TOWN of FARMERVILLE Pa,PT.4Ppvntp,T.Quislana
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Apl'fi TOWN OF FARMERVILLE pA,PT.4ppvnTP,T.QUISlANA pppoRTONAUDITOF XK«9.\C. FFNANCT AT STATEMENTS YEAR ENDED nTNE30.20l3 Under provisions of state law, this report is a public 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 LegislativeAuditor and, where appropriate, at the office of the parish cleric of court. Release Date ^^^ 1 9 2014 TOWN OF FARMERVILLE FARMERVILLE. LOUISIANA ANNUAL FINANCIAL REPORT JUNE 30.2013 TABLE OF CONTENTS PAGE FINANCIAL SECTION Independent Auditors' Report I - II REQUIRED SUPPLEMENTAL INFORMATION (PART D Management's Discussion and Analysis A - F BASIC FINANCL\L STATEMENTS GOVERNMENT - WIDE FINANCIAL STATEMENTS EXHIBIT A Statement of Net Position 1 EXHIBIT B Statement of Activities 2 FUND FINANCIAL STATEMENTS EXHIBIT C Balance Sheets - Govemmental Funds 3 EXHTOIT C -1 Reconciliation ofthe Balance Sheet to the Statement of Net Position - Govenunental Funds 4 EXHIBIT D Statement of Revenues, Expenditures and Changes in Fund Balance - Governmental Funds S EXHIBIT D -1 Reconciliation ofthe Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities 6 PROPRIETARY FUND STATEMENTS EXHIBIT E Statement ofFund Net Position-Proprietaiy Funds 7-8 EXHIBIT F Statement of Revenues, Expenses and Changes in Fund Net Position - Proprietary Funds 9-10 EXHIBIT G Statement of Cash Flows - Proprietary Funds 11-12 NOTES TO FINANCL\L STATEMENTS I3.4O REQUIRED SUPPLEMENTAL INFORMATION (PART IH STATEMENT A General Fund - Statement of Revenues, Expenditures and Changes in Fund Balance - Budget (GAAP) and Actual 41 STATEMENT A-l, Fire Department - Statement of Revenues, Expenditures and Changes in Fund Balance - Budget (GAAP) and Actual 42 STATEMENT A-2 Police Department - Statement of Revenues, Expenditures and Changes in Fund Balance - Budget (GAAP) and Actual 43 STATEMENT B Special Revenues - Sales Tax Fund - Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget (GAAP) and Actual 44 - 45 STATEMENT C Other Poslcmployment Benefits(OPEB) Schedule of Funding Progress 46 TOWN OF FARMERVILLE FARMERVILLE LOUISIANA ANNUAL FINANCIAL REPORT JUNE 30.2013 TABLE OF CONTENTS PAGE OTHER SUPPLEMENTAL INFORMATION (PART III) SCHEDULE A Enterprise Funds - Statement of Revenues, Expenses, and Changes in Retained Earnings - Budget (GAAP) and Actual 47 SCHEDULE A-t Enterprise Funds - Schedule of Detail of Expenses, Budget (GAAP) and Actual 48 MAJOR GOVERNMENTAL FUNDS - DETAIL SCHEDULE B Combining Balance Sheet - Govemmental Funds 49 SCHEDULE B-1 Combining Statement of Revenue Expenditures and Changes in Fund Balances- Governmental Funds 50-51 NON-MAJOR FUNDS - BALANCE SHEETS SCHEDULE C Non-Major Govemmental Funds - Special Revenue Funds 52 SCHEDULE C-1 Non-Major Govemmental Funds - Capital Projects Funds 53 SCHEDULE C-2 Non-Major Govemmental Fund - Debt Service Funds 54 SCHEDULE C-3 Non-Major Govemmental Funds - Total 55 NON-MAJOR FUNDS - STATEMENT OF REVENUES. EXPENDITURES AND CHANGES IN FUND BALANCES ' SCHEDULE D Non-Major Funds - Special Revenue Funds 56 SCHEDULE D-1 Non-Major (jovemmental Funds -Capital Projects Fund 57 SCHEDULE D-2 Non-Major Govemmental - Debt Service Funds 58 SCHEDULE D-3 Non-Major Govermnental Funds - Total 59 SCHEDULE E Schedule of Insurance in Force 60 SCHEDULE F Cash Accounts and Investments 61-62 REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLLWCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCL\L STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS AND THE AGGREGATE REMAINING FUND INFORMATION 63-64 PRIOR YEAR RECOMMENDATIONS AND STATUS OF RECOMMENDATIONS 65 - 76 SCHEDULE OF FINDINGS AND QUESTIONED COSTS 77 - 80 LOUISIANA LEGISLATIVE AUDITORS' REPORT ON INTERNAL CONTROL DEFICIENCIES AND COMPLIANCE ISSUES 81 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 Februarys, 2014 INDEPENDENT AUDITORS' REPORT To the Honorable Mayor Stein Baughman and Members ofthe Board of Alderman and Alderwomen Town of Farmerville, Louisiana We have audited the accompanying financial statements ofthe govemmental activities, the business-type activities, each major fund, and the aggregate remaining fund information ofthe Town of Farmerville, Louisiana, as of and for the year ended June 30, 2013, and the related notes to the financial statements, wliich collectively comprise the Town's basic financial statements as listed in the table of contents. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of intemal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted oiu* 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 ofthe United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the fmancial statements are fi^e of material misstatement. An audit involves performing procediu^s to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment ofthe risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers intemal control relevant to the entity's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in the circiunstances, but not for the purpose of expressing an opinion on the effectiveness ofthe entity's intemal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accoimting policies used and the reasonableness of significant accounting estimates tnade by management, as well as evaluating the overall presentation ofthe financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Opinions In our opinion, the financial statements referred to above present fairly, in alt material respects, the respective financial position of the govemmental activities, the business-type activities, each major fund, and the aggregate remaining fund information ofthe Town of Farmerville, Louisiana, as of Jime 30, 2013, and the respective changes in the financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. To the Honorable Mayor Stein Baughman and Members ofthe Board of Alderman and Alderwomen Febmary3,2014 Page 2 Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management's discussion and analysis, budgetary comparison information and the Schedule of Funding Progress on pages A thm F and 41 -46 be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Govemmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary infortnation in accordance with auditing standards generally accepted in the United States of America, which consisted of inquires of management about the methods of preparing the information and comparing the information of consistency with management's response to our inquiries, the basic financial statements, and other knowledge we obtained during our audit ofthe basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Town of Farmerville, Louisiana's fmancial statements. The introductory section, the accompanying information listed as other supplemental information in the Table of Contents are presented for purposes of additional analysis are not a required part ofthe basic financial statements. This supplemental information is the responsibility of management and was derived from and relate directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial