DOCSLIB.ORG

City of New Orleans

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
City of New Orleans ^/f/ CITY OF NEW ORLEANS. LOUISIANA BASIC FINANCIAL STATEMENTS DECEMBER 3L 2012 (WITH INDEPENDENT AUDITORS^ REPORT THEREON) 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 appropnate, at the office of the parish clerk of court. Release Date AUG 0 7 2013 Postlethwaite & Netterville A Prot«u)onal Accx)URting Corporation \v,vA pncpa.com CITY OF NEW ORLEANS> LOUISIANA Basic Financial Statements December 31,2012 (With Independent Auditors* Report Thereon^ CITY OF NEW ORLEANS, LOUISIANA Table of Contents Page Independent Auditors' Report 1 Management's Discussion and Analysis 4 Basic Financial Statements: Statement of Net Position 16 Statement of Activities 17 Balance Sheet - Govemmental Funds 18 Reconciliation of Balance Sheet - Govemmental Funds to the Statement of Net Position 19 Statement ofRevenues, Expenditures, and Changes in Fund Balances - Govemmental Funds 20 Reconciliation ofthe Statement ofRevenues, Expenditures, and Changes in Fund Balances of Govemmental Funds to the Statement of Activities 21 Statement of Fiduciaiy Net Position 22 Statement of Changes in Fiduciary Net Position 23 Component Units - Combining Statement of Net Position 24 Component Units - Combining Statement of Activities 26 Notes to Basic Financial Statements 27 Required Supplementary Information Notes to Required Supplementary Information 76 Schedule ofRevenues, Expendinires» and Changes in Fund Balance - Budget (Non-GAAP Budgetary Basis) and Actual - General Fund 77 Budget to GAAP Reconciliation 78 Schedules of Funding Progress 79 KiSiAi Postlethwaite ^JSKM & Netterville •^iaciot«d CHicei n Pri'dxtC tnt cl ^ Un tKJ !r>--j«> wv>v/,pncf>o.corn Independent Auditors* Report The Honorable Mayor and Members Cit>- Council ofthe City of New Orleans, Louisiana: Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities, the aggregate discretely presented component units, each major fund, and the aggregate remaining fund infonnation of the Citv' of New Orleans, Louisiana (the Cit>') as of and forthe year ended December 31, 2012, and the related notes to the financial statements, which collectively comprise the City's basic financial statements as listed in the table of contents. Management's ResponsibiUtyfor the Financial Statements Management is lesponsible 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 fsir presentation of financial statements that are free from material misstatement, whether due to fi^ud or error. Auditors* Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We did not audit the financial statements of Ae New Orleans Tourism Marketing Corporation, the Orleans Parish Communication District, the Audubon Commission, the French Market Corporation, the Upper Pontalba Building Restoration Corporation, the Piazza d'halia Development Corporation, the Canal Street Development Corporation, the Orleans Parish Hospital Service District A, and the Dovoitown Development District, which represent 9% and 19Vo respectively, of the assets and revenues of the aggregate discretely presented component units; the Firefighters' Pension and Relief Fund ofthe City of New Orleans (old and new systems), the Police Pension Fund of the City of New Orleans, and the Employees' Retirement System ofthe City of New Orleans, which represent 86% ofthe assets and 63% ofthe additions and revenues ofthe aggregate remaining fund infomiation; and the Board of Liquidation, City Debt, which is a major fund and 17% and 8% of assets and revenues ofthe govenmiental activities, respectively. Those statements were audited by other auditors whose report has been furnished to us, and our opinion, insofar as it relates to the amounts included for the New Orleans Tourism Marketing Corporation, the Orleans Parish Comratmication District, the Audubon Commission, the French Marfcet Corporation, the Upper Pontalba Building Restoration Coqwration, the Piazza D'ltalia Development Corporation, the Canal Street Development Corporation, the Orleans Parish Ho^ital Service District A, the Downtown Development District, the Firefighters' Pension and Relief Fund of the City of New Orleans (old and new systems), the Police Pension Fund of the City of New Orleans, the Employees' Retirement System ofthe City of New Orleans, and the Board of Liquidation, City Debt, is based solely on the report of the other auditors. 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. 1 30th F 00' - Energy Centre • 1100 Poydras Street • New Orleans. LA /Oi 63-3000 • Td: 504.55a'^*0'/8 One Gallcria Blvd.. Suite 2100 • Mctairic, L^. 70001 • Tel; 504.837,5990 * Fa-x 504.834.3ev9 Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financiaJ statements are free from material misstatement. An audit involves performing procedures 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 ofthe financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers intemal control relevant to the entit>''s preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in the circumstances, but not forthe purpose of expressing an opinion on the effectiveness ofthe entit>''s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accountmg estimates made by management, as well as evaluating the overall financial statement presentation of the 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, based on our audit and the reports of other auditors, the financial statements refen^ to above present &irly, in all material respects, the respective financial position of the govemmental acti\aties, the aggregate discretely presented component units, each major fimd, and the aggregate remaining fund information of the City as of December 31,2012, and the respccdve changes in financial position for the year then ended in conformit>' with accounting principles generally accepted in the United States of America. Reqmred 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 schedules of fiindmg progress on pages 4 through 15 and 76 through 80 be presented to supplement the basic financial statements. Such information, although not a part of the basic fmancial 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 comext We and other auditors have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the infonnation and comparing the information for consistency with management's responses to our inquiries, the basic fmancial 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 vrith sufficient evidence to express an opmion or provide any assurance. P&N Other Reporting Required by Government Auditing Standards In accordance with Govemment Auditing Standards^ we have also issued our report dated June 27, 2013. on our consideration of the City's internal control over fmancial reporting and on 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 intemal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Govemment Auditing Standards in considering the City's intemal control over financial reporting and compliance. New Orleans, Louisiana June 27,2013 P&N MANAGEMENT'S DISCUSSION AND ANALYSIS CITY OF NEW ORLEANS Management's Discussion and Analysis December 31,2012 Management's Discussion and Analysis The follov^ng Management's Discussion and Analysis (MD&A) ofthe City of New Orleans, Louisiana's (the City), financial performance provides an overview ofthe City's financial activities
Load more

Recommended publications
  • Law Journal for Social Justice Sandra Day O’Connor College of Law Arizona State University
    LAW JOURNAL FOR SOCIAL JUSTICE SANDRA DAY O’CONNOR COLLEGE OF LAW ARIZONA STATE UNIVERSITY Volume 11 Spring 2019 CONTENTS Beyond Impressionistic Analysis: An Empirical Evaluation of 21st Century Non-lawyer Courts .................................................................................. Alisa Smith, PhD, JD 1 Evacuating the Incarcerated: The Intricacies of Keeping Prisoner’s Eighth Amendment Rights Intact During Natural Disasters .............................. Meghan Vumback, JD 57 Eternal Sins: The Case for Extending Statutes of Limitation Regarding Childhood Sexual Abuse Nationwide ................................................................ Katelyn Ringrose, JD 82 Cultural Resources in a Developing World ................................ Alysha Green, JD 95 Law Journal for Social Justice is supported by the Sandra Day O’Connor College of Law at Arizona State University. The Law Journal for Social Justice mailing address is: Law Journal for Social Justice, 111 E. Taylor Street, Phoenix, AZ 85004. The Law Journal for Social Justice Email address is: [email protected]. Subscription: Law Journal for Social Justice is an online journal. Editions are accessible through the URL: http://www.law.asu.edu/ljsj/, and http://www.ljsj.wordpress.com/journal Copyright: © Copyright 2019 by Law Journal for Social Justice. All rights reserved except as otherwise provided. Cite as 11 L. J. SOC. JUST. __ (2019). LAW JOURNAL FOR SOCIAL JUSTICE SANDRA DAY O’CONNOR COLLEGE OF LAW ARIZONA STATE UNIVERSITY Volume 11 Spring 2019 EXECUTIVE BOARD EDITOR-IN-CHIEF Katherine Nelson MANAGING EDITOR Corinne Merdegia SENIOR ARTICLES EDITOR Alysha Green ONLINE MEDIA EDITOR Austin Poe SYMPOSIUM EDITOR Shannon Brien EDITORIAL BOARD ARTICLES EDITORS Victoria Comeaux Ashley Fitzwilliams Verity Kang Kaitlin Secker Kristen Shortley ASSOCIATE EDITORS Nicholas Bustamante Jaren Martineau Pablo Castellanos Lila Mayson Jorge Coss Ortega Mackenzie Moore Brian Cuevas Lily Pederson Paul Davis Earvin Poon Francis Espiritu David Riahi Ashley Fitzgibbons Rachel Richman Brian Garcia Lea Shapiro J.
    [Show full text]
  • Prisons and Floods in the United States Interrogating Notions of Social and Spatial Control
    Prisons and Floods in the United States Interrogating Notions of Social and Spatial Control By Hannah Hauptman, Yale University On August 29, 2005, Hurricane Katrina ripped across the state dream of full social order, both inside and outside Southern Louisiana, rupturing New Orleans’ levees and of the prison. Strict protocols, concrete beds, steel-barred scouring a place for itself among the costliest and most poorly windows and pacing guards imply that this dream has, managed disasters in contemporary history. On that fateful in fact, been realized. Yet foods, amongst other natural August morning, an inmate at the Orleans Parish Prison disasters, provide an avenue for chaos to move through the recalled, “we awake to fnd water up to our knees and no seemingly indestructible barriers of the prison. Troughout security.”1 Te water would eventually rise to the inmates’ the twentieth century and into the twenty-frst, foods have necks. As another inmate recounted, “it was like we were left threatened or necessitated emergency evacuations of prisons, to die. No water, no air, no food.”2 As the wealthy and the free as well as the movement of inmates out of prisons to work fed the city, inmates in local prisons—whose impregnable on food protection and rescue. Only by examining both the walls held frm while the once-impregnable levees crumbled— theoretical parallels and the historical convergences between were left locked in their cells. Hurricane Katrina brutally these two systems of control can we uncover their surprisingly illustrated the confict between the apparent order of prisons intimate relationship. Recovered narratives from fooded and the chaos of foods, revealing the diferentiated value of prisons, wherein the uncontrollable met the impenetrable, life placed on incarcerated individuals and troubling notions thus provide a historical nexus for the critical deconstruction of maximum security or absolute protection.
    [Show full text]
  • A Gateway for Everyone to Believe: Identity, Disaster, and Football in New Orleans
    University of New Orleans ScholarWorks@UNO University of New Orleans Theses and Dissertations Dissertations and Theses Summer 8-6-2013 A Gateway for Everyone to Believe: Identity, Disaster, and Football in New Orleans Brandon D. Haynes University of New Orleans, [email protected] Follow this and additional works at: https://scholarworks.uno.edu/td Part of the Regional Sociology Commons, Sociology of Culture Commons, Sports Studies Commons, and the Urban Studies and Planning Commons Recommended Citation Haynes, Brandon D., "A Gateway for Everyone to Believe: Identity, Disaster, and Football in New Orleans" (2013). University of New Orleans Theses and Dissertations. 1712. https://scholarworks.uno.edu/td/1712 This Dissertation is protected by copyright and/or related rights. It has been brought to you by ScholarWorks@UNO with permission from the rights-holder(s). You are free to use this Dissertation in any way that is permitted by the copyright and related rights legislation that applies to your use. For other uses you need to obtain permission from the rights-holder(s) directly, unless additional rights are indicated by a Creative Commons license in the record and/ or on the work itself. This Dissertation has been accepted for inclusion in University of New Orleans Theses and Dissertations by an authorized administrator of ScholarWorks@UNO. For more information, please contact [email protected]. A Gateway for Everyone to Believe Identity, Disaster, and Football in New Orleans A Dissertation Submitted to the Graduate Faculty of the University of New Orleans in partial fulfillment of the requirements for the degree of Doctor of Philosophy in Urban Studies by Brandon D.
    [Show full text]
  • $65000000 Taxable Public Improvement Bonds, Issue Of
    NEW MONEY ISSUE OFFICIAL STATEMENT RATINGS: BOOK-ENTRY ONLY Moody’s Insured: “A2” Moody’s Underlying: “A3" S&P Insured: “AA” S&P Underlying: “A-“ Fitch (Underlying Only): “A-” (See “BOND RATINGS” herein.) In the opinion of Co-Bond Counsel, under existing law, interest on the Bonds is not excluded from gross income for Federal income tax purposes. Bondholders should consult their tax advisors with respect to the inclusion of interest on the Bonds in gross income for federal income tax purposes. See “TAX MATTERS” herein. Under Louisiana law, the Bonds are exempt from all taxation for state, parish, municipal, or other purposes. $65,000,000 TAXABLE PUBLIC IMPROVEMENT BONDS, ISSUE OF 2015A CITY OF NEW ORLEANS, LOUISIANA Dated: Date of Delivery Due: December 1, 2016 to December 1, 2044 The referenced Taxable Public Improvement Bonds, Issue of 2015A (the “Bonds”) of the City of New Orleans, Louisiana (the “City” or “Issuer”) are being initially issued as fully registered bonds without coupons in denominations of $5,000 each, or any integral multiple thereof within a single maturity, and when issued will be registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York (“DTC”). DTC will act as securities depository for the Bonds. Purchasers of the Bonds will not receive certificates representing their interest in the Bonds purchased. Purchases of the Bonds may be made only in book-entry form in authorized denominations by credit to participating broker-dealers and other institutions on the books of DTC as described herein. Principal of and interest on the Bonds will be payable by U.S.
    [Show full text]
  • Orleans Parish Prison Report
    COVER PHOTOGRAPH: A/P WIDE WORLD PHOTOS 1 Joyce Gilson AUTHORS National Prison Project of the American Civil Liberties Union ACLU National Prison Project Founded in 1972 by the American Civil Liberties Union (ACLU), the National 915 15th Street NW, 7th Floor Prison Project (NPP) seeks to ensure constitutional conditions of confinement Washington, DC 20005 and strengthen prisoners’ rights through class action litigation and public educa- Tel: (202) 393-4930 tion. Our policy priorities include reducing prison overcrowding, improving pris- Fax: (212) 393-4931 oner medical care, eliminating violence and maltreatment in prisons and jails, and www.aclu.org minimizing the reliance on incarceration as a criminal justice sanction. The Pro- ject also publishes a semi-annual Journal, coordinates a nationwide network of liti- gators, conducts training and public education conferences, and provides expert advice and technical assistance to local community groups and lawyers through- out the country. CO-AUTHORS & CONTRIBUTORS American Civil Liberties Union of Louisiana ACLU of Louisiana The ACLU of Louisiana has protected traditional American values as a P.O. Box 56157 guardian of liberty since its founding in 1956. Our mission is to conserve Amer- New Orleans, LA 70156-6157 ica’s original civic values embodied in the U.S. Constitution and the Louisiana Tel: (504) 522-0617 Constitution by working daily in the courts, legislature, and communities. We Toll Free: (866) 522-0617 defend the rights of every man, woman, and child residing in this state against Fax: (504) 522-0618 attempts by the government to take away or limit civil liberties and personal free- www.laaclu.org doms guaranteed by the Bill of Rights, as well as federal and state laws.
    [Show full text]
  • City of New Orleans, Louisiana
    SUPPLEMENT TO OFFICIAL STATEMENT DATED JULY 25, 2012 relating to $167,840,000 GENERAL OBLIGATION REFUNDING BONDS, SERIES 2012 CITY OF NEW ORLEANS, LOUISIANA PLEASE BE ADVISED that the above-referenced Official Statement has been supplemented to add the following: Page 4: The paragraph under the caption “DESCRIPTION OF THE BONDS – Amount of Bonds Being Issued” is hereby amended as follows: One Hundred Sixty-Seven Million Eight Hundred Forty Thousand Dollars ($167,840,000) of Bonds of the Issuer are being issued. CITY OF NEW ORLEANS, LOUISIANA The date of this Supplement is August 6, 2012. REFUNDING ISSUE OFFICIAL STATEMENT RATINGS: BOOK-ENTRY ONLY Moody’s: “Aa3” (Insured), “A3” (Underlying) S&P: “AA-” (Insured), “BBB” (Underlying) Fitch:“ A-” (Underlying) (See “BOND RATINGS” herein.) In the opinion of Co-Bond Counsel, under existing law, interest on the Bonds is excluded from gross income for Federal income tax purposes, and interest on the Bonds is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals or corporations, except that interest on the Bonds will be included in a corporate taxpayer’s “adjusted current earnings” for purposes of computing its federal alternative minimum tax. See “TAX EXEMPTION” herein. Under Louisiana law, the Bonds are exempt from all taxation for state, parish, municipal, or other purposes. $167,840,000 GENERAL OBLIGATION REFUNDING BONDS, SERIES 2012 CITY OF NEW ORLEANS, LOUISIANA Dated: Date of Delivery Due: December 1, 2012 to December 1, 2033 The referenced General Obligation Refunding Bonds, Series 2012 (the “Bonds”) of the City of New Orleans, Louisiana (the “Issuer” or the “City”) are being initially issued as fully registered bonds without coupons in denominations of $5,000 each, or any integral multiple thereof within a single maturity, and when issued will be registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York (“DTC”).
    [Show full text]