CADOPARISHTAXASESOR SHREVEPORT,LOUISIANA DECEMBER31,203

Transcription

1 CADOPARISHTAXASESOR SHREVEPORT,LOUISIANA DECEMBER31,203

2 CADOPARISHTAXASESOR SHREVEPORTLOUISIANA TABLEOFCONTENTS IndependentAuditor'sReport RequiredSuplementaryInformation: Management'sDiscusionandAnalysis AuditedComponentUnitFinancialStatements Government-WideFinancialStatements StatementofNetAsets StatementofActivities FundFinancialStatements: BalanceShets-AlFundTypesandAcountGroups StatementofRevenues,ExpendituresandChangesinFund StatementofRevenues,ExpendituresandChangesinFund Balance-GovernmentalFundType Balance-Budget(GAPBasis)andActual-Governmental FundType NotestoFinancialStatements OTHERFINANCIALINFORMATION Employes'SalariesPaidbytheCadoParishTaxAsesor OTHEREPORTS ReportonComplianceandonInternalControlOverFinancial ReportingBasedonanAuditofFinancialStatementsPerformed inacordancewithgovernmentauditingstandards ScheduleofFindingsandQuestionedCosts ScheduleofPriorYearFindings ea~

3 HEARD MCELROY &VESTAL LP 3T~XASr~:J~E'r 15"rHFLOR SItReV~I,OaT,LA7]! FAX POSTO~elc~Box1607 SHREVEPORT,LA 7165-I607 Mr.CharlesR.Henington,Jr CadoParishTaxAsesor Shreveport,Louisiana PARTNERS J.PF.'rERGAFPNEY,CPA,AI'C SPENCI:RBERNARD,JR.,CPA H.Q.GAHAGAN,JR.,tea,aeC GEP~ALDW.}[EDGCOCK,JR.,CPA,APC TIMB.NIELSEN,CPA,APC JOHNW.DEAN,CPA,APC MARKD,ELDREDGE,CPA ROBERTL.DEAN,CI'A STEPIENW.CRAIG.CPA February15,204 nde~3endentauditor'srenor RoyE.PRES'rWOD,C:'A A.D.Jo}iNsoN,Jr.,ci~A ~ONx,N],STEWART,CPA,APC OFCOUNSEL GEI3gR7R,S~{ANI]EY,JR,CP& C,CODYWHITE,JR.,tea,ArC WILIAML.H1GHTOWER.CPA WehaveauditedthecomponentunitfinancialstatementsoftheCadoParishTaxAsesor,acomponent unitofthecadoparishcomision,asofdecember31,203,andfortheyearthenended,aslistedin thetableofcontents.thesecomponentunitfinancialstatementsaretheresponsibilityofthecadoparish TaxAsesormanagement.Ouresponsibilityistoexpresanopiniononthesecomponentunitfinancial statementsbasedonouraudit. WeconductedourauditinacordancewithauditingstandardsgeneralyaceptedintheUnitedStatesof AmericandGovernmentAuditingStandardsisuedbytheComptrolerGeneraloftheUnitedStates. Thosestandardsrequirethatweplanandperformtheauditobtainreasonableasuranceaboutwhether thecomponentunitfinancialstatementsarefreofmaterialmistatement.anauditincludesexamining, onatestbasis,evidencesuportingtheamountsandisclosuresinthecomponentunitfinancialstatements. Anauditalsoincludesasesingtheacountingprinciplesusedandsignificantestimatesmadeby management,aswelasevaluatingtheoveralfnancialstatementpresentation.webelievethatouraudit providesareasonablebasisforouropinion. Inouropinion,thecomponentunitfinancialstatementsreferedtoabovepresentfairly,inalmaterial respects,thefinancialpositionofthecadoparishtaxasesorasofdecember31,203,andtheresults ofitsoperationsfortheyearthenendedinconformitywithacountingprinciplesgeneralyaceptedinthe UnitedStatesofAmerica. AsdescribedinNote1tothebasicfinancialstatements,theCadoParishTaxAsesoradoptedthe provisionsofgovernmentalacountingstandardsboardstatementno.34,basicfinancialstatements andmanagement'sdiscusiouandatalysisforstateandlocalgovernmentsasoflanuary1,202.this resultsinachangeintheformatandcontentofthebasicfinancialstatementsofthecadoparishtax Asesor. InacordancewithGovernmentAuditingStandards,wehavealsoisuedareportdatedFebruary15,204, onourconsiderationoftheasesor'sinternalcontroloverfinancialreporting,armonitscompliancewith certainprovisionsoflaws,regulations,contractsandgrants.thatreportisanintegralpartofanaudit performedinacordancewithgovernmentauditingstandardsandshouldbereadinconjunctionwiththis reportinconsideringtheresultsofouraudit. HVIV &PROFESIONALSERVICESpILM w,ht'nvcpa,comwebadres

4 Ourauditwasmadeforthepurposeoforminganopiniononthecomponentunitfinancialstatementstaken asawhole.theacompanyingotherfinancialinformationlistedinthetableofcontentsispresentedfor purposesofaditionalanalysisandisnotarequiredpartofthecomponentunitfinancialstatementsofthe CadoParishTaxAsesor.Suchinformationhasbensubjectedtotheauditingproceduresapliedin theauditofthefinancialstatementsand,inouropinion,isfairlystatedinalmaterialrespectsinrelation tothecomponentunitfinancialstatementstakenasawhole.

5 REOUIREDSUPLEMENTARYINFORMATION MANAGEMENT'SDISCUSIONANDANALYSIS CADOPARISHTAXASESOR

6 ThisectionpresentsreadersofthefinancialstatementsoftheCadoParishTaxAsesor'sOficewith MANAGEMENT'SDISCUSIONANDANALYSIS(UNAUDITED) anarativeoverviewandanalysisofitsfinancialactivitiesforthefiscalyearendeddecember31,203. ItisintendedtoserveasanintroductiontothebasicfinancialstatementsoftheCadoParishTaxAsesor, whichstatementsconsistofundfinancialstatementsandnotesthereto. FinancialHighlights ThefinancialstatementsoftheAsesorpresenthefinancialtransactionsoftheAsesor'sofice.The Asesorasesesalrealandmovablepropertyintheparishsubjectoadvaloremtaxation.Inacordance withlouisianalaw,theasesorbasesrealandmovablepropertyasesmentsonconditionsexistingon January1ofiletaxyear.TheAsesorcompletesanasesmentlistingbyMay1ofthetaxyearand submitstheiistotheparishgoverningauthorityandthelouisianataxcomision,asprescribedbytaw. Oncetheasesmentlistingisaproved,theAsesorsubmitstheasesmentroltotheparishtaxcolector whoisresponsibleforcolectingandistributingtaxestothevarioustaxingbodies. Totalasetsdecreasedby$1t4,37,or10%.ThisisduetotheAsesor'soficehavingadeficiencyof revenueoverexpendituresforthepreviousyears.totaliabilitiesdecreasedby$3,804.thiswasmainly duetothecapitaleaseagrementforthecomputersystembeingnearcompletion. Revenuesforthepreviousyearexcededcurentyear'srevenuesby$62,494,whichiscomprisedofa decreaseintheotherevenueduetothendingofanagrementwiththecadoparishcomisionfor theirhelpwithdevelopingthegisbasemapforcadoparishandadecreaseininterestincome. Expendituresdecreasedby$78,960fromtheprioryear.Thisisduemainlytoadecreaseindebtservice. TheGeneralFixedAsetGrouphadanincreaseof$6,272,whichisaditionalasetspurchaseduringthe year.thegrouphadecreasesintheamountof$6,21.thiswasduetofixedasetsbeingtransfered tothecadoparishcomisionforauction. USINGTHISANUALREPORT Thisanualreportconsistsofaseriesofinancialstatements.TheStatementofNetAsetsandthe StatementofActivities(onPages6and7)provideinformationaboutheactivitiesoftheAsesorasa whole.fundfinancialstatementstartonpage8.forgovernmentalactivities,thesestatementstelhow theseserviceswerefinancedintheshort-termaswelaswhatremainsforfuturespending.fundfinancial providinginformationaboutheasesor'smostsignificantfunds.theasesorisacomponentunitof tileparishofcado,louisiana.theacompanyingfinancialstatementspresentinformationonlyonthe statementsalsoreportheasesor'soperationsinmoredetailthanthegovernment-widestatementsby fundsmaintainedbytheasesor. ReportingtheFundsMaintainedbytheAsesorasaWhole TheStatementofNetAsetsandtheStatementofActivities AsetsandtheStatementofActivitiesreportinformationabouthefundsmaintainedbytheAsesoras OuranalysisofthefundsmaintainedbytheAsesorasawholebeginsonPage6.TheStatementofNet awholeandaboutitsactivities.thesestatementsincludealasetsandliabilitiesusingtheacrualbasis ofacounting,whichisimilartotheacountingusedbymostprivate-sectorcompanies.acrualofthe curentyear'srevenuesandexpensesaretakenintoacountregardlesofwhencashisreceivedorpaid.

7 ThesetwostatementsreportheAsesor'snetasetsandchangesinthem.TheAsesor'snetasetsthediferencebetwenasetsandliabilities-isonewaytomeasuretheAsesor'sfinancialhealth,or financialposition.overtime,increasesordecreasesintheasesor'snetasetsareoneindicatorof whetheritsfinancialhealthisimprovingordeteriorating. IntheStatementofNetAsetsandtheStatementofActivities,werecordthefundsmaintainedbythe Asesorasgovernmentalactivities. THEFUNDSMAINTAINEDBYTHEASESORASAWHOLE AcomparativeanalysisofthefundsmaintainedbytheAsesorispresentedbelow Table1 NetAsets Cashandcashequivalents Investments Capitalasets Otherasets Totalasets Curentliabilities Totaliabilities Netasets: Investmentsincapitalasets Unrestricted Totalnetasets Government-Wide Activities ,43 10,0 81, ,01,304 42, ,837 7, Goverlmaent-Wide Activities 202 NetasetsofthefundsmaintainedbytheAsesordecreasedby$10,53or10% Table2 ChangeinNetAsets Revenues CadoAsesmentDistrict Staterevenuesharing OtherTotalrevenues Government-Wide Activities , ,801 81, ,257 46,257 81, ,598 1,069,384 Government-Wide Activities 202 2,063, , ,898 2,35,520

8 Expenses Generalgovernmental (Decrease)inetasets Government-Wide Activities 203 2,403,59 Government-Wide Activities 202 2,464,91 (109,391) ForthefundsmaintainedbytheAsesor,totalrevenuesdecreased$62,494in203,fromtotalrevenues in202of$2,35,520.thedecreasewasaresultofthendingofanagrementwiththecadoparish Conunisionduring202. CAPITALASETS Athendof203,theAsesorhadinvested$81,837incapitalasetsfromthosefundsmaintainedby theasesor. Table3 CapitalAsetsAtYearEnd Furniture,oficequipmentand GISequipment Computerequipment Majoraditionsincluded Computerequipment Furniture,oficequipmentand GISequipment Total Government-Wide Activities ,47 609,390 81,837 4,202 2,070 6,272 Government-Wide Activities 202 TheAsesorhasadednomajornewprogramsorinitiativestobefundedin204 Requestsforb~formation 270,620 61,16 s81,786 4, ,247 ThisfinancialreportisdesignedtoprovideageneraloverviewoftheCadoParishTaxAsesor'sfinances foralthosewithaninterestintheasesor'sfinancialoperations.questionsconcerninganyofthe informationprovidedinthisreport,orequestsforaditionalinformation,shouldbeadresedtothe CadoParishTaxAsesor,501TexasStret,Rom102,Shreveport,Louisiana7101.

9 AUDITEDCOMPONENTUNITFINANCIALSTATEMENTS

10 CADOPARISHTAXASESOR STATEMENTOFNETASETS DECEMBER ASETS Cashandcashequivalents Investments,atcost Acruedinterestreceivable Furniture,oficequipmentandGISequipment Computerequipment Totalasets LIABILITIESANDNETASETS Liabilities: Acountspayable Deferedrevenue Totaliabilities Netasets: Investedincapitalasets Unrestricted Totaliabilitiesandnetasets Totalnetasets Governmental Activities 10,024 19,43 272, ~90 34, ,7t9 81, ,014 Theacompanyingnotesareanintegralpartofthesefinancialstatements

11 CADOPARISHTAXASESOR STATEMENTOFACTIVITIES FORTHEYEARENDEDECEMBER Programrevenue; CadoAsesmentDistrict Staterevenuesharing Chargesforservices Interestincome Miscelaneous Totalrevenue Expenses: Insurance Generaloficexpense Profesionalfes Equipmentmaintenance Postage Educationandtravel Automobile Oficeforms Oficesuplies Salaries Retirementfundexpense Interest Bokvalueofasetsretired TotaIexpenses Changeinetasets Netasets-be~inin~ofyear Netasets-endofyear Governmental Activities Theacompanyingnotesareanintegralpartofthesefinancialstatements 2,086, ,202 82,952 16,342 3,515 2,293, ,290 36,28 45,694 5,537 24,593 1,909 5,14 12,i05 14,757 1,498, , ,21 2,403,59 (10,53)

12 CADOPARISHTAXASESOR BALAN DECEMBER31,203 ROU Governmental ASETS ExpenseFund FundType Salaryand Fiduciary Agency Funds Cashandcashequivalents-Note3 Investments,atcost-Note4 Investmentindeferedcompensation 10,0 19,43 Acruedinterestreceivable Furniture,oficequipmentandGISequipment-Note5 Computerequipment-Note ,180 Amountobeprovidedforetirementofgeneral long-termobligations-notes8and10 Totalasets 19,467 ABILITIESANDFUNDEOUITY Liabilities: Acountspayable Deferedrevenue-Note9 Deferedcompensationpayable Obligationsundercapitaleases-Notes8and10 34,734 7, ,180 Totaliabilities 42, ,180 FundequiW: Investmentingeneralfixedasets Fundbalance-unreservedandundesignated Totaliabilitiesandfundequity Totalfundequity 7, Theacompanyingnotesareanintegralpartofthesefinancialstatements

13 TermObligations GeneralLong- AcountGroup FixedAsets General MemorandumOnlx Totals 10,0 739,180 19,43 106, , ,47 609, ,47 609; , ,620 61, ,786,90 6,09_7 739.I80 34,734 7,719 35,49 65,162 4,61 6,097 78t.63 71,419 81, ,837 81,837 1,740, ,075,48.!. 81, ,695

14 PARISHT A ~TALFUND Revenues: CadoAsesmentDistrict-Note2 Staterevenuesharing-Note9 Chargesforservices Interestincome Miscelaneous Totalrevenues DECEMBER31,202 Expenditures: Insurance Generaloficexpense Profesionalfes Equipmentmaintenanceandpurchases Maping Postage Educationandtravel Automobile Oficeforms Oficesuplies Salaries-asesor Salaries-deputies Salaries-other Retirementfundexpense-Note6 Debtservice: Principal-Note10 Interest Totalexpenditures venueov B_eginin~fundbalance Endingfundbalance 2 GovernmentalFundType Salar~andExpenseFund ,086,0t5 104,202 82,952 16,342.35,_5~15 2,293, ,290 36,28 45,694 61,809 24,593 1,909 5,14 12,105 14,757 93,090 1,379,570 25, ,948 6, ,063, ,930 94,84 26,761 _6,253 2,35,520 40,176 39,842 51,961 69, ,832 15,69 56;104 10,535 15,792 85,60 1,412,364 21, ,206 70,96 _2,547 2,48,67 (16,681) (13,147) 193,695 70~!~14 Theacompanyingnotesareanintegralpartofthesefinancialstatements _326,

15 STATEMENTOFREVENUES,EXPENDITURESANDCHANGESINFUNDBALANCE- CADOPARISHTAXASESOR GOVERNMENTALFUNDTYPEFORTHEYEARENDEDECEMBER31,203 WITHCOMPARATIVEAMOUNTSFORTHEYEARENDED DECEMBER ReconciliationoftheStatementofRevenues,Expenditures,andChangesinFundBalanceofGovernmental FundtotheChangeinNetAsetsofGovernmentalActivities: Netchangeinfundbalance-governmentalfund Paymentsoncapitaleaseobligations (16,681) 6,097 Equipmentpurchases 6,272 Bokvalueofasetsretired Changeinetasetsofgovernmentalactivities (10,53) (6,21) Theacompanyingnotesareanintegralpartofthesefinancialstatements

16 CADOPARISHTAXASESOR STATEMENTOFREVENUESEXPENDITURESANDCHANGESIN FUNDBALANCE-BUDGET(GAPBASIS)ANDACTUAL-GOVERNMENTALFUNDTYPE Revenues: CadoAsesmentDistrict Staterevenuesharing Interestincome Otherevenues Totalrevenues Prior Expenditures: Insurance Generaloficexpense Profesionalfes Equipmentmaintenanceandpurchases Maping Postage Educationandtravel Automobile Oficeforms Oficesuplies Salaries Retirementfundexpense Debtservice Totalexpenditures Fundbalance: December GovernmentalFundT,cpe SalaryandExpenseFund Actual Budget 2,086, ,202 19,857 82, ,161, ,90 35,0 84,0 2,385, , , ,290 36,28 45, ,593 1,909 5,14 12,105 14,757 1,498, ,948 6,126 2,409, ,175 49,705 59, , ,65 26,30 70,10 20,872 29,627 1,540,0 217,0 2,678,094 Variance Favorable (Unfavorable) (75,656) (698) (15,143) (1,048) (92,545) 49,85 13,417 14,156 84,712O0 4,062 14,421 14,986 8,767 14,870 41,926 13,052 (6,126) 268,387 Theacompanyingnotesareanintegralpartofthesefinancialstatements

17 NOTESTOFINANCIALSTATEMENTS CADOPARISHTAXASESOR ASOFANDFORTHEYEARENDEDECEMBER Introduction AsprovidedbyArticleVI,Section24oftheLouisianaConstitutionOf1974,theasesoriselectedby thevotersoftheparishandservesafour-yearterm,theasesorasesesalrealandmovableproperty intheparish,subjectoadvaloremtaxation.theasesorisauthorizedtoapointasmanydeputiesas maybenecesaryfortheficientoperationoftheoficeandprovideasistancetothetaxpayersofthe parish.thedeputiesareauthorizedtoperformalfunctionsoftheofice,butheasesorisoficialyand pecuniarilyresponsiblefortheactionsofthedeputies. Theasesor'soficeislocatedintheCadoParishCourthouseinShreveport,Louisiana.Theasesor employs70employes,including53deputies.inacordancewithlouisianalaw,theasesorbasesreal andmovablepropertyasesmentsonconditionsexistingonjanuary1ofthetaxyear.theasesor completesanasesmentlistingbymay1ofthetaxyearandsubmitsthelistotheparishgoverning authorityandthelouisianataxcomision,asprescribedbylaw.oncetheasesmentlistingis aproved,theasesorsubmitstheasesmentroltotheparishtaxcolectorwhoisresponsiblefor colectingandistributingtaxestothevarioustaxingbodies. AtDecember31,203,thereare132,403realpropertyandmovablepropertyasesmentstotaling $87,469,690and$313,294,380,respectively.Thisrepresentsanincreaseof749asesmentswithan increasetotaling$39,481,60invalueovertheprioryear.theincreaseinthenumberofasesmentsis dueprimarilytonewconstructionandnewbusinesesbeingopened. l.sumaryofsignificantacountinepolicies BasisofPresentation TheacompanyingfinancialstatementsoftheCadoParishTaxAsesorhavebenpreparedin conformitywithacountingprinciplesgeneralyaceptedintheunitedstatesofamerica(gap)as apliedtogovernmentalunits.thegovernmentalacountingstandardsboard(gasb)isthe aceptedstandard-setingbodyforestablishingovernmentacountingandfinancialreporting principles, InJune19,theGovernmentalAcountingStandardsBoard(GASB)unanimouslyaproved StatementNo.34,BasicFinancialStatements-andManagement'sDiscusionandAnalysis-for StateandLocalGovernments. Thefinancialstatementsinclude ~AManagementDiscusionandAnalysis(MD&A)sectionprovidingananalysisofthe ~FinancialstatementspreparedusingfulacrualacountingforaloftheAsesor's Asesor'soveralfinancialpositionandresultsofoperations. activities.

18 1.SumaryofSignificantAcountin~Policies(Continued) Theseandotherchangesarereflectedintheacompanyingfinancialstatements(includingnotesto thefinancialstatements).thecadoparishtaxasesorisrequiredtoimplementhegeneral provisionsofthe,statementinthecurentyear, Repom'ngEntity Asthegoverningauthorityoftheparish,foreportingpurposes,theCadoParishComisionisthe financialreportingentityforcadoparish.thefinancialreportingentityconsistsof(a)theprimary government(comision),(b)organizationsforwhichtheprimarygovernmentisfinancialy acountable,and(c)otherorganizationsforwhichnatureandsignificanceoftheirelationshipwith theprimarygovernmentaresuchthatexclusionwouldcausethereportingentity'sfinancialstatements tobemisleadingorincomplete, GovernmentalAcountingStandardsBoardStatementNo.14establishedcriteriafordetermining whichcomponentunitshouldbeconsideredpartofthecadoparishcomisionforfinancial reportingpurposes,thebasicriterionforincludingapotentialcomponentunitwithinthereporting entityisfinancialacountability.thegasbhasetforthcriteriatobeconsideredindetermining financialacountability.thiscriteriaincludes: 1.Apointingavotingmajorityofanorganization'sgoverningbody,and a.theabilityofthecomisiontoimposeitswilonthatorganizationand/or b.thepotentialfortheorganizationtoprovidespecificfinancialbenefitstorimposespecific financialbnnensonthecomision. 2.Organizationsforwhichthecomisiondoesnotapointavotingmajoritybutarefiscaly 3.Organizationst0rwhichthereportingentityfinancialstatementswouldbemisleadingifdataof dependentonthecomision. Becausetheasesorisfiscalydependentonthecomision,theasesorwasdeterminedtobea theorganizationisnotincludedbecauseofthenatureorsignificanceoftherelationship. componentunitofthecadoparishcomision,thefinancialreportingentity.theacompanying financialstatementspresentinformationonlyonthefundsmaintainedbytheasesorandonot presentinformationonthecomision,thegeneralgovernmentservicesprovidedbythat governmentalunit,ortheothergovernmentalunitsthatcomprisethefinancialreportingentity. FundAcounting Theasesorusesfundsandacountgroupstoreportonitsfinancialpositionandtheresultsofits operations.fundacountingisdesignedtodemonstratelegalcomplianceandtoaidfinancial managementbysegregatingtransactionsrelatingtocertaingovernmentfunctionsoractivities. Afundisaseparateacountingentitywithaself-balancingsetofacounts.Ontheotherhand,an acountgroupisafinancialreportingdevicedesignedtoprovideacountabilityforcertainasetsand liabilitiesthatarenotrecordedinthefndsbecausetheydonotdirectlyafectnetexpendable availablefinancialresources. Fundsoftheasesorwhichareclasifiedasgovenm~entalfundsacountfortheasesor'sgeneral activities,includingthecolectionandisbursementofspecificorlegalyrestrictedmoniesandthe acquisitionofgeneralfixedasets.

19 1.SumaryofSignificantAcountin~Policie SalaryandExpenseFundasprovidedbyLouisianaRevisedStatute47:1906,istheprincipalfund oftheasesorandacountsfortheoperationoftheasesor'sofice.compensationreceived fromthevarioustaxingbodiesprescribedbyformulainlouisianarevisedstatutes47: isacountedforinthisfund,generaloperatingexpendituresarepaidfromthisfund. TheAgencyFund,whichisafiduciaryfundtype,acountsforasetsheldwhicharefor employeswhodeferaportionoftheircompensation.agencyfundsarecustodialfunds(asets equaliabilities);therefore,theydonotinvolvemeasurementofoperations.therearetwo deferedcompensationplansavailabletothemployes.oneisadministeredbythenational planarereportedatfairmarketvalue.nanasetsremainthepropertyoftheasesoruntilpaid AsociationofCounties,andtheotherisadministeredbyPrudentialFinancial.Alasetsofthe BasisofAcounting ormadeavailabletoparticipants. Theacountingandfinancialreportingtreatmentapliedtoafundisdeterminedbyitsmeasurement measurementfocus.withthismeasurementfocus,onlycurentasetsandcurentliabilitiesare focus.thesalaryandexpensefundisacountedforusingacurentfinancialresources generalyincludedonthebalanceshet.theoperatingstatementofthesalaryandexpensefund presentsincreasesandecreasesinetcurentasets.themodifiedacrualbasisofacountingis usedbythesalaryandexpensefund.thesalaryandexpensefundusesthefolowingpracticesin recordingrevenuesandexpenditures: Revenuesarerecognizedwhentheybecomemeasurableandavailableasnetcurentasets Expendituresarerecognizedwhentherelatedfundliabilityisincured BudgetsandBudgetaryAcounting TheCadoParishTaxAsesorfolowstheseproceduresinestablishingthebudgetarydatareflected inthesefinancialstatements: 1.TheCadoParishTaxAsesorpreparesaproposedbudgetandholdsapublichearing 2.Thebudgetisadoptedathepublichearing nolaterthanfiftendayspriortothebeginingofeachfiscalyear. 3.Albudgetaryapropriationslapseathendofeachfiscalyear CashandCashEquivalentsandInvestments Cashincludesamountsindemandeposits,interest-bearingdemandeposits,andmoneymarket acounts.cashequivalentsincludeamountsintimedepositsandthoseinvestmentswithoriginal maturitiesof90daysorles.understatelaw,theasesormaydepositfundsindemandepositș interest-bearingdemandeposits,moneymarketacountșortimedepositswithstatebanksorganized underlouisianalawandnationalbankshavingtheirprincipaloficesinlouisiana. Understatelaw,theasesormayinvestinUnitedStatesbonds,treasurynotes,orcertificates.These areclasifiedasinvestmentsiftheiroriginalmaturitiesexced90days;however,iftheoriginal maturitiesare90daysorles,theyareclasifiedascashequivalents.investmentsarestatedatcosț exceptforinvestmentsinthedeferedcompensationagencyfund,whicharereportedatmarkeṭ 14

20 1.SumaryofSignificantAcountin~Policies(Continued) FixedAsets Fixedasetsarerecordedasexpendituresathetimepurchased,andtherelatedasetsarecapitalized inthegeneralfixedasetsacountgroup.nodepreciationhasbenprovidedongeneralfixedasets. Alfixedasetsarevaluedathistoricalcost. VacationandSickLeave Theasesorhasawritenformalpolicyrelatingtovacationandsickleave,basedonlengthof service.thepolicydoesnotprovidefortheacumulationofvacationleave.thepolicyprovides foracumulationofsickleavethatmaybeusedformajorilneses.itdoesnotprovidefor compensationforthisickleaveupontermination. Long-TermObligations Long-termobligationsexpectedtobefinancedfromtheSalaryandExpenseFundarereportedinthe generalong-termobligationsacountgroup.expendituresforprincipalandinterestpaymentsfor long-termobligationsarerecognizedinthesalaryandexpensefundwhendue. TotalColumnsonStatements Thetotalcolmlsonthestatementsarecaptioned"MemorandumOnly"toindicatethatheyare presentedonlytofacilitatefinancialanalysis.datainthesecolumnsdonotpresentfinancialposition oresultsofoperationsinconformitywithacountingprinciplesgeneralyaceptedintheunited StatesofAmerica.Neitherisuchdatacomparabletoaeonsolidatiom RiskManagement TheAsesorisubjectonormalbusinesandliabilityrisk,includingriskoflosofasets.These 2.LeviedTaxes risksaremanagedthroughthepurchaseofinsurancepolicies. TheCadoAsesmentDistrictleviesataxontheasesedvaluationofaltaxablepropertyapearing onthepreviousyear'staxrol.themilagetobeasesedisdeterminedandcertifiedbythe legislativeauditorbydividingthenetaxrolasofjanuary1oftheyearofimplementationintothe salaryandexpenseacountandsalaryandpersonalexpensealowanceoftheasesorforthecurent year.themilageadoptedremainsinefectinsubsequentyearsunleschangedasprovidedbylaw. However,thetotalamountofadvaloremtaxesreceivedbythedistrictisneverlesthanthatreceived bythedistrictintheinitialyear.taxesareduedecember31. ThetotaltaxesasesedbytheCadoAsesmentDistrictwere$2,161,671fortheyearended December31,203.In203,$2,062,146intaxesand$1,745ininterestwerecolected,and$2,629 wererefundedtotaxpayers.aproximately95.4%ofthetaxesasesedwerecolectedfor203and theasesorbelievesthatheremaining4.6%,$9,525,wiltneverbecolectedmainlyasaresultof bankruptciesandprotestedtaxes. Thefolowingisasmrmlaryofauthorizedandleviedadvaloremtaxes Authorized Milage Levied Milage_ CadoAsesmentDistrict

21 2.LeviedTaxes(Continued) Thefolowingaretheprincipaltaxpayersfortheparish Taxpayer SouthwesternElectricPower BelSouth GeneralMotors Harah's HiberniaNationalBank AmSouthBank BankOne UniversalOilProducts Bomtown Wal-Mart Total CashandCashEquivalents T_y.peofBusines Utility-electric Utility-phone Manufacturer Gaming Bank Bank BankManufacturer Gaming Retail Percentage 203 oftotal AsesedAsesed ValuationValuation 56,941,930 28,607,20 19,017,50 18,942,930 13,846,30 12,278,460 1,369,430 10,842,360 10,064,90 8,459, ,370,320 AtDecember31,203,theasesorhascashandcashequivalentsasfolows Comercialinterestchecking 4.78% 2.40% 1.60% 1.59% 1.16% 1.03%.95%.91%.85%.71% 15.98% Thesedepositsarestatedatcost,whichaproximatesmarket.Understatelaw,thesedepositsmust besecuredbyfederaldepositinsuranceorthepledgeofsecuritiesownedbythefiscalagentbank. Themarketvalueofthepledgedsecuritiesplusthefederaldepositinsurancemustataltimesequal orexcedtheamountondepositwiththefisealagent. 4.Investments Theinvestmentsofalfundsconsistedofcertificatesofdepositandascheduleispresentedbelow HiberniaNationalBank Rateof Interest Salaryand ExpenseFund TheinvestmentsareinthenameoftheAsesorandareheldatHibernia.Becausethecertificates areinthenameoftheasesorandareheldbytheasesororitsagent,thecertificatesareconsidered insuredandregistered,category1,inaplyingthecreditriskofgasbcodificationsectioni Chan~,esin Asumaryofchangesingeneralfixedasetsfolows Balance,January1,203 Aditions Deductions Balance,December31,203 81,786 6,272 (6,21) 81,837

22 6.PensionPlan SubstantialyalemployesoftheCadoParishTaxAsesor'soficearemembersoftheLouisiana AsesorsRetirementSystem,amultiple-employer,publicemployeretirementsystem(PERS), controledandadministeredbyaseparateboardoftrustes. Alful-timemployeswhoarenotdrawingretirementbenefitsfromanyotherpublicretirement systeminlouisianarerequiredtoparticipateinthesystem.employeswhoretireatorafterage 5withatleast12yearsofcreditedserviceoratanyagewithatleast30yearsofcreditedserviceare entitledtoaretirementbenefit,payablemonthlyforlife,equalto31/apercentoftheirfinal-average salaryforeachyearofcreditedservice,notoexced10percentoftheirfinal-averagesalary. Final-averagesalaryisthemploye'saveragesalaryoverthe36consecutiveorjoinedmonthsthat producethehighestaverage.employeswhoterminatewithatleast12yearsofserviceandonot withdrawtheiremployecontributionsmayretireatorafterage5andreceivethebenefitacrued totheirdateoftermination.thesystemalsoprovidesdeathandisabilitybenefits.benefitsare establishedbystatestatute. TheSystemisuesananualpubliclyavailablefinancialreporthatincludesfinancialstatementsand requiredsuplementaryinformationforthesystem.thatreportmaybeobtainedbywritingtothe LouisianaAsesors'RetirementSystem,P.O.Box1469,BatonRouge,Louisiana , orbycaling(80) ContributionstotheSystemincludeone-fourthofonepercentofthetaxeshowntobecolectible bythetaxrolsofeachparishplusrevenuesharingfundsapropriatedbythelegislature.statestatute requiresplanmemberstocontribute8%oftheiranualcoveredsalariestothesystem.asprovided bylouisianarevisedstatute1:103,themployercontributionsaredeterminedbyactuarialvaluation andaresubjectochangeachyearbasedontheresultsofthevaluationforthepriorfiscalyear.the CadoParishTaxAsesor'scontributionstotheSystemfortheyearsendingDecember31,203and 202were$203,948and$171,206,respectively,equaltotherequiredcontributionsforeachyear. OtherPostemotownentBenefits TheAsesorpays10%ofretires'medicalandlifeinsurancepremiumsand50%oftheretires' dependentmedicalcoverage.theligibilityrequirementisthatheformeremployemusthavemet therequirementsoftheretirementsystem.theserequirementsareatleastwelveyearsofcovered serviceandatleastfifty-fiveyearsofageorthirtyearsofservice.themployer'scontributionsare financedonapay-as-you-gobasis.thenumberofparticipantscurentlyeligibletoreceivebenefits isfiften.retires'medicalandlifeinsurancepremiumspaiduring203were$83,689. l_eases In202,theCadoParishTaxAsesorhadthreoperatingleaseagrementsforautomobilesand oficequipment.twoleasesarefor36-monthterms,andoneisfor60months.during203,total paymentsundertheseleaseswere$19,753. Thefolowingisascheduleofutureminimumrentalpaymentsrequiredundertheoperatingleases asofdecember31.203: ,650 45,760 6~460 17

23 9.DeferedRevenue Thebalanceofdeferedrevenueistaxescolectedpriortoyearendwhichwereatributabletothe yearendeddecember31,203. ChangesinGeneralLong-TermObligations Thefolowingisasumaryofthelong-termobligationtransactionsduringtheyear Long-termobligationspayableatJanuary1,203 Aditionalong-termobligations Paymentsoflong-termobligations Long-termobligationspayableatDecember31,203 6,097 (6,097) Litigation Athebalanceshetdate,therewaspendinglitigationagainstheAsesorwhichinvolvedsuits sekingeitherefundsoftaxesforprioryearsoreasesmentofpropertyvalues.asthetax Asesoronlyasesespropertyandoesnotcolectaxes,thereshouldbenomonetarylostothe Asesorbecauseofthislitigation.

24 OTHERFINANCIALINFORMATION

25 NAME CADOPARISHTAXASESOR EMPI,OYES'SALARIESPAIDBYTHECADOPARISHTAXASESOR FORTHEYEARENDEDECEMBER NO.YEARS SERVICE POSITIONHELD SALARY ASESOR CharlesR.Henington,Jr.17yrs.8mos.Asesor DEPUTIES FanieM.Alen LaryW.Arnold AliceG.Bagley LindaB.Botelho JohnO.Bren MaryL.Brumer JamesBugs Ren6S.Burk MargaretBurns MaryAnCarmer DorseyB.Cleveland StephenA.Cok,Jr. RonaldL.Cox TheresaN.Edwards TrevaFakcloth SandraC.Giliam LeslieY.Glover MatieW.Godwin ClarindaGayHenderson lanee.holand LesterM.Jackson EtaMaeJohnson GregoryF.Johnson AnthonyQ.Jones FrancesLawrence JamesR.Lewis NeilS.Mathews JoeD.Maxwel BeverlyI.McConel VickiW.McConel JuliaDoryMcDonald RichardAlanMore AudreyR.Newton 4yrs 25yrs 26yrs 4yrs 12yrs 2yrs 17yrs 24yrs 2yrs 16yrs 14yrs 8yrs 21yrs 27yrs 3yrs 25yrs 24yrs 20yrs 23yrs 16yrs 27yrs 9yrs 19yrs 12yrs 10yrs 6yrs 20yrs 10yrs 24yrs 18yrs 21yrs 25yrs 24yrs 9mos 10mos 2mos 5mos 8mos 4mos 9mos 9mos 8mos 10mos 10mos 8mos 1mos 1mos 7mos 4mos 10mos 10mos 10mos 1mos 1mos 3mos 3mos 8mos 8mos 1mos 5mos 7mos 10mos 8mos 5mos AbstractSpecialistI SeniorSystemsAnalyst SeniorDataAsistant AbstractSpecialistI Supervisor AdministrativeOficer FieldDataColectorI AcountsPayable AbstractSpecialistI DataAsistantI Supervisor GISCordinator SeniorFieldDataColector AbstractSpecialistI GISTechnicianI RealEstateAsistantlI HomesteadAsistantI OficeAsistant FieldAuditorI FieldAuditorI Supervisor RealEstateEvaluatorI DepartmentDirector FieldAuditorIt AbstractSpecialistI FieldDataColectorI ChiefFiscalOficer Supervisor HomesteadAsistantI Receptionist Supervisor SeniorSystemsAnalyst RealEstateAsistantI 93,090 21,150 5,034 24,714 19,950 27,870 34,760 25,20 32,070 23,670 2,650 29,670 27,270 3,270 2,372 2,350 2,56 2,386 16,262 30,750 26,070 31,350 2,914 38,50 2,950 2,581 24,150 38,850 30,150 2,10 25,470 28,898 58,

26 NAME CADOPARISHTAXASESOR EMPLOYES'SALARIESPAIDBYTHECADOPARISHTAXASESOR DEPUTIES(Continued) RandyC.Pasaniti JohnLouisPeck,Jr. SamuelRandle CathaC.Richmond HardyI.Ter SarahJ.Terel RobertThomas,Jr. BethA.Thompson KeiflaEdwardTibit DebraVucinovich GarlandE.Weidner JudyB.Whatley MarilynB.Wiliams PaulaG.Wiliams GloriaT.Winters TracyC.Wisby EXTRAHELP LeA.Baker RobieK.Frey JuliaGiliam NatashaN.Gilyard KristyGrifin KristinHardin GregC.Johnson CourtneyD.More CornetaOdom PeytonSanders FORTHEYEARENDEDECEMBER NO.YEARS SERVICE POSITIONHELD 28yrs 1yr 28yrs 5yrs 15yrs 27yrs 23yrs 8yrs 17yrs 6yrs 16yrs 6yrs 6yrs 10yrs 5yrs 1yrs 2yrs 4yrs 2yrs 4yrs 4yrs 4yrs 2mos 7mos 2mos 2mos 5mos 7mos 9mos 2mos 7mos 2mos DepartmentDirector FieldDataColectorI SeniorFieldAuditor AbstractSpecialistI DepartmentDirector Supervisor DepartmentDirector RealEstateEvaluatorI Supervisor AbstractSpecialistI ChiefDeputy AbstractSpecialistI AbstractSpecialistI JuniorClericalAuditor RealEstateEvaluatorI Supervisor SumerEmploye SunmaerEmploye SumanerEmploye SumerEmploye SumerEmploye SumerEmploye SumerEmploye SumerEmploye SumerEmploye SumerEmploye SALARY 37,350 18,150 32,310 17,502 36,150 31,350 38,50 21,870 30,630 21,270 62,50 20,910 2,950 15,03 23,50 20,80 1,694 3,5t0 2,525 1, ,841 1,631 1,95 7,036 2,130

27

28 HEARD MCELROY &VESTAL LP 3TEXASTIt~E'r 15TIiFLOR SHRF.VgPORT,LA ' YAX POSTO~FlCEBOX1607 StIREVEPORT,LA Mr.CharlesR.Henington,Jr CadoParishTaxAsesor Shreveport,Louisiana PARTNERS J.PI!TRIt()AFY~NEY,CPA,APC SPENCERBI'RN~RD,JR.,Cpa. H.Q.GAtlAG*N,JR.,CPA,APC GERALd>W.HgDGCOCK,JR.,CPA,APC T1MB.NIELSEN,CPA,APC JOHN~).Dea~,cP*,*pc MA~KD.El.DREDGE,CPA ROBERTL.DEAN,CPA STEPHENW.CRAtG,CI'A February15,204 rto RoYE.PRgSTWOD,CPA A.it).]OI{N.gON.JR.CPA RON"~Y,S'I'EW~RT,CPA,APC OFCOUNSEL OILBERTR,SltANLEY,JR.,CPK C.CODYWHITE,JR.,CPA,ape WILIAML,I~IGHTOWER,cI~ AcordancewithGovernmentAuditineStandards WehaveauditedthecomponentunitfinancialstatementsofCadoParishTaxAsesorasofandforthe yearendeddecember31,203,andhaveisuedoureporthereortdatedfebruary15,204.we conductedourauditinacordancewithauditingstandardsgeneralyaceptedintheunitedstatesof AmericandthestandardsaplicabletofinancialauditscontainedinGovernmentAuditingStandards, isuedbythecomptrolergeneraloftheunitedstates. Compliance AspartofobtainingreasonableasuranceaboutwhetherthecomponentunitfinancialstatementsofCado ParishTaxAsesorarefreofmaterialmistatement,weperfbrmedtestsofitscompliancewithcertain provisionsoflaws,regulations,contractsandgrants,noncompliancewithwhichcouldhaveadirectand materialefectonthedeterminationofinancialstatementamounts.however,providinganopinionon compliancewiththoseprovisionswasnotanobjectiveofourauditand,acordingly,wedonotexpres suchanopinion.theresultsofourtestsdisclosednoinstancesofnoncompliancethatarerequiredtobe reportedundergovernmentauditingstandards. nternalcontroloverfinancialret)ortin~ Inplaningandperformingouraudit,weconsideredinternalcontroloverfinancialreportingofCado ParishTaxAsesorinordertodetermineourauditingproceduresforthepurposeofexpresingour opiniononthecomponentunitfinancialstatementsandnotoprovideasuranceontheinterl~alcontrol overfinancialreporting.ourconsiderationoftheinternalcontroloverfinancialreportingwouldnot necesarilydisclosealmatersintheinternalcontroloverfinancialreportingthatmightbematerial weakneses.amaterialweaknesisaconditioninwhichthedesignoroperationofoneormoreofthe internalcontrolcomponentsdoesnotreducetoarelativelylowleveltheriskthatmistatementsinamounts thatwouldbematerialinrelationtothecomponentunitfinancialstatementsbeingauditedmayocurand notbedetectedwithinatimelyperiodbyemployesinthenormalcourseofperformingtheirasigned functions.wenotednomatersinvolvingtheinternalcontroloverfinancialreportinganditsoperation thatweconsidertobematerialweakneses. ThisreportisintendedsolelyfortheinformationofmanagementandtheOficeoftheLegislativeAuditor, StateofLouisiana,andisnotintendedtobeandshouldnotbeusedbyanyoneotherthanthesespecified parues HVIV APROFESIONALSERVICESFIRM SHREVEPORT~BOSlgRCITY w,hmvcpa,cortwebadres iu/-~4alp 21

29 CADOPARISHTAXASESOR WehaveauditedthefinancialstatementsofCadoParishTaxAsesorasofandfortheyearended December31,203,andhaveisuedoureporthereondatedFebruary15,204.Weconductedouraudit inacordancewithauditingstandardsgeneralyaceptedintheunitedstatesofamericandthestandards aplicabletofinancialauditscontainedingovernmentauditingstandards,isuedbythecomptroler GeneraloftheUnitedStates.OurauditofthefinancialstatementsasofDecember31,203resultedin anunqualifiedopinion. n a.reportoninternalcontrolandcompliancematerialtothefinancialstatements InternalControl-Nomaterialweaknesoreportableconditionwasnoted;nomanagementleterwas isued. Compliance-Nomaterialnoncompliancewasnoted b.federalawards-nomajorprogram SectionI-FinancialStatementFindings Nomaterswerereported

30 Noprioryearfindingswerereported CADOPARISHTAXASESOR SCtEDULEOFPRIORYEARFINDINGS YEARENDEDECEMBER31.203