assumption parish clerk of courtapp1.lla.state.la.us/publicreports.nsf/6a0da0a...we have audited the...

ASSUMPTION PARISH CLERK OF COURTNAPOLEONVILLE, LOUISIANA

BASIC FINANCIAL STATEMENTS, REQUIREDSUPPLEMENTARY INFORMATION, INDEPENDENT AUDITORS' REPORT

AND OTHER REPORTS REQUIRED BY GOVERNMENTAL AUDITING STANDARDS

FOR THE YEAR ENDED JUNE 30, 2006

Under provisions of state law, this report is a publicdocument. A copy of the report has been submitted tothe entity and other appropriate public officials. Thereport is available for public inspection at the BatonRouge office of the Legislative Auditor and, whereappropriate, at the office of the parish clerk of court.

Release Date /

DEAN AND DEANCERTIFIED PUBLIC ACCOUNTANTS

mNTRNTTS

Statement Page Nn

Independent Auditors' Report 1

Management Discussion and Analysis 3

Basic Financial Statements;Governmental Funds Balance Sheet/Statement of Net Assets A 10

Statement of Governmental Funds Revenues,Expenditures and Changes in Fund Balances/

Statement of Activities B 11

Statement of Fiduciary Net Assets C 12

Statement of Changes in Fiduciary Net Assets D 13

Notes to the Financial Statements 14-22

Supplemental Information Schedules -

Schedule of Revenues, Expenditures, and Changesin Fund Balance - Budged (GAAP basis) andActual - General Fund 24

Other Reports and Schedules Required byGovernment Auditing Standards:

Independent Auditor's Report on Complianceand on Internal Control Over FinancialReporting Based on an Audit of FinancialStatements Performed in Accordance withGovernment Auditing Standards 26 - 27

DEAN AND DEAN CERTIFIED PUBLIC ACCOUNTANTS11909 BRICKSOME AYE, SUITE WI Donald A. Denn, CPABATON ROUGE, LOUISIANA 70816 David P. Denn, CPATELEPHONE: (225)292-7554FAX: (225)292-7525

INDEPENDENT AUDITORS' REPORT

December 20, 2006

Honorable Darlene LandryAssumption Parish Clerk of Court

We have audited the accompanying basic financial statements of the Assumption Parish Clerk ofCourt, as of and for the year ended June 30, 2006. These financial statements are the responsibilityof the Assumption Parish Clerk of Court's management. Our responsibility is to express an opinionon these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in the UnitedStates of America. Those standards require that we plan and perform the audit to obtain reasonableassurance about whether the financial statements are free of material misstatement. An auditincludes examining, on a test basis, evidence supporting the amounts and disclosures in the generalpurpose financial statements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overall general purposefinancial statement presentation. We believe that our audit provides a reasonable basis for ouropinion.

In our opinion, the basic financial statements referred to above present fairly, in all materialrespects, the financial position of the Assumption Parish Clerk of Court at June 30, 2006, and theresults of operations for the year then ended in conformity with accounting principles generallyaccepted in the United States of America.

hi accordance with Government Auditing Standards, we have also issued a report dated December20,2006, on our consideration of the Clerk's internal control over financial reporting and our testsof its compliance with certain provisions of laws, regulations, contracts and grants. That report isan integral part of an audit performed hi accordance with Government Auditing Standards andshould be read in conjunction with this report in considering the results of our audit.

The Management's Discussion and Analysis and the other required supplementary information onpages 3 through 9 and Page 24, respectively, are not a required part of the basic financial statementsbut are supplementary information required by the Governmental Accounting Standards Board. Wehave applied certain limited procedures, which consisted principally of inquiries of managementregarding the methods of measurement and presentation of the supplementary information.However, we did not audit the information and express no opinion on it.

Respectfully submitted,

Dean and Dean, CPA's

ASSUMPTION PARISH CLERK OF COURTNAPOLEONV1LLE, LOUISIANA

Management's Discussion and Analysis

Within tliis section of the Assumption Parish Clerk of Court's (the Clerk) annual financial report,the Clerk's management is pleased to provide this narrative discussion and analysis of the financialactivities of the Clerk for the fiscal year ended June 30, 2006, The Clerk's financial performance isdiscussed and analyzed within the context of the accompanying financial statements and disclosuresfollowing this section.

Financial Highlights

• The Clerk's assets exceeded its liabilities by $484,191 (net assets) for the fiscal year reported.

• Total revenues of $634,039 exceeded total expenditures of $612,024, which resulted in acurrent year surplus of $22,015. This was primarily due to the increase in interest income dueto an increase in interest rates during the year.

• Total net assets are comprised of the following;(1) Capital assets of $154,074 include property and equipment, net of accumulated

depreciation.(2) Unrestricted net assets of $330,117,

• The Clerk's general fund reported total ending fund balance of $330,117 this year.

• The Clerk's office is continuing to work to improve its financial position and modernize itsservices.

The above financial highlights are explained in more detail in the "financial analysis" section of thisdocument.


Management's Discussion and Analysis (Continued)

Overview of the Financial Statements

This Management Discussion and Analysis document introduces the Clerk's basic financialstatements. The basis financial statements include: (1) government-wide financial statements, (2)fund financial statements, and (3) notes to the basic financial statements. The Clerk also includes inthis report additional information to supplement the basic financial statements.

Government-wide Financial Statements

The Clerk's annual report includes two government-wide financial statements which have beencombined with the related fund financial statements and are displayed in the far right column ofeach statement. These statements provide both long-term and short-term information about theClerk's overall financial status. Financial reporting at this level uses a perspective similar to thatfound in the private sector with its basis in accrual accounting and elimination or reclassificationof activities between funds.

The first of these government-wide statements is the Statement of Net Assets. This is thegovernment-wide statement of position presenting information that includes all of the Clerk's assetsand liabilities, with the difference reported as net assets. Over time, increases or decreases in netassets may serve as a useful indicator of whether the financial position of the Clerk as a whole isimproving or deteriorating. Evaluation of the overall health of the Clerk would extend to othernon-financial factors such as diversification of the taxpayer base in addition to the financialinformation provided hi this report.

The second government-wide statement is the Statement of Activities, which reports how theClerk's net assets changed during the current fiscal year. All current year revenues and expensesare included regardless of when cash is received or paid. An important purpose of the design of thestatement of activities is to show the financial reliance of the Cleric's distinct activities or functionson revenues provided by the Clerk's taxpayers.

The government-wide financial statements present governmental activities of the Clerk that areprincipally supported by fees charged for services provided by the Clerk's office. The sole purposeof these governmental activities is judicial services.

The government-wide financial statements are presented on pages 10 and 11 of this report.


Fund Financial Statements

A fund is an accountability unit used to maintain control over resources segregated for specificactivities or objectives. The Clerk uses funds to ensure and demonstrate compliance with finance-related laws and regulations. Within the basic financial statements, fund financial statements focuson the Clerk's most significant funds rather than the Clerk as a whole.

The Clerk uses governmental funds and fiduciary funds as follows:

Governmental funds are reported in the fund financial statements and encompass the same functionreported as governmental activities in the government-wide financial statements. However, thefocus is very different with fund statements providing a distinctive view of the Clerk'sgovernmental funds, including object classifications. These statements report short-term fiscalaccountability focusing on the use of spendable resources available at the end of the year. They areuseful in evaluating annual financing requirements of governmental programs and the commitmentof spendable resources for the near-term.

Since the government-wide focus includes the long-term view, comparisons between these twoperspectives may provide insight into the long-term impact of short-term financing decisions. Boththe governmental fund balance sheet and the governmental fond operating statements are presentedin the far left column of the statements with a separate column showing the adjustments betweenthe government-wide statements and the fund statements.

The basic governmental fund financial statements are presented on pages 10-11 of this report.

Fiduciary fluids are reported in the fund financial statements and report assets held by the clerk asan agent for litigants pending court action. The Clerk only reports agency funds.

The basic agency fund financial statement is presented on pages 12-13 of this report.

Notes to the basic financial statementsThe accompanying notes to the financial statements provide information essential to a fullunderstanding of the government-wide and fund financial statements. The notes to the financialstatements begin on page 14 of this report.



Other Information

In addition to the basic financial statements and accompanying notes, this report also presentscertain required supplementary information concerning the Clerk's budget presentations.Budgetary comparison statements are included as "required supplementary information" for thegeneral and special revenue fund. These schedules demonstrate compliance with the Clerk'sadopted and final revised budget. Required supplementary information can be found on page 24 ofthis report.

Financial Analysis of the Clerk as a Whole

The Clerk implemented the new financial reporting model used in this report beginning with thefiscal year ended June 30,2004. Over time, as year-to-year financial information is accumulated ona consistent basis, changes in net assets may be observed and used to discuss the changing financialposition of the Clerk's as a whole.

The Clerk's net assets at fiscal year-end are $484,191. The following table provides a summary ofthe Clerk's net assets:

Summary of Net Assets

Governmental Activities

Assets:Cur ren t assetsCapital assets

Total assets

Liabilities:Current liabilities

Total liabilities

Net assets:Invested in capital assetsUnrestricted

2006

2,4232,423

154,074330,117

2005$ 332,540

154,074486,614

68% $32%

100%

315,975199,567515,542

61%39%

100%

100%100%

32%68%

7,8737,873

199,567308,102

100%100%

39%61%

Total net assets S 484,191 100% $ 507,669 100%

ASSUMPTION PARISH CLERIC OF COURTNAPOLEONV1LLE, LOUISIANA


Overall, the Clerk's office reports net assets of $484,191. This amount is $23,478 lower than lastyear. The Clerk's office has $154,074 invested in capital assets. Current assets exceed currentliabilities by $330,117.

Summary of Changes in Net AssetsGovernmental Activities

2006Revenues:

Program:Court Costs, fees, & ChargesFees for recordingsFees for copiesOther Charges

General:Interest

Total RevenuesProgram expenses:

Judicial services

Total ExpensesChange in net assetsBeginning net assetsEnding net assets

2005

$

$

309,306201,012

57,58932,090

34,042

634,039

657,517

657,517(23,478)507,669484,191

49%32%

9%5%

5%

100%

100%

100%

$367,714215,313

61,85424,437

17,371

686,689

685,264

685,2641,425

506,244$507,669

54%31%

9%4%

2%

100%

100%

100%



GOVERNMENTAL REVENUES

The Clerk primarily relies on fees for recordings and court costs and fees to support its operations.These two revenues were 81% of the Clerk's total revenues. Also, note that program revenuescovered 91% of governmental operating expenses.

GOVERNMENTAL FUNCTIONAL EXPENSES

The total function of the Clerk's office is judicial service activities. Of the total cost, depreciationon the office equipment, vehicles and buildings was $47,243 or 7.2% of total expenses. Theprimary expense of the Clerk's office was salaries and related benefits which was 75% of totalexpenses.

Financial Analysis of the Clerk's Funds

Governmental funds

As discussed, governmental funds are reported in the fund statements with a short-term, inflow andoutflow of spendable resources focus. This information is useful in assessing resources available atthe end of the year in comparison with upcoming financing requirements. Governmental fundsreported an ending fund balance of $330,117.

The unreserved, undesignated fund balance increased by $22,015 from the previous year.

Major Governmental Funds

The General Fund is the Clerk's only operating fond and source of day-to-day service delivery. TheGeneral Fund's fund balance increased by $22,015. In fiscal year 2006, the Clerk did not make anymajor capital expenditures. This was the primary reason for the surplus in fiscal year 2006.



Budgetary Highlights

The General Fund - When the original budget was adopted, it was anticipated that the totalexpenditures of $688,000 would equal total revenues. However, due to decline in recordings andcourt fee revenues the budget was amended to reflect a decrease in revenues and a cut inexpenditures of $63,000. The actual surplus was only $22,015 because of an increase in interestincome as a result of rising interest rates,

Capital Assets and Debt Administration

Capital assets

The Clerk's investment in capital assets, net of accumulated depreciation as of June 30,2006, was$154,074. There was an overall decrease of $45,493 hi capital assets. See Note D for additionalinformation about changes in capital assets during the fiscal year and the balance at the end of theyear.

Contacting the Clerk's Financial Management

This financial report is designed to provide a general overview of the Clerk's finances, comply withfinance-related laws and regulations, and demonstrate the Clerk's commitment to publicaccountability. If you have questions about this report or would like to request additionalinformation, contact the Clerk's office, Mrs. Darlene Landry at 985-369-2478.

ASSUMPTION PARISH CLERK OF COURTGOVERNMENTAL FUNDS BALANCE SHEET/

STATEMENT OF NET ASSETSJUNE 30,2006

STATEMENT A

ASSETS AND OTHER DEBITS

Cash and cash equivalentsAccounts receivableDue from advance deposit fundCapital assets, net

TOTAL ASSETS

General Adjustments Statement of NetFund ___ Assets

$ 307,40320,4544,683

332,540

LIABILITIES, FUND EQUITY, AND OTHER CREDITS

154,074

154,074

307,40320,4544,683

154,074

486,614

Accounts, salaries, andwithholds payable

Total Liabilities"Pirnd Frmifv/KTRf Assets

Fund balance;Unreserved-undesignated

Total Fund Equity/Net Assets

TOTAL LIABILITIES ANDFUND EQUITY/NET ASSETS

NET ASSETSInvested in Capital AssetsUnrestricted

Total Net Assets

See Accompanying Notes

2,423 -0-

2,423 -0-

330,117 154,074

330,117 154,074

$ 332,540 $ 154,074 $

2,423

2,423

484,191

484,191

486,614

154,074330,117

484,191

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ASSUMPTION PARISH CLERK OF COURTSTATEMENT OF GOVENRMENTAL FUND REVENUESEXPENDITURES, AND CHANGES IN FUND BALANCES/STATEMENT OF ACTIVnTESFOR THE YEAR ENDED JUNE 30,2006

Statement B

Current Judiciary:Personal services andrelated benefits

Materials and suppliesOperating servicesCapital outlayTravel and other chargesDepreciation

Total Expenditures/Expenses

PR nrre AM HKVFMT TP.SCourt costs, fees and chargesFees for recording legal documentsCharges for copiesOther

Total Program RevenuesNET PROGRAM EXPENSES

GP.NP.T? AT. PP.VRNT TP.g

Interest EarnedTotal General Revenues

EXCESS (DEFICIT) OF REVENUESOVER EXPENDITURES/EXPENSES

FUND BALANCE/NET ASSETS:Beginning of the Year

End of Year


General Adjustments Statement ofFund Activities

S 495,16326,91979,983

1,7508,209

612,024

309,306201,01257,58932,090

599,99712,027

34,04234,042

$ 495,16326,91979,983

(1,750)8,209

47,243 47,24345,493 657,517

309,306201,01257,58932,090

599,997

45,493 57,520

34,04234,042

22,015

308,102

(45,493)

199,567$ 330,117 S 154,074 $

(23,478)

507,669484,191

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ASSUMPTION PARISH CLERK OF COURTFIDUCIARY FUND TYPE - AGENCY FUNDSCOMBINING BALANCE SHEETJUNE 30, 2006

Statement C

ASSP.TS

Advance Registry of TotalDeposit Fund Court Fund

Cash and cash equivalents

Total Assets

S 624,259 S 322.432 $946,691

$ 624,259 $ 322,432 $ 946,691

Unsettled depositsDue to General Fund

Total liabilities

$ 619,576 $ 322,432 S 942,0084,683 -Q- 4,683

$ 624,259 $ 322,432 $ 946,691


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ASSUMPTION PARISH CLERK OF COURTFIDUCIARY FUND TYPE - AGENCY FUNDSSCHEDULE OF CHANGES IN UNSETTLED DEPOSITSFOR THE YEAR ENDED JUNE 30,2006

Statement D


Advance Registry of TotalDeposit Fund Court Fund

TTNSP.TTT.F.nnKPnS1TS ATRKOTTsTMTNO OF VT.Aft

Annmows

S 635,779 $331,916 $ 967,695

Suits and successionsJudgmentsInterest

Total Additions

Clerk's costsSettlements to litigantsSheriffs feesOther

Total Reductions

TTNSP.TTT.KnnKPOSTTS ATRMD H

423,761

423,761

1,059,540

219,690116,00063,36540,909

439,964

$ 619,576

24,3681,602

25,970

357,886

35,454

35,454

$ 322,432

423,76124,3681,602

449,731

1,417,426

219,690151,45463,36540,909

475,418

$ 942,008

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Assumption Parish Clerk of CourtNotes to the Financial StatementsAs of and For the Year Ended June 30,2006

A. THE REPORTING ENTITY

As provided by Article V, Section 28 of the Louisiana Constitution of 1974, the Clerk of Courtserves as the ex-officio notary public, the recorder of conveyances, mortgages, and other acts, andhas other duties and powers provided by law. The Clerk of Court is elected for a four-year term.

As the governing authority of the parish, for reporting purposes, the Assumption Parish Police Juryis the financial reporting entity for Assumption Parish. The financial reporting entity consists of theprimary government (the police jury), organizations for which the primary government isfinancially accountable, and other organizations for which nature and significance of theirrelationship with the primary government are such that exclusion would cause the reporting entity'sfinancial statements to be misleading or incomplete.

Governmental Accounting Standards Board Statement No. 14 established criteria for determiningwhich component units should be considered part of the Assumption Parish Police Jury forfinancial reporting purposes. The basic criterion for including a potential component unit withinthe reporting entity is financial accountability. This criteria includes:

. Appointing a voting majority of an organization's governing body, and imposing its will onthe organization, and/or receiving financial benefits or burdens from the organization,

. Organizations for which the police jury does not appoint a voting majority but are fiscallydependent on the police jury.

. Organizations for which the reporting entity financial statements would be misleading ifdata of the organization is not included because of the nature or significance of therelationship.

Because the police jury has some control over the Clerk's capital budget, and is financiallyresponsible for any deficit of the Clerk, should he have one, the Clerk was determined to be acomponent unit of the Assumption Parish Police Jury, the financial reporting entity. Theaccompanying financial statements present information only on the funds maintained by the Clerkand do not present information on the police jury, the general government services provided by thatgovernmental unit, or the other governmental units that comprise the financial reporting entity.

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Assumption Parish Clerk of CourtNotes to the Financial StatementsAs of and For the Year Ended June 30, 2006

B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

"Fund Anrmmting

The accounts of the Clerk of Court are organized on the basis of funds and account groups, each ofwhich is considered a separate accounting entity. The operations of each fund are accounted forwith a separate set of self-balancing accounts that comprises its assets, liabilities, fund equity,revenues, and expenditures. Revenues are accounted for in these individual funds based upon thepurpose for which they are to be spent and the means by which spending activities are controlled.The funds presented in the financial statements are described as follows:

Fnnd

The General Fund, as provided by Louisiana Revised Statute 13:781, is the principal fund of theClerk's office and accounts for the operations of the Clerk's office. The various fees and chargesdue to the Clerk's office are accounted for in this fund. General operating expenditures are paidfrom this fund.

y Funds

The Advance Deposit and Registry of Court Agency Funds account for assets held as an agent forothers, Agency funds are custodial in nature (assets equal liabilities) and do not involvemeasurement of results of operations.

Basis nf Annmmting

Fund Financial Statements (FFS)

The amounts reflected in the General Fund column of Statements A and B, are accounted for usinga current financial resources measurement focus. With this measurement focus, only current assetsand current liabilities are generally included on the balance sheet. The statement of revenues,expenditures, and changes in fund balances reports on the sources (i.e., revenues and otherfinancing sources) and uses (i.e., expenditures and other financing uses) of current financialresources. This approach is then reconciled, through adjustment, to a government-wide view of theClerk of Court's operations.

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The amounts reflected in the General Fund column of Statements A and B, use the modified accrualbasis of accounting. Under the modified accrual basis of accounting, revenues are recognized whensusceptible to accrual (i.e., when they become both measurable and available). Measurable meansthe amount of the transaction can be determined and available means collectible within the currentperiod or soon enough thereafter to pay liabilities of the current period. The Clerk considers allrevenues available if they are collected within 60 days after the fiscal year end. Expenditures arerecorded when the related fund liability is incurred, except for interest and principal payments ongeneral long-term debt which is recognized when due, and certain compensated absences andclaims and judgments which are recognized when the obligations are expected to be liquidated withexpendable available financial resources. The governmental funds use the following practices inrecording revenues and expenditures:

Recordings, cancellations, court attendance, criminal costs, and other fees and charges arerecorded in the year they are earned.

All other revenues are recorded when received.

"RypRniti turns

Expenditures are generally recognized under the accrual basis of accounting when therelated fund liability is incurred.

Government-Wide Financial Statements (GWFS)

The column labeled Statement of Net Assets (Statement A) and the column labeled Statement ofActivities (Statement B) display information about the Clerk as a whole. These statements includeall the financial activities of the Clerk, information contained in these columns reflects theeconomic resources measurement focus and the accrual basis of accounting. Revenues, expenses,gains, losses, assets and liabilities resulting from exchange or exchange-like transactions arerecognized when the exchange occurs (regardless of when cash is received or disbursed).Revenues, expenses, gains, losses, assets and liabilities resulting from nonexchange transactions arerecognized in accordance with the requirements of GASB Statement No. 33, Accounting andFinancial Reporting for Nonexchange Transactions.

Program Revenues - Program revenues included in the column labeled Statement of Activities(Statement B) are derived directly from Clerk of Court users as a fee for services; program revenuesreduce the cost of the function to be financed from the Clerk's general revenues.

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Rnriget

Annually, the Clerk of Court adopts a budget for the General Fund. The budget is prepared on themodified accrual basis of accounting. All appropriations contained in the budget lapse at year end.

Formal budget integration (within the accounting records) is employed as a management controldevice. Budgeted amounts included in the accompanying financial statements include the originaladopted budget and all subsequent amendments.

The proposed budget for the 2006 fiscal year was made available for public inspection at the Clerk'soffice on May 23, 2005. The proposed budget prepared on the modified accrual basis ofaccounting, was published in the official journal 10 days prior to the public hearing. The budgethearing was held at the clerk's office on June 9, 2005.

Pasti and Pash "P

Under state law, the Clerk of Court may deposit funds within a fiscal agent bank organized underthe laws of the State of Louisiana, the laws of any other state in the union, or the laws of the UnitedStates. The Clerk may invest in United States bonds, treasury notes, or certificates and timedeposits of state banks organized under Louisiana law and national banks having principal officesin Louisiana.

Var.fltinn and Sirlr T .enve

The Clerk of Court's office has the following policy relating to vacation and sick leave: Employeesof the Clerk of Court's office earn from one to three weeks of vacation leave each year dependingon the length of service. Unused vacation leave is forfeited at the end of each fiscal year. Inaddition, employees earn 10 days of sick leave each year of which a maximum of 10 days may becarried forward to the next year. Because unused sick leave is forfeited upon termination, noaccrual for unused sick is necessary.

Assets

Capital assets are capitalized at historical cost. Donated assets are recorded as capital assets at theirestnnated fair market value at the date of donation. The Clerk maintains a threshold level of $500or more for capitalizing capital assets.

17


Capital assets are recorded in the Statement of Net Assets and Statement of Activities. Sincesurplus assets are sold for an immaterial amount when declared as no longer needed for publicpurposes, no salvage value is taken into consideration for depreciation purposes. All capital assets,other than land, are depreciated using the straight-line method over useful lives ranging from five totwenty years.

Fund "Rqirity

In the fund financial statements, governmental funds report reservations of fund balance foramounts that are not available for appropriation or are legally restricted by outside parties for usefor a specific purpose. Any designations of fund balance represent tentative management plans thatare subject to change.

The preparation of financial statements hi conformity with generally accepted accounting principlesrequires management to make estimates and assumptions that affect certain reported amounts anddisclosures. Accordingly, actual results could differ from those estimates.

C. CASH AND CASH EQUIVALENTS

At June 30, 2006, the Clerk of Court has cash and cash equivalents (book balances) totaling$1,254,094 as follows:

Demand AccountsLouisiana Asset Management PoolTotal General Fund AccountsAgency Fund Accounts:

Savings AccountsDemand AccountsCertificate of DepositInterest Bearing Demand Accounts

Total Agency Fund Accounts

Total Cash Balances

130,311177,092307,403

320,5931,839

100,000524,259946,691

$ 1,254,094

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These deposits are stated at cost which approximates market. Under state law, these deposits (orthe resulting bank balances) must be secured by federal deposit insurance or the pledge of securitiesowned by the fiscal agent bank. Hie market value of the pledged securities plus the federal depositinsurance must at all times equal the amount on deposit with the fiscal agent. These securities areheld in the name of the pledging fiscal agent bank in a holding or custodial bank that is mutuallyacceptable to both parties. Cash and cash equivalents (bank balances) at June 30,2006 are securedas follows:

2006

Bank Balances S 1,303,555

Federal Deposit Insurance 300,000Pledged Securities (Uncollateralized) 1,003,555

Total S 1,303,555

Even though the pledged securities are considered Uncollateralized under the provisions of GASBStatement 3, Louisiana Revised Statute 39:1229 imposes a statutory requirement on the custodialbank to advertise and sell the pledged securities within 10 days of being notified by the Clerk thatthe fiscal agent has failed to pay deposited funds upon demand.

The Clerk participates in the Louisiana Asset Management Pool (LAMP) which is administered byLouisiana Asset Management Pool, Incorporated, a nonprofit corporation formed under theprovisions of Louisiana Revised Statute 12:22. The Treasurer of the state of Louisiana is thePresident of the corporation. Other board members are elected annually by the participants of thePool. Because the pool invests only in short term highly liquid securities and the fund as a wholehas a weighted average maturity of less than 90 days, the Clerk's investment in the pool has beenclassified as a cash equivalent. The fair value of the Clerk's position in the pool is the same as thevalue of the pool shares. The separately issued financial statements of the Louisiana AssetManagement Pool may be obtained from LAMP'S offices at 228 St. Charles Avenue, Suite 1123,New Orleans, Louisiana 70130.

All of the investments of LAMP are registered in the name of LAMP and are held in the custodialbank's trust account at the Federal Reserve. Because the investment in LAMP is in a pool of fundsand therefore not evidenced by securities in physical or book entry form, the balance is notcategorized in one of the three risk categories provided by GASB.

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D. CHANGES IN CAPITAL ASSETS

A summary of changes in general fixed assets for the year ended June 30, 2006, follows:

Balance BalanceJuly 1,2005 Additions Deletions June 30,2006

Equipment $ 381,577 $ 1,750 $ - $ 383,327Less Depreciation 182,010 47,243 -__ 229,253Net Capital Assets 199,567 S (45,493) $ - $ 154,074

E. PENSION PLAN

Substantially all employees of the Assumption Parish Clerk of Court are members of the LouisianaClerks of Court Retirement and Relief Fund ("System"), a cost sharing, multiple-employer definedbenefit pension plan controlled and administered by a separate board of trustees.

All regular employees under the age of 60 at the time of original employment are required toparticipate in the System. Employees who retire at or after age 55 with at least 12 years of creditedservice are entitled to a retirement benefit, payable monthly for life, equal to 3 per cent of theirfinal-average salary for each year of credited service not to exceed 100 per cent of their final-average salary. Final-average salary is the employee's average salary over the 36 consecutive orjoined months that produce the highest average. Employees who terminate with at least 12 years ofservice and do not withdraw then: employee contributions may retire at or after age 55 and receivethe benefit accrued to then* date of termination. The System also provides death and disabilitybenefits. Benefits are established by state statute.

The System issues an annual publicly available financial report that includes financial statementsand required supplementary information for the System. That report may be obtained by writing tothe Louisiana Clerks of Court Retirement and Relief Fund, 11745 Bricksome Avenue, Suite Bl,Baton Rouge, LA 70816, or by calling (225) 293-1162.

Plan members are required by state statute to contribute 8.25 percent of then* annual covered salaryand the Assumption Parish Clerk of Court is required to contribute at an actuarially determined rate.The current rate is 15.75 percent of annual covered payroll. On July 1, 2000, the AssumptionParish Clerk of Court began making the contributions for its plan members' in addition to itsactuarially determined contributions bringing the total contribution to 24.00 percent of annualcovered payroll. Contributions to the System also include one-fourth of one percent of the taxesshown to be collectible by the tax rolls of each parish. The contribution requirements of plan

20


members and the Assumption Parish Clerk of Court are established and may be amended by statestatute. As provided by Louisiana Revised Statute 11:103, the employer contributions aredetermined by actuarial valuation and are subject to change each year based on the results of thevaluation for the prior fiscal year. The Assumption Parish Clerk of Court's contributions to theSystem for the years ending June 30, 2006, 2005, and 2004S were $73,641, 567,036, $51,091,respectively, equal to the required contributions for each year.

F. CHANGES IN AGENCY FUND BALANCES

The following is a summary of changes in agency fund unsettled deposits for the year ended June30,2006:

Advance depositsRegistry of Court

Total

UnsettledDeposits

June 30, 2005$ 635,779

331,916

Additions$ 423,761

25,970

Reductions$ (439,964)

(35,454)

UnsettledDeposits

June 30, 2006$ 619,576

322,432

$ 967,695 $ 449,731 $ (475,418) $ 942,008

G. POST RETIREMENT BENEFITS

The Assumption Parish Clerk of Court provides certain continuing health care and life insurancebenefits for retired employees. Substantially all of the Clerk's employees become eligible for thesebenefits if they reach normal retirement age while working for the Clerk of Court. These benefitsfor retirees are provided through an insurance company whose monthly premiums are paid half bythe employee and half by the Cleric of Court. For the year ended June 30, 2006, the Clerk paid$2,926 as its portion of retirees insurance for two retired employees.

H. DEFERRED COMPENSATION

All of the employees of the Assumption Parish Clerk of Court are eligible to participate in the Stateof Louisiana deferred compensation plan. Employees may contribute up to 25% of their salary (notto exceed $15,000 a year) to the plan on a pre-tax basis. The contributions are withheld from theemployees' paycheck and the Clerk matches up to 10% of the employees' salary. The contributionsare fully vested immediately and are remitted to a third-party administrator each payday, where theyare deposited to an account in the employee's name. The Assumption Parish Clerk of Court doesnot assume any liability for the funds and does not have any control over the funds once they areremitted to the third-party administrator. During the year ended June 30, 2006 the employeesdeferred and the Clerk matched $14,055.

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I. EXPENSES PAID BY POLICE JURY

State statutes require the police jury to pay for certain operating expenditures of the Clerk's office.These expenditures include providing the Clerk with office space and paying for the utilities of theClerk's office. The value of these expenditures paid by die police jury cannot be reasonablyestimated and have not been included in the accompanying financial statements.

J. RISK MANAGEMENT

The Clerk carries commercial insurance for all major categories of risk including workers'compensation, general liability, and automobile liability. There have been no significant reductionsin insurance coverage for the current year. Settlement amounts have not exceeded insurancecoverage for the current year or the three prior years.

K. LITIGATION

The Clerk is involved in one lawsuit which is in the very early stages of the litigation process. Theamount of the potential loss if any is not currently estimable.

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REQUIRED SUPPLEMENTAL INFORMATION

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ASSUMPTION PARISH CLERK OFCOURTGOVERNMENTAL FUND - GENERAL FUNDSCHEDULE REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCE -BUDGET (GAAP BASIS) AND ACTUAL

FOR THE YEAR ENDED JUNE 30,2006

T3F.VRMTTRS

Court costs, fees and charges

Fees for recording legal documents

Fees for copies

Interest earnedMiscellaneous

Total Revenues

Personal services andrelated benefits

Materials and suppliesOperating servicesCapital outlayTravel and other charges

Total Expenditures

EXCESS (DEFICIT) OF REVENUESOVER EXPENDITURES

FUND BALANCE ATBEGINNING OF YEAR.

FUND BALANCE ATEND OF YEAR


BudgetOriginal

$ 360,000

210,000

60,000

30,00028,000

688,000

490,00060,000

110,00020,000

8,000688,000

-

382,214

S 382,214

Final

$ 310,000

205,000

60,000

25,00025S000

625,000

490,00030,00090,0005,000

10,000625,000

-

382,214

$ 382,214

Actual

$ 309,306

201,012

57,589

34,04232,090

634,039

495,16326,91979,983

1,7508,209

612,024

22,015

382,214

$ 404,229

Variance-Favorable

(Unfavorable)

$(694)

(3,988)

(2,411)9,0427,0909,039

(5,163)3,081

10,0173,2501,791

12,976

22,015

S 22,015

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OTHER REPORTS REQUIRED BY

GOVERNMENT AUDITING STANDARDS

The following pages contain reports on internal control structure and compliance with laws andregulations required by nnvRrnmRnt Auditing Standards, issued by the Comptroller General of theUnited States. The report on internal control structure is based solely on the audit of the financialstatements and includes, where appropriate, any reportable conditions and/or material weaknesses.The report on compliance with laws and regulations is, likewise, based solely on the audit of thepresented financial statements and presents, where applicable, compliance matters that would bematerial to the presented financial statements.

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DEAN AND DEAN CERTIFIED PUBLIC ACCOUNTANTS11909 BRJCKSOME AVE., SUITE WlBATON ROUGE, LOUISIANA 70816TELEPHONE: (225)292-7554FAX: (225)292-7525

Donald A. Dean, CPADavid P. Denn, CPA

Independent Auditor's Report on Compliance and on InternalControl Over Financial Reporting Based on an Audit of

Financial Statements Performed in Accordancewith Government Auditing Standards

December 20, 2006

Honorable Darlene LandryAssumption Parish Clerk of CourtNapoleonville, Louisiana

We have audited the accompanying financial statements of the Assumption Parish Clerk of Courtas of June 30, 2006, and for the year then ended and have issued our report thereon dated December20, 2006. We conducted our audit in accordance with generally accepted auditing standards and thestandards applicable to financial audits contained in rinvRrnmftnt Auditing Standards, issued by theComptroller General of the United States.

As part of obtaining reasonable assurance about whether the financial statements are free ofmaterial misstatement, we performed tests of the Clerk's compliance with certain provisions oflaws, regulations, contracts and grants, noncompliance with which could have a direct and materialeffect on the determination of financial statement amounts. However, providing an opinion oncompliance with those provisions was not an objective of our audit and, accordingly, we do notexpress such an opinion. The results of our tests disclosed no instances of noncompliance that arerequired to be reported under Government Auditing Standards.

Internal Tonfrnl Over Finanm'al

In planning and performing our audit, we considered the Assumption Cleric of Court's internalcontrol over financial reporting in order to determine our auditing procedures for the purpose ofexpressing our opinion on the financial statements and not to provide assurance on the internalcontrol over financial reporting. Our consideration of the internal control over financial reportingwould not necessarily disclose all matters in the internal control over financial reporting that mightbe material weaknesses.

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Honorable Darlene LandryDecember 20,2006

A material weakness is a condition in which the design or operation of one or more of the internalcontrol components does not reduce to a relatively low level the risk that misstatements in amountsthat would be material in relation to the financial statements being audited may occur and not bedetected within a timely period by employees in the normal course of performing their assignedfunctions. We noted no matters involving the internal control over financial reporting and itsoperation that we consider to be material weaknesses.

This report is intended for the Clerk, management, and the Louisiana Legislative Auditor.However, this report is a matter of public record and its distribution is not limited.

Respectfully submitted,

. and Dean, CPAs

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assumption parish clerk of courtapp1.lla.state.la.us/publicreports.nsf/6a0da0a...we have audited the...

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