LONDON BRITAIN TOWNSHIP LANDENBERG, PENNSYLVANIA CHESTER COUNTY

Transcription

1 LONDON BRITAIN TOWNSHIP LANDENBERG, PENNSYLVANIA CHESTER COUNTY ANNUAL AUDIT AND FINANCIAL REPORT DECEMBER 31, 2011

2 INDEPENDENT AUDITOR'S REPORT Board of Supervisors London Britain Township Landenberg, Pennsylvania We have audited the accompanying annual audit and financial report of London Britain Township, Landenberg, Pennsylvania, Chester County, as of December 31, 2011 and for the year then ended. This financial report is the responsibility of the Township s management. Our responsibility is to express an opinion on this financial report based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the annual audit and financial report is free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the annual audit and financial report. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall annual audit and financial report presentation. We believe that our audit provides a reasonable basis for our opinion. The annual audit and financial report was prepared in conformity with the accounting practices prescribed or permitted by the Department of Community and Economic Development ("DCED") of the Commonwealth of Pennsylvania, which practices differ from accounting principles generally accepted in the United States of America. Under this basis, revenues are recorded when measurable and available. Expenditures are recorded when the liability is incurred. Additionally, in accordance with the prescribed accounting practices permitted by DCED, the Township does not include footnote disclosures. The effect on the annual audit and financial report of the variances between these regulatory accounting practices and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material. In our opinion, the annual audit and financial report referred to above presents fairly, in all material respects, the financial position of London Britain Township, Landenberg, Pennsylvania, Chester County, as of December 31, 2011 and the results of its operations for the year then ended, on the basis of accounting described above. This report is intended solely for the information and use of the governing body and management of London Britain Township, for the use of lending institutions and for filing with the Pennsylvania Department of Community and Economic Development and the Chester County Clerk of Courts; and is not intended to be and should not be used by anyone other than these specified parties. Philadelphia, Pennsylvania March 6, 2012

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4 DCEDCLGS30 (1011) 2011 MUNICIPAL ANNUAL AUDIT AND FINANCIAL REPORT BALANCE SHEET BALANCE SHEET December 31, 2011 Governmental Funds Assets and Other Debits General Fund Special Revenue (Including State Liquid Fuels) Capital Projects Debt Service Cash and Investments 21,366 82, , Tax Receivable 17,316 1,309 2, Accounts Receivable (excluding taxes) 33,451 74, Due From Other Funds 47, , Other Current Assets 16, Fixed Assets Other Debits Total Assets and Other Debits $ 135,854 $ 158,498 $ 396,326 $ Liabilities and Other Credits Payroll Taxes and Other Payroll Withholdings All Other Current Liabilities 34, Due To Other Funds 2,076 47, LongTermLiabilities Current Portion of LongTerm Debt & Other Credits Total Liabilities and Other Credits $ 36,617 $ 48,184 $ $ Fund and Account Group Equity Contributed Capital 290 Investment in General Fixed Assets Fund Balance / Retained Earnings on 12/31 99, , , Other Equity Total Fund and Account Group Equity $ 99,237 $ 110,314 $ 396,326 $ Total Assets and Other Debits minus Total Liabilities and Other Credits must equal the Total Fund and Account Group Equity 2

5 DCEDCLGS30 (1011) 2011 MUNICIPAL ANNUAL AUDIT AND FINANCIAL REPORT BALANCE SHEET Proprietary Funds Fiduciary Fund Account Groups Total Assets and Other Debits Enterprise Internal Service Trust & Agency General Fixed Assets General Long Term Debt Memorandum Only Cash and Investments 372, , Tax Receivable 21, Accounts Receivable (excluding taxes) 9, , Due From Other Funds 49, Other Current Assets 16, Fixed Assets 4,530,729 4,530, Other Debits 947, ,849 Total Assets and Other Debits $ $ $ 381,841 $ 4,530,729 $ 947,849 $ 6,551,097 Liabilities and Other Credits Payroll Taxes and Other Payroll Withholdings All Other Current Liabilities 64,132 99, Due To Other Funds 49, LongTerm Liabilities 872, , Current Portion of LongTerm Debt & Other Credits 215,683 75, ,683 Total Liabilities and Other Credits $ $ $ 279,815 $ $ 947,849 $ 1,312,465 Fund and Account Group Equity Contributed Capital 290 Investment in General Fixed Assets 4,530,729 4,530, Fund Balance / Retained Earnings on 12/31 102, , Other Equity Total Fund and Account Group Equity $ $ $ 102,026 $ 4,530,729 $ $ 5,238,632 TOTAL LIABILITIES AND FUND AND ACCOUNT GROUP EQUITY Total Assets and Other Debits minus Total Liabilities and Other Credits must equal the Total Fund and Account Group Equity $ 6,551,097 3

6 DCEDCLGS30 (1011) Taxes REVENUES GOVERNMENTAL FUNDS Special Revenue (Including State Liquid Fuels) Capital Projects Debt Service Real Estate Taxes 505, , , Occupation Taxes (levied under municipal code) Residence Taxes (levied by cities of the 3rd Class) Regional Asset District Sales Tax (Allegheny County municipalities only) Per Capita Taxes Real Estate Transfer Taxes 79, Earned Income Taxes/Wage Taxes Business Gross Receipts Taxes Occupation Taxes (levied under Act 511) Local Services Tax** Amusement/Admission Taxes Mechanical Device Taxes STATEMENT OF REVENUES AND EXPENDITURES December 31, 2011 General Fund Other Local Tax Enabling Act/Act511 Taxes Total Taxes $ 584,837 $ 165,136 $ 158,058 $ Licenses and Permits All Other Licenses and Permits Cable Television Franchise Fees 40,744 Total Licenses & Permits $ 41,487 $ $ $ Fines & Forfeits Fines and Forfeits 6,941 Total Fines & Forfeits $ 6,941 $ $ $ Interest, Rents & Royalties Interest Earnings , Rents and Royalties Total Interest, Rents & Royalties $ 483 $ 118 $ 2,016 $ ** This tax was known as the Occupational Privilege Tax (OPT) prior to 2005 and the Emergency and Municipal Services Tax prior to

7 DCEDCLGS30 (1011) REVENUES PROPRIETARY FUNDS FIDUCIARY FUND TOTAL Taxes Enterprise Internal Service Trust and Agency Memorandum Only Real Estate Taxes 828, Occupation Taxes (levied under municipal code) Residence Taxes (levied by cities of the 3rd class) Regional Asset District Sales Tax (Allegheny County municipalities only) Per Capita Taxes Real Estate Transfer Taxes 79, Earned Income Taxes/Wage Taxes Business Gross Receipts Taxes Occupation Taxes (levied under Act 511) Local Services Tax** Amusement/Admission Taxes Mechanical Device Taxes Other Local Tax Enabling Act/Act 511 Taxes Total Taxes $ $ $ $ 908,031 Licenses and Permits All Other Licenses and Permits Cable Television Franchise Fees 40,744 Total Licenses & Permits $ $ $ $ 41,487 Fines & Forfeits Fines and Forfeits 6,941 Total Fines & Forfeits $ $ $ $ 6,941 Interest, Rents & Royalties Interest Earnings 5,504 8, Rents and Royalties Total Interest, Rents & Royalties $ $ $ 5,504 $ 8,121 ** This tax was known as the Occupational Privilege Tax (OPT) prior to 2005 and the Emergency and Municipal Services Tax prior to

8 DCEDCLGS30 (1011) INTERGOVERNMENTAL REVENUES GOVERNMENTAL FUNDS Special Revenue (Including State Federal General Fund Liquid Fuels) Capital Projects Debt Service Highways and Streets Community Development All Other Federal Capital and Operating Grants 22, National Forest All Other Federal Shared Revenue & Entitlements Federal Payments in Lieu of Taxes Total Federal $ 22,500 $ 655 $ $ State Highway and Streets 3, Community Development Recycling/Act 101 1, All Other State Capital and Operating Grants 88, Public Utility Realty Tax (PURTA) 1, Motor Vehicle Fuel Tax (Liquid Fuels Tax) and State Road Turnback 142, Alcoholic Beverage Licenses General Municipal Pension System State Aid 4, Foreign Fire Insurance Tax Distribution** 48, Local Share Assessment/Gaming Proceeds** All Other State Shared Revenues & Entitlements State Payments in Lieu of Taxes Total State $ 58,896 $ 231,283 $ $ Local Governmental Units Highways and Streets All Other Local Governmental Units Capital and Operating Grants , Local Governmental Unit Shared Payments for Contracted Intergovernmental Services Local Governmental Units, Authorities Payments and Payments in Lieu of Taxes Total Local Government Units ** New line items in 2010 $ 821 $ 60,636 $ $ 6

9 DCEDCLGS30 (1011) INTERGOVERNMENTAL REVENUES PROPRIETARY FUNDS FIDUCIARY FUND TOTAL Federal Enterprise Internal Service Trust and Agency Memorandum Only Highways and Streets Community Development All Other Federal Capital and Operating Grants 23, National Forest All Other Federal Shared Revenue & Entitlements Federal Payments in Lieu of Taxes Total Federal $ $ $ $ 23,155 State Highway and Streets 3, Community Development Recycling/Act 101 1, All Other State Capital and Operating Grants 88, Public Utility Realty Tax (PURTA) 1, Motor Vehicle Fuel Tax (Liquid Fuels Tax) and State Road Turnback 142, Alcoholic Beverage Licenses General Municipal Pension System State Aid 4, Foreign Fire Insurance Tax Distribution** 48, Local Share Assessment/Gaming Proceeds** All Other State Shared Revenues & Entitlements State Payments in Lieu of Taxes Total State $ $ $ $ 290,179 Local Governmental Units Highways and Streets All Other Local Governmental Units Capital and Operating Grants 61, Local Governmental Unit Shared Payments for Contracted Intergovernmental Services Local Governmental Units, Authorities Payments and Payments in Lieu of Taxes Total Local Government Units $ $ $ $ 61,457 TOTAL INTERGOVERNMENTAL REVENUES ** New line items in 2010 $ 374,791 7

10 DCEDCLGS30 (1011) REVENUES GOVERNMENTAL FUNDS Special Revenue (Including State Charges For Service General Fund Liquid Fuels) Capital Projects Debt Service General Government 2, Public Safety 35, Parking All Other Charges for Highway & Streets Services Wastewater/Sewage Charges 18, Solid Waste Collection & Disposal Charge (trash) Host Municipality Benefit Fee for Solid Waste Facility All Other Charges for Sanitation Services Health Human Services Culture and Recreation 1, Airports Bars Cemeteries Electric System Gas System Housing System Markets Transit Systems Water System All Other Charges for Service Total Charges for Service $ 56,297 $ 1,075 $ $ Unclassified Operating Revenues Assessments Escheats (sale of personal property) Contributions & Donations from Private Sectors 621, Fiduciary Fund Pension Contributions All Other Unclassified Operating Revenues*** 125 Total Unclassified Operating Revenues $ 125 $ $ 621,330 $ Other Financing Sources Proceeds of General Fixed Asset Disposition 6, Interfund Operating Transfers** Proceeds of General LongTerm Debt Proceeds of ShortTerm Debt Refunds of Prior Year Expenditures 1,325 Total Other Financing Sources $ 7,675 $ 257 $ $ TOTAL REVENUES $ 780,062 $ 459,160 $ 781,404 $ **The total of line must match the total on line *** This amount cannot be greater than 1% of "TOTAL REVENUES" in each of the funds. 8

11 DCEDCLGS30 (1011) REVENUES PROPRIETARY FUNDS FIDUCIARY FUND TOTAL Charges For Service Enterprise Internal Service Trust and Agency Memorandum Only General Government 2, Public Safety 35, Parking All Other Charges for Highway & Streets Services Wastewater/Sewage Charges 18, Solid Waste Collection & Disposal Charge (trash) Host Municipality Benefit Fee for Solid Waste Facility All Other Charges for Sanitation Services Health Human Services Culture and Recreation 1, Airports Bars Cemeteries Electric System Gas System Housing System Markets Transit Systems Water System All Other Charges for Service Total Charges for Service $ $ $ $ 57,372 Unclassified Operating Revenues Assessments Escheats (sale of personal property) Contributions & Donations from Private Sectors 621, Fiduciary Fund Pension Contributions 20,476 20, All Other Unclassified Operating Revenues*** 125 Total Unclassified Operating Revenues $ $ $ 20,476 $ 641,931 Other Financing Sources Proceeds of General Fixed Asset Disposition 6, Interfund Operating Transfers** Proceeds of General LongTerm Debt Proceeds of ShortTerm Debt Refunds of Prior Year Expenditures 1,325 Total Other Financing Sources $ $ $ $ 7,932 TOTAL REVENUES $ $ $ 25,980 $ 2,046,606 **The total of line must match the total of line *** This amount cannot be greater the 1% of "TOTAL REVENUES" in each of the funds. 9

12 DCEDCLGS30 (1011) EXPENDITURES GOVERNMENTAL FUNDS Special Revenue (Including State General Government General Fund Liquid Fuels) Capital Projects Debt Service Legislative (Governing) Body 8, Executive (Manager or Mayor) Auditing Services/Financial Administration 54, Tax Collection 45, Solicitor/Legal Services 13, Secretary/Clerk 46, Other General Government Administration 19, ITNetworking ServicesData Processing 2, Engineering Services 36, General Government Buildings and Plant 19, Total General Government $ 247,325 $ $ 193 $ Public Safety Police Fire 53,857 73, Ambulance/Rescue 21, UCC and Code Enforcement 21, Planning and Zoning 58, Emergency Management & Communications 4, Militia and Armories Examination of Licensed Occupations Public Scales (weights and measures) Other Public Safety Total Public Safety $ 137,606 $ 94,609 $ $ Health and Human Services Health and Human Services 6,390 Public Works Sanitation Recycling Collection and Disposal Solid Waste Collection and Disposal (trash) Weed Control Wastewater/Sewage Collection & Treatment 27,420 78,120 Total Public Works Sanitation $ 28,257 $ $ 78,120 $ 10

13 DCEDCLGS30 (1011) EXPENDITURES PROPRIETARY FUNDS FIDUCIARY FUND TOTAL General Government Enterprise Internal Service Trust and Agency Memorandum Only Legislative (Governing) Body 8, Executive (Manager or Mayor) Auditing Services/Financial Administration 54, Tax Collection 45, Solicitor/Legal Services 13, Secretary/Clerk 46, Other General Government Administration 19, ITNetworking ServicesData Processing 2, Engineering Services 36, General Government Buildings and Plant 19,533 Total General Government $ $ $ $ 247,518 Public Safety Police Fire 126, Ambulance/Rescue 21, UCC and Code Enforcement 21, Planning and Zoning 58, Emergency Management & Communications 4, Militia and Armories Examination of Licensed Occupations Public Scales (weights and measures) Other Public Safety Total Public Safety $ $ $ $ 232,215 Health and Human Services Health and Human Services 6,390 Public Works Sanitation Recycling Collection and Disposal Solid Waste Collection and Disposal (garbage) Weed Control Wastewater/Sewage Collection & Treatment 105,540 Total Public Works Sanitation $ $ $ $ 106,377 11

14 DCEDCLGS30 (1011) EXPENDITURES GOVERNMENTAL FUNDS Special Revenue (Including State Public Works Highways & Streets General Fund Liquid Fuels) Capital Projects Debt Service General Services Administration 222,817 2, Cleaning of Streets and Gutters Winter Maintenance Snow Removal 48, Traffic Control Devices 357 1, Street Lighting Sidewalks and Crosswalks Storm Sewers and Drains Repairs of Tools and Machinery 3,985 18, Maintenance & Repairs of Roads & Bridges 8,556 7,176 15, Highway Construction and Rebuilding Projects 80,183 74,965 Total Public Works Highways & Streets $ 284,159 $ 109,905 $ 90,413 $ Public Works Other Services Airports Cemeteries Electric System Gas System Markets Parking Storm Water and Flood Control 5, Transit System Water System Water Transport and Terminals Total Public Works Other Services $ 5,923 $ $ $ Culture and Recreation CultureRecreation Administration Participant Recreation 185, , Spectator Recreation Parks , Shade Trees Libraries 11, Civil and Military Celebrations Senior Citizens' Centers All Other Culture and Recreation Total Culture and Recreation $ 12,498 $ 233,394 $ 544,310 $ Community Development Conservation of Natural Resources , Community Development and Housing Economic Development Economic Opportunity All Other Community Development Total Community Development $ 436 $ $ 25,000 $ 12

15 DCEDCLGS30 (1011) EXPENDITURES PROPRIETARY FUNDS FIDUCIARY FUND TOTAL Public Works Highways & Streets Enterprise Internal Service Trust and Agency Memorandum Only General Services Administration 224, Cleaning of Streets and Gutters Winter Maintenance Snow Removal 48, Traffic Control Devices 2, Street Lighting Sidewalks and Crosswalks Storm Sewers and Drains Repairs of Tools and Machinery 22, Maintenance & Repairs of Roads & Bridges 31, Highway Construction and Rebuilding Projects 155,148 Total Public Works Highways & Streets $ $ $ $ 484,477 Public Works Other Services Airports Cemeteries Electric System Gas System Markets Parking Storm Water and Flood Control 5, Transit System Water System Water Transport and Terminals Total Public Works Other Services $ $ $ $ 5,923 Culture and Recreation CultureRecreation Administration Participant Recreation 729, Spectator Recreation Parks 49, Shade Trees Libraries 11, Civil and Military Celebrations Senior Citizens' Centers All Other Culture and Recreation Total Culture and Recreation $ $ $ $ 790,202 Community Development Conservation of Natural Resources 25, Community Development and Housing Economic Development Economic Opportunity All Other Community Development Total Community Development $ $ $ $ 25,436 13

16 DCEDCLGS30 (1011) EXPENDITURES GOVERNMENTAL FUNDS Special Revenue (Including State Debt Service General Fund Liquid Fuels Capital Projects Debt Service Debt Principal (shortterm and longterm) 11,753 11,469 49, Debt Interest (shortterm and longterm) 3,590 2,843 6, Fiscal Agent Fees Total Debt Service $ 15,343 $ 14,312 $ 56,091 $ Employer Paid Benefits & Withholding Items Employer Paid Withholding Taxes and Unemployment Compensation Judgments and Losses Pension/Retirement Fund Contributions Worker Compensation Insurance 12, Group Insurance and Other Benefits 55,410 Employer Paid Benefits & Witholding Items $ 68,124 $ $ $ Insurance Insurance, Casualty, and Surety 26,959 Unclassified Operating Expenditures Fiduciary Fund Benefits and Refunds Paid All Other Unclassified Expenditures*** Total Unclassified Operating Expenditures $ $ $ $ Other Financing Uses Refund of Prior Year Revenues 2, Interfund Operating Transfers** All Other Financing Uses Total Other Financing Uses $ 2,727 $ $ $ TOTAL EXPENDITURES $ 835,747 $ 452,220 $ 794,127 $ EXCESS / (DEFICIT) OF REVENUES OVER EXPENDITURES $ (55,685) $ 6,940 $ (12,723) $ ** The total of line must match the total of line *** This amount cannot be greater than 1% of "TOTAL EXPENDITURES" in each of the funds. 14

17 DCEDCLGS30 (1011) EXPENDITURES PROPRIETARY FUNDS FIDUCIARY FUND TOTAL Debt Service Enterprise Internal Service Trust and Agency Memorandum Only Debt Principal (shortterm and longterm) 72, Debt Interest (shortterm and longterm) 13, Fiscal Agent Fees Total Debt Service $ $ $ $ 85,746 Employer Paid Benefits & Withholding Items Employer Paid Withholding Taxes and Unemployment Compensation Judgments and Losses Pension/Retirement Fund Contributions Worker Compensation Insurance 12, Group Insurance and Other Benefits 55,410 Employer Paid Benefits & Witholding Items $ $ $ $ 68,124 Insurance Insurance, Casualty, and Surety 26,959 Unclassified Operating Expenditures Fiduciary Fund Benefits and Refunds Paid All Other Unclassified Expenditures*** Total Unclassified Operating Expenditures $ $ $ 180 $ 180 Other Financing Uses Refund of Prior Year Revenues 2, Interfund Operating Transfers** All Other Financing Uses Total Other Financing Uses $ $ $ $ 2,727 TOTAL EXPENDITURES $ $ $ 180 $ 2,082,274 EXCESS / (DEFICIT) OF REVENUES OVER EXPENDITURES $ $ $ 25,800 $ (35,668) ** The total of line must match the total of line *** This amount cannot be greater than 1% of "TOTAL EXPENDITURES" in each of the funds 15

18 DCEDCLGS30 (1011) 2011 MUNICIPAL ANNUAL AUDIT AND FINANCIAL REPORT DEBT STATEMENT Purpose Bond (B) Note (N) Issue Date (year) Maturity Date (year) Original Amount of Issue DEBT STATEMENT Outstanding Beginning of Year Principal Incurred This Year (Additions) Principal Paid This Year Current Year Accretion of Compound Interest Bonds Outstanding Year End Plus (less) Unamortized Premium (Discount) Total Balance GENERAL OBLIGATION BONDS AND NOTES Various Capital Projects / Refunding of 1993 Note N , ,000 15, ,000 $ 269,000 Open Space Land N , ,000 9, ,000 $ 122,000 Parks and General Twp. Land N , ,000 11, ,000 $ 214,000 Various Capital Projects N , ,000 36, ,000 $ 329,000 $ $ $ $ $ $ REVENUE BONDS AND NOTES Equipment N ,607 1,737 1,737 $ $ $ $ $ LEASE RENTAL DEBT/GENERAL LEASES $ $ $ $ $ OTHER $ $ $ $ $ Total bonds and notes outstanding Capitalized lease obligations Other debt TOTAL OUTSTANDING DEBT $ $ 934, ,000 16

19 DCEDCLGS30 (1011) 2011 MUNICIPAL ANNUAL AUDIT AND FINANCIAL REPORT STATEMENT OF CAPITAL EXPENDITURES EMPLOYEE COMPENSATION STATEMENT OF CAPITAL EXPENDITURES CATEGORY: Capital Purchases Capital Construction Total Electric Fire Gas System General Government Health Housing Libraries Mass Transit Parks 543, , ,636 Police Recreation Sewer 78,120 78,120 Solid Waste Streets/Highways 1, , ,738 Water Other (Please Specify ) TOTAL CAPITAL EXPENDITURES* *Capital expenditures are generally considered to be those which result in additions to the value of fixed assets (land, buildings and other structures, machinery and equipment). $ 975,494 EMPLOYEE COMPENSATION Total salaries, wages, commissions, etc. paid this year (including all employees and elected officials)** $ 333,186 ** Use income from box 16 of the W3 Statement 17