Increase(Decrease)inCash $5,718$23,8%!, 197 I~ CashatEndofYear $_909,362$_153~64,1

Transcription

1 STATEMENTOFCASHFLOWS-PROPRIETARYFUNDTYPE(CONTINUED) TOWNOF'INDEPENDENCE EXHIBITE~_QNT]~<L]!il!~ FortheYearsEnded~lune30,197and196 Increase(Decrease)inCash $5,718$23,8%!, 197 I~ Cash8tBeginingofYear CashatEndofYear $_909,362$_153~64,1 _i$,64_12~9~( ReconciliationofCashAcounts: UnrestrictedCatch Restricted(!ash TotalC!ash $124,013$7],96, $_-209,362$]53~64] 85,349_~7(- TheacompanyJn9notesareanintegralpartofth~statement. ]0

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3 TOWNOFINDEPENDENCE June30,197 i..gumaryofsignificantacountingpolicies TheTownof]ndependence,Louisiana(the"Town")wasincorporatedunde provisionsofthelawrasonact.thetownoperatesunderamayor-boardofale formofgovernment.thetownprovidesthefolowingservices:public improvements,planingandzoning,andgeneralandadministrativeservices. servicesincludewaterandsewerservices. (policeandfire),strets,drainage,sanitation,culture-recreation,i TheacountingandreportingpoliciesoftheTownofIndependenceconSo generalyaceptedacountingprinciplesasaplicabletogovernments. acountingandreportingproceduresalsoconformtotherequirementsofi.ou: RevisedStatutes24:517andtotheindustryauditguide G~vernmenta]I]r14t~ uditsofstatea Thefolowingisasumaryofcertainsignificantacountingpolicies A.FINANCIALREPORTINGENTITY ASthegoverningauthorityoftheTown,forreportingpurposes,theTc IndependenceisthefinancialreportingentityforIndependence,Louisiana financialreportingentityconsistsof(a)primarygovernment(councl]) organizationsforwhichtheprimarygovernmentisfinancialyacountab]~ (c)otherorganizationsforwhichnatureandsignificanceoftheirelati( withtheprimarygovernmentaresuchthatexclusionwouldcausetherepc entity'sfinancialstatementstobemisleadingorincompletẹ GovernmentalAcountingStandardsBoardStatementNo.14establishedc~ fordeterminingwhichcomponentunitshouldbeconsideredpartofthet Independenceforfinancialreportingpurposes.Thebasiccriterio includingapotentialcomponentunitwithinthereportingentityisflr* acountability.thegasbhasetforthcriteriatobeconsideredindetej financialacountability.thiscriteriaincludes: i.apointingavotingmajorityofanorganization'sgoverningbody,a a.tbeabilityofthetowncounciltoimposeitswilonthatorgan:i~, b.thepotentialfortheorganizationtoprovidespecificfin and/or 2.OrganizationsforwhichtheTownCouncildoesnotapointavotingma benelitstorimposespecificfinancialburdensonthetownco 3.Organizationsforwhichthereportingentityfinancialstatementswc butarefiscalydependentonthecouncil. misleadingifdataoftheorganizationisnotincludedbecauseofthe orsignificanceoftherelationship. 12

4 NOTV~TOFTNANCIALgTATEMENTS(CONTINUED TOWNOFINI)EPENDENCE Basedontheaplicationoftheabovecriteria,itwasdeterminedtheTo~'nof IndependencehasnopotentialcompoILentunit.Asaresult,thisreportin(iuJes alfundsandacountgroupswhicharecontroledbyoi!dependentonthe~{w:.'s executiveandlegislativebranches(themayorandboardofaldermen).cc,~:il~o] byordependenceonthetownwasdeterminedonthebasisofbudgetadopt[<}n, taxingauthority,authoritytoisuedebt,electionorapointmentofgov(.~ning B.FLrNDACO~{TING body,andothergeneraloversightresponsibility. TheacountsoftheTownof]independenceareorganizedonthebasisof~und!~and acountgroups,eachofwhichisconsideredaseparateacountingentity.'the operationsofeachfundareacountedforwithaseparatesetofself-balan<:ng acountsthatcompriseitsasets,liabilities,fundequity,revenues,and expenditures,orexpenses,asapropriate.governmentresourcesarea]l(<:at~d aretobespentandthemeansbywhichspendingactivitiesarecontroled[~ne variousfundsaregrouped,inthe~inancialstatementsinthisreport,intof:[ve toandacountedforinindividualfundsbaseduponthepurposesforwhjclthey genericfundtypesandtwobroadfundcategoriesasfolows: GOVERNMENTALFUNDS GeneralFund~TheGeneralFundisthegeneraloperatingfundoftheTow]. acountedforinanotherfund. isusedtoacountforalfinancialresourcesexcepthoserequired procedsofspecificrevenuesour~,el~thatarelegalyzestrictedtoexpenditures SpecialRevenueFunds-SpecialRevenueFundsareusedtoacountfolthe DebtServiceFunds-DebtServiceFundsareusedtoacountfortheacumu]alion forspecsficpurposes. ofresourcesfor,andthepa]anentof,generallong-termdebtpl'incilal, interest,andrelatedcosts. CapitalProjectsFundsfinancialresourcestobe capitalfacilities(other funds). thanthosefinancedbyproprietaryfundsandt~st Capita]ProjectsFundsareusedtoacountfor use<]fortheacquisitionorconstructionofmajor PROPRIETARYFUND EnterpriseFund-EnterpriseFundsareusedtoacountforoperations(athat arefinancedandoperatedinamanersimilartoprivatebusinesenterpl~!es wheretheintentofthegoverningbodyisthathecosts(expenses,inc].iding depreciation)ofprovidinggodsorservicestothegeneralpub]ico:~a cont]nuingbasisbefinancedorecoveredprimarilythroughusercharges;<,r(h) wherethegoverningbodyhasdecidedtheperiodicdeterminationofrev(nues earned,expensesincured,and/ernet:incomeisapropriateforc,~i,~ta] maintenance,publicpolicy,managementcontrol,acountability,oi<:,th(n purposes. ]3

5 TOWNOFINDEPENDENCE NOTESTOFINANC7ALSTATN:MENT~q(CONTNqIED C.PROPERTY,PLANTANDEQUIPMENTANDLONG-TERMLIABILITIES Theacountingandreportingtreatmentapliedtothefixedasetsand]on9t liabilitiesasociatedwithafundaredeterminedbyitsmeasurementfoc1~ Algovernmentalfundtypeoperationsareacountedforonaspend5:~{ "financialflow"measurementfocusandonlycurentasetsandcm): liabilitiesaregeneralyincludedontheirbalanceshet. Fixedasetsusedingovernmentalfundtypeoperations(generalfixeda~ areacountedforinthegeneralfixedasetsacountgroup,andarerec~b~ asexpendituresinthegovernmentalfundtypeswhenpurchased.public(i~.i ("infrastructure")genera]fixedasetsconsistingofcertainimprovements:,~ thanbuildings,includingroads,bridges,curbsandguters,stret~ sidewalks,drainagesystemsarldlcjhtingsystems,_are_notcapitalizeda]o],!~ othergeneralfixedasets.nodepreciationhasbenprovidedongeneral!i asets. Long-termliabilitiesexpectedtobe! acountedforinthegenerallong-.termfinancedfromgovernmentalfund DebtAcountGroup. Thetwoacountgroupsarenot"funds."Theyareconcernedonlywit measurementofinancialposition.theyarenotinvolvedwithmeasurelm resultsofoperations. Becauseof governmental liabjlties. amountsare liabilities. DebtAcount theirspendingmeasurementfocus,expenditurerecognitioh fundtypesislimitedtoexcludeamountszepresentedbynon-cn~ Sincetheydonotafectnetcurentasets,such]on!t ]lotrecognizedasgovernmentalfundtypexpenditureso~f TheyareinsteadreportedasliabilitiesintheGenera]Lon{~ Group. Alproprietaryfundsareacountedforonacostofservicesor"c maintenance"measurementfocus.thismeansthatalasetsandljsbj (whethercurentornoncurent)a,%socjatedwiththeiractivityareinc]u theirbalance,shets.theireportedfundequity(nettotalaset segregatedintocontributedcapitalandretainedearningscomponents. Depreciationofalexhaustible~ixedasetsusedbytheproprietaryf~:kd chargedasanexpenseagainst:itsoperations.depreciationhasbenpl'<~ overthestimatedusefulivesusingthestraight-linemethod.thest,:~i usefulivesareasfolows: WaterUtility- Wels Sto2:ageTanks LinesandMeters SewerageUtility PumpStations ].4 20Years 40Years 40Years 20Years

6 NOT~BTOFINANCIALS~TEMENTS{CONTI~]ED TOWNOFINDEPENDENCE Lines TrucksandEquipment GarbageColectionSystem 40Years I0Years 5Years Alfixedasets;arestatedathistoricalcostorestimatedhistoricalco!t actualhistoricalcostisnotavailable.donatedfixedasetsarestat<l theirestimatedfairvalueonthedatedonated. TheTowncapitalizestheamountof projectandthenamortizes,over D.BASISOFACO[TNTING capitalized, theusefulifeoftheaset,theini~( interestpaiduringtheconstructiol,o! Basisofacountingreferstowhenrevenuesandexpendituresorexpens(,:~16 recognizedintheacountsandreportedinthefinancialstatements.ba~!of acountingrelatestothetimingofthemeasurementsmade,regardles<~lif( measurementfocusaplied. Al(jovernmentalfundsareacountedforusingthemodifiedacrualba!:s.'>f acountlng.theirevenuesarerecognizedwhentheybecomemeasurab]i;~nc] available,asnetcurentasets.taxpayer-asesedincome,grosrece/pt~,~nd salestaxesareconsidered"measurable"wheninthehandsofcoil<,ting governmentsandarerecognizedasrevenueathatime.anticipatedrefu~1.~:of suchtaxesarerecordedasliabilitiesandreductionsofrevenuewhenth<,~'!lie measurableandtheirvaliditysemscertain.almajorevenuesaresusc~_~.:](! toacrual. Expendituzesaregeneralyrecognizedunderthemodifiedacrualba.~:~of acountingwhentherelatedfundliabilityisincured.exceptionstl.t~js generalruleinclude:(i)acumulatedunpaidvacation,sickpay,and:tlcl employeamountswhicharenotacrued(note(1)h);(2)principalandin!~st onlong-termdebtwhichisrecoc{nizedwhendue;and(3)expendableope~,ting suplieswhicharerecordedasexpendituresathetimeofpurchaseund,!the "purchasemethod"(note(1)g). Alprop:cietaryfundsareacountedforusingtheacrualbasisofacou:~thg. Theirrevenuesarerecognizedwhentheyarearned,andtheirexpense.:aye recognizedwhentheyareincured.unbil]edutilityservicesreceivable~:i[h( WaterandSewerEnterpriseFundarenotrecordedatyearendastheamc:!i~J!~ notmaterial.thetownapliesalgasbpronouncementsaswelasthefjh~.n,:,al AcountingStandardsBoardpronouncementsisuedonorbeforeNoventber30,~!9, E.BUDGETSA]~DBUDGETARYACOUNTING unlesthosepronouncer~entsconflictwltborcontradictgasbpronouncem(~!~ TheTownfolowstheseproceduresinestablishingthebudgetarydatarefi[<z.~ed inthesefinancialstatements: l.thetownclerkpreparesaproposedbudgetandsubmitsametothema 15

7 F

8 TOWNOFINDEPENDENCE NOT}~qTOFINANCIALSTATEMENTS(CONTINIED nameofthefiscalagentbankbut:pledgedtothetown.thefolowjnq sumaryofcashandinvestments(bankbalances)atjune30,197,wit relatedfederaldepositinsuranceandpledgedsecurities: Cash:DemandDeposits InterestBearingDemand Deposits TimeDeposits TotalCash Investments: CertificatesofDeposit Tota] CONFIRMED BANKBALANCES,'H~I~ $36 542,076 _3~,Q18 $574, ,$05 $7,635 Uncolatera]ized- SecuritiesintheNameofand ~eldbythefiscalagentp]edgedtothetown ExcesofFDICInsuranceandP]edgedSecurities overcashandinvestmentbankbalances FDIC $ i0,0 BALANC} UNIN~QRi~I $ 42,0( _3~C;~ $I0,0$474,3 $20,0$57,(!i $_53~,~<, Eventhoughthepledgedsecuritiesareconsideredunco].lateralized(Categc undertheprovisionsofgasbstatement3,louisianarevisedstatute3! imposesastatutoryrequirementonthecustodialbanktoadvertiseandse[ pledgedsecuritieswithini0daysoibeingnotifiedbythetownthathe1 agenthasfailedtopaydepositedfundsupondemand. G.Xh~VEMTO~Y TheTownutilJzesthe"purchasemethod"ofacountingforsup;,]J<::[n governmentalfundswherebyexpendableoperatingsupliesarerecognj2,'l~l~; expenditureswhenpurchased.thetowndidnotrecordanyinventoryatjui.,?0, 197.astheamountisnotmaterial. H.ACUMULATEDCOMPENSATEDABSENCES TheTown'spolicyistoalowemployes'vacationpaybasedoneil;I(/e clasificationandlengthofservice.vacationpayisnon-cumulativewithjny unpaidamountspaidtoemployesuponseparationfromtown'service]n governmentalfunds,thecostofvacationpayisrecognizedwhenpaylnentsa~,m~de toemployes.noliabilityhasbenrecordedinthewaterandsewerent6~[:~se FundforunusedvacationpayatJune30,]97,astheamountisnotmatc~i~l TheTown'semployesearnsickpaybenefitsbasedonlengthofse~vJ<e Employesmayacumulatesickleavebenefitsuptoamaximumof360days.5]ck paybenefitshavenotbenacruedasthemploye'srightosickpaybfg]<~it[;, ]7

9 TOWNOFINDEPENDENCE I.PENSIONPLANS althoughcumulative,donotvest: TheTownhastwopensionplanswhichcoveraloftheTown'semployes. pensionplansarejointcontributorydefinedcontributionplansadmsnistel thestatewidelouisianamunicipalemployes'retirementsystemandthestar LouisianaMunicipalPoliceEmployesRetirementSystem.Bothpensionpla~ fundedbycontlbutionsfromemployesthroughpayrolwitholdingdeductiol matchingcontributionsfromthetown(notes12and13). J.RESERVESAN[)DEDICATIONSOFUNDEQUITY TheTownrecordsreservesandedicationstoindicatethataportionofth( equityislegalysegregatedforaspecificfutureuse.thefolowingd( thedescriptionandamountofalreservesandedicationsusedbythet~ ReservesofFundBalance/FundBqu:ity BALANCEAT a.debtservicefunds (i)reservedforgeneralobligation b.waterandsewerenterprisefund BondDebtService $59,276 (i)reservedforrevenuebonddebt DedicationsofFundBalance ~ervice $5,46]~ SpecialRevenueFunds (i)dedscatedforeconomicdevelopment (2)DedicatedforHistoricalDistrict Renovations $15, ,725 K.PAYABLEFROMRESTRICTEDASETS $ CertainasetsoftheIndependenceWaterandSewerSystemhavebenrest forpaymentof[thefolowing: UtilityCustomerDeposits RevenueBondsPayable ]UNESQ,197 BALANCEAT AcruedBondInterestPayable $15,040 20,0 $3~.v0 _ị,69 ]8

10 ]g6)t~.qtoftnan~tat,qt'at~]~n~q[c6)nth~]~]9 TOWNOFINDHPF,NDENCE I,.ALOWANCEFORUNCOLECTIBLEACOUNTS Uncolectibleamountsdueforadvaloremtaxes,customers'utilityreiv andinow~tivehousingprogramnotesreceivablesarerecognizedasbad throughthestablishmentofanalowanceacountathetimeinformationb6 availablewhichwouldindicatetheul<lcolectibilityoftheparticularecei\ Thefolowingdetailsthede~eriptionandamountofthealowanc[ uncolectibleacountsatjune30,197. a.generalfund (I)AlowanceforUncolectible JLrNEZ0,197 BALANCEAT b.specla]revenuefunds AdValoremTaxReceSvab]e $12,615 (l)alowanceforuncolectible InovativeHousingProgzam c.waterandsewer~nterprisefund NotesReceivable $1,406 (i)alowanceforuncolectiblewater M.COMPARATZVEDATA andsewerfes $2,67~ Comparativetotaldatafortheprioryearhasbenpresentedintheacomp~ financialstatementsinordertoprovideanunderstandingofchanges N.TOTALCOLUMNSONCOMBINEDSTAT}~MENTS-OVERVIEW Town'sfinancialpositionandoperations. Totalcolumnsonthecombinedstatements-overviewarecaptioned"M~mo: Only"toindicatethatheyarepresentedonlytofacilitatefinancialana Datainthesecolumnsdonotpresentfinancialposition,resultsofoperat orcashflowsinconformitywithgeneralyaceptedacountingprjnoi Neitherisuchdatacomparabletoaconsolidation.Interfundelimination O.STATEMENTOFCASHFLOWS notbenmadeintheagregationofthisdata. InacordancewithGovernmentalAcountingStandardsBoardStatementNo. Townispresentingastatementofcashflows.Forpurposesofthesta%em cashf]ows,thewaterandsewerenterprisefundconsidersalhighly investments(includingrestrictedasets)withamaturityofthremonthsc 2.ADVALOREMTAXES whenpurchasedtobecashequivalents. AdvaloremtaxesatachasanenforceablelienonpropertyasofJanuary[to! ]9

11 NOTESTOFTNANCTAI,~qTAq TOWNOFINDEPENDENCE year.taxesareleviedbytheto~1jnseptemberoroctoberandareactualyb{ tothetaxpayersinnovember.b~ledtaxesbecomedelinquentonjanuary1o! folowingyear.revenuesfromadvaloremtaxesarebudgetedintheyea]-bj] TheTownbilsandcolectsitsownpropertytaxesusingtheasesedv determinedbythetaxasesoroftangipahoaparish. FortheyearendedJune30,197,taxesof16.64milswereleviedonproperty taxableasesedvaluationstotaling$5,036,740andwerededicatedtothefo] purposes: GeneralCorporatePurposes PolJceDepartment FireDepartment.~2o _.64Mils Mils Totaltaxesleviedwere$83,81.Taxesreceivablewere$13,538atJune30 3.INTERFUNDRECEIVABLESA/qDPAYABLES Thealowanceforuncolectibleadvaloremtaxestotaled$12,615atJune30 ThefolowingJsasumaryofamountsduefromanduetotherfundsatJu 197: GeneralFund: SpecialRevenueFunds DU~:FROM DUETO EnterpriseFund $ SpecialRevenueFunds TotalGeneralFund _~,626 1 $43,38 $_29,62~ $43,38~ GeneralFund EnterpriseFund $43,38 1 EnterpriseFund: TotalSpecialRevenueFunds$_~3,38 $_1 SpecialRevenueFunds GeneralFund TotalEnterpriseFund $29,626 4.IMTERFUNDTRANSFERS TotalAlFunds $_7"z0~9/~ $73,015 ThefolowingisasumaryoftheoperatingtransfersbetwenfundsdurJ fiscalyearendedjune30,197: 20

12 CONT~[NT_S_ICON_TINIJ~ i%salestaxfund(196)- EXHIBITSCHEDULEPA[h Statement:ofRevenues,Expenditures,and ChangesinFundBalance-Budget(GAP 1%SalesTaxFund(1982)- Basis)andActual G-2 StatementofRevenues,Expenditures,and ChangesinFundBalance-Budget(GAP LCDBG-EconomicDeve].opment-87Fund- Basis)arldActual G-3 Statement]ofRevenues,Expenditures,and ChangesinFundBalance-Budget(GAP Basis)andActual G-4 Inovative}lousingFund- StatementofRevenues,Expenditures,and ChangesinFundBalance-Budget(GAP DebtServiceFunds Basis)andActual G-5 combiningbalanceshet CombiningStatementofRevenues,Expenditures, H EnterpriseFund: andchangesinfundbalances B-i ComparativeBalanceShet StatementofRevenues,Expenses,andChanges 53 inretainedearnings-budget(gapbasis) ComparativeStatementsofCashFlows andactual I-i GeneralFixedAsetsAcountGroup I-2 56 ComparativeStatementsofGenera]FixedAsets StatementofChangesinGeneralFixedAsets -BySources GeneralLong-TezmDebtAcountGroup J-i (] OTHERSUPLEMENTARYINFORMATIONSCHEDULES ComparativeStatementsofGeneralLong-TeraDebt ScheduleofChangesinAsetsRestrJctedfor RevenueBondDebtService ]

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14 JohnN.Dur,il,CPA'~ DenisE.Jlnts,CPA~ *AProfesionalCorporation CharlesD.Malhews,CPA BryonC.Gal'rety,CPA ~CERTIFIEI)PUBLICACOUNTANTS~ Septen~er25,197 Indep~e_n_tLA3Ldi:tor'_sReport. HonorablePhilJpF.Domiano,Mayor andthemembersoftheboardofaldermen TownofIndependence,Louisiana h AIC[IC~IlI CcrtilicdPublicAI %!i~,r Socit.ty(dI.~.,bl CcrlificdPublicAt,t, WehaveauditedtheacompanyingeneralpurposefinancialstatementsoftheTo,.n:,f Independence,Louisiana,asofJune30,]97,andfortheyearthenended,as]is1~5in thetableofcontent,q.thesegeneralpurposefinancialstatementsaretherespons],]:ty ofthetownofindependence,louisiana,smanagement.ouresponsibilityistoexpr(!;an opiniononthesefinancialstatementsbasedonouraudit. Wehaveconductedouraudit thestandardsaplc!abletoinacordancewithgeneraly financialauditscontainedin isuedbythecomptrolergeneraloftileunitedstates aceptedauditingstandar{:i<jd gover~ AuditingStRu Thosestandardsrequiret planandperformtheauditobtainreasonableasuranceaboutwhethertheo purposefinancialstatementsarefreo~materialmistatement.anauditin examining,onatestbasis,evidencesuportingtheamountsandisclosures financialstatements.7~auditalsoincludesasesingtheacountingprinciplesus significantestimatesmadebymanagement,aswelasevaluatingtheoveralfin statementpresentation.webelievethatourauditprovidesareasonablebasisf( opinion. Inouropinion,thegeneralpurposefinancialstatementsrefered[toabovepresentfL inal[tmaterialrespects,thefinancialpoe;itionofthetownofindependence,loui; asofjune30,197,andtheresultsofits;operationsandthecashflowsof proprietaryfundtypefortheyearthenended,inconformitywithgeneralyac acountingprinciples. InacordancewithGovernmentAuditinqStandard September25,197,onourconsideration overfinancialreportingandourtestsof regulations,contractsandgrants. wehavealsoisuedoureport ofthetownofindependence'sinternal~: itscompliancewithcertainprovisionsof ;i;~a,~ts t,ted Ourauditwaspezformedforthepurposeoforminganopiniononthegenera]pv.Bi<se financialstatementstakenasawhole.thecombining,individualfund,andind/'.:i<!la] acountgroupfinancialstatementsandscheduleslistedinthetableofcontel:!:as: suplementaryinformationincludingtheacompanyingscheduleofexpendituresof,:d~a] awardsrequiredbyu.s.oficeofmanagementandbudgetcircula]!a-13,auditsof~'.]<s~ LQG~I~LQvernment~_~/D~d_NQn-Profit_O~n_'_l'_iaLi_ons,arepresentedforpurposesofad~<i analysisandarenotarequiredpartofthegeneralpurposefinancialstatements, 1 P.O.Box506~12EastChesmutStret-Amite,Louisiana7042~(504) ~Fax:(504) NorthSixthStret*Ponchatoula,Louisiana70454o(504) ~Fax:(504) :.aithe

15 TOWNOFINDEPENDENCE,LOUISIANA TownofIndependence,Louisiana.Suchinformation,exceptforthatportionn "unaudited"onwhichwexpresnopinion,hasbensubjectedtotheauditingproce apliedintheauditofthegeneralpurposefinancialstatements,and,inouropinjcl fairlypresentedinalmaterialrespectsinrelationtotherespectivegenera]p~ financialstatementstakenasawhole. Thefinancial~nformationforthepreced]ngyearwhichisincludedforcompa~ purposeswastakenfromthefinancialreportforthatyearinwhichweexpres unqualifiedopiniononthegeneralpurposefinancialstatementsoftheto~ Independence,Louisiana. Respectfulysubmited

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19 OM~IN~:[)~qTAT~M~NTOVREVNI]ES.~:ZP~NDT]RE~ANDC~AN TOWNOF'INDEPENDENCE E_Z! FortheYearErldedJune30,197 ALl,(~OVE~NM~:~TA],V[HqDTVPV~ C~OVERNMEN'rA],FITNDTVOE~ Revenues: SPECIALDEBT Taxes LicensesandPermits ]ntergovernmental $78,761 GEN~RA_L~EVENUESERVICE F'inesandFoYfeits 13.9,76 SolidWaste 49,420 Interest ]4,490 Miscelaneous 4,591 $210,024$ $28,785 32,123 19,76 $284, 3,563 32,015 3,153 14,490 ]2~,< 30,306 4,59] 7%/ 38,731 12,[ 43,~ 46,~ Expenditures: TotalRevenues $340,90"2$514,742$3,153$858,802 Curent: GeneralGovernment PublicSafety StretsandParks $158 SoJdWaste ]64 CapitalOutlay HealthandSafety DebtService Other $19,94$ $178,318 6, , ,979 $ ,30 2!0! 27,~59 159,407 34,30 TotalExpenditures$_5_9~)_9$_1~Z~39"~$27,35~9$590,91 54~ ,121]i5_9 Exces(Defic~erlcy) ofrevenuesover otherfinancingsources(uses): Expenditures (149,2!52 24,206}167,891 OperatingTransfersIn OperatingTransfersOut Lo~nProceds $170,15$ $28,740$198,895 ProcedsfromRefundingBonds (37,714) (37,714 ]98(202: Pa~nentoRefundBonds TotalOtherFinancing _124([, 24, 14,. Exces(Deficiency)of Sources(Uses) $_~70~i_5_~$(37h71_4_)$28,740$~_78,81~ RevenuesandOther SourcesOverExpendituresandOtherUses$20,903$(36,365)$4,534$(10,928)$94 FundBalancesat]~eginingofYear65~2~.97L~754,742I~7,894 FundBalancesatl~ndof%[ear$_~48$_94L542$59,276$I~Q86,96 Theacompanyingnotesareanintegralpart(ifthistatement $!~_o27,

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21 TOWNOFINDEPENDENCE qtatvmrntof~even]r~.expenses.and FortheYearsEndedJune30,197and196 OperatingRevenues: ChargesforServices: WaterandOtherServices Delinquent;Charges ConectionFes Misce]laneous TotalOperatingRevenues OperatingExpenses: Salaries EmployeRetirementandMedicare OficeExpense RepairsandMaintenance FuelforEquipment OperatingSuplies Utilities Insurance Profesiona]Fes MiscelaneousExpenses SalesTaxColectorFeExpense SewerPlantExpense Depreciation TotalOperatingExpenses Operating]ncome(Los NonoperatingIncome(Expense) InterestEarned DedicatedSalesTaxRevenue(1/2%1980Tax InterestPaid StateGrant Income(Los)BeforeOperatingTransfers OperatingTransfersIn OperatingTransfersOut NetIncome(Los RetainedEarnings(Deficit)at BeciningofYear RetainedEarnings(Deficit)atEndofYear ~x}jj:~:p _.I~97 _~ Theacompanyingnotesareanintegralpartofthistatement $168,906 6, $129,3~ 8,0( 1.4; $17,828$138,6 $41,269 2,427 2,316 17,567 4,68 4,780 2,218 i0,050 1, ,042 38,782 $164,J65 $32,8}4 3,68 2,7<{ 25,](.i 3,9~{4 ii,li: 23,2: 36,71 9,74 ],3:~"3! $13,63$(53,0 9,50 52,506 9,136 $6,53 29,50 (50,681 $45,352 (74,809) $(29,457) 6,4, 54,0<2 30.5i 29,5(,] /~.'L8;E $.L14_~S:

22 TOWNOFINI]EPENDENCE TATEMENTOFCASHFI,OWS-PROPRIETARYV]TNDTVP~ FortheYearsEndedJune30,197and196 CashFlowsFromOpezatingActivities OperatingLos AdjustmentstoReconcileOperatingLostoNet CashUsedinOperatingActivities; Depreciation ChangesinAsetsandLiabilities: (Increase)DecreaseinAcountsReceivable (Increase)DecreaseinAcruedInterestReceivable (Increase)DecreaseinSalesTaxReceivable Increase(Decrease)inAcountsPayable Increase(Decrease)inCustomerDepositsPayable Increase(Decrease)inAcruedExpenses Increase(Decre:ase)inConstructionPayables TotalAdjustments NetCashUsedinOperatingActivities CashPlowsFromNoncapJtalFinancingActivities: (Increase)DecreaseinDuefromOtherFunds Increase(Decrease)inDuetoOtherFunds (Increase)DecreaseinDuefromOtherGovernments OperatingTransferIn OperatingTransfersOut NetCashProvidedby(Usedin) NoncapitalFinancingActivities CashFlowsFromCapita]andRelatedFinancingActivities ConstructionofCapitalAsets OperatingGrantsReceived PurchaseofEquipnlent ProcedsfromSaleofSewerRevenueBonds CapitalLeaseObligationPrincipalPaid DedicatedSalesTaxRevenue(1/2%1980Tax) RevenueBondPrincJpa]Paid InterestPaid PurchaseofLand CapitalGrantsReceived CashFlows Interest Purchase Proceds NetCashProvidedbyCapitaland RelatedFinancingActivities FromInvestingActivities: EarnedonInvestments of}nvestments FromMaturitiesofInvestments _197 ~Z6 $13,63 38,782 4,O47) 585) 3,346) 2,20) 10) _268,152 $_.296,626 $310,289 6,864 (103,809 29,50 i$0,681 45,6~ 2.7~ 17,7} 2,If1' $(18,326)$13,9 640,01 6, 129,2,52,19,9. 357) ) 5O6o) 136) 36,7"! ][),9'b 6,0 54,0 38,0 ](),5 _$48,85Q 36~;Ii $(145,945 $9,50 {80,0._80,0~ NetCashProvidedbyInvestlnqActivities $.~,50Q$6~4_ (CONTINUED)

23 5 6

24 TOWNOFINDEPENDENCF, ]qotestofinancialstatv~ments 7.GENERALFIXEDASETSACOUNTGROUP QONTINUED~ Asumaryofchangesingeneralfixedasetsfolows BALANCE JULYi, 196 $64, TotalGeneralFixedAsets$523,~i CIR]qENTYF.AR AD<T~QNS $ $_Z8,237 8.PROPRIETARYFUNDPROPERTY,PLANTANDEQUIPMENT ~]LET!0N~ $ BALANCI JUNE3 _~L97 $64,6' 313.5: ]74~Q $52~! Asumaryofproprietaryfundtypeproperty,plantandequipmentatJune30 folows: Wels Push,pingStationsandEquipment StorageTank SewerageLiftStations WaterandSewerLines,etc. VehiclesandEquipment TotalFixedAsets Les:AcumulatedDepreciation Land ConstructioninProgres NetFixedAset:s $138,603 50,0 50,0 i0,0 1,375,062 _._50,5%Z $i,764,182 $75,132 62, ~ Alitemsofplantandequipmentacquiredpriorto1967,exceptland,have statedatestimatedhistoricalcost.thedepreciationacumulatedto1967ha~ benestimated.acquisitionsafter1967arestatedathistorical: Depreciationexpenseontheproprietaryfundtypeproperty,plantandequlpmeI~ theyearendedjune30,197,totaled$38,782. Constructioninpiogresincludescostsincuredtodateonthewastewatertrec plantimprovementproject.totalcostsarestimatedat$1,725,0.fundil. thisprojectisprovidedbyprocedsfromafy192louisianacomunitydeve]:)~ BlockGrantintheamountof$750,0andprocedsfrom,qeries194Sewerk~ Bondsintheamountof$975,0.Thescheduledcompletiondateisduringthe! yearendingjune30, CHANGES:INLONG-TERMDEBT ThefolowJnqisasumaryofdebtransactionsoftheTownofIndependencef 2

25

26 TOWNOFINDEPENDENCE ~TVqTOFTNANCIAI,~q'ATEMENTS(CONTINUED requirementsareasfolows YEARENDED _~L~N_~L_2~ 198 NotePayable[ NOTEPAYABLE PRZI_N_~Ip_A3L,IN_~ $5121_TOTAL $134,68 $14,264NotePayabletoHancockBank, Independence,Louisiana,datedOctober 27,194,payableinthreanual instalmentsof$5,45withinterestat 7.102%.(Securedbyapledgeandedication ofexcesreven~lesofthetownabove statutory,:necesaryandusualcharges) $_5,Q85 Ascheduleoftheoutstandingnotespayableandtheprincipalandint requirementsareasfolows: YEAREND]~D ]98 GeneralObligationBonds 196 NOTRPAYABLE _PR~IN_C_!PJ! $24,0SalesTaxRefundingBondsl)ated 10/20/94;DueinBJ-anua]Instalments of$12,0"$25,0through6/1/208; Interestat6.1%(Payablefroma PledgeoftheTown's19821%Salesand UseTax) INT~F$T $361 TOTAL $_.~46 $2_{~O09 AscheduleoftheoutstandingGeneralObligationBondsandtheprincipali{ interestrequirementsareasfolows: DA~_~T~:S ]98 ]9!) IC]'MPROVEMENTBONDS P_~/~N<ifI!_Af_U $15,0 15,0 16,0 17,O0 ]7,0 18,0 19,0 ]9, ~NTEREST $12,505 1,590 10,675 9,69 8,62 7,625 6,527 5,368 4.~09 _TQ~k_ $27,505 26,590 26,675 26,69 25,62 25,625 25,527 24,

27 RevenueBonds TOWNOFINDEPENDENCE ~OTESTOFTNANCIAL~TAT~:MRNT.q(CONTINI~D 23,0 _2_5~_0(LQ 2,928 _1,525 $:81,$13 25,928 26,525 $i02,0revenuebondsdated4/21/80; DueinAnualInstalmentsof$3,0-. $7,0Through4/21/205;Interestat5% $20,0 $290,0PublicImprovementBonds Dated4/21/80;DueinAnua]Instal mentsof$6,0-$20,0through 4/2]/204;Interestat5%(Payable FromaPledgeoftheTown'sSpecial ~%SalesandUseTax) 146,QOQ AscheduleoftheoutstandingEnterpriseFundRevenueBondsandtheprincipa 5nterestrequirementsareasfolows: o4/21/198 o4/21/19 04/21/20 04/21/201 o41212o02 o4/21/20o3 o4/21/2o04 04/21/20o5 $102,0o ~EVEI~IESON $5,0 5,0 5,0 5,0 6,0 6,0 6,0 $_4_~5~mgm [RecapofRevenueBondsOutstanding $i02,0revenuebonds $290,0RevenueBonds LNTERE~T $2,250 2,0 1,750 1,50 1,25095O650 $10~20 $290,0 ~EVEAU]E~OND~ PRINCIPAI~ $15,0 16,0 16,0 17,0 18,0 19,0 20,0 $!21,o<[ INTEREST $6,050 5,30 4,50 3,70 2,850 1,950 1,0 $_25,35~ PRINC~/_I,ALINTERE$']~-_TOTAL $45,0$10,70 _Z25~A350$5,70 146,35~ $!6~O0$~3~05Q$20_2,05Q i0.dedtcationofprocedsoflowofuq{ds-salesandusetax A,196I%SALESA~DUSETAX(SPECIALREVENUEFUND) TQT_AL $28,}(0 28,?(i 27,5!') 27,~i:) 27,9"C: 27,(,<,[ Theprocedsofthe1963%salesandusetaxleviedbytheTownofIndepe (curentcolectionswere$305,032fortheyearendedjune30,]9~ 25

28 OTB~TOFINANCIAl,STATEMVNTS(CONTNI]~ TOWNOFINDEPENDENCE dedicatedasfolows TheTown,throughitsgoverninqauthority,adoptedaresolutiononMarc:],3 1967,authorizingtheisuanceof$260,0ofPublicImprovementBond! enteringintocertaincovenantsjnconectionwiththesecurityandpa]-t~i< ofnaldbonds.inthatreso]utiol]theprocedsofthesalesandusetax~.,{ irevocablyandirepealahlepledgedandedicatedinanamountsuficient paymentofthebondsauthorizedandinterestastheybecomedueandfor.:)!:i purposes. Thebondresolutionrequiresthatheprocedsofthespecialonepercent(3 salesandusetaxnowbein9leviedandcolectedbythetownist<, depositedwiththetown'sfiscalagentbankinasalestaxfund.aftelt pa3nentofalreasonableandnecesarycostsandexpensesofcolectinlt tax($i,0.0istoberetainedinthesalestaxfundforoperatingexpe:~!< certainmonthlypaymentsmustbemadefromthesalestaxfundtothesale'~ BondSinkingFundandtheSa]esTaxBondReserveFund,whichmus~[ establishedwiththetown'sfiscalagentbank.thepaymentsintothesink; fundaremadeinamountssuficientopaytheprincipalandint.~( instalmentscurentlyandwilcontinuemonthlyuntilmarchi92,u~]< bond[~arecaledinadvanceoftheirmaturitydates,inwhichever~t:" posibletoreducetherequiredpaymentsintothesinkingfund.payment.~51 thereservefundwilceaseaftertheamountof$18,65hasbenacum<~]a~ therein.nopaymentsintothereservefundwilbedueifthebonds~,~, requirewithdrawalsfromthisfundforthepurposeofpayingmat,~i principalandinterestonthebonds. AnymoniesremainingintheSalesTaxFundonthe20thdayofeachmo~[ excesof$1,0retainedforoperatingexpensesandaftermakingthereq~ paymentsintothebondsinkincjfundandthebondreservefundforthec,u~ monthandforpriormonthsduringwhichtherequiredpaymentsmaynot ben,lade,jsconsideredasurplus. SuchsurplusmaybeusedbytheTownforanyofthepurposesforwhi(h impositionofthetaxisauthorizedorforthepurposeofretiring]~: AsofAprili,192,theseMarch14,].967PublicImprovementBondswerep~,:i heleinauthorizedinadvanceoftheirmaturities. fulandthesalestaxisnolongerdedicatedforpaymentofthese1.: BalancesintheSalesTax196DebtServiceFundweretransferedtoth(] B.1980~/2%SALESANDUSETAX(ENTERPRZSEFUND) SalesTaxFundbyaresidualequitytransfer. Theprocedsofthe1980G%sales tothefolowingpurposes: (curentcolectionswere52,506, arldusetaxleviedbythetownofindepe fortheyearendedjune30,197)areded Constructing,acquiring,extending,improving,operatingand/ormaint~:~ sewersandseweragedisposalworksforthetown. 26

29 12

30 NOTESTOFINANCIALSTATI~MF~NTS(CONTINIED TOWNOFINDEPENDENCE 19821%salesandusetaxwereirevocablypledgedandedicatedinana, suficientforpaymentofthebondsauthorizedandinterestastheybecom( andforotherpurposes. The1%salesandusetaxauthorizedataspecialelectionheldonNove;~,e~2 198],mustbedepositedascolectedintoaseparateSalesTaxFund-3"8 MoniesintheSalesTaxFund-1982shalbefirstusedforthepaymentof., reasonableandnecesarycostsandexpensesofcolectingsaidtax.2!: paymentofalreasonable6~ndnecesarycostsofcolectionofthe~.! certainmonthlypa3~nentsmustbemadefromthesalestaxfund-1982tic[ SalesTaxBondSinkingFund-3.94,andtheSalesTaxBondReserveFL,!,:~ 194,whichavebenestablishedwiththeTown'sfiscalagentbank. Thesefundsaremaintainedintwoseparateinterest-bearingacounts."] requiredmonthlypaymentsintothesinkingfundaremadeinamountsufj:i{ topaytheprincipalandinterestinstalmentscurentlyandwilcon<il monthlyuntiljune,208,unlesbondsarecaledinadvanceoftheirmatnl dates,inwhicheventitjsposibletoreducetherequiredpaymentin[<) sinking~und.therequiredmonthlypa3anentsintothereservefundare~ percent(5%)oftheamountrequiredtobedepositedintothesinkingfunl~ wilceaseaftertheamountof$24,40hasbenacumulatedtherein. paymentsintothereservefuadwilbedueafteracumulationof$24.~( unlesthereisadefaultinconectionwiththepaymentofthebonds~i:i requireswithdrawalfromthisfundforthepurposeofpayingmat~;!] principalandinterestonthebonds.anymoniesremaininginthesale': 1982Fundonthe20thdayofeachmonthaftermakingtherequiredpay,cE:n intothesalestaxbondsink:ingfund-194andthesalestaxbondre,:~] Fund-3.94forthecurentmonthandforpriormonthsduringwhich requiredpaymentsmaynothavebenmade,isconsideredaslrplu~.~;n surplus*naybeusedbythetownforanyofthepurposesforwhlelt impositionofthetaxisauthnrizedorforthepurposeofretiring~:>i BalancesJntheSalesTaxSinking hereinauthorizedinadvanceoftheirmaturities. Ii.FLOWOFUNDS:RESTRICTIONSONUSE-c3EWEREVENUES 194wereinacordancewiththeFund-194andthe~a]esTaxReservet bondcovenants. TheTown,throughitsgoverningauthority,adoptedaresolutiononFebrua~!:' 1980,authorizingtheisuanceof$102,0ofRevenueBondsandenteringi: certaincovenantsinconectionwiththesecurityandpaymentofsaidbonds procedsofthesebondsaretobeusedtoextendthetown,sewersystem.71tl resolutiontheaditionalrevenuesresultingfromthextensionofwaterand~ew servicetoaditionalcustomerswereirevocablyand:irepealablypledgc~ dedicatedinanamountsuficientforpaymentofthebondsauthorizedandin<,.~< astheybecomedueandforotherpurposes. Thebondresolutionrequiresthatrevenuesearnedfromtheoperationofthe SystembedepositedwiththeTown'sfiscalagentbankJnaSewerRevenue Afterthepaymentofalreasonableandnecesarycostsandexpensesofope 28

31 12

32 TOWNOFINDEP}']NDENCE 3.Employei.sage60withaminimumoften(i0)ormoreyearsoferedil~i~[e service.however,benefitsarereducedbythre(3%)percentforeachyear].]c,~ age62. 4.Employeisunderage60withfive(5)yearsofcreditableserviceat,:~1s eligiblefordisabilitybenefits. 5.Entitlementosurvivor'sbenefitsrequirefive(5)yearsofcreditablesen,~:e athetimeofthedeathofamember. Finalcompensationmeanstheaveragemonthlyearningsduringthehighesthirty~ix months(36)orjoinedmonthsofserviceifinterupted.benefitsarestab]:~!~,{d bystatestatute. Thecontributionrateforemployes:is9.25%ofearnablecompensationa1c~:is establishedbystatestatute. Theemployercontributionrateis6.25%ofmembersearnings.TheSystem~.]~o receives1/4of!~%ofadvaloremtaxescolectedwithintherespectivepa~i~,?i~:s exceptfororleans.taxmoniesareaportionedbetwenplanaandplan}~in proportiontosalariesofplanparticipants.thesystemalsoreceivesre,'e:l,le,~haringfundseachyearasapropriatedbythelegislature.the~,{eadjtjcnl~] sourcesofincomeareusedasaditionalemployercontributlons.thereinsj~:,!~g employercontributionsaredeterminedacordingtoactuarialrequirementsan:~e ~,~etanual]y. TheTown'stotalpayrolinthefiscalyearendedJune30,197,was$2,234 thetown'scontributionswerebasedonapayrolof$14,102.boththeto~ia~ coveredemployesmadetherequiredcontributions,amountingto$17,686.they{ norelatedpartytransactions. Prend7nformatJ Contributionsrequiredbystatestatute Fiscal Year ~!e Required Contr_i])_Wj~ion $16,13 $]7,785 $]7,686 Percentage Contribution 10% 10% 10~ TrendinformationshowingtheSystem'sprogresinacumulatingsuficienta~s paybenefitswhendueispresentedjnthesystem'sjune30,196comprehensive financialreport.copiesofthereportmaybeobtainedfromthemunicipalemp] RetirementSystem. AlemployesoftheTownofIndependence,Louisianarealsomembersofthe:,<ia] SecuritySystem. 30

33 13

34 NOTESTOFINANCIAl,SThTEMVNT~q(CONT]h]E;] TOWNOFINDEPENDENCE 14.DEFEREDREVENUESANDOBLIGATIONUNDERGRANTAGREMENT OnSeptember21,1987,theTownofIndependencenteredintoacontractwithin, StateofLouisiana-DivisionofAdministrationforaLouisianaComunityOeve]o].l~lit BlockGrantfundedbytheFederalGoverlmentintheamountof$649,0.The9~!~lit wasusedtoprovidealong-termpermanentfinancingloantomarcopoloimports,:no. (animportwholesalefurnituredistributor)forthepurposeofpurchasing]nh<~, building,equipment,andinventoryandforelocatingtheircorporateheadqua~re:s intheto~n]ofindependence.theoriginal]oanisintheamountof$464,501at'.)% interest,andistoberepaidbymarcopoloimports,inc.in180monthlyinsta].,.lts of$4, onseptemberii,190,theoriginalmortgagenotewasamend(,l:o provideamoratoriumandforbearanceonthepaymentofprincipalandinterest.i-j~1 April3,191.Theamountofeachmonthlyinstalmentincreasedto$4,638.05~:.tIf thefinalinstalmentdueonseptember3,203.uponreceiptofthemo:itl]y instalments,thetownofindependenceisrequiredtodivideachmonthlypay(:~t equalybetwenthestateoflouisianandthetown. A'=June30,3.97,thetotalLCDBGfundsdrawnbytheTownofIndependenc{wi~s $485,702ofwhich$464,501hadbenloanedtoMarcoPoloImports,Inc. AtJune30,197,thetotaloanpaymentsreceivedfromMarcoPoloImports,Inc.,.~s asfolows: INTEREST Ofthesesmounts,$308,402hasbenremitedtotheStateo:fLouisiana-DivisJ:n<,f $~85,03~2 P_RJ~_PAL $4~j~CIi -TOTAL $616~8Q803 Administrationunderthe50%matchingrequirementofthisagrement. AsofJune30,197,theloanwaspaidof. 15.~NTERPRISEFUnDEFICIT Independence:realizedrevenueintheamount As~aresultofthepayof,theTo~-'nof of$272,703. AtJune30,197,theEnterpriseFundhadadeficitinretainedearnings-unre~',d $1,254,031atJune30,197. undesignatedof$8,106,butduetocontributedcapital,totalfundequ/t!.~:~s 16.FUTURECAPITALIMPROVEMENTCOMITMENTSANDCONTINGENCIES Thefolowingisasumaryofthesignificantcapitalimprovementcomitments,:>f<he TownasofJune30,197. SewerSystemandOxidationPondRenovations Priortothisfiscalyear,theTownwasnotifiedbytheLouisianaDivJs~<b EnvironmentalQualitythathedischar~efromtheTown'sewersystemdidnol statenvironmentalstandards.asaresult,thetownisrequiredtomakex~ improvementstothesewersystemandoxidationpond.preliminaryestimatesfr,<l 32 of{etvethe

35 OTESTOFINANCIAL~qTAT~MV.WT~(CONTNI]~ TOWNOFINDEP}']NDENCE Town'senginerputhecostofthisrenovationprojectataproximately$I,725<[I Asofthedateofthisreport,theTownwasunderacomplianceorderisuedb,t};i DepartmentofEnvironmentalQuality.OnJanuary14,193,theTownwasnotifiedth,t itwaselectedasarecipientoffy192louisianacomunitydevelopmentblockili~d~ intheamountof$750,0forimprovementstothesewersystem.thetownp]a~t:, isuesewerevenuebondstofundtherelna~ning$975,0inestimatedprojectc,:t;. CostsincuredonthisewersystemrenovationprojectatJune30,397,tota]<.<I $376,706.AsofJune30,197,thE!Townoritsconsultingenginerarenotawa~of anypresentloscontingenciesasaresultofthecomplianceorderjsuedb~.t'~e LouisianaDepartmentofEnvironmentalQuality.Asaresult,noprovisionhas!:t<.n recordedinthesefinancialstatementsforanycontingenciesasaresultof!}is 17.SUBSEQUENTEVENTS complianceorder. OnDecember]4,193,theMayorandBoardofAldermenoftheTownoflndepen:b~<e adoptedaresolutiondeclaringitsintentiontoisue$975,0ofsewerre'.,<i~e Bonds.TheprocedsoftheseSewerRevenueBondswilbeusedtoaequ~r~i,d constructimprovementstotheseweragesyste;mofthetown].asofjune30,]97,the bondshavebensaid,butnotdelivered,totheunitedstateofamerica,at:i.g t[hroughruraldevelopment. 3

36

37

38

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40 TOWNOFINDEPENDENCE GENERALFUND CNA~O,V.SINFI~qDBAI,ANCE-BIn)~ET(GAPBASIS)AN]9ACT[]A FortheYearEndedJune30,197 W~tbCoraparativeActualAmountsfortheYearEndedJune30,196 Revenues: Taxes-AdVa]orem: GeneralMilage FireDepartmentMilage PoliceDepartment Milage LicensesandPermits: Ocupational PublicUtility FranchiseFes OtherPermits Intergovernmental: TobacoTaxes BerTaxes VideoPokerTaxes FireInsuranceRebate RevenueEqualization- Pilot 195RuralDevelopmentGrant LouisianaComisiononLaw Enforcement TouristComision RuralFireProtection FinesandForfeits Other:Notices RentalIncome FireProtectionFes PoliceProtectionFes InsuranceProceds SolidWaste Interest Miscelaneous TotalRevenues Expenditures: Curent: GeneralGovernment VARIANCE- 7~4ENDED FAVORABLE h~udgi~t_aqtual~]nfavorable) $27,85 2,356 2, ,090 8,650 4,050 20, ,580 24,567 24,614 76,067 41,52 2,187 8,490 2,814 2, $1,725 2,21 2,258 8,567 3,52 1,287 (160 <i,236 2, ,4505,101 1,651 4,50 i0.0 1, , ,0 2, , ,591 3,563 3,805 5,0 (2,250 4, ,891 3,563 ~3,305 $302,627$340,907$38,280 $161,725$158,324$3,401 CONTINUED 38

41 TOWNOFINDEPENDENCE GENERALFUND FortheYearEndedJune30,197 withcomparativeactualamountsfortheyearendedjune30,196 PublicSafety- Police Fire StretsandParks SolidWaste Other Debt:Service CapitalOutlay Tota]ExpendJtures EXHIB]q (CONT]~ VARIANCE- ~4ENDL'D FAVORABLE 19 _]iud~{t_actual~nfavorable)actu 106,05 59,906 70,546 40,635 8,246 21,238 i09,153 54,974 62,979 37,718 6,08 26,703 34,$0 (3,098) 4,932 7,567 2,917 2,238 (5,465) 18,4Q0 ]06,8 53,5 93,0 37,87,5 32,0 _l~j $~5_2~0_51$4~0,i~ $$0,892$4~_$ DeficiencyofRevenuesOver Expenditures $(218,424)$(149,282)$69,172$(14,5 OtherFinancingSources (Uses): LoanProceds OperatingTransfers In(Out): DebtServiceFund SalesTaxFund(196) SalesTaxFund(1982) WaterandSewerFund InovativeHousingFund LCDBG]93SewerImprovements ]0,862) ]85,0i05,0 57,5014,474 49,75050,681 2,40) , ,40 105,( 39,( 25,! TotalOtherFinancing Sources $~!_~8$170,15$_]28,83)$169~ UeficJencyofRevenues andothersources OyezExpendituresand OtherUses $J_i~_~_43~)$ Fund]BalanceatBeginingofYear FundBalanceatEndofYear Seauditor'sreport 9_9~1868,245 $.4~9~982$86, $4Q,39$~ (4,173)i~ $_35,16$65~

42 TOWNOFINDEPENDENCE GI~NERALFUND EXHIB]~ withcomparativeactualamountsfortheyearendedjune30,196 FortheYearEndedJune30,197 Genera[Government: Mayor'sSalary._]i~UD~TAgTUA]~N~'AVOR%BLE)_AC~ AMENDED VARIANCE- FAVORABLE 19 Aldermen'sSalary TownClerk $7, RetirementandPayrolTax Aud:tandAcounting (8) $7,21 LegalFes (1,808) Insurance (20) 19,Z;' '1,5' 9,6 Due~'9andAdvertisement (2,201) 14,or oficesupliesandexpense (2,159) 15,9. 5,9, Utilities Telephone TaxColectorFes TaxRolPreparation 19,4,15,25,57,i,5,5,3. (326) 5,6, (1,467) 2,6; MetingsandConventions Miscelaneous RepairsandMaintenance 1,4601,135 1,506 5,7! 6,4[ Lease 4,04,031 1, ,4] CoronerFe~S 250 La.Com.LawEnforcement ElectionExpenditures 2,502,148 PublicSafety-Police: SurveyFes ,(4,]3,%f( $3.63,725$158,324 PoliceSalaries PoliceRetirement/Tax $75,198$7,968 $3,401$157 AutoFuel Suplies,Repairsand 8,1577,709 Telephone Utilities Maintenance $(2,70)$72,! 5,0 OficeExpense 2,480 4, ,{ 488, Uniforms PrisonerMeals 5, ,590 Miscelaneous Training 1,0670 4, ,061 (i, (4 2,1209 (61 (1,41 MetingsandConventSons $i06,05. J_Q9 $109, (209 $(3,098)$106 40

43 TOWNOFINDEPENDENCE GENERALFUND EXHIBIZ (CONTI~] FortheYearEndedJune30,197 WithComparativeActualAmountsfortheYearEndedJune30,196 PublicSafety-Fire: Salaries RetirementandPayrolTax Fuel uti].itiesandtelephone SupliesandRepairs Miscelaneous Uniforms VolunterFireDepartment TotalPublicSafety StretsandParks: Salaries RetirementandPayrolTax Fuel SupliesandRepairs StretLights SidewalkImprovements SolidWaste Other: Depot DebtService: HeadStartBuilding PoliceCar CapitalOutlay: PublicSafety-Police GerleralGovernment PublicSafety-Fire StretsandParks TotalExpenditures Seauditor'sreport VARIANCE- FAVORABLE 19 I.~ID~TAqTUALI(UNFAVORABLE)AC~ $46,964 5,842 3, _.j~0q $_~_ $4,579 3,1835 2,270 1, ,0~ $54,974 2,385 2, $4.932 $39,9! 3,]L5~ 2,74 2,]~9]3~ $]65,961$164,127$1,834$160,~ $3, 2, 2,5,26. 25,128 3,561 1,961 5, $70,546$62,979 40,635 _8~24~ $8,2466,08 $6,08 $21,238$21,238 $_2~238 5,70 25,0 ~2~0 $.~2_~Z970 5,465 $_~6,703 2,32 25,414 6,564 $34,30 $8,6$30, ,~ 7,! 27,[ _2~ $7,567$93,( ,} 2.238_!~.]. $2,238$7,! $ $2], (5,465)_30~ $_(5,465)$[~2~ 3,378 (414) "i ~! $5.21~].$4~Q,159$30.892$!9~ 41

44

45

46

47

48 1%SALESTAXFUN[)(1982 SPECIALREVENUEFI/NDS TOWNOFINDEPENDENCE WithComparativeActualAmountsfortheYearEndedJune30,196 FortheYearEndedJune30,197 Revenues:._I}_QOGETACTUAL]IJNFAVQRABLE)ACTU A~ENDED VARIANCE- FAVORABLE 19 Taxes:SalesTazes Miscelaneous: InterestRevenue $107,50$105,012 $(2,48)$]0'2,8 Expenditures: TotalRevenues $[%]2,50$i0,571 ~E0~5Z $(1,929)$i13,2 52~4 GeneralGovernment TotalExpenditures $I~50$2,183 ExcesofRevenues $I~50$2,i83_ $~(683)$_~2 $_(683)$_~ OtherFinancingSources(Uses OverExpenditures $i,0$108,38$(2,612)$i13 OperatingTransfersOut: GeneralFund DebtServiceFund WaterworksFund $(14,474) (28,740) TotalOtherUses /A9~5_0_0) 29 $43, $(39,( (28,! Exces(Deficiency) ofrevenuesover Expenditures FundEalanceatBeginingofYear andotheruses $(24,597)$35,674 FundBalanceatEndofYear _8~ 105,374 $60,271$]4, $_._._62~{85$141~048 _Z8,1929]~ $78,465$]~05~: Seaditor'sreport 46

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50

51

52

53

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56 TownofIndependence WATERANDSEWERENTERPRISEFUND COMPARATIVEBALANCE,qTIF,ET~CONTI~}~D June30,197and196 LIABILITIESAN[]FUNDEQUITY Liabilities: CurentLiabilities(PayablefromCur~entAsets AcountsPayable DuetoOtherFunds ConstructionContractsPayable ConstruetSonRetalnagePayable CapitalLeaseObligation SalesTaxColectionFePayable TotalCurentLiabilities(Payable fromcurentasets) CurlfentLiabilities(PayablefromRestrictedAsets RevenueBondsPayable AcruedBondInterestPayable UtilityCustomerDeposits TotalCurentLiabilities{Payable fromrestrictedasets) Long-TermLiabilities: RevenueBondsPayable NotePayable CapitalLeaseObligation TotalLong-TermLiabilities TotalLiabilities FundEquity: ContributedCapital: Municipality FederalGrants StateGrants TotalContributedCapital RetainedEarnings: ReservedforRevenueBondRetirement Unreserved-Undesignated(Deficit) TotalRetainedEarnings(DefJclt TotalFundEquity TotalLiabilitiesandFundEquity Seamditor,sreport 54 (CONT]~:I}i _197.I_~96 $ $ $316,78$47,4 $19,([0 ],"}",l $36,70$38,(,>4 $146,0$16 129,567 $,.275,567$_]_6~(9[ $629,045$251,!~] $415,676 40, $1,283,48 $58,649 (8~,i06) $(29,457) $2]5, 29], 4~ $934,< $53,(,' ],254,03! 85~:f~]

57 TOWNOFIN]DEPENDENCE WATERANDSEWERENTERPRISEFUND FortheYearEndedJune30,197 WithComparativeActualAmountsfortheYearEnd B_~3~T ACTUAL OperatingRevenues: WaterandSewerServices $153,515 DelinquentCharges 2,0 ConectionFes 5Q~ TotalOperatingRevenues$156,015 OperatingExpenses: Salaries RetirementandMedicare oficeexpense RepairsandMaintenance Fuel OperatingSuplies Utilities Insurance ProfesionalFes Miscelaneous SewerPlantExpense Depreciation SalesTaxColectionFeExpense TotalOpezatingExpenses $49,62 7,202 2,50 31,650 5,0 7,0 9, ,350 $168,906 6,97-1,925 $17,828 $41,269 2,427 2,316 17,567 4,68 4,780 2,218 10,050 1, ,042 38, $)64~165 OperatingIncome(Los)$2,61$13,63 Non-OperatingIncome (Expense): InterestEarned DedicatedSalesTax InterestPaid StateGrant Income(Los)Before OperatingTransfers OperatingTransfersIn OperatingTransfersOut: NetIncome(Los) RetainedEarnings(Deficits BeginingofYear EndofYear Seauditor'sreport 2,50 53,80 9,291) 9,50 52,506 9,136 $69,620$6,53 29,50.i~9_~i5_.Q $49, ,50 ($0,681 $45,352 (74,809 $~29,457

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68 EXP]H-~,':O: 02~,~q 05~.,~. 08-~,~, 083E O83 02], 05cf 05(~,~ {)5{,q 05(,n o5-(,~: 05-('~ O]-co],~, 32-~ ](3: 1:; HanoverInsuranceCo HanoverinsuranceCo TownofIndependence ProgresiveInsuranceCo TheRiskExchange HanoverInsuranceCO ~gvprage StandardFire TownHal, Building Contents June30,]97 Insurance N~nhwav51North StandardFire]nsuzance FireStation#2 ~alho~nstretbuilding comercialautopo]icy Comprehensiveandcolision 392ChevroletPickup 191FordPoliceCar StandardFireInsurance DepotandPoliceStatio* qhwav51northbuilding utilitybuildi~gandcontrols Huilding WaterPumpingEquipment WaterTower&Equipment Tower PumpingEquipment LAMunicipalRisk ManagementAgencyComercialAutoPolicy LAMunicipalRisk ManagementAgency LAMunicipalRisk ManagementAgency ComercialGeneralLiah~lity BodilyInjuzy PropertyDamage PersonalInjury l,awenforcementoficers ComprehensiveLiability,PeysonalInjury LAMunicipalRisk ManagementAgency PublicOficialsLiabilityErorsandOmisions LAMunicipalRisk ManagementAgency WesternSurety WesternSurety WesternSurety HanoverInsuranceCo AudubonInsuranceCO Seauditor'sreport FidelityBond DonaKing,TownClerk FidelityBond ShirleyAlexander,Ast.TownClerk publicoficialbonds MayorPhilipDomiano TownClerkDonaKing ComercialFirePolcy HeadStartBuilding ComercialCoverage Backhoe 67 ~OUNT $ $10.0 $27,0 $15,0 $53,0 $5,0 $50,0 $50,0 $50.0 $50.0 $50,0 $50,0 $50,0 $50,0 $1o,0 $i0.0 $130.0 $26,729

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74 TownofIndependence $~EI) DESCRIPT NOCharg Resident ON 0une30,]97 TOTAL Residential(2 al(i 0.0 GARBAGE SERVI FIRE POLICE 0.0 ERVI Residential( ? O O SEWER 0.0 Outside-water(l O Outside-water( Outside-water(3) Outsidenosewer Outside~water&sewer 53, , ,16 0.o 0.0 Comerc:,al-Washateria :~ ,00.0o.o0o.o09.4O.O ,50 ] , ]4.? ,0 CarWash-IndyJetSpra~ ,0 CarWashC&G , , FrenchSetlement 27.4 O.O O 6.0 MaterDolorosa O2.5O ]ndymidleschol ] o ]ndyelemschol O.O0 0.0oo.o0 IndyHighSchol o O o.0 3.5O o0 ao O O O.O0 3.00,0 CO]~TINUEI) "]3

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80 JohnN.Durnin,CPA* DenisE.James,CPA* *AProfesionalCorporation CharlesD.Mathews,CPA BryonC.Garcly,CPA *CERTIFIEDI'UBLICACOUNTANTS~ September25,197 Ailcrkai1 CcrtificdI'ubli~At Socicbol1 Celtil'icdPublicAI IndependentAilditorI~ReportonComb]i~nceandonIn%~n~lC~nl-w~ OverFin6~neJa]RenortinaBasedon;mAndJtnf~enorzl"O~rn~ TheHonorablePhilipF.Domiano,Mayor andthemembersoftheboardofaldermen TownofIndependence,Louisiana Wehaveauditedthe~eneralpurposefinancialstatementsoftheTownofIndepend Louisiana,forthe September25,197. standardsandthe AudJtin~tandard~ m~ nce yearendedjune30,[97,andhaveisuedoureporthereoni,d(d Weconductedourauditinacordancewithgenera]lyaceptedau<-.!i:ing standardsaplicabletofinancialauditscontainedjngove~:j~gl!t JsuedbytheComptrolerGeneraloftheUnitedStates. AspartofobtainingreasonableasuranceaboutwhethertheTownofIndepend( financialstatementsarefreofmaterialmistatement,weperformedtestso compliancewithcertainprovisjonsoflaws,regulations,contractsandg~ noncompliancewithwhichcouldhaveadirectandmaterialefectonthedeterminatj financialstatementamounts.however,providinganopiniononcompliancewith provisionswasnotanobjectiveofourauditand,acordingly,wedonotexpres.~;u opinion.theresultsofourtestsdisclosedinstancesofnoncompliancethat:arere< tobereportedunder scheduleofindingsgov~_rnmentaudjtinz_~_t~]~ardswhicharedescribedinthe andquestionedcostsasitemnumberi. Inte~r,~]Cen~rn]Overg'in~nc5~]WeD~rtinc Inplaningandperformingouraudit,weconsideredtheTownofIndependence'sint<~t:~:~2 controloverfinancialreportinginordertodetermineourauditingproceduresf<:the purposeofexpresingouropiniononthefinancialstatementsandnotoprovideasgli.!mj:!6! ontheinternalcontro]overfinancialreporting.however,wenotedcertainm~t<~s involvingtheinternalcontroloverfinancialreportinganditsoperationthatwecoi:~j:]el tobereportableconditions.reportableconditionsinvolvematerscoining[,:,i] atentionrelatingtosignificantdeficienciesjnthedesignoroperationoftheant,ij~] controloverfinancialreportingthat,inourjudgment,couldadverselyafecth(](~n ofindependence'sabilitytorecord,proces,sumarizeandreportfinancial:h~ta consistentwiththeasertionsofmanagementinthefinancialstatements.repo:~!aldc conditionsaredescribedintheacompanyingscheduleofindingsandquestioned<>s. 79 P.O.Box506~12EastChestnutSlret*Anlite,Louisiana7042'*(504) ~Fax:(504)748-41If 103NorthSixthStret~Ponchatoula,lxmisiana'70454"(504) ~Fax:(504)