town of farmerville - louisianafile/00014af7.pdfand the addition of video bingo proceeds of $80,000....

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TOWN OF FARMERVILLE FARiUFRVnJH. LOUISIANA

RFPORT ON AUDIT OF RASir. FINANriAT. STATEMENTS

YEAR ENDED nTKrP^n,?.n09 AND 2008

Under provisions of state law, this report is a public document. A copy of the report has been submitted to the entity and other appropriate public officials. The report is available for public inspection at the Baton Rouge office of the LegislativeAuditor and, where appropriate, at the office of the parish clerk of court

Release Date u d ^

TOWN OF FARMERVILLE FARMERVILLE. LOUISIANA

ANNUAL HNANCIAL REPORT JUNE 30. 2009

TABLE OF CONTENTS

PAGE REOUIRED SUPPLEMENTAL INFORMATION (PART D

Management's Discussion and Analysis A - E

FINANCIAL SECTION

Independent Auditors' Report I - II

BASIC FINANCIAL STATEMENTS

GOVERNMENT - WIDE FINANCIAL STATEMENTS

EXHIBIT A Statements of Net Assets I

EXHIBIT B Statements of Activities 2

FUND FINANCIAL STATEMENTS

EXHIBIT C Balance Sheets - Governmental Funds 3

EXHIBIT C - 1 Reconciliation of the Balance Sheets to die Statement of Net Assets - Govemmental Funds 4

EXHIBIT D Statements of Revenues, Expenditures and Changes in Fund Balance - Govemmental Funds 5

EXHIBIT D - 1 Reconciliation of the Statements of Revenues, Expenditures and Changes in Fund Balance of Govemmental Funds to the Statements of Activities 6

PROPRIETARY FUND STATEMENTS

EXHIBIT E Statements of Fund Net Assets - Proprietary Funds 7 - 8

EXHIBIT F Statements of Revenues, Expenses and Changes in Fund

Net Assets - Proprietary Funds 9-10

EXHIBIT G Statements of Cash Flows - Proprietary Funds 11-12

NOTES TO FINANCIAL STATEMENTS 13 - 35

REOUIRED SUPPLEMENTAL INFORMATION (PART II) STATEMENT A General Fund - Statements of Revenues, Expenditures and Changes in

Fund Balance - Budget (GAAP) and Actual 36 - 39

TOWN OF FARMERVILLE FARMERVILLE LOUISIANA

ANNUAL FINANCIAL REPORT JUNE 30, 2009

TABLE OF CONTENTS

STATEMENT B Special Revenues - Sales Tax Fund - Schedules of Revenues, Expenditures and Changes in Fund Balances - Budget (GAAP) and Actual 40 - 41

STATEMENT B-1 Special Revenues - 2002 Sales Tax Fund - Recreation Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget (GAAP) and Actual 42

STATEMENT C Enterprise Funds - Statements of Revenues, Expenses, and Changes in Retained

Eamings - Budget (GAAP) and Actual 43

STATEMENT C-1 Enterprise Funds - Schedule of Detail of Expenses, Budget (GAAP) and Acmal 44

OTHER SUPPLEMENTAL INFORMATION ( PART III)

SCHEDULE A Combining Balance Sheets - Special Revenue Funds 45

SCHEDULE B Combining Statements of Revenue Expenditures and Changes in Fund Balances -

Special Revenue Funds 46

SCHEDULE C Balance Sheets - Capital Projects Fund 47

SCHEDULE D Statements of Revenues, Expenditures and Changes in Fund Balances -

Capital Projects Fund 48

SCHEDULE E Combining Balance Sheets - Debt Service Funds 49

SCHEDULE F Combining Statements of Revenues, Expenditures and Changes in Fund Balance -

Debt Service Funds 50

SCHEDULE G Schedule of Insurance in Force 51

SCHEDULE H Cash Accounts and Investments 52

Report on Intemal Control over Financial Reporting and on Compliance and Other Matters Based On an Audit of Financial Statements in Performed in Accordance with Govemment

Auditing Standards 53 - 54

PRIOR YEAR RECOMMENDATIONS AND STATUS OF RECOMMENDATIONS 55 - 59

CURRENT YEAR RECOMMENDATIONS AND STATUS OF RECOMMENDATIONS 60 - 61

MANAGEMENT'S DISCUSSION AND ANALYSIS

Town of Farmerville, Louisiana Management's Discussion and Analysis June 30, 2009

The management of the Town of Farmerville, Louisiana offers readers of the Town of Farmerville, Louisiana's (Town) financial statements this narrative overview an analysis of the financial activities of the Town for the fiscal year ended June 30, 2009. Management discussion and analysis is designed to provide an objective analysis of the Town's financial activities based on currently known facts, decisions, or conditions.

Overview of the Financial Statements

The Town's basic financial statements consist of the govemment-wide financial statements, fund fmancial statements, and notes to the financial statements. This report also contains other supplementary information, which is in addition to the basic financial statements.

Government-Wide Financial Statements

The statement of net assets presents information on all of the Town's assets and liabilities, with the difference between the two reported as net assets. The statement of activities shows how the government's net assets changed during this fiscal year. All changes in net assets are reported as soon as the underlying event occurs regardless of the timing of the related cash flows.

Each of these reports is broken down between govemmental activities and business-type activities. Govenmiental activities normally are those activities that are supported by taxes, licenses, permits, fines and intergovernmental revenues for example, the police and fire departments. Business-type activities are functions that are intended to support their costs through charges for services or fees such as the water and sewer departments.

Fund Financial Statements

The Town of Farmerville, Louisiana maintains four individual governmental funds, General Govemment, Special Revenue, Debt Service, and Capital Projects. Information is presented separately in the govemmental fund balance sheet and in the governmental fund statement of revenues, expenditures, and changes in fund balances for the general fund which is considered to be a major fund.

The Town adopts an annual budget for its general fund. A statement of revenues, expendimres and changes in fund balance is presented on Statement A which compares actual revenues and expenditures to the original budget and amended budget figures. The original budget was adopted on June 29, 2008 and it was amended on June 11, 2009.

The Town operates one proprietary fund. The Town uses an enterprise fund to account for its water and sewer disposal operations. This enterprise fund reports the same functions presented as business-type activities in the govemment-wide financial statements.

The notes to the financial statements have additional infonnation presented that is essential to a full understanding of the data provided in the govemment-wide fmancial statements. The notes are found on pages 13-35.

Government-wide Financial Analvsis

Overall, the Town's financial position and results of its operation improved in fiscal 2009. The largest percentage of the total assets (76%) is the Town's investment in net capital assets. The Town has outstanding debt of $2,340,000.00 in 2009 and $2,687,803.49 m 2008, which was used to finance some of die $13,001,328.30 in 2009 and $12,267,230.78 in 2008 capital assets. (For more detailed infonnation on the Town's debt and capital assets, see pages 23 - 26.) The Town will have to generate enough income in fiscal year 2009 to pay off $260,000 in bonds which does not include interest. Thetotalliabilitiesof$ 3,331,507.04 in 2009 and $3,520,853 in 2008 are 23% in 2009 and 23% in 2008 of the total assets..

The following table reflects the condensed statement of net assets at June 30, 2009.

Assets Current Assets Non-current Assets

Total Assets

Liabilities Current Liabilities Non-current Liabilities

Total Liabilities

Net Assets Invested in Capital Assets, Net of Related Debt Restricted Unrestricted

Total Net Assets

Govemmental Activities

$ 2.727,428,34 5,679.064.75

$ 8.406.493.09

S 696,752.66 2,080.000.00

$ 2,776,752.66

$ 3.479.064.75 1.196,813.29

953-862.39 $ 5.629.740.43

Business-Type Activities

$ 916.560.51 7.322.263 55

$ 8.238824.06

$ 554.754.38 .00

$ 554,754.38

$ 7.160,555.55 442.243.78

81.270.35 $ 7.684,069.68

Total

$ 3,643,988 85 13,001,328.30

$ 16.645,317.15

$ 1,251.507.04 2,080.000.00

$ 3.331.507.04

$ 10.639.620.30 1.639.054.07 1,035.132.74

S 13.313.810.11

The Town's governmental acfivities increased the net assets by $777,723.25. The total change in net assets increased the Town's assets by $1,446,524.67 due to an increase in grants received. Below is a summary of the statement of activities.

Revenues Proeram Revenues General Revenues

Total Revenues

Exoenses General and Administrative Public Safety Public Services Culnire and Recreation Capital Projects Water & Sewer

lncreascs(I>ecreases) in Net Assets

Net Assets - July 1, 2008

Net Assets - June 30, 2009

Governmental Activities

$ 628.926.00 3.190.8203.32

i _ 3,819.746.42

5_ 574.829.77 987.513.01

1,133.734.56 228-398.29

.00

.00 117,547.54

T- 3.042,023.17

5_ 777.723.25

$ 4,852.017.18

$ 5.629.740.43

Business-Type Activities

^ 2,023.567.71 (53.493.41.00)

r 1,970,074.30

i_ .00 .00 .00 .00 00

1.427.862.88 .00

l_ 1,427-862.88

668.801.42

$ 7.015.268.26

$ 7.684,069.68

Total

$ 2.652,493.81 3,137.326.91

L - 5,789,820.72

1 $ 574.829.77 1

987.513.01 1,133.734.56

228.398.29 .00

1.427.862.88 117,547.54

$ 4-469,886.05 1

"— 1 $ 1.446.524.67 1

^ 1 $ 11,867,285.44 |

1 $ 13,313,810 11

PROGRAM REVENUES

0.0%

H • General Government

Public Safety

Public Services

Capital Projects

y Culture and Recreation

Water

Sewer

Program Revenues are Broken Down By:

General Govemment Public Safety Public Services Culture and Recreation Water Sewer Capital Projects Total Program Revenues

$ .00 157,889.93 470,985.97

.00 830,006.29

1,193,561.42 50.00

$2,652,493.81

GENERAL REVENUES

u

n H

Property Taxes

Franchise Taxes

Occupafional Licenses

Investment Earnings

Miscellaneous

Video Bingo

• UJ f '

• 1 °

Sales Taxes

Alcoholic Beverage Tax

Other Licenses & Taxes

Intergovernment Revenue

Transfers

General Revenues Consist of the Following:

Property axes Sales Taxes Franchise Taxes Alcoholic Beverage Tax Occupational Licenses Other Licenses & Taxes Video Bingo Investment Eamings Intergovernment Revenue Miscellaneous Transfers

Total General Revenues

$ 647,242.63 1,859,080.45

175,985.04 8,075.00

178,588.07 21,650.67 80,000.00 32,807.45 24,031.76 59,880.51

103.477.84 $3.190.820.32

-D-

Financial Analvsis of the Government's Funds

The Town of Farmerville's governmental fimds reported a combined ending fund balances of $2,202,605 which is a increase of $563,063. Of the $2,202,605, $380,313 is reserved for debt service.

The Town's proprietary fund shows a decrease in its ending unrestricted net assets off $180,233.05. The net change in water assets had an increase of $668,801.42.

General Fund Budgetary Highlights

The major differences between the original budget and the final budget of the General Fund are:

1. The increase in budget revenue of $ 100,000 is due mainly to a increase advalorem taxes due to millage roll forward and the addition of Video Bingo proceeds of $80,000.

2. Expendimres increased by $133,000. The Town did not originally budget the purchase of a Rescue Unit for the Fire Department. There was an increase of $23,000 in insurance premiums.

The final budget and the actual results difference show a positive position. The difference in budgeted revenue and acmal is within the 1% range. The difference in budgeted expenditures and actual is less than 3%. AcUial net assets were under budgeted by $63,088 due to the payoff of a fire tmck in the last week of die year.

Capital Asset and Debt Administration

The total investment in net capital assets as of June 30, 2009 is $13,001,328.30.

New major capital assets purchased in fiscal 2009 are:

1. The purchase of 2003 Crown Vic Police car to replace on that was wrecked for $9,100.00

2. The Fire Department purchased a 2002 Ford F-150 to replace a tmck for die coordinator for 9,100.00. The Fire Department also purchased Rescue Unit and a Fire Tmck for $127,500.00

3. General Fund spent $5,800 on new computer equipment for mayor's office.

4. The Fire Department spent $65,000 completing the building of two fire stations that were mosUy completed in last fiscal year.

The Town has elected not to retroactively report major general infrastmcture assets. All major general infrastmcmre assets purchased after 2002 will be capitalized.

At the end of the current fiscal year, the Town had a total outstanding bonded debt of $2,340,000. This debt is financed through sales taxes collected.

Current Financial Factors

In the first 3 months of fiscal 2010; sales tax collections are up 6% over the same 3 month period in fiscal 2009. Collections for sales tax are up largely due to the addition of a new business development area.

The budget for fiscal 2010 is $4,265,400 in gross revenue widi expenses of $4,101,550. There is $25,000 budgeted for the purchase of a new police car. The revenues also includes a 30% decrease in water revenue and a $175,000 decrease in garbage fees, both are due to the closure of a major industry that has reopened but not at the same capacity. The budget reflects a 9% increase for Sales Tax coUecfions.

GARRETT & GARRETT CERTIFIED PUBLIC ACCOUNTANTS

119 PROFESSIONAL DRIVE WEST MONROE, LOUISIANA 71291

CAROLYN V. GARRETT PHONE: 318 322-0845 JUDY D. GARRETT FAX: 318 322-5577

October 29, 2009

INDEPENDENT AUDITORS' REPORT

The Honorable Stein Baughman, Mayor and Members of the Board of Alderman

We have audited the accompanying financial statements of the govemmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Town of Farmerville, Louisiana, as of and for the year ended June 30, 2009 and 2008, which collectively comprise die Town's basic financial statements as listed in the table of contents. These basic financial statements are the responsibility of the Town of Farmerville, Louisiana's management. Our responsibility is to express an opinion on these basic financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained m Govemment Auditing Standards, issued by the Comptroller General of the United States and the Louisiana Govemmental Audit Guide. Those standards require that we plan and perform the audit 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 financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentafion. We believe that our audit provides a reasonable basis for our opinion generally accepted in the United States of America.

In our opinion, the fmancial statements referred to above present fairly, in all material respects the respective financial position of the govemmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Town of Farmerville, Louisiana, as of June 30, 2009 and 2008, and the respective changes in financial position and cash flows, where applicable, thereof, for the year then ended in conformity 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 29, 2009 on our consideration of the Town of Farmerville, Louisiana's intemal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of intemal control over fmancial reporting and compliance and the results of that testing and not to provide an opinion on the internal control over financial reporting of on compliance. That report is an integral part of an audit performed in accordance with Govemment Audifing Standards and should be read in conjunction with this report in considering the results of our audit.

Managemenfs Discussion and Analysis on pages A - F and the required supplemental information, on pages 36-44 are not a required part of the basic audited financial statements, but are supplementary information required by accounting principles generally accepted in the United States of America. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the supplemental information. However, we did not audit the information and express no opinion thereon.

The Honorable Stein Baughman, Mayor and Members of the Board of Alderman October 29, 2009 Page 2

Our audit was conducted for the purpose of forming an opinion on the fmancial statements that collectively comprise the Town of Farmerville, Louisiana's basic financial statements. The combining and individual fund statements and schedules, as well as the accompanying supplemental information as listed in the Table of Contents and identified as Schedule A through Schedule H are presented for purpose of addifional analysis and are not a required part of the basic financial statements. The supplemental information on Schedule A through H has been subjected to the auditing procedures applied m the audit of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements and accordingly, we express no opinion on them.


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BASIC FINANCIAL STATEMENTS


STATEMENTS OF NET ASSETS JUNE 30. 2009 AND 2008

EXHIBIT A

PRIMARY GOVERNMENT

ASSETS

Cash and Cash Equivalents Receivables Net Receivables - Others Prepaid Expenses Deposits - Insurance Due from Other Funds Due from Other Governments Restricted Cash and Cash Equivalents Capital Assets, Net Total Assets

LIABILITIES

GOVERNMENTAL ACTIVITIES

$ 1,500,475.08 157,269.09

8,083.81 45,500.08

6,119.70 213,534.37 171,739.98 624,706.23

5.679,064.75 $ 8,406,493.09

BUSINESS-TYPE ACTIVITIES

$ 193,216.80

L

104,481.62 .00

6,570.81 .00 .00 .00

612,291.28 7.322.263.55 8.238,824.06

TOTALS 2009

$ 1,693,691.88 261,750.71

8,083.81 52,070.89

6,119.70 213,534.37 171,739.98

1,236,997.51 13,001.328.30

$16,645,317.15

$

I

2008

566,452.82 318,753.43

4,710.00 32,023.00

.00 117,192.03 120,676.15

1,961,100.29 12.267.230.78 15.388.138.50

Accounts Payable Cash Overdraft - Fire Department Estimates & Retainage Payable Accmed Expenses Due to Other Funds Customer Deposits Curtent Portion of Long-Term

Obligations Revenue Bonds Payable Capital Leases Payable

Long-Term Debt Revenue Bonds Payable Capital Leases Payable

Total Liabilifies

NET ASSETS

Invested in Capital Assets, Net of Related Debt

Restricted for: Debt Service Fire Dept. - General Fund Fire Dept. - Fire Protecrion District Fire Dept. - Volunteer Capital Projects Recreation/Street Improvements

Unrestricted (Deficit) Total Net Assets

126,992.68 $ 38,315.64

173.171.40 211,587.55

26,685.39 .00

120,000.00 .00

80,973.58 $ .00 .00

21,121.01 174,899.79 137,760.00

140,000.00 .00

207,966.26 $ 38,315.64

173,171.40 232,708.56 201,585.18 137,760.00

260,000.00 .00

293,326.05 .00

67,479.43 223,397.06 117,192.03 131,655.00

245,000.00 52,529.43

2,080,000.00 .00

.00

.00 2,080,000.00

.00 2,340,000.00

50.274.06 $ 2.776.752.66 $ 554.754.38 $ 3.331.507.04 $ 3.520.853.06

$ 3,479,064.75 $

380,313.40 168,027.54

:t 7,025.84 82,596.17 31,012.70

527,837.64 953.862.39

$ 5,629.740.43 $

7,160,555.55

271,171.33 .00 .00 .00

171,072.45 .00

81,270.35 7,684,069.68

$ 10,639,620.30

651,484.73 168,027.54

7,025.84 82,596.17

202,085.15 527,837.64

1.035.132.74 $13,313,810.11

$

l_

9,570,282.29

634,187.24 185,985.98

19,246.98 84,302.20

176,867.86 366,083.14 830.329.75

11.867.285.44

The notes are an integral part of these statements. See accompanying independent auditors' report.

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TOWN OF FARMERVILLE FARMERVILLE, LOUISIANA

RECONCILIATION OF THE BALANCE SHEETS TO THE STATEMENTS OF NET ASSETS - GOVERNMENTAL FUNDS

FOR THE YEARS ENDED JUNE 30, 2009 AND 2008

EXHIBIT C -1

2009 2008 FUND BALANCES - Total Govemmental Funds

Amounts reported for Governmental Activities in the Statement of Net Assets are different because:

Capital Assets used in Govemmental Activities are not Financial Resources and therefore are not reported in the Governmental Funds.

$ 2.202.605.68 $ 1,639.492.37

Govemmental Capital Assets Less: Accumulated Depreciation

Net

Long-term Liabilities, including Bonds Payable, are not due and payable in the current period and therefore are not reported in the Govemmental Funds.

Accrued Interest Payable Bonds Payable Lease Payable

Net

NET ASSETS OF GOVERNMENTAL ACTIVITIES (EXHIBIT A)

8,744,887.17 $ 8,448,728.48 (3,065,822.42'> (2.770.171.18) 5.679.064.75 $ 5.678.557.30

$ 51,930.00 $ 48,229.00 2,200,000.00 2,315,000.00

^ 102.803.49 $ 2.251.930.00 $ 2.466.032.49

$ 5.629.740.43 $ 4.852.017.18

The notes are an integral part of this statement. See accompanying independent auditors' report.

-4-

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TOWN OF FARMERVILLE EXHIBIT D-1 FARMERVILLE. LOUISIANA

RECONCILIATION OF THE STATEMENTS OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES

OF GOVERNMENTAL FUNDS TO THE STATEMENTS OF ACTIVITIES FOR THE YEARS ENDED JUNE 30. 2009 AND 2008

2009 2008 NET CHANGE IN FUND BALANCES - Total Governmental Funds (EXHIBIT D) $ 563,063.31 $(242,006.67)

Amounts reported for govenmiental activities in the statement of activities are different because:

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

Capital Outlay - Net 278,365.69 1,336,543.07 Depreciation Expense (277,808.24) (208,544.41)

The instance of long-term debt provides current financials resources to govenmiental funds, while the repayment of the principal of a long-temi Debt consumes the current financial resources of governmental funds. Neither transaction, however, has any effect on net assets. Also, govemmental funds report the effect of issuance costs, premiums, discotmts and similar items when debt is first issued, whereas these amounts are deferred and amortized in the statement of activities. The detail of these differences in the treatment of long-term debt and related items is as follows:

Bonds 115,000.00 110,000.00 Lease Payments 102,803.49 54,571.39

Some expenses reported in the statement of activities do not require the use of current fmancial resources and, therefore, are not reported as expendimres in govemmental funds.

Increase/Decrease in Accmed Expenses (3.701.00) 2,293.00

CHANGE IN NET ASSETS OF GOVERNMENTAL ACTIVITIES (EXHIBIT B) $ 777.723.25 $1.052.856.38


-6-


STATEMENTS OF FUND NET ASSETS PROPRIETARY FUNDS

JUNE 30. 2009 AND 2008

EXHIBFT E

TOTAL ASSETS

Current Assets Cash and Cash Equivalents Accounts Receivable, Net Prepaid Insurance

Total Cunent Assets

Non-Current Assets Restricted Assets:

Cash and Cash Equivalents Water Fund - Meter Deposits Depreciation and Contingency Fund

LCDBG Program Sewer Bonds - Reserve Sewer Bonds - Sinking Fund Total Restricted Assets

Capital Assets Property, Plant, and Equipment,

at Cost Construction in Progress Less: Accumulated Depreciation Land

Total Capital Assets

TOTAL ASSETS

LIABILITIES

WATER SEWER 2009 2008

188,691.43 $ 4,525.37 193,216.80 $ 257,693.75 104,481.62 .00 104,481.62 167,586.49 6.570.81 ^ 6.570.81 20.049.00

$ 299.743.86 1 4.525.37 304.269.23 $ 445.329.24

$ 170,047.50

51,402.51 .00 .00 .00

$ 221.450.01

$

1_

.00

119,669.94 .00

206,733.61 64,437.72

390,841.27

$

$

170,047.50 $

171,072.45 .00

206,733.61 64,437.72

612,291.28 $

161,006.60

176,781.66 50.00

202,484.31 64,970.41

605,292.98

$5,958,847.64 $ 6,459,676.70 $12,418,524.34 $11,522,795.08 .00 .00 .00 28,374.10

(2,348,474.32) (2,773,538.47) (5,122,012.79) (4,988,247.70) 25.752.00 ^ 25.752.00 25.752.00

$3.636,125.32 $ 3.686.138.23 $ 7.322.263.55 $ 6.588.673.48

$4.157.319.19 $ 4.081.5(H.87 $ 8.238.824.06 $ 7.639,295.70

Current Liabilities (Pavable from Current Assets):

Accounts Payable Accmed Liabilities

Total Current Liabilities (Payable from Cunent Assets)

Cunent Liabilities (Pavable from Restricted Assets)

Customers' Deposits Bonds Payable Accmed Interest Payable

Total Cunent Liabilities (Payable from Restricted Assets)

$ 28,593.77 $ 52,379.81 $ 80,973.58 $ 107,347.94 12.737.01 6.709.00 19.446.01 21.568.00

S 41.330.78 $ 59.088.81 $ 100.419.59 $ 128.915.94

$ 137,760.00 $ .00 $ 137,760.00 $ 131,655.00 .00 140,000.00 140,000.00 130,000.00 ^ 1.675.00 1.675.00 2,545.00

$ 137.760.00 $ 141.675.00 $ 279.435.00 $ 264.200.00


STATEMENTS OF FUND NET ASSETS PROPRIETARY FUNDS

JUNE 30. 2009 AND 2008

EXHIBIT E CONTINUED

TOTAL

Lons-Term Liabilities Due To/From Othtr Funds Due To/From Other Funds Bonds Payable

Total Long-Term Liabilities

WATER

$ (143,758.98) $ 174,899.79

.00 $ 31.140.81 $

SEWER

143,758.98 .00 .00

143,758.98

2009

$ .00 174,899.79

.00 $ 174,899.79

$

^

2008

.00 90,911.50

140.000.00 230,911.50

TOTAL LIABILrriES $ 210.231.59 $ 344.522.79

NET ASSETS

Invested in Capital Assets Net of Related Debt

Restricted for Capital Projects Restricted for Debt Services Unrestricted

$3,636,125.32 $3,524,430.23 $7,160,555.55 $ 6,309,528.48 51,402.51 119,669.94 171,072.45 176,781.66

.00 271,171.33 271,171.33 267,454.72 259,559.77 (178.289.42) 81.270.35 261,503.40

TOTAL NET ASSETS $ 3.947.087.60 $ 3.736,982.08 $ 7.684.069.68 $ 7.015.268.26



STATEMENTS OF REVENUES. EXPENSES AND CHANGES IN FUND NET ASSETS

PROPRIETARY FUNDS FOR THE YEARS ENDED JUNE 30. 2009 AND 2008

EXHIBIT F

BUSINESS - TYPE ACTIVITIES ENTERPRISE FUND

Operating Revenues Charges for Services Miscellaneous

Total Operating Revenues

Operating Expensed Administrative Expenses

Salaries and Employee Benefits Administrative Fee Advertising Auditing Fees Bank Charges Computer Expense Dues Insurance - Liability Miscellaneous Office Supplies Postage Radio Repairs Equipment and Tmck Expense Telephone Expense Travel and Training Water Supply Initiative Program

Total Administration Materials and Supplies

Chlorine Chlorine Equipment Repair Chemicals Chemicals Test Supplies Sub Contract Services Pump Repairs Meter Replacements Pilgrims Pride Water Well Repairs Major Well and Tank Repairs Treatment Plant Repairs Safe Drinking Program Utilities

Total Materials and Supplies

Depreciation and Amortization

Total Operating Expenses

Net Operating Income (Loss)

TOTAL WATER SEWER 2009 2008

830,006.29 .00

260,211.42 2,000.00

$ 1,090,217.71 2,000.00

1,223,259.18 6.088.13

$ 830.006.29 $ 262,211.42 $ 1.092.217.71 S 1.229.347.31

$

L

$

£ i_

i_

^

314,583.27 30,000.00

114.00 8,400.00

31.95 9,645.00

835.50 30,122.06

1,685.07 6,715.83

14,848.05 .00

28,883.70 8,281.98

304.32 17.454.64

471.905.37

13,050.00 2,424.54

.00

.00 49,603.68

.00

.00 8,287.51

30,828.94 94,677.88

.00 5,011.20

152.699.70 356,583.45

131,049.38

959,538.20

$

L $

i_

$_

^

(129.531.91) $

97,974.62 .00 .00

1,700.00 84.81

.00

.00-3,571.90

223.00 156.54

.00

.00 9,111.18

455.05 86.34

.00 113,363.44

7,435.00 .00

2,156.88 7,298.00

12,420.34 4,500.00

94,480.34 .00 .00

21,431.08 9,871.80

.00 41,021.14

200,614.58

154.346.66

468,324.68

(206.113.26)

$

l_

$

L-

^

412,557.89 30,000.00

114.00 10,100.00

116.76 9,645.00

835.50 33,693.96

1,908.07 6,872.37

14,848.05 .00

37,994.88 8,737.03

390.66 17.454.64

585.268.81

20,485.00 2,424.54 2,156.88 7,298.00

62,024.02 4,500.00

94,480.34 8,287.51

30,828.94 116,108.96

9,871.80 5,011.20

193.720.84 557,198.03

285,396.04

$ 1.427.862.88

$,._

$

l_

$

!_

1.

^

(335,645.17) $

368,975.57 30,000.00

643.00 11,989.00

.00 9,516.43

737.00 57,979.49 3,799.43 5,613.07

14,062.66 1,590.15

44,582.10 7,899.96

825.80 .00

558.213.66

20,337.87 1,453.82

970.64 8,124.00

34,331.68 .00

44,797.39 6,327.40

32,914.06 33,057.29 44,228.48 4,887.36

211.179.81 442.609.80

234,629.23

1,235,452.69

(6,105.38)


STATEMENTS OF REVENUES. EXPENSES AND CHANGES IN FUND NET ASSETS

PROPRIETARY FUNDS FOR THE YEARS ENDED JUNE 30. 2009 AND 2008

EXHIBIT F CONTINUED

ENTERPRISE FUND

Non-Operating Revenues (Expenses) Interest Income

Regular Sinking and Reserve Funds

Interest Expense Union Village Grant Grant Expense - Capital Projects Funds Transfer to Capital Additions Fund Transfers to/from Other Funds

Total Non-Operating Revenues (Expenses)

Changes in Net Assets

Net Assets - Beginning of the Year

Net Assets - End of the Year

TOTAL WATER SEWER 2009 2008

$ 5,226.59 $ 82.44 $ 5,309.03 $ 8,182.14 .00 12,936.42 12,936.42 14,816.12 .00 (17,410.00) (17,410.00) (21,128.00)

150,565.76 .00 931,350.00 931,350.00 .00 .00 .00 .00 (3,477.83)

(71.738.86) 144.000.00 72.261.14 88.555.34

$ (66.512.27) $ 1.070.958.86 $ 1.004.446.59 $ 237.513.53

$ (196,044.18) $ 864,845.60 $ 668,801.42 231,408.15

4.143.131.78 2.872.136.48 7,015.268.26 6.783.860.11

$ 3.947.087.60 $ 3.736.982.08 $ 7.684.069.68 $ 7,015.268.26


-10-


STATEMENTS OF CASH FLOWS PROPRIETARY FUNDS


EXHIBIT G

BUSINESS - TYPE ACTIVITIES

Cash Flows from Operating Activities Receipts from Customers Payments to Suppliers Payments to Employers and Employee Benefits

Other Receipts (Payments) Net Cash Provided by Operating Activities

Cash Flows from Noncapital Financing Activities

Customer Deposit Due To/From Other Funds Due To/From SewerAVater Dept.

Net Cash Provided by Noncapital Financing Activities

Cash Flows from Capital and Related Financing Activities

Purchase of Capital Assets Constmction in Progress Payment on Long-Term Debt Capital Additions Grant Transfers

Net Cash (Used) by Capital and Related Financing Activities

Cash Flows from Investing Activities Interest Earned on Investments Interest Expense

Net Cash Provided (Used) by Investing Activities

Net Increase (Decrease) in Cash and Cash Equivalents

Cash and Cash Equivalents - July 1

Cash and Cash Equivalents - June 30

Reconciliation of Cash and Cash Equivalents to the Statement of Net Assets

Cash and Cash Equivalents Restricted Cash

Water Fund - Meter Deposit Depreciation and Contingency Fund LCDBG Program Sewer Bonds - Reserve Sewer Bonds - Sinking Fund

Total Cash and Cash Equivalents

ENTERPRISE FUND TOTAL

WATER SEWER 2009 2008

893,111.16 $ 262,211.42 $1,155,322.58 $ 1,221,724.21 (542,938.44) (199,345.85) (742,284.29) (601,827.83)

(317,988.27) (95,256.62) (413,244.89) (368,047.57) ^ (15,388.82) (15.388.82) 4.737.37

32.184.45 $ (47.779.87) $ (15.595.42) $ 256,586.18

6,105.00 $ 83,988.29 (3.296.55)

.00 $

.00 3.296.55

6,105.00 $ 83,988.29

.00

10,480.00 .00

1,111.47

$ 86,796.74 $ 3.296.55 $ 90.093.29 $ 11,591.47

$ (10,713.11) $(1,023,214.00) $(1,033,927.11) $ (288,160.69) .00 28,374.00 28,374.00 (28,374.10) .00 (130,000.00) (130,000.00) (125,000.00) .00 931,350.00 931,350.00 150,565.76

(71.738.86) 144.000.00 144,000.00 85.077.51

$ (82.451.97) $ (49.490.00) $ (131.941.97) $ (205.891.52)

$ 5,226.59 $ 13,018.86 $ 18,245.45 $ 22,998.26 ^ (18.280.00) (18.280.00) (22.300.00)

$ 5.226.59 $ (5.261.14) $ (34.55) $ 698.26

$ 41,755.81 $ (99,234.46) $ (57,478.65) $ 62,984.39

368,385.63 494,601.10 862.986.73

$ 410,141.44 $ 395.366.64 $ 805.508.08

800.0(^.34

862.986.73

$ 188,691.43 $

170,047.50 51,402.51

.00

.00

.00

4,525.37 3

' .00 119,669.94

.00 206,733.61

64,437.72

; 193,216.80 $

170,047.50 171,072.45

.00 206,733.61

64.437.72

257,693.75

161,006.60 176,781.66

50.00 202,484.31

64,970.41 $ 410.141.44 $ 395.366.64 $ 805.508.08 $ 862.986.73

-11-


STATEMENTS OF CASH FLOWS PROPRIETARY FUNDS


Reconciliation of Operating Income WATER

(Loss) to Net Cash Flows from Operating Activities

(Operating Income (Loss) Adjustments to Reconcile Operating Iiicome to Net Cash Provided by Operating Activities Depreciation

Changes in Assets and Liabilities (Increase) Decrease in Accounts

Receivable (Increase) Decrease in Receivables

-Other (Increase) Decrease in Prepaid

Insurance Increase (Decrease) in Accounts

Payable Increase (Decrease) in Accmed

Liabilities Net Cash Provided (Used) bv Operating Accounts

Schedule of Noncash. No Capital Financing. Capital and Related Financing; and Investing Activities

$ (129,531.91) $

131,049.38

63,104.87

13,478.19

(41,076.09)

(4,839.99)

$ 32,184.45 $

$ .00 $

BUSINESS - TYPE ACTIVrTIES ENTERPRISE FUND

SEWER

(206,113.26) $

154,346.66

.00

.00

1,268.73

2,718.00

(47,779.87) $

.00 $

TOTAL 2009

(335,645.17) $

285,396.04

63,104.87

13,478.19

(39,807.36)

(2.121.99)

(15,595.42) $

.00 S

EXHIBIT G CONTINUED

2008

(6,105.38)

234,629.20

2,298.97

.00

(20,049.00)

44,432.39

1,380.00

256,586.18

.00


-12-

TOWN OF FARMERVILLE

Note No.

1.

2.

3.

4.

5.

6. '

7.

8.

9.

10.

11.

12.

13.

14

15.

16.

17.

18.

19.

20.

21.

22.

FARMERVILLE. LOUISIANA INDEX TO NOTES TO THE FINANCIAL STATEMENTS

JUNE 30. 2009 AND 2008

Description

Summary of Significant Accounting Policies

Cash and Investments

Receivables/Allowances for Doubtful Accounts

Water and Sewer Statistics

Property Taxes

Long-Term Debt

Capital Assets

Interfund Assets/Liabilities

Compensation

Employee Retirement

Related Party Transactions

Legal Compliance - Budget

Equity

Summary Disclosures of Significant Contingencies

Proprietary Fund Segment Information

Statement of Cash Flows for Proprietary Funds

Economic Dependency

Legal

Risk Management

Resti-icted Net Assets

Capital Projects Fund

Post Employment Benefits

Page No.

13- 19

19-20

20-21

21 - 22

23

23-25

25-26

26

27

27-31

31

31 -32

32

32

32-33

33

33

33

33

34

34-35

35


NOTES TO FINANCIAL STATEMENTS JUNE 30, 2009 AND 2008

INTRODUCTION

The Town of Farmerville, Louisiana (hereafter refened to as the Town) operates under an elected Mayor/Council form of govemment. The Town's major operations include water and sewer, public safety, fire protection, recreation and parks, and general administrative services.

The council consist of five members who are elected for a four year term. See note number nine for a detail of compensation for the mayor and council.

The Town of Farmerville is located in Union Parish surrounded by Darbonne Lake recreation area. The Town's major industry is timber and poultry, which includes a Poultry processing plant. The Town's population was 2,808 in 2000.

NOTE # 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accounting and reporting policies of the Town of Farmerville, Louisiana conform to generally accepted accounting principles generally accepted in the United States of America (GAAP) as applicable to governments. The Govemmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing govemmental accounting and financial reporting principles. Proprietary funds and similar component units apply Financial Accounting Standards Board (FASB) pronouncements and Accounting Principles Board (APB) opinions issued on or before November 30, 1989, unless the pronouncements conflict with or contradict GASB pronouncements, in which case GASB prevails. The following is a summary of certain significant accounting policies.

GASB Statement No. 14 - The reporting entity, established criteria for determining the govemmental reporting entity and component units that should be included within the reporting entity. Under provisions of this statement, the municipality is considered a primary govemment, since, it is a special purpose govemment that has a separately elected goveming body, is legally separate, and is fiscally independent of other state or local govemments. As used in GASB Statement No. 14, fiscally independent means that the municipality may without the approval or consent of another govemmental entity, determine or modify its own budget, levy its own taxes or set rates or charges, and issue bonded debt. The municipality has oversight of other component units that are either blended into the municipalities basic financial statements or discretely presented in a separate column in the govemment-wide financial statements.

Blended Component Units - The Town of Farmerville did not have any blended component units.

Discretely Presented Component Units - The Town of Farmerville did not have any Discretely Presented Component Units.

Govemment-Wide and Fund Financial Statements - In accordance with Government Accounting Standards Board Statement No. 34, the Town has presented a Statement of Net Assets and Statement of Activities for the Town as a whole. These statements include the primary govemment and its component units, if appUcable, with the exception of fiduciary funds. Those funds are reported separately. Government-wide accounting is designed to provide a more comprehensive view of the govermnent's operations and financial position as a single economic entity. Part of the effect of interfund activity has'been removed from these statements. Govemmental activities, which normally are supported by taxes and intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on fees and charges for support. Likewise, the primary govemment is reported separately from certain legally separate component units for which the primary govemment is financially accountable.

The Statement of Activities demonstrates the degree, to which the direct expenses of a given function or segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment.

13-


NOTES TO FINANCIAL STATEMENTS JUNE 30. 2009 AND 2008

NOTE ff 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CONTINUED

Program Revenues include, charges to customers or applicants who purchase, use or directly benefit from goods, services, or privileges provided by a given function or segment, and grants and contributions tiiat are restricted to use, the operational or capital requirements of a particular function or segment. Taxes and other items not properly included among program revenues are reported instead as general revenues.

Separate financial statements are provided for governmental funds, proprietary funds, and fiduciary funds, even diough the latter are excluded from the government-wide financial statements. Major individual govemmental funds and major individual enterprise funds are reported as separate columns in the fund financial statements.

Eliminating Intemal Activity - Interfund receivables and payables are eliminated in the Statements of Net Assets except for the net residual amounts due between govemmental and business-type activities. These are presented as intemal balances. The allocation of overhead expenses fi^om one function to another or within the same function are eliminated in the Statement of Activities. Allocated expenses are reported by the function to which they are allocated.

Application of FASB Statements and Interpretations - Reporting on governmental-type and business-type activities are based on FASB Statements and the Interpretations issued after November 30, 1989, except"where they conflict or contradict GASB pronouncements.

Capitalized Assets - Tangible and/or intangible assets used in operations with an initial useful life that extends beyond one year are capitalized. Infrastmcture assets such as roads and bridges are also capitalized. Capital assets are recorded at their historical cost and are depreciated using the straight-line method of depreciation over their estimated useful lives. They are reported net of accumulated depreciation on the Statement of Net Assets. Depreciation of contributed assets of proprietary funds is charged against contributed capital as opposed to unrestricted net assets.

Under die requirements of GASB Statement No. 34, the Town is considered a Phase 3 govemment as its total annual revenues are less than $10 million. Such governments are not-required to report major general infrastmcture assets retroactively. The Town has opted not to retroactively report these type of capital assets.

Program Revenues - The Statement of Activities presents three categories of program revenues - (1) charges for services; (2) operating grants and contributions; and (3) capital grants and contributions. Charges for services are those revenues arising from charges to customers who purchase, use or directly benefit from goods and services provided by the Town. Grants and contributions, whether operating or capital in nature, are revenues arising from receipts that are restricted for specific use.

Indirect Expenses - Expenses are reported according to function except for those that meet the definition of special or extraordinary items. Direct expenses are specifically associated with a service or program. Indirect expenses include general government or administration that cannot be specifically traced to a service or program. Govemments are not required to allocate indirect expenses to other functions, and the Town has chosen not to do so.

Operating Revenues - Proprietary funds separately report operating and non-operating revenues. Revenues from transactions of the Town's operation of providing water and sewer services are considered operating revenues. All other revenues, which are reported as cash flows from capital or non-capital financing and investing, are reported as non-operating revenues.

Restricted Net Assets - Restricted net assets are those for which a constraint has been imposed either externally or by law. The Town recognizes the use of restricted resources for expenditures that comply with the specific restrictions. Restricted resources are exhausted before unrestricted net assets are used.

-14-



NOTE # 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CONTINUED

Fund Accounting - The Town uses funds to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions relating to certain govemment functions or activities.

A fund is a separate entity with a self-balancing set of accounts. Funds of the Town are classified into two categories: govemmental and proprietary. Each category, in tum, is divided into separate fund types. The fund classifications and a description of each existing fund type follow:

Governmental Funds - Govemmental funds account for all or most of the Town's general activities, including the collection and disbursement of specific or legally restricted monies, the acquisition or constmction of general fixed assets, and the servicing of general long-term obligations. Govemmental funds include:

1. General Fund - is the general operating fund of the.Town and accounts for all financial resources, except those required to be accounted for in other funds.

2 Special Revenue Funds - account for the proceeds of specific revenue sources that are legally restricted to expendimres for specific purposes. The Town had four special revenue funds as follows:

a. The Town of Farmerville Sales Tax Department - The citizens of the Town of Farmerville approved a 1 % sales and use tax. Proceeds of the tax have been pledged and dedicated to the retirement of Sales Tax Bonds dated May 1, 1985. The excess funds can be used for streets and sanitation expendimres.

b. On October 20, 2001 an additional '/a of 1% sales and use tax was approved. This tax was approved for constmction of a recreation center and street improvements. Bonds were sold in the amount of $2,900,000 for constmction of the recreation center and improvements of the streets. The street constmction was completed during 2002. The recreation center was completed at June 30, 2(X>4.

c. Farmerville Volunteer Fire Department, Inc. - The Town of Farmerville Volunteer Fire Department filed an amendment to the Articles of Incorporation on January 22, 2001. They also filed for tax exempt stams from die Intemal Revenue Service. They are a tax exempt organization under the code sections 509 (a) (1) and 170 (b) (A) (vi). Based on an opinion, at June 30, 2002, of the Louisiana Legislative Auditor's office, the Volunteer Fire Department, should be included in the Town's financial statements as a Special Revenue Fund. In prior years the Volunteer Fire Department had been included in the statements as a component unit of the Town of Farmerville.

The volunteer fire department expendimres for operating the fire department is paid by the Town of Farmerville's General Fund. The transactions in the "Volunteer Fire Department, Inc. is for miscellaneous fund raisers and miscellaneous expense for the volunteer fireman. The Town transfers the Stale of Louisiana 2% rebate to the volunteer fire department, and is accumulated for purchase of equipment.

Contributors to the Volunteer Fire Departments elect all the members of the goveming board. The governing board is solely responsible for the Volunteer Fire Department Operations. The accounting records are maintained by an employee of the Town of Farmerville.

15-




d. Farmerville Area Fire Protection District of Union Parish - The Union Parish Police Jury created the Farmerville Area Fire Protection District of Union Parish on November 2, 1999. The fire district was created to pass a property tax to provide fire protection for an area of the parish without fire protection. The Union Parish Police Jury entered into an intergovernmental agreement with the Town of Farmerville to provide fire protection for the newly created district. The Fire District will retain 5 % of the advalorem taxes in their checking account. All other proceeds will be transfened to die Town of Farmerville, to be used by the Town's fire department. Based on an opinion of the Louisiana Legislative Auditor's Office, die Fu-e Protection District should be included in the Town's fmancial statement as a Special Revenue Fund.

Proprietary Funds - Proprietary funds account for activities similar to those found in the private sector, where the determination of net income is necessary or useful to sound financial administration. Proprietary funds differ from governihental funds in that their focus is on income measurement, which, together with the maintenance of equity, is an important financial indicator. Proprietary funds include:

1. Enterprise Funds ~ account for operations (a) where the intent of the goveming body is that the costs (expenses, • including depreciation) of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user changes, or (b) where the governing body has decided that periodic determination of revenues eamed, expenses incuned, and/or net income is appropriate for capital maintenance, public.policy, management control, accoimtability or other purposes.

a. The Town of Farmerville Water Department - The Town of Farmerville rates for user charges are approved by the Town Council and the legal liability for the general obligations portion of the water authority's debt remain with the Town of Farmerville.

b. The Town of Farmerville Sewer Department - The sewer charges are approved by the Town Council, but are regulated by the EPA. The sewer system was financed by FHA. The FHA notes were sold to General Electric Credit in 1990. These bonds are paid by the Sales Tax Fund.

Net Assets Fund Balances - In the Statement of Net Assets, the difference between a government's assets and liabilities is recorded as net assets. The three components on net assets is as follows:

Invested in Capital Assets. Net of Related Debt - This category records capital assets net of acctmiulated depreciation and reduced by any outstanding balances of bonds, mortgages, notes or other borrowing attributable to the acquisition, constmction or improvement of capital assets.

Restricted Net Assets - Net assets that are restricted by extemal sources such as banks or by law are reported separately as restricted net assets. When assets are required to be retained in perpemity, these non-expendable net assets are recorded separately from expendable net assets. These are components of restricted net assets.

Unrestricted Net Assets - This category represents net assets not appropriable for expendimres or legally segregated for a specific future use.

In the Balance Sheet of govemmental funds, fund balances are segregated as follows:

Reserved - These resources are segregated because their use is earmarked for a specific use. Unreserved - This category represents that portion of equity not appropriable for expenditures or legally segregated for a specific future use.

16-




Interfund Transactions - All interfund transactions, except quasi-external transactions, are reported as operating transfers. These are eliminated in the govemment-wide statements.

Basis of Accounting/Measurement Focus - The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All government funds, including General, Special Revenue, Debt Service, and Capital Projects Funds, are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet in the funds statements. Long-term assets and long-term liabilities are included in the government-wide statements. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets.

The govemment-wide statements of net assets and statements of activities, all proprietary funds, and other funds are accounted for on a flow of economic resources measurement focus. With this measurement focus, all assets and all liabilities associated with the operation of these activities are either included on the balance sheet or on the statement of fiduciary net assets. Proprietary fund-type operating statements present increases (e.g., revenues) and decreases (e.g., expenses) in net total assets.

The fund financial statements of the General, Special Revenues, Capital Projects, Debt Service and agency funds are maintained and reported on the modified accmal basis of accounting. Under this method of accounting, revenues are recognized in the period in which they become measurable and available. With respect to real and personal property tax revenue and other local taxes, the term "available" is limited to collection within sixty days of the fiscal year-end. Levies made prior to the fiscal year-end but which are not available are defened. Interest income is recorded as earned. Federal and State reimbursement-type grants are recorded as revenue when related eligible expenditures are incurred. Expenditures, other than accmed interest on long-term debt, are recorded when the fund liability is incuned.

The statements of net assets, statements of activities, financial statements of the Proprietary Funds and Fiduciary Funds (except for agency funds) are presented on the accrual basis of accounting. Under this method of accounting, revenues, are recognized when earned and expenses are recorded when liabilities are incuned without regard to receipt or disbursement of cash.

Budgets and Budgetary Accounting - The Town adopts an armual budget for the General Fund and Enterprise Fund. It is prepared in accordance with the basis of accounting utilized by that fund. Any revisions that alter the total expendimres must be approved by the Board of Aldermen. Budgeted amounts shown are as originally adopted or as amended by the Board. Budget amendments are passed on an as-needed basis.

Cash and Cash Equivalents - Cash includes amounts in demand deposits, interest bearing demand deposits and certificates of deposits. Cash equivalents include amounts in tune deposits and those investments with original mamrities of 90 days or less. Under state law, the Town may deposit funds in demand deposits, interest-bearing demand deposits, 'money market accounts, or time deposits with state banks organized under Louisiana law and national banks having their principal offices in Louisiana.

Investments - Investments are limited by Louisiana Revised Statute 33:2955. If the original maturities of investments exceed 90 days, they are classified as investments. Otherwise, the investments are classified as cash and cash equivalents. In accordance with GASB Statement No. 31, investments are recorded at fair value with the corresponding increase or decrease reported in investment eamings. All investments of the Town are certificates of deposits or saving accounts and their fair value is determined by the face value of the certificate.

17-

.••- -• ^v




Use of Estimates - The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.

Restricted Assets - Certain proceeds of enterprise funds are classified as restricted assets on the balance sheet because their use is limited. Components of these assets are as follows:

These assets consist of cash restricted for the Water Meter Deposits.

Customers' Deposits on Meters 2009 2008 Cash $ 3,948.86 $ 7,523.05 Certificates of Deposits 166,098.64 153.483.55

Total $ 170.047.50 S 161.006.60

The liability for customer's deposits on meters is $137,760.00 at June 30, 2009 and $131,655.00 at June 30, 2008. The Town has over funded the restricted assets by $32,287.50 at June 30, 2009 and $29,351.60 at June 30,- 2008.

Inventories - Inventories were written off due to immateriality. Minimum amounts of inventory are not maintained or counted. Most supplies are ordered when needed.

Capital Assets - The Town's assets are recorded at historical cost. The Town adopted the Louisiana Legislative Auditors Capitalization Policy. Depreciation is recorded using the straight-line method over the useful lives of the assets as follows:

Equipment and Furniture 3 - 10 Years Buildings 39 - 40 Years Utility Plant/Sewer Collection System 5 - 40 Years Infrastmcmre 40-60 Years Vehicles 5 - 10 Years

In June 1999, the Governmental Accounting Standards Board issued Statement No. 34 which requires the inclusion of infrastmcture assets used in govemmental activities in the general purpose financial statements retroactively reported back to 1982. An exception exists for local govemments with annual revenues of less than $10 million. As a result of this, exception, the Town has elected to not report its governmental infrastmcture retroactively. The infrastmcture cunently being depreciated over a period of 40 years is the water and sewer system that is reported in the business-type activities of the Town. From this point forward, the Town will use die basic approach to infrastmcture reporting for its govemmental activities.

Compensated Absences - The Town vacation pay carry forward each year is 40 hours. Sick pay is limited to 480 hours carryforward. Any vacation pay of 40 hours or less is paid at the termination of employment, which sick time is not guaranteed. Unpaid vacation time has been recorded as an accmed payable, while sick time has not.

Long-Term Obligations - In the government-wide financial statements, debt principal payments of bodi govemment and business-type activities are reported as decreases in the balance of the liability on the Statement of Net Assets. In the fund financial statements, however, debt principal payments of governmental funds are recognized as expendimres when paid.

Cash includes amounts in demand deposits, interest-bearing demand deposits, and money market accounts. Under state law, the Town may deposit funds in demand deposits, interest-bearing demand deposits, money market accounts, or time deposits with state banks organized under Louisiana law and national banks having their principle offices in Louisiana.

18-



NOTE ft 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CONTINUED

Under state law, deposits, or the resulting bank balances, must be secured by federal deposit insurance or the pledge of securities owned by the bank. The market value of the pledged securities plus the federal deposit insurance must at all times equal the amount on deposit with the bank. These securities are held in the name of the pledging bank in a holding or custodial bank that is mutually acceptable to both parties. The State of Louisiana banking regulations require the FDIC to insure $250,000 of checking and savings for each municipality.

NOTE # 2 - CASH AND INVESTMENTS

CASH PLEDGED BY BANKS

Total - June 30, 2009 Pledge Receipt Difference

FDIC Covers Savings and Checking

Maximum $250,000

Difference (Overfunded) Underfunded

TOTAL RECONCILED AMOUNT

AMOUNT PER BANKS __ $2,891,373.75 $2,976,911.93 $

(2.542.178.81) (2.542.178.81) _ $ 349.194.94 $ 434.733.12 i .

$ 750.000.00 $ 750,000.00 |_

STATE FARM

MARION STATE

$ 1,827,496.17 (1,386,887 55)

FIRST COMMUNTTY NATIONAL TRUST

762.828.57 $ 386,587.19 (881.627.20) (273.664.06)

.00

.00 •00 $ 440.608.62 $ (118.798.63) $ 112.923.13

•00 $ 250.000.00 $ 250,000.00 $ 250.000.00

$ .00 $ (131,201.37) $ (138,076.87) 190.608.62 ^ .m

$ 190,608.62 $ (131.201.37) $ (138.076.87)

Total - June 30. 2008 Pledge Receipt Difference FDIC Covers

Savings Maximum $100,000 Checking Maximum $100,000

RECONCILED AMOUNT

$ 2.625,240.52 (2,818.557.58)

$ (193.317.06)

$ 343.133.84 25.302.81

$ 368.436.65

TOTAL AMOUNT

PER BANKS $ 2,429.036.24

(2.818.557.59) $ (389.521 35)

$ 343,133.84 40.322 37

$_ 383.456.21

FIRST UNITED

43,133.84 ^

43.133.84

43,133.84 ^

43.133 84

MARION STATE

$ 1,299.651,23 (1.439.920.14)

$ (140,268 91)

$ 100,000.00 24,328.79

FIRST NATIONAL

COMMUNITY TRUST

724,391.75 $ 361,859 42 (680.502.64) (698.134.81)

43.889.11 $ (336.275.39)

100,000.00 86.20

100,000.00 15.907.38

124.328.79 $ 100.086.20 $ 115.907.38

Difference (Overfunded) Underfunded

$ (264,597.70) 00

(56,197.09) $(452,182.77) .00 .00

$ (264.597.70) $ (56,197.09) $ (452.182.77)

The pledged deposits are stated at cost, which approximates market value. Under state law, these deposits must be secured by federal deposits insurance or the pledge of securities owned by the fiscal agent bank. The market value of the pledged securities plus the federal deposit insurance must at all times equal the amount of deposit within the fiscal agent. These securities are held in the name of the pledging fiscal agent bank in a holding or custodial bank that is mutually acceptable to both parties. At June 30, 2009, the municipality deposits were covered by pledged securities or FDIC insurance. At June 30, 2009, the municipality had $2,976,911.93 in deposits. These deposits are secured from risk by $750,000 of federal deposit insurance and $2,006,873.85 of pledged securities held by die custodial bank. The remaining balance of $190,608.62 is not secured by the pledge of securities and is a violation of state law.

The FDIC issued an updated description of the explanation of savings deposits as follows: (The insurance coverage of public unit accounts depends upon the type of deposit and the location of the insured depository instimtion. All time and savings deposits owned by a public unit and held by the same official custodian in an insured depository instimtion

19-



NOTE # 2 - CASH AND INVESTMENTS CONTINUED

widiin the State in which the public unit is located are added together and insured up to $250,000. Separately, all demand deposits owned by the public unit and held by the same official custodian in an insured depository institution widiin the State in which the public unit is located are added togedier and insured up to $250,000. For the purpose of these mies, the term "savmgs deposits" includes NOW accounts, money market deposit accounts, and other interest-bearing checking accounts.)

Even though the pledged securities are considered uncollaterialized (Category 3) under the provision of GASB Statement 3, R.S. 39:1229 imposes a statutory requirement on the custodial bank to advertise and sell the pledged securities withm 10 days of being notified by the municipality that the fiscal agent has failed to pay deposited funds upon demand.

INVESTMENTS

The government's investments are categorized as either (1) insured or registered or for which the securities are held by the government or his agent in the government's name, (2) uninsured and unregistered for which the securities are held by the broker's or dealer's tmst department or agent in die government's name, or (3) uninsured and unregistered for which the securities are held by the broker or dealer, or by its tmst department or agent, but not in the government's name.

JUNE 30, 2009 Govemment Security

Savings Certificates of Deposit

90 Days or Less Over 90 Days

Total Investments

JUNE 30, 2008 Govemment Security

Savings Certificates of Deposit

90 Days or Less Over 90 Days

Total Investments

$

L

$

L

1

2,145,652.86

.00 781.839.82

2,927.492.68

838,198.85

1,650,547.37 .00

2,488,746.22

CATEGORIES

$

^

$

^ . .

2

.00

.00

.00

.00

.00

.00

.00

.00

$

$

$

3

.00

.00

.00

.00

.00

.00

.00

.00

(

$

$

$

1=

::ARRYING AMOUNT

2,145,652.86

.00 781.839.82

2.927,492.68

838,198.85

1,650,547.37 .00

2,488,746.22

The State requires collateral pledged for deposits to be held in the government's name by the tmst department. The tmst department reviews collateral pledged for compliance. Substantially all deposits matured in June 2009, therefore, interest was not accmed on the certificates of deposits.

NOTE ft 3 - RECEIVABLES/ALLOWANCE FOR DOUBTFUL ACCOUNTS

Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the cunent period or soon enough thereafter to pay liabilities of the cunent period. For this purpose, the govemment considers revenues to be available if they are collected within 60 days of the end of the current fiscal period.

-20-



NOTE # 3 - RECEIVABLES/ALLOWANCE FOR DOUBTFUL ACCOUNTS CONTINUED

Property taxes, franchise taxes, licenses, and interest associated within the current fiscal period are considered to be susceptible to accmal and so have been recognized as revenues of the current fiscal period. Only the portion of special assessments receivable due within the cunent fiscal period is considered to be susceptible to accmal as revenue of the current period. All other revenue items are considered to be measurable and available only when cash is received by the government.

Receivables at June 30, 2009 and 2008 consist of the following:

GOVERNMENTAL ACTIVrTIES Licenses and Taxes Union Parish Police Jury Advalorem Taxes District 5 Fire Advalorem Taxes Union Parish School Board State of Louisiana

Mowing Contract 2% Monies Grant - Union Village Grai\t - Police Department State of Louisiana

NET GOVERNMENTAL ACTIVITIES

BUSINESS TYPE ACTIVITIES Customer Receivables Allowances for Bad Debts

NET BUSINESS TYPE ACTIVITIES

GENERAL $ 26,17172

625.50 113.19 65.55

.00

.00 18,601.58

.00

.00 .00

$ 45.577.54

SPECIAL REVENUE SALES TAX

$ .00 .00 .00 .00

86,861.47

.00

.00

.00

.00 .00

$ 86.861.47

RECREATION $ -00

1=

.00

.00

.00 43,431 66

.00

.00

.00

.00 .00

43.431.66

CAPITAL PROJECTS

FUND $ 00

.00

.00

.00

.00

.00 ,00

.00 153.138.40

$ 153.138.40

$

?

$

5_

TOTALS 2009 26,171.72

625 50 113.19 65 55

130,293.13

.00 18,601.58

00 .00

153.138.40

329.009 07

109,296.83 (4.815.21)

104,481.62

$

J_

$

1

2008 20,513.66

630.00 661.65

.00 129.836.53

4,710 00 18,1%.72 67,479.43 34,370.00

.00

276.397.99

179,905.49 (12.319.00)

167,586.49

Allowances for doubtful accounts for the Proprietary Fund - Water/Sewer receivable accounts is based on the collectibility of outstanding receivables.

Aged Accounts Receivable Water Customers:

TOTAL DAYS

CURRENT June 30, 2009

June 30, 2008

$ 109.296.83 $

DAYS 3 0 - 6 0

DAYS 6 0 - 9 0

$ 167.586.49 ^

OVER 90

NOTE # 4 - WATER AND SEWER STATISTICS

Utility rates were increased on August 10, 2009. The new rates for water, sewer and garbage are as follows:

I. RESIDENTIAL COMMERCIAL

WATER First 2,000 Gallons Over 2,000 Gallons

Per 1,000 Gallons

CURRENT INCREASE CURRENT 7.50

2.25

10.00 $

3.00 $

INCREASE 15.00 $ 17.50

2.25 $ 3.00

-21-



NOTE # 4 - WATER AND SEWER STATISTICS

I.

SEWER Based on water usage

Per 1,000 Gallons

GARBAGE

RECONNECT FEE

DUMPSTER 40 Cu Yd - Per Pull

8 Cu Yd - Per Container Plus 1 X Week Plus 2 X Week



COMPACTOR

TAPPING FEE

RESIDENTIAL

CURRENT

$ 2.25

$ 10.00

INCREASE

$ 3.00

$ 2.00

COMMERCIAL

CURRENT

$ 2.25

$

$

$ $ $

$ $ $

$ $ $

$

$

25.00

150.00

25.00 50.00

100.00

20.00 40.00 80.00

15.00 25.00 50.00

150.00 -250.00

250.00

INCREASE

$ 3.00

II. Any full time employee, council member, firemen, and the mayor receive a prefened rate for utilities. Based on the approved rate schedule:

CURRENT 08/10/09 Water $ 7.50 $ 10.00 Sewer 2.25 3.00 Garbage 10.00 10.00

$ 19.75 $ 23.00

III. The Town of Farmerville also has an industrial rate of 75 lo 76 cents per 1,000 gallons of water used. The Poultry Plant receives the industrial rate of 75 cents. The Union Parish Police Jury Jail has an industrial rate of 76 cents. Industrial rate customers do not receive a minimum fee charge. The rates were increased to $1.00 on August 10, 2009.

IV. There are several customers that do not receive all of the utility services. The customers that receive sewer services but not water receive a minimum charge the first year and are adjusted the second year, when the Town receives usage from their water provider.

-22-



NOTE # 5 - PROPERTY TAXES

Property taxes attach as an enforceable lien on property as of January 1. November each year and become delinquent after December 31, of the year, therefore, an allowance for uncollectible was not recorded.

Tax notices are usually mailed during The delinquent taxes are sold each year,

For the Years Ended June 30, 2009 and 2008, taxes were levied on property with assessed valuations totaling $21,812,725 for 2009 and $18,830,520 for 2008 and were dedicated as follows:

2009 9.00 Mills

10.46 Mills General Fund Dedicated Fund - Fire Dept.

Total Taxes levied Dedicated Funds - Area Fire

Protection District

Payments in Lieu of Taxes

A recap of the largest assessment is as follows:

2008 8.00 Mills 9.00 Mills

2009 201,196.94 232,177.98

2008 155,441.84 172,308.04

$ 433.374.92 $ 327,749.88

$ 213.867.71 I 180,871.22

I .m % 6.488.00

Community Tmst Bank Deloutre Properties Wal-Mart Lakeview Nursing Home BellSoudi Marion State Bank Farmerville Motors Claiborne Electric Daniel G. Kamin Farmerville Enterprises First National Bank

ASSESSED VALUE

$ 1,365,490.00 $ 799,370.00 872,080.00 503,350.00 486,530.00 434,860.00 408,900.00 386,810.00 380,870.00 353,060.00

2009 26,572.45 $ 15,555.75 16,970.71 9,795.19 9,467.87 8,462.38 7,957.19 7,527.32 7,411.73 6,870.55

2008 25,387.16 6,895.20

24,898.71 10,444.12 8,386.27

333.03 6,988.53 5,960.17 5,612.38 3,848.29

NOTE tt 6 - LONG-TERM DEBT

The govemment issues general obligation bonds to provide funds for the acquisition and constmction of major capital facilities. General obligation bonds have been issued for both general govemment and proprietary activities. These bonds therefore are reported in the proprietary funds if they are expected to be repaid from proprietary revenues.

General obligation bonds are dkect obligations and pledge die full faidi and credit of the govemment. These bonds generally are issued as 25-year serial bonds, except for refunds in issues, with equal amount of principal mamring each year. The Town did not have any general obligation bonds.

The excess ftinds from general obligation bonds were u-ansfened to die general fund to be used as restricted funds. The funds not expended are shown as restricted funds in the general fund equity.

Revenue Bonds

The government also issues bonds where the government pledges income to pay debt service. A $.01 sales tax is pledge to pay these revenue bonds.

-23-



NOTE # 6 - LONG-TERM DEBT CONTINUED

In Febmary 2002, $2,900,000 of revenue bonds were issued for constmction of a recreation center and street improvements. An additional sales tax of '/2 of 1 % sales tax was approved for payment of these bonds.

Govemment Capital Corporation

On October 9, 2000, the Town entered into a ten year capital lease with Govemmental Capital Corporation. The Town leased two Fenara Fire Tmcks costing $ 409,478. The amount financed was $ 401,794. Payments of $53,333.92 are due each April 1 including interest at a rate of 6.119%. The contract contains a Non-Appropriation of Funds Section. It does not contain a Non-Substitution Section. The Town's obligation under the lease does not

constitute nor create indebtedness prohibited by Article VII, Section 8 of the Louisiana Constitution and Louisiana Revised Statute 39:1410.6 or any other Louisiana constitutional law or regulation. Therefore, the lease is not subject to State Bond Commission approval.

Outstanding Revenue Bonds and Lease Purchase balances at June 30, 2009 and 2008 are as follows:

PURPOSE INTEREST RATES 2009 2008 Wastewater Treatment - Sewer Lease Purchase - Fire Tmcks Recreation Center & Street Improvements IBM Computer Equipment

Totals

5.00%-6.12% 4.35% • 3.03% •

- 7.50%

•7.00% -7.00%

$ 140,000.00 .00

2,200,000.00 .00

$ 2,340,000.00

$ 270,000.00 97,663.78

2,315,000.00 5,139.71

$ 2.687,803.49

Revenue Bonds Debt Service requirements and Lease Purchase requirements are listed below:

PRINCIPAL AMOUNTS

nSCAL YEAR

ENDING JUNE 30

2010 2011 2012 2013 2014 2015

Thereafter Toials

SEWER INTEREST

RATE 5% -6.0%

. ----.

J

I

BOND AMOUNTS

140,000 00 .00 .00 .00 .00 -00 .00

140.000.00

IN'l'HKHST RATE

4 90% 4,875% 4.35% 4.40% 4.45% 4.50% 4.60% -5 00%

BOND PRINCIPAL AND INTEREST

FISCAL YEAR

ENDING JUNE 30

2010 2011 2012 2013 2014 2015 2016

Thereafter Totals

Changes

SEWER INTEREST

RATE 5%-6.0%

--

-

in Long-Te

%

1

BOND INTEREST AMOUNTS

147,900.00 .00 .00 .00 .00 ,00 00

.00 147,900,00

Tm Liabilities

RATE 4,90% 4.875% 4.35% 4.40% 4.45% 4.50% 4 60% 4.60% -5 00%

During the;

RECREATION AND

STREETS $ 120.000,00

130,000.00 135,000,00 140.000,00 150,000,00 160,000.00

1.365.000.00 5 2,200,000.00

RECREATION AND

STREETS $ 224,625 00

228,745.00 227.407.50 226,535 00 230.750.00 233,700.00 231,500.00

1,416.525,00 $ 3.019.787.50

^ear ended Jun

LEASE PURCHASE

$ .00

L

.00

.00 00 00

.00 00 00

LEASE PURCHASE

$ ,00

L

e3l

00 00

.00

.00

.00 -00 .00 .00

3, 2009, dl

IBM RATES $

-

--

$

IBM RATES $

---

---

k -

IBM

IBM

.00

.00

.00 ,00 ,00 00 .00 .00

.00

.00 ,00 ,00 ,00 .00 .00 ,00 00

TOTALS $ 260,000.00

130,000.00 135,000.00 140,000.00 150,000.00 160.000.00

1.365.000.00 $ 2.340,000.00

TOTALS $ 425,858.92

228,745.00 227.407.50 226,535.00 230,750.00 233,700,00 231,500 00

1.416.525.00 $3,221,021,42

e following changes occurred in liabiliti reported in the general long-term debt account group:

-24-



NOTE ft 6 - LONG-TERM DEBT CONTINUED '

Revenue Bonds Debt Service requirements and Lease Purchase requirements are listed below:

Sales Tax Debt - Sewer Bonds Sales Tax Debt - Streets

and Recreation Center Lease Purchases - Fire Tmcks Notes - IBM Equipment

JULY 1 $ 270,000.00

2,315,000.00 97,663.78 5,139.71

ADDITIONS $ .00

.00

.00

.00

REDUCTIONS JUNE 30 $ (130,000.00) $ 140,000.00

(115,000.00) 2,200,000.00 (97,663.78) .00

(5.139.71) .00 $ 2.687.803.49 %_ ^ $ (347.803.49) $ 2.340.000.00

NOTE # 7 - CAPITAL ASSETS

Capital Asset activity for the year ended June 30, 2009 is as follows:

GOVERNMENTAL ACTIVITIES Land Buildings Improvements Other

Than Buildings Machmery and Equipment Infrastmcture Constmction in Progress

Totals at Historical Cost Less: Accumulated Depreciation

Buildings Improvements Machinery and Equipment Infrastmcmre

Total Accumulated Depreciation

]

$

i.

$

1

BEGINNING BALANCE

221,468.51 1,975,660.21

1,049,357.51 3,350,189.42 1,693,052.83

159.000.00 8,448,728.48

219,446.95 221,514.90

2,069,487.49 259,721.84

2,770.171.18

ADDITIONS $

l_

$

l_

.00 223,196.82

5,545.17 208,573.70

.00

.00 437,315.69

47,679.95 26,472.93

139,287.62 64.367.74

277.808.24

RETIREMENTS $

l_

$

l_

.00 $

.00

.00

.00

.00 (159,000.00) (159.000.00) $

.00 $

.00

.00

.00

.00 $

ENDING BALANCE

221,468.51 2,198,857.03

1,054,902.68 3,558,763.12 1,693,052.83

.00 8,727,044.17

267,126.90 247,987.83

2,208,775.11 324.089.58

3.047,979.42

GOVERNMENTAL ACTIVITIES CAPITAL ASSETS NET $' 5.678.557.30 $ 159.507.45 (159.000.00) $ 5.679,064.75

BEGINNING ENDING BUSINESS-TYPE ACTIVFTIES

Land Constmction in Progress Water System Sewer System Water and Sewer - Union Village Machinery and Equipment

Totals at Historical Cost Less Accumulated Depreciation

Water System Sewer System Machinery and Equipment

Total Accumulated Depreciation

BALANCE $ 25,752.00

28,374.10 4,954,852.67 5,428,414.30

484,742.50 654,785.61

$11,576,921.18

$ 1,810,189.61 2,635,035.97

543,022.12 $ 4.988,247.70

ADDITIONS $ .00

.00

.00 1,036,647.10

.00 21.777.00

$ 1,058,424.10

$ 116,227.33 101,909.89 19.683.09

$ 237.820.31

RETIREMENTS $

L $

l_

.00 $ (28,374.10)

.00 (125,794.00)

.00 (36.900.84)

BALANCE 25,752.00

.00 4,954,852.67 6,339.267.40

484,742.50 639,661.77

(191,068.94) $12,444,276.34

.00 $ (73,317.80) (30.737.42)

(104,055.22) $

1,926,416.94 2,663,628.06

531.967.79 5,122,012.79

•25-



NOTE tt 1 - CAPITAL ASSETS CONTINUED

BUSINESS-TYPE ACTIVITIES CAPITAL ASSETS NET

BEGINNING BALANCE ADDITIONS

S 6,588,673.48 $ 820,603.79 RETIREMENTS $ (87.013.72)

ENDING BALANCE

$ 7,322.263.55

In proprietary funds, the following estimated useful lives are used to compute depreciation:

Investments - 25 - 60 Years Equipment - 10 - 20 Years Vehicles - 4 - 5 Years

FASB-34 (Capitalization of Interest Costs) requires that interest expendimres incuned during constmction of assets be capitalized. FASB-62 (Capitalization of Interest Cost in Situations Involving Certain Tax-Exempt Borrowings and Certain Gifts and Grants) concludes that constmcted assets financed widi the proceeds of tax-exempt debt (if those funds are externally restricted to finance the acquisition of the asset or used to service the related debt) should include capitalized interest only to the extent that interest cost exceeds interest eamed of the tax-exempt bonowing. No interest costs were capitalized.

NOTE # 8 - INTERFUND AS SETS/LI ABILITIES

Due From/To Other Funds

RECEIVABLE FUND Capital Projects Fund General Fund - Garbage General Fund Volunteer Fire Dept. Water Department

Totals

TRANSFERRED FROM Fire District

General Fund - Fire Dcpartmeni General Fund General Fund - Fire Farmerville Area Fire Department Sales Tax Water Department Fire Department Recreation Center Water Department Sales Tax Sales Tax Recreation Sales Tax Water/Sales Tax/General Fund

Totals

PAYABLE FUND Sewer Department Water - Garbage Fees Recreation Sales Tax

$

General Fund - Transfer of 2% Monies Sewer Department - Loan

TRANSFERRED TO General Fund

Debt Service Volunteer Fire Department Capital Projects Capital Projects General Fund General Fund General Fund General Fund General Fund General Fund Debt Service Fund Debt Service Fund Debt Service Fund

1 PURPOSE

Property Taxes in Excess of Required Deposit

Payment of Lease 2% Insurance Monies Fire Stations Fire Stations . Administrative Fee Administrative Fee Administrative Fee Administrative Fee General Fund Expenses Garbage Expenses Debt Service Debt Service IBM Payments

AMOUNT 2009

20,033.00 $ 174,899.79

8,083.81 18,601.58

143.758.80 365.376.98 $

2009

$ 213.867.71 104.365.65 18.601.58

.00

.00 30,000.00 30.000.00 10.000.00 5.000.00

70,000.00 40.000.00

144.000.00 226.382.94

5.216.70 $ 897,434.58

2008 .00

90,911.50 8,083.81

18,196.72 140,462.43 257,654.46

2008

$ 160,871 22 53,333.92 18,196.72

136,000.00 19,000.00 30,000.00 30.000.00

.00

.00 55,444.66 70.000.00

144,000.00 234,078,28

10.433.37 $ 961.358.17

-26-

2009 2008



NOTE tt 9 - COMPENSATION

The amount paid the mayor and council during the audit year is as follows:

Mayor Salary and Expenses

Mayor Willie Davis, Jr. Mayor Stein Baughman

Travel Expenditures Monthly Expenses - $350 per Month

Total

Police Chief fa) Bim Culbertson

Alderman Jerry Taylor Lavelle Maine Joseph G. Jones Wayne Jones Gerome Nation Gienda Dangerfield Stein Baughman

Total

(a) ThePoliceChief is also die elected Marshall. In diat capacity he receives $200 a mondi. He also receives a salary for his position as chief of police.

NOTE #10 - EMPLOYEE RETIREMENT

Substantially all employees of the Town of Farmerville are members of the following statewide retirement systems: Municipal Employees Retirement System of Louisiana, Municipal Police Employees Retirement System of Louisiana, or Firefighters Retirement System of Louisiana and Social Security. These systems are multiple-employer public employee retirement systems(PERS), controlled and administered by separate boards of tmstees. Pertinent information relative to each plan as follows:

A. Municipal Employees Retirement Svstem of Louisiana (Svstem) - The System is composed of two distinct plans. Plan A and Plan B, with separate assets and benefit provisions. All employees of the municipality were members of Plan B. In July 2002, die Town elected Plan A.

Normal Retirement eligibilitv and benefit computation

A member of Plan A is eligible to retire and receive normal retirement benefits if:

1. He has credit for at least twenty-five years of Plan A service, regardless of his age; or,

2. He has credit for at least ten years of Plan A service and is at least the age of sixty years

The mondily Maximum Plan A normal retirement benefit is an amount equal to three percent of die member's final compensation multiplied by his years of credited service (three percent multiplied by each year of credited service multiplied by final compensation), provided that:

$

l -

1=

$

1=

13.461.56 15,200.12 8,308.98 1,750.00

38,720.66

2.400.00

8,506.20 6,706.20 2,185.40 2.185.40 7,556.20 3.378.10 3.378.10

33.895.60

$

L

1=

$

L

25,000.04 .00

9.524.04 4,200.00

38.724.08

2.400.00

9,057.56 6,667.50

.00 ,00

6,506.20 6,256.20 6,506.20

34.993.66

-27-



NOTE # 10 - EMPLOYEE RETIREMENT CONTINUED

1. A member who held an elective office in a participating municipality is paid an additional monthly benefit equal to one-half of one percent of the member's final compensation multiplied by each year of such elective service (one-half of one percent multiplied by each year of such elective service multiplied by final compensation); and

2. For an employee who was a member only of the supplemental plan prior to the revision date, the monthly benefit eamed for service credited prior to the revision date will be determined on the basis of one percent of final compensation plus two dollars per month for each year of service credited prior to the revision date, and three percent of final compensation for each year of service credited after the revision date.

For example, the monthly retirement benefit of a member who has credit for twenty-seven years of service with a final compensation (see definition) of $1,500 would be computed as follows: 3% x27x$l,500 = $1,215. If diis member had credit for diirty years of service his benefit would be $1,350 (3% x30x$l,500 = $1,350).

The monthly benefit, as it may be increased by cost-of-living adjustments, is paid for the hfe of the retiree and, if an optional mode of benefit payments is selected (see Mode of payment options), a monthly benefit, payable upon the death of the retiree, will be paid to the option beneficiary for the life of the beneficiary.

Applications for normal retirement should be submitted to the system at least six weeks prior to the plaimed retirement date. A copy of the member's birth certificate and, if an optional mode of benefit payments is selected (see Mode of payment options), a copy of the option beneficiary's birth certificate must be attached to the application of retirement.

If a retired member dies without having received in retirement benefits an amount equal to his accumulated employee contributions and if he is survived by no person eligible for any other benefits, the difference between the amount of his accumulated employee contributions and the amount he received in retirement benefits will, upon application, therefore, be paid to his designated beneficiary or, if none, his estate.

Earlv Retirement eligibilitv and benefit computation

A member of Plan A who has credit for twenty years of Plan A service, exclusive of military service, may retire at any age. However, the benefits paid to such a member must be actuarially reduced from the earliest age that he would otherwise have become eligible for a normal retirement if he had continued m service to that age and such a member may not participate in the Defened Retirement Option Plan.

Disability retirement eligibilitv and benefit computation

A member of Plan A is eligible to retire and receive disability retirement benefits if he has credit for at least five years of service, is not eligible for normal retirement benefits, and suffers disability.

The monthly Maximum Plan A disability retirement benefit is the lesser of (1) an amount equal to three percent of the member's final compensation multiplied by his years of service (three percent multiplied by each year of credited service multiplied by final compensation), but not less than forty-five percent of the member's final compensation, or, (2) an amount equal to what the member's normal retirement benefit would be based on his cunent final compensation, but assuming he remained in continuous service until his earliest normal retirement age and using the retirement benefit computation factors which would be applicable to his normal retirement.

An applicant for disability retirement may select an optional mode of benefit payments (see Mode of payment options).

-28-




Survivor benefit eligibilitv and computation

Upon the death of a member of Plan A who has credit for five or more years of service and who is not eligible for normal retirement benefits, the following survivor benefits, upon application therefore, are payable:

1. A surviving spouse with minor children will be paid a monthly benefit equal to sixty percent of the member's final compensation, such benefit to continue as long as the spouse lives or until no child in his care satisfies the definition of minor child. A surviving spouse is deemed to have minor children for as long as at least one minor child is legally under his care. The surviving spouse must have been married to the deceased member for at least twelve months preceding the member's death to be eligible for survivor benefits.

2. A surviving spouse with no minor children will be paid either (a) a monthly benefit equal to forty percent of the member's final compensation, payable when the surviving spouse attains the age of sixty years or becomes disabled and payable for as long as the surviving spouse lives, or (b) a monthly benefit equal to the actuarial equivalent of (a), but not less that twenty percent of the member's final compensation, payable upon the death of the member and payable for as long as the surviving spouse lives. To select (b), a surviving spouse must notify the system of such selection within ninety days of the death of the member and such selection is final and irrevocable and is in lieu of eligibility for (a) (the forty percent benefit payable when the surviving spouse attains the age of sixty years). The surviving spouse must have been married to the deceased member for at least twelve months preceding the member's death to be eligible for survivor benefits.

3. A surviving minor child with no surviving spouse will be paid a monthly benefit equal to fliirty percent of the member's final compensation; however, total payments may not exceed sixty percent of the member's final compensation. If more than two minor children survive the member, the benefit payable at any time to each child is an amount determined by dividing the total amount payable (sixty percent of the member's final compensation) by the number of children the eligible for a benefit. Minor child survivor benefits may only be applied for and paid to the person who has legal care, custody, and control of minor child.

A member who is eligible for normal retirement at the time of his death and who leaves a surviving spouse will be deemed to have retired and selected the Option No. 2 mode of benefit payments on the date of his death; such benefits, upon application therefore, are paid in lieu of any other survivor benefits. Upon the death of any member who is eligible for normal retirement at the time of his death and who leaves surviving minor children but no surviving spouse, an amount equal to thirty percent of the member's final compensation shall be paid to each minor child each month, not to exceed an aggregate of sixty percent. If more than two minor children survive such a member, the benefit payable at any time to each child is an amount determined by dividing the total amount payable (sixty percent of the member's final compensation) by the number of children then eligible for a benefit. Minor child survivor benefits may only be applied for and paid to the person who has legal care, custody, and control of minor child.

A copy of the member's and survivor's maniage license must be attached to the application for survivor benefit's if the applicant is a surviving spouse of a member. A copy of the minor child's birth certificate and applicable custody judgment must be attached to the application for survivor benefits if the application is filed on behalf of a surviving minor child of a member.

-29-



NOTE ft 10 - EMPLOYEE RETIREMENT CONTINUED

If only one person is eligible for survivor benefits that person may apply for and be paid a refund of the deceased member's accumulated employee contributions in lieu of payment of survivor benefits. If two or more persons are eligible for survivor benefits and they all agree to do so, they may apply for and be paid a refimd of the deceased member's accumulated employee conti:ibutions in lieu of payment of survivor benefits. The survivor(s) must notify the board in writing of the decision to request a refund in lieu of the survivor benefits. Such refund payments are subject to the same provisions as are other refund payments.

Emplovee contributions

Each member of Plan A shall contribute 9.25% of his eamings from each and every payment of eamings.

Employer contributions

Each participating employer of Plan A shall contribute an amount equal to a percentage of each employee's eamings as determined each year by the Public Retirement Systems' Actuarial Committee. However, subject to certain restrictions, the board of tmstees may maintain the employer contribution rate for the next fiscal year at the same rate as the cunent year if the rate determined by the Public Retirement Systems' Actuarial Committee for the next fiscal year is less that the rate for the cunent year.

Contributions to the System include one-fourth of one per cent of the taxes shown to be collectible by the tax rolls of each municipahty. State statue requures covered employees to contribute a percentage of their salaries to the System. As provided by Louisiana revised Statute 11:103, the employer contributions are determined by actuarial valuation and are subject to change each year based on the results of the valuation for the prior fiscal year.

B. Municipal Police Employees Retirement Svstem of Louisiana (Svstem)"All full-time police department employees engaged in law enforcement are required to participate in the System. Employees who retire at or after age 50 with at least 20 years of creditable service or at or after age 55 with at least 12 years of creditable service are entitled to a retirement benefit, payable mondily for life, equal to 3 1/3 per cent of dieir final-average salary for each year of creditable service. Final-average salary is the employee's average salary over the 36 consecutive or joined months that produce the highest average.

Employees who terminate with at least the amount of creditable service stated above and do not withdraw their employee contributions, may retire at the ages specified previously and receive the benefit accmed to their date of termination. The System also provides death and disability benefits. Benefits are established by state stamte.

State stame requires covered employees to contribute a percentage of their salaries to the system. As provided by Louisiana Revised Statute 11:103, the employer contributions are determined by actuarial valuation and are subject to change each year based on the results of the valuation for the prior year.

C. Firefighters Retirement Svstem of Louisiana-Membership in the Louisiana Firefighters Retirement System is mandatory for all full-time firefighters employed by a municipality, parish, or fire protection district that did not enact an ordinance before January 1,1990, exempting itself from participation in the System. Employees are eligible to retire at or after age 55 widi at least 12 years of creditable service or at or after age 50 with at least 20 years of creditable service. Upon retirement, members are entitled to a retirement benefit, payable mondily for life, equal to 3 1/3 per cent of their final-average salary for each year of creditable service, not to exceed 100 per cent of their final-average salary. Final-average salary is the employee's average salary over die 39 consecutive or joined months that produce the highest average.

-30-




Employees who terminate with at least 12 years of service and do not withdraw their employee contributions may retire at or after age 55 (or at or after age 50 with at least 20 years of creditable service at termination) and receive the benefit accmed to their date of tennination. The System also provides death and disability benefits. Benefits are established by state stamte.

State statue requires covered employees to contribute a percentage of their salaries to the System. Employer contributions are determined annually based on results of the valuation of die prior fiscal year with adjustments for any dedicated tax monies or appropriated funds.

The following provides certain disclosures for the municipality and the retirement systems that are required by GASB Codification Section P20-129:

YEAR ENDED JUNE 30. 2009

Total Cunent Year Payroll Total Cunent Year

Covered Payroll Contributions:

Required by stamte: Employees Employer

Total

Total Cunent Year Payroll Total Cunent Year

Covered Payroll Contributions:

Required by stamte: Employees Employer

Total

%

9.25% 13.50%

%

9.25% 13.50%

EMPLOYEES $ 963,381.03

$ 796.227.66

$ 73,650.96 107,491.34

$ 181,142.30

YE EMPLOYEES

$ 884.858.62

$ 765,994.52

$ 70,714.50 103,204.77

$ 173,919.27

NOTE # 11 - RELATED PARTY TRANSACTIONS

%

7.50% 15.50%

AR ENDE %

7.50% 15.50%

L

$

$

DJI

L

$

L

POLICE 454,129.86

31,828.00

2,387.16 3,023.72 5,410.88

JNE 30. 2008 POLICE

394,570.16

29.102.00

2,182.60 4.001.60 6.184.20

%

8.00% 13.75%

%

8.00% 13.75%

FIF $

$

$

m

1=

$

L

^EFIGHTERS 42,111.64

34,968.80

2,796.64 4,371.25 7,167.89

LEFIGHTERS 41.822.72

32,764.00

2,621.12 4.505.08 7,126.20

The Town of Farmerville did not have any related party transactions during the fiscal year ended June 30, 2009.

NOTE # 12 - LEGAL COMPLIANCE - BUDGET

The budget for die year ended June 30, 2009 was adopted in June 2008 and revised June 2009. The budgets were prepared based on generally accepted accounting principles (GAAP), except depreciation is not budgeted. Budgets were not prepared for the Volunteer Fire Department or the Farmerville Fire District fiinds. The majority of the Fire District Funds are included with the Fire Department budgets. Budgets are adopted as totals rather than line items.

-31-



NOTE # 12 - LEGAL COMPLIANCE - BUDGET CONTINUED

General Budget

Special Revenue Sales Tax

Special Revenue Recreation

Water Department

Sewer Deparmient

TOTAL

- Budget - Actual

- Budget - Actual

- Budget - Actual

- Budget - Actual

- Budget - Actual

- Budget - Actual - Difference

$

S

INCOME 1,975,500.00 1,968,617.06

1,169,640.00 1,258.730.36

623,100.00 656,229.23

832,500.00 835,232.88

354,000.00 275,230.28

4,954,740.00 4.994.039.81

39.299,81

EQUITY $ .00

11,147,86

.00

.00

.00

.00

110,750.00 64,994.80

19,000.00 55,298.92

$ 129,750.00 131.441.58

$ 1.691.58

EXPENSE $ (1,923,580.00)

(1,979,764.92)

(954,350.00) (897,857.40)

(446,600.00) (442,544.73)

(943,250.00) (900,227.68)

(373,000.00) (330,529.20)

$ (4,640,780.00) (4.550,923.93)

$ 89,856.07

$

$

TOTAL 51,920.00

.00

215,290.00 360.872.96

176.500.00 213,684.50

.00

.00

.00

.00

443.710.00 574,557.46 130,847.46

The water and sewer department budget did not include the expenses for depreciation and payment of sewer bonds. These amounts were reduced from the actual per the financial statements.

N0TE#13-E0UITY

Reservations of fund balances of govenmiental funds are created to either (1) satisfy legal covenants that require that a portion of the fimd balance be segregated or (2) identify the portion of the fund balance that is not appropriable for fiiture expenditures.

NOTE ft 14 - SUMMARY DISCLOSURES OF SIGNIFICANT CONTINGENCIES

At June 30, 2009 the Town of Farmerville did not have a significant contingency.

NOTE n 15 - PROPRIETARY FUND SEGMENT INFORMATION

The Town maintains one Enterprise Fund which provides water and sewer services. Segment information for the years ended June 30, 2009 and 2008 is as follows:

2009 2008 Cunent Assets $ 304,269.23 $ 445,329.24 Non-Cunent Assets 612,291.28 605,292.98 Capital Assets, Net 7.322.263.55 6,588.673.48

Total Assets $ 8,238,824.06 $ 7,639,295.70 Cunent Liabilities 100,419.59 (393,115.94) Long-Term Liabilities 279.435.00 (230.911.50)

Total Net Assets $ 8.618.678.65 $ 7.015.268.26

-32-



NOTE # 15 - PROPRIETARY FUND SEGMENT INFORMATION CONTINUED

2009 2008 Invested in Capital Assets, Net Unrestricted Restricted

Operating Revenues: Water Sales and Service Sewer Sales and Service Grants/Miscellaneous

Total Operating Revenues Operating Expenses Depreciation

Operating (Losses) Non-Operating Revenue/Expense

Change m Net Assets

$

t-

7,160,555.55 442,243.78

81.270.35 7.684.069.68

830,006.29 260,211.42

2.000.00 1,092,217.71

(1,142,466.84) (285.396.04) (335,645.17)

1.004.446.59

$ 6,309,528.48 261,503.40 444.236.38

$ 7.015.268.26

940,861.01 282,398.17

6.088.13 1,229,347.31 (1,000,823.46) (234,629.23')

(6,105.38) 237.513.53

668.801.42 $ 231.408.15

NOTE ft 16 - STATEMENT OF CASH FLOWS FOR PROPRIETARY FUNDS

For purposes of this Statement of Cash Flows, for proprietary fund types, all highly liquid investments, including restricted assets, with a mamrity of three months or less when purchased are considered to be cash equivalents. The cash and cash equivalents as stated on die Statement of Cash Flows is as follows:

WATER AND SEWER 2009 2008

Unrestricted Restricted

Total

NOTE # 17- ECONOMIC DEPENDENCY

193,216.80 612.291.28

257,693.75 542.308.59

805.508.08 $ 800.002.34

A large portion of the water and garbage revenues are due to the agreement with the Poultry Processing Plant.

NOTE# 18-LEGAL

Risk Management handles all defense for the Town. The Town's attorney advises us that the Town has three lawsuits which is being handled by Risk Management. No estimate of damages has been determined.

NOTE # 19 - RISK MANAGEMENT

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

-33-



NOTE § 20 - RESTRICTED NET ASSETS

The components of restricted net assets are as follows:

GOVERNMENTAL FUNDS

Debt Service Fire Department Fire Department - Volunteer Fire Deparmient - Fire District Recreation/Street Improvements Capital Projects Fund Capital Projects - Sales Tax Fund

Totals

EXPENDABLE $ .00

$

168,027.54 82,596.17 7,025.84

579,767.64 136.20

30,876.50 868,429.89

NOTE # 21 - CAPITAL PROJECTS FUND

NON-EXPENDABLE $ 380,313.40

1=

.00

.00

.00

.00

.00

.00 380,313.40

2009 $ 380,313.40

168,027.54 82,596.17 7,025.84

579,767.64 136.20

30.876.50 $ 1.248.743.29

$

1.

2008 366,732.52 185,985.98 84,302.20 19,246.98

366,083.14 86.20

23,910.04 1,046,347.06

The Town entered into a cooperative endeavor agreement with the State of Louisiana. The project was to extend sewer lines to die Dozier Creek Subdivision. The project was completed by June 30, 2009. The Town also had a LCDBG sewer project to replace Lift Station # 3 and the collection system. The project was also completed by June 30, 2009.

ASSETS Cash in Banks Receivables

Total Famierville Louisiana Cooperative Endeavor

TOTAL ASSETS

$

$

LCDBG 50.00

2,000.00 .00

2,050.00

DOZIER CREEK

$ 86.20

18,033.00 153,138.40

$ 171,257.60

$ TOTAL

136.20

20,033.00 153,138.40 173.307.60

LIABILITIES AND FUND EOUITY

LIABILITIES Estimates and Retainage Payable

EOUITY AND OTHER CREDITS Reserve for Capital Improvements

TOTAL LIABILITIES AND FUND EOUITY

2.000.00 $ 171.171.40 $ 173.171.40

50.00 i 86.20 |_ 136.20 2.050.00 $ 171.257.60 $ 173.307.60

LCDBG FUNDS DOZIER

RECEIPTS LCDBG Funds Louisiana Cooperative

Total Receipts EXPENDITURES

Denmon Engineering Holloway Brodiers Frey McGee

Endeavor

Meyer, Meyer, Lacroix & Hixson Total Expendimres

$

L_ $

^

06/30/08

58,600.00 .00

58,600.00

58,600.00 .00

26,900.00 .00

85,500.00

$

$

$

l_

06/30/09

421,950.00 .00

421.950.00

7,900.00 445,163.00

6,000.00 .00

459,063.00

$

i_

$

L

TOTALS

480,550.00 .00

480,550.00

66,500.00 445,163.00 32,900.00

.0 544,563.00

$

i_

$

l_

CREEK

.00 450.800.00 450.800.00

.00 421,333.00

.00 47.500.00

468,833.00

•34-



NOTE # 21 - CAPITAL PROJECTS FUND CONTINUED

LCDBG FUNDS 06/30/08 06/30/09 TOTALS

OPERATING FINANCING SOURCES (USES) $ 26.900.00 $ 37.113.00 $ 64,013.00

EXCESS OF RECEIPTS AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER (USES) $ .00 $ .00 $ .00

NOTE # 22 - POST EMPLOYMENT BENEFITS

DOZIER CREEK

$ 18,033.00

$ .00

The Town of Farmerville provides continuing employee benefits for its employees who retired with die State Municipal Retirement System, die Police Retirement System and the Fire Retirement System. The Town of Farmerville provides healdi msurance dirough die Louisiana Municipal Risk Management Agency, II for each employee. Family coverage is available, but not paid by the Town. The Town is also providing Life msurance and Dental insurance for retirees.

The Town records the cost of these benefits as expenditures on a mondily basis. For the year ended June 30, 2009, the total cost of die benefit to employees was $217,857.79 and $219,688.30 for 2008. Of ttiis amount $9,264.36 for 2009 and $8,652.00 for 2008 was for retirees benefits. As of June 30 another employee retired making the monthly benefit $1,158.09. These premiums are financed on a "pay-as-you-go" basis.

The Town also provides employees, councilmen, Mayor and volunteer firemen minimum water bills. This benefit is also provided after retirement. This benefit is financed on a "pay-as-you-go" basis.

•35-

REQUIRED SUPPLEMENTAL INFORMATION (PART II)

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OTHER SUPPLEME>rrAL INFORMATION( PART HI)

SPECIAL REVE>fUE FUNDS

Special revenue funds are used to account for special revenues that are legally restricted to expenditures for particular purposes.

SALES TAX FUND

Proceeds of the 1 % sales tax are to be used for costs incurred in operating a Sanitary Landfill Site for Garbage and Waste Disposal; for Street Repair and Maintenance; and for Sewer Repair and Maintenance. A portion of sales tax funds are used to pay the sewer bonds reported in the sewer department

FARMERVILLE VOLUNTEER FIRE DEPARTMENT. INC.

The volunteer fire department receives funds from fiind raisers, drink sales and fi'om the State of Louisiana 2% rebate funds. Their expenses are purchases of drinks, miscellaneous equipment, fund raiser and volunteer firemen benefits. Most funds are accumulated to be used for purchase of fire department equipment.

FARMERVILLE AREA FIRE PROTECTION DISTRICT OF UNION PARISH

The Fire District receives proceeds of advalorem taxes from the Sheriff's Department. Five percent of collections are retained by the fire district. The remaining funds are transferred to the Town of Farmerville for use in operating expenses, capital improvements and equipment purchases.

2002 SALES TAX FUND

On October 20, 2001 an additional '/i of 1 % sales and use tax was approved. This tax was approved for construction of a recreation center and street improvements. Bonds were sold in the amount of $2,900,000 for construction of the recreation center and improvements of the streets. These projects were started June 30,2002, and not completed until after June 30, 2003.

CAPITAL PROJECTS FUND

Capital projects funds should be established when capital acquisition or construction is financed, in whole or in part, through bonds, intergovernmental revenues, major private donations or special assessments. In addition, capital projects funds can be useful when capital acquisition or construction is financed by several funds or over several accounfing periods. The capital projects fund is for the construction of streets and sewer.

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TOWN OF FARMERVILLE FARMERVILLE. LOUISIANA CAPITAL PROJECTS FUND

BALANCE SHEETS JUNE 30, 2009 AND 2008

SCHEDULE C

ASSETS Cash in Banks Receivable - State of Louisiana Town of Farmerville

TOTAL ASSETS

2009 136.20

153,138.40 20.033.00

2008 136.20

67,479.43 .00

$ 173.307.60 $ 67.615.63

LL\BILITIES AND FUND EOUITY

LIABILITIES Estimate and Retainage Payable

Total Liabilities $ 173.171.40 i . $ 173.171.40 1.

67,479.43 67,479.43

EOUITY AND OTHER CREDITS Reserve for Capital Improvements 136.20 i . 136.20

TOTAL LIABILITIES AND FUND EOUITY $ 173.307.60 $ 67.615.63

See auditor's report.

-47-

TOWN OF FARMERVILLE SCHEDULE D FARMERVILLE. LOUISIANA

CAPITAL PROJECTS FUND - NON-MAJOR GOVERNMENTAL FUNDS STATEMENTS OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES

FOR THE FISCAL YEARS ENDED JUNE 30. 2009 AND 2008

2009 2008 REVENUES

State of Louisiana - ISIS Financial Systems State of Louisiana - Cooperative Endeavor LCDBG Funds

Total Revenues

EXPENDITURES Willie BranUey Fire Station Mill Road Fire Station Owl Street Fire Station Water and Sewer Street and Drainage Sewer Improvements

Total Expenditures

$

$

$

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58.600.00 1,071,549.24

114,643.00 70,007.00 19,000.00

234,829.56 707,144.29 85,500.00

1,231,123.85

OTHER FINANCING SOURCES (USES) Operating Transfer In

Town of Farmerville Farmerville Fire Deparutient Funds Farmerville Area Fire District

Operating Transfer Out Total Other Financing Sources (Uses)

$

$

55,146.00 .00 .00 .00

55,146.00

$

$

26,900.00 136,000.00 19,000.00

.00 181,900.00

EXCESS OF REVENUES AND OTHER SOURCES OVER (UNDER) EXPENDITURES AND OTHER (USES)

FUND BALANCE - JULY 1

FUND BALANCE - JUNE 30

$

$

.00 $

136.20

136.20 $

22,325.39

22,239.19

86.20


-48-


DEBT SERVICE FUNDS COMBINING BALANCE SHEETS

JUNE 30. 2009 AND 2008

SCHEDULE E

2009 2008 ASSETS

Investments, at cost of Amortized Cost

TOTAL ASSETS

LIABILITIES AND EOUITY

LIABILITIES Mamred Bonds Payable Accrued Interest Payable Matured Interest Payable

Total Liabilities

EOUITY Reserved

Designated for Debt Service Total Equity

TOTAL LIABILITIES AND EOUTTY

$ 380.313.40 $ 366.732.52

$ 380,313.40 $ 366,732.52

$

$

.00

.00

.00

.00

$

$

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$ 380,313.40 $ 366,732.52 $ 380,313.40 $ 366.732.52

S 380.313.40 S 366.732.52


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COMMENTS ON COMPLIANCE AND INTERNAL CONTROL


119 PROFESSIONAL DRIVE WEST MONROE, LOUISIANA 71291

CAROLYN V. GARRETT PHONE: 318 322-0845 JUDY D. GARRETT FAX: 318 322-5577

October 29, 2009

REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN

ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS

The Honorable Stein Baughman, Mayor and Members of the Board of Aldennen and Aldcrwomen Town of Farmerville, Louisiana

We have audited the financial statements of the govemmental activities, the business-type activities and each major fund of the Town of Farmerville, Louisiana (the Town), as of and for the years ended June 30, 2009 and 2008, which collectively comprise the Town of Farmerville, Louisiana basic financial statements and have issued our report thereon dated 2009. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Govemment Auditing Standards, issued by the Comptroller General of the United States, and the Louisiana Govemmental Audit Guide, issued by the Society of Louisiana Certified Public Accountants and the Louisiana Legislative Auditor.

Intemal Control Over Financial Reporting

In planning and performing our audit, we considered Town of Farmerville, Louisiana's intemal control over financial reporting as a basis for designing our auditing procedures for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Town's intemal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Town's intemal control over financial reporting.

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

A control deficiency exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A significant deficiency is a control deficiency, or combination of control deficiencies, that adversely affects the Town's ability to initiate, authorize, record, process, or report financial data reliably in accordance with generally accepted accounting principles such that there is more than a remote likelihood that a misstatement of the Town's financial statements that is more than inconsequential will not be prevented or detected by the Town's intemal control. We consider the deficiencies described as finding 07-02 and 09-02 in the accompanying Schedule of Findings to be a significant deficiency in intemal control over financial reporting.

A material weakness is a significant deficiency, or combination of significant deficiencies, that results in more than a remote likelihood that a material misstatement of the financial statements will to be prevented or detected by the Town's intemal control.

-53-

To the Honorable Stein Baughman, Mayor and Members of the Board of Aldermen and Alderwomen Town of Farmerville, Louisiana Page 2

Our consideration of the internal control over financial reporting was for the limited purpose described in the first paragraph of this section and would not necessarily identify all deficiencies in the intemal control that might be significant deficiencies and, accordingly, would not necessarily disclose all significant deficiencies that are also considered to be material weaknesses. However, we believe that none of the significant deficiencies described above is a material weakness.

Compliance and Other Matters

As part of obtaining reasonable assurance about whether Town's financial statements are free of material misstatement, we performed test of its compliance with certain provisions of laws, regulations, contracts and grant agreements, noncompliance with which could have a direct and material effect on the determinafion of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed one instance of noncompliance that are required to be reported under Government Auditing Standards. (09-01)

The Town of Farmerville, Louisiana's response to the findings identified in our audit is described in the accompanying Schedule of Findings and Questioned Costs. We did not audit Town's responses and, accordingly, we express no opinion on them.

This repon is intended solely for the information and use of management. Town's Board of Aldermen and Alderwomen, and federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties.


<M^ld(udl-#

•54-

PRIOR YEAR RECOMMENDATIONS AND STATUS OF RECOMMENDATIONS



07-02 - Accounting Expertise

Description of Finding:

During the audit of the financial statements for the Town of Farmerville, we determined that the Town could not produce financial statements and reports in an accurate and timely manner, both for extemal financial reporfing purposes and intemal decision making. The Town relies on its auditors to prepare its financial statements. The Town employees are responsible for initiating, authorizing, recording, and processing financial data. This is a common practice with a small accounting staff, however, the auditors cannot confinue to make theses correcting entries. Each department had several journal entries to correct the Town's accounting records. This indicates that review of the account balances and reconciliation of accounts are inadequate. It also indicates the risk of inaccurate financial reporting to extemal users as those charged with the decision making process of the Town. They also increase the risk of misappropriation of the assets in amounts material to the Town's financial position and operation.

Recommendation:

We recommend that the accounting staff review all the general ledger accounts on a monthly basis to ensure proper recording. We recommend that the Town provide the Town Clerk the authority to hire outside accounting personnel on a contract basis.

Management's Corrective Action Plan:

The Town agreed to hire an accountant to advise the accounting department on how to make the necessary corrections.

Name of Contact Person:

Gay Nell Mcintosh, Town Clerk

Action Taken:

The Town hired a CPA to advise them on a monthly basis with accounting issues which arise during the year.

07- 04 - Fixed Assets

Description of Findings:

The Town has not maintained the list of Fixed Assets, except for the vehicles and heavy equipment. The major items are included on the depreciation schedule.

Recommendation:

The Town's accounting department should update the Fixed Assets list on a quarterly basis. Also, the list of assets should include the location of the assets.


The Town is to review procedures on a monthly basis to address the fixed assets problem.

-55-





Action Taken:

The Town agreed to provide each department supervisor a copy of the depreciation schedule. The supervisor will inventory all assets and provide the Town with a list of assets, which the Town has and the items on the depreciation schedule which has been junked.

08-01 - Vehicle Fuel


The Town does not monitor their gasoline usage. Each vehicle has a unique credit card in which a log is supposed to be maintained listing the date, meter reading, the gallons purchased, and the dollar amount of fuel purchased. This infonnation is logged in when fuel is purchased. Most vehicles had these logs however, some departments did not list their meter readings, while others did not turn in their fuel purchase tickets. The business office personnel does not use these logs to compare to the fuel bills.

Recommendation:

The Town should assign an employee to be responsible for reconciling the log, purchases and mileage usage on a monthly basis and report to management.


The Town will compare the logs against the fuel bills. The department head will be given completed logs back to explain any discrepancies. Each vehicle log will be completed on a monthly basis.



Action Taken:

The Town has started a vehicle log on a monthly basis. They are still working on a computer program to match the log with the fuel bills.

08-02 - Personal Use of Vehicles


Some of the Town's employees use the Town's vehicles to commute to work from their home. In general, employees using employer vehicles are subject to tax on the value of the personal use. If the business use of these vehicles is substantiated, it is excludable as a working condition fringe benefit under IRC 132(f). Because most vehicles are by their namre are more likely to be used for personal use, they are considered "listed property" under IRC 280 F (d) (4).

-56-



For these vehicles, any amount not substantiated as business use must be included in wages. Substantiation generally requires keeping daily records of vehicle use. These substantiation requirements do not apply to a "qualified nonpersonal use vehicle." A qualified nonpersonal use vehicle is one that, by design, is not likely to be used more than minimally for personal purposes. This includes vehicles such as construction or farm vehicles, school buses, specially modified pickup trucks, et. (For a complete list, see Publication 15-B) Use of these vehicles is considered a working condition fringe benefit and does not require substantiation for use to be excluded from the wages of the employee. Clearly marked police or fire officer vehicles are also treated as qualified nonpersonal use vehicles, if the following conditions apply: The employee must always be on call. The employee must be required to use the vehicle for commuting. The employer must prohibit personal use (other than commutmg) for travel outside of the officer's or firefighter's jurisdiction. A police or fire vehicle is clearly marked if it has insignia or words which make it clear that it is a police or fire vehicle. A marking on a license plate is not a clear marking for this purpose. According to the regulations, the exclusion for a clearly marked police or fire vehicle applies only to a vehicle that is required to be used for commuting by a police officer or fire fighter who, when not on a regular shift, is on call at all times. Other than commuting, personal use of the vehicle, outside the limit of the police officer's arrest powers or the fire fighter's obligation to respond to an emergency, must be prohibited by the governmental unit.

Recommen dation:

The Town needs to review all vehicles and set up policies which comply with the IRS regulations.

Management Corrective Action Plan:

The Town will document the reasons for the commuting use of these vehicles. For any personal use other than commuting, the cost which will be added to the employees taxable income subject to all employer taxes and benefits.



Action Taken:

The Town has not completed the personal use information at June 30, 2009.

08- 03 - UtUitv Services:


The Town needs to review their procedures on utility services to customers that receive services other than water. In our test of the utility billing, some people receive sewer and garbage services from the Town while water services are received from another water system. Some of these customers are receiving free services due to noncommunication between the water service district and the Town . There are no written contracts between the service district and the Town. Problems occur when a customer moves and a new customer moves into the service address and the problem with collecting the fees from the people that do not receive water services. There is no incentive to pay the fees with the Town's current collection policy.

-57-



Recommendation:

The Town needs to address the problem and try to negotiate an agreement with the Water Services District relating to collection of sewer and garbage fees. The Town could charge the Water Services District and let them collect the fees on their water bills. The street is in the Town and their option is to void the agreement with the Water District and start providing water to that street.


The Town will develop procedures to prevent this problem in the fumre.


Mike Allen, Water Supervisor

Action Taken:

At June 30, 2009 the Town has not completely solved the problem.

08-04 - Fixed Asset. Debt Service Fund, Capital Projects Fund; Farmerville Area Fire District

Finding:

The Town does not maintain a general ledger for these funds. The information is assembled from different sources to add to the financial statements at year end.

Recommendations:

The Town needs to set up a general ledger for these funds.


The Town will set up these funds.



Action Taken:

The Town had not set up these funds, but will have set up by December 2009.

08-05 - Sewer Department Bonds


The Sewer Bonds will be paid off in 2010. The Sewer Bond Sinking and Reserve Fund has sufficient funds to pay off the bonds.

•58-



Recommendation:

The Town should check with the bond attorney and try to pay off the bonds to save the interest. The interest rate is 5% - 6%. The Town will not be able to earn that interest rate.

Management Correction Action Plan:

The Town is planning to try to pay off the bonds.

Name of Contract Person:


Action Taken:

The Town was not able to pay the bonds off due to the legal requirements.

•59-

CURRENT YEAR RECOMMENDATIONS AND STATUS OF RECOMMENDATIONS



Findings related to the Financial Statements that are required to be reported under Government Auditing Standards.

Compliance:

09-01 Pledged Securities

Finding:

The Town pledged securities were insufficient to cover the amount of deposits in excess of the federal deposit insurance coverage. It was discovered that the FDIC insurance would not cover checking accounts which pay interest on checking. They are considered savings accounts. Since most of the Town's checking accounts are receiving interest, the Town is limited to one $250,000 FDIC insurance coverage. One bank did not have sufficient pledged securities as of June 30, 2009. The Town's bank deposits were unsecured in the amount of $170,618.83. This is a violation of state law.

Recommendation:

We recommend that the accounting department prepare a worksheet as a part of the bank reconciliation procedures. The bank balances per the reconciled balance and the bank statement amount should be listed by banks and make sure that the FDIC coverage and pledged receipts are sufficient to cover the balances per bank. The Town should require the bank send the pledged securities detail on a monthly basis. If the banks do not comply with the monthly reconciliation or does not provide sufficient securities, we recommend that the accounts be closed and move to another bank.

Corrective Action Planned:

The Town had made deposits on June 30, 2009, which caused the balance to be under funded. The monies were transferred from Marion State Bank to First National Bank to correct the problem.



09-02 - Police Tickets

Finding:

The police tickets are entered by the Police department and then reentered by the Accounting department. The tickets are not filed in number order, only filed by name. The Town does not have actuates control of the tickets issued and collection.

Recommendation:

The Accounting and Police department computers should be combined, so that the tickets could be entered by the Police department, which should eliminate duplication of duties. Also, it would be a better control of the tickets and collections.


The Town will have a computer programmer combine the two department computers. Then they will develop procedures for collection of fines.

-60-





09-03 - Employee Manual

The Town's Employee Manual does not include an ethics policy.

Recommendation:

The Town needs to update it's Employee Manual to include a detailed ethics policy, providing illustrations of non acceptable activities.


The Town Clerk will make adjustments to the Employee Manual to be approved by the Town Council, before the December 2009 Town Council meeting.

-61

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