REGISTRARSOFVOTERS EMPLOYES'RETIREMENTSYSTEM (STATEOFLOUISIANA) JUNE30,196

Transcription

1 J~5/ REGSTRARSOFVOTERS REPORT EMPLOYES'RETREMENTSYSTEM (STATEOFLOUSANA) JUNE30,196 ;C.:.c~il)tAc,'-,:r~c)w:,tbvj L(:C,';;.~tveAudi~ur By

2 (STATEOFLOUSANA) TABLEOFCONTENTS JUNE30,196 NDEPENDENTAUDTOR'SREPORT PAGE FNANCALSTATEMENTS: -2 StatementofPlanNetAsets StatementofChangesinPlanNetAsets 3 NotestoFinancialStatements SUPLEMENTARYNFORMATON: StatementofChangesinReserveBalances- Scheduleofnvestments RetirementSystemTrustFund 13 ScheduleofAdministrativeExpenses 14 ScheduleofPerDiemPaidTrustes 15 ScheduleofContributions-EmployerandOtherSources 16 NotestoScheduleofContributions 17 NDEPENDENTAUDTOR'SREPORTONNTERNALCONTROL 18 SRUCTUREBASEDONANAUDTOFNANCALSTATEMENTS NDEPENDENTAUDTOR'SREPORTONCOMPLANCEBASEDONAN PERFORMEDNACORDANCEWTHGOVERNMENTAUDTNGSTANDARDS AUDTOFNANCALSTATEMENTSPERFORMEDNACORDANCE WTHGOVERNMENTAUDTNGSTANDARDS 21

3 KNJBR{K}K~,{'A M(HAlJO(}URK,(PA W]FAMGSAM,('A (]fdr){;n,r,(]'a [N)SA~J{AUB,(PA {;U~)U'ANlR(pA B(}NlJMLAH~'A [}A\)AB~R{;&R)(PA M(il(UN~,H{;AM{.'A 821GravierSL,Suite130B~NewOrleaus,LA7012 AJDUPANN<,J/,(pA Fax(504) (504) ]XJRA'MAN,JR,~'A (191~1}8~) (]Rl}'U[(A(.{OUNAN!~ AM,R~ANNSU,:{}1 S(KlYO]A('A% MMBE(S NDEPENDENTAUDTOR'SREPORT BoardofTrustes RegistrarsofVotersEmployes' August16,196 Jenings,Louisiana70546 P.O.Box57 RetirementSystemofLouisiana fvotersemployes'retirementsystemasofjune30,196,andtherelatedstatement fchangesinplanetasetsfortheyearthenended.thesefinancialstatements WehaveauditedtheacompanyingstatementofplanetasetsoftheRegistrars retheresponsibilityofthesystem'smanagement.ouresponsibilityistoexpres nopiniononthesefinancialstatementsbasedonouraudit. andgovernmentauditingstondordsisuedbythecomptrolergeneraloftheunited States.Thosestandardsrequirethatweplanandperformtheaudittobtain Weconductedourauditinacordancewithgeneralyaceptedauditingstandards mistatement.anauditincludesexamining,onatestbasis,evidencesuportingthe reasonableasuranceaboutwhetherthefinancialstatementsarefreofmaterial amountsandisclosuresinthefinancialstatements.anauditalsoincludesasesing theacountingprinciplesusedandsignificantestimatesmadebymanagement,aswel asevaluatingtheoveralfinancialstatementpresentation.webelievethatouraudit providesareasonablebasisforouropinion. Employes'RetirementSystemchangeditsmethodofrecordinginvestmentsin196. AsdiscusedinNote8tothefinancialstatements,theRegistrarsofVoters fairly,in Employes' changesin acounting

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5 PAGE3 STATEMENTOFPLANETASETS JUNE ASETS RETREMENT CASH: SYSTEM SUPLEMENTAL MEMBERS' nbank(note6) $291,45$ TRUSTFUND TRUSTFUND SAVNGS (MEMORANDUM TOTAL ONLY). 291,45 RECEVABLES: Membercontributions(Note1) Acruedinterestandividends Totalreceivables ,320 32,824 12,030 18,526 32,824 21,350 NVESTMENTSATFARVALUE:(Page14) (Notes]Land6) Cashequivalents Corporatebonds Governmentsecurities 314,529 Marketablesecurities Totalinvestments 396,156 7]0.685 PROPERTY,PLANTANDEQUPMENT:(Note) (Netofacumulated depreciation-$19,236) Totalasets 1,61 - LABLTES: 34,256,138 72,715 34,978,853 1,61 Acounts;payable Retirementwitholding Totalliabilities 3,20 3,312 NETASETSHELDNTRUSTFORPENSON _~3,312 3,2012 BENEFTS $3~25~826 72,715$ 34a975,541 Seacompanyingnotes.

6 PAGE4 STATEMENTOFCHANGESNPLANETASETS FORTHEYEARENDEDJUNE3~194 RETREMENT ADTONS:(Note) Contributions: TRUSTFUND SYSTEM SUPLEMENTAL MEMBERS' TRUSTFUNḎ SAVNGS (MEMORANDUM TOTAL QNLY~ Members Taxrevenue nvestmentincome: Totalcontributions 304,180$ 402, L4Q_ $ 834, , Netapreciation(depreciation) nterest Dividends infairvalueofinvestments 1,747,364 64,027 Les:nvestmentadvisoryservices Netinvestmentincome Custodialfes 2,628, j325 Otheraditions: _~98,673 13,564 16,479 Transferfromanothersystem Miscelaneousincome Fesreceipts Totalotheraditions 3,61127 DEDUCTONS:(Notei) Totaladitions 3,205, , _.3~3~ Pensionspayments Refundofcontributions 29,796 1,470,83 Administrativexpenses(Page15) Depreciation 30,175 Transferstothersystems 76,130 OtherTotaldeductions 1,57, , ,230 NETNCREASEBEFORECUMULATVEFECT "j69]~16 CUMULATVEFECTONPRORYEARS OFCHANGESNACOUNTNGPRNCPLES 1,628, ,540 1,760,49 RESULTNGFROMCHANGESNACOUNTNG NETNCREASE PRNCPLES(Note8) 1,59,570 13,098 PLANETASETSATBEGNNGOFYEAR 31, ,18,479 14, ~3~42,424 i~t572~68 3,3,17 PLANET.ASETSATENDOFYEAR $~52~826$72~715$=34~975,541 Seacompanyingnotes

7 PAGE5 NOTESTOFNANCALSTATEMENTS JUNE30,196,195byAct215of1954,underR.S.Title1:2032,asamended,forthepurposeof providingretirementalowancesandotherbenefitsforegistrarsofvoters,their TheRegistrarsofVotersEmployes'RetirementSystemwasestablishedasofJanuary deputiesandtheirpermanentemployesineachparishofthestateoflouisiana.the fundisadministeredbyaboardoftrustes.benefits,includingnormalretirement, earlyretirement,disabilityretirementsandeathbenefits,areprovidedaspecified intheplan..sumaryofsgnfcantacountngpolces: BasisofAcountino: reresce sharingmoniesarerecognizedintheyearapropriatedbythelegislature. nterestincomeisrecognizedwhenearned.advaloremtaxesandrevenue MethodUsedtoValuenvestments: atcost,whichaproximatesfairvalue.securitiestradedonanationalor internationalexchangearevaluedatthelastreportedsalespriceatcurent nvestmentsarereportedatfairvalue.short-terminvestmentsarereported exchangerates. EauiDmentandFixtures: PensionFund.Depreciationofixedasetsisrecordedasanexpenseinthe PensionFund.Alfixedasetsarevaluedonthebasisofhistoricalcostand EquipmentandfixturesoftheSystemareacountedforandcapitalizedinthe depreciatedusingthestraight-linemethodofdepreciation.depreciationexpense fortheyearendedjune30,196is$2,230. MemorandumOnlyColumn: inplannetasetsarecaptionedmemorandumonlytoindicatethatheyarepresented tofacilitatefinancialanalysis.datainthesecolumnsdonotpresentfinancial ThetotalcolumnsontheStatementofPlanNetAsetsandStatementofChanges positionoresultsofoperationsinconformitywithgeneralyaceptedacounting principles.neitherisuchdatacomparabletoaconsolidation.nterfund eliminationshavenotbenmadeintheagregationofthisdata.

8 NOTESTOFNANCALSTATEMENTS 2.PLANDESCRPTON: PAGE6 Curentretiresandbeneficiaries Terminatedvestedmembersnotyet Fulyvested,partialyvested,and receivingbenefits log DROPparticipants nonvestedactivemployescovered Totalparticipantsasofthe 195 RetirementSystemTrustFund: valuationdate _j332=8 i creditableserviceandisage5orhasloyearsofcreditableserviceandisag 60.Anymemberwith30yearsofcreditableserviceregardlesofagemayretire Anymemberiseligib efornormalretirementafterhehas20yearso Regularretirementbenefitsare3~oftheaveragefinalcompensation(averag monthlyearningsduringthehighest36consecutivemonths)multipliedbythenumbe ofhisyearsofcreditableservice,nottoexced10o~ofhisaveragefina compensation. ofsixtyears,whoshalhavecompletedtwelveormoreyearsofcreditableservice andshalnothavereceivedarefundofhisacumulatedcontributions,shalbecome Anymemberwhosewithdrawalfromserviceocurspriortohisatainingtheage eligibleforadeferedalowancebegininguponhisatainingtheageofsixty years. causeotherthaninjuriesustainedintheperformanceofhisoficialduties,his acumulatedcontributionsarepaidtohisdesignatedbeneficiary.fthemember famemberwhohaslesthanfiveyearsofcreditedservicediesduetoany hasfiveormoreyearsofcreditedservice,andisnoteligibletoretire,automatic option2benefitsarepayabletothesurvivingspouse.thesebenefitsarebased ontheretirementbenefitsacruedathemember'sdateofdeathwithoption2

9 NOTESTOFNANCALSTATEMENTS JUNE30,196 2.PLANDESCRPTON:(Continued) PAGE7 factorsusedasifthememberhadcontinuedinservicetoearliestnormalretirement age.famemberhasnosurvivingspouseandthememberhasfiveormoreyearsof creditableservice,thesurvivingminorchildrenunder18ordisabledchildrenshal bepaid80~oftheacruedretirementbenefitinequalsharesuntiltheageof majorityorforthedurationofthehandicapforahandicapedchild.uponthe deathofanyformermemberwith10ormoreyearsofservice,automaticoption2 benefitsarepayabletothesurvivingspouse.nlieuofperiodicpayments,the survivingspouseorchildrenmayreceivearefundofthemember'sacumulated contributions. nlieuofterminatingemploymentandaceptingaserviceretirement alowance,anymemberwithelevenormoreyearsofserviceatagesixty-one,twentyoneormoreyearsofserviceatagefifty-six,orthirty-oneormoreyearsof serviceatanyagemayelectoparticipateinthedeferedretirementoptionplan (DROP)foruptothreyearsandeferthereceiptofbenefits.Uponcomencement ofparticipationintheplan,membershipinthesystemterminates.during participationintheplan,employercontributionsarepayablebutemploye contributionscease.themonthlyretirementbenefitsthatwouldhavebenpayable, hadthepersonelectedtoceasemploymentandreceiveaserviceretirement alowance,arepaidintothedropfund.thisfundoesnotearninterest.n adition,nocostoflivingincreasesarepayabletoparticipantsuntilemployment whichmadethemeligibletobecomemembersofthesystemhasbenterminatedfor atleastonefulyear. Uponterminationofemploymentpriortorathendofthespecifiedperiod ofparticipation,aparticipantintheplanmayreceive,athisoption,alumpsum fromtheacountequaltothepaymentsintotheacount,atrueanuitybasedupon hisacountbalanceinthatfund,oranyothermethodofpaymentifaprovedbythe BoardofTrustes.ThemonthlybenefitsthatwerebeingpaidintotheDefered RetirementOptionPlanfundwilbegintobepaidtotheretire.ftheparticipantdiesduringtheparticipationintheplan,alumpsumequaltohisacount balanceintheplanfundshalbepaidtohisnamedbeneficiaryor,ifnone,tohis estate.femploymentisnoterminatedathendofthethreyears,payments intotheplanfundceaseandthepersonresumesactivecontributingmembershipin thesystem. TheRetirementSystemTrustFundisfinancedbyemployecontributionsof7~ ofearnablecompensation.nadition,eachsherifandex-oficiotaxcolector remitsthemployer'shareoftheactuarialyrequiredcontributiontofundthe systemuptoamaximumofone-sixtenthofonepercentoftheagregateamountof thetaxshowntobecolectedbythetaxrolofeachrespectiveparish.should employecontributionsandtaxmoniesbeinsuficientofundthesystemasrequired byr.s.]1:2employerscontributetheaditionalamount. Members'SuplementalSavinasTrustFund: TheMembers'S asadefinedcentrib permanentemployes participantsinthe

10 PAGE8 NOTESTOFNANCALSTATEMENTS 2.PLANDESCRPTON~(Continued) Members'SuplementalSavinqsTrustFund:(Continued) thoserequiredcontributionstotheretirementfundemployereserve,asestablished bythepublicretirementsystems'actuarialcomite,aredepositedinthemembers' nacordancewithstatestatutefundscontributedtothesysteminexcesof SuplementalSavingsFund.Theamountoffundsdepositedwiththemembers' suplementalsavingsfundisthrepercentofthesalariespaiduringthepreceding fiscalyeartomemberswhowerestilemployedbythemployerathendofthe fiscalyearunlesthepublicretirementsystems'actuarialcomiterecomends alesorpercentagebasedonavailablefundsandtherequirementsofthedefined BenefitPlan.AsofJune30,196therewere64employersparticipatinginthe plan resignation,retirement,disability,death,orforanyothereasoninvolving terminationofemployment,heshalbentitledtopaymentofalcontributionsand Ṡhouldanymemberofthesystemterminatemembershipinthesystemdueto interestorotherearningsorlosescreditedtohisacountasofthedateof payment,providedheremainsoutofserviceuntilsuchtimeasthepaymentsare requiredtobepaid.paymenttothememberismadeathendofthecalendar quarterfo lowingthequarterinwhichthememberterminates. 3.CONTRBUTONSANDRESERVES: olrlslhfidi astsestheany Contributions: earnablecompensation.thecontributionisdeductedfromthemember'salaryand remitedbytheparticipatingregistrar. Contributionsforalmembersarestablishedbystatestatuteat7.0~of Administrativecostsoftheretirementsystemarefinancedthroughadvalorem taxesandstaterevenuesharingmonies.

11 NOTESTOFNANCALSTATEMENTS JUNE30,196 3.CONTRBUTONSANDRESERVES: Reserves: (Continued) ofthefund aridpurpose Useof DeferedRetirementOptionAcount: PAGE9 AnuitySavinQsReserve: TheAnuitySavingsiscreditedwithcontributionsmadebymembersoft RetirementSystem.Whenamemberterminateshiservice,oruponh deathbeforequalifyingforabenefit,therefundofhiscontributions madefromthisfund.famemberdiesandthereisasurvivorwho eligibleforabenefit,theamountofthemember'sacumulated contributionsistransferedfromtheanuitysavingstotheanuity Reserve.Whenamemberretires,theamountofhisacumulated contributionsistransferedtotheanuityreservetoprovidepartofthe benefitspayablefromthatfund.theanuitysavingsasofjune30,196 is$2,787,875.theanuitysavingsisfulyfunded. PensionAcumulationReserve: AnuityReserve: TheAnuityReserveconsistsofthereservesforalpensions,excluding cost-of-livingincreases,grantedtomembersandisthefundfromwhich suchpensionsandanuitiesarepaid.survivorsofdeceasedbeneficiaries alsoreceivebenefitsfromthisfund.theanuityreserveasofjune30, 196is$12,280,820.TheAnuityReserveisfulyfunded.

12 PAGE10 NOTESTOFNANCALSTATEMENTS JUNE CONTRBUTONSANDRESERVES: Reserves:(Continued) Members'Sunlementa]SavinQsReserve (Continued) TheMembers'SuplementalSavingsconsistsofcontributionsfromthe dedicatedtaxestothesysteminexcesofthoserequiredcontributions tothepensionacumulation,notoexcedthrepercentofthesalaries paiduringthefiscalyearprecedingtheyearinwhichfundsare received.uponterminationamemberisentitledtopaymentofal contributionsandearningscreditedtohisacountinthefund.the Members'SuplementalSavingsasofJune30,196is$72,715.The 4.ACTUARALCOSTMETHOD: Members'SuplementalSavingsisfulyfunded. theregistrarsofvotersemployes'retirementsystemforthefiscalyearendedjune 30,196.Thisfundingmethodalocatespensioncostsasalevelpercentageof TheAgregateCostMethodwasusedtocalculatethefundingrequirementsof payroloverthefutureworkinglifetimeofcurentmembers.theagregatecost Methodproducesnounfundedacruedliability.UndertheAgregateCostMethod, actuarialgainsandlosesarespreadoverfuturenormalcosts.basedonactual 5.REOUREDSUPLEMENTARYSCHEDULES: experience,futurenormalcostswilincreaseordecrease. 6.DEPOSTS.CASHEOUVALENTSANDNVESTMENTS: equivalentsandinvestmentsatjune30, Folowingarethecomponentsof theretirementsystem'sdeposits,cash 196: RETREMENTSUPLEMENTAL MEMBERS' Deposits(Bankbalance) TRUSTFUNDTRUSTFUNDTOTAL SYSTEM SAVNGS Cashequivalents nvestments $314,529$36o,14 $710,685$34,824, ,15629,141,437 5,32,950 _Deposits: entirelycoveredbyfederaldepositoryinsuranceandpledgedsecurities. TheRetirementSystem'sbankdepositsof$360,14(bankbalances)were

13 REGSTRARSOFVOTERSEMPLOYES~RETREMENTSYSTEM PAGE1 NOTESTOFNANCALSTATEMENTS JUNE30,196 6.DEPOSTS.CASHEOUVALENTSANDNVESTMENTS: CashEquivalents: (Continued) ofgovernmentbackedpoledfunds.thegovernmentbackedpoledfundsareheldand managedbyaseparatemoneymanagerandareinthenameoftheretirementsystem's TheRetirementSystemhascashequivalentstotaling$5,32,950whichconsist custodian'strustdepartment. nvestments: Prudent-ManRuleshalrequireachfiduciaryofaretirementsystemandeachboard oftrustesactingcolectivelyonbehalfofthesystemtoactwithcare,skil, StatutesauthorizetheSystemtoinvestunderthePrudent-ManRule.The prudenceandiligenceunderthecircumstancesprevailingthataprudent institutionalinvestoractinginalikecapacityandfamiliarwithsuchmaters woulduseintheconductofanenterpriseofalikecharacterandwithlikeaims. NotwithstandingthePrudent-ManRule,theSystemshalnotinvestmorethanfiftyfivepercentofthetotalportfolioincomonstock.However,theRetirement System'sinternalinvestmentpolicystatesthatheSystemshalnotinvestmore thanfortypercentofthetotalportfolioincomonstock. RETREMENTSUPLEMENTAL SYSTEM MEMBERS' MARKETVALUEMARKETVALUETOTAL TRUSTFUNDTRUSTFUND SAVNGS Bonds Marketablesecurities8,810,128 $19,935,153 $ $396,156$20,31,309 $29,141,437 8,810,128 CATEGORY i1 7.USEOFESTMATES: aceptedacountingprinciplesrequirestheuseofestimatesandasumptions regardingcertaintypesofasets,liabilities,revenuesandexpenses.such Theprocesofpreparingfinancialstatementsinconformitywithgeneraly estimatesprimarilyrelatetounsetledtransactionsandeventsasofthedateof tilefinancialstatements.acordingly,uponsetlement,actualresultsmaydifer fromestimatedamounts.

14 PAGE12 NOTESTOFNANCALSTATEMENTS JU.NE30,196 8.CUMULATVEFECTOFCHANGENACOUNTNGPRNCPLE:

15 STATEMENTOFCHANGESNRESERVEBALANCES SUPLEMENTARYNFORMATON FORTHEYEARENDEDJUNE RETREMENTSYSTEMTRUSTFUND ANUTY SAVNGS ANUTY RESERVE RETREMENT BALANCE-BEGNNG REVENUESANDTRANSFERS: $2,653,726$1,761,264 OPTONP_LA_N DEFERED 469,08 Employecontributions Netinvestmentincome 304,180 Parishtaxcolector Pensiontransferedfrom TransferfromAnuitySavings Actuarialtransfer AnuityReserve Transfersfromanothersystem 1,969,57 139, ,459 Miscelaneousincome EXPENDTURESANDTRANSFERS: Totalrevenues ,109, Refundstomembers TransfertoAnuityReserve Pensionspaid Administrativexpense Depreciationexpense 1,341,398 9,639 PensionstranferedtoDROP Actuarialtransfer Transferstoanothersystem 248,459 NETNCREASE(DECREASE)BEFORE Totalexpenditures 170,031 1,589,857 9,639 CUMULAT][VEFECTOFCHANGESN Cumulativefectonprioryears ACOUNTNGPRNCPLES 134, ,56 148,820 resultingfromchangesin acountingprinciples NETNCREASE(DECREASE) BALANCE-JUNE30,196 $2jLZ87,875$12,280,820$617~ , ,56 148,820

16 PAGE13 ASETSNEXCESOF ACUMULATONPROJECTEDBENEFTS PENSON ACTUARALPRESENT VALUEOFCREDTED TOTAL $13,134,890 $3,045,459 $31,064,347 2,465, ,530 2,465, , ,530 3, ,901,762 5,563,814 76,130 1,969,57 2,230 2,075,378 3,934,905 27, ,384 1,628,909 4,6QSL029-5,431,413 (3,045,459) 1,59,570 $18,56,303 (3,045,459) $ ,18,479

17 PAGE14 SUPLEMENTARYNFORMATON FORTHEYEARENDEDJUNE30,196 SCHEDULEOFNVESTMENTS BONDS-TRUSTFUNDS: Governmentobligations PARVALUE Corporateobligations $18,867,157 TOTAL 6,953,851 $13,183,645 ORGNAL COST MARKET LALUE 6,91,837 $12,986,17 25,821,08 20,175,482 6,948,976 BONDS-MEMBERS'SUPLEMENTAL 19,935,153 SAVNGSTRUSTFUND: Governmentobligations TOTALBONDS 40,0 $2~721,o8 $20,58, ,26 $2~3j ,156 MARKEABLESECURTES- TRUSTFUNDS $7,193,367

18 PAGE15 SCHEDULEOFADMNSTRATVEXPENSES SUPLEMENTARYNFORMATON FORTHEYEARENDEDJUNE PERSONALSERVCES: Stafsalaries Boardmember-perdiem 21,165 2,70 PROFESONALSERVCES: 23,865 Acountant Actuarial ,890 COMUNCATONS: 24,74 Telephone Travel 1,510 8,36 OTHER: 9,876 Bankcharges Contractlabor Utilities 61 Miscelaneous Oficexpense 4,20672 Payroltaxes 3,627 Computerexpenses 6,124 1,71665 TOTALEXPENSES 17,

19 SUPLEMENTARYNFORMATON SCHEDULEOFPERDEMPADTRUSTES WiliamT.Johnston TRUSTE RobertPoche NathanielBankston EdwinL.McGehe SueManing BarbaraBates LindaRodrigue LouisKeler NUMBEROF METNGS AMOUNT $ $27_~0 150 PAGE16

20 PAGE17 SCHEDULEOFCONTRBUTONS-EMPLOYERANDOTHERSOURCES SUPLEMENTARYNFORMATON JUNE30.191THROUGH196 FSCAL YEAR CONTRBUTONS ACTUARAL REQURED 191 EMPLOYER CONTRBUTONS ACTUARAL REQURED CONTRBUTED PERCENT EMPLOYER OTHERSOURCES CONTRBUTED PERCENT ~

21 PAGE18 NOTESTOSCHEDULEOFCONTRBUTONS JUNE30.191THROUGH196 SUPLEMENTARYNFORMATON determinedaspartoftheactuarialvaluationsathedatesindicated.aditional informationasofthelatestactuarialvaluationfolows: TheinformationpresentedintheScheduleofContributions-EmployerandOtherwas ValuationDate ActuarialCostMethod June30,196 AsetValuationMethod: AgregateActuarialCostMethod Basedonthemarketvalueofinvestment ActuarialAsumptions: securities, nvestmentrateofreturn ProjectedSalaryncreases CostofLivingAdjustments 8%7.0%(3.25%nflation,3.75%Merit) Thepresentvalueofutureretirementbenefits isbasedonbenefitscurentlybeingpaidbythe systemandincludespreviouslygrantedcostof livingincreases.futurecostofliving increasesareonlygrantedifspecifictarget ratiosaremetandexcesinterestearningsare availabletofundthecostofthebenefit increase.

22 NDEPENDENTAUDTOR'SREPORTONNTERNALCONTROLSTRUCTURE BASEDONANAUDTOFNANCALSTATEMENTSPERFORMEDN PAGElg ACORDANCEWTHGOVERNMENTAUDTNGSTANDARDS FORTHEYEARENDEDJUNE August16,196 RegistrarsofVotersEmployes' P.O.Box57 Jenings,Louisiana70546 RetirementSystemofLouisiana RetirementSystemasofandfortheyearendedJune30,196,andhaveisuedour reporthereondatedaugust16,196. WehaveauditedthefinancialstatementsofRegistrarsofVotersEmployes' andgovernmentauditingstandards,isuedbythecomptrolergeneraloftheunited States.Thosestandardsrequirethatweplanandperformtheauditoobtain Weconductedourauditinacordancewithgeneralyaceptedauditingstandards reasonableasuranceaboutwhetherthefinancialstatementsarefreofmaterial mistatement. strars tained ternal licies ontrol ngour ternal

23 PAGE20 NDEPENDENTAUDTOR'SREPORTONNTERNALCONTROLSTRUCTURE BASEDONANAUDTOFNANCALSTATEMENTSPERFORMEDN ACORDANCEWTHGOVERNMENTAUDTNGSTANDARDS FORTHEYEARENDEDJUNE (Continued) disclosealmatersintheinternalcontrolstructurethatmightbematerial weaknesesunderstandardsestablishedbytheamericannstituteofcertifiedpublic Ourconsiderationoftheinternalcontrolstructurewouldnotnecesarily Acountants.Amaterialweaknesisareportableconditioninwhichthedesignor operationofthespecificinternalcontrolstructurelementsdoesnotreducetoa relativelylowleveltheriskthaterorsoriregularitiesinamountsthatwouldbe materialinrelationtothefinancialstatementsbeingauditedmayocurandnotbe detectedwithinatimelyperiodbyemployesinthenormalcourseofperformingtheir asignedfunctions.wenotednomatersinvolvingtheinternalcontrolstructureand itsoperationsthatweconsidertobematerialweaknesesasdefinedabove. andthelegislativeauditor.however,thisreportisamaterofpublicrecordand itsdistributionisnotlimited. ThisreportisintendedfortheinformationoftheBoardofTrustes,management,

24 REGSTRARS OF VOTERS EMPLOYEEs RETREMENT SYSTEM NDEPENDENT AUOTOR S REPORT ON COMPLANCE BASED ON AN AUDT OF FNANCAL STATEMENTS PERFORMED N ACCORDANCE WTH GOVERNMENT AUDTNG STANDARDS FOR THE YEAR ENDED JUNE Registrars of Voters Employees Retirement System of Louisiana P. 0. Box 57 Jennings, Louisiana PAGE 21 August 16, 1996 We have audited the financial statements of the Registrars of Voters Employees Retirement System as of and for the year ended June 30, 1996, and have issued our report thereon dated August 16, We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perfom the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. Compliance with laws, regulations, contracts, and grants applicable to the Registrars of Voters Employees Retirement System is the responsibility of the Retirement System s management. As part of obtaining reasonable assurance about whether the financial statements are free of material misstatement, we perfonned tests of the Retirement System s compliance with certain provisions of laws. regulations, contracts and grants. However, the objective of our audit of the financial statements was not to provide an opinion on overall r.ompliance with such provisions. Accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance that are required to be reported herein under Government Auditing Standards. and its This report is intended for the infonnation of the Board of Trustees, management, the Legislative Auditor. However, this report is a matter of public record and distribution is not limited.,j-r~ ~/X..oUAc, ~"- -~ LLP