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Transcription

1 OffICIA L ~IL~ COP Y cup~tqfrof~dt~ coi~yal~lfp~tji~ ~m :K in f~ I q9 3 o.~2/s /3 eb EGAN DRAINAGE DISTRICT NO. 1 OF ACADIA PAR]SH Egan, Louisiana FINANCIA~ ~EPORI DECEMBER 31, 3998.m aer provisions.ofstate lew,tn ~,epor{ is a public docum ent. A copy ofthe repo~ has been subm itt~d to the ajk~[te.d, or ~cvl.:w 4,d, {.!I!ti{y P,t~c[otht~;"~i~3pro!:;L;!.,.'.pt:blic uf!k:ic'~s, li~e ~epol~is a~.,aii; _ hie for o~.~b!ic inspection at tl~o Baton t~:~uge office ofthe Legislative A uditor and, w here appropriate,at the " #rice of the parish clerk ofcouri[

2 Af idavitand Revenue C ertification.~ca b~ A E~'A rj Parish (City),Louisiana ENTITY NA M E A N N UA L SW O R N FINA N C IA L STA TEM ENTS A N D CERTIFIPCATION OF REVENUES $50,000 OR LESS (ifapplicable) The annualsw orn financialstatem ents are required by Louisiana Revised Statute 24:514 to be filed w ith the Legislative A uditorw ithin 90 days afterthe close ofthe fisca year. The certification ofrevenues $50,000 orless,ifapplicable,is required by Louisiana Revised Statute 24:513(I)(1)(c)(i). Persona ly cam e and appeared before the undersigned authority,f.~i~4nt.t=~ ~..~.~i~t~ (name),who,duly sworn,deposes and says thatthe financialstatem ents herew ith given presentfairly the financialposition of F~,~ b~r,z,~ e~ b~s~ z,.t *40 i (entity name)as of b~~.,.~,.~ '~,/, 19q._. ~,and the results ofoperations forthe yearthen ended,in accordance w ith the basis ofaccounting described w ithin the accom panying financialstatem ents. (Com plete,ifapplicable) in addition, KENN$_'rH t~.k4e.~ts (name),who,duly sworn,deposes _, and says that~.#,k~ b~a;~4f,ce b~str ~c't NO~ (entity name)received $50,000 or less in revenues and othersources forthe yearended br~ce~ E~..~J._,19q_~, and accordingly,is notrequired to have an aud Sworn to ~nd subscribed before me this 2~ day of /E~ (/V,19 ~ _ ~ " NO TA RY ~ BLIC *** ***** **** *** *********~*** ****** ****** ******** O ficern am e Title Address Telephone No..,.v c,4 7 ~,~/ Y/~"7~.~ ~_o3~

3 C O N T E N T S Sta temen t Page INDEPENDENT ACCOUNTANT FS REPORT 1 FINANCIAL STATEMENTS Balance sheet Statement of revenues, expenditures, and changes in fund balance all governmental funds Notes to financial statements SUPPLEMENTa ry INFORMA TION Schedule Schedule of per diem paid to board of comm issioners

4 B R O U SSA R D,P O C H E ',L E W IS & B R E A U X,L.L.P. (; E ~ ] I F I E D P U B L I C A C C O U N I A N 1 S 122 East51h St. P.O.l)raw er 397 Crow ley,i~,uislana pholae:(318) f,a:(318)7837'238 Lafayet((,],A (318) Opclousa~,LA (3]8)94252]7 A]Jl,(,vilh,.I,A (318) N ew ]her]a,],& (3]8) (31urci,1)oint,l,A (318)68~2855 Eunice.l,A (318] INDEPENDENT ACCOUNTANT *S REPORT The Board of Directors Egan Drainage District No. 1 of Acadia Parish Egan, Louisiana We have compiled the accompanying general purpose financial statements of Egan Drainage District No. 1 of Acadia Parish, a component unit of the Acadia Parish Police Jury, as of and for the year ended December 31, 1998 and the supplementary schedule, as listed in the table of contents. The statements were compiled in accordance w ith Statements on Standards for Accounting and Rev iew Services issued by the American Institute of Certified Public A ccountants. A compilation is limited to presenting information that is the representation of the Board in the form of financial statements and the supplementary schedule. We have not audited or reviewed the accompanying financial statements and the supplementary schedule and, accordingly, we do not express an opinion or any ether form of assurance on them. I~,t,,.d l,l,,ik ~',, 'p',19~ Crowley, March 18 Lou isiana ]999 (;,,Md,tJ W mlh,,h C]'A'1995 1~,i.~,~[ S.,,,>, (:I'A'l~mCl ],171 (1 ]~,,,i,(:iix~]!)!17 MI,t.,.,4A,m,h,,I,~m ~,,q CStli[i,d l'ubli,a,,~,u~l.nts.'~+~(cry,+]l.,tisi,tnn(',v[~/hd l',h,li(a,,,,t,,t.,,,ts 1

5 Statemen t A EGAN DRA INAGE DISTRICT NO, 1 OF ACADIA PAR ISH BALANCE SHEET All Fund Types and Account Groups General Fund December 31, 1998 See Accountant's Compilation Report A SSETS Cash and cash equ ivalents Revenues receivab le : A d valorem taxes State revenue sharing 25,364 2,152 Total assets LIABILITIES AND FUND EQUITY Liab ilities : Deductions from ad valorem tax payable Fund equ ity : Fund balance unreserved, undesignated ,129 Total liab ilities and fund equity See Notes to Financial Statements 2

6 Statement B EGAN DRA INAGE DISTRICT NO. i OF ACADIA PAR ISH STATEM ENT OF REV ENU ES, EXPENDITURES, AND CHAN GES IN FUND BALANCE ALL GOVERNMENTAL FU NDS GENERAL FUND Year Ended December 31, 1998 See Accountant 's Compilation Report Revenues : Taxes : Ad valorem Intergovernm ental : State revenue sharing Use of money and property ln terest Total revenues $ 25,364 2,]52 6,190 $ 33,706 Expenditu res : Curren t : Public works : Per diem to board of comm issioners Operating services Intergover~ nental $ 4,940 30, Teta~ expenditures Deficiency of revenues over expenditures Fund balance, beginning Fund balance, ending 36,213 $ (2,507) $134,129 See Notes to Financial Statements 3

7 EGAN DRAINAGE DISTRICT NO. 1 OF ACADIA PAK ISH NOTES TO FINANCIAL STATEMENTS See Accountant 's Compilation Report Note i. Summary of Sign ificant Accounting Policies The Egan Drainage District No. 1 of Acadia Parish was created by the Acadia Parish Police Jury as authorized by Louisiana Rev ised Statutes 38 : The District is governed by a board of five commissioners who are appointed by the Acadia Parish Police Jury. The District is authorized to open and maintain al] natural drains in the District, where drainage is accomplished using the natural force of gravity. This may be accomplished by cutting and opening new drains, ditches, and canals. The District has no fulltime employees. Drainage work in the District is performed by contractors. The District comprises the Egan area of Acadia Parish, wh ich covers 3] square m iles and has a population of approximately 1,200. Basis of presentation The accompanying financial statements of the Egan Drainage District No. 1 of Acadia Parish have been prepared in conformity w ith generally accepted accounting princfples (GAAP) as applied to governmental units. The Govermnental Accounting Standards Board (GASB) is the accepted standardsetting body for establishing governmental accounting arid financial reporting princip les. Reporting entity Section 2100 of the GASB Codification of Governmental Accounting and Financial Reporting Standards (GASB Codification) established criteria for determining the governmental reporting entity and component: units that should be included within the reporting entity. Oversight responsibility by the Police Jury is determ ined on the basis of the follow ing criteria : Appointment of the governing board Designation of management Ability to significantly influence operations Accountability for fiscal matters Scope of public service 4

8 NOTES TO FINANCIAL STATEMENTS See Accoun tant 's Comp ilation Report Because the Police Jury appoints the governing board, designates management, has the ability to significantly influence operations, demands accountability for fiscal matters, and can influence the scope of public service, the District was determined to be a component unit of the Acadia Parish Police Jury, the governing body of the Parish and the governmental body with oversight responsibility. The accompanying financial statements present: information only on the funds maintained by the District and do not present: information on the Police Jury, the general government services prov ided by that governmen tal un it, or the other gov ernmen tal un its that comprise the gover~ nental reporting entity. Fund accounting The District uses a fund (general fund) to report on its financial position and the results of its operations. The general fund is the general operating fund of the District and accounts for all financial resources. Basis of accounting The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. The general fund is accounted for using a current financial resources measurement focus. W ith th is measurement focus, only current assets and current liabilities are generally included on the balance sheet. Operating statements of th is fund present increases and decreases in net current assets. The modified accrual basis of accounting is used by the general fund. The general fund uses the follow ing practices in recording revenues and expenditures : Revenues Ad valorem taxes and the related state revenue sharing (which is based on population and homesteads in the Parish) are recorded in the year the taxes are assessed. Ad valorem taxes are assessed on a calendar year basis, become due on November 15 of each year, and become delinquent on December 31. The taxes are generally collected in December of the current year and January and February of the ensuing year. Interest income on time deposits is recorded when the time deposits have matured and the interest is available. Interest on interest bearing demand deposits is recorded at the end of the month when credited by the bank. Expenditures : Expenditures are recognized under the modified accrual basis of accoun ting when the related fund liab ility is incurred. 5

9 NOTES TO FINANCIAL STATEMENTS See Accountant 's Compilation Report Budgets Lou isiana law exempts all special districts created before December 31, 1974, from the requirements of the Local Government Budget Act. The Egan Drainage District No. 1 of Acadia Parish was created July 9, 1946 and, accordingly, is exempt from the budgetary requirements. Management has determined that, due to the amount and nature of expenditures, the adoption of a budget is not required for management control purposes. Accordingly, the District did not adop t a budget for th e year ended December 31, 1998 ; therefore, the accompanying financial statements do not include a compar ison of revenues and expend itures to budget. Gash and cash equ ivalents Cash and cash equivalents include amounts in interest bearing demand deposit accounts and time deposits. Under state law, the District may deposit funds in demand deposits, interest bearing demand deposits, money market accounts, or certificates of deposit with state banks organized under Louisiana law and national banks having their principa] offices ~n Louisiana. Pension plan and vacation and sick leave The District does not have any fulltime employees. Therefore, the D istrict has no pension plan or vacation and sick leave policy. Note 2. Levied Taxes Tihe following is a summary of the authorized and levied ad valorem taxes for t~he year ended Decemb er 31, 1998 : Authorized M illage Lev ied Millage General (maintenance) 7,

10 NOTES TO FINANCIAL STATEMENTS See Accountant 's Comp ilation Report Note 3. Cash and Cash Equivalents At December 31, 1998, the District has cash and cash equivalents (book balances) totaling $i07,403, as follows: Interest bearing demand deposits Passbook sav ings Certificates of deposit $ 4,475 2,928 i00,000 These deposits are stated at cost, which approximates market. Under state law, these deposits (or the resulting bank balances) must be secured by federal deposit insurance or the pledge of securities owned by the fiscal agent bank. The market value of the pledged securities plus the federal deposit insurance must at all times equal the amount on deposit w ith the fiscal agent. A t December 31, 1998, these deposits are fully secured from risk by federal deposit insurance and securities pledged by the bank. Note 4. Litigation and Claims There are no litigations or claims pending against the District: at December

11 Schedu le 1 EGAN DRA INAGE DISTRICT NO. 1 OF ACADIA PAR ISH SCHEDULE OF PER DIEM PA ID TO BOAR D OF COMM ISSIONERS Year Ended December 31, 1998 See Accountant 's Compilation Report Amount Richard Hebert William Oliver Gerald Regan Calv in Sensat Joseph Leger, Jr Total $ 845 ], ,040 1,040 $ 4,940 The schedule of per diem paid to board of comm issioners was prepared in compliance w ith House Concurrent Resolution No. 54 of the 1979 Session of the Louisiana Legislature. In accordance with Louisiana Revised Statute 38:1607(A), each member of the board of commissioners receives $65 per diem for each board meeting they attend. 8