City of Monroe
Total Page:16
File Type:pdf, Size:1020Kb
Under provisions of state law, this report is a publle document. Acopy 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 Legislative Auditor and, where appropriate, at the office of the parish clerk of court. Release Date // CITY OF MONROE Financial Statements As of and for the Year Ended April 30,2008 TABLE OF CONTENTS Statement Page Independent Auditors' Report 1 Required Supplemental Information (Part A) Management's Discussion and Analysis 4 BASIC FINANCIAL STATEMENTS GOVERNMENT-WIDE FINANCIAL STATEMENTS Statement of Net Assets A 14 Statement of Activities B 15 FUND FINANCIAL STATEMENTS Balance Sheet»Governmental Funds C 17 Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Assets D 18 Statement of Revenues, Expenditures, and Changes In Fund Balances - Governmental Funds E 19 Reconciliation of the Statement of Revenues, Expenditures, And Changes in Fund Balances - Governmental Funds to the Statement of Activities F 20 Statement of Net Assets - Proprietary Funds G 21 Statement of Revenues, Expenses, and Changes in Net Assets - Proprietary Funds H 23 Statement of Cash Flows - Proprietary Funds I 24 Statement of Net Assets - Fiduciary Funds J 25 Statement of Changes in Fiduciary Net Assets ~ Fiduciary Funds K 26 Combining Statement of Net Assets - All Discretely Presented Component Units L 27 Combining Statement of Activities - All Discretely Presented Component Units M 28 CITY OF MONROE Financial Statements As of and for the Year Ended April 30, 2008 TABLE OF CONTENTS Statement Page Notes to the Financial Statements 29 Required Supplemental Information (Part B) Budgetary Comparison Schedules: General Fund 63* Capital Infrastructure - Special Revenue Fund 65* OTHER SUPPLEMENTAL INFORMATION Non-Major Governmental Funds: Combining Balance Sheet 67* Combining Schedule of Revenues, Expenditures, and Changes in Fund Balance 68* Non-Major Special Revenue Funds: Combining Balance Sheet 70* Combining Schedule of Revenues, Expenditures, and Changes in Fund Balance 74* Non-Major Debt Service Funds: Combining Balance Sheet 79* Combining Schedule of Revenues, Expenditures, and Changes in Fund Balance 80* Non-Major Capital Projects Funds: Combining Balance Sheet 83* Combining Schedule of Revenues, Expenditures, and Changes in Fund Balance 85* Non-Major Enterprise Funds: Combining Schedule of Net Assets 89* Combining Schedule of Revenues, Expenses, and Changes in Net Assets 90* Combining Schedule of Cash Flows 91 * *Denotes Schedule CITY OF MONROE Financial Statements As of and for the Year Ended April 30,2008 TABLE OF CONTENTS Statement Page Proprietary Fund Type - Internal Service Funds; Combining Schedule of Net Assets 93* Combining Schedule of Revenues, Expenses, and Changes in Net Assets 94* Combining Schedule of Cash Flows 95* Schedule of Assessed Valuation and Ad Valorem Property Tax Levy 97* Schedule of Ad Valorem Taxes Receivable 98* Schedule of Insurance 99* Schedule of Long-Term Obligations 102* Schedule of Compensation Paid 105* REPORTS REQUIRED BY GOVERNMENT AUDITING STANDARDS AND OMB CIRCULAR A-133 Report on Compliance and on Internal Control Over Financial Reporting Based on an Audit of Primary Government Financial Statements Performed in Accordance With Government Auditing Standards 107 Report on Compliance With Requirements Applicable to Each Major Program and Internal Control Over Compliance in Accordance With OMB Circular A-133 109 Schedule of Expenditures of Federal Awards 111 * Notes to Schedule of Expenditures of Federal Awards 112* Schedule of Findings and Questioned Costs 114* Summary Status of Prior Year Findings 124 Report on Compliance With Requirements Applicable To the Passenger Facility Charge Program and On Internal Control Over Compliance 129 PFC Revenue and Disbursement Schedule ~ Monroe Regional Airport 131 * *Denotes Schedule John L. Luffey, MBA, CPA (1963-2002) Francis I. Huffman, CPA Philip A. Ragsdale, CPA HUFFMAN, RAGSPAI^E & David Ray Soignier, CPA, MBA (A PROFESSIONAL ACCOUNTING CORPORATION) John Herman, CPA LynnAndries, CPA CERTIFIED PUBUC ACCOUNTANTS Esther Atteberry, CPA Sandra Harrington, CPA INDEPENDENT AUDITORS1 REPORT City of Monroe Monroe, Louisiana We have audited the accompanying financial statements of the governmental activities, the business type activities, each major fund, the fiduciary funds, and the aggregate remaining fund information of the City of Monroe, Louisiana (the City) as of and for the year ended April 30, 2008, which collectively comprise the City's basic financial statements on pages 14 through 61 as listed in the accompanying table of contents. These financial statements are the responsibility of the City's management. Our responsibility is to express an opinion on these financial statements based on our audit. We did not audit the financial statements of the Monroe City Court or the Monroe City Marshal, which represent the aggregate discretely presented component units. Those financial statements were audited by other auditors whose reports have been furnished to us, and our opinion on the financial statements, insofar as it relates to the amounts included in the component unit columns, is based on the reports of the other auditors. We conducted our audit in accordance with auditing standards generally accepted in the United States of America, the standards for financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States and the Louisiana Governmental Audit Guide issued by the Louisiana Legislative Auditor and the Louisiana Society of Certified Public Accountants. 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 presentation. We believe that our audit and the reports of other auditors provide a reasonable basis for our opinion. In our opinion, based on our audit and the reports of other auditors, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, the aggregate discretely presented component units, each major fund, the fiduciary funds, and the aggre'gate remaining fund information of the City as of April 30, 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. 1100 North 18th Street Monroe, Louisiana 71201 Tel: (318)387-2672 • Fax: (318)322-8866 • Website: wvw.afullservlcecpafirm.com MEMBERS OF THE AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS City of Monroe Monroe, Louisiana In accordance with Government Auditing Standards, we have also issued our report dated October 31, 2008 on our consideration of the City's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts and grants. That report is an integral part of an audit performed in accordance with Government 4 «$#/?£ £tan^^ conjunction with this report in considering the results of our audit. The Management's Discussion and Analysis and the budgetary information on pages 4 through 12 and pages 63 through 65 respectively, are not a required part of the basic financial statements but are supplementary information required by the Governmental Accounting Standards Board. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the required supplementary information. However, we did not audit the information and express no opinion on it. Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City's basic financial statements. The accompanying information listed as other supplemental information (including the schedule of expenditures of federal awards) and the budgetary comparison schedules listed as required supplementary information in the Table of Contents are presented for purposes of additional analysis and are not a required part of the basic financial statements. This supplemental information is the responsibility of management of the City. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion is fairly presented in all material respects in relation to the basic financial statements taken as a whole. The accompanying schedule of expenditures of passenger facility charges on page 131 is presented for purposes of additional analysis as specified in the Passenger Facility Charge Audit Guide for Public Agencies, issued by the Federal Aviation Administration, and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole. (A Professional Accounting Corporation) October 31,