprogramexpenses,lfabalancexistsinexcesof$25,0onoctober2of eachyear,beginingoctober2,193,thebalancewilbetransferedtotheredemption acount.ifadeficiencyexistsintherevenueacount,asrelatedtopaymentof expenses,monieswilbetransferedfromthedebtserviceacount. DebtServiceAcountrevenueacountifmonetarydeficienciesexist.Anymoniesinexcesofthedebt Thedebtserviceacountwilbeusedtosuplementhecolectionacountand servicereserverequirementshalbetransferedtotherevenueacount. RedemptionAcountacruedinterestasrelatedtotheredemingofbonds.Unpaidprincipalplusacrued interestwilbepaidfromtheredemptionacountprovidednotlesthanasinglebond Theredemptionacountwilbeusedtopayfortheunpaidprincipalplus iscaledperedemption. PreservationAcountexpenses.Thesourceofmoniesforthepreservationacountwilbereimbursements oforeclosurexpensesfrominsurancesetlements. Thepreservationacountistobeusedsolelyforthepaymentoforeclosure RebateAcount- Anualy,arebateanalystwilcalculatethexcesnonmorlgagearningsandtransfer thosearningsfromthecolectionacountotherebateacount.inacordancewith Therebateacountisnotsubjectothepledgeofthebondindenture. thebondindentureandsection143oftheinternalrevenuecode,ninetypercentofthe moniesheldbytherebateacountwilbedisbursedtotheunitedstatesofamerica B.191BondIsues beginingseptember1,196andeveryfiveyearsthereafter. acount,liquidityreserveacount,debtservicereserveacount,andpreservation TheacountstobeheldbytheTrustearethecolectionacount,expense acount.

15 LAFAYETEPUBLICTRUSTFINANCINGAUTtORITY NotestoFinancialStatements(Conlinued) Lafayete,Louisiana ColectionAcountshalbeusedtopayinterestandprincipalonthebondsandtransfertothexpense transferedfromthedebtservicereserveacountandliquidityreserveacount.monies Thecolectionacountwilacountforalpledgedrevenuesandamounts acountanamountequaltone-twelfthof.30percentperanumoftheagregate principalamountofseriesbmortgageloansoutstandingpermonth. ExpenseAcountcolectionacountopaymiscelaneousprogramexpensesuchastrustefes, insurancepremiums,independentacountantsfes,etc. Thexpenseacountwilacountforalamountstransferedfromtile LiquidityReserveAcountdepositedfromthebondproceds.Investmentearningshalbetransferedtothe "leliquidityreserveacountshalacountforinvestmentearningsonamounts colectionacountandintheventhatamountsondepositinthecolectionacountare insuficientopaytheprincipalorinterestdueonthebonds,theamountofsuch insuficiencyshalbetransferedfromtheliquidib'reserveacount. DebtServiceReserveAcountdepositedfromthebondproceds.Interestearnedonsuchamountshalberetained Thedebtservicereserveacountshalacountforinterestearnedonamounts andintheventhatamountsinfilecolectionacount,theliquidityreserveacountand thexpenseacountareinsuficientopaytheprincipalandinterestdueonthebonds, theamountofsuchinsuficiencyshalbetransferedfromthedebtservicereserve acount. PreservationAcountdepositedfromthebondprocedsandamountsreceivedunderthemortgageguaranty Thepreservationacountshalacountforinterestearnedonamounts Amountswilbedisbursedforliquidationandpreservationexpensesincuredpriorto insurancepolicywhichrepresentprincipalandinterestontherelevantmortgageloan. theacquisitionofaproperty.

16 LAFAYETEPUBLICTRUSTFINANCINGAUTHORITY NotestoFinancialStatements(Continued) Lafayete,Louisiana (3)Investments AsumaryofrestrictedasetsbyacountsatMarch31,201isasfolows Liquidityreserve Acounts Cash bearing Expense $ Interest Acrued deposits Interest $68,243 LafayeteCity-ParishConsolidated Debtservice Government 143,154 $ InvestmentsReceivable 2,209, ,69 39, Revenue Preservation Colection 9,285 6,205,458 Redemption 139,628 85,760 Totals $3,27,040 21,038 3,785,853$2, $10,834,741$3, ArecapofinvestmentsatMarch31,201byeachbondrestrictedasetypefolows: Acounts Acredited DiscountCarying Expenseacount Value Amount Face Unacreted LafayeteCity-Parish $39,731$ $39,731$127,0$87,269 Discount Debtserviceacount Consolidated Government Colectionacount 2,839, ,69 Totals $7,468,870 3,785,853 $3,365,871 3,365,871 $10,834,741 6,205,458 3,785, ,69 $23,872,813$13,038,072 19,150,012,94,542 3,792,14 803,69 6,261 asumedbythentityatyear-end.category1includesinvestmentsthatareinsuredoregisteredorfor whichthesecuritiesareheldbytheauthorityoritsagentintheauthority'sname.category2includes TheAuthority'sinvestmentsarecategorizedbelowtogiveanindicationofthelevelofrisk uninsuredandunregisteredinvestmentsforwhichthesecuritiesareheldbytbebroker'sordealer'strust departmentoragentintheauthority'sname.category3includesuninsuredandunregistered investmentsforwhichthesecuritiesareheldbythebrokerordealer,orbyitstrustdepartmentoragent butnotintheauthority'sname.

17 LAFAYETEPUBLICTRUSTFINANCINGAUTHORITY Lafayete,Louisiana NotestoFinancialStatements(Continued) TheMarch31,201,caryingamountofthesecuritieswhichconstitutetileinvestmentslisted abovearesumarizedasfolows: FNMA-Zerocouponbonds FNMA-Mortgage-backedsecurities U.S.Governmentobligations Total 201 Carying AmountCategory $6,205,458 4,589,52 39,731 $10,834,741 Marketableinvestmentsecuritiesarecariedatcostplusaecretediscount ThecaryingvalueandestimatedmarketvaluesofinvestmentsareasfolowsasofMarch31 Acounts FNMA-Zerocouponbonds FNMA-MortgagebackedSecurities U.S.Governmentobligations Totals (4)LoansReceivable Carying Amount Gros Unrealized Gains $6,205,458$1,161,15 4,589,52 207,279 39,731 54,375 $10,834,741$1,42,769 Estimated Market Value $7,36,573 4,796,831 94,106 $12,257,510 Loansreceivableconsistsofsinglefamilyresidentialfirstmortgages.Alfirstmortgagesare pledgedasecurityforthepaymentofprincipalandinterestonthebondspayable.theloansarealso coveredbyamortgagetrustinsurancecoveringlosresultingfromaborower'sdefaultupto80%of thefairmarketvalueofalinsuredmortgageagrements. Aloansareservicedbyoutsidebanksandfinancialinstitutions,andalpaymentsareremited totheauthority'strusteathendofeachmonth.efectivemarch201,paymentsforthe190bond IsuearebeingremitedtotheLafayete-CityParishConsolidatedGovernment.The190Bondswere redemedinmarch201andtheauthoritytokposesionofthe190mortgageloansfromthetruste inapril201.

18 LAFAYETEPUBLICTRUSTFINANCINGAUTHORITY NotestoFinancialStatements(Continued) Lafayete,Louisiana (5) UnamorlizedBondIsueCosts UnamonizedbondisuecostatMarch31,20 Les:AmortizationfortheyearendedMarch31,201 $53,782 TotalunamortizedbondisuecostsatMarch31,201 $450,585 (103,197) (6)RealEstateOwned adjudicatedbacktotheauthorityatsherif'sale)andiscariedatheprincipaloutstandingontileloan priortoacquisitionbytheauthoritynetofinsurancereimbursement.therewasnorealestateowned TheAuthorityacquiresrealestatethroughadjudication(whichwasforecloseduponand atmarch31,201. (7)BondsPayable ASeptember1,190,originalprincipalof$10,50,0bearinginterestat8.5percentper anum.principalandinterestarepayableonthefiftenthdayofeachmonth,interest Thesinglefamilymortgagerevenuerefundingbonds190SeriesAaredated acruingfromthefirstdaytothelastdayofthemonthpriortopaymentdate.thebond scheduleforfuturepayments.thebondsareredemableatheoptionoftheisueron indentureindicatesthatmonthlyprincipalandinterestpaymentsarecalculatedonthe monthlycolectionsofmortgageloanprincipal,sugestingnoavailablematurity anypaymentdatedonorafterseptember15,20.paymentwilbequalto10 percentoftheunpaidprincipalplusacruedinterestodate.the190bondswere B redemedbytheauthorityinmarch201. agregateprincipalof$16,50,0.theclasa-ianda-2bondsbearinterestat7.5 percentperanum.interestontheclasa-ianda-2bondsarepayablemonthlyon Taxablerefundingbondseries191A,ClasA-I,ClasA-2andA-3,inthe thefirstcalendardayofeachmonth,interestacruingfromthefirstdayofthemonth throughandincludingthelastdayofthemonthforthesecondmonthpriortoeach interestpaymentdate.theclasa-3bondsacrueinterestat9.25percentbegining onthedateofisuanceuntilthedateofmaturity,whichisjuly10,2014.principal paymentsontheclasa-1bondswilbemadeoneachinterestpaymentdatefrom fundsremaininginthecolectionacountafterpaymentofinterestontheclasa-iand A-2bonds.PrincipalpaymentswilbeapliedfirstopayprincipalontheClasA-I bondsuntilalclasa-ibondshavebenpaidinfulbeforesuchfundsareapliedto paytheprincipaloftheremainingclasesofbonds.thematurityamountoftheclas A-3bondswilbepayableonJuly10,

19 LAFAYETEPUBLICTRUSTFINANCINGAUTHORITY NotestoFinancialStatements(Continued) Lafayete,Louisiana agregateprincipalof$4,735,0.theclasb-1bondsbearinterestat7.375percent "l'axablerefundingbondseries191b,clasb-iandclasb-2,inthe peranum.interestontheclasb-ibondsarepayablemonthlyonthefirstcalendar dayofeachmonth,interestacruingfromthe~rstdayofthemonththroughand includingthelastdayofthemonthforthesecondmouthpriortoeachinterestpayment date.principalpaymentsontheclasb-1bondswilbemadeoneachinterestpayment date,onlyfromfundsavailableafterpaymentofinterestonsuchbondsandthetransfer tothexpenseacountofone-twelfihof.30percentoftheagregateprincipalamount ofbondsoutstandingpermonth.thepaymentoftheclasb-2maturityamount,which includesinterestbearing9.5percentandprincipal,wilbepayableonjuly10,2014. C 6.875percent.PaymentofprincipalandinterestwastobeginFebruary1,20and 195,originalprincipalof$15,0,0bearinganinterestratevaryingfrom5.5to "l'heseries195singlefamilymortgagerevenuebondsweredatedfebruaryi, continueanualytoafinalmaturitydateoffebruary1,2027.the195bondswere redemedbytheauthorityinfebruary196. AuthorityfortheyearendedMarch31,201: ThefolowingisasumaryofbondtransactionsoftheLafayetePublicTrustFinancing NetBondspayable,beginingofyear Ad:Discountaecreted $6,858, ,352 Les:Bondsretired (2,890,873) NetBondspayable,endofyear $4,073, BondIsue PrincipaloutstandingonalbondsasofMarch31,201areasfolows ClasA-2 ClasA-3 ClasB-I $3,831,729 ClasB-2 50,0 376,439 $5,108,168 40,0 maturityschedules,thereforethesinkingfundrequirementsforalong-termborowingsforeachofthe fiveyearsfolowingthebalanceshetdateandtomaturityasrequiredbythefinancialacounting Baseduponthetermsofthebondebentures,the190and191bondisueshavenostated StandardsBoard's(FASB)Statement47canotbedisclosed.

20 LAFAYETEPUBLICTRUSTFINANCINGAUTIJORITY Lafayete,Louisiana NotestoFinancialStatements(Continued) (8)Litigation TherewasnolitigationpendingagainstheAuthorityasofMarch31,201 (9) ComnensationofBoardofTrustes theirexpensesincuredrelatingtotheauthority'sbusines,whichmusthaveapropriatesuporting documentation. TheBoardofTrustesoftheAuthorityreceivesnocompensationandareonlyreimbursedfor (10) PriorYears'DebtDefeasance bycreatingirevocabletrustfunds.newdebthasbenisuedandtheprocedshavebenusedto purchaseu.s.governmentsecuritiesthatwereplacedinthetrustfunds.theinvestmentsandfixed Inprioryears,theLafayetePublicTrustFinancingAuthorityhasdefeasedvariousbondisues earningsfromtheinvestmentsaresuficientofulyservicethedefeasedebtuntilthedebtiscaledor matures.forfinancialreportingpurposes,thedebthasbenconsideredefeasedandthereforeremoved asaliabilityfromtheauthority'sfinancialstatements.asofmarch31,201,theamountofdefeased debtoutstandingbutremovedfromthefinancialstatementsamountedto$32,085,0. (1) ntereovernmentalaaremen ParishConsolidatedGovernment,beneficiaryofLafayetePublicTrustFinancingAuthority,whereas theauthoritywiltransfermoniestothecityandthecityshalmaintainsaidmoniesforthebenefitof LafayetePublicTrustFinancingAuthorityenteredintoanagrementwiththeLafayeteCitytheAuthority.Unlesdirectedotherwise,theCityshalinvestalfundsinsuchamanertomaximize incomefromsuchfundsthatcansafelybearnedwithintheconfinesoflaw.thecityshaldisburse fundsonlyupondirectionsoftheauthorityasevidencedbyrequisitionsignedbytheauthority's chairman.alrequisitionsinexcesofivethousandolarsmustbexecutedbyboththechairmanand secretary-treasureroftheauthority.theauthorityshalreimbursethecityanualyanamountobe determinedbythecity'scostalocationplanforsuchservices.asofmarch31,201,thecityis managinginterest-bearingdepositsandinvestmentstotaling$3,013,631,whichisreflectedinthe financialstatementsoftheauthority. (12) DistributionofTrustPrinciDa pasedauthorizingpartialearlydistributionsofprincipaltothebeneficiaryoftheauthority,thecity oflafayete.duringthefiscalyearendedmarch31,201,adistributionintheamountof$875,0was InacordancewiththeLafayetePublicTrustFinancingAuthority'sindenture,resolutionswere authorizedforthepurposeofpurchasingtheformerlbabuilding.duringthefiscalyearendedmarch 31,20,adistributionintheamountof$80,0wasauthorizedforthepurposeofpurchasingthe formerunitedstatescourthousebuildingfromthegeneralservicesadministration. 18

21 LAFAYETEPUBLICTRUSTFINANCINGAUTHORITY NotestoFinancialStatements(Continued) Lafayete,Louisiana (13) ConerativeEndeavorAeremen Authority'sinitialinvestmentof$280,0asociatedwiththeisuanceofthe195bondisueandstates thatcertainasetstransferedtothetrusteforthe197abondisuefromthetrusteofthe195bond OnJanuary31,196,theLafayetePublicTrustFinancingAuthorityandtheLouisianaHousing isuewilbeusedinsuchamanertopermitmortgageloanstobefinancedwithinthejurisdictionof theauthorityandtofinancetherecoveryoftheauthority'sinitialinvestment.therecoveryofsuch initialinvestmentbytheauthority,however,iscontingentuponthefacthathelhfadoesnotincur anycostswhicharenotrecoverablefromtilepreviouslymentionedtransferedasetṣthepotential recoverabilityofthe$280,0hasnotbenacruedasareceivableinthefinancialstatementsin acordancewithfinancialacountingstandardsboardstatement(fasb)no.5"acountingfor Contingencies".FASBNo.5statesthatgaincontingenciesareordinarilynotrecordeduntiltheyare actualyrealized.theauthorityhasreceivedatotalof$12,204fromitsinitialinvestmentodate. DuringthefiscalyearendedMarch31,201,theAuthorityreceived$0and$12,204wasreceivedifi prioryears. (14) ointconerativeaeremen ParishConsolidatedGovernment,whereastheAuthorityinitialyagredtoprovidefundstotaling $250,0onan"asrequested"basisforthepurposeofestablishingandimplementingalowinterest LafayetePublicTrustFinancingAuthorityenteredintoanagrementwiththeLafayeteCityrevolvingloanprogramtoasistfirstimehomebuyersintheParishofLafayete.Eligibleparticipants mayreceiveupto$5,0,toberepaidataninterestrateofivepercent(5%)peryearforaloanterm notoexcedfiften(15)years.thefundsmaybeusedonlyforthepurposesofofsetingclosingcosts and/orasadownpayment. agrementautomaticrenewsonacalendaryearbasisforsucesivetermsofoneyearunleseitherparty provideswritenoticeofitsintentoterminate.intheventoftermination,lafayetecity-parish ThisagrementcomencedonFebruary5,198andwilendonDecember31,198.The ConsolidatedGovernmentisobligatedtodistributeanyfundscolectedasrepaymentsfromborowers and/oremainingandavailableinprogramacountstotheauthority. $1,154,0asofMarch31,201.Ofthisamount,$452,0wasfundeduringthefiscalyearended TheAuthorityhasaprovedaditionalfundingandhasfundedthisprogramintheamountof March31,201and$702,0wasfundedinprioryears.

22 SUPLEMENTALINFORMATION

23 SCHEDULESOFINDIVIDUALFUNDS 21

24 o~ ~c,o c~o~

25 o~c~o ~o~~

26 LAFAYETEPUBLICTRUSTFINANCINGAUTtlORITY Lafayete,Louisiana EnterpriseFund ScheduleofGeneralandAdministrativeExpenses WithComparativeTotalsforMarch31,20 YearEndedMarch31, BondIsues Totals 20 Acretionofbondiscount Mortgageinsurance Acountingandauditing $-5,635 Legalfes 5,935 $106,352 1,646 Servicingfes Trustefes 3,618 6,404 $106,352 12,39 7,281 $41,895 5,830 5,296 Bondredemptionfes 3,513 2,703 Miscelaneous 16,0 7,0 3,618 8,920 10,513 7,9 10,980 2,63 16,0 9,354 2,63 3,153 Total $42,60$124,105 $16,765$80,132

27 COMPLIANCE AND INTERNALCONTROL

28 KOLDER,CHAMPAGNE,SLAVEN&COMPANY,LC CERTIFIEDPUBLICACOUNTANTS CB~.Cto~Xo~er,CPA~ Ro,~,F.C~.,~,CPA" P.O.BOX82329 v.~l,~rs~ve.,cpa" Lafayete,LA70598 Con/adO.Chftpmen,CPA~ W~BSITE: P.TroyCou~ile,CPA* VWVvVKCSRCPASCOM AlenJLsSry,CPA PenyN',Oelk~Sc/uglnsCPA MaryT,Th~bodeaux,CPA Gerald/LThibcdeaux,Jr.,CPA K~y~ADo~ce~,CPA KenftelhJR~J~al,CPA Aprores~n,~lA~u~t,~co~r~1~ Phone(37) Fax(37) REPORTONCOMPLIANCEANDINTERNALCONTROLOVER FINANCIALREPORTINGBASEDONANAUDITOF FINANCIALSTATEMENTSPERFORMED1NACORDANCE WITHGOVERNMENTAUDITINGSTANDARDS TheBoardofTrustes LafayetePublicTrustFinancingAuthority Lafayete,Louisiana MEMBEROF: AMERICAN[NS~f[UlEOF CERTIFIEDPUBLICACOUNTANTS SOCIETYOFLOUISIANA CERTIFIEDPUBLICACOUNTANTS WehaveauditedthegeneralpurposefinancialstatementsoftheLafayetePublicTrustFinancing Authority,acomponentunitoftheLafayeteCity-ParishConsolidatedGovernment,Lafayete,Louisiana, primarygovernment,fortheyearendedmarch31,201,andhaveisuedoureporthereondatedseptember 26,201.Weconductedourauditinacordancewithgeneralyaceptedauditingstandardsgeneralyacepted intheunitedstatesofamericandthestandardsaplicabletofinancialauditscontainedingovernment AuditingStandards,isuedbytheComptrolerGeneraloftheUnitedStates. Compliance AspartofobtainingreasonableasuranceaboutwhethertheLafayetePublicTrustFinancing Authority'sgeneralpurposefinancialstatementsarefreofmaterialmistatement,weperformedtestsofits compliancewithcertainprovisionsoflaws,regulations,contractsandgrants,noncompliancewithwhichcould haveadirectandmaterialefectonthefinancialstatementamounts.however,providinganopinionon compliancewiththoseprovisionswasnotanobjectiveofourauditand,acordingly,wedonotexpresuchan opinion.theresultsofourtestsdisclosednoinstancesofnoncompliancethatarerequiredtobereportedunder GovernmentAuditin~Standards. nternalcontroloverfinancialreportin~ Inplaningandperformingouraudit,weconsideredtheLafayetePublicTrustFinancingAuthority's internalcontroloverfinancialreportinginordertodetermineourauditingproceduresforthepurposeof expresingouropiniononthegeneralpurposefinancialstatementsandnotoprovideasuranceontheinternal controloverfinancialreporting.ourconsiderationoftheinternalcontroloverfinancialreportingwouldnot necesarilydisclosealmatersintheinternalcontroloverfinancialreportingthatmightbematerialweakneses. Amaterialweaknesisaconditioninwhichthedesignoroperationofoneormoreoftheinternalcontrol componentsdoesnotreducetoarelativelylowleveltheriskthatmistatementsinamountsthatwouldbe materialinrelationtothegeneralpurposefinancialstatementsbeingauditedmayocurandnotbedetected withinatimelyperiodbyemployesinthenormalcourseofperformingtheirasignedfunctions.wenotedno matersinvolvingtheinternalcontroloverfinancialreportinganditsoperationsthatweconsidertobematerial weakneses. 183SouthBeadleP-.o~d13EIstBridgeStlcel13FastWadil1234DavidDriveșuite105408W.CotonStrut Lafayete,LA70508Br~auxBrldg~,LA70517Msrksvlte,LA71351Morg~nCity,LAT0380VUlePkIle,LA?0586 Pitone(37)212~t41phone(37)32~O20Phone(31832S3-9252Phone(985) Phone( Fix(37)232-$60Fax{3~7) Fax(318) Fax(985) F~(37) W.Sb~lhA~nue Oberlin,LA7065 Phone(37) Fa~(37)639~ SouthMain$ue~I AbcviI~ḶA7051 phone(3?) FIX( ~6

29 publicrecordanditsdistributionisnotlimited. ThisreportisintendedfortheinformationoftheBoardofTrustes.However,thisreportisamaterof Kolder,Champagne,Slaven&Rainey,LC CertifiedPublicAcountants Lafayete,Louisiana September26,201 27

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