VILLAGE OF NOBLE Noble, Louisiana. Annual Financial Statements. As of and for the Year Ended December 31,2011

Transcription

1 .^^/^ VILLAGE OF NOBLE Annual Financial Statements As f and fr the Year Ended December 31,2011 Under pivisiris ' s'atc!a-.v ilvs repit 15 a piiik: dcument Acpy f ihe reprt h^is been s;icn"iitteci \ the entily and the; apprcpnrte public fficials The repcft is available fr PLJOIIC inspectir:^ at ihe Batn R'jge ffice f the Legislative Audiir and where appipnate at the ffice f the parish cierk f curt Release Date JUN

2 Annual Financial Statements As f and fr the Year Ended December 31,2011 CONTENTS Statement Page N. Accuntant's Cmpilatin Reprt 3 Basic Financial Statements: Gvernment-Wide Financial Statements Statement f Net Assets Statement f Activities Fund Financial Statements Gvemmental Funds Balance Sheet Statement f Revenues, Expenditures and Changes in Fund Balances Business-Type Activities Statement f Net Assets Statement f Revenues, Expenses, and Changes in Net Assets Statement f Cash Flws Ntes t the Financial Statements C D F G

3 Annual Financial Statements As f and fr the Year Ended December 31, 2011 CONTENTS (Cntd) Required Supplemental Infrmatin: Schedule Page N. Schedule f Revenues, Expenditures, and Changes in Fund Balance - Budget and And Actual - General Fund 1 22 Other Supplemental Infrmatin Schedules: Schedule f Per Diem Paid Aldermen 2 25

4 M. CARLEEN DUMAS Certified Public Accuntant 369 Dnaldsn Rad. Calhun, Luisiana. Telephne 318/ Accuntant's Cmpilatin Reprt MAYOR AND BOARD OF ALDERMEN VILLAGE OF NOBLE I have cmplied the accmpanying financial statements f the gvemmental activities, the business-type activities and majr fiind f the Village f Nble (the "Village") as f and fr the year ended December 31, 2011, which cllectively cmpnse the Village's basic financial statements as listed in the table f cntents I have nt audited r reviewed the accmpanying financial statements and, accrdingly, d nt express an pinin r prvide any assurance abut whether the financial statements are in accrdance with accuntmg pnnciples generally accepted in the United States f Amenca The management f the Village is respnsible fr the preparatin and fair presentatin f the financial statements in accrdance with accunting pnnciples generally accepted in the United States f Amenca and fr designing, implementing, and maintaining intemal cntrl relevant t the preparatin and fair presentatin f the financial statements My respnsibility is t cnduct the cmpilatin m accrdance with Statements n Standards fr Accunting and Review Services issued by the American Institute f Certified Public Accuntants The bjective f a cmpilatin is t assist the management f the Village in presenting financial infrmatin m the frm f financial statements withut undertaking t btain r prvide any assurance that there are n matenal mdificatins that shuld be made t the financial statements The budgetary cmpansn infrmatin n page 22 is nt a required part f the basic financial statements but IS supplementary mfmiatin required by the Gvernmental Accuntmg Standards Bard The schedule f per diem paid aldermen n page 25 is nt a required part f the basic financial statements but is supplementary mfrmatin required by the Luisiana Gvemmental Audit Guide I have cmpiled the supplementary infrmatin frm infrmatin that is the representatin f management, withut audit r review Accrdingly, I d nt express an pinin r prvide any assurance n the supplementary infrmatin Member f the American Institute f Certified Public Accuntants Member f the Sciety f Luisiana f Certified Public Accuntants -3-

5 MAYOR AND BOARD OF ALDERMEN VILLAGE OF NOBLE Management has nt presented the Management's Discussin and Analysis infrmatin that the Gvemmental Accunting Standards Bard has determined is required t supplement, althugh nt required t be a part f, the basic financial statements /s Carleen Dumas Calhun, Luisiana May II, 2012

6 BASIC FINANCIAL STATEMENTS

7 Statement A STATEMENT OF NET ASSETS December 31, 2011 GOVERNMENTAL ACTIVITIES BUSINESS- TYPE ACTIVITIES TOTAL ASSETS Cash Receivables (net f allwances fr uncllectibles) Capital assets (net) $86,110 2, ,604 $40,560 2, ,889 $126,670 4, ,493 TOTAL ASSETS 279, , ,676 LIABILITIES Accunts payable Deferred revenue 1,892 3, ,450 3,161 TOTAL LIABILITIES 5, ,611 NET ASSETS Invested in capital assets Umestncted 191,604 83, ,889 42, , ,572 TOTAL NET ASSETS $274,782 $537,283 $812,065 See accmpanying ntes and accuntant's cmpilatin reprt

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9 Statement C BALANCE SHEET - GOVERNMENTAL FUNDS December 31, 2011 ASSETS Cash Receivables TOTAL ASSETS LIABILITIES AND FUND BALANCES Liabilities Accunts payable Deferred revenue Ttal liabilities Fund balance - unassigned TOTAL LIABILITIES AND FUND EQUITY Recnciliatin f the Balance Sheet f Gvernmental Funds T the Statement f Net Assets: Fund balances - unassigned - General Fund Amunt reprted fr net assets f gvemmental activities in the Statement f Net Assets (Statement A) is different because Capital assets used in gvemmental activities are nt financial resurces and therefre are nt reprted in the fund Net assets f gvemmental activities (Statement A) General Fund $86,110 2,121 $ $1,892 3,161 5,053 83,178 $ $83, ,604 $274,782 See accmpanying ntes and accuntant's cmpilatin reprt -8-

10 Statement D STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - GOVERNMENTAL FUNDS Fr the Year Ended December 31, 2011 General Fund REVENUES Taxes Prperty taxes Franchise Occupatinal licenses Fines Ryalties Investment incme Miscellaneus Ttal revenues EXPENDITURES General gvemment and public safety Persnal services Operatmg services Matenals and supplies Travel and ther charges Ttal expenditures NET CHANGE IN FUND BALANCE FUND BALANCE AT BEGINNING OF YEAR FUND BALANCE AT END OF YEAR $1,646 7,387 12,110 2,416 84, ,719 8,784 24, ,720 74,999 8,179 $83,178 (Cntinued) See accmpanying ntes and accuntant's cmpilatin reprt -9-

11 STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - GOVERNMENTAL FUND Fr the Year Ended December 31, 2011 Statement D General Fund Recnciliatin f the Statement f Revenues, Expenditures, and Changes in Fund Balance f Gvernmental Funds t the Statement f Activities: Net change in fund balance - General Fund $74,999 Amunt reprted fr gvemmental activities in the Statement f Activities (Statement B) are different because Gvemmental funds reprt capital utlays and facilities cnstructin as expenditures Hwever, in the statement f activities, the cst f thse assets is allcated ver their estimated useful lives as depreciatin expense This is the amunt by which depreciatin expense exceeded capital utlay in the current pend (5,837) Change in net assets f gvemmental activities (Statement B) $69,162 (Cncluded) See accmpanying ntes and accuntant's cmpilatin reprt -10-

12 Statement E STATEMENT OF NET ASSETS - BUSINESS-TYPE ACTIVITIES December 31, 2011 Water System Enterpnse Fund ASSETS Current assets* Cash Accunts receivable (net f allwance fr dubtful accunts) Ttal current assets Nncurrent assets Capital assets (net f accumulated depreciatin) Ttal assets LIABILITIES Accunts payable NET ASSETS Invested in capital assets Unrestncted Ttal net assets $40,560 2,392 42, , , ,889 42,394 $ See accmpanying ntes and accuntant's cmpilatin reprt 11

13 OPERATING REVENUES Water sales Other perating revenue Ttal perating revenue OPERATING EXPENSES Dues Advertising Cntract labr Utilities Repairs and maintenance Chemicals Pstage Office expense Supplies Salaries Payrll taxes Depreciatin Ttal perating expenses OPERATING INCOME (Lss) VILLAGE OF NOBLE STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS - BUSINESS-TYPE ACTIVITIES Fr the Year Ended December 31, 2011 NON-OPERATING REVENUES (Expenses) Interest eamed n depsits State grant Ttal nn-perating revenues (expenses) CHANGE IN NET ASSETS NET ASSETS - BEGINNING NET ASSETS - ENDING Statement F Water System Enterpnse Fund $31, $31, ,419 3,068 3,240 1, , ,856 55,244 (23,269) 28 19,749 19,777 (3,492) 540,775 $ See accmpanying ntes and accuntant's cmpilatin reprt 12-

14 Statement G STATEMENT OF CASH FLOWS - BUSINESS-TYPE ACTIVITIES Fr the Year Ended December 31, 2011 CASH FLOWS FROM OPERATING ACTIVITIES Receipts frm custmers Payments t suppliers Payments t emplyees Net cash prvided by perating activities CASH FLOWS FROM CAPITAL FINANCING ACTIVITIES Capital grants Cnstructin f capital assets Net cash prvided by capital financing activities CASH FLOWS FROM INVESTING ACTIVITIES Interest eamings n bank depsits NET INCREASE IN CASH CASH AT BEGINNING OF VEAR CASH AT END OF YEAR Recnciliatin f Operating Incme t Net Cash Used by Operating Activities Operating Incme (Lss) Adjustments Depreciatin Decrease in accunts receivable Decrease in accunts payable Ttal adjustments Net cash prvided by perating activities Water System Enterpnse Fund $32,553 (19,656) (10,685) 2,212 19,749 (17,161) 2, ,828 35,732 $40,560 ($23,269) 25, ( ,481 $2.212 See accmpanying ntes and accuntant's cmpilatin reprt -13-

15 Ntes t the Financial Statements As f and fr the Year Ended December 31, 2011 INTRODUCTION The Village f Nble was incrprated n March 12, 1901, under the prvisins f the Lawrasn Act The village is gvemed by the mayr-bard f aldermen frm f gvemment The mayr and five aldermen serve fur-year terms The aldermen receive a $60 per diem fr attending each regular meeting The village prvides public safety and general gvemment services t its residents The village has an elected Chief f Plice and tw part-time emplyees GASB Statement N 14, The Reprtmg Entity, established cntena fr determining the gvemmental reprting entity and cmpnent units that shuld be included within the reprting entity Under prvisins f this Statement, the Village f Nble is cnsidered a primary gvemment, since it is a special purpse gvemment that has a separately elected gverning bdy, is legally separate, and is fiscally independent f ther state and lcal gvernments As used in GASB Statement N 14, fiscally independent means that the municipality may, withut the apprval r cnsent f anther gvemmental entity, determine r mdify its wn budget, levy its wn taxes r set rates r charges, and issue bnded debt The village has n cmpnent units 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. Gvernment-Wide and Fund Financial Statements The gvernment-wide financial statements (i e, the statement f net assets and the statement f activities) reprt infrmatin n all f the activities f the Village f Nble Gvemmental activities, which nrmally are supprted by taxes and intergvemmental revenues, are reprted separately frm business-type activities, which rely t a significant extent n fees and charges fr supprt The statement f activities demnstrates the degree t which the direct expenses f a given functin r segment are ffset by prgram revenues Direct expenses are thse that are clearly identifiable with a specific functin r segment Prgram revenues include I) charges t custmers r applicants wh purchase, use, r directly benefit frm gds, services, r privileges prvided by a given functin r segment and 2) grants and cntributins that arc restricted t meeting the peratinal r capital requirements f a particular functin r segment Taxes and ther items nt prperly included amng prgram revenues are reprted instead as general revenues See accuntant's cmpilatin reprt -14-

16 Ntes t the Financial Statements Separate financial statements are prvided fr gvemmental funds and business-type activities funds All individual gvemmental funds and individual enterprise funds are reprted as separate clumns in the fund financial statements B. Measurement Fcus, Basis f Accunting, and Financial Statement Presentatin The gvemment-wide financial statements are reprted using the ecnmic resurces measurement fcus and the accrual basis f accunting, as are the business-type fund financial statements Revenues are recrded when eamed and expenses are recrded when a liability is incurred, regardless f the timing f related cash flws Prperty taxes are recgnized as revenue in the year fr which they are levied Grants and similar items are recgnized as revenue as sn as all eligibility requirements impsed by the prvider have been met Gvemmental fiind financial statements are reprted using the current financiai resurces measurement fcus and the mdified accrual basis f accunting Revenues are recgnized as sn as they are bth measurable and available Revenues are cnsidered t be available when they are cllectible within the current perid r sn enugh thereafter t pay liabilities f the current pend Fr this purpse, revenues are cnsidered t be available if they are cllected within 60 days f the end f the current fiscal perid Expenditures generally are recrded when a liability is incurred, as under accmal accunting Prperty taxes and franchise taxes assciated with the current fiscal pend are all cnsidered t be susceptible t accrual and s have been recgnized as revenues f the current fiscal perid All ther revenue items are cnsidered t be measurable and available nly when cash is received by the village The Village f Nble reprts the fllwing gvemmental fund General Fund The General fund is the general perating fimd f the village and accunts fr all financial resurces f the general gvemment The Village f Nble reprts the fllwing business-type activity fiind See accuntant's cmpilatin reprt -15-

17 Ntes t the Financial Statements Water System Enterprise Fund The Water System Enterprise fund accunts fr the peratin f the village's water system Pnvate-sectr standards f accunting and financial reprting issued pnr t December 1, 1989, generally are fllwed in the gvemment-wide and busmess-type activities fund financiai statements t the extent that thse standards d nt cnflict with r cntradict guidance f the Gvemmental Accunting Standards Bard Gvemments als have the ptin f fllwing subsequent private-sectr guidance fr their business-type activities and enterprise fiinds, subject t the same limitatin The village has elected nt t fllw subsequent private-sectr guidance As a general rule, the effect f interfimd activity is eliminated frm the gvemmentwide financiai statements Amunts reprted as prgram revenues include charges t custmers fr gds, services, r pnvileges prvided and perating grants General revenues include all taxes Business-type activities fiinds distinguish perating revenues and expenses frm nnperating items Operatmg revenues and expenses generally result frm prviding services and prducing and delivenng gds in cnnectin with the fiind's nging peratins The Water System Enterprise Fund's perating revenues cnsist f charges fr water Operating expenses fr enterpnse fimds include the cst f services, adimnistrative expenses, and depreciatin n capital assets All revenues and expenses nt meeting these definitins are reprted as nnperating revenues and expenses C. Depsits Cash includes amunts in demand depsits and interest-beanng demand depsits State law allws the village t invest in cllateralized certificates f depsits, gvemmentbacked secunties, cmmercial paper, the state spnsred investment pl, and mumal fiinds cnsisting slely f gvernment-backed securities D. Receivables All receivables are generally shwn net f an allwance fr uncllectible amunts These statements cntain n prvisin fr uncllectible accunts The village is f the pinin that such an allwance wuld be immatenal in relatin t the financial statements taken as a whle See accuntant's cmpilatin reprt -16-

18 Ntes t the Financial Statements Prperty Taxes Fr the year ended December 31, 2011, a 5 64 mill tax authrized by the Village f Nble fr general perating purpses was levied n prperty with assessed valuatins ttaling $560,420 E. Capital Assets Capital assets, which include the water system and imprvements, land, buildings, vehicles, and equipment are reprted in the applicable gvemmental r business-type activities clumns in the gvernment-wide financial statements Capital assets are capitalized at histncal cst The Village f Nble maintains a threshld level f $500 r mre fr capitalizing capital assets The csts f nrmal maintenance and repairs that d nt add t the value f the asset r matenally extend the asset's life are nt capitalized All capital assets, ther than land, are depreciated using the straight-line methd ver the fllwing useful lives Estimated Lives Infrastructure - water system and imprvements Buildings and imprvements Vehicles and equipment years 7-40 years 5-10 years F. Net Assets/Fund Balance Fr the gvemment-wide statement f net assets, net assets are reprted as restncted when cnstraints placed n net asset use are either 1 externally impsed by creditrs (such as debt cvenants), grantrs, cntributrs, r laws r regulatins f ther gvemments, r 2 impsed by law thrugh cnstitutinal prvisins r enabling legislatin Fund balance fr gvemmental fiinds is reprted in classificatins that cmpnse a hierarchy based pnmanly n the extent t which the gvemment is bund t hnr cnstraints n the specific purpses fr which fiinds can be spent Fund balance shuld be reprted as restricted when cnstraints n the use f the fiinds meet the same cntena as restncted net assets in the gvemment-wide statement f net assets as nted in the previus paragraph Amunts that can nly be used fr specific purpses pursuant t cnstraints impsed by frmal actin f the bard f aldermen are reprted as cmmitted fiind balance See accuntant's cmpilatin reprt -17-

19 Ntes t the Financial Statements Assigned fimd balance are amunts that are cnstrained by the gvernment's intent t be used fr specific purpses, but are neither restricted nr cmmitted The bard f aldermen is authnzed t assign amunts t a specific purpse Unassigned fiind balance IS the residual classificatin and represents fiind balance that has nt been restncted, cmmitted, r assigned t a specific purpse Fund At December 31,2011, the Village's had nly unassigned fimd balance in the General G. Estimates The preparatin f financial statements in cnfrmity with accunting pnnciples generally accepted in the United States f Amenca requires management t make estimates and assumptins that affect certain reprted amunts f assets and liabilnies, disclsures, and revenues, expenditures, and expenses dunng the reprting pend Actual results culd differ frm thse estimates 2. STEWARDSHIP, COMPLIANCE, AND ACCOUNTABILITY Budget Infrmatin The Village f Nble uses the fllwing budget practices A prpsed budget fr the General Fund, prepared n the mdified accrual basis f accunting, is frmally adpted by the mayr and bard f aldermen at the December bard meeting each year The budget is established and cntrlled by the mayr and bard f aldermen at the bject level f expenditure Apprpnatins lapse at year-end and must be reapprpnated fr the fllwing year t be expended Encumbrance accunting is nt utilized by the village Budgeted amunts included in the accmpanyingfinancialstatement include the nginal adpted budget amunts and subsequent budget amendment 2. DEPOSITS IN FINANCIAL INSTITUTIONS At December 31, 2011, the village has cash (bk balances) as fllws Nn-interest beanng checking accunts $28,260 Interest-beanng checking accunts 98,410 Ttal $ See accuntant's cmpilatin reprt -18-

20 Ntes t the Financial Statements These depsits are stated at cst, which apprximates market Under state law, these depsits, r the resulting bank balances, must be secured by federal depsit insurance r the pledge f secunties wned by thefiscalagent bank The market value f the pledged secunties plus the federal depsit insurance must at all times equal the amunt n depsit with the fiscal agent These secunties are held in the name f the pledging fiscal agent bank in a hlding r custdial bank that is mutually acceptable t bth parties At December 31, 2011, the Village f Nble has $126,784 in depsits (cllected bank balances) These depsits are fiilly secured frm nsk by federal depsit insurance 3. RECEIVABLES The fllwing is a summary f receivables at December 31, 2011 General Fund Water System Enterpnse Fund Ttal Prperty taxes Franchise taxes Accunts Allwance fr dubtful accunts $581 1,540 $2,392 $581 1,540 2,392 Ttal $2,121 $2,392 $4, CAPITAL ASSETS Capital assets and depreciatin activity as f and fr the year ended December 31, 2011, is as fllws Gvernmental activities: Capital assets being depreciated Buildings Vehicles and equipment Street imprvements Ttal capital assets being depreciated Less accumulated depreciatin fr Balance at January I, 2011 $26,971 32, , ,420 Increases Decreases Balance at December 31, 2011 $26,971 32, , ,420 See accuntant's cmpilatin reprt 19-

21 Ntes t the Financial Statements Buildings Vehicles and equipment Street imprvements Ttal accumulated depreciatin Ttal assets being depreciated. net Balance at January I, 2011 $17,563 31,946 12,470 61,979 $197,441 Increases $ ,988 5,837 ($5,837) Decreases Balance at December 31, 2011 $18,116 32,242 17,458 67,816 $191,604 Business-type activities: Capital assets nt being depreciated - land Capital assets being depreciated Water system and imprvements Less accumulated depreciatin fr Water system and imprvements Ttal assets being depreciated. net $75 $688, , ,509 $17,161 25,856 (8,695) $75 $706, , ,814 Ttal assets $503,584 ($8,695) $494,889 Depreciatin expense f $5,837 fr the year ended December 31, 2011 was charged t the general gvemment gvemmental functin Depreciatin expense f $25,856 fr the year ended December 31, 2011 was charged t the business-type activities fiinctin 5. RISK MANAGEMENT The village purchases cmmercial insurance t reduce the risk f lss resulting frm prperty damage r liability claims There have been n significant reductins in insurance cverage frm cverage in the pnr year Settlements have nt exceeded insurance cverage in any f the past three fiscal years See accuntant's cmpilatin reprt -20-

22 REQUIRED SUPPLEMENTAL INFORMATION See accuntant's cmpilatin reprt -21

23 Schedule 1 REVENUES Taxes Prperty Franchise Occupatinal licenses Fines Ryalties Investment incme Other incme Ttal revenues EXPENDITURES General gvemment and public safety Persnal services Operating services Materials and supplies Travel and ther charges Ttal expenditures EXCESS OF REVENUES OVER EXPENDITURES SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL GENERAL FUND Fr the Year Ended December 31, 2011 OTHER FINANCING SOURCE -transfer in NET CHANGE IN FUND BALANCE FUND BALANCE AT BEGINNING OF YEAR FUND BALANCE AT END OF YEAR Onginal Budgeted Amunts $2,500 7,000 11,200 10,000 30,700 8,800 23,000 1,800 1,500 35,100 (4,400) 4,400 Final $2,500 7,000 12,000 1,500 84,000 2, ,800 10,000 25,000 1,500 1,000 37,500 72,300 72,300 4,000 8,179 There was ne budget amendment dunng the year ended December 31, 2011 Actual Amunts (Budgetary Basis - GAAP) $1,646 7,387 12,110 2,416 84, ,719 8,784 24, ,720 74,999 74,999 8,179 Vanance with Final Budget Psitive (Negative) ($854) (2,506) (1,081) 1, , ,780 2,699 2,699 $4,000 $80,479 $83,178 $2,699 See accuntant's cmpilatin reprt -22-

24 OTHER SUPPLEMENTAL INFORMATION SCHEDULES See accuntant's cmpilatin reprt -23-

25 OTHER SUPPLEMENTAL INFORMATION SCHEDULES As f and Fr the Year Ended December 31, 2011 COMPENSATION PAID ALDERMEN The schedule f per diem paid aldermen is presented in cmpliance with Huse Cncurrent Reslutin N 54 f the 1979 Sessin f the Luisiana Legislature Cmpensatin f the aldermen is included in the general gvemment persnal services expenditures f the General Fund Aldermen receive a per diem f $60 fr attending each meeting See accuntant's cmpilatin reprt -24-

26 Schedule 2 Schedule f Per Diem Paid Aldermen Fr the Year Ended December 31, 2011 KaseyR Meshell $720 Janice Rike 720 Becky Ellitt-Rbisn 720 Ttal $2.160 Sec accuntant's cmpilatin reprt -25-