city of youngsville - louisiana...20c8dec-9 ah id-38 city of youngsville, louisiana financial report...

20C8DEC-9 AH ID-38

CITY OF YOUNGSVILLE, LOUISIANA

Financial Report

Year Ended June 30, 2008

Under provisions of state law, this report is a publicdocument. Acopy 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

C. Burton Kolder, CPA*Russell F. Champagne. CPA"Victor R. Slaven, CPA'P.TroyCourville. CPA-Gerald A. ThibPdeaux, Jr..CPA*Robert S. Carter, CPA*Arthur R. Mixon, CPA*

KOLDER, CHAMPAGNE, SLAVEN & COMPANY, LLC

Tynes E. Mixon, Jr., CPAAllen J. LaBry. CPAAlbert R. Leger, CPA.PFS.CSA*Penny Angelle Scruggins, CPAChristine L. Cousin, CPAMary T. Thlbodeaux. CPAMarshall W. Guidry, CPAAlan M. Taylor, CPAJames R. Roy, CPARobert J. Metz, CPAKelly M. Doucet. CPACheryl L. Bartley. CPA, CVAMandy B. Self, CPAPaul L. Delcambre, Jr. CPAWanda F. Arcement, CPAKristin B. Dauzat, CPARichard R. Anderson Sr., CPACarolyn C. Anderson. CPA

Retired:Conrad 0. Chapman, CPA* 2006Harry J. Clostio. CPA 2007

* A Pmfpiwinnal Arrniirrtiim Itnmnratinn

CERTIFIED PUBLIC ACCOUNTANTS

P.O. Box 82329Lafayette, LA 70598

Phone (337) 232-4141Fax (337) 232-8660

MANAGEMENT LETTER

OFFICES

183 South Beadle Rd.Lafayelte. LA 70508Phone (337) 232-4141Fax (337) 232-B660

450 East Main StreetNew Iberia, LA 70560

Phone (337) 367-9204Fax (337) 367-920B

113 East Bridge St. 200 South Main StreetBreaux Bridge. LA 70517 Abbeville, LA 70510Phone (337) 332-4020 Phone (337) 893-7944Fax (337) 332-2867 Fax (337) 893-7946

1234 David Dr. Ste 203Morgan City, LA 703BOPhone (985) 384-2020Fax (985) 384-3020

408 West Cotton StreetVille Ptatte, LA 70586Phone (337) 363-2792Fax (337) 363-3049

332 West Sixth AvenueOberiin, LA 70655Phone (337) 639-4737Fax (337) 639-4568

1013 Main StreetFranklin. LA 70538

Phone (337) 828-0272Fax (337) 828-0290

133EastWaddilSt.Marksville LA 71351

Phone (318) 253-9252Fax (318)253-8681

621 Main StreetPineville, LA71360

Phone (318) 442-4421Fax (318)442-9833

WEB SITE;WWW. KCSRCPAS. COM

The Honorable Wilson Viator, Mayorand Members of the Board of Aldermen

City of Youngsville, Louisiana

During our audit of the basic financial statements of the City of Youngsville for the year ended June 30,2008, we noted the following areas in which the efficiency and effectiveness of the operations of the City couldbe improved. These recommendations were also included in our management letter dated September 10, 2007relative to our audit of the June 30, 2007 basic financial statements and is mentioned again for re-emphasis.

1. The City should maintain a monthly customer meter deposit listing whichshould be properly recorded and agreed to the general ledger.

2. City personnel should agree all balance sheet accounts in each fund tosupporting documentation (schedules, subsidiary ledgers, etc.) on a monthlybasis. Performance of this procedure will allow for correct recordation andreporting of revenues and expenditures/expenses and will ensure accuratemonthly financial statements.

We would like to express our appreciation to you and your staff, particularly your office staff, for thecourtesies and assistance rendered to us in the performance of our audit. Should you have any questions or needassistance please feel free to contact us.

Kolder, Champagne, Slaven & Company, LLCCertified Public Accountants

Lafayette, LouisianaOctober 7, 2008

Member of:AMERICAN INSTITUTE OFCERTIFIED PUBLIC ACCOUNTANTS

Member of:SOCIETY OF LOUISIANA


TABLE OF CONTENTS

Page

Independent Auditors' Report 1-2

BASIC FINANCIAL STATEMENTS

GOVERNMENT-WIDE FINANCIAL STATEMENTS (GWFS)Statement of net assets 5Statement of activities 6

FUND FINANCIAL STATEMENTS (FFS)Balance sheet - governmental funds 9Reconciliation of the governmental funds balance sheet

to the statement of net assets 10Statement of revenues, expenditures, and changes in fund balances-

governmental funds 11Reconciliation of the statement of revenues, expenditures, and

changes in fund balances of governmental funds to the statement of activities 12Statement of net assets - proprietary fund 13Statement of revenues, expenses, and changes in fund net

assets - proprietary fund 14Statement of cash flows - proprietary fund 15-16

Notes to basic financial statements 17-38

REQUIRED SUPPLEMENTARY INFORMATIONBudgetary comparison schedules:

General Fund 401968 Sales Tax Special Revenue Fund 411981 Sales Tax Special Revenue Fund 421999 Sales Tax Special Revenue Fund 43

OTHER SUPPLEMENTARY INFORMATION

Statement of net assets - compared to prior year totals 45General and Special Revenue Funds - comparative balance sheet 46

Major Governmental Funds - Detail budgetary comparison schedulescompared to actual for prior year:

General Fund - budgetary comparison schedule - revenues 47General Fund - budgetary comparison schedule- expenditures 48-491981 Sales Tax Fund - budgetary comparison schedule - expenditures 50

(continued)

TABLE OF CONTENTS (continued)

Page

Major Governmental Funds - Schedule of revenues, expenditures, and changesin fund balance - budget (GAAP basis) and actual:

General Obligation Bonds Fund 51Chemin Metairie Parkway Construction Fund 52Fire Station Construction Fund 53

Schedule of number of utility customers (unaudited) 54Schedule of insurance in force (unaudited) 55Combined schedule of interest-bearing deposits - all funds 56Comparative statement of net assets - proprietary fund 57Comparative departmental analysis of revenues and expenses 58-59Comparative statement of cash flows - proprietary fund 60-61

INTERNAL CONTROL AND COMPLIANCEReport on Internal Control over Financial Reporting and on

Compliance and Other Matters Based on an Audit ofFinancial Statements Performed in Accordancewith Government Auditing Standards 63-64

Summary schedule of current and prior year audit findingsand corrective action plan 65-66

KOLDER, CHAMPAGNE, SLAVEN & COMPANY, LLCC. Burton Kolder, CPA*Russell F. Champagne, CPA'Victor R. Slaven, CPA'P. TroyCourville. CPA*Gerald A. Thibodeaux, Jr.,CPA*Robert S. Carter, CPA'Arthur R. Mixon, CPA'

CERTIFIED PUBLIC ACCOUNTANTSOFFICES

183 South Beadle Rd.Lafayette, LA 70508Phone (337} 232-4141Fax (337) 232-8660

450 East Wain StreetNew Iberia, LA 70560

Phone (337) 367-9204Fax (337) 367-9208

Tynes E. Mixon, Jr., CPAAllen J.LaBry, CPAAlbert R- Leger, CPA,PFS,CSA*Penny Angelle Scruggins, CPAChristine L. Cousin, CPAMary T. Thibodeaux, CPAMarshall W. Guidry, CPAAlan M. Taylor, CPAJames R. Roy, CPARobert J. Metz, CPAKelly M. Doucet, CPACheryl L. Bartley, CPA, CVAMandy B. Self, CPAPaul L. Delcambre, Jr. CPAWanda F. Arcement, CPAKristin B. Dauzat, CPARichard R. Anderson Sr, CPACarolyn C. Anderson, CPA

113 East Bridge St, 200 South Main StreetBreaux Bridge, LA 70517 Abbeville, LA 70510Phone (337) 332-4020 Phone (337) 893-7944Fax (337) 332-2867 Fax (337) 893-7946

Retired:Conrad 0. Chapman, CPA* 2006Harry J.Clostio, CPA 2007

INDEPENDENT AUDITORS' REPORT

1234 David Dr. Ste 203Morgan City, LA 70380Phone (985) 384-2020Fax (985) 384-3020

408 West Cotton Stree!Ville Platte. LA 70585Phone (337) 363-2792Fax (337) 363-3049

332 West Sixth AvenueOberlin, LA 70655Phone (337) 639-4737Fax (337) 639-4568

1013 Main StreetFranklin, LA 70538

Phone (337) 828-0272Fax (337) 828-0290

133EastWaddilSt.Marksville LA 71351

Phone (318) 253-9252Fax (318) 253-8681

521 Main StreetPineville, LA 71360

Phone (318) 442-4421Fax (318) 442-9833

WEB SITE;WWW .KCSRCPAS .COM

' A Professional Accounting Corporation

The Honorable Wilson Viator, Mayor,and Members of the Board of Aldermen


We have audited the accompanying basic financial statements of the governmental activities, thebusiness-type activities, each major fund, and the aggregate remaining fund information of the City ofYoungsville, Louisiana, as of and for the year ended June 30, 2008, which collectively comprise the City'sbasic financial statements as listed in the table of contents. These financial statements are the responsibilityof the City of Youngsville, Louisiana's management. Our responsibility is to express opinions on thesefinancial statements based on our audit

We conducted our audit in accordance with auditing standards generally accepted in the United Statesof America and the standards applicable to financial audits contained in Government Auditing Standards,issued by the Comptroller General of the United States. Those standards require that we plan and perform theaudit to obtain reasonable assurance about whether the financial statements are free of material misstatement.An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used and significant estimates made bymanagement, as well as evaluating the overall financial statement presentation. We believe that our auditprovides a reasonable basis for our opinions.

In our opinion, the financial statements referred to above present fairly, in all material respects, thefinancial position of the governmental activities, the business-type activities, each major fund, and theaggregate remaining fund information of the City of Youngsville, Louisiana, as of June 30, 2008, and therespective changes in financial position and cash flows, where applicable, thereof for the year then ended inconformity with accounting principles generally accepted in the United States of America.

In accordance with Government Auditing Standards, we have also issued our report dated October 7,2008, on our consideration of the City of Youngsville, Louisiana's internal control over financial reportingand on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreementsand other matters. The purpose of that report is to describe the scope of our testing of internal control overfinancial reporting and compliance and the results of that testing and not to provide an opinion on the internalcontrol over financial reporting or on compliance. That report is an integral part of an audit performed inaccordance with Government Auditing Standards and should be considered in conjunction with this report inconsidering the results of our audit.

Member of:AMERICAN INSTITUTE OFCERTIFIED PUBLIC ACCOUNTANTS



The required supplementary information on pages 40 through 43 is not a required part of the basicfinancial statements but is supplementary information required by the Governmental Accounting StandardsBoard. Such information has been subjected to the auditing procedures applied in the audit of the basicfinancial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financialstatements taken as a whole.

The City of Youngsville has not presented management's discussion and analysis that theGovernmental Accounting Standards Board has determined is necessary to supplement, although not requiredto be part of, the basic financial statements.

Our audit was conducted for the purpose of forming opinions on the financial statements thatcollectively comprise the City of Youngsville, Louisiana's basic financial statements. The othersupplementary information on pages 45 through 61 is presented for purposes of additional analysis and is nota required part of the basic financial statements. All of the supplementary information, except for theschedule of number of utility customers and the schedule of insurance in force, has been subjected to theauditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated inrelation to the basic financial statements taken as a whole. The schedule of number of utility customers andthe schedule of insurance in force have not been subjected to the auditing procedures applied in the audit ofthe basic financial statements and accordingly, we express no opinion on them. The prior year comparativeinformation on the other supplementary information has been derived from the City of Youngsville's 2007financial statements, which was subjected to the auditing procedures applied in the audit of the basic financialstatement and, in our opinion, was fairly presented in all material respects in relation to the basic financialstatements taken as a whole, except for the schedule of number of utility customers, which was not subjectedto the auditing procedures and on which we expressed no opinion.



BASIC FINANCIAL STATEMENTS

GOVERNMENT-WIDEFINANCIAL STATEMENTS (GWFS)


Statement of Net AssetsJune 30, 2008

ASSETSCurrent assets:

Cash and interest-bearing depositsReceivables, netInternal balancesDue from other governmental unitsPrepaid items

Total current assets

Noncurrent assets:Restricted assets:

Cash and interest-bearing depositsCapital assets:

Land and construction in progressCapital assets, net

Total noncurrent assets

Total assets

LIABILITIESCurrent liabilities:

Accounts, salaries and other payablesBonds payableAccrued interest

Total current liabilities

Noncurrent liabilities:Customers' depositsBonds payable

Total noncurrent liabilities

Total liabilities

NET ASSETSInvested in capital assets, net of related debtRestricted for debt serviceUnrestricted

Total net assets

The accompanying notes are an integral part of the basic financial statements.

5

2008Governmental

Activities

$ 2,375,431217,477

1,361,163926,644

25,943

4,906,658

976,779

7,995,1303,165,407

12,137,316

17,043,974

2,036,372168,00032,846

2,237,218

2,989,498

2,989,498

5,226,716

9,452,53752,812

2,311,909

$11,817,258

Business-TypeActivities

$ 1,021,457278,219

(1,361,163)-

41,880

(19,607)

519,847

452,1118,587,522

9,559,480

9,539,873

131,743175,635

13,723

321,101

130,4952,052,365

2,182,860

2,503,961

5,539,349137,329

1,298,148

$ 7,035,912

Total

$ 3,396,888495,696

-926,644

67,823

4,887,051

1,496,626

8,447,24111,752,929

21,696,796

26,583,847

2,168,115343,63546,569

2,558,319

130,4955,041,863

5,172,358

7,730,677

14,991,886190,141

3,610,057

$18,853,170

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FUND FINANCIAL STATEMENTS (FFS)

MAJOR FUND DESCRIPTIONS

General Fund

The General Fund is used to account for resources traditionally associated with governments which are not requiredto be accounted for in another fund.

Special Revenue Funds

1968 Sales Tax Fund -

To account for the receipt and use of proceeds of the City's 1968 1 % sales and use tax. The tax is dedicated toconstructing, acquiring, extending, improving and/or maintaining sewers and sewerage disposal works, waterworks,public streets, roads, alleys, sidewalks, and drainage facilities, including the purchase of equipment therefore. The taxproceeds may also be funded into bonds or used to pay any bonded or funded indebtedness of the City incurred forsuch capital purposes, to the extent and in the manner provided by state law.

1981 Sales Tax Fund-

To account for the receipt and use of proceeds of the City's 1981 1% sales and use tax. The tax is dedicated tomaintain the City's law enforcement facilities, including the acquisition of equipment and furnishings therefore, theconstruction and/ or acquisition of buildings to house such facilities, and paying employees' and policemen's salaries.

1999 Sales Tax Fund -To account for the receipt and use of proceeds of the City's 1999 1/2% sales and use tax. Trie tax is dedicated toconstructing, acquiring, improving, maintaining and operating sewers and sewerage disposal works for the City andto be funded into bonds to pay the capital costs thereof to the extent and in the manner permitted by state law.

Debt Service Fund

General Obligation Bonds Fund -To accumulate monies for payment of $225,000 of police station bonds, Series 2003, which are due in annualinstallments, plus interest, through maturity in 2018 and $45,000 of police station bonds, Series 2003, which are duein annual installments, plus interest, through maturity in 2008. Debt service is financed from the collection of theCity's 1981 1% sales tax. The fund is also utilized to accumulate monies for payment of $1,800,000 of sales taxbonds, Series 2003, which are due in annual installments, plus interest, through maturity in 2023. Debt service isfinanced from the collection of the City's 1999 1/2% sales tax.

Capital Projects Fund

Chemin Metairie Parkway Construction Fund -To account for the construction of the Youngsville Parkway using proceeds from grant revenue.

Fire Building Construction Fund -To account for the construction of the Fire Station Building using bond proceeds

Enterprise Fund

Utility Fund -To account for the provision of water, sewerage and sanitation services to residents of the City. All activitiesnecessary to provide such services are accounted for in this fund, including, but not limited to, administration,operations, maintenance, financing and related debt service, and billing and collection.

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Reconciliation of the Governmental Funds Balance Sheetto the Statement of Net Assets

June 30,2008

Total fund balances for governmental funds at June 30, 2008 $ 3,847,065

Total net assets reported for governmental activities in the statement of netassets is different because:

Capital assets used in governmental activities are not financial resourcesand, therefore, are not reported in the funds. Those assets consist of:

Land and construction in progress $7,995,130Buildings, net of $132,503 accumulated depreciation 589,376Infrastructure, net of $617,735 accumulated depreciation 2,282,461Equipment net of $673,856 accumulated depreciation 293,570 11,160,537

Long-term liabilities at June 30, 2008:

Bonds payable (3,157,498)

Accrued interest payable (32,846) (3,190,344)

Total net assets of governmental activities at June 30, 2008 $11,817,258


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Reconciliation of the Statement of Revenues, Expenditures, andChanges in Fund Balances of Governmental Funds

to the Statement of ActivitiesFor the Year Ended June 30, 2008

Total net changes in fund balances at June 30, 2008 perStatement of Revenues, Expenditures and Changes in Fund Balances $ (422,531)

The change in net assets reported for governmental activities in thestatement of activities is different because:

Governmental funds report capital outlays as expenditures. However,in the statement of activities, the cost of those assets is allocated overtheir estimated useful lives and reported as depreciation expense.

Capital outlay which is considered expenditures on Statementof Revenues, Expenditures and Changes in Fund Balances $6,671,886

Depreciation expense for the year ended June 30, 2008 (234,274) 6,437,612

Principal paid on long term debt considered as an expenditure on statement 114,000

Proceeds from bond issuance (500,000)

Governmental funds report the effect of issuance costs when debt is first

issued, whereas these amounts are deferred and amortized in the statement

of activities. This amount represents the issuance costs amortized during the

current year, not reflected as an expenditure in the statement. (1,469)

Difference between interest on long-term debt on modified accrual basis

versus interest on long-term debt on accrual basis (6,941)

Total changes in net assets at June 30, 2008 per Statement of Activities $5,620,671


12


Statement of Net AssetsProprietary Fund

June 30,2008


CashInterest-bearing deposits, at costReceivables:

Accounts receivableUnbilled utility receivablesAccrued interest receivableDue from other fundsPrepaid Items


Noncurrent assets:Restricted assets -

CashInterest -bearing deposits, at cost

Capital assets:Land and construction in progressOther capital assets, net of accumulated depreciation


LIABILITIES

Total assets

Current liabilities:Accounts payableContracts PayableRetainage payableOther liabilitiesDue to other fundsPayable from restricted assets -Revenue bondsAccrued interest


Noncurrent liabilities:Customers' depositsRevenue bonds payable


Total liabilities

NET ASSETSInvested in capital assets, net of related debtRestricted for debt serviceRestricted for water department operationsUnrestricted

Total net assetsThe accompanying notes are an integral part of the basic financial statements.

13

413,035608,422

204,32865,7058,186

604,57541,*

1,946,131

199,421320,426

452,1118,587,522

9,559,480

11,505,611

70,99323,70530,729

6,3161,965,738

175,63513,723

2,286,839

130,4952,052,365

2,182,860

4,469,699

5,539,349137,32961,086

1,298,148

$7,035,912


Statement of Revenues, Expenses, and Changes in Fund Net AssetsProprietary Fund

For the Year Ended June 30, 2008

Operating revenues:Charges for services -

Water salesSewer service chargesSanitation charges

Miscellaneous

Total operating revenues

Operating expenses:Water departmentSewerage departmentSanitation department

Total operating expenses

Operating income

Nonoperating revenues (expenses):Ad valorem taxesInterest incomeInterest expensePaying agent feesAmortization - bond issuance costsAmortization - loss on bond refunding

Total nonoperating revenues (expenses)

Income before contributions and transfers

Capital contributions

Transfers in (out):Transfers inTransfers out

Total transfers in (out)

Change in net assets

Net assets, beginning

Net assets, ending

J 799,127452,533393,867201T276

1,846,803

811,930399,580363,862

1,575,372

271,431

119,89428,464

(100,210)(1,413)(3,180)(5,250)

38,305

309,736

401,477

987,450(800,000)

187,450

898,663

6,137,249

$7,035,912


14


Statement of Cash FlowsProprietary Fund


Cash flows from operating activities:Receipts from customers $ 1,584,350Payments to suppliers (1,009,799)Payments to employees (184,897)Other receipts 201,276

Net cash provided by operating activities 590,930

Cash flows from noncapital financing activities:Cash received from other funds 156,642Transfers from other funds 987,450Transfers to other funds (800,000)

Net cash provided by noncapital financing activities 344,092

Cash flows from capital and related financing activities:Principal paid on revenue bonds payable (164,799)Interest and fiscal charges paid on revenue bonds payable (102,575)Net increase in customer deposits payable 16,182Acquisition of property, plant and equipment (1,146,343)Proceeds from ad valorem taxes 119,894Proceeds from grants 401,477

Net cash used by capital and related financing activities (876,164)

Cash flows from investing activities:Purchase of interest-bearing deposits (539,387)Maturities of interest-bearing deposits 505,361Interest on investments 32,802

Net cash used by investing activities (1,224)

Net increase in cash and cash equivalents 57,634

Cash and cash equivalents, beginning of period 944,283

Cash and cash equivalents, end of period £ 1,001,917

(continued)15


Statement of Cash FlowsProprietary Fund - (Continued)


Reconciliation of operating income to net cash provided byoperating activities:

Operating income $ 271,431

Adjustments to reconcile operating increase to net cash provided byoperating activities:

Depreciation 296,822Changes in current assets and liabilities:

Increase in accounts receivable (58,287)Increase in unbilled utility receivable (2,890)Decrease in due from other governmental units 30,732Decrease in prepaid items 10,470Increase in accounts payable 42,061Increase in other liabilities 591

Net cash provided by operating activities $ 590,930

Reconciliation of cash and cash equivalents per statementof cash flows to the balance sheet:

Cash and cash equivalents, beginning of period -Cash - unrestricted $ 302,145Interest-bearing deposits - unrestricted 469,649Cash - restricted 407,415Interest-bearing deposits - restricted 270,435

Less: Interest-bearing deposits with a maturity over three months (505,361)

Total cash and cash equivalents, beginning of period 944,283

Cash and cash equivalents, end of period -Cash - unrestricted 413,035Interest-bearing deposits - unrestricted 608,422Cash - restricted 199,421Interest-bearing deposits - restricted 320,426

Less: Interest-bearing deposits with a maturity over three months (539,387)

Total cash and cash equivalents, end of period 1,001,917

Net increase $ 57,634


16


Notes to Basic Financial Statements

(1) Summary of Significant Accounting Policies

The accompanying financial statements of the City of Youngsville (City) have been preparedin conformity with generally accepted accounting principles (GAAP) as applied to governmentalunits. GAAP includes all relevant Governmental Accounting Standards Board (GASB)pronouncements. In the government-wide financial statements and the fund financial statements forthe proprietary funds, Financial Accounting Standards Board (FASB) pronouncements andAccounting Principles Board (APB) opinions on or before November 30, 1989, have been appliedunless those pronouncements conflict with or contradict GASB pronouncements, in which case,GASB prevails. The accounting and reporting framework and the more significant accountingpolicies are discussed in subsequent subsections of this note.

A Financial Reporting Entity

The City of Youngsville was incorporated under the provisions of theLawrason Act. The City operates under the Mayor-Board of Aldermen form ofgovernment.

This report includes all funds that are controlled by or dependent on the Cityexecutive and legislative branches (the Mayor and Board of Aldermen). Control byor dependence on the City was determined on the basis of budget adoption, taxingauthority, authority to issue debt, election or appointment of governing body, andother general oversight responsibility.

Based on the foregoing criteria, certain governmental organizations are notpart of the City and are thus excluded from the accompanying financial statements.These organizations include the Youngsville Volunteer Fire Department and theYoungsville Auxiliary Police Department. Although the City does provide facilitiesand some of their financing, no control is exercised over their operations.

B. Basis of Presentation

Government-Wide Financial Statements (GWFS)

The statement of net assets and statement of activities display informationabout the reporting government as a whole. They include all funds of the reportingentity. The statements distinguish between governmental and business-type activities.Governmental activities generally are financed through taxes, intergovernmentalrevenues, and other nonexchange revenues. Business-type activities are financed inwhole or in part by fees charged to external parties for goods or services.

The statement of activities presents a comparison between direct expensesand program revenues for the business-type activities of the City and for eachfunction of the City's governmental activities. Direct expenses are those that arespecifically associated with a program or function and, therefore, are clearlyidentifiable to a particular function. Program revenues include (a) fees, fines, andcharges paid by the recipients of goods or services offered by the programs, and (b)grants and contributions that are restricted to meeting the operational or capitalrequirements of a particular program. Revenues that are not classified as programrevenues, including all taxes, are presented as general revenues.

17


Notes to Basic Financial Statements (Continued)

Fund Financial Statements

The accounts of the City are organized and operated on the basis of funds. Afund is an independent fiscal and accounting entity with a separate set of self-balancing accounts. Fund accounting segregates funds according to their intendedpurpose and is used to aid management in demonstrating compliance with finance-related legal and contractual provisions. The minimum number of funds ismaintained consistent with legal and managerial requirements.

The various funds of the City are classified into two categories:governmental and proprietary. The emphasis on fund financial statements is on majorgovernmental and enterprise funds, each displayed in a separate column. A fund isconsidered major if it is the primary operating fund of the City or meets the followingcriteria:

a. Total assets, liabilities, revenues, or expenditures/expenses of thatindividual governmental or enterprise fund are at least 10 percent ofthe corresponding total for all funds of that category or type: and

b. Total assets, liabilities, revenues, or expenditures/expenses of theindividual governmental or enterprise fund are at least 5 percent ofthe corresponding total for all governmental and enterprise fundscombined.

The major funds of the City are described below:

Governmental Funds -

General Fund

The General Fund is the general operating fund of the City. It is used toaccount for all financial resources except those required to be accounted for inanother fund.

Special Revenue Funds

1968 Sales Tax Fund -

The 1968 Sales Tax Fund is used to account for the proceeds of a one percentsales and use tax that is legally restricted to expenditures for specific purposes.

1981 Sales Tax Fund-

The 1981 Sales Tax Fund is used to account for the proceeds of a one percentsales and use tax that is legally restricted to expenditures for specific purposes.

1999 Sales Tax Fund -The 1999 Sales Tax Fund is used to account for the proceeds of a half

percent sales and use tax that is legally restricted to expenditures for specificpurposes.

18



Debt Service Fund - General Obligation Bonds Fund -

The General Obligation Bonds Fund is used to accumulate monies forpayment of the City's general obligation bonds, which are being financed by the 1981and 1999 sales tax revenues.

Capital Projects Funds

Chemin Metairie Parkway Construction Fund -

The Youngsville Parkway Construction is used to account for the constructionof the Youngsville Parkway using proceeds from grant revenue.

Fire Building Construction Fund -

The Fire Building Construction Fund is used to account for the construction ofthe Fire Station Building using bond proceeds.

Proprietary Fund -

Enterprise Fund

Enterprise funds are used to account for operations (a) that are financed andoperated in a manner similar to private business enterprises - where the intent of thegoverning body is that the costs (expenses, including depreciation) of providinggoods or services to the general public on a continuing basis be financed or recoveredprimarily through user charges; or (b) where the governing body has decided thatperiodic determination of revenues earned, expenses incurred, and/or net income isappropriate for capital maintenance, public policy, management control,accountability, or other purposes. The City of Youngsville's enterprise fund is theUtility Fund.

C. Measurement Focus/Basis of Accounting

Measurement focus is a term used to describe "which" transactions arerecorded within the various financial statements. Basis of accounting refers to"when" transactions are recorded regardless of the measurement focus applied.

Measurement Focus

On the government-wide statement of net assets and the statement ofactivities, both governmental and business-type activities are presented using theeconomic resources measurement focus as defined in item b. below.

In the fund financial statements, the "current financial resources"measurement focus or the "economic resources" measurement focus is used asappropriate:

i19



a. All governmental funds utilize a "current financial resources"measurement focus. Only current financial assets and liabilities aregenerally included on their balance sheets. Their operatingstatements present sources and uses of available spendable financialresources during a given period. These funds use fund balance astheir measure of available spendable financial resources at the end ofthe period.

b. The proprietary fund utilizes an "economic resources" measurementfocus. The accounting objectives of this measurement focus are thedetermination of operating income, changes in net assets (or costrecovery), financial position, and cash flows. All assets and liabilities(whether current or noncurrent) associated with their activities arereported. Proprietary fund equity is classified as net assets.

Basis of Accounting

In the government-wide statement of net assets and statement of activities,both governmental and business-type activities are presented using the accrual basisof accounting. Under the accrual basis of accounting, revenues are recognized whenearned and expenses are recorded when the liability is incurred or economic assetused. Revenues, expenses, gains, losses, assets, and liabilities resulting fromexchange and exchange-like transactions are recognized when the exchange takesplace. Revenues, expenses, gains, losses, assets, and liabilities resulting fromnonexchange transactions are recognized in accordance with the requirements ofGASB Statement No. 33 "Accounting and Financial Reporting for NonexchangeTransactions."

Governmental fund financial statements are reported using the currentfinancial resources measurement focus and the modified accrual basis of accounting.Revenues are recognized as soon as they are both measurable and available.Revenues are considered to be available when they are collectible within the currentperiod or soon enough thereafter to pay liabilities of the current period. For thispurpose, the government considers revenues to be available if they are collectedwithin 60 days of the end of the current fiscal period. Expenditures (including capitaloutlay) generally are recorded when a liability is incurred, as under accrualaccounting. However, debt service expenditures are recorded only when payment isdue.

The proprietary fund utilizes the accrual basis of accounting. Under theaccrual basis of accounting, revenues are recognized when earned and expenses arerecorded when the liability is incurred or economic asset used.

20



D. Assets, Liabilities and Equity

Cash and interest-bearing deposits

For purposes of the statement of net assets, cash and interest-bearing depositsinclude all demand accounts, savings accounts, and certificates of deposits of theCity. For the purpose of the proprietary fund statement of cash flows, "cash and cashequivalents" include all demand and savings accounts, and certificates of deposit orshort-term investments with an original maturity of three months or less.

Interfund receivables and payables

During the course of operations, numerous transactions occur betweenindividual funds that may result in amounts owed between funds. Those related togoods and services type transactions are classified as "due to and from other funds."Short-term interfund loans are reported as "interfund receivables and payables."Long-term interfund loans (noncurrent portion) are reported as "advances from and toother funds." Interfund receivables and payables between funds within governmentalactivities are eliminated in the statement of net assets.

Receivables

In the government-wide statements, receivables consist of all revenuesearned at year-end and not yet received. Major receivable balances for thegovernmental activities include sales and use taxes and franchise taxes. Business-typeactivities report customer's utility service receivables as their major receivables.Uncollectible utility service receivables are recognized as bad debts at the timeinformation becomes available which would indicate the uncollectibility of theparticular receivable. Although the specific charge-off method is not in conformitywith generally accepted accounting principles (GAAP), no allowance foruncollectible receivables is recorded due to immateriality at June 30, 2008. Unbilledutility service receivables resulting from utility services rendered between the date ofmeter reading and billing and the end of the month, are recorded at year end.

Capital Assets

Capital assets, which include property, plant, equipment, and infrastructureassets are reported in the applicable governmental or business-type activities columnsin the government-wide or financial statements. Capital assets are capitalized athistorical cost or estimated cost if historical is not available. Donated assets arerecorded as capital assets at their estimated fair market value at the date of donation.The City maintains a threshold level of $1,000 or more for capitalizing capital assets.

The costs of normal maintenance and repairs that do not add to the value ofthe asset or materially extend assets lives are not capitalized. Prior to July 1, 2001,governmental funds' infrastructure assets were not capitalized. These assets havebeen valued at estimated historical cost.

21



Depreciation of all exhaustible capital assets is recorded as an allocatedexpense in the statement of activities, with accumulated depreciation reflected in thestatement of net assets. Depreciation is provided over the assets' estimated usefullives using the straight-line method of depreciation. The range of estimated usefullives by type of asset is as follows:

Buildings 40 yearsEquipment 5 yearsUtility system and improvements 20-40 yearsInfrastructure 20 years

In the fund financial statements, capital assets used in governmental fundoperations are accounted for as capital outlay expenditures of the governmental fundupon acquisition. Capital assets used in proprietary fund operations are accounted forthe same as in the government-wide statements.

Restricted Assets

Restricted assets include cash and interest-bearing deposits of the proprietaryfund that are legally restricted as to their use. The restricted assets are related to therevenue bond accounts and utility meter deposits.

Long-term debt

The accounting treatment of long-term debt depends on whether the assetsare used in governmental fund operations or proprietary fund operations and whetherthey are reported in the government-wide or fund financial statements.

All long-term debt to be repaid from governmental and business-typeresources are reported as liabilities in the government-wide statements. The long-term debt consists primarily of the revenue bonds payable and utility meter depositspayable.

Long-term debt for governmental funds is not reported as liabilities in thefund financial statements. The debt proceeds are reported as other financing sourcesand payment of principle and interest reported as expenditures. The accounting forproprietary fund long-term debt is the same in the fund statements as it is in thegovernment-wide statements.

Compensated Absences

Vacation and sick leave are recorded as expenditures of the period in whichpaid. Vacation must be taken in the year accrued and cannot be carried over. Sickleave is accumulated by employees at a rate dependent upon number of years ofemployment. Although sick leave is available for employees when needed, it doesnot vest nor is it payable at termination of employment. Therefore, no liability hasbeen recorded in the accounts as of June 30, 2008.

22



Equity Classifications

In the government-wide statements, equity is classified as net assets anddisplayed in three components:

a. Invested in capital assets, net of related debt - Consists of capitalassets including restricted capital assets, net of accumulateddepreciation and reduced by the outstanding balances of any bonds,mortgages, notes, or other borrowings that are attributable to theacquisition, construction, or improvement of those assets.

b. Restricted net assets - Consists of net assets with constraints placedon the use either by (1) external groups such as creditors, grantors,contributors, or laws or regulations of other governments; or (2) lawthrough constitutional provisions or enabling legislation.

c. Unrestricted net assets - All other net assets that do not meet thedefinition of "restricted" or "invested in capital assets, net of relateddebt."

In the fund statements, governmental fund equity is classified as fundbalance. Fund balance is further classified as reserved and unreserved, withunreserved further split between designated and undesignated. Proprietary fundequity is classified the same as in the government-wide statements.

E. Revenues. Expenditures, and Expenses

Operating Revenues and Expenses

Operating revenues and expenses for proprietary funds are those that resultfrom providing services and producing and delivering goods and/or services. It alsoincludes all revenue and expenses not related to capital and related financing,noncapital financing, or investing activities.

Expenditures/Expenses

In the government-wide financial statements, expenses are classified byfunction for both governmental and business-type activities.

In the fund financial statements, expenditures are classified as follows:

Governmental Funds - By CharacterProprietary Fund - By Operating and Nonoperating

In the fund financial statements, governmental funds report expenditures offinancial resources. Proprietary funds report expenses relating to use of economicresources.

23



Interfund Transfers

Permanent reallocations of resources between funds of the reporting entityare classified as interfund transfers. For the purposes of the statement of activities,all interfund transfers between individual governmental funds have been eliminated.

F. Revenue Restrictions

The City has various restrictions placed over certain revenue sources fromstate or local requirements. The primary restricted revenue sources include:

Revenue Source Legal Restrictions of Use

Sales Tax See Note 3Water and Sewer Revenue Debt Service and Utility Operations

The City uses unrestricted resources only when restricted resources are fullydepleted.

G. Budget and Budgetary Accounting

The City follows these procedures in establishing the budgetary datareflected in the financial statements:

1. Prior to June 15, the City Clerk submits to the Mayor and Board ofAldermen a proposed operating budget for the fiscal year commencingthe following July 1.

2. A summary of the proposed budget is published and the public notifiedthat the proposed budget is available for public inspection. At the sametime, a public hearing is called.

3. A public hearing is held on the proposed budget at least ten days afterpublication of the call for the hearing.

4. After the holding of the public hearing and completion of all actionnecessary to finalize and implement the budget, the budget is adoptedthrough passage of a resolution prior to the commencement of the fiscalyear for which the budget is being adopted.

5. Budgetary amendments involving the transfer of funds from onedepartment, program or function to another or involving increases inexpenditures resulting from revenues exceeding amounts estimatedrequire the approval of the Board of Aldermen.

6. All budgetary appropriations lapse at the end of each fiscal year.

24



7. Budgets for all funds are adopted on a basis consistent with generallyaccepted accounting principles (GAAP). Budgeted amounts are asoriginally adopted or as amended by the Board of Aldermen. Suchamendments were not material in relation to the original appropriations.

H. Capitalization of Interest Expense

It is the policy of the City of Youngsville to capitalize material amounts ofinterest resulting from borrowings in the course of the construction of capital assets.At June 30, 2008, there were no borrowing for assets under construction and nocapitalized interest expense was recorded on the books.

I. Bond Discount and Bond Issue Costs

Bond discount and bond issue costs are being amortized by the straight-linemethod over the life of the related bond.

J. Use of Estimates

The preparation of financial statements in conformity with generallyaccepted accounting principles requires management to make estimates andassumptions that affect the reported amounts of assets and liabilities and disclosure ofcontingent assets and liabilities at the date of the financial statements and the reportedamounts of revenues and expenditures during the reporting period. Actual resultscould differ from those estimates.

(2) Ad Valorem Taxes

Ad valorem taxes attach as an enforceable lien on property as of January 1 of each year. Thetaxes are based on assessed values determined by the Tax Assessor of Lafayette Parish and arecollected by the Sheriff. Taxes were billed to taxpayers by the Assessor in November and are due byDecember 31, becoming delinquent on January 1 of the following year. City property tax revenuesare budgeted in the year billed.

For the year ended June 30, 2008, taxes of 11.68 mills were levied on properly with assessedvaluations totaling $39,969,421 and were dedicated for general corporate purposes (3.82 mills), fireprotection (4.86 mills), and water services (3 mills).

Gross taxes levied for the current fiscal year totaled $466,842. The taxes are remitted to theCity net of deductions for Pension Fund contributions.

25



(3) Sales and Use Tax

A. Proceeds of a 1 percent sales and use tax (accounted for in the 1968 SalesTax Fund - a special revenue fund) levied by the City of Youngsville (2008collections $1,071,110) are dedicated to the following purposes:

Constructing, acquiring, extending, improving and/or maintainingsewers and sewerage disposal works, waterworks, public streets, roads,alleys, sidewalks, and drainage facilities, including the purchase ofequipment therefore. The tax proceeds may also be funded into bonds orused to pay any bonded or funded indebtedness of the City incurred for suchcapital purposes, to the extent and in the manner provided by state law. Asof June 30, 2008, the net sales tax proceeds are dedicated to paying theCity's $210,000 Sewer Utility Revenue bonds dated May 4, 1979 and$770,000 Water Utility Bonds dated March 1, 2004.

B. Proceeds of a 1% sales and use tax levied by the City of Youngsville (accounted forin the 1981 Sales Tax Fund - a special revenue fund) levied by the City ofYoungsville (2008 collections $1,071,110) are dedicated to the following purposes:

Providing funds to maintain the City's police force and lawenforcement facilities, including the acquisition of equipment andfurnishings therefore, the construction and/or acquisition of buildings tohouse such facilities and paying employees' and policemen's salaries.

C. Proceeds of a 1/2% percent sales and use tax (accounted for in the 1999 SalesTax Fund - a special revenue fund) levied by the City of Youngsville (2008 collections$535,555) beginning September 1, 2000 are dedicated to the following purposes:

Constructing, acquiring, improving, maintaining and operating sewersand sewerage disposal works for the City, and to be funded into bonds topay the capital costs thereof, to the extent and in the manner provided bystate law. As of June 30, 2008, the net sales tax proceeds are dedicated topaying the City's $1.8 million Sales Tax Bonds dated October 9, 2003.

(4) Cash and Interest-Bearing Deposits

Under state law, the City may deposit funds within a fiscal agent bank organized under thelaws of the State of Louisiana, the laws of any other state in the Union, or the laws of the UnitedStates. The City may invest in certificates and time deposits of the state banks organized underLouisiana law and national banks having principal offices in Louisiana. At June 30, 2008, the Cityhad cash and interest-bearing deposits (book balances) totaling $4,893,514 as follows:

Demand deposits $ 3,028,629Money market accounts 1,085,549Time deposits 779,336

Total $4,893,514

26



Custodial credit risk for deposits is the risk that in the event of the failure of a depositoryfinancial institution, the City's deposits may not be recovered or will not be able to recover collateralsecurities that are in the possession of an outside party. These deposits are stated at cost, whichapproximates market. Under state law, these deposits, (or the resulting bank balances) must besecured by federal deposit insurance or similar federal security or the pledge of securities owned bythe fiscal agent bank. The market value of the pledged securities plus the federal deposit insurancemust at all times equal the amount on deposit with the fiscal agent bank. These securities are held inthe name of the City or the pledging fiscal agent bank by a holding or custodial bank that is mutuallyacceptable to both parties. Deposit balances (bank balances) at June 30, 2008, are secured as follows:

Bank balances $4,912,909

Federal deposit insurance 400,000Pledged securities (category 3) 4,512,909

Total $4,912,909

Pledged securities in the amount of $4,512,909 were exposed to custodial credit risk. Thesesecurities include uninsured or unregistered investments for which the securities are held by the bank,or by its trust department or agent, but not in the City's name. Even though the pledged securities areconsidered uncollateralized (Category 3), Louisiana Revised Statute 39:1229 imposes a statutoryrequirement on the custodial bank to advertise and sell the pledged securities within 10 days of beingnotified by the City that the fiscal agent has failed to pay deposited funds upon demand.

(5) Receivables

Receivables at June 30, 2008 of $495,696 consist of the following:

Business-typeGovernmental Activities Activities

AccountsUnbilled accountsBeer taxSales taxInterest 162 - 1,654 8,186 10,002

Totals $ 2,046 $213,777 $ 1,654 $278,219 $495,696

(6) Due from Other Governmental Units

Amounts due from other governmental units attributable to governmental activities in theamount of $926,644 at June 30, 2008 consisted of the following:

Chemin Metairie Parkway Construction Fund -Due from the State of Louisiana Facilities Planning and Control for reimbursement ofexpenditures incurred for the Street Improvement Frontage Road Project $926,644

27

GeneralFund

$ --

1,884-

1968 Sales 1981 SalesTax Fund Tax Fund$ - $ -

--

213,777

UtilityFund

$204,32865,705

--

Total$204,328

65,7051,884

213,777

CITY OF YOUNGSVUXE, LOUISIANA


(7) Capital Assets

Capital asset activity for the year ended June 30, 2008 was as follows:

Balance Balance07/01/07 Additions Deletions 06/30/08

Governmental activities:Capital assets not being depreciated:

Land and construction in progress $2,086,388 $6,491,532 $ 582,790 $7,995,130Other capital assets:

Buildings 721,880 - - 721,880Infrastructure 2,271,235 628,960 - 2,900,195Equipment 864,798 134,184 31,556 967,426

Totals 5,944,301 7,254,676 614,346 12,584,631

Less accumulated depreciationBuildings 114,283 18,220 - 132,503Infrastructure 511,613 106,122 - 617,735Equipment 595,480 109,932 31,556 673,856

Total accumulated depreciation 1,221,376 234,274 31,556 1,424,094

Governmental activities,capital assets, net $4,722,925 $7,020,402 $ 582,790 $11,160,537

Business-type activities:Capital assets not being depreciated:

Land - sewer system $ 236,829 $ - $ - $ 236,829Construction in progress 1,981,049 822,494 2,588,261 215,282

Other capital assets:Buildings 243,757 - 243,757Water system 3,872,591 1,789,559 - 5,662,150Sewer system 4,963,215 798,702 - 5,761,917Machinery and equipment 278,772 44,687 - 323,459

Totals 11,576,213 3,455,442 2,588,261 12,443,394

Less accumulated depreciationWater system 1,255,042 144,862 - 1,399,904Sewer system 1,650,755 139,034 - 1,789,789

Machinery and equipment 201,142 12,926 - 214,068

Total accumulated depreciation 3,106,939 296,822 - 3,403,761

Business-type activities,capital assets, net $8,469,274 $3,158,620 $2,588,261 $ 9,039,633

28



Depreciation expense was charged to governmental activities as follows:

General governmentPoliceFireStreets

Total depreciation expense

$ 12,67478,826

5,896136,878

$ 234,274

Depreciation expense was charged to business-type activities as follows:

WaterSewer

Total depreciation expense

$ 153,090143,732

$ 296,822

(8) Restricted Assets

Restricted assets consisted of the following at June 30, 2008:

Fire station construction accountChemin Metairie parkway construction accountRevenue bond and interest sinking accountRevenue bond reserve accountRevenue bond contingency accountCustomers' depositsRevenue bond construction account

LCDBG sewer construction account

Ad valorem tax water account

Total restricted assets

Governmental Business-TypeActivities Activities Total$ 734,232

61,572180,975

----

-

-

$ 976,779

$ --

40,902222,80862,977130,495

1,575

4

61,086

$519,847

$ 734,23261,572221,877222,80862,977130,495

1,575

4

61,086

$1,496,626

(9) Accounts, Salaries, and Other Payables

The accounts, salaries, and other payables consisted of the following at June 30, 2008:Governmental Business-Type

ActivitiesAccountsContracts and retainage

Other liabilities

Totals $2,036,372

Activities

$ 131,743

Total$ 81,8911,890,970

63,511

$ 70,99354,434

6,316

$ 152,8841,945,404

69,827

$2,168,115

29

GeneralObligation

Bonds$ 2,795,000

500,000(114,000)

$ 3,181,000

RevenueBonds

$ 2,459,203

(164,799)

$ 2,294,404



(10) Changes in Long-Term Debt

The following is a summary of long-term debt transactions of the City for the year endedJune 30, 2008:

Governmental Business-typeActivities Activities

Long-term debt payable, July 1, 2007Long-term debt issuedLong-term debt retired

Long-term debt payable, June 30, 2008

Long-term debt payable at June 30, 2008 is comprised of the following:

General Obligation bonds -

$255,000 Police Station Bonds, dated August 1, 2003; due in annual installments of$8,000 to $26,000 through August 1, 2018; interest at 4.00 percent; payable from1981 sales tax revenues $ 225,000

$45,000 Police Station Bonds, dated August 1, 2003; due in annual installments of$9,000 from August 1, 2004 through August 1, 2008; payable from 1981 sales taxrevenues 9,000

$1,800,000 2003 Sales Tax Bonds, dated October 9, 2003; annual installments of$73,000 to $128,000 through June 1, 2023; interest at 3.45 percent; payable from1999 sales tax revenues 1,473,000

$1,000,000 Fire Station Bonds, dated February 28, 2007; due in annual installmentsof $52,000 to $91,000 through August 21, 2021; interest at 4.23 percent, payablefrom ad valorem tax revenues 974,000

$425,000 Fire Station Bonds, dated November 29, 2007; due in annual installmentsof $11,000 to $44,000 through August 1, 2022; interest at 4.375 percent, payablefrom ad valorem tax revenues 425,000

$75,000 Fire Station Bonds, dated November 29, 2007; due in annual installmentsof $15,000 from August 1, 2008 through August 1, 2012; payable from ad valoremtax revenues 75 QQQ

Total general obligation bonds payable 3,181,000

Less: Unamortized issuance costs (23,502)

Net general obligation bonds payable $ 3,157,498

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Revenue bonds -

$210,000 1979 Sewer Utility Revenue Bonds, dated May 4, 1979; due in annualinstallments of $7,000 to $12,000 through May 4, 2019; interest at 5 percent;secured by Utility Fund revenues $ 103,000

$456,000 1998 Sewer Utility Revenue Bonds, dated January 20, 1998; due inmonthly installments of $3,073 from February 20, 1999 through January 20, 2018;interest at 4.875 percent; secured by Utility Fund revenues 276,404

$770,000 2004 Water Revenue Refunding Bonds, dated March 1, 2004; due inannual installments of $70,000 to $95,000 through May 1, 2015; interest at 3.70percent; secured by Utility Fund revenues 555,000

$1,500,000 2006 Water Revenue Bonds, dated March 1, 2006; due in annualinstallments of $75,000 to $140,000 through May 1, 2021; interest at 4.1 percent;secured by Utility Fund revenues 1,360,000

Total revenue bonds payable 2,294,404

Less: Unamortized loss on bond refunding (36,753)

Less: Unamortized issuance costs (29,651)

Net revenue bonds payable $2,228,000

The long-term debt is due as follows:

Year endingJune 30,

20092010201120122013

2014-20182019-2023

Total

Governmental Activities Business-type ActivitiesPrincipalpayments

168,000175,000182,000189,000196,000

1,111,0001,160,000

Interestpayments

99,75994,47988,79082,87292,835

343,474112,811

Principalpayments

175,635182,816194,056205,331212,722916,844407,000

Interestpayments

94,69187,49579,98572,05063,609

189,05033,605

$3,181,000 $915,020 $2,294,404 $620,485

31



(11) Flow of Funds; Restrictions on Use - Utilities and Sales Tax Revenues

Utility Revenue Bonds:

A. Under the terms of the Bond indenture on outstanding Public Utility Bondsdated May 4, 1979, all income and revenues (hereinafter referred to as revenue) ofevery nature, earned or derived from operation of the Utility System, are pledged anddedicated to the retirement of said bonds, and are to be set aside into the followingspecial funds:

Each month, there will be set aside into a fund called the "Bondand Interest Sinking Fund" an amount constituting 1/12 of the nextmaturing installment of principal and interest on the outstanding bonds.Such transfers shall be fully sufficient to assure the prompt payment ofprincipal and interest installments as they become due and may be usedonly for such payments.

There shall also be set aside into a "Bond Reserve Fund" anamount equal to 5% of the amount required to be paid into the SinkingFund during the current fiscal year until there shall have beenaccumulated in the Reserve Account an amount equal to the maximumprincipal and interest requirements in any one maturity year. Suchamounts may be used only for the payment of maturing bonds andinterest coupons for which sufficient funds are not on deposit in the Bondand Interest Sinking Fund and as to which there would otherwise bedefault.

Funds will also be set aside into a "Contingency Fund" at the rateof $52 each month. Money in this fund may be used for the making ofextraordinary repairs or replacements to the system which are necessaryto keep the system in operating condition and for which money is notavailable as a maintenance and operation expense. Money in this fundmay also be used to pay principal or interest on the bonds falling due atany time there is not sufficient money for payment in the other bondfunds.

B. Under the terms of the Bond indenture on outstanding Sewer Utility RevenueBonds dated January 20, 1998, all income and revenues (hereinafter referred to asrevenue) of every nature, earned or derived from operation of the Utility System, arepledged and dedicated to the retirement of said bonds, and are to be set aside into thefollowing special funds:

Each month, there will be set aside into a fund called the "Bondand Interest Sinking Fund the amount of $3,073 for principal and intereston the outstanding bonds. Such transfers shall be fully sufficient toassure the prompt payment of principal and interest installments as theybecome due and may be used only for such payments.

32



Each month there shall also be set aside into a "Bond ReserveFund" the amount of $154 to be paid until there shall have beenaccumulated in the Reserve Account an amount equal to $36,881. Suchamounts may be used only for the payment of maturing bonds andinterest coupons for which sufficient funds are not on deposit in the Bondand Interest Sinking Fund and as to which there would otherwise bedefault

Funds will also be set aside into a "Contingency Fund" at the rateof $159 each month. Money in this fund may be used for the making ofextraordinary repairs or replacements to the system which are necessaryto keep the system in operating condition and for which money is notavailable as a maintenance and operation expense. Money in this fundmay also be used to pay principal or interest on the bonds falling due atany time there is not sufficient money for payment in the other bondfunds.

C Under the terms of the Bond indenture on outstanding Water UtilityRefunding Bonds dated March 1, 2004 and March 1, 2006, all income and revenues(hereinafter referred to as revenue) of every nature, earned or derived from operationof the Utility System, are pledged and dedicated to the retirement of said bonds, andare to be set aside into the following special funds:

Each month, there will be set aside into a fund called the "Bondand Interest Sinking Fund" an amount constituting 1/6 of the nextinterest payment and a sum equal to 1/12 of the next maturinginstallment of principal on the outstanding bonds. Such transfers shall befully sufficient to assure the prompt payment of principal and interestinstallments as they become due and may be used only for suchpayments.

Each month, there will be set aside into a fund called the "BondReserve Fund an amount equal to 20% of the amount required to be paidinto the sinking fund until such time as there has been accumulatedtherein the sum of $227,000. Such amounts may be used only for thepayment of maturing bonds and interest coupons for which sufficientfunds are not on deposit in the Bond and Interest Sinking Fund and as towhich there would otherwise be default.

Funds will also be retained in the "Contingency Fund" in theamount of $20,000. Money in this fund may be used for the making ofextraordinary repairs or replacements to the system which are necessaryto keep the system in operating condition and for which money is notavailable as a maintenance and operation expense. Money in this fundmay also be used to pay principal or interest on the bonds falling due atany time there is not sufficient money for payment in the other bondfunds.

33



All of the revenues received in any fiscal year and not required to be paid in suchfiscal year into any of the above noted funds shall be regarded as surplus and may be used forany lawful corporate purpose.

Sales Tax Revenue Bonds:

D. Under the terms of the Bond indenture on outstanding Sales Tax Bonds datedOctober 9, 2003, all proceeds derived from the levy and collection of the 1999 salestax are pledged and dedicated to the retirement of said bonds, and are to be set asideinto the following special funds:

Each month, there will be set aside into a fund called the "1/2%Sales Tax Bond Sinking Fund - 2003" an amount constituting 1/12 of theinterest, administrative fee, and principal due on the outstanding bondsfor the bond year. Such transfers shall be fully sufficient to assure theprompt payment of principal and interest installments as they becomedue and may be used only for such payments.

Each month, there will be set aside into a fund called the "1/2%Sales Tax Bond Reserve Fund - 2003" an amount equal to 25% of theamount required to be paid into the sinking fund until such time as therehas been accumulated therein a sum equal to the highest combinedprincipal and interest in any future bond year. Such amounts may beused only for the payment of maturing bonds and interest for whichsufficient funds are not on deposit in the Bond and Interest Sinking Fundand as to which there would otherwise be default.

The City of Youngsville was in compliance with all significant limitations and restrictions inthe bond indentures at June 30, 2008.

(12) Employee Retirement

All City of Youngsville employees, with the exception of those participating in the MunicipalPolice Employees' Retirement System, participate in the Social Security System. The City and itsemployees contribute a percentage of each employee's salary to the System (7.65% contributed by theCity, 7.65% by the employee). The City's contribution during the years ended June 30, 2008, 2007and 2006 amounted to $61,665, $53,660 and $53,077 respectively.

The Chief of Police of the City of Youngsville elected to participate in the Municipal PoliceRetirement System of Louisiana effective April 1, 1989. This system is a cost-sharing, multiple-employer defined benefit public employee retirement plan (PERS) controlled and operated by aseparate board of trustees. All full time police department employees engaged in law enforcement,empowered to make arrests, not having to pay social security and meeting the state statutory criteriaare required to participate in the System. Pertinent information relative to this plan follows:

34



Municipal Police Employees Retirement System of Louisiana (System)

Plan Description - All full-time police department employees engaged in Jawenforcement are eligible to participate in the System. Employees who retire at orafter age 50 with at least 20 years of creditable service or at or after age 55 with atleast 12 years of creditable service are entitled to a retirement benefit, payablemonthly for life, equal to 3 1/3% of their final-average salary for each year ofcreditable service. Final average salary is the employee's average salary over 36consecutive or joined months that produce the highest average. Employees whoterminate with at least the amount of creditable service stated above, and do notwithdraw their employee contributions, may retire at the ages specified above andreceive the benefit accrued to their date of termination. The System also providesdeath and disability benefits. Benefits are established by state statute.

The System issues an annual publicly available financial report that includesfinancial statements and required supplementary information for the System. Thatreport may be obtained by writing to the Municipal Police Employees RetirementSystem of Louisiana, 8401 United Plaza Boulevard, Baton Rouge, Louisiana 70809-2250, or by calling (225) 929-7411.

Funding Policy - Plan members are required by state statute to contribute7.5% of their annual covered salary and the City is required to contribute at anactuarially determined rate. The current rate is 16.25% of annual covered payroll.The contribution requirements of plan members and the City are established and maybe amended by state statute. As provided by R.S. 11:103, the employer contributionsare determined by actuarial valuation and are subject to change each year based onthe results of the valuation for the prior fiscal year. The City's contribution to theSystem for the years ended June 30, 2008, 2007 and 2006 was $3,549, $7,462 and$7,478, respectively, equal to the required contributions for each year.

35



(13) Segment Information for the Enterprise Fund

The City of Youngsville maintains one enterprise fund with three departments which providewater, sewerage and sanitation services. Segment information for the year ended June 30, 2008, wasas follows:

TotalWater Sewerage Sanitation Enterprise

Department Department Department Fund

Operating revenues $938,403 $504,609 $403,791 $1,846,803

Operating expenses:Depreciation 153,090 143,732 - 296,822Other 658,840 255,848 363,862 1,278,550

Total operating expenses 811,930 399,580 363,862 1,575,372

Operating income $126,473 $105,029 $ 39,929 $ 271,431

(14) Compensation of City Officials

A detail of compensation paid to the Mayor and Board of Aldermen for the year ended June30, 2008 follows:

Wilson Viator, Mayor $ 20,400

Aldermen:Paul Huval 8,400A.J. Bernard 8,400Brenda Burley 8,400Dianne McClelland 8,400Tim Barbier 8,400

$ 62,400

36



(15) Pending Litigation

The City is a defendant in a lawsuit filed by a vendor. Management is of the opinion thatmonetary damages would be minimal, in the event the City is unsuccessful in its defense. No accrualwas recorded at June 30, 2008.

(16) Risk Management

The City is exposed to risks of loss in the areas of health care, general and auto liability,property hazards and workers' compensation. All of these risks are handled by purchasingcommercial insurance coverage. There have been no significant reductions in the insurance coverageduring the year.

(17) Interfund Transactions

A. Receivables and Payables

Interfund receivables and payables consisted of the following at June 30, 2008:

Due to the Utility Fund from the General and 1968 Sales Tax Fund forreimbursement for expenditures paid $ 604,575

Due to the 1981 Sales Tax from the General Fund for reimbursement forexpenditures paid 40,3 5 7

Due to the 1968 Sales Tax from the General Fund for reimbursementfor expenditures paid 218,203

Due to the Chemin Metairie Parkway Construction Fund from the Utility Fundfor future capital outlay projects 1,582,249

Due to the 1981 Sales Tax Fund from the 1968 Sales Tax and Utility Fundfor reimbursement for expenditures paid 291,609

Due to the 1999 Sales Tax Fund from the 1968 Sales Tax for reimbursementfor expenditures paid 42,356

Due to the Capital Projects Fund from the General and 1981 Sales TaxFunds for expenditures paid 190,421

Due to the 1999 Sales Tax Fund from the Utility Fund for reimbursement for

expenditures paid 144,721Other balances 105,879

Total S 3,220,370

37



Summary of balances due from other funds reported in fund financial statements:

Due from other funds, Balance Sheet - Governmental FundsDue from other funds, Statement of Net Assets - Proprietary Funds

B. Transfers

Transfers consisted of the following at June 30, 2008:

Major governmental funds:General Fund1968 Sales Tax Special Revenue Fund1981 Sales Tax Special Revenue Fund1999 Sales Tax Special Revenue FundGeneral Obligation Bonds FundChemin Metairie Parkway Construction Fund

Proprietary Fund:Enterprise Fund

Transfers In

$ 999,168

218,160295,000

987,450

$ 2,615,795604,575

$ 3,220,370

Transfers Out

$ 362,0001,099,561

26,160212,057

800,000

Total $2,499,778 $2,499,778

Transfers are used to (a) move revenues from the fund that statute or budget requires tocollect them to the fund that statute or budget requires to expend them and to (b) use unrestrictedrevenues collected in the general fund to finance various programs accounted for in other funds inaccordance with budgetary authorizations.

(18) Prior Year Debt Defeasance

In prior years, the City defeased $230,000 of 1994 water revenue bonds and $520,000 of1997 water revenue bonds by creating a separate irrevocable trust fund. The investments and fixedearnings from the investments are sufficient to fully service the defeased debt until the debt is calledor matures. For financial reporting purposes, the debt has been considered defeased and therefore, hasbeen removed as a liability from the City's financial statements. As of June 30, 2008, the amount ofdefeased water revenue debt outstanding but removed from the financial statements amounted to$155,000 of 1994 water revenue bonds and $455,000 of 1997 water revenue bonds

38

REQUIREDSUPPLEMENTARY INFORMATION

39

CITY OF YOUNGSVILLE, LOUISIANAGeneral Fund

Budgetary Comparison ScheduleFor the Year Ended June 30, 2008

Budget

Revenues:TaxesLicenses and permitsIntergovernmentalFines and forfeitsMiscellaneous

Total revenues

Expenditures:Current -

General governmentPublic safety:

FireStreets

Capital outlayTotal expenditures

Deficiency of revenuesover expenditures

Other financing sources (uses):Transfers from Utility Fund

Transfers from 1968 Sales Tax Fund

Transfers to Capital Projects FundTransfers to Debt Service Fund

Total other financing sources (uses)

Net change in fund balance

Fund balance, beginning

Fund balance, ending

Original

$ 655,000

355,0007,500

200,0006,500

1,224,000

724,400

231,500314,225300,000

1,570,125

(346,125)

200,000.

(75,000)(50,000)

75,000

(271,125)

323,235

$ 52,110

Final

$ 629,325

395,71368,573120,00020,145

1,233,756

895,103

139,574308,681621,928

1,965,286

(731,530)

800,000

199,168

(295,000)(67,000)

637,168

(94,362)

323,235

$ 228,873

Actual

$ 601,029

449,13575,330151,81713,780

1,291,091

866,475

142,016350,859597,150

1,956,500

(665,409)

800,000

199,168

(295,000)(67,000)

637,168

(28,241)

323,235

$ 294,994

Variance withFinal Budget

Positive(Negative)

$(28,296)

53,4226,75731,817(6,365)

57,335

28,628

(2,442)(42,178)24,778

8,786

66,121

66,121

$ 66,121

40

CITY OF YOUNGSVILLE, LOUISIANA1968 Sales Tax Special Revenue Fund


Revenues:TaxesMiscellaneous - interest

Total revenues


General government:Sales tax collection feesProfessional fees

Total expenditures

Excess ofrevenuesover expenditures

Other financing uses:Transfers to Debt Service FundTransfers to Utility FundTransfers to General Fund

Total other financing uses




BudgetOriginal

$ 820,000500

820,500

5,2004,2009,400

811,100

(55,000)(700,000)

-

(755,000)

Final

$ 978,2683,353

981,621

6,5005,430

11,930

969,691

(900,393)(199,168)

(1,099,561)

Actual

$ 1,071,1105,439

1,076,549

6,7875,300

12,087

1,064,462

(900,393)(199,168)

(1,099,561)


Positive(Negative)

$ 92,8422,086

94,928

(287)130

(157)

94,771

--

-

56,100 (129,870) (35,099)

372,933 372,933 372,933

94,771

$429,033 $ 243,063 $ 337,834 $ 94,771

41



Revenues:TaxesIntergovernmentalMiscellaneous

Total revenues

Expenditures:General governmentPoliceCapital outlay

Total expenditures

Excess of revenuesover expenditures

Other financing useTransfer to Debt Service Fund




BudgetOriginal

$820,00028,00015,500

863,500

8,600616,150100,000

724,750

138,750

(26,160)

112,590

717,910

Final

$ 978,2686,974

14,095999,337

10,530572,859100,000

683,389

315,948

(26,160)

289,788

717,910

Actual

$1,071,1107,518

32,6371,111,265

10,822597,376

99,769

707,967

403,298

(26,160)

377,138

717,910


Positive(Negative)

$ 92,842544

18,542111,928

(292)(24,517)

231

(24,578)

87,350

87,350

.

$830,500 $1,007,698 $1,095,048 $ 87,350

42



Revenues:TaxesMiscellaneous

Total revenues


General government:Sales tax collection feesProfessional fees

Police

Miscellaneous

Total expenditures

Excess ofrevenuesover expenditures

Other financing uses:Transfers to Debt Service FundTransfers to Utility Fund

Total other financing uses




BudgetOriginal

$ 410,0001,200

411,200

2,6002,100

4,700

406,500

(210,000)(100,000)(310,000)

96,500

357,105

$ 453,605

Final

$ 489,265114,350

603,615

2,75073,365

76,115

527,500

(125,000)(87,057)

(212,057)

315,443

357,105

$ 672,548

Actual

$ 535,555854

536,409

3,3932,750

61

6,204

530,205

(125,000)(87,057)

(212,057)

318,148

357,105

$ 675,253


Positive(Negative)

$ 46,290(113,496)

(67,206)

(643)70,615

(61)69,911

2,705

-

-

2,705

$ 2,705

43

OTHER SUPPLEMENTARY INFORMATION

44


Statement of Net AssetsJune 30, 2008

With Comparative Totals for June 30, 2007


Cash and interest-bearing depositsReceivables, netInternal balancesDue from other governmental unitsPrepaid items


Noncurrent assets:Restricted assets:

Cash and interest-bearing depositsCapital assets:

Land and construction in progressCapital assets, net


Total assets

LIABILITIESCurrent liabilities:

Accounts, salaries and other payablesBonds payableAccrued interest


Noncurrent liabilities:Customers' depositsBonds payable


Total liabilities

NET ASSETSInvested in capital assets, net of related debtRestricted for debt serviceUnrestricted

Total net assets

GovernmentalActivities

$ 2,375,431217,477

1,361,163926,64425,943

4,906,658

976,779

7,995,1303,165,407

12,137,316

17,043,974

2,036,372168,00032,846

2,237,218

2,989,498

2,989,498

5,226,716

9,452,53752,812

2,311,909

$11,817,258

2008Business-Type

Activities

$1,021,457278,219

(1,361,163)-

41,880

(19,607)

519,847

452,1118,587,522

9,559,480

9,539,873

131,743175,635

13,723

321,101

130,4952,052,365

2,182,860

2,503,961

5,539,349137,329

1,298,148

$7,035,912

Total

$ 3,396,888495,696

-926,64467,823

4,887,051

1,496,626

8,447,24111,752,929

21,696,796

26,583,847

2,168,115343,63546,569

2,558,319

130,4955,041,863

5,172,358

7,730,677

14,991,886190,141

3,610,057

$18,853,170

2007Total

$ 1,748,661461,643

-178,92480,835

2,470,063

2,788,619

4,304,2658,887,934

15,980,818

18,450,881

807,755252,47340,580

1,100,808

114,3134,901,924

5,016,237

6,117,045

8,394,322157,675

3,685,324

$12,333,836

45

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Budgetary Comparison Schedule - RevenuesFor the Year Ended June 30, 2008

With Comparative Actual Amounts for the Year Ended June 30, 2007

2008

Taxes:Ad valorem taxesFranchise - electricFranchise - gasFranchise - cable

Licenses and permits:Occupational licensesInsurance occupational licensesCodes and permits

Intergovernmental:State of Louisiana -

Beer taxesTobacco taxes

Local Parish Government -

Lafayette Consolidated Government

Fines and forfeits:

Fines and court costs

Miscellaneous:InterestOther sources

Total revenues

BucOriginal

$ 390,000203,000

46,00016,000

655,000

5,000150,000200,000

355,000

7,500-

_

7,500

200,000

3,5003,000

6,500

$1,224,000

igetFinal

$ 387,000176,21944,90121,205

629,325

10,890120,000264,823

395,713

9,500-

59,073

68,573

120,000

1,16218,983

20,145

$1,233,756

Actual

$ 340,967205,415

36,97617,671

601,029

11,475168,774268,886

449,135

6,8029,455

59,073

75,330

151,817

5,1578,623

13,780

$1,291,091


Positive(Negative)

$(46,033)29,196(7,925)(3,534)

(28,296)

58548,7744,063

53,422

(2,698)9,455

_

6,757

31,817

3,995(10,360)

(6,365)

$ 57,335

2007Actual

$ 275,470174,79338,01812,807

501,088

11,475140,158184,316

335,949

6,971-

.

6,971

203,043

5,6081,749

7,357

$1,054,408

47


Budgetary Comparison Schedule - ExpendituresFor the Year Ended June 30, 2008


2008

General government:Administrative -

Compensation - mayor and councilOther salariesPayroll taxes and retirementGroup insuranceUtilities and telephoneMayor's expenseAdvertisingRepairs and maintenanceInspection feesDues and publicationsElection expenseProfessional feesGeneral insuranceOffice suppliesJanitorial expenseUniform expenseEngineeringRadio rentBeepersContract servicesAnnexationMardi Gras expenseCentennial expenseMiscellaneous

Total administrative

Magistrate court -Professional feesLegal feesCourt supplies

Total magistrate court

Total general government

Bud£Original

$ 62,400210,00030,000115,0009,0007,50019,0006,00055,0002,000-

55,00020,00030,0005,5001,000

65,0002,0002,500--1,0002,0009,500

709,400

4,50010,000

500

15,000

retFinal

$ 62,400168,39033,28357,18916,1536,34413,4438,385

196,8592,20810,40060,61865,95230,9033,5521,369

109,9133,0001,8225,4951,4654,310-

17,677

881,130

3,15410,675

144

13,973

Actual

$ 62,400187,41426,71159,8767,2896,98715,8768,844

202,4861,8409,59661,67341,46330,7087,1561,14186,0581,4402,379-2,1603,592-

24,143

851,232

5,09410,000

149

15,243


Positive(Negative)

$ -(19,024)6,572(2,687)8,864(643)

(2,433)(459)

(5,627)368804

(1,055)24,489

195(3,604)228

23,8551,560(557)5,495(695)718-

(6,466)

29,898

(1,940)675(5)

(1,270)

2007Actual

$ 62,400174,19725,17353,9488,7687,01619,5663,99680,8101,705-

55,69639,35529,7015,4571,27773,2642,8502,020--825-

15,253

663,277

4,02110,000

905

14,926

724,400 895,103 866,475 28,628

48

678,203

(continued)


Budgetary Comparison Schedule - Expenditures (Continued)For the Year Ended June 30, 2008


2008

Public safety:Fire -

Donation to volunteerfire department

Appropriation to volunteer firedepartment (ad valorem taxes)

Professional feesContract laborMiscellaneous

Total fire

Highways and streets:SalariesPayroll taxesSupplies, materials and repairsAuto and truck expenseEquipment rentalStreet lightingEngineering feesContract laborHurricane expenseMiscellaneous

Total streets and drainage

Capital outlay:General government -

Office renovations and equipmentHighways and streets -

EquipmentStreet and drainage projects

Total capital outlay

Debt service:Retirement of principalInterest and fiscal charges

Total debt service

Total expenditures

BudgetOriginal Final


PositiveActual (Negative)

2007Actual

15,000

300,000

300,000

15,000 15,000

16,000605,928

621,928

34,414562,736

597,150

(18,414)43,192

24,778

15,000

163,0007,50045,0001,000

231,500

25,7254,50095,00020,0002,00050,000105,000

-11,0001,000

314,225

74,00010,80039,579

195

139,574

35,6963,492

150,55720,610

-66,30331,772

251--

308,681

73,7816,29046,783

162

142,016

33,8483,445

168,42927,048

-82,01628,6577,416--

350,859

2194,510(7,204)

33

(2,442)

1,84847

(17,872)(6,438)

-(15,713)3,115(7,165)--

(42,178)

59,60410,70544,495

422

130,226

3,501657

86,89623,291

-48,66151,697

---

214,703

18,318

20,818111,070

150,206

21,025748

21,773

$1,570,125 $1,965,286 $1,956,500 $ 8,786 $1,195,111

49


Budgetary Comparison Schedule - ExpendituresFor the Year Ended June 30, 2008


2008

General government-Sales tax collection feesProfessional fees

Total general government

Police -SalariesPayroll taxes and retirementGroup insuranceRepairs and maintenanceOffice supplies and expenseDues and subscriptionsTelephone and utilitiesInsuranceAuto expenseUniforms and suppliesMarshall's expenseJanitorial expenseAct 474, 152, 562 and 977 expenseTrainingConference feesCommunity relationsProfessional feesBeepersRadio rentMiscellaneous

Total police

Capital outlay-Police autoPolice equipment

Total capital outlay

Total expenditures

Variance with

BudgetOriginal

$ 5,2003,400

8,600

331,75040,00080,00010,50011,000400

12,00033,00055,0005,500500-

22,0001,0002,500500

4,500500

3,0002,500

616,150

40,00060,000

100,000

$724,750

Final

$ 5,1005,430

10,530

343,08033,26251,31218,22711,705

63111,08515,67450,3789,062243

1,26012,8491,4881,629480

5,478-3,2641,752

572,859

40,00060,000

100,000

$683,389

Actual

$ 6,7874,035

10,822

330,46735,09155,27120,53314,251526

12,57927,64258,93311,987

2032,02017,7791,2401,919400

3,390-3,100

45

597,376

41,60058,169

99,769

$707,967

Final BudgetPositive(Negative)

$ (1,687)1,395

(292)

12,613(1,829)(3,959)(2,306)(2,546)

105(1,494)(11,968)(8,555)(2,925)

40(760)

(4,930)248(290)80

2,088-164

1,707

(24,517)

(1,600)1,831

231

$(24,578)

2007Actual

$ 4,5494,325

8,874

297,46937,26454,8625,01711,0531,40012,17620,31765,4887,91617623

21,490800

1,877400

2,493-5,050663

545,934

39,69234,558

74,250

$629,058

50

CITY OF YOUNGSVILLE, LOUISIANADebt Service Fund

General Obligation Bonds

Schedule of Revenues, Expenditures, and Changes in Fund Balance -Budget (GAAP Basis) and ActualFor the Year Ended June 30, 2008


2008

Revenues:

Expenditures:Debt service -

Retirement of principalInterest and fiscal charges

Total expenditures


Other financing sources:Transfers from General FundTransfers from 1999 Sales Tax FundTransfers from 1981 Sales Tax Fund

Total other financing sources




Budget

114,000103,356

217,356

Actual

114,000118,915232,915

(217,356) (232,915)

67,000125,00026,160

218,160

804

100,413

67,000125,00026,160

218,160

(14,755)

100,413


Positive(Negative)

(15,559)(15,559)

(15,559)

(15,559)

2007Actual

85,00073,267

158,267

(158,267)

164,58526,480

191,065

32,798

67,615

101,217 $ 85,658 $(15,559) $ 100,413

51

CITY OF YOUNGSVILLE, LOUISIANACapital Projects Fund

Chemin Metairie Parkway Construction Fund



2008

Revenues:Intergovernmental:

State of Louisiana -Department of Treasury

Local Parish Government -Lafayette Consolidated Government

MiscellaneousOther local sourcesOther sources

Total revenues

Expenditures:Street construction -

Capital outlay


Other financing sources:Transfer from General Fund




Budget

44,350180

4,066,235

295,000

Actual


Positive(Negative)

$4,021,705 $4,016,343

87,157113

4,103,613

$(5,362)

42,807(67)

37,378

(955,470) (958,815)

295,000

(660,470) (663,815)

1,442,079 1,442,079

2007Actual

$ 624,772

99,499

10,150734,421

5,021,705 5,062,428 (40,723) 1,023,381

(3,345) (288,960)

- 283,036

(3,345) (5,924)

- 1,448,003

$ 781,609 $ 778,264 $(3,345) $1,442,079

52

CITY OF YOUNGSVILLE, LOUISIANACapita] Projects Fund

Fire Station Construction Fund



2008

Revenues:Miscellaneous - interest

Expenditures:Fire construction -

Capital outlay


Other financing sources:Proceeds from issuance of debtTransfer from General Fund

Total other financing sources




Budget Actual

$ 42,632


Positive(Negative)

913,223 918,539

(913,223) (875,907) 37,316

2007Actual

42,632 $ 19,810

(5,316) 66,705

(46,895)

500,000

500,000

500,000

500,000

1,000,0002,816

1,002,816

(413,223) (375,907) 37,316 955,921

955,921 955,921 - -

$542,698 $580,014 $37,316 $955,921

53

CITY OF YOUNGSVILLE, LOUISIANAEnterprise Fund

Utility Fund

Schedule of Number of Utility Customers(Unaudited)

June 30, 2008 and 2007

Records maintained by the City indicated the following number of customers were being served during themonths of June 30, 2008 and 2007:

Department 2008 2007

Water (metered) 2,609 2,394Sewerage 1,987 1,811Garbage 2,628 2,416

54

CITY OF YOUNGSVILLE

Schedule of Insurance in Force(Unaudited)

June 30, 2008

Description of Coverage

PolicyExpiration

DateCoverageAmounts

Workmen's compensation:Employer's liability

Surety bonds:Cindy Broussard, SecretaryBecky Langlinais, Town ClerkOtherPosition Bond

Automobile liability

Automobile comprehensive and collision coverage

Blanket coverage on buildings, contents and machinery

Law enforcement officer's liability

Public official's errors and omissions

General liability

Equipment

01/01/09 $ 500,000

08/16/0808/08/0808/08/0806/27/09

05/01/09

05/01/09

08/21/08

05/01/09

05/01/09

05/01/09

05/01/09

15,00015,00045,000

602,662

500,000

1,000,000

1,000,000

500,000

500,000

1,000,000

281,100

55


Combined Schedule of Interest-Bearing DepositsJune 30, 2008

General FundWhitney Bank -

Fire Department:Certificate of depositCertificate of deposit

Street Department:Certificate of depositCertificate of deposit

Total General Fund

Sales Tax FundsWhitney Bank-

Certificate of depositCertificate of depositCertificate of depositCertificate of depositCertificate of depositCertificate of deposit

Total Sales Tax Funds

TermMaturity

DateInterest

Rate Amount

90 days180 days

36560 days

07/17/0809/18/08

04/09/0907/31/07

1.74%2.24%

5,00%0.85%

6,6187,085

7,8637,025

28,591

90 days90 days90 days

180 days365 days365 days

07/14/0807/13/0807/03/0807/08/083/7/200910/22/08

1.74%1.74%1.74%4.10%3.00%3.10%

8,18614,04514,20614,716

108,08813,973

173,214

Debt Service FundIberia Bank-interest-bearing deposit

Utility FundWhitney Bank-

interest-bearing depositsCertificate of depositCertificate of depositCertificate of depositCertificate of depositCertificate of depositCertificate of depositCertificate of depositCertificate of depositCertificate of depositCertificate of depositCertificate of depositCertificate of deposit

Total Utility Fund

Total all funds

N/A N/A various 734,232

N/A90 days90 days

180 days180 days180 days180 days365 days365 days365 days180 days365 days365 days

N/A07/30/0807/25/0807/08/0807/06/0807/08/0807/08/0804/08/0908/16/0804/09/0907/08/0803/07/0803/07/09

various0.85%1.74%4.10%3.47%4.10%1.10%5.00%5.00%5.00%4.10%3.00%3.00%

351,3176,960

31,1848,502

19,071106,504106,504108,478

8,06132,54425,42316,213

108,087

928,848

$1,864,885

56


Statement of Net AssetsProprietary Fund

June 30, 2008With Comparative Amounts for June 30, 2007

2008 2007ASSETS

Current assets:CashInterest-bearing deposits, at costReceivables:

Accounts receivableUnbilled utility receivablesAccrued interest receivableDue from other fundsDue from other governmental units

Prepaid Items


Noncurrent assets:

Restricted assets -CashInterest -bearing deposits, at cost

Capital assets:Land and construction in progress

Other capital assets, net of accumulated depreciation


LIABILITIES

Total assets

Current liabilities:Accounts payableContracts payableRetainage payableOther liabilitiesDue to other fundsPayable from restricted assets -Revenue bondsAccrued interest


Noncurrent liabilities:Customers' deposits

Revenue bonds payable


Total liabilities

NET ASSETSInvested in capital assets, net of related debtRestricted for debt serviceRestricted for water department operations

Unrestricted

Total net assets

$ 413,035

608,422

204,32865,7058,186

604,575-

41,880

1,946,131

$ 302,145

469,649

146,04162,815

12,505615,564

30,73252,350

1,691,801

199,421

320,426

452,111

8,587,522

9,559,480

407,415270,435

2,217,877

6,251,397

9,147,124

11,505,611

70,99323,70530,7296,316

1,965,738

175,63513,723

2,286,839

130,495

2,052,365

2,182,860

4,469,699

5,539,349

137,32963,086

1,298,148

10,838,925

28,932245,64787,9495,725

1,820,067

164,47314,675

2,367,468

114,313

2,219,895

2,334,208

4,701,676

4,922,397

95,82796,515

1,119,025

$ 7,035,912 £ 6,137,249

57

CITY OF YOUNGSVILLE, LOUISIANAEnterprise Fund

Utility Fund

Departmental Analysis of Revenues and ExpensesFor the Years Ended June 30, 2008

With Comparative Amounts for the Year Ended June 30, 2007

Operating revenues:Customer service chargesMiscellaneous

Total operating revenues

Operating expenses:SalariesPayroll taxes and retirementSewer testsWater purchasesMaintenance and repairsContract maintenance feesUtilitiesProfessional feesEngineer feesInsuranceOffice expenseSupplies and partsGarbage collection feesBad debtsDepreciationMiscellaneous

Total operating expenses

Operating income

Nonoperating revenues (expenses):Ad valorem taxesInterest incomeInterest expensePaying agent feesAmortization - bond issuance costsAmortization - loss on bond refunding

Total nonoperating revenues (expenses)

Income before contributions and operating transfers

Capital contributions

Transfers in (out):

Transfers in

Transfers out

Total transfers in (out)

Change in net assets

Net assets, beginning

Net assets, ending

Totals2008

$1,645,527201,276

1,846,803

167,82717,0701,525

168,941204,15447,42482,57120,66024,68769,10516,99578,218350,040

-

296,82229,333

1,575,372

271,431

119,89428,464

(100,210)

0,413)(3,180)(5,250)

38,305

309,736

401,477

987,450

(800,000)

187,450

898,663

6,137,249

$7,035,912

2007

$1,401,671257,712

1,659,383

148,40015,2692,050

163,160179,22739,21676,99917,6055,056

51,91110,457139,873307,17510,272

338,81021,852

1,527,332

132,051

96,59658,208(80,635)(1,294)(3,180)(5,250)

64,445

196,496

160,809

950,000

(200,000)

750,000

1,107,305

5,029,944

$6,137,249

58

Water Sewerage Sanitation2008

$799,127139,276938,403

127,49212,960

-168,941171,405

-37,15712,2604,62741,46310,19754,737

--

153,09017,601

811,930

2007

$673,824170,831844,655

118,72012,040

-163,160140,945

-34,65010,4754,10030,9956,27496,270

-4,930

141,43113,111

777,101

2008

$452,53352,076504,609

40,3354,1101,525-

32,74947,42445,4148,40020,06027,6426,7989,659--

143,73211,732

399,580

2007

5402,39078,691

481,081

29,6803,2292,050-

38,28239,21642,3497,130956

20,9164,18316,989

-2,979

197,3798,741

414,079

2008 2007

$393,867 $325,4579,924 8,190

403,791 333,647

,

--_

-._

---

13,822 26,614350,040 307,175

2,363--

363,862 336,152

$126,473 $ 67,554 $105,029 $ 67,002 $ 39,929 $ (2,505)

59


Statement of Cash FlowsProprietary Fund

For the Year Ended June 30, 2008With Comparative Amounts for the Year Ended June 30, 2007

2008 2007Cash flows from operating activities:

Receipts from customers $ 1,584,350 $ 1,429,356Payments to suppliers (1,009,799) (1,109,829)Payments to employees (184,897) (163,669)Other receipts 201,276 257,712

Net cash provided by operating activities 590,930 413,570

Cash flows from noncapital financing activities:Cash received from other funds 156,642Cash paid to other funds - (475,014)Transfers from other funds 987,450 950,000Transfers to other funds (800,000) (200,000)

Net cash provided by noncapital financing activities 344,092 274,986

Cash flows from capital and related financing activities:Principal paid on revenue bonds payable (164,799) (163,715)Interest and fiscal charges paid on revenue bonds payable (102,575) (82,879)Net increase in customer deposits payable 16,182 16,815Acquisition of property, plant and equipment (1,146,343) (1,632,989)Proceeds from ad valorem taxes 119,894 96,596Proceeds from grants 401,477 160,809

Net cash used by capital and related financing activities (876,164) (1,605,363)

Cash flows from investing activities:Purchase of interest-bearing deposits (539,387) (505,361)Maturities of interest-bearing deposits 505,361 379,274Interest on investments 32,802 49,262

Net cash used by investing activities (1,224) (76,825)

Net increase (decrease) in cash and cash equivalents 57,634 (993,632)

Cash and cash equivalents, beginning of period 944,283 1,937,915

Cash and cash equivalents, end of period S 1,001,917 $ 944,283

(continued)


Statement of Cash FlowsProprietary Fund - (Continued)

For the Year Ended June 30, 2008With Comparative Amounts for the Year Ended June 30, 2007

2008 2007Reconciliation of operating income to net cash provided by

operating activities:Operating income $ 271,431 $ 132,051

Adjustments to reconcile operating increase to net cash provided byoperating activities:Depreciation 296,822 338,810Changes in current assets and liabilities:

(Increase) decrease in accounts receivable (58,287) 31,907Increase in unbilled utility receivable (2,890) (4,222)(Increase) decrease in due from other governmental units 30,732 (30,732)(Increase) decrease in prepaid items 10,470 (12,675)Increase (decrease) in accounts payable 42,061 (40,144)Increase (decrease) in other liabilities 591 (1,425)

Net cash provided by operating activities $ 590,930 S 413,570

Reconciliation of cash and cash equivalents per statementof cash flows to the balance sheet:

Cash and cash equivalents, beginning of period -Cash - unrestricted $ 302,145 $ 482,587Interest-bearing deposits - unrestricted 469,649 345,880Cash - restricted 407,415 127,529Interest-bearing deposits - restricted 270,435 1,361,193Less: Interest-bearing deposits with a maturity over three months (505,361) (379,274)

Total cash and cash equivalents, beginning of period 944,283 1,937,915

Cash and cash equivalents, end of period -Cash - unrestricted 413,035 302,145Interest-bearing deposits - unrestricted 608,422 469,649Cash - restricted 199,421 407,415Interest-bearing deposits - restricted 320,426 270,435Less: Interest-bearing deposits with a maturity over three months (539,387) (505,361)

Total cash and cash equivalents, end of period 1,001,917 944,283

Net increase (decrease) $ 57,634 $ (993,632)

61

INTERNAL CONTROL

AND

COMPLIANCE

62

C. Burton Kolder. CPA"Russell F. Champagne, CPA'Victor R. Slaven, CPA'P- Troy Courville, CPA*Gerald A- Thibodeaux. Jr.,CPA'Robert S. Carter, CPA'Arthur R. Mixon, CPA"

KOLDER, CHAMPAGNE, SLAVEN & COMPANY, LLC

Tynes E. Mixon, Jr., CPAAllen J. LaBry, CPAAlbert R. Leger, CPA.PFS.CSA'Penny Angelle Scruggins, CPAChristine L Cousin, CPAMary T. Thibodeaux, CPAMarshall W. Guidry, CPAAlan M. Taylor, CPAJames R. Roy. CPARobert J.Metz, CPAKelly M. Doucet, CPACheryl L. Bartley, CPA, CVAMandy B. Self, CPAPaul L. Delcambre, Jr. CPAWanda F, Arcement, CPAKristin B. Dauzal, CPARichard R. Anderson Sr, CPACarolyn C. Anderson, CPA

Retired:Conrad O. Chapman, CPA" 2006Harry J.Ciostio, CPA 2007


REPORT ON INTERNAL CONTROL OVERFINANCIAL REPORTING AND ON COMPLIANCE

AND OTHER MATTERS BASED ON AN AUDITOF FINANCIAL STATEMENTS PERFORMED IN

OFFICES

183 South Beadle Rd.Lafayetle, LA 7050BPhone (337) 232-4141Fax (337) 232-8660

450 East Main StreetNew Iberia, LA 70560

Phone (337) 367-9204Fax(337)367-9208

113 East Bridge St. 200 South Main StreetBreaux Bridge. LA 70517 Abbeville, LA 70510Phone (337) 332-4020 Phone (337) 893-7944Fax (337) 332-2867 Fax {337} 893-7946

1234 David Dr. Ste 203Morgan City, LA 70380Phone (985) 384-2020Fax (985) 384-3020

408 West Cotton StreetVille Platte, LA 70586Phone (337) 363-2792Fax (337) 363-3049

332 West Sixth AvenueOberlin, LA 70655Phone (337) 639-4737Fax (337) 639-4568

1013 Main StreetFranklin, LA 70538

Phone (337) 828-0272Fax (337) 828-0290

133 East WaddilSt.Marksville LA 71351

Phone (318) 253-9252Fax (318) 253-8681

621 Main StreetPineville, LA 71360

Phone (318) 442-4421Fax(318)442-9833

' A Professional Accounting Corporation ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS

WEBSITE;WWW .KCSRCPAS .COM

The Honorable Wilson Viator, Mayorand Members of the Board of Aldermen


We have audited the financial statements of the governmental activities, the business-type activities,each major fund, and the aggregate remaining fund information of the City of Youngsville, Louisiana (theCity) as of and for the year ended June 30, 2008, which collectively comprise the City's basic financialstatements and have issued our report thereon dated October 7, 2008. We conducted our audit in accordancewith auditing standards generally accepted in the United States of America and the standards applicable tofinancial audits contained in Government Auditing Standards issued by the Comptroller General of the UnitedStates.

Internal Control Over Financial Reporting

In planning and performing our audit, we considered the City's internal control over financialreporting as a basis for designing our auditing procedures for the purpose of expressing our opinion on thefinancial statements, but not for the purpose of expressing an opinion on the effectiveness of the City'sinternal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness ofthe City's internal control over financial reporting.

Our consideration of internal control over financial reporting was for the limited purpose described inthe preceding paragraph and would not necessarily identify all deficiencies in internal control over financialreporting that might be significant deficiencies or material weaknesses. However, as discussed below, weidentified a certain deficiency in internal control over financial reporting that we consider to be a significantdeficiency.

A control deficiency exists when the design or operation of a control does not allow management oremployees, in the normal course of performing their assigned functions, to prevent or detect misstatements ona timely basis. A significant deficiency is a control deficiency, or combination of control deficiencies, thatadversely effects the entity's ability to initiate, authorize, record, process, or report financial data reliably inaccordance with generally accepted accounting principles such that there is more than a remote likelihood thata misstatement of the entity's financial statements that is more than inconsequential will not be prevented ordetected by the entity's internal control. We consider the deficiencies described in the accompanyingsummary schedule of current and prior year audit findings and corrective action plan as items 08-1 (1C) and08-2 (1C) to be significant deficiencies in internal control over financial reporting.

Member of:AMERICAN INSTITUTE OFCERTIFIED PUBLIC ACCOUNTANTS 63



A material weakness is a significant deficiency, or combination of significant deficiencies, that resultsin more than a remote likelihood that a material misstatement of the financial statements will not be preventedor detected by the entity's control.

Our consideration of the internal control over financial reporting was for the limited purposedescribed in the first paragraph of this section and would not necessarily identify all deficiencies in theinternal control that might be significant deficiencies or material weaknesses. However, we believe that thesignificant deficiencies described above are material weaknesses.

Compliance and Other Matters

As part of obtaining reasonable assurance about whether the City's financial statements are free ofmaterial misstatement, we performed tests of its compliance with certain provisions of laws, regulations,contracts and grant agreements, noncompliance with which could have a direct and material effect on thedetermination of financial statement amounts. However, providing an opinion on compliance with thoseprovisions was not an objective of our audit, and accordingly, we do not express such an opinion. The resultsof our tests disclosed no instances of noncompliance or other matters that are required to be reported underGovernment Auditing Standards.

We also noted another matter concerning financial operations that we have reported to themanagement of the City in a separate letter dated October 7, 2008.

This report is intended solely for the information of management and is not intended to be and shouldnot be used by anyone other than these specified parties. However, under Louisiana Revised Statute 24:513,this report is distributed by the Legislative Auditor as a public document.



64

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city of youngsville - louisiana...20c8dec-9 ah id-38 city of youngsville, louisiana financial report...

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