town of eros - louisiana...town of eros eros, louisiana annual financial statements as of and for...

TOWN OF EROSEros, Louisiana

Annual Financial Statements

As of and for the Year EndedDecember 31,2006

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


Annual Financial Statements

As of and for the Year Ended December 31, 2006

C O N T E N T S

Accountant's Compilation Report

Basic Financial Statements:

Government-Wide Financial Statements:

Statement of Net Assets

Statement of Activities

Fund Financial Statements:

Governmental Funds:

Balance Sheet

Statement of Revenues, Expendituresand Changes in Fund Balances

Business-Type Activities:

Statement of Net Assets

Statement of Revenues, Expenses, and Changesin Net Assets

Statement of Cash Flows

Notes to the Financial Statements

Statement Page No.

3

A

B

D

F

G

5

6

10

11

12

13

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TOWN OF EROSEros, LouisianaAnnual Financial StatementsAs of and for the Year Ended December 31, 2006

C O N T E N T S (Contd.)

Schedule Page No.Required Supplemental Information:

Schedule of Revenues, Expenditures, andChanges in Fund Balance - Budget andAnd Actual - General Fund 1 23

Other Supplemental Information Schedules:

Schedule of Per Diem Paid Aldermen 2 26

Status of Prior Year Findings 3 27

Current Year Findings andCorrective Action Plan 4 28

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CERTIFIED PUBLIC ACCOUNTANT

369 DONALDSON ROAD. CALHOUN, LOUISIANA. TELEPHONE318/644-5726

Accountant's Compilation Report

MAYOR AND BOARD OF ALDERMENTOWN OF EROSEros, Louisiana

I have compiled the accompanying basic financial statements and supplemental information schedules, aslisted in the foregoing table of contents, of the Town of Eros as of December 31, 2006, and for the year thenended, in accordance with standards established by Statements on Standards for Accounting and ReviewServices issued by the American Institute of Certified Public Accountants.

A compilation is limited to presenting in the form of financial statements and schedules, information that isthe representation of management. I have not audited or reviewed the accompanying financial statementsand, accordingly, do not express an opinion or any form of assurance on them.

Management has elected to omit Management's Discussion and Analysis which is supplemental informationrequired by GASB. If the omitted information were included in the financial statements, they might influencethe user's conclusions about the town's financial position, results of operations, and cash flows. Accordingly,these financial statements are not designed for those who are not informed about such matters.

/s Carleen DumasCalhoun, LouisianaMay 21, 2007

MEMBER OF THE AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTSMEMBER OF THE SOCIETY OF LOUISIANA CERTIFIED PUBLIC ACCOUNTANTS

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BASIC FINANCIAL STATEMENTS

-4-


STATEMENT OF NET ASSETSDecember 31,2006

Statement A

GOVERNMENTAL BUSINESS-TYPEACTIVITIES ACTIVITIES TOTAL

ASSETSCashInvestmentsReceivables (net of allowances for uncollectibles)Internal balancesCapital assets (net)

TOTAL ASSETS

LIABILITIESAccounts payablePayroll taxes payableCustomer deposits

TOTAL LIABILITIES

NET ASSETSInvested in capital assetsRestricted for capital projectsUnrestricted

TOTAL NET ASSETS

$108,39330,9243,11012,97735,636

191,040

69889

958

35,636

154,446

$190,082

$84,48034,9994,262

(12,977)1,133,045

1,243,809

542

7,814

8,356

1,133,04517,15485,254

$1,235,453

$192,87365,9237,372

1,168,681

1,434,849

611889

7,814

9,314

1,168,68117,154239,700

$1,425,535

See accompanying notes and accountant's compilation report.

-5-

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Statement C


BALANCE SHEET - GOVERNMENTAL FUNDSDecember 31,2006

ASSETSCashInvestmentsReceivablesDue from other funds

Total Assets

LIABILITIES ANDFUND BALANCES

Liabilities:Accounts payablePayroll taxes payable

Total liabilitiesFund balance - unreserved

Total Liabilities andFund Balances

GeneralFund

$108,39330,9243,110

12,977

$69889958

154,446

Reconciliation of the Balance Sheet of GovernmentalFunds To the Statement of Net Assets:

Fund balances - unreserved - General FundAmount reported for net assets of governmental activities

in the Statement of Net Assets (Statement A) is differentbecause:

Capital assets used in governmental activities are notfinancial resources and therefore are not reported in thefund

Net assets of governmental activities (Statement A)

$154,446

35,636


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Statement DTOWN OF EROS

Eros, Louisiana

STATEMENT OF REVENUES, EXPENDITURES ANDCHANGES IN FUND BALANCE - GOVERNMENTAL FUNDS

For the Year Ended December 31, 2006

RevenuesTaxes:

SalesFranchiseBeer

Licenses and permitsFinesRentFees and chargesInvestment earningsLease incomeOther revenues

Total revenuesExpendituresGeneral government:

Personal servicesOperating servicesMaterials and suppliesOther charges

Public safety:Personal servicesOperating servicesMaterials and supplies

Total expendituresExcess of Revenues Over ExpendituresOther Financing Sources (Uses)Transfers inTransfers out

Total other financing sources (uses)

Net Change in Fund Balance

Fund Balance at Beginning of Year

Fund Balance at End of Year

ErosVolunteer Fire

Department TotalGeneral

Fund

$2,6624,745

425,01517,443

9653,1421,691

65,0603,811

124,538

27,79017,5442,0181,023

12,5804,073

24765,27559,263

6,959

6,959

66,222

88,224

$154.446

Special Revenue GovernmentalFund Funds

$2,6624,745

425,01517,443

9653,142

$26 1,71765,0603,811

26 124,564

27,79017,5442,0181,023

12,5804,073

247NONE 65,275

26 59,289

6,959(6,959) (6,959)(6,959) NONE

(6,933) 59,289

6,933 95,157

NONE $154.446


Statement DTOWN OF EROSEros, LouisianaSTATEMENT OF REVENUES, EXPENDITURES AND

CHANGES IN FUND BALANCE - GOVERNMENTAL FUNDFor the Year Ended December 31, 2006

TotalGovernmental

Funds

Reconciliation of the Statement of Revenues, Expenditures, andChanges in Fund Balance of Governmental Funds tothe Statement of Activities:

Net change in fund balances - Total Governmental Funds $59,289Amount reported for governmental activities in the

Statement of Activities (Statement B) are different because:Governmental funds report capital outlays as expenditures.However, in the statement of activities, the cost of thoseassets is allocated over their estimated useful lives asdepreciation expense. This is the amount by whichdepreciation expense exceeded capital outlay in thecurrent period. (4,978)

Change in net assets of governmental activities (Statement B)


-9-

Statement E


STATEMENT OF NET ASSETS - BUSINESS-TYPE ACTIVITIESDecember 31,2006

UtilitiesEnterprise

Fund

ASSETSCurrent assets:

Cash $84,480Investments 34,999Accounts receivable (net of allowance for doubtful accounts) 4,262

Total current assets 123,741Noncurrent assets:

Capital assets (net of accumulated depreciation) 1,133,045Total assets 1,256,786

See accompanying notes and accountant's report.

LIABILITIESCurrent liabilities:

Accounts payable 542Due to other funds 12,977Customer deposits 7,814

Total liabilities 21,333

NET ASSETSInvested in capital assets 1,133,045Restricted for capital projects 17,154Unrestricted 85,254

Total net assets

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STATEMENT OF REVENUES, EXPENSES, ANDCHANGES IN NET ASSETS - BUSINESS-TYPE ACTIVITIES


Statement F

OPERATING REVENUESWater and sewer salesConnect feeOther revenues

Total operating revenue

OPERATING EXPENSESGas and oilRepairs and maintenanceUtilitiesSuppliesOffice suppliesTesting feesInsuranceSalaries and payroll taxesFees and duesAdvertisingDepreciationOther operating expenses

Total operating expenses

OPERATING INCOME (Loss)

NON-OPERATING REVENUESInterest earned on depositsState grant - rural development

Total non-operating revenues

CHANGE IN NET ASSETS

NET ASSETS - BEGINNING

NET ASSETS - ENDING


UtilitiesEnterprise

Fund

$52,38875

2,26854,731

9587,161

11,8605,234

428690

1,85017,9841,376

1074,649

216122,416

(67,685)

1,7134,7256,438

(61,247)

1,296,700

$1,235,453

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STATEMENT OF CASH FLOWS - BUSINESS-TYPE ACTIVITIESFor the Year Ended December 31, 2006

Statement G

CASH FLOWS FROM OPERATING ACTIVITIESReceipts from customersCustomer deposit receipts, netPayments to suppliersPayments to employees

Net cash provided by operating activities

CASH FLOWS FROM CAPITAL FINANCING ACTIVITIESPurchase of capital assets

CASH FLOWS FROM NON-CAPITAL FINANCING ACTIVITIESState grant

CASH FLOWS FROM INVESTING ACTIVITIESInterest earnings on bank depositsIncrease in investments

Net cash used by investing activities

NET DECREASE IN CASH

CASH AT BEGINNING OF YEAR

CASH AT END OF YEAR

Reconciliation of Operating Income (Loss) to Net Cash Used by Operating ActivitiesOperating LossAdjustments:

DepreciationIncrease in receivablesIncrease in due to other fundsIncrease in customer depositsDecrease in accounts payable

Total adjustmentsNet cash provided by operating activities


UtilitiesEnterprise

Fund

$54,716553

(39,597)(13,872)

1,800

(16,072)

15,000

1,713(31,021)(29,308)

(28,580)

113,060

$84,480

($67,685)

74,649(15)

4,112553

(9,814)69,485$1,800

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Notes to the Financial StatementsAs of and for the Year Ended December 31, 2006

INTRODUCTION

The Town of Eros was incorporated under the provisions of the Lawrason Act. The town isgoverned by the mayor-board of aldermen form of government. The mayor and five aldermen serve four-yearterms which expire on December 31,2008. The aldermen receive a $50 per diem for attending each regularand special meeting. The town provides public safety, general government, and water and sewer servicesto its residents. The town has an elected Chief of Police and two other full-time employees.

GASB Statement No. 14, The Reporting Entity, established criteria for determining the governmentalreporting entity and component units that should be included within the reporting entity. Under provisionsof this Statement, the Town of Eros is considered a primary government, since it is a special purposegovernment that has a separately elected governing body, is legally separate, and is fiscally independent ofother state and local governments. As used in GASB Statement No. 14, fiscally independent means that themunicipality may, without the approval or consent of another governmental entity, determine or modify itsown budget, levy its own taxes or set rates or charges, and issue bonded debt. The town has no componentunits.

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A. Government-Wide and Fund Financial Statements

The government-wide financial statements (i.e., the statement of net assets and thestatement of activities) report information on all of the activities of the Town of Eros.Governmental activities, which normally are supported by taxes and intergovernmentalrevenues, are reported separately from business-type activities, which rely to a significantextent on fees and charges for support.

The statement of activities demonstrates the degree to which the direct expenses ofa given function or segment are offset by program revenues. Direct expenses are those thatare clearly identifiable with a specific function or segment. Program revenues include 1)charges to customers or applicants who purchase, use, or directly benefit from goods,services, or privileges provided by a given function or segment and 2) grants andcontributions that are restricted to meeting the operational or capital requirements of aparticular function or segment. Taxes and other items not properly included among programrevenues are reported instead as general revenues.

See accountant's compilation report.-13-

TOWN OF EROSNotes to the Financial Statements

Separate financial statements are provided for governmental funds and business-typeactivities funds. All individual governmental funds and individual enterprise funds arereported as separate columns in the fund financial statements.

B. Measurement Focus, Basis of Accounting, andFinancial Statement Presentation

The government-wide financial statements are reported using the economic resourcesmeasurement focus and the accrual basis of accounting, as are the business-type fund financialstatements. Revenues are recorded when earned and expenses are recorded when a liabilityis incurred, regardless of the timing of related cash flows. Grants and similar items arerecognized as revenue as soon as all eligibility requirements imposed by the provider havebeen met.

Governmental fund financial statements are reported using the current financialresources measurement focus and the modified accrual basis of accounting. Revenues arerecognized as soon as they are both measurable and available. Revenues are considered tobe available when they are collectible within the current period or soon enough thereafter topay liabilities of the current period. For this purpose, revenues are considered to be availableif they are collected within 60 days of the end of the current fiscal period. Expendituresgenerally are recorded when a liability is incurred, as under accrual accounting. However,debt service expenditures, as well as expenditures related to compensated absences and claimsand judgements, are recorded only when payment is due.

Sales taxes, franchise taxes, licenses and permits, and interest associated with thecurrent fiscal period are all considered to be susceptible to accrual and so have beenrecognized as revenues of the current fiscal period. All other revenue items are consideredto be measurable and available only when cash is received by the town.

The Town of Eros reports the following governmental funds:

General Fund

The General fund is the general operating fund of the townand accounts for all financial resources of the generalgovernment.



Special Revenue - Eros Volunteer Fire Department Fund

The Eros Volunteer Fire Department Fund is used to accountfor financial resources to be used in providing fire protectionto the residents of the town. The Eros Volunteer FireDepartment Fund was closed during the year ended December31,2006.

The Town of Eros reports the following business-type activity fund:

Utilities Enterprise Fund

The Utilities Enterprise fund accounts for the operations of thetown's water and sewer systems.

Private-sector standards of accounting and financial reporting issued prior toDecember 1,1989, generally are followed in the government-wide and business-type activitiesfund financial statements to the extent that those standards do not conflict with or contradictguidance of the Governmental Accounting Standards Board. Governments also have theoption of following subsequent private-sector guidance for their business-type activities andenterprise funds, subject to the same limitation. The town has elected not to followsubsequent private-sector guidance.

As a general rule, the effect of interfund activity is eliminated from the government-wide financial statements.

Amounts reported as program revenues include charges to customers for goods,services, or privileges provided and operating grants. General revenues include all taxes.

Business-type activities funds distinguish operating revenues and expenses fromnonoperating items. Operating revenues and expenses generally result from providingservices and producing and delivering goods in connection with the fund's ongoingoperations. The Utilities Enterprise Fund's operating revenues consist of charges for waterand sewer sales and connection fees and meter charges. Operating expenses for enterprisefunds include the cost of services, administrative expenses, and depreciation on capital assets.All revenues and expenses not meeting these definitions are reported as nonoperatingrevenues and expenses.



C. Deposits and Investments

Cash includes amounts in demand deposits, interest-bearing demand deposits andpetty cash. State law allows the town to invest in collateralized certificates of deposits,government-backed securities, commercial paper, the state sponsored investment pool, andmutual funds consisting solely of government-backed securities. If the original maturities ofinvestments exceed 90 days, they are classified as investments; however, if the originalmaturities are 90 days or less, they are classified as cash equivalents. At December 31,2006,the town's investments consist of nonnegotiable certificates of deposits with originalmaturities that exceed 90 days that are reported in the accompanying financial statements atcost.

D. Receivables

All receivables are generally shown net of an allowance for uncollectible amounts.These statements contain no provision for uncollectible accounts. The town is of the opinionthat such an allowance would be immaterial in relation to the financial statements taken as awhole.

Sales Taxes

The town levies a one percent sales tax for the purpose of the General Fund. Thesales tax is collected by the Jackson Parish Police Jury and remitted to the town net of thecost of collection.

E. Capital Assets

Capital assets, which include the water and sewer systems and improvements, land,buildings, vehicles, and equipment, are reported in the applicable governmental or business-type activities columns in the government-wide financial statements. Capital assets arecapitalized at historical cost or estimated cost. Approximately 94 percent of the town'scapital assets have been capitalized at cost and the remaining 6 percent have been capitalizedat estimated cost based on the historical cost of similar assets. The Town of Eros maintainsa threshold level of $500 or more for capitalizing capital assets. The costs of normalmaintenance and repairs that do not add to the value of the asset or materially extend theasset's life are not capitalized.

All capital assets, other than land, are depreciated using the straight-line method overthe following useful lives:



EstimatedLives

Infrastructure - water and sewer system and improvements 25 yearsBuildings 25 - 40 yearsVehicles and equipment 5-15 years

F. Fund Equity

In the fund financial statements, governmental funds report reservations of fundbalance for amounts that are not available for appropriation or are legally restricted by outsideparties for a specific purpose. Designations of fund balance represent tentative managementplans that are subject to change. At December 31, 2006, the town's governmental fundbalances were unreserved and undesignated.

G. Estimates

The preparation of financial statements in conformity with accounting principlesgenerally accepted in the United States of America requires management to make estimatesand assumptions that affect certain reported amounts of assets and liabilities, disclosures, andrevenues, expenditures, and expenses during the reporting period. Actual results could differfrom those estimates.

H. Restricted Net Assets

In the government-wide and proprietary fund financial statements, net assets areclassified into three components:

Invested in capital assets - consists of capital assets, net of accumulateddepreciation.

Restricted for capital projects - balance remaining in federal grant fundsreceived for improvements to water system.

Unrestricted - consists of all other assets.



2. STEWARDSHIP, COMPLIANCE, ANDACCOUNTABILITY

A. Budget Information

The Town of Eros uses the following budget practices:

A proposed budget for the General Fund, prepared on the modifiedaccrual basis of accounting, was formally adopted by the mayor and board ofaldermen at the January 2006 board meeting. The budget is established andcontrolled by the mayor and board of aldermen at the object level ofexpenditure. Appropriations lapse at year-end and must be reappropriated forthe following year to be expended. Encumbrance accounting is not utilizedby the town. Budgeted amounts included in the accompanying financialstatements include the original adopted budget amounts and all budgetamendments.

The town did not adopt a budget for the Eros Volunteer FireDepartment Special Revenue Fund for the year ended December 31, 2006.

3. DEPOSITS IN FINANCIAL INSTITUTIONS

At December 31, 2006, the town has cash and investments (book balances) as follows:

Checking accounts $27,112Interest-bearing checking accounts 165,718Petty cash 43Investments - certificates of deposit 65,923

Total $258,796

These deposits are stated at cost, which approximates market. Under state law, these deposits, orthe resulting bank balances, must be secured by federal deposit insurance or the pledge of securities ownedby the 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. These securities are held in thename of the pledging fiscal agent bank in a holding or custodial bank that is mutually acceptable toboth parties. At December 31, 2006, the Town of Eros has $259,941 in deposits (collected bankbalances). These deposits are secured from risk by $127,112 of federal deposit insurance and$100,000 of pledged securities held by the custodial bank in the name of the fiscal agent bank (GASBCategory 3. Bank balances totaling $31,641 were not secured at December 31, 2006.



Even though the pledged securities are considered uncollateralized (Category 3) under theprovisions of GASB Statement 3, Louisiana Revised Statute 39:1229 imposes a statutory requirementon the custodial bank to advertise and sell the pledged securities within 10 days of being notified bythe town that the fiscal agent bank has failed to pay deposited funds upon demand.

4. RECEIVABLES

The following is a summary of receivables at December 31, 2006:

UtilitiesGenera Enterpris

1 eFund Fund Total

Sales taxesFranchise taxesMiscellaneousAccounts

Allowance for doubtful accounts

Total

5. INTERFUND RECEIVABLES/PAYABLES

The following is a summary of interfund receivables and payables at December 31, 2006:

$7181,471

921

NONE

$3,110

4,262NONE

$4,262

$7181,471

9214,262

NONE

$7,372

DueFromOtherFunds

Due ToOtherFunds

General FundUtilities Enterprise Fund

Total

$12,977$12,977

$12,977 $12,977

The amount due to the General Fund is for Utilities Enterprise Fund payroll taxes paid by theGeneral Fund.



6. CAPITAL ASSETS

Capital assets and depreciation activity as of and for the year ended December 31,2006, is as follows:

Balance at Balance atJanuary 1, December 31,

2006 Increases Decreases 2006Governmental activities:Capital assets being

depreciated:BuildingsVehicles and equipmentTotal capital assets being

depreciatedLess accumulated depreciation

for:BuildingsVehicles and equipment

Total accumulateddepreciation

Total assets beingdepreciated, net

Business-type activities:Capital assets not being

depreciated:Land

Capital assets beingdepreciated:Water and sewer systems

and improvementsEquipment

Total capital assets beingdepreciated

Less accumulated depreciationfor:Water and sewer systems

and improvementsEquipment

$53,27068,473

121,743

26,68054,449

81,129

$40,614

$121

1,867,08236,220

1,903,302

$698,84312,958

($40,000)

NONE (40,000)

$1,4223,556 (40,000)

4,978 (40,000)

($4,978) NONE

NONE NONE

13,0723,000

16,072 NONE

$69,8734,776

$53,27028,473

81,743

28,10218,005

46,107

$35,636

$121

1,880,15439,220

1,919,374

$768,71617,734



Balance at Balance atJanuary 1, December 31,

2006 Increases Decreases 2006Total accumulated

depreciation 711,801 74,649 NONE 786,450Total assets being depreciated,

net $1,191,501 ($58,577) NONE $1,132,924

Depreciation expense of $4,978 for the year ended December 31,2006 was charged to the followinggovernmental functions:

General government $2,168Public safety - police 2,810

Total $4,978

Depreciation expense of $74,649 for the year ended December 31,2006 was charged to the business-type activities function.

7. RISK MANAGEMENT

The town purchases commercial insurance to reduce the risk of loss resulting from property damageor liability claims. There have been no significant reductions in insurance coverage fromcoverage in the prioryear. Settlements have not exceeded insurance coverage in any of the past three fiscal years.


REQUIRED SUPPLEMENTAL INFORMATION


Schedule 1TOWN OF EROS

Eros, Louisiana

SCHEDULE OF REVENUES, EXPENDITURES, ANDCHANGES IN FUND BALANCE - BUDGET AND ACTUAL -

GENERAL FUNDFor the Year Ended December 31, 2006

RevenuesTaxes:

SalesFranchiseBeer

Licenses and permitsFinesRentFees and chargesInvestment earningsLease incomeOther revenue

Total revenuesExpendituresGeneral government:

Personal servicesOperating servicesMaterials and suppliesOther charges

Public safety - police:Personal servicesOperating servicesMaterials and suppliesOther

Total expenditures

Excess (Deficiency) of Revenue over Expenditures

Other Financing Source - transfer in

Net Change in Fund Balance

Fund Balance at Beginning of Year

Fund Balance at End of Year

BudgetedAmounts

Original

$6,0006,000

1020,00036,000

1,0002,550

900

70073,160

35,40018,9003,100

500

11,6007,000

55025

77,075

(3,915)

NONE

(3,915)

NONE

($3,915)

Final

$2,5006,000

326,00025,000

8503,030

750

70064,833

35,40017,3502,650

650

14,3004,250

40025

75,025

(10,192)

NONE

(10,192)

NONE

($10,192) _

ActualAmounts

(BudgetaryBasis -GAAP)

$2,6624,745

425,01517,443

9653,1421,691

65,0603,811

124,538

27,79017,5442,0181,023

12,5804,073

247

65,275

59,263

6,959

66,222

88,224

$154,446

Variance withFinal Budget

Positive(Negative)

$162(1,255)

1(985)

(7,557)115112941

65,0603,111

59,705

7,610(194)632

(373)

1,72017715325

9,750

69,455

6,959

76,414

88,224

$164,638


OTHER SUPPLEMENTAL INFORMATION SCHEDULES



OTHER SUPPLEMENTAL INFORMATION SCHEDULESAs of and For the Year Ended December 31, 2006

COMPENSATION PAID ALDERMEN

The schedule of per diem paid aldermen is presented in compliance with House Concurrent ResolutionNo. 54 of the 1979 Session of the Louisiana Legislature. Compensation of the aldermen is included in thegeneral government personal services expenditures of the General Fund. Aldermen receive a per diem of$50 for attending each regular and special meeting.

STATUS OF PRIOR YEAR FINDINGS

The follow-up and corrective action taken on all prior year findings is presented in Schedule 3.

CURRENT YEAR FINDINGS ANDCORRECTIVE ACTION PLAN

The corrective action plan for current year findings is presented in Schedule 4.



Eros, Louisiana

Schedule of Per Diem Paid AldermenFor the Year Ended December 31, 2006

Daniel Bailey $750Sue Bailey 750Dorothy Costin 750Marilyn Shows 550Candace Myers 750

Total $3,550



Eros, Louisiana

STATUS OF PRIOR YEAR FINDINGSFor the Year Ended December 31, 2006

ReferenceNumber

FiscalYear

FindingInitially

Occurred Description of Finding

CorrectiveActionTaken

PlannedCorrective

Action

N/A 2004Inadequate Segregation ofDuties No See current year findings.



Eros, Louisiana

CURRENT YEAR FINDINGS ANDCORRECTIVE ACTION PLAN


ReferenceNumber Description of Finding

CorrectiveActionPlanned

Name ofContact Person

AnticipatedCompletion

Date

N/A

N/A

N/A

Not economically feasibleInadequate Segregation for correctiveof Duties action to be taken.

Samuel Murphy,Mayor N/A

Bank balances not fullysecured.

Budget for the yearended December 31,2006 was not adoptedbefore January 1, 2006.

The town will requestthat the bank pledgeadditional securities toadequately insure all bank Samuel Murphy,balances.

The town will adopt theGeneral Fund budget for2008 before January 1,2008.

Budgeted expendituresfor the year ended Budgeted expendituresDecember 31, 2006 for 2007 will not exceedexceeded budgeted the sum of budgetedrevenues plus budgeted revenues plus budgeted

Mayor

Samuel Murphy,Mayor

12/31/07

12/31/07

Samuel Murphy,N/A beginning fund balance, beginning fund balance. Mayor 12/31/07


town of eros - louisiana...town of eros eros, louisiana annual financial statements as of and for...

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