DONOTSL'NDour Cr'!CIAL Ft~.[COPY (Xerox copiesfromthis cowar~i~,ce TOWNOFWH ITECASTLE, FINANCIALREPORT September30,I97 Underprovisionsofstate;aw,th~s reportisapublicdocumf~nt.a copyofthereporthasbensubmittedtotheaudited,oreviews.d, entityandotherapropri~,ter:.'l:',ic of,~;c!als.",'hereportisavailabi~;or publicinspecticnatheb~,.ton Rcdge,'.~ficeoftheLegis!ativeAuditorand,whereaprog,riate,athe oficeoftheparishclerkofcourt. ReleaseDatei~'i~t~2.5~ajg~
TOWNOFWHITECASTLE,LOUISIANA TABLEOFCONTENTS INDEPENDENTAUDITORS'REPORT GeneralPurposeFinancialStatements(CombinedStatements- September30,197 Overview) CombinedBalanceShet-AlFundTypesandAcountGroups CombinedStatementofRevenues,ExpendituresandChangesin A-l FundBalances-AlGovernmentalFundTypes A-2 CombinedStatementofRevenues,ExpendituresandChangesin FundBalances-Budget(GAPBasis)andActual-Al A-3 CombinedStatementsofRevenues,ExpensesandChangesin GovernmentalFundTypes RetainedEarnings-AlProprietaryFundTypes A-4 CombinedStatementsofCashFlows-AlProprietaryFundTypes A-5 FinancialStatementsofIndividualFundsandAcountGroups NotestoFinancialStatements A-6 GeneralFund BalanceShet StatementofRevenues,ExpendituresandChangesinFund StatementofDepartmentalExpenditures-Budget(GAPBasis) Balance-Budget(GAPBasis)andActual andactual B-2 BB-1 SpecialRevenueFunds CombiningBalanceShet CombiningStatementofRevenues,ExpendituresandChanges CC-1C-2 StatementofRevenues,ExpendituresandChangesinFund infundbalances Balance-Budget(GAPBasis)andActual-SalesTax Fund 9 10 2526 28 323 34
TABLEOFCONTENTS(Continued) FinancialStatementsofIndividualFundsand AcountGroups(continued) SpecialRevenueFunds(Continued) StatementofRevenues,ExpendituresandChangesinFund Balance-Budget(GAP)BasisandActual-Section8 C-3 DebtServiceFunds CombiningBalanceShet CombiningStatementofRevenues,ExpendituresandChanges infundbalances D-1 3738 CapitalProjectFund BalanceShet StatementofRevenues,ExpendituresandChangesinFundBalance E-1 E 4041 Proprietary(Enterprise)Funds CombiningBalanceShet CombiningStatementofRevenues,ExpensesandChangesin CombiningStatementofCashFlows CombiningStatementofOperatingExpenses RetainedEarnings FF-I 4345 F-2F-3 4647 GeneralFixedAsetsAcountGroup StatementofGeneralFixedAsets G 49 GeneralLong-TermDebtAcountGroup CombiningStatementofGeneralLong-TermDebt SCHEDULES(SuplementaryFinancialInformation) Page53 51 OperatingTransfers CombinedScheduleofBondedDebt PublicImprovementBonds,Series192,DatedMarch1,192 54 SewerRevenueBonds,DatedMay25,194 SewerageCustomers 5657 InsuranceinForce 58 SPECIALINDEPENDENTAUDITORS'REPORTS ReportonComplianceBasedonanAuditofGeneral-PurposeFinancial StatementsPerformedinAcordancewithGovernmentAuditing Standards 60 ReportonInternalControlStructureBasedonanAuditofGeneral- PurposeFinancialStatementsPerformedinAcordancewith GovernmentAuditingStandards
INDEPENDENTAUDITORS'REPORT TheHonorableMayorand MembersoftheBoardofAldermen TownofWhiteCastle,Louisiana combining,individualfund,andacountgroupsfinancialstatementsofthetownofwhite Wehaveauditedtheacompanyingeneralpurposefinancialstatementsandthe CASTLE,LOUISIANAasofandfortheyearendedSeptember30,197,aslistedinthe acompanyingtableofcontents.thesefinancialstatementsaretheresponsibilityofthe TOV~q~'smanagement.Ouresponsibilityistoexpresanopiniononthesegeneralpurpose financialstatementsbasedonouraudit. GovernmentAuditingStandards,isuedbytheComptrolerGeneraloftheUnitedStates.Those Weconductedourauditinacordancewithgeneralyaceptedauditingstandardsand standardsrequirethatweplanandperformtheauditobtainreasonableasuranceabout whetherthefinancialstatementsarefreofmaterialmistatement.anauditincludesexamining, onatestbasis,evidencesuportingtheamountsandisclosuresinthegeneralpurposefinancial statements.anauditalsoincludesasesingtheacountingprinciplesusedandsignificant estimatesmadebymanagement,aswelasevaluatingtheoveralfinancialstatement presentation.webelievethatourauditprovidesareasonablebasisforouropinion. inalmaterialrespects,thefinancialpositionofthetownofwhitecastle, Inouropinion,thegeneralpurposefinancialstatementsreferedtoabovepresentfairly, LOUISIANAasofSeptember30,197,andtheresultsofitsoperationsandcashflowsofits proprietaryfundtypesfortheyearthenendedinconformitywithgeneralyaceptedacounting principles 681Jef[ersonlhghway~BatonRouge~LA70806*Busines(504)927-9470*Facsimile:(504)927-9474 706RailroadAvenue*Donaldsomile,LA70346*Busines(504)473-'~719 AnindependentmemberofBKRInternational
financialstatementsreferedtoabove,presentfairly,inalmaterialrespects,thefinancial Inouropinion,thecombining,individualfi.md,andacountgroupsgeneralpurpose positionofeachoftheindividualfundsandacountgroupsofthetownofwhite CASTLE,LOUISIANAasofSeptember30,197,andtheresultsofoperationsofsuchfunds andthecashflowsofindividualproprietaryfundtypesfortheyearthenendedinconformity withgeneralyaceptedacountingprinciples. January7,198,onourconsiderationoftheTOWN'sinternalcontrolstructureandonits InacordancewithGovernmentAuditingStandards,wehavealsoisuedreportsdated compliancewithlawsandregulations. financialstatementstakenasawholeandonthecombiningandindividualfundandacount Ourauditwasmadeforthepurposeoforminganopiniononthegeneralpurpose groupsfinancialstatements.theacompanyingfinancialinformationlistedaschedulesand isnotarequiredpartofthefinancialstatementsofthetownofwi-itecastle, statisticalinformationinthetableofcontentsispresentedforpurposesofaditionalanalysisand LOUISIANA.Suchinformationhasbensubjectedtotheauditingproceduresapliedinthe auditofthegeneralpurpose,combiningandindividualfundandacountgroupsfinancial purposefinancialstatementsandthefinancialstatementsofeachoftherespectiveindividual statementsand,inouropinion,isfairlypresentedinalmaterialrespectsinrelationtothegeneral fundsandacountgroupstakenasawhole. financialreportinwhichweexpresedanunqualifiedopiniononthegeneralpurpose, ThefinancialstatementsfortheyearendedSeptember30,196,weretakenfromthat combining,individualfundandacountgroupsfinancialstatementsofthetownofwhite CASTLE,LOUISIANA. BatonRouge,Louisiana January7,198
ALFUNDTYPESANDACOUNTGROUPS TOWNOFWHITECASTLE,LOUISIANA COMBINEDBALANCESHET September30,197GovernmentalFundTvnes Cashandcashequivalents lnves~lonts,atcost ASETS General~ Special Debt Capital Acountsreceivable,net 3,593$ Service Proiet Duefi'omothergovernments Duefromotherfunds Prepaidinsurance Restrictedcash 149,419 29,583$ 748,218 4,052 14,0 70,96$ 208,010 64,754 Inventories,atcost Generalfixedasets Fixedasets,net Availableindebtservicefund Amountobeprovidedforeth'ementof generalong-termdebt Totalasets Acountspayable Contractspayable LIABILITIES 23,031$ Payrolandotheracruedliabilities Duetotherfunds 30,825 Customerdeposits -$ 72,051 Deferedrevenue Curentportionoflong-termdebt 6,61 Long-termdebt Totaliabilities 72,051 Contributedcapital Fromunicipality FUNDEQUITY Investmentingeneralfixedasets Fromparish Retainedearnings Fromfederalgrant Reserved-debtextinguishment Reserved-property,repairsandreplacement Fundbalance Designated-subsequentyear'sexpenses Unreserved Reserved-debtservice Designated-subsequentyear'sexpenditures Undesignated Totalfundequity 162,194 Totaliabilitiesandfundequity 129,1561,025,192 183,012~1,091,853$214~96~272,764, 862,98 214,96 214,96 20,713
Proprietary FundTvaeGeneral EnterpriseFixedAsetsLong-termDebt]97 AcnuntGrouo General (MemorandumOnlv~ Totals 153,750$ 196 493,72 45,385 -$ -$ 1,594,0 62,646$ 45,385 7,386 4,052 1,293,9 518,019 149,419 45,76 9,123 2,853,595 6,639 7,386 53,57 2,419,976 9,123 6,639 214,96 2,419,976 107,195 9,947 2,853,595 4,262 214.96 2,301,740 2,94,275 1,210,1061,210,1061.013.483 196,204 3.659.650~;2,4191976~; 14251072$9.267.293~;8,578,47 49,250$ -$ -$14,32$ 149,419 21,545 52,370 74,298 64,803 149,419 59,076 1,283,17 971,76 26,34 64,803 27,327 26,34 6,61 62,492 9,947 1,425,0722,396.8382.207.787 53,212 25.052 1,210,683 150,730 16.50 2,419,976 1,210,683 150,730 2,419,976 16,50 1,254,93 150,730 13,379 848,529 19,979 13,379 2,301,740 16,50 16,73 19,979 848,529 16,73 35,16 35,310 9,587 214,96 824.946 162,194 196,204 2.376.532,419,976 1,192,867 6,36.5365,969.286 1,035.363 8,797 31659,650~214191976$1,425,072~912671293$81578147 NotesonExhibitA-6areanintegralpartofthistatement 4 ExhibitA-1
TOWNOFWHITECASTLE,LOUISIANA COMBINEDSTATEMENTOFREVENUES,EXPENDITURES,ANDCHANGESIN ALGOVERNMENTALFUNDTYPES FUNDBALANCE-BUDGET(GAPBASIS)ANDACTUAL FortheyearendedSeptember30,197 Variance REVENUES Favorable Taxes Lncenseandpermits lntergovemental $45,164$45.783 i~lpd~et Actual(unfavorable) Fines Other 19,302 21,50 6,80 EXPENDITURES Totalrevenues 14.493 96,82 14,072 6,816 2,985 $619 Variance Favorable (2,480) 16 $ lsud~et Actual~unfavorable) 1,4851421 789,285 $ 781,407 $ (7,878) 267.259 246.478 ~20.78179,28~ 82.705_ 23.420 Generalgovemem Publicsafety Stretsandsanitation 208,139 Pubhchealth 387,84 Recreation 126,628 Debtservice 31,10 41.62 204,68 408,275 140,06 34,959 49.40 120,391 3,451 13,4381 (3,859) (7,78) 23,91 25,014 (1,023) Totalexpenditures Exces(deficiency)ofrevenues OTHERFINANCINGSOURCES(USES) overexpenditures t528.154)(~90.9501f62.7961 75.294 797.691 2.397 Operatingtransfersin Operatingtransfersout 549,869549,869 f65.2683(646.421 18.846 Totalotherfinancingsources(uses)549.869~49.869 Exces(deficiency)ofrevenuesover FUNDBALANCE expendituresandothersources(uses)i;21.715 Beginingofyear Endofyear 1,025.192 873.923
BudgetActual(unfavorable] DebtServiceFundVariance Favorable $ $ $ 6,946 8.372,426 149.519 149.519 149.863 (34) f~4) 185,92 16.823J168,549 (8.296~(17,373) NotesonExhibitA-6areanintegralpartofthistatement. 7
TOWNOFWHITECASTLE,LOUISIANA ExhibitA-4 ALPROPRIETARYFUNDTYPES COMBINEDSTATEMENTOFREVENUES,EXPENSES ANDCHANGESINRETAINEDEARNINGS FortheyearsendedSeptember30,197and196 OPERATINGREVENUES (MemorandumOnly) Chargesforservices 197 Totals Penalties Other 605,71 196 18,654 OPERATINGEXPENSES Totaloperatingrevenues 3,381 $628,82 18,030 2,952 GasDepreciation FieldAdministration 151,581 203,108 9,935 Totaloperatingexpenses 139,608 148,897 la7,3a 87,961 20,838 NONOPERATING Operatingincome 3,574 4,74 Interestincome Interestexpense Totalnonoperating (50,580) 30,06 24,06 OPERATINGTRANSFERS Incomebeforeoperatingtransfers (20,523) (51,808) 13,051 {27,802~ 16,972 Operatingtransfersout Depreciationtransferedtocontributedcapital Netlos (63,70) (50,649) (86,0) (69,028) RETAINEDEARNINGS Netdecreaseinretainedearnings (6,39) 4,310 42,697 (26,31) Beginingbalance Endingbalance NotesonExhibitA-6areanintegralpanofthistatement 8
TOWNOFWHITECASTLE,LOUISIANA ALPROPRIETARYFUNDTYPES COMBINEDSTATEMENTOFCASHFLOWS FortheyearsendedSeptember30,197and196 CASHFLOWSFROMOPERATINGACTIVITIES opemt~income Adjustments1operatingincome: Depreciation Changeinoperatingasetsandhabilities. Acotmtsreceivable Inventories Customerdeposits Prepaidinstance Acotmtspayableandacruedexpenses Netcashprovidedbyoperatingactivities CASHFLOWSFROMNON-CAPITALFINANCINGACTIVITIES Duetotherfunds Duefromothergovernments Operatingtransfersom Netcashprovided(used)bynon-capitalfinancingactivities CASHFLOWSFROMCAPITALANDRELATEDFINANCINGACTIVIJr.;S Decreaseincontractspayable Con~butedcapital Acquisilaonand~onst.t~tionofcapi~'ilasets Interestexpense Repa)~entofsewerevenuebonds Netcashusedbycapitalactivities CASHFLOWSFROMINVESTINGACTIVITIES Purchaseofcertu~cateofdepomt Interestincome Nelcashprovided(used)byinvestingactivities Decreaseincashandcashequivalents CASHANDCASHEQUIVALENTS Beginingofperiod ExhibitA-5 Totals orandum 197 3,574 151,581 184,45 49.471 (59,076) (60,902) (50,589) (25,052) $ 4,74 148,897 (4,396) 1,632 2,564 1.969 32,176 180,046 (86,o) 126.2 (120,970) 157,256 (105,57) (51,808) (23,83) (195,619) (14,912) (26,497) 30,06 (295,278) 24,07 3,569 (271,271) (21,834) (84,521) 274307 $252,873$ 274,707 NotesonExhibitA-6areanintegralpartofthistatement 9
TOWNOFWHITECASTLE,LOUISIANA ExhibitA-6 NOTESTOFINANCIALSTATEMENTS NOTE1-SUMARYOFSIGNIFICANTACOUNTINGPOLICIES Statementpresentation ThefinancialstatementsoftheTownofWhiteCastle,Louisiana(theTown)haveben preparedinconformitywithgeneralyaceptedacountingprinciplesasapliedto governmentalunits.thegovementalacountingstandardsboard(gasb)isthe aceptedstandardsetingbodyforestablishingovernmentalacountingandfinancial reportingprinciples.themoresignificantacountingpoliciesofthetownaredescribed below. Reportingentity' Forfinancialreportingpurposes,theTownincludesalfundsandacountgroupsthatare controledbyordependentonthetown'sexecutiveorlegislativebranches(themayororthe BoardofAldermen,respectively).ControlbyordependenceontheTownisdeterminedon thebasisofbudgetadoption,taxingauthority,outstandingdebtsecuredbyrevenuesor generalobligationsofthetown,obligationsofthetowntofinanceanydeficitsthatmay ocur,oreceiptofsignificantsubsidiesfromthetown. ThefolowingorganizationisnotpartoftheTownandthusisexcludedfromthe acompanyingfinancialstatements: WhiteCastleHousingAuthority WhiteCastleHousingAuthority's(theAuthority)operatingandcapitalexpenditures, includingdebtservice,arefinancedfromfederalgrantsandtenantrentals.thetown hasnoinvolvementinthedeterminationoftheauthority'sbudget,rentalrates,orany obligationfortheauthority'soutstandingdebt.financialtransactionsbetwenthetown andtheauthority,reportedintheacompanyingfinancialstatements,reflectcontractual agrementsbetwenthepartiesfortheprovisionofspecificservicesbythetownforthe Authority. Estimates Thepreparationofinancialstatementsinconformitywithgeneralyaceptedacounting principlesrequiresmanagementomakestimatesandasumptionsthatafecthereported amountsofasetsandliabilitiesandisclosureofcontingentasetsandliabilitiesathedate ofthefinancialstatementsandthereportedamountsofrevenuesandexpensesduringthe reportingperiod.actualresultscouldiferfromthosestimates. 0
ExhibitA-6 NOTE1-SUMARYOFSIGNIFICANTACOUNTINGPOLICIES(CONTINUED) Continued Fundacounting TheTownusesfundsandacountgroupstoreportonitsfinancialpositionandtheresultsof itsoperations.fundacountingisdesignedtodemonstratelegalcomplianceandtoaid financialmanagementbysegregatingtransactionsrelatedtocertaingovernmentfunctionsor activities. Afundisaseparateacountingentitywithaself-balancingsetofacounts.Anacount group,ontheotherhand,isafinancialreportingdevicedesignedtoprovideacountabilityfor certainasetsandliabilitiesthatarenotrecordedinthefundsbecausetheydonotdirectly afectnetexpendableavailablefinancialresources. FundsoftheTownareclasifiedintotwocategories-governmentalandproprietary.Each category,inturn,isdividedintoseparate"fundtypes." GovernmentalFundTypes GeneralFund-ThegeneralfundisthegeneraloperatingfundoftheTown.Itisusedto acountforalfinancia/resourcesexcepthoserequiredtobeacountedforinanotherfund. SpecialRevenueFunds-Specialrevenuefundsareusedtoacountfortheprocedsofspecific revenuesources(otherthanmajorcapitalprojects)thatarelegalyrestrictedtoexpendituresfor specifiedpurposes. DebtServiceFunds-Debtservicefundsareusedtoacountfortheacumulationof resourcesfor,andthepaymentof,generalong-termdebtprincipal,interestandrelatedcosts, CapitalProjectsFunds-Capitalprojectsfundsareusedtoacountforfinancialresourcesto beusedfortheacquisitionofconstructionofmajorcapitalfacilities(otherthanthosefinanced byproprietaryfunds). ProprietaryFundTypes Proprietaryfundsareusedtoacountforactivitiesimilartothosefoundintheprivatesector, wherethedeterminationofnetincomeisnecesaryorusefultosoundfinancialadministration. Proprietaryfundsdiferfromgovernmentalfundsinthatheirfocusisonincomemeasurement, which,togetherwiththemaintenanceofequity,isanimportantfinancialindicator.proprietary fundsinclude:
ExhibitA-6 Continued NOTE1-SUMARYOFSIGNIFICANTACOUNTINGPOLICIES(CONTINUED) AcountGroups AcountgroupsareusedtoestablishacountingcontrolandacountabilityfortheTown's fixedasetsandgeneralong-termdebt.thefolowingaretheacountgroupsofthetown: GeneralFixedAsetsAcountGroup-Thisgroupofacountsrepresentsasumaryofthe fixedasetsofthetown.capitalexpendituresarerecordedasexpendituresinthe governmentalfundtypesathetimeofpurchaseandaresubsequentlyrecorded,atcost,for controlpurposes,inthegeneralfixedasetsacountgroup. Inacordancewithgeneralyaceptedacountingprinciplesforgovernmentalentitieș depreciationisnotrecordedongeneralfixedasets. GeneralLong-TermDebtAcountGroup-Thisgroupofacountsrepresentsasumaryof thelong-termdebtofthetown. Basisofacounting Basisofacountingreferstowhenrevenuesandexpendituresorexpensesarerecognizedand reportedinthefinancialstatements.basisofacountingrelatestothetimingofthe measurementsmade,regardlesofthemeasurementfocusaplied. Governmentalfundsaremaintainedonthemodifiedacrualbasisofacounting.Revenues arerecognizedintheacountingperiodinwhichtheybecomeavailable(colectiblewithinthe curentperiod)andmeasurable(amountcanhedetermined).expendituresarerecognizedin theacountingperiodinwhichtheliabilityisincured,ifmeasurable,exceptforunmatured interestongeneralong-termdebtwhichisrecognizedwhendue. Themodifiedacrualbasisofacountingasapliedtothemajorsourcesofrevenueisas folows: Advaloremtaxesandtherelatedstaterevenuesharing(whichisbasedonpopulationand homesteadsinthetown)arerecordedintheyearthetaxesareasesed.advaloremtaxes areasesedonacalendaryearbasis,becomedueonnovember15thofeachyear,and becomedelinquentafterdecember31st.thetaxesaregeneralycolectedindecemberofthe curentyearandjanuaryandfebruaryofthefolowingyear. StateaidandgrantsarerecordedasrevenuewhentheTownisentitledtothefunds,generaly corespondingtowhengrantrelatedcostsareincuredbythetown. Salestaxesarerecogmzedwhencolectedbytheintermediarycolectingovernment 2
.ExhibitA-6 NOTE1-SUMARYOFSIGNIFICANTACOUNTINGPOLICIES(CONTINUED) Continued Basisofacounting(Continued) Interestincomeoninvestmentsisrecordedwheninvestmentsmatureandincomeisreceived Noacrualismadeatyearend. Alproprietaryfimdsareacountedforonaflowofeconomicresourcesmeasurementfocus andadeterminationofnetincomeandcapitalmaintenance.withthismeasurementfocus,al asetsandaliabilitiesasociatedwiththeoperationofthesefundsareincludedonthe balanceshet.theproprietaryfundsusetheacrualbasisofacountingandapliesal aplicablefasbpronouncementsinacountingandreportingforitsproprietaryoperations. Revenuesarerecognizedwhenearned,andexpensesarerecognizedathetimeliabilitiesare incured. Cashandcashequivalents Aconsolidatedbankacounthasbenestablishedintowhichmostmoniesaredepositedand fromwhichmostdisbursementsaremade.inadition,investmentpurchasesarechargedand maturitiesaredepositedtotheconsolidatedbankacount.thepurposeofthisconsolidation ofbankacountsistoprovideadministrativeficiencyandtomaximizeinvestmentearnings. Theacountentitled"Cashandcashequivalents"isthereforecomposedofafund'sprorata shareofthecashbalanceintheconsolidatedcashacountaswelasitsproratashareofcash certificatesofdepositwithmaturitiesofthremonthsorles.eachfundsharesproratathe investmentearningsacordingtoitsaveragecashbalance. Inadition,separateacountshavebenestablishedforcertaindebtservicefundsasrequired bybondresolutionandcompliancelaws.thetownalsohasanimprestacountfor disbursementsofpayrol. Investments,whicharetimecertificatesofdepositwithmaturitiesinexcesofthremonths, arestatedatcost,whichismarketvalue. Inventories Inventoriesarestatedatcostwhichaproximatesmarketvalue,usingthefirst-in,first-out method. Acountsreceivable Uncolectibleamountsdueforadvaloremtaxesandothereceivablesarerecognizedasbad debtsthroughtheuseofanalowanceacountoraredirectlychargedofathetime informationbecomesavailablewhichindicatesthatheparticulareceivableisnotcolectible.
ExhibitA-6 NOTE1-SUMARYOFSIGNIFICANTACOUNTINGPOLICIES(CONTINUED) Continued Generalfixedasets Generalfixedasetsarenotcapitalizedinthefundsusedtoacquireorconstructhem. Instead,capitalacquisitionandconstructionarereflectedasexpendituresingovernmental funds,andtherelatedasetsarereportedinthegeneralfixedasetsacountgroup.property acquiredthroughdonationsisrecordedatitsestimatedfairvalue. Thecostsofnormalmaintenanceandrepairsthatdonotadtothevalueoftheasetor materialyextendasetlivesarexpensed.improvementsarecapitalized. Publicdomain("infrastructure")generalfixedasetsconsistingofroads,bridges,curbsand guters,stretsandsidewalks,drainagesystemsandlightingsystemsarenotcapitalized,as theseasetsareimovableandofvalueonlytothegovernment. Depreciationhasnotbenprovidedongeneralfixedasets,norhasinterestbencapitalized Property,plant,equipmentandepreciation-proprietaryfunds Property,plantandequipmentusedbytheproprietaryfundsarestatedatcost.Interestcosts incureduringconstructionperiodsarecapitalized.depreciationhasbenprovidedoverthe estimatedusefulivesoftheasetsusingthestraight-linemethod.thestimatedusefulives areasfolows: Distributionsystems Meters 10-50years Machineryandequipment 5-20years 3-10years Compensatedabsences AlfultimemployesoftheTownarentitledtoanualvacationandsickleavewithpay. Vacationleaventitlementdoesnotcaryoverfromoneyeartoanother.Employesareable "toacrueunusedsickleavewithoutlimitation;however,thetownisonlyliabletopaytoan employewhowasemployedbythetownpriortojanuary1,1982,anyunusedsickleavenot toexced(60)daysuponretirement.vacationandsickleavepaymentsareincludedin expendituresforgovernmentalfundtypeswhenthepaymentsaremadetoemployes;the estimatedcomitmentforcompensatedabsencesforgovernmentalfundsisreportedinthe generalong-termdebtacountgroup. TheTown'spolicyistopresentonanacrualbasisinitsproprietaryfundstheamountof earnedbutunusedsickleavestimatedtobepayableuponretirement. 14
ExhibitA-6_ NOTE1-SUMARYOFSIGNIFICANTACOUNTINGPOLICIES(CONTINUED) Continued Reservesandesignationsofequity Someportionsofundbalanceand/oretainedearningsarereservedtoindicatethataportion ofequityislegalyrestrictedtoaspecificfutureuseandisnotavailableforapropriationor expenditure. Designatedportionsofundbalanceand\oretainedearningsindicatetentativefuture spendingplans,whichmaybechangedandaresubjectosubsequentauthorizationbefore expenditurescanbemade.thetownhasmadethefolowingreservesandesignationsof equity:(a)"reservedfordebtservice"isthatportionofundbalancewhichwilbeusedfor thepaymentofgeneralong-termdebtprincipalandinterest,(b)"designatedforsubsequent years'expenditures"isthatportionofundbalancewhichasbenearmarkedtomakeupthe folowingyears'budgets,and(c)reservedretainedearningsmadeforfutureproperty,repairs andreplacements. Transfers Advancesbetwenfundswhicharenotexpectedtoberepaidareacountedforastransfers. Inthosecaseswhererepaymentisexpected,theadvancesareacountedforthroughthe variousinterfundacounts. Budgetpolicyandbudgetaryacounting AproposedbudgetispreparedandsubmitedtotheMayorandBoardofAldermenpriorto thebeginingofeachfiscalyear.abudgetsumaryandnoticeofapublichearingis publishedwiththepublichearingbeingconductedpriortothecomencementofthebudget year. Theanualoperatingbudget,preparedonthemodifiedacrualbasis,coversthegeneral, specialrevenueandebtservicefunds;anoperatingbudgetforthecapitalprojectfundwas notpreparedfortheyearendedseptember30,197.athendofthefiscalyear,unexpended apropriationsautomaticalylapse.budgetamendmentsareaprovedbytheboardof Aldermenandareincludedinthefinancialstatements. Thefinancialtransactionsofthedebtservicefundsarecomparabletothebudgetedrevenues, expendituresandotherfinancingsources(uses)adoptedbytheboardofaldermen. Acordingly,individualbudgetcomparisonsarenotpresentedinthisfinancialreport. Inconectionwithbudgetpreparation,aportionoftheunreservedfxmdbalanceofan individualfundmaybedesignatedforexpendituresofthesubsequentyear.suchdesignation representsthextentowhichthefundbalanceisusedtobalancethesubsequentyear's operatingbudgetofthatfund,asreflectedinthelegalyadoptedbudget. 15
ExhibitA-6 NOTE1-SUMARYOFSIGNIFICANTACOUNTINGPOLICIES(CONTINUED) Continued Comparativetotaldata Comparativedatafortheprioryearhavebenpresentedincertainacompanyingfinancial statementstoprovideanunderstandingofchangesinthetown'sfinancialpositionand operations. Totalcolumnsoncombinedstatements Statementofcashflows Forpurposesofthestatementofcashflows,liquidinvestmentsofthenterprisefunds, excludingrestrictedasets,withamaturityofthremonthsorlesareconsideredtobecash NOTE2-CASHANDINVESTMENTS equivalents. TheTownmayinvestinUnitedStatesbonds,treasurynotes,orcertificatesofdepositofstate banksorganizedunderthelawsoflouisianandnationalbankshavingtheirprincipalofice inthestateoflouisianaorotherqualifyingfederalyinsuredinvestments. Atyearend,theTown'scashandrelatedinvestmentbalances,includingrestrictedcash, totaled$2,315,769andtherelatedbankbalanceswere$2,315,548.thebankbalancesatyear endweresecuredbyfederaldepositoryinsuranceof$20,0andbycolateralheldby custodialbanksinthetown'sname. ThecolateralpledgedatSeptember30, investmentsasfolows: 197,wasintheformofstatutoryaproved NOTE3-DUEFROMOTHERGOVERNMENTS U.S.Agency $2,370,490 Par Value DuefromothergovernmentsatSeptember30,197,consistsofthefolowing NOTE4-ADVALOREMTAXES ParishofIbervile,Louisiana-SalesTax FortheyearendedSeptember30,197,taxesof7.0milsforthegeneralfundwereleviedon propertywithasesedvaluationstotaling$3,023,50;taxesleviedwere$21,031. 6
ExhibitA-6 NOTE5-FIXEDASETS Continued Generalfixedasets AsumaryofchangesingeneralfixedasetsfortheyearendedSeptember30,197,isas folows: Begining ofyearaditions Net Endof Land Year Buildingsandimprovements Improvementsotherthanbuildings $252,26 935,394 Equipment 359,170 Totals 754,910 $252,26 982,506 359,170 826,034 Proprietaryfundfixedasets Asumaryofchangesinproprietaryfundfixedasetsfortheyearended 197,isasfolows: Begining Net September30 Land Distributionsystems Meters $40,58 ofyear Machineryandequipment 4,28,723 63,985 Constructioninprogres 75,15 28,738 Endof 7,59 $40,58 Year 1,858 4,257,461 2,746 71,54 7,013 2,746 Lesacumulatedepreciation 4,408,451$60,9014,469,352 NOTE6-LONG-TERMDEBT Totals Debtoutstanding Thefolowingisasumaryoflong-termdebtlzansactionsoftheTownfortheyearended September30,197 Begining ofyearaditionsretirements Endof Year Publicimprovementbonds CertificatesofIndebtednes $1,185,0$ $ 75,0$ Revenuebonds Acumulatedsickpaybenefits 1,023,15230,0 24,687 25,052 1,10,0 30,0 98,10 Totals $2,232,839$301,219$ 10,86 $2,423,172 17
NOTE6-LONG-TERMDEBT(CONTINUED) Long-termdebtpayableatSeptember30,197,iscomprisedofthefolowing GeneralLong-TermDebt PublicImprovementBond $1,40,0PublicImprovementBondsecuredbyapledge andedicationofthe2/3%salesandusetaxleviedand colectedbytheparishoflbervileandalocatedtothe TowndueinanualinstalmentsthroughMarch1,207 interestvaryingfromat5.9%-9%. CertificateofIndebtednes $30,0CertificateofIndebtednesecuredbyapledgeand dedicationofanualrevenuesdueinanualinstalments throughjune1,207;interestat6% EnterpriseFund RevenueBonds $1,07,50SewerBondsecuredbyapledgeandedication ofsewerevenuesdueinmonthlyinstalmentsthrough May25,2019,interestat5%. AcumulatedSickPayBenefits Totalong-termdebt Debtservicerequirementstomaturity ExhibitA-6 Continued $1,10,0 30,0 TheanualrequirementstoamortizedebtoutstandingatSeptember30,197,including interestpaymentsof$1,138,235,areasfolows: 198 19 20 201 202 203-207 Public Improvement Bonds $147,905 147,95 147,70 151,85 150,48 762070 Certificate of Indebtednes $37,70 40,620 41,180 40,620 41,0 202,860 Sewer Revenue Bonds 75,641 75,641 75,641 75,641 75,641 1,256,17 261,246 264,256 264,521 268,16 267,089 2,21,102 $1,507,973$403,980$1,634,382$3,546,35 18
NOTE6-LONG-TERMDEBT(CONTINUED) ExhibitA-6 Continued ThefolowingtableindicatesunmaturedinterestoutstandingatSeptember30,197,andthe amountswhichcanbepresumedtoberequiredinfutureyearsforetirementofbothoutstandingdebtandinterestwhichwilbecomedueandpayableovertheremaininglifeofthe variousdebtisues: Amountobe providedforunmatured GeneralLong-Interest TermDebtCoupons Total Publicimprovementbondsto beretiredfromproceds ofsalestax $907,67$397,973$1,305,650 CertificateofIndebtednes toberetiredfromexces revenues 287,357 103,980 391,37 Acumulatedsickpaybenefits toberetiredfromexces revenues InterestexpenseforaldebtasofSeptember30,197,was$124,29 Totals Bondrestrictions SalesTaxBonds UnderthetermsoftheindentureauthorizingtheisuanceofPublicImprovementBondsalocatedtotheTown,arepledgedandedicatedforthestablishmentandmaintenanceofthe Series192,procedsofthe2/3%salesandusetax,colectedbytheParishofIbervile,and folowingbondfunds: 1.APublicImprovementBond-Series192SinkingFundistobeusedforthepaymentof theprincipalandinterestonoutstandingbondsastheybecomedueandpayable.monthly paymentsaretobequaltothesumofone-sixthofinterestfalingdueonthenextinterest paymentdateandone-twelfthofprincipalfalingdueonthenextprincipalpaymentdate. 19
ExhibitA-6 NOTE6-LONG-TERMDEBT(CONTINUED) Continued SalesTaxBonds(Continued) 2.APublicImprovementBond-Series192SalesTaxBondReserveFundistobeused solelyforthepurposeofpayingprincipalandinterestonbondspayablefromthebond SinkingFund,astowhichtherewouldotherwisebedefault.Requirementsforestablishmentofthefundhavebenmetandnofurtherpaymentsaretobemade. CertificateofIndebtednes Inacordancewiththetermsoftheindentureauthorizingtheisuanceofthecertificateof indebtednes,excesrevenuesareusedforthestablishmentofthe197certificateof indebtednesinkingfund.thesinkingfundisusedforthepaymentofprincipalandinterest onoutstandingdebtasitbecomesdueandpayable.monthlypaymentsarequaltothesumof one-sixthofinterestbecomingdueonthenextinterestpaymentdateandone-twelfthof principalbecomingdueonthenextprincipalpaymentdate. SewerRevenueBonds InacordancewiththeindenturegoverningSewerageUtilityFundRevenueBonds,cashis periodicalydepositedintoacountsadministeredbyatrustebank.thesebondsareadirect liabilityofthesewerageenterprisefundtobeservicedbythearningsfromthefund. Depositsaremadetothesetrustacountsinacordancewiththerequirementsofeach. I.TheSewerSystemRevenueFundrequiresalrevenuederivedfromitsoperationstobe depositedinabankwhichisamemberofthefederaldepositinsurancecorporationas longasanyofthebondsareoutstanding.requiredtransfersaremadeonamonthlybasis 2.TheSewerRevenueBondFundrequiresmonthlyfundtransfersfromthesewersystem todesignatedtrustacounts, revenuefundtoprovidepaymentofthenextmaturinginterestandprincipaloftherevenue 3.TheSewerRevenueBondFundrequiresmonthlytransfersof$315totheSewerRevenue bonds. BondReserveFunduntilthefundshalequal$75,641.Thisfundisrestrictedtopayment ofprincipalandinterestincaseofdefault. 4.TheSewerDepreciationandContingencyFundrequiresmonthlytransfersof$323.The fundisrestrictedtopaymentsforunusualorextraordinarymaintenance,repairs, replacement,andextensionsandimprovementswhichwileitherenhanceitsrevenue producingcapacityorprovideimprovedservice.itwilalsobeusedtopayprincipaland interestiftherearenotsuficientfundsinthesewerrevenuebondfund,orsewer RevenueBondReserveFund. TheTownofWhiteCastlehascompliedwiththeaboveconditions. 20
NOTE7-DEDICATEDREVENUES ExhibitA-6 Continued ProcedsoftheIbervileParishsalesandusetaxwerededicatedtothefolowingpurposesas ofseptember30,197: Opening,constructing,paving,andimprovingstrets,sidewalks,roadsandaleys; constructingbridges;purchasingorconstructingwaterworks,sewers,drains,drainage canals,pumpingplants,seweragedisposalworks,lightandpowerplants,gasplants, hals,jails,firedepartmentstations,hospitals,auditoriums,publicparks,natatoriums, libraries,docks,wharves,riverterminalsandotherpublicbuildings,includingthe necesaryequipmentandfurnishingsthereof;orforanyoneormoresuchpurposes. Consistentwiththisdedication,transfersfromthesalestaxfundarebeingusedtoretirethe PublicImprovementBonds-Series192.SeNote6. NOTE8-SEGMENTSOFENTERPRISEACTIVITIES Threservices,gas,water,andsewerage,areprovidedbytheTownandarefinancedbyuser charges.thesignificantfinancialdatafortheyearendedseptember30,197,forthoseservicesareasfolows: Operatingrevenues Depreciation Operatingincome(los) Operatingtransfersout Netincome(los) Asets Long-termdebt Networkingcapital Fundcapital NOTE9-RETIREMENTPLANS Gas WaterworksSewerage Utility Utility Utility Total $274,056 1,016 48,251 (63,70) (5,569) 39,73 137,348 209,894 $143,349 23,692 (702) ThemployesoftheTownarecoveredunder (SocialSecurity).TheTown'scontributionswere fortheyearendedseptember30,197. 9,603 50,640 170,075 468,374 $210,401 16,873 (13,975) (54,683) 2,769,27 98,10 152,961 1,698,265 $627,806 151,581 3,574 (63,70) (50,649) 3,659,650 98,10 460,384 2,376,53 thefederalinsurancecontributionsact $37,953andtaxablepayrolwas$485,874 QualifyingTownemployesaremembersintheMunicipalEmployes'RetirementSystemof thestateoflouisianandcontribute5.0%oftheirwagesthroughpayrolwitholdings.the Towncontributedanaditional3.25%ofthemployes'wagesforthethrequartersended June30,197,and2.75%ofthemployes'wagesforthequarterendedSeptember30,197. Totalexpenditureswere$8,150forthefiscalyear. 2
ExhibitA-6 NOTE9-RETIREMENTPLANS(CONTINUED) Continued QualifyingpolicemenoftheTownaremembersofthePoliceRetirementSystemoftheState oflouisianandcontributed7.5%oftheiranualwagesthroughpayrolwith_holdings.the Towncontributedanaditional9%ofthemployes'wages.TheTown'scontributiontothe plantotaled$7,315basedon$81,414ofeligiblewagesfortheyearendedseptember30, 197.TheamountsarepaidtotheRetirementSystemwhichisresponsibleforadministering theplanandistributingbenefits. NOTE10-INTERFUNDRECEIVABLEANDPAYABLEBALANCES InterfundbalancesatSeptember30,197,wereasfolows nterfund GeneralFund GasUtilityFund WaterworksUtilityFund $41,650$ SewerageUtilityFund 40,570 67,19 EnterpriseFunds GasUtilityFund WaterworksUtilityFund GeneralFund GeneralFund 41,650 SewerageUtilityFund 40,570 GeneralFund 67,19 NOTE1-COMPENSATIONTOGOVERNINGBODY TheTowncompensateditsMayorandmembersoftheBoardofAldermenasfolows Mayor BoardofAldermen MauriceBrown BarbaraO'Bear $9,407 JohnDeseles 3,79 SteveDoiron 3,309 HaroldSchexnayder 3,79 ErnestAlen 2,350 3,79
ExhibitA-6 NOTE12-COMITMENTSANDCONTINGENCIES Continued Constructioncontract AtSeptember30,197,theTownhadoutstandingcomitmentsresultingfromconstruction andengineringcontractsofaproximately$30,0. Waterevenuebonds OnSeptember8,197,theTownenteredintoaloanresolutionwiththeFarmersHome Administrationwhichauthorizedtheincurenceofindebtednesof$230,0payableover40 yearsat5%peranum.thedebtisfortherehabilitationofthetown'swatertankandsysteṃ Litigation AsuitarisingfromoperationsofthepolicedepartmentispendingagainstheTown.Thecase iscoveredbyinsurance;however,theultimatefectofsuchlitigationearmotbeascertained athistime.itistheopinionoftownmanagementhatheultimateresolutionofsuch litigationwilnothaveamaterialefectonthefinancialpositionofthetown.thetownis vigorouslydefendingthismater. NOTE13-SUBSEQUENTEVENTS SubsequentoSeptember30,197,theTownawardedconstructioncontractsof aproximately$216,30forservicesrelatingtotherehabilitationofthetown'swatertank andsystem.
GENERALFUND acountforalfinancialresources TheGeneralFundisusedto excepthoserequiredtobeacountedfor inanotherfund. 24
ExhibitB TOWNOFWHITECASTLE,LOUISIANA GENERALFUND BALANCESHETS September30,197and196 197 196 ASETS Cashandcashequivalents Duefromotherfunds $ 149,419 3,593 107,468 9.947 Totalasets LIABILITIES Acountspayable Payrolandrelatedpayables $23,031 30,825 25,014 12.164 Totaliabilities 37,178 FUNDBALANCE Designated-subsequentyear'sexpenditures Undesignated 129.156 161,40 8,797 Totalfundbalance Totaliabilitiesandfundbalance NotesonExhibitA-6areanintegralpanofthistatement 25
26 (Continued) ExhibitB-1 TOWNOFWHITECASTLE,LOUISIANA STATEMENTOFREVENUES,EXPENDITURES,ANDCHANGESIN GENERALFUND FUNDBALANCE-BUDGET(GAPBASIS)ANDACTUAL FortheyearendedSeptember30,197 Variance- Budget Actual(unfavorable)Actual 196 REVENUES TaxesAdvalorem Publicutilityfranchise 21,0$ Licenseandpermits CableT.V.franchise 20,464 3,70 21,031$ 20,464 31$ 4,28 58 ~ 21,247 19,947 4,01 6,80 6,816 16(2) 5,940 Intergovernmental Tobaco Recreation 1,0 Ber 67,202 Videopoker 4,60 10,98 50,0 Fireinsurance 17,0 3,572 (17,202) 10,98 Fines Localhousingauthority 14,0 5,50 16,382 (1,028) 27,50 15,870 (5,50) (618) 17,027 7,353 1,870 5,427 21,50 2,985 1,485 13,548 27,908 OtherLeaseandroyalty Interest 4,036 Miscelaneous 9.657 80 4,036 10,036 (80) 379 12.485 4,015 Totalrevenues 267~259$246,478$(20,781)$27,406
ExhibitB-I TOWNOFWHITECASTLE,LOUISIANA Continued STATEMENTOFREVENUES,EXPENDITURES,ANDCHANGESIN GENERALFUND FUNDBALANCE-BUDGET(GAPBASIS)ANDACTUAL FortheyearendedSeptember30,197 197 Variance- EXPENDITURES Budget Actual(unfavorable)Actual 196 Generalgovernment Publicsafety 208,139 Stretsandsanitation 387,84 204,68 Publichealth 126,628 Recreation 31,10 408,275(20,391) 3,451 267,479 140,06(13,438) 257,191 41.62 34,959 (3,859) 140,491 49,40 (7.78) 5,218 Totalexpenditures 795.413 837,428(42,015)670,379 Excesofexpendituresoverevenues (528,154)(590,950)(62,796)(42,973) OTHERFINANCINGSOURCES(USES) Operatingtransfersin 5-19869 549,869 471.930 Exces(deficiency)ofrevenuesover expendituresandothersources(uses) 28,957 FUNDBALANCE Beginingofyear 170,237 141.280 Endofyear NotesonExhibitA-6areanintegralpartofthistatement. 27
TOWNOFWHITECASTLE,LOUISIANA GENERALFUND STATEMENTOFDEPARTMENTALEXPENDITURES BUDGET(GAPBASIS)ANDACTUAL GENERALGOVERNMENT Salaries Payroltaxes Municipalretirement Employe'sinsurance Insurance Acounting Legalfes Generalfixedasets Maintenance-building Publishing Oficesuplies Duesandsubscriptions Coroner'sfe Telephone Travel Printing CouncilonAging Comisioners Drugtesting Maintenancecontracts Apraisals Other Totalgeneralgovernment RECREATION Capitaloutlay Utilities Other Totalrecreation PUBLICHEALTH FortheyearendedSeptember30,197 97 31,90$ 5,30 1,54 27,310 4,30 1,0 20,0 7,50 8,20 5,70 1,90 1.70 3,80 0,20650 3,825 1,50 3,414 4,023 1,52 2,432 4,439 8,974 19,853 7,491 8,627 5,730 1,879 1,6750 4,435 20.631 4,512 1,5098 2,09650 ExhibitB-2 Variancefavorable 196 (unfavorable)actual (1,514)$ 1,272 4,878 (139) 2,0261479 (427)(30)2134 (750) (635) (431)65O (687) (1,5o) 1,402 (2,096) (50) 28,183 4,425284 57,816 46,742 20,728 21,231 31,48 1,579 4,951 1,76 2,647 4,687 4,648 8,709763 6,243 1,50 I80 10,086 1,714 9,080 41,62 48,4915826 (6,837) (15) (826) 28 (Continued)
ExhibitB-2 TOWNOFWHITECASTLE,LOUISIANA Continued STATEMENTOFDEPARTMENTALEXPENDITURES GENERALFUND BUDGET(GAPBASIS)ANDACTUAL Forthe)'earendedSeptember30,197 PUBLICSAFETY Budget Actual(unfavorable)Actual Variance- 196 PoliceSalaries Payroltaxes 24,425 Municipalretirement 19,130 Employe'sinsurance 9,062 241,575 Generalfixedasets Maintenance-vehicle 37,40 18,657 Fieldsuplies 32,40 7,896 (17,150) 37,372 473 189,530 30,420 Clothing 6,343 1,1628 15,018 6,013 Printing Jailhouse Drugtesting 6,20506,128850 6,527 4,931,051 (6,027) 1,980(143) 3,461 9,101 6,569 Maintenance-building Vehiclefuel 3,8060O750 3,890612353 1,195(201)(90)02) 2,7451,3563,017 Duesandsubscriptions Travel 5,725104 3975 6,715 Telephone Maintenancecontracts Other 5,801049050750 1,045485747 (145)153 Volunterfire Totalpolice 354,284 4,985 374,680 6,945 (20.396) (1,960) 250,042 6,517 Truckandequipment Materialsandsuplies 3.60 Vehiclefuel Telephone Other 2,36818932771 1,232 (189) (327) (71) Totalvolunterfire 7,149 Totalpublicsafety 387,84 3,60 408,275 3,595 (20.391) 5 257,191 7,149 29 (Continued)
ExhibitB-2 TOWNOFWHITECASTLE,LOUISIANA Continued STATEMENTOFDEPARTMENTALEXPENDITURES GENERALFUND BUDGET(GAPBASIS)ANDACTUAL FortheyearendedSeptember30,197 STRETSANDSANITATION Budget Actual(unfavorablelActual Variance- 196 Salaries Employe'sinsurance Payroltaxes 52,50 Municipalretirement 13,70 Maintenance-equipment 4,020 13,651 5,617 Maintenance-stret Maintenance-vehicle 1,81620 4,179 (3,17)49 58,657 1,359 Utilities Vehiclefuel 4,5070O 1,172 (159) 457 3,479 45,0 Enginering 2,137 49,392 8,48260 1,947 (3,982)10 (972) 3819 Rentals Drainagerepairs Sidewalkrepairs Chemicals 50 1,543 (4,392) Drugtesting Other 151,50 (1,543) 190 51,84 8,13667 2,230 2643 9,80673 2,459 Totalstretsandsanitation 35o Totalexpenses $795~413 126,628 140,06 151,45782406 (82) 1,68532t (56) 837~428 $(42,015) (13.438"~ 140,491 767 $670,379 NotesonExhibitA-6areanintegralpartofthistatement 30
SPECIALREVENUEFUNDS SpecialRevenueFundsareusedtoacount thatarelegalyrestrictedto forspecificrevenues expenditureforspecifiedpurposes.
TOWNOFWHITECASTLE,LOUISIANA ExhibitC SPECIALREVENUEFUNDS COMBININGBALANCESHET September30,197 SalesTax Fund Section8 197 Total 196 ASETS Cashandcashequivalents Investments,atcost Duefromothergovernments $232,92 748,218 6,61$29,583$190,834 4,052 748,218 4,052 682,724 53,57 Totalasets $1~025~192$6~61~1~091~853~;927035 LIABILITIES Deferedincome Totaliabilities $ $ 6,61$6,61$53,212 FUNDBALANCE Designated-subsequentyear'sexpenditures162,194 Undesignated 862,98 Totalfundbalance Totaliabilitiesandfundbalance 1,025,192 162,194 862,98 873,923 NotesonExhibitA-6areanintegralpartofthistatement 32
TOWNOFWHITECASTLE,LOUISIANA ExhibitC-I COMBININGSTATEMENTOFREVENUES,EXPENDITURES SPECIALREVENUEFUNDS ANDCHANGESINFUNDBALANCES FortheyearendedSeptember30,197 REVENUES SalesTax Intergovernmental IbervileParishsalestax Stategrant HUDreceipts 757,672$ -$757,672$728,713 23,735 23,735 21,262 1,978 OtherInterest EXPENDITURES Totalrevenues 797,691 25,01482,705 781651 Publichealth Rentandutilityasistance Administrative 2,987 Totalexpenditures 2,027 2,987 2,027 21,262 1,469 1,020 Excesofrevenuesover expenditures 797,691 797,691 757,90 OTHERFINANCINGUSES Operatingtransfersout Excesofrevenuesoverexpenditures (6-16,42) FUNDBALANCE andotherfinancinguses 151,269 151,269 27,374 Beginingofyear Endofyear 873,923 NotesonExhibitA-6areanintegralpartofthistatement, 3
TOWNOFWHITECASTLE,LOUISIANA ExhibilC-2 STATEMENTOFREVENUES,EXPENDITURES,ANDCHANGESIN SALESTAXFUND FUNDBALANCE-BUDGET(GAPBASIS)ANDACTUAL FortheyearendedSeptember30,197 7 Variance- (unfavorable)actual 196 REVENUES Intergovernmental IbervileParishsalestax 752,10$757,672$ 5,572$728,713 OtherInterest 10.0 40,019 30,019 29,187 Totalrevenues 762,10 797,691 35,591 757,90 OTHERFINANCINGUSES Operatingtransfersout (65,268) ('646,42) 18,846 (530,526) Excesofrevenuesoverexpenditures andotherfinancinguses 27,374 FUNDBALANCE Beginingofyear 873923 646,549 Endofyear $1~025~192 $873~923 NotesonExhibitA-6areanintegralpartofthistatement. 34
ExhibitC-3 TOWNOFWHITECASTLE,LOUISIANA SECTION8 STATEMENTOFREVENUES,EXPENDITURES,ANDCHANGESIN FUNDBALANCE-BUDGET(GAPBASIS)ANDACTUAL FortheyearendedSeptember30,197 197 REVENUES Budget Actual(unfavorable)Actual Variance- 196 Intergovementa HUDreceipts 37,185$23,735$(13,450)$ 1,978 OtherInterest Totalrevenues 37,185 25,014 1279 (12,171) 1,279 2,489 51 EXPENDITURES RentandutiliD,asistance Administrative 2,329 Totalexpenditures 1,62 2,987 2,027 (658) (365) 1,469 1,020 Exces(deficiency)ofrevenuesover FUNDBALANCE expenditures Beginingofyear Endofyear NotesonExhibitA-6areanintegralpartofthistatement 35
DEBTSERVICEFUNDS DebtServiceFundsareusedtoacountfor theacumulationofresourcesfor, generalong-termdebtprincipalandinterest, andthepaymentof, 36
ExhibitD TOWNOFWHITECASTLE,LOUISIANA DEBTSERVICEFUNDS COMBININGBALANCESHET September30,197 192Sinking192Reserve PublicImprovementBonds SalesTaxBonds Certificateof ASETS Fund Fund Indebtednes 197Sinking Fund 197 Total 196 Cashandcashequivalents Investments,atcost $58,323$ 14,0 $ 12,643$ 14,0$5204 70,96 14Z0 Totalaset $58.323$14~0$ 12~643$214~96$196.204 FUNDBALANCE Reserved-debtservice NotesonExhibitA-6areanintegralpartofthistatement 37
ExhibitD-1 TOWNOFWHITECASTLE,LOUISIANA DEBTSERVICEFUNDS COMBININGSTATEMENTOFREVENUES,EXPENDITURESAND CHANGESINFUNDBALANCES FortheyearendedSeptember30,197 REVENUES 192Sin~ng PublicImprovementBonds F~n0 SalesTaxBonds 192Reserve Fund Certificateof EXPENDITURES OtherInterest Indebtednes 197Sin~ng Fund Debtservice Principalretirement Interestandfiscalcharges 75,0 Totalexpendirares 74,863 75,0 70.0 Exces(deficiency)ofrevenuesover expenditures OTHERFINANCINGSOURCES(USES) Operatingtransfersin Operatingtransfersout 15.982 (8,296) 12,567 168,549 (8,296) 152,687 Totalotherfinancingsources(uses) 15,982 (8,296) 12,567 160,25~ (8,086) Excesofrevenuesoverexpenditures 14,601 FUNDBALANCE andotherfinancingsources(uses) (6,19) 8,296 (12,567) (10,390) 6,728 Beginingofyear Endofyear 52,204 14,0 NotesonExhibitA-6areanintegralpanofthistatement 38
CAPITALPROJECTSFUND TheCapitalProjectsFundisusedtoacountfortheproceds ofabondisueforthepurposeofstretandrainage improvementsinwhitecastle.suchexpenditures aretobefundedwiththeprocedsofpublic improvementbonds. 39
TOWNOFWHITECASTLE,LOUISIANA CAPITALPROJECTFUND BALANCESHET September30,197 ASETS Cashandcashequivalents Investments,atcost Totalasets LIABILITIES FUNDBALANCE Acountspayable Undesignated Totaliabilitiesandfundbalance ExhibitE $64,754 208.010 72,051 20.713 NotesonExhibitA-6areanintegralpartofthistatement 40
ExhibitE-1 TOWNOFWHITECASTLE,LOUISIANA CAPITALPROJECTFUND STATEMENTOFREVENUES,EXPENDITURES,ANDCHANGESIN FUNDBALANCE-ACTUAL FortheyearendedSeptember30,197 REVENUES OtherInterest EXPENDITURES Capitalprojects Contractpayments Enginering Profesional Totalexpenditures Exces(deficiency)ofrevenuesover OTHERFINANCINGSOURCES Expenditures Procedsfromlong-termdebt Excesofrevenuesoverexpenditures FUNDBALANCE andotherfinancingsources Beginingofyear Endofyear NotesonExhibitA-6areanintegralpartofthistatement 41 68,059 29,165 3,946 (9,287) 20,713
PROPRIETARY(ENTERPRISE)FUNDS toacountforoperationsthataresimilarto Proprietary(Enterprise)Fundsareused privatebusinesenterprises.theintentis thathecostsofprovidingservicestothe generalpubliconacontinuingbasisbe financedthroughusercharges. 42
oir~oc
TOWNOFWHITECASTLE,LOUISIANA ExhibitF-1 COMBININGSTATEMENTOFREVENUES,EXPENSES ENTERPRISEFUNDS ANDCHANGESINRETAINEDEARNINGS FortheyearendedSeptember30,197 OPERATINGREVENUES UtilityFundUtilityFundUtilityFund197 GasWaterworksSewerage Total 196 Chargesforservices Penalties Other $253.584 OPERATINGEXPENSES Totaloperatingrevenues 18,6541,~18 $141,941$210,246$605,71 18,654$628.82 274,0~ 143.349 210.401627.806649.804 18.0302.952 GasDepreciation FieldAdministration 69,752 9,935 Totaloperatingexpenses 45.102 1,016 23.692 79.507 40.852 53,849 53.654 16,873 203,108 151,581 139.608 9,935 148,897 87,961 20,838 NONOPERATING Operatingincome(los) 25.805 14.051 24.376594.232605.030 147.34 Interestincome Interestexpense 9.80 10,305 9,81 30,06 Totalnonoperating (50.589~ 24,06 (51.8081 Income(los)beforeoperatingtransfers 58,131 9,80 10.305 9,603 (40.70g~(20.523~ (54,683)13,051 (27.8021 OPERATINGTRANSFERS 16.972 Operatingtransfersout Depreciationtransferedtocontributedcapital Netincome(los) 163.701 (5,569) 9,603 (54,683) {63.701~860~ (50,649)(69,028) RETAINEDEARNINGS Netdecreaseinretainedearnings (5,569) 9,603 (10,373) (6,39)(26,31) Beginingbalance Endingbalance 215.463 191,541 497.95 904.959 931.290 NotesonExhibitA-6areanintegralpanofthistatement 45
2
TOWNOFWHITECASTLE,LOUISIANA ExhibitF-3 ENTERPRISEFUNDS COMBININGSTATEMENTOFOPERATINGEXPENSES FortheyearendedSeptember30,197 EXPENSE GasWaterworksSewerage Total G~ Depreciation $9.935~; UtilityFundUtilityFundUtilityFund197 196 1,016 23,692 $ 16.873 $9.935$87,961 151.581148,897 FieldSalaries Payroltaxes Municipalretirement 52,56 Employes'insurance 4,834 Maintenance-equipment 1,850 42,906 Chemical Truck 2,597 4,3201,708 23,46 2,73 Fieldsuplies 1,390 2,698 1,050 18,908 Uncolectible Oxidationpond 859 18,92 5,267 I1,927 2,36 4,608 I10,040 8,703 5,267 1,242 Enginering 7,64474 3,567 29,015 7,631 17,741 5,592 12,036 3,97 Drugtesting Other 2,54839 138 1,935 12,090474 6,749 3,74287 1,935 6286 1.064 31.05 8,434427 3,121 Administration Totalfield 69,752 2,283 79,507 67 53,84920~3,]08 943,3,903 10,42-1 20,838 Salaries Employebenefits Insurance 12,360 Oficesuplies 10,925 12,0852 12,0 36,360 Uncolectible Computerservice Utilities Telephone 4,07 9,1807101,208 9,782710 1,012 4,07 6,715 10,1786850 29,140 1,7 36,360 4,07 2,108 16,047 1,758 36,3 1,794 12,231 3,47 23,74 FuelPrinting 6,68 31,583 1,828 7,323 6,343 Duesandsubscriptions Travel Vehiclemaintenance 2,2635877025 Profesional 1.021 1,64 2,09507020318 1,92 1,537 2,32657030402 1,485 5,246 1,692210275720 4.428 Totaladministration 45,102 40,852 53.654139.608laT,3a 8,47 12,293 Totaloperatingexpenses NotesonExhibitA-6areanintegralpartofthistatement 47
GENERALFIXEDASETSACOUNTGROUP Thisacountgroupisusedto establishacountingcontrolandacountability forthetown'sgeneralfixedasets. 48
ExhibitG TOWNOFWHITECASTLE,LOUISIANA STATEMENTOFGENERALFIXEDASETS September30,197 GENERALFIXEDASETS 197 196 Land Buildings 252,26 Improvementsotherthanbuilding 982,506 Equipment 359,170 826.034 $2,419,976$2,301,740 INVESTMENTSINGENERALFIXEDASETS Generalobligationbonds Salestaxrevenues $34,062$ Federalrevenuesharing 386,036 Generalfund 85,76 386,036 34,062 Staterevenuesharing 871,167 Specialrevenuefunds 17,397 752,931 85,76 Stategrant 59,823 Capitalprojectsfund 191,478 59,823 17,397 Donation 236,147 38.10 236,147 191,478 38,10 Total $2,419,976$2,301,740 NotesonExhibitA-6areanintegralpartofthistatement. 49
GENERALONG-TERMDEBTACOUNTGROUP acountforunmaturedgeneralong-termliabilities Thisacountgroupisusedto ofthetownexceptforthosein theproprietaryfunds. 50
SUPLEMENTARYFINANCIALINFORMATION 52
Schedule! TOWNOFWHITECASTLE,LOUISIANA OPERATINGTRANSFERS FortheyearendedSeptember30,197 To Transfers From GeneralFund: SalesTaxFund GasUtility 486,169 63,70 SpecialRevenueFunds: SalesTaxFund 192SalesTaxSinkingFund 197SalesTaxSinkingFund 147,686 GeneralFund 486,169 12,567 DebtServiceFunds: 192SalesTaxSinkingFund SalesTaxFund 192SalesTaxReserveFund 147,686 8,296 197SalesTaxSinkingFund 192SalesTaxSinkingfund 8,296 SalesTaxFund 12,567 EnterpriseFunds: GasUtilityFund GeneralFund 63,70 Totals $718,418$718,418 53
198 19 20 201 202 203 204 205 206 207 Total TOWNOFWHITECASTLE,LOUISIANA BONDEDEBT PublicImprovementBonds,Series192,DatedMarch1,192 InterestPayableMarch1andSeptember1ofEachYear September30,197 Interest Rate 5.9~o6% 6.1% 6.2% 6.3% 6.4% 6.5% 6.5% 6.5% 6.5% YearlvPayments $80,0 85,0 90,0 10,0 105,0 10,0 120,0 130,0 140,0 150.0 $67,905 62,95 57,70 51,85 45,47 38,620 31,20 23,075 14,30 4~876 147905 14795 1470 15185 15047 148620 15120 153075 15430 154876 OriginalisuedatedMarch1,192,for$1,40,0.Payingagent,FirstNationalBankofComercein NewOrleans,Louisiana. Thisobligationwasincuredforthepurposeofconstructing,acquiringand/orimprovingstrets,stret lightingandsidewalks,andamunicipalpoliceandjailbuilding. ThebondsaresecuredbyanirevocablepledgeandedicationoftheTown'salocationoftheavailsof procedsofthespecialtwo-thirdsofonepercent(2/3%)salesandusetaxleviedandcolectedbythe ParishofIbervile,StateofLouisiana. 5
198 19 20 201 202 203 2O04 205 206 207 208 209 2010 201 2012 2013 2014 2015 2016 2017 2018 2019 TOWNOFWHITECASTLE,LOUISIANA BONDEDEBT SewerRevenueBonds,DatedMay25,194 PrincipalandInterestPayableonthe25thDayofEachMonth September30,197 Interest Rate 5% 5%5%5%5% 5% 5%5%5%5%5%5%5%5%5%5%5%5%5%5%5%5% Totals YearlyPa,ment $26,35 27,681 29,098 30,586 32,150 3,796 35,524 37,342 39,253 41,261 43,372 45,590 47,923 50,375 52,953 5,62 58,509 61,503 64,650 67,957 71,43 45,147 $49,307 47,960 46,543 45,05 43,491 41,845 40.17 38,29 36,38 34,380 32,269 30,051 27,718 25,26 2,68 19,979 17,132 14,138 10,91 7,684 4,20874 $75,641 75,641 75,641 75,641 75,641 75,641 75,641 75,641 75,641 75,641 75,641 75,641 75,641 75,641 75,641 75,641 75,641 75,641 75,641 75,641 75,641 45,92 Schedule4 Bonds Outstanding $971.765 94,084 914,986 84,40 852,250 818,454 782,930 745,58 706,35 65,074 621,702 576,12 528,189 47,814 424,861 369,19 310,690 249,187 184,537 16,580 45,147 OriginalisuedatedMay25,194,for$1,07,50,Payingagent,FarmersHomeAdministrationin Hamond,Louisiana. Thisobligationwasincuredforthepurposeofconstructingawastewatertreatmentfacilityandsewer forcemain. Paymentsofprincipalandinterestonbondsaresecuredbyandpayablesolelyfromrevenuesgeneratedby sewerfes.