Escolar Documentos
Profissional Documentos
Cultura Documentos
TABLE OF CONTENTS
Pages
MANAGEMENT'S DISCUSSION AND ANALYSIS (Unaudited)
3-12
13-14
17
18
26
27-28
29-49
21
22
23
24
25
51-54
55
56
57
58-60
61-63
64
66
67
68
69
70
71-72
73-74
75
76
The City's assets exceeded its liabilities by $5,888,630 (net position) for the fiscal year reported.
Total revenues of $4,596,127 exceeded its total expenses of $4,432,373 which resulted in a current year
surplus of $163,754. In comparison, for the previous year ended June 30, 2014, the City's total revenues
of $4,530,382 exceeded its total expenses of $4,351,237, yielding a surplus of $179,145.
The City's governmental funds reported total deficit ending fund balance of $152,308 this year. This
compares to the prior year ending deficit fund balance of $415,527 reflecting a deficit reduction of
$263,219 during the current year. For the prior year ended June 30, 2014, an increase of $213,256 was
reported in the total ending fund balance. All positive fund balances are assigned or restricted to
particular uses.
At the end of the current fiscal year, unassigned fund balance for the General Fund was a deficit of
$586,802, or (22%) of total General Fund expenditures and (21%) of total General Fund revenues
including other financing sources. In comparison, for the fiscal year ended June 30, 2014, unassigned
fund balance for the General Fund was a deficit of $672,472, or (22%) of total General Fund expenditures
and (21%) of total General Fund revenues including other financing sources.
Overall, the City improved on a weak financial position and is continuing to work to improve on this
financial position.
Business-Type
Activities
2015
Total
2014
Total
Percentage
Total
Assets:
Current assets
595,852
260,875
856,727
6%
884,652
169,442
4.294.666
83,477
7.889.992
252,919
12.184.658
2
92
78,976
12.622.523
5.059.960
8.234.344
13.294.304
100%
13.586.151
Deferred outflows of
resources
548.603
548.603
100%
Liabilities:
Current liabilities
Long-term liabilities
1,256,429
3.116.487
216,724
2.638.100
1,473,153
5.754.587
20%
80
1,355,356
3.931.314
Total liabilities
4.372.916
2.854.824
7.227.740
100%
5.286.670
726.537
100%
Restricted assets
Capital assets
Total assets
Deferred inflows of
resources
726.537
Net Position:
Investment in capital
assets, net of debt
Restricted
Unrestricted
- Total net position
2,897,728
169,442
(2.558.060)
$
509.110
5,172,627
10,377
196.516
8,070,355
179,819
(2.361.544)
$ 5.888.630
137%
3
(40)%
m.%
8,314,768
8,081
(23.368)
$ 8.299.481
The City continues to maintain weak current ratios. The current ratio compares current assets to current liabilities
and is an indication of the ability to pay current obligations. The current ratio is 0.47 to 1 for governmental activities
and 1.2 to 1 for business-type activities. This compares with the prior year's ratios of 0.48 to 1 and 1.87 to 1,
respectively. For the City overall, the current ratio is 0.58 to 1 while that same financial indicator was 0.65 to 1 for
the fiscal year ended June 30, 2014. These ratios are improving but still weak.
The City reported positive balances in net position for both governmental and business-type activities. For the
fiscal years ended June 30, 2015 and 2014, respectively, net position increased (decreased) by $493,055 and
($209,632) for governmental activities and by ($329,301) and ($30,487) for business-type activities. The City's
overall financial position improved during the fiscal year ended in June 30, 2015, but is still weak.
Note that approximately 569% and 113% of the governmental activities' net position are tied up in capital assets
as of June 30, 2015 and June 30, 2014, respectively. The City uses these capital assets to provide services to
its citizens. However, with business-type activities, the City has invested approximately 96% and 94% of its net
position on capital assets during the respective fiscal years ended June 30, 2015 and 2014. Capital assets in the
business-type activities provide utility services, but they also generate revenues for this fund. For the respective
fiscal years ended June 30, 2015 and 2014, 137% and 100% of the City's total net position, net of debt, are
included in capital assets.
309,321
154,061
58,793
Business-Type
Activities
2015
Total
%
Total
$ 1,842,351 $ 2,151,672
154,061
58,793
2014
Total
%
Total
47%
3%
1%
$ 2,170,246
176,291
18,161
48%
4%
-%
1,194,354
669,436
367.668
2,753,633
_
143
1.842.494
1,194,354
669,436
367.811
4.596.127
26%
15%
8%
100%
1,155,078
690,109
320.497
4,530,382
26%
15%
7%
100%
Program expenses:
General government
Public safety:
Police
Fire
Public works
Health and recreation
Interest
Utility expenses
772,598
772,598
17%
865,977
20%
1,323,397
408,405
470,958
168,424
63,669
_
25,034
1.199.888
1,323,397
408,405
470,958
168,424
88,703
1.199.888
30%
9%
11%
4%
2%
27%
1,211,435
306,110
419,595
231,377
84,352
1.232.391
28%
7%
10%
5%
2%
28%
Total Expenses
3.207.451
1.224.922
4.432.373
100%
4.351,237
100%
(453,818)
617,572
163,754
179,145
Transfers
946.873
(946.873)
493,055
(329,301)
163,754
179,145
Excess (deficiency)
8,299,481
(2,453,093)
(121.512)
5.724.876
8.120.336
_
$ 8.299.481
2,590,660
(2,453,093)
(121.5121
16.055
$
509 110
5,708,821
.
5.708.821
GOVERNMENTAL REVENUES
The City is heavily reliant on sales taxes to support governmental operations. Sales taxes equal 43% of the
revenues for governmental activities, as compared with 43% in the prior year. Also note that program revenues
cover only 18% (17% in the year ended June 30, 2014) of governmental operating expenses. This means that
the government's taxpayers and the City's other general revenues fund 82% (83% in the prior fiscal year) of the
governmental activities. As a result, the general economy and the local businesses have a major impact on the
City's revenue streams.
GOVERNMENTAL FUNCTIONAL EXPENSES
For the fiscal years ended June 30, 2015 and 2014, respectively, police services comprised 30% and 28% of the
City's total expenses and 41% and 39% of the total governmental expenses. For the fiscal years ended June 30,
2015 and 2014, total public safety makes up 54% and 49% of the total governmental expenses.
This table presents the cost of each of the City's programs, including the net costs (i.e., total cost less revenues
generated by the activities). The net costs illustrate the financial burden that was placed on the City's taxpayers
by each of these functions.
865,977
1,211,435
306,110
419,595
231,377
57.046
$3,091,540
2015
638,138
1,034,223
272,429
342,350
231,377
57.046
$ 2.575.563
Total Cost
of Services
$
772,598
1,323,397
408,405
470,958
168,424
63.669
$ 3.207.451
525,502
1,140,023
331,605
456,053
168,424
63.669
$ 2.685.276
BUSINESS-TYPE ACTIVITIES
Revenues vs. Costs
The operating revenues for the utility funds were 2% more than 2014 and operating expenses 3% less than 2014.
Within the total business-type activities of the City, these activities reported a $617,429 operating income
compared to an operating income of $576,907 for the prior year. However, after operating transfers out, the funds
reported a deficit of $329,301, which compares with the overall fund deficit of $30,487 experienced in the year
ended June 30, 2014.
FINANCIAL ANALYSIS OF THE CITY'S FUNDS
Governmental Funds
As discussed, governmental funds are reported in the fund statements with a short-term, inflow and outflow of
spendable resources focus. This information is useful in assessing resources available at the end of the year in
comparison with upcoming financing requirements. Governmental funds reported ending fund balances of
($152,308) and ($415,527) for the fiscal years ended June 30, 2015 and 2014, respectively. Of the year-end
totals for June 30, 2015, ($586,802) was unassigned, indicating lack of availability for continuing City service
requirements. Assigned fund balance included $265,052 committed to public safety, public works and
infrastructure. Legally restricted fund balance included $169,442 committed to debt service in the year ended
June 30, 2015.
The total ending fund balances of governmental funds show an increase of $263,219. This compares with an
increase of $213,256 experienced in the prior fiscal year ended June 30, 2014.
MAJOR GOVERNMENTAL FUNDS
The General Fund is the City's primary operating fund and the largest source of day-to-day service delivery. The
General Fund's fund balance increased by $85,670 in the current fiscal year, while in the fiscal year ended June
30,2014, the fund balance increased by $200,101. However, the reader needs to remember that the City controls
these differences by the amount of resources it transfers in from the City's other funds.
2015
2014
Non-depreciable assets:
Land
Total non-depreciable
Depreciable assets:
Buildings
Vehicles
Equipment, furniture and
fixtures
Improvements other than
buildings
Utility systems
Infrastructure
532,583
Capital Assets
Business-Type
Activities
532,583
532.583
532.583
6,105,341
1,048,548
2014
70,543
Total
2014
2015
70,543
2015
603,126
603,126
603.126
603.126
5,521,745
1,275,111
6,105,341
1,048,548
5,521,745
1,275,111
1,328,932
1,284,756
1,328,932
1,284,756
467,359
467,359
70.543
70.543
16,491,684
16,472,923
467,359
16,491,684
1.527,400
467,359
16,472,923
1.527.400
1.527.400
1.527.400
10,477,580
10,076,371
16,491,684
16,472,923
26,969,264
26,549,294
6,656,988
6.314.287
8.292.879
8,653,474
14,949,867
14,967,761
$ 3.820.592
$ 3.762.084
$ 8.198.805
$ 7.819.449 $ 12.019.397
$ 11,581,533
Percentage depreciated
Book value-all assets
64%
!i; 4 36:^ 176
63%
50%
3; 4 ?q4 6R7
53%
55%
S
56%
S; 12.184 65Q
The depreciable capital assets for governmental activities were 63% and 64% depreciated for the fiscal years
ended June 30, 2015 and June 30, 2014, respectively. This comparison indicates that the City is replacing its
governmental assets at approximately the same rate as they are depreciating.
10
A vehicle
Fire-fighting equipment
With the City's business-type activities, 53% of the asset values were depreciated at June 30, 2015 compared to
50% at June 30, 2014.
The major additions are:
Monitoring Systems
Long-term debt
At the end of the fiscal year, the City had total long-term debt outstanding of $4,117,542. All of this amount is
backed by the full faith and credit of the City with debt service funded by sales taxes and sewer fund revenues.
During the year, the City issued $241,072 and retired $434,099 in long-term debt. See Note G for additional
information regarding long-term debt.
Outstanding Borrowings
2014
2015
Sewer revenue bonds
Revolving loan
General obligation bond
Certificates of indebtedness
Capital lease obligations
Accrued leave benefits
$ 2,858,000
722,412
280,000
230,000
181,049
39.108
$2,712,000
632,412
215,000
155,000
374,207
28.923
Total
$ 4.310.569
$ 4.117.542
11
12
Member
Society of Louisiana
Certified Public Accountants
13
Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial
position of the governmental activities, the business-type activities, and each major fund of the City of Oakdale, Louisiana, as
of June 30, 2015, and the respective changes in 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.
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 pension schedules on pages 3 through 12 and 51 through 64 be
presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements,
is required by the Governmental 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 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 information and
comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and
other knowledge we obtained during our audit of the 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 City of Oakdale, Louisiana's basic financial statements. The proprietary fund statement of operating expenses by
department, the schedule of number of utility customers, the schedule of insurance in force, and the schedule of compensation
paid to the Mayor and Council Members, and schedule of compensation, benefits and other payments to chief executive officer are
presented on pages 66 through 70 for purposes of additional analysis and are not a required part of the basic financial
statements.
The proprietary fund statement of operating expenses by department, the schedule of compensation paid to the Mayor
and Council Members, and the schedule of compensation, benefits and other payments to chief executive officer are 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. Such 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 statements or to the basic financial
statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United
States of America. In our opinion, the proprietary fund statement of operating expenses by department, the schedule of
compensation paid to the Mayor and Council Members, and the schedule of compensation, benefits and other payments to chief
executive officer are fairly stated, in all material respects, in relation to the basic financial statements as a whole.
The schedule of number of utility customers and schedule of insurance in force have not been subjected to the
auditing procedures applied in the audit of the basic financial statements and, accordingly, we do not express an opinion or
provide any assurance on them.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated December 31, 2015, on
our consideration of the City of Oakdale, Louisiana's internal control over financial 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 internal control over financial reporting and compliance and the results of that testing,
and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an
audit performed in accordance with Government Auditing Standards in considering the City of Oakdale, Louisiana's internal
control over financial reporting and compliance.
c PA, AP/^
14
15
16
193,775
34,544
367,533
595,852
Business-type
Activities
Total
22,592
~
238,283
260,875
532,583
3,762,083
169,442
4,464,108
5,059,960
70,543
7,819,449
83,477
7,973,469
8,234,344
603,126
11,581,532
252,919
12,437,577
13,294,304
548,603
548,603
548,603
548,603
917,602
20,319
28,923
240,000
49,585
1,256,429
64,359
5,365
147,000
981,961
25,684
28,923
387,000
49,585
1,473,153
324,622
762,412
2,029,453
3,116,487
4,372,916
73,100
~
2,565,000
216,724
73,100
324,622
3,327,412
2,029,453
5,754,587
7,227,740
2,638,100
2,854,824
726,537
726,537
216,367
34,544
605,816
856,727
2,897,728
169,442
(2,558,060)
509,110
17
726,537
726,537
5,172,627
10,377
196,516
5,379,520
8,070,355
179,819
(2,361,544)
5,888,630
Program Revenues
Primary Government
Functions/Programs
Operating
Grants and
Contributions
Charges for
Services
Expenses
Capital Grants
and
Contributions
Governmental
Activities
Business-type
Activities
Total
Primary Government
Governmental Activities:
General govemment
772,598
408,405
168,424
Public works
470,958
206,529
102,792
1,323,397
28,324
12,243
(525,502) $
80,582
--
(1,140,023)
30,250
46,550
(331,605)
(168,424)
14,905
63.669
~
~
_
3,207,451
309,321
154,061
58,793
(2,685,276)
Water department
463,996
977,438
Sewer department
735,892
864,913
25,034
__
"
_
__
(456,053)
- $
"
~
-
(525,502)
(1,140,023)
(331,605)
(168,424)
(456,053)
(63,669)
(63,669)
(2,685,276)
513,442
513,442
Business-type Activities:
1,224,922
4,432,373
1,842,351
$
2,151,672
154,061
58,793
(2,685,276) $
129,021
129,021
(25,034)
(25,034)
617,429
617,429
617,429
127,876
138,628
85,004
1,194,354
9,868
287,901
20,159
9,450
154,658
146,590
364
56,606
946,873
3,178,331
493,055
2,590,660
(2,453,093)
(121,512)
16,055
509,110 $
(2,067,847)
127,876
138,628
85,004
1,194,354
9,868
287,901
20,159
9,450
154,658
146,590
507
56,606
143
(946,873)
(946,730)
(329,301)
5,708,821
5,708,821
5,379,520
2,231,601
163,754
8,299,481
(2,453,093)
(121,512)
5,724,876
5,888,630
19
20
Special Revenue
General
ASSETS
Cash and certificates of deposit
Restricted cash and certificates of deposit
Prepaid expenditures
Accounts receivable
Total Assets
DEFERRED OUTFLOWS OF RESOURCES
Aggregated deferred outflows
Tata! Assets andDeferred Outflows of Resources
LIABILITIES
Accounts payable and accrued liabilities
166,316
317
18,794
37,055
329,388
210,298
37,372
18,794
~
-
-$
~
~
169,442
765,294
- $
__
1,412
__
1,412
916,190
1,412
~
-
--
169,442
210,298
37,372
17,382
(586,802)
(586,802)
210,298
37,372
17,382
916,190
916,190
329,388
<E
210,298
37,372
JE
37,372
18,794
169,442 $
169,442
$
765,294
917,602
917,602
Total
Governmental
Funds
193,775
169,442
34.544
367,533
169,442
18,794
JE
210,298
~
-
201,950
J
i
34,544
128,528
329,388
8,348
Gaming Fund
--
Total Liabilities
DEFERRED INFLOWS OF RESOURCES
Bonded Debt
Fund
Fire Department
Fund
169,442 $
917,602
169,442
265,052
(586,802)
(152,308)
765,294
(152.308)
(20,319)
(26,923)
(85,215)
Fixed assets are capitalized in the Statement of Net Assets and depreciated in the
Statement of Activities. These are expensed when acquired in the Statement of
Revenues, Expenditures, and Changes in Fund Balance.
4,294,666
Long- term debt reflected on Statement of Net Position not in governmental funds
balance sheet.
Pension related changes in net pension liability that is only reported in the Statement
of Net Position
(1,291,404)
(726,537)
Pension related changes in net pension liability that is only reported in the Statement
of Net Position
548,603
Net pension liability reflected on the Statement of Net Position not in governmental
funds balance sheet
Total Net Position-Governmental Funds
(2,029,453)
$
22
509,110
Speciai Revenue
General
Debt Service
Fire
Department
Fund
Gaming Fund
Total
Governmental
Funds
Bonded Debt
Fund
Revenues
Taxes
S!
425,645
1,194,354
138,628
85,004 $
1,843,631
206,529
--
206,529
Intergovernmental
212,214
102,792
--
---
30,248
Fines
--
102,792
Miscellaneous
146,587
--
--
--
146,587
154,658
154,658
239
88
35
364
1,094.006
1,194,442
154,660
168,876
85,039
2,697,023
General government
760,626
--
53
703
761,382
1,258,642
1,258,642
62,780
--
--
322,487
--
385,267
119,271
--
119,271
Public works
435,157
435,157
Capital outlays
34,765
--
290,071
--
324,836
15,923
__
31,991
230,000
277,914
12,342
43,675
59,279
2,690,426
..
53
656,891
274,378
3,621,748
(1.596,420)
1,194,442
154,607
(488,015)
(189,339)
(924,725)
1,682,090
(1,198,031)
(158,110)
263,603
357,321
946,873
241,071
__
241,071
Gaming
Interest income
Total Revenues
242,462
Expenditures
Current:
General government
Debt service:
Principal retirement
3,262
(1,198,031)
(158,110)
504,674
357,321
1,187,944
85,670
(3,589)
(3,503)
16,659
167,982
263,219
(550,960)
213,887
40,875
723
1,460
(294,015)
(121,512)
(672,472)
213,887
ii
(586,802)
210,298
23
40,875
$
37,372
(121,512)
723
$
17,382
1,460
(415,527)
169,442 $
(152,308)
263.219
324,836
10,185
277,914
(290,682)
(4,387)
(241,072)
(92,663)
56,606
189,099
$
24
493,055
30-Jun-15
ASSETS
Current Assets
Cash and certificates of deposit
Accounts receivable
Noncurrent Assets
Restricted cash and certificates of deposit
Land
Capital assets, net
Total Noncurrent Assets
Total Assets
DEFERRED OUTFLOWS OF RESOURCES
Aggregated deferred outflows
Total Deferred Outflows of Resources
LIABILITiES
Current Liabilities
Accounts payable
Accrued interest payable
Bonds payable
Total Current Liabilities
Noncurrent Liabiiities
Customer deposits payable
Bonds payable
Total Noncurrent Assets
Total Liabilities
DEFERRED INFLOWS OF RESOURCES
Aggregated deferred inflows
Total Deferred Inflows of Resources
NET POSITION
Invested In capital assets, net of related debt
Restricted
Unrestricted
Total Net Position
25
30-Jun-14
22,592
238,283
44,674
267,589
260,875
312,263
83,477
70,543
7,819,449
7,973,469
8,234,344
77,516
70,543
8,198,805
8,346,864
8,659,127
64,359
5,365
147,000
216,724
1,048
20,363
146,000
167,411
73,100
2,565,000
2,638,100
2,854,824
70,895
2,712,000
2,782,895
2,950,306
5,172,627
10,377
196,516
5.379.520
5,390,985
6,621
311,215
5.708.821
30-Jun-14
30-Jun-15
Operating Revenues
Water department revenues
Sewer department revenues
Total Operating Revenues
977,438
864,913
1,842,351
954,332
854,966
1,809,298
Operating Expenses
463,996
735,892
1,199,888
642,463
471,637
760,754
1,232,391
576,907
143
17
39,423
(27,306)
12,134
589,041
(619,528)
(30,487)
5,739,308
5,708,821
(25,034)
(24,891)
617,572
(946,873)
(329,301)
5,708,821
5,379,520
26
' I
^014
Cash flows from operating activities:
Receipts from customers
Payments to suppliers
Payments to employees
Net cash from operating activities
Enterprise Fund
,2015.
$ 1,740,838
(614,470)
(299.6091
826.759
$ 1,873,862
(549,123)
(202.0981
1.122.641
(619.5281
(619.5281
(946.8731
(946.8731
(76,991)
(14,075)
(145,000)
50,527
39.423
(146.1161
(6,000)
(40,032)
(146,000)
(192.0321
17
143
143
61,132
(16,121)
61.058
122.190
J1
27
122.190
Entgrprisg Fund
2015
^014
Reconciliation of operating income to
net cash provided by operating activities:
Operating income
Adjustments to reconcile operating income to
$ 576,907
$ 642,463
393,410
385,356
(65,481)
(85,307)
(2.979)
10-209
29,306
63,311
2,205
Depreciation
Changes in current assets and liabilities:
(Increase) decrease in accounts receivable
Increase (decrease) in accounts payable
Increase (decrease) in customer deposits payable
Basis in assets disposed
Net cash provided (used) by operating activities
28
$ 1-122.641
Reporting Entity
As the municipal governing authority for reporting purposes, the City is considered a separate
financial reporting entity. The financial reporting entity consists of (a) the primary government
(municipality), (b) organizations for which the primary government is financially accountable, and (c)
other organizations for which the nature and significance of their relationship with the primary
government are such that exclusion would cause the reporting entity's financial statements to be
misleading or incomplete.
GASB Statement No. 14 established criteria for determining which component units should be
considered part of the City for financial reporting purposes. The basic criterion for including a potential
component unit within the reporting entity is financial accountability. The GASB has set forth criteria
to be considered in determining financial accountability. These criteria include:
1. Appointing a voting majority of an organization's governing body, and
a.
The ability of the municipality to impose its will on that organization, and/or
b.
2. Organizations for which the municipality does not appoint a voting majority but are
fiscally dependent on the municipality.
3. Organizations for which the reporting entity's financial statements would be
misleading if data of the organization is not included because of the nature or
significance of the relationship.
As required by accounting principles generally accepted in the United States of America, these
financial statements present the City of Oakdale, Louisiana (the primary government) and its
component units. By applying the above requirements, the City has no component units.
2.
Basis of Presentation
The accompanying basic financial statements of the City have been prepared in conformity with
GAAP. The GASB is the accepted standard setting body for establishing governmental accounting
and financial reporting principles. The accompanying basic financial statements have been prepared
in conformity with GASB Statement 34, "Basic Financial Statements and Management's Discussion
and Analysis for State and Local Governments", issued in June 1999.
29
Measurement focus is a term used to describe "which" transactions are recorded within the various
financial statements. Basis of accounting refers to "when" transactions are recorded regardless of
the measurement focus applied.
30
Budgets are adopted on a basis consistent with generally accepted accounting principles. Annual
appropriated budgets are adopted for the general, special revenue, and proprietary funds. All annual
appropriations lapse at fiscal year-end.
31
Deposits
Deposits include amounts in demand deposits, interest-bearing demand deposits, and time deposits
as well as those investments with a maturity date of 90 days or less.
State statutes authorize the City to invest in obligations of the U.S. Treasury, U.S. government
agencies, or time certificates of deposit of state banks organized under the laws of Louisiana and
national banks having the principal office in the State of Louisiana or any other federally insured
investment. In addition, local governments in Louisiana are authorized to invest in the Louisiana
Asset Management Pool, Inc. (LAMP), a non-profit corporation formed by an initiative of the State
Treasurer and organized under the laws of the State of Louisiana. LAMP generates a local
government Investment pool.
These deposits are stated at cost, which approximates market. Under state law, these deposits (or
the resulting bank balances) must be secured by federal deposit 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 on deposit with 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, 2015, the City has $467,066 in deposits (collected bank
balances). These deposits are all secured from risk by federai deposit insurance and pledged
securities held by the custodial bank in the name of the fiscal bank.
6.
Interfund Receivables/Payables
During the course of operations, numerous transactions occur between individual funds for goods
provided or services rendered. These receivables and payables are classified as due from other
funds or due to other funds on the balance sheet.
7.
Accounts Receivable
Uncollectible amounts due for ad valorem taxes and other receivables of governmental funds are
recognized as bad debts at the time information becomes available which would Indicate that the
particular receivable is not collectible.
There appears to be concentration of credit risk with regard to general accounts receivable and more
specifically accounts receivable for water and sewer user fees in the enterprise fund. The City's
ability to collect the amounts due from the users of the City water and sewer system and others (as
reflected on the financial statements) may be affected by significant economic fluctuations, natural
disaster or other calamity in this one concentrated geographic location.
8.
Capital Assets
Capital assets, which include property, plant and equipment, are reported in the applicable
governmental or business-type activities columns in the government-wide financial statements.
Capital assets are capitalized at historical cost or estimated cost if historical is not available. Donated
assets are recorded as capital assets at their estimated fair market value at the date of donation.
The City maintains a threshold level of $1,000 or more for capitalization of asset purchases.
32
40 years
3-20 years
20-50 years
20-50 years
5 years
20-50 years
In the fund financial statements, capital assets used in governmental fund operations are accounted
for as capital outlay expenditures of the governmental fund upon acquisition. Capital assets used in
proprietary fund operations are accounted for the same as in the government-wide statements.
9.
For the purpose of the statement of cash flows, for the enterprise funds, the City considers all highly
liquid investments (including restricted assets) with a maturity of three months or less when
purchased to be cash equivalents. The statement reflects ending cash and cash equivalents of
$106,069 which represents unrestricted and restricted amounts of $22,592 and $83,477,
respectively.
10.
Compensated Absences
Vested or accumulated vacation leave that is expected to be liquidated with expendable available
financial resources is reported as an expenditure and a fund liability of the governmental fund that
will pay it. Amounts of vested or accumulated vacation leave that are not expected to be liquidated
with expendable available financial resources are reported as long-term liabilities. No expenditure is
reported for these amounts. Vested or accumulated vacation leave of the proprietary fund is recorded
as an expense and liability of that fund as the benefits accrue to employees. In accordance with the
provisions of Statement of Financial Accounting Standards No. 43, Accounting for Compensated
Absences, no liability is recorded for nonvesting accumulating rights to receive sick pay benefits.
However, a liability is recognized for that portion of accumulating sick leave benefits for police
personnel that is estimated will be taken as "terminal leave" prior to retirement.
The City has the following policy relating to vacation and sick leave:
Sick leave and vacation are authorized on January 1 of each year with no unused
amounts to be carried forward from previous years. Employees of the City receive 40
hours to 200 hours vacation leave each year, depending on their length of service.
Sick leave is earned at the same rate as vacation leave. Upon termination, the
employee is entitled to any unused vacation leave.
At June 30, 2015, employees of the City have accumulated $28,923 in leave privileges, computed
in accordance with GASB Statement No. 16.
11.
Long-Term Debt
The accounting treatment of long-term debt depends on whether the assets are used in governmental
fund operations or proprietary fund operations and whether they are reported in the government-wide
or fund financial statements.
All long-term debts to be repaid from governmental and business-type resources are reported as
liabilities in the government-wide statements. The long-term debt consists primarily of bonds and
capital lease payables.
Long-term debt for governmental funds is not reported as liabilities in the fund financial statements.
The debt proceeds are reported as other financing sources and payment of principal and interest
33
Equity Classification
In the government-wide statements, equity is classified as net position and displayed in four
components;
a.
b.
Restricted net position - Consists of net position with constraints placed on the
use either by (1) external groups such as creditors, grantors, contributors, or
laws or regulations of other governments; or (2) law through constitutional
provisions or enabling legislation.
c.
Committed net position - Consists of net position with constraints placed on the
use by the governing body.
d.
Unrestricted net position - Consists of all other net position that does not meet
the definition of a, b, or c above.
In the fund statements, governmental fund equity is classified as fund balance and is further classified
as follows:
13.
a.
b.
Restricted - amounts that can be spent only for specific purposes because of
constitutional provisions or enabling legislation or because of constraints that
are externally imposed by creditors, grantors, contributors, or the laws or
regulations of other governments.
c.
d.
e.
Unassigned - includes fund balances which have not been classified within the
above categories.
Interfund Transactions
34
Sales Taxes
Proceeds of the one percent (1%) sales and use tax levied by the City are dedicated to constructing,
acquiring, extending, improving, operating and maintaining sewers and sewerage disposal works,
waterworks, facilities, streets, alleys, bridges, drains and drainage facilities; public buildings,
purchasing and acquiring the necessary land, equipment and furnishings for the aforesaid public
works, buildings, improvements and facilities; title to which shall be in the public, or for any one or
more said purposes; and for the purpose of paying principal and interest on any bonded or funded
indebtedness of the City incurred for any of said purposes.
Proceeds of the three-tenths of one percent (0.3%) sales and use tax levied by the City are dedicated
to improving, maintaining, and operating the police and fire departments of the City, and for the
purpose of paying the costs of the acquisition of equipment for the department of public works.
15.
Use of Estimates
The preparation of the financial statements in conformity with GAAP requires management to make
estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual
results could differ from those estimates.
16.
Program Revenues
Program revenues included in the statement of activities are derived directly from the program itself
or from parties outside the City's taxpayers or citizenry, as a whole; program revenues reduce the
cost of the function to be financed from the City's general revenues.
Revenues
Ad valorem taxes and the related state revenue sharing are recorded in the year taxes are due and
payable. Ad valorem taxes are assessed on a calendar year basis, become due on November 15 of
each year, and become delinquent after December 31. The taxes are generally collected in
December, January and February of the fiscal year. Sales taxes are considered as "measurable"
when in the hands of sales tax collector and are recognized as revenue at that time. Interest on
interest-bearing deposits is recorded or accrued as revenues when earned. Substantially all other
revenues are recorded when received.
Expenditures/expenses
The City's primary expenditures include salaries and insurance, which are recorded when the
liabilities are incurred. Capital expenditures and purchases of various operating supplies are
regarded as expenditures at the time purchased.
Other Financing Sources
Transfers between funds that are not expected to be repaid are accounted for as other financing
sources (uses) when the transfers are authorized by the City.
17.
The City accrues for losses associated with environmental remediation obligations when such losses
are probable and reasonably estimable. Accruals for estimated losses from environmental
remediation obligations generally are recognized no later than completion of the remedial feasibility
study. Such accruals are adjusted as further information develops or circumstances change. Costs
of future expenditures for environmental remediation obligations are not discounted to their present
value.
35
Subsequent Events
Management has evaluated subsequent events through December 31, 2015, the date the financial
statements were issued.
19.
When an expense is incurred that can be paid using either restricted or unrestricted resources (net
position), the City's policy is to first apply the expense toward restricted resources and then toward
unrestricted resources. In governmental funds, the City's policy is to first apply the expenditures
toward restricted fund balance and then to other, less-restrictive classifications (committed and then
assigned fund balances) before using unassigned fund balances.
20.
Pensions
For purposes of measuring the net pension liability, deferred outflows of resources and deferred
inflows of resources related to pensions, and pension expense, information about the fiduciary net
position of the Municipal Police Employees Retirement System (MPERS), Municipal Employees
Retirement System (MERS), and the Firefighters' Retirement System (FRS) and additions
to/deductions from MPERS's, MERS's, and FRS's fiduciary net position have been determined on
the same basis as they are reported by MPERS, MERS, and FRS. For this purpose, benefit
payments (including refunds of employee contributions) are recognized when due and payable in
accordance with the benefit terms. Investments are reported at fair value.
21.
Financial reporting information pertaining to the City's participation in the MPERS, MERS, and FRS
is prepared in accordance with Governmental Accounting Standards Board "GASB" Statement No.
68, Accounting and Financial Reporting for Pensions, as amended by GASB Statement No. 71,
Pension Transition for Contributions Made Subsequent to the Measurement Date, which have been
adopted by the City for the fiscal year ended June 30, 2015. The fiduciary net position, as well as
additions to and deductions from the fiduciary net position, of MPERS, MERS, and FRS have been
determined on the same basis as they are reported by MPERS, MERS, and FRS. The financial
statements were prepared using the accrual basis of accounting. Member and employer
contributions are recognized when due, pursuant to formal commitments and statutory requirements.
Benefits and refunds of employee contributions are recognized when due and payable in accordance
with the statutes governing MPERS, MERS, and FRS. Expenses are recognized when the liability
is incurred, regardless of when payment is made. Investments are reported at fair value on a trade
date basis. The fiduciary net position is reflected in the measurement of the City's proportionate
share of the plan's net pension liability, deferred outflows and inflows of resources related to
pensions, and pension expense.
Net position as of June 30, 2014, has been restated as follows for the implementation of GASB
Statement No. 68, as amended by GASB Statement No. 71:
MERS
MPERS
TOTAL
Governmental funds net position as previously reported at June 30, 2014
2,590,660
Prior period adjustment:
Net Pension Liability (measurement date June 30, 2013)
(1,526,494) (1,157,316) (2,683,810)
Deferred Outflows of Resources:
Contributionsmadeduringfiscalyearended June 30,2014
117.359
113.358
230.717
Total GASB 68 prior period adjustment
(1.409.1351 (1.043.9581 (2,453,093)
Prior period adjustment-See Note O
(121.5121
Governmental funds net position as restated, June 30, 2014
16.055
36
Property tax millage rates are adopted in July for the calendar year in which the taxes are levied
and recorded. All taxes are due and collectible when the assessment rolls are filed on or before
November 15th of the current year, and become delinquent after December 31st. Property taxes
not paid by the end of February are subject to lien.
NOTE C - RECEIVABLES
Receivables at June 30, 2015, consisted of the following:
General Fund:
Accrued franchise taxes receivable
Other receivables
Due from other governments
Utility system enterprise fund:
Accounts receivable - customers
Special revenue funds:
Sales tax receivable
Gaming revenue receivable
$ 74,322
24,572
29,634
238,283
201,950
37.055
$ 605.816
Total
532,583
6,105,341
1,048,548
1,328,932
467,359
1.527.400
11.010.163
Additions
$
270,153
54,683
583,596
43,590
98,860
324.836
726.046
4,096,156
947,992
1,006,385
238,414
368.041
6.656.988
131,309
53,090
49,671
56,612
496,056
41,689
95,638
290,682
633.383
3 4.353.175
34,154
37
Balance
06/30/15
Deletions
92.663
532,583
5,521,745
1,275,111
1,284,755
467,359
1.527.400
10.608.953
3,731,409
959,393
960,418
295,026
368,041
6.314.287
.i;
4204666
Business-Type Activities,
Capital assets, net
70,543
70,543
6,000
7,950
16.811
24,761
4,202,518
12.270.405
16,543,466
105,583
279.773
385,356
7,950
16.811
24.761
1,999,868
6.653.606
8.653.474
4,204,468
12.287.216
16,562,227
6,000
1,902,235
6.390.644
8.292.879
$ 8.269.348
Depreciation expense for the year ended June 30, 2015 was $290,682 and $385,356 for the governmental
activities and the business-type activities, respectively.
Depreciation expense was charged to governmental activities as follows:
General government
Police
Fire
Public Works
Health and recreation
Total depreciation expense
87,103
46,157
49,467
57,278
50.677
$ 290.682
$ 105,583
279.773
Glass of Pavable:
Governmental
Activities
Funds
Accounts
917.602
Business
Activities
Funds
$
64.359
38
Deferred Outflows
of Resources
Differences between expected and actual
experience
Net difference between projected and actual
earnings pension plan investments
Changes of assumptions
Changes in proportion
Changes in proportion and differences between
City contributions and proportionate share of
contributions
City contributions subsequent to the
measurement date
Total
Deferred Inflows
of Resources
15,033
193,426
231
49,423
647
124.308
$ 124.955
:
$ 258 113
The $124,308 reported as deferred outflows of resources related to pensions resulting from the City
contributions subsequent to the measurement date will be recognized as a reduction of the net
pension liability in the year ended June 30, 2016. Other amounts reported as deferred outflows and
deferred inflows of resources related to pensions will be recognized in pension expense as follows:
39
$ 69,918
69,918
69,918
48,359
2016
2017
2018
2019
2020
Thereafter
Total
3 258.113
Actuarial assumptions. The total pension liability in the June 30, 2014 actuarial valuation was
determined using the following actuarial assumptions, applied to all periods included in the
measurement:
Entry Age Normal Cost
7.5%, net of investment expense
4 years
3%
Salary Growth Rate
Years of Service
10%
1
6%
2
4.3%
3-19
20-29
5.5%
30 & Over
4%
The mortality rate assumption used was set based upon an experience study on plan data for the
period July 1, 2003 through June 30,2008 and review of similar law enforcement mortality. The data
was then assigned credibility weighting and combined with a standard table to produce current levels
of mortality. This mortality was then projected forward to a period equivalent to the estimated duration
of the System's liabilities. Annuity values calculated based on this mortality were compared to those
produced by using a set-back of standard tables. The rest of the procedure indicated that the tables
used would produce liability values approximating the appropriate generational mortality tables.
Discount rate. The discount rate used to measure the total pension liability was 7.5%. The projection
of cash flows used to determine the discount rate assumed that contributions from plan members will
be made at the actuarially determined rates approved by PRSAC taking into consideration the
recommendation of the System's actuary. Based on those assumptions, the System's fiduciary net
position was projected to be available to make all projected future benefit payments of the current
plan members. Therefore, the long-term expected rate of return on pension plan investments was
applied to all periods of projected benefit payments to determine the total pension liability.
Sensitivity of the City's proportionate share of pension liability to changes in the discount rate. The
following presents the City's proportionate share of the net pension liability calculated using the
discount rate of 7.5% as well as what the City's proportionate share of the net pension liability would
be if it were calculated using a discount rate that is one percentage point lower (6.5%) and one
percentage point higher 8.5% that the current rate:
1%
Decrease
(6.5%)
Discount
Rate
(7.5%)
1%
Increase
(8.5%)
$1,234,094
$854,737
$536,112
40
41
Deferred Inflows
of Resources
6,425
161
23,299
262,275
22,722
40.054
$ 302.329
52.607
The $40,054 reported as deferred outflows of resources related to pensions resulting from the City
contributions subsequent to the measurement date will be recognized as a reduction of the net
pension liability in the year ended June 30, 2016. Other amounts reported as deferred outflows and
deferred inflows of resources related to pensions with be recognized in pension expense as follows:
Year ended June 30:
2015
2016
2017
2018
2019
2020
36,790
36,790
36,790
36,790
42,614
42,616
Thereafter
Total
Actuarial assumptions. The total pension liability in the June 30, 2014 actuarial valuation was
determined using the following actuarial assumptions, applied to all periods included in the
measurement:
Entry Age Normal Cost
7.5%, net of investment expense
7 years
3%
Varies from 15% in 1' 2 years of service to
5.5% after 14 years
Only those previously granted
The mortality rate assumption used was set based upon an experience study on plan data for the
period July 1, 2004 through June 30, 2009. The data was then assigned credibility weighting and
combined with a standard table to produce current levels of mortality. This mortality was then
projected forward to a period equivalent to the estimated duration of the System's liabilities. Annuity
values calculated based on this mortality were compared to those produced by using a set-back of
standard tables. The rest of the procedure indicated that the tables used would produce liability
values approximating the appropriate generational mortality tables.
Discount rate. The discount rate used to measure the total pension liability was 7.5%. The projection
of cash flows used to determine the discount rate assumed that contributions from plan members will
be made at the actuarially determined rates approved by PRSAC taking into consideration the
recommendation of the System's actuary. Based on those assumptions, the System's fiduciary net
position was projected to be available to make all projected future benefit payments of the current
plan members. Therefore, the long-term expected rate of return on pension plan investments was
applied to all periods of projected benefit payments to determine the total pension liability.
Sensitivity of the City's proportionate share of pension iiabiiity to changes in the discount rate. The
following presents the City's proportionate share of the net pension liability calculated using the
discount rate of 7.5% as well as what the City's proportionate share of the net pension liability would
be if it were calculated using a discount rate that is one percentage point lower (6.5%) and one
percentage point higher 6.5% that the current rate:
42
$385,910
Discount
Rate
(7.5%)
$262,498
1%
Increase
(8.5%)
$158,796
43
Deferred Outflows
of Resources
Differences between expected and actual
experience
Changes of assumptions
Net difference between projected and actual
earnings on pension plan investments
Changes in proportion and differences between
City contributions and proportionate share of
contributions
City contributions subsequent to the
measurement date
Total
Deferred Inflows
of Resources
$ 47,959
84,634
3,593
283,224
117.726
The $117,726 reported as deferred outflows of resources related to pensions resulting from the City
contributions subsequent to the measurement date will be recognized as a reduction of the net
pension liability in the year ended June 30, 2016. Other amounts reported as deferred outflows and
deferred inflows of resources related to pensions with be recognized in pension expense as follows:
Year ended June 30:
2015
2016
2017
2018
2019
$ 186,750
186,750
21,159
21,158
Thereafter
Total
$415.817
Actuarial assumptions. The total pension liability in the June 30, 2014 actuarial valuation was
determined using the following actuarial assumptions, applied to all periods included in the
measurement:
Actuarial Cost Method
Investment Rate of Return
Expected Remaining Service Lives
Inflation rate
Projected salary increases
Cost of living adjustments
The mortality rate assumption used was set by combining data from this plan with three other
statewide plans which have a similar workforce composition in order to produce credible experience.
The aggregated data was collected over the period July 1, 2006 through June 30, 2010. The data
was then assigned credibility weighting and combined with a standard table to produce current levels
of mortality. This mortality was then projected forward to a period equivalent to the estimated duration
of the System's liabilities. Annuity values calculated based on this mortality were compared to those
produced by using a set-back of standard tables. The rest of the procedure indicated that the tables
used would produce liability values approximating the appropriate generational mortality tables used.
44
1%
Decrease
(6.75%)
Discount
Rate
(7.75%)
1%
Increase
(8.75%)
$1,266,585
$912,220
$609,002
$2,858,000
722,412
280,000
230,000
181,049
39.108
45
Additions
$
241,072
:
$ 241.072
Deletions
June 30,
2015
$(146,000)
(90,000)
(65,000)
(75,000)
(47,914)
(10.185)
$ 1434.0991
$2,712,000
632,412
215,000
155,000
374,207
28.923
$4,117.542
$ 2,712,000
2,712,000
Revolving Loan-Governmental:
Revolving loan payable to the Louisiana Department of Environmental
Quality (LDEQ) dated November 1,1999. Payment terms require interest
only from inception through February 1, 2002 at a rate of 3.45% plus an
annual administrative fee of one-half of one percent (.5%) of the outstanding
principal balance of the loan. The loan is secured by a borrower bond
issued to the Louisiana Department of Health and Hospitals in the amount
of $1,500,000. The bond is secured by a pledge of the City's 1% sale tax.
632,412
215,000
155,000
95,873
228,161
16,728
33,445
28.923
Subtotal - Governmental
Total
1.405.542
$4.117.542
46
The annual requirements to amortize all debt outstanding as of June 30, 2015, excluding accrued
leave benefits payable. Including Interest payments of $414,328 are as follows:
Year Ending
June 30.
$
2016
2017
2018
2019
2020
2021-2025
2026-2030
2031-2032
Totals
^ntgrpri?? Agtiviti??
Governmental Activities
Totals
Interest
Principal
Pavments
Pavments
147,000
150,000
151,000
152,000
154,000
789,000
827,000
342.000
$2,712,000
50,441
40,203
29,082
20,888
15,159
26,897
6,869
$ 189.539
$ 1.376.619
Principal
Pavments
$
289,585
301,769
229,866
145,614
136,368
196,617
76,800
Totals
Interest
Pavments
$
25,066
23,655
22,225
20,786
19,333
74,418
36,048
3.258
$ 224.789
In accordance with La. R.S. 39:562, the City Is legally restricted from Incurring long-term bonded debt
(payable solely from ad valorem taxes) In excess of 35% of the assessed value of taxable property
In the City. At June 30, 2015 the statutory limit Is $6,730,493.
NOTE H - RESTRICTED ASSETS
Restricted assets, at June 30, 2015, consisted of the following:
Cash
and Cash
Equivalents
$ 83,477
151,833
17.609
$252.919
Actual
Required
Over
(Under)
$ 173,529 $ (29,154)
87,978
(80,520)
507,000 (489,391)
73.100
10.377
$ 252.919
$841.607 $(588.6881
The City Is exposed to various risks of loss related to torts; theft of, damage to and destruction of
assets; errors and omissions; Injuries to employees; and natural disasters. The City maintains
commercial Insurance coverage covering each of those risks of loss. Management believes such
coverage Is sufficient to preclude any significant uninsured losses to the City. Settled claims have
not exceeded this commercial coverage In any of the past three fiscal years.
47
$ 77,750
30.250
$ 108.000
Expenditures:
Salaries-Police
Salaries-Firefighters
$ 77,750
30.250
$ (586,802)
Total
$ r586.8021
The City anticipates future operating profits to be used to bring the fund balance deficit to a
positive balance over time.
Major funds:
General fund
Sales tax fund
Gaming fund
Fire department
Bonded debt
Utility fund
Transfers
In
Transfers
Out
$2,047,548
12,200
263,603
543,354
279.769
$ 365,458
1,210,231
158,110
$3.146.474
48
186,033
1.226.642
Account
As Originally
Reported
$ (867.312)
S 1867.3121
$
$
Prior Period
Adjustment
As Restated
(121.512)
M21.5121
$ (988.824)
$ (988.8241
49
' 1
50
REVENUES
Taxes;
Ad valorem
Public utility franchise
Beer tax
Total taxes
Licenses and permits
Intergovernmental:
Housing authority - in lieu
of taxes
Federal grant
State of Louisiana State grant
Street maintenance
Local grant
Total intergovernmental
122,100
295,000
10.285
427.385
Actual
Final
Oriainal
127,877
322,458
10.008
460.343
127,876
287,901
9,868
425.645
Variance
Favorable
tUnfavorablel
2014
Actual
(1) $
(34,557)
(14Qi
134.6981
131,222
308,750
10.189
450.161
210.000
238.943
206.529
132.414)
208.313
22,000
21,283
20,159
52,244
(1.124)
52,244
21,283
18,431
70,000
9,450
59,647
9,450
116,309
9,450
14.052
212.214
56,662
141,245
9,450
19.525
209.934
101.450
90.380
83,000
4.700
87.700
84,855
5.134
89.989
102,792
21,900
150
45,000
50.000
117.050
943.585
14.052
121.834
102.792
17,937
15.134)
12.803
93,646
19.566
113.212
22,631
238
47,105
102.714
172.688
22,630
239
64,796
59.161
146.826
(1)
1
17,691
143.553)
125.862)
22,036
60
43,257
76.229
141.582
$ 1.052.343
$ 1.094.006
41,663
$ 1.123.202
51
Payroll taxes
Travel and meetings
Total legislative
Judicial Salaries
Retirement
Employee health insurance
Operating and maintenance
Payroll taxes
Total judicial
33,000
5,212
2,525
3.500
44.237
Actual
Final
34,268
5,646
2,621
551
43.086
93,630
39,811
96,997
36,405
4,682
12,132
138.123
Executive Salaries
Retirement
Employee health insurance
Payroll taxes
Travel
Total executive
Legal Salaries
District attorney
Payroll taxes
Total legal
Financial administration Salaries
Retirement
Employee health insurance
Payroll taxes
Office and operating supplies
Repairs and maintenance
Professional services
Telephone
Travel and meetings
Printing and advertising
Utilities
Insurance
Miscellaneous
Rental property
33,886
5,646
2,622
551
42.705
Variance
Favorable
(Unfavorable)
382
-
(1)
-
381
(1,006)
11,448
(12,161)
145.534
98,003
24,957
12,161
12,132
3.523
150.776
34,757
6,864
6,024
504
2.500
50.649
36,094
7,824
6,546
504
1.335
52.303
36,227
6,699
6,527
523
1.335
51.311
(133)
1,125
19
(19)
27,000
18,000
2.080
47.080
27,000
18,000
2.080
47.080
29,475
18,000
2.238
49.713
(2.475)
154,908
24,155
26,059
3,729
46,000
6,500
89,500
7,500
2,060
6,500
18,700
160,000
168,459
41,900
3,618
3,983
33,968
1,576
54,270
16,835
3,539
10,873
14,158
160,000
5,000
600
168,018
35,876
3,618
3,983
32,471
1,501
54,270
16,034
3,539
12,277
13,484
96,616
6,660
475
441
6,024
52
(3.523)
(5.242)
992
(158)
(2.633)
1,497
75
-
801
-
(1,404)
674
63,384
(1,660)
125
2014
Actual
33,125
2,733
2,659
3.316
41.833
93,357
14,200
17,730
17,086
2.847
145.220
34,890
6,791
-
504
2.133
44.318
27,000
18,000
2.066
47.066
176,555
13,851
49,375
4,137
27,114
5,698
60,459
15,364
2,088
5,774
18,039
98,785
9,169
524
Actual
Final
Variance
Favorable
tUnfavorablel
73,716
3,701
6,102
1,220
758
6,026
4.218
508,955
73.716
508.955
764.335
67.214
787.392
763,287
169,245
90,242
26,655
11,838
2,382
9,843
(107,775)
(39,072)
1,900
6,122
3,859
4,720
1,396
3.061
539,837
3.709
543.546
1,947
6,122
3,859
980
1,330
3.061
466,121
3.709
469.830
849.140
831.549
624,606
157,527
84,000
11,963
12,500
14,000
14,000
23,267
19,500
48,000
5,000
5,000
2,500
36,650
1,058,513
31,056
655,512
130,173
90,242
21,953
12,205
2,494
10,335
23,267
26,343
48,000
1,500
3,184
2,500
31,300
1.565
1,060,573
31,056
1.089.569
1.091.629
53
2014
Actual
23,998
185,777
1,062
2,984
147
32,235
1.727
1,321,422
31,056
15,923
3.262
1.371.663
(47)
-
3,740
66
-
(4,702)
367
112
492
23,267
2,345
(137,777)
438
200
2,353
(935)
(162)
(260,849)
-
(15,923)
(3.262)
(280.034)
750,214
113,358
81,278
27,530
20,178
3,828
18,279
2,199
3,921
41,620
379
6,657
2,708
34,948
4.212
1,111,309
7,553
14,225
3.836
1.136.923
Final
Actual
Variance
Favorable
^Unfavorable)
2014
Actual
29,656
4,313
10,424
1,687
2,500
5,000
33,500
4,857
6,500
2,120
2,500
1,500
4.500
109,057
109.057
29,015
5,254
5,429
1,055
12,000
5,181
37,749
5,099
5,500
3,100
1,500
2.500
113,382
113.382
28,437
4,499
5,429
1,055
11,101
4,935
41,862
7,515
5,250
3,277
2,872
1,060
1.979
119,271
119.271
578
755
899
246
(4,113)
(2,416)
250
(177)
(2.872)
440
521
(5,889)
f5.889)
45,974
19,596
29,993
1,009
2,728
7,819
37,955
2,673
10,934
3,443
7,357
960
1.059
171,500
171.500
142,438
25,667
36,483
2,951
10,000
32,000
88,000
12,000
4,000
22.500
376,039
376.039
137,496
20,900
28,877
4,328
8,500
19,000
90,000
12,500
3,600
12.500
337,701
6.000
343.701
184,955
17,895
28,877
4,717
8,787
18,471
116,732
37,265
5,834
11.624
435,157
_
435.157
(47,459)
3,005
(389)
(287)
529
(26,732)
(24,765)
(2,234)
876
(97,456)
6.000
(91.456)
138,124
32,442
32,943
3,878
13,049
13,943
91,023
5,842
6,809
23.278
361,331
20.873
382.204
$ 2 423 805
$ 2.380.261
$ 2.690.426
$ (310.165)
S 2.478.019
54
2015
Budget
Revenues:
Taxes
Less: collection fees
Miscellaneous
Original
Final
$ 1,180,000
(23,600)
7
$ 1,214,672
(28,412)
76
Total revenues
Actual
Variance
Favorable
(Unfavorablel
$ 1,219,836 $
(25,482)
88
2014
Actual
5,164
2,930
12
$ 1,182,283
(27,205)
^
1.156.407
1.186.336
1.194.442
8.106
1.155.126
1.156.407
1.186.336
1.194.442
8.106
1.155.126
n.156.4071
(1.156.4071
(1.153.1371
(1.153,137)
(1.198.0311
(1.198,031)
(44.8941
(44.8941
(1.133.1951
(1.133.1951
33,199
(3,589)
(36,788)
21,931
191.956
Expenditures:
General government Total expenditures
Excess of revenues over
expenditures
Other financing uses:
Operating transfers out
Total other financing uses
Excess (deficit) of revenues over (under)
expenditures and other uses
Fund balance, beginning
Fund balance, ending
213.887
$
213.887
213.887
$
55
247.086
213.887
2015
Variance
Favorable
(Unfavorable)
Budget
Revenues:
Intergovernmental
Compact gaming revenues
Interest income
Total revenues
Original
Final
160,000
$ 157,877
Actual
$ 154,658
cm
15
157.892
154.660
(3.232)
169.399
53
53
i53)
i53)
45
45
13
160,024
157,892
154,607
(3,285)
169,354
(160.024)
M 60.024)
(170.015)
(170.015)
(158.110)
(158.110)
11.905
11.905
(173.500)
(173.500)
(12,123)
(3,503)
8,620
(4,146)
40.875
40.875
40.875
$
$ 169,386
24
(3,219)
160.024
Expenditures:
General government
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
2014
Actual
40.875
56
28.752
37.372
45.021
$
40.875
2015
Budoet
Final
Oriainal
Revenues:
TaxesAd valorem taxes
Fire Insurance tax
Intergovernmental - state
Total Revenues
103,216
31,750
15.250
150.216
146,000
61,390
8,000
15,000
12,000
21,234
6,000
6,000
-
119,149
71,403
10,500
9,500
10,604
22,000
3,500
1,750
-
149,409
81,720
9,559
8,873
11,697
55,401
5,084
743
290,072
(30,260)
(10,317)
941
627
(1,093)
(33,401)
(1.584)
1,007
(290,072)
157,411
76,027
7,750
30,619
14,860
11,153
7,400
891
10,607
275.624
23,417
271.823
31,991
12.342
656.891
(8,574)
(12.342)
(385.068)
18,353
5.064
340.135
(141.624)
(133.195)
(488.015)
(354.820)
(189.919)
150.900
150.900
130.855
130.855
241,071
263.603
504.674
241,071
132.748
373.819
192.097
192.097
9,276
(2,340)
16,659
18,999
2,178
723
9,999
723
723
17.382
.
18.999
(1,455)
57
30.248
30.248
MC
$ 106,878
31,750
30.248
168.876
2014
Actual
106,678
31,750
138.628
Expenditures:
Current
Public safety Salaries
Fringe benefits
Office and operating supplies
Repairs and maintenance
Telephone and utilities
Training
Insurance
Gas, oil, tires, and batteries
Miscellaneous
Capital outlays
Debt Service Principal retirement
Interest
Total Expenditures
102,000
32,000
134.000
Actual
Variance
Favorable
(Unfavorable)
2014
2013
.136625%
$854,737 $1,157,316
$394,627
2012
2011
2010
2009
2008
2007
2006
2005
Unavailable Unavailable
Unavailable Unavailable
Unavailable
Unavailable
Unavailable Unavailable
Unavailable Unavailable
Unavailable Unavailable
Unavailable
Unavailable
$387,367
Unavailable Unavailable
Unavailable Unavailable
Unavailable
216.59%
298.76%
Unavailable Unavailable
Unavailable Unavailable
Unavailable Unavailable
Unavailable
Unavailable
75.10%
66.71%
Unavailable Unavailable
Unavailable Unavailable
Unavailable Unavailable
Unavailable
Unavailable
58
2014
2013
.355441%
$912,220 $1,526,494
$596,083
2012
2011
2010
2009
2008
2007
2006
2005
Unavailable Unavailable
Unavailable Unavailable
Unavailable
Unavailable
Unavailable Unavailable
Unavailable Unavailable
Unavailable Unavailable
Unavailable
Unavailable
$612,943
Unavailable Unavailable
Unavailable Unavailable
Unavailable Unavailable
Unavailable
Unavailable
153.04%
249.04%
Unavailable Unavailable
Unavailable Unavailable
Unavailable Unavailable
Unavailable
Unavailable
73.99%
67.97%
Unavailable Unavailable
Unavailable Unavailable
Unavailable Unavailable
Unavailable
Unavailable
59
2012
2011
2010
2009
2008
2007
2006
2005
2014
2013
.058989%
0.00%
Unavailable Unavailable
Unavailable Unavailable
Unavailable Unavailable
Unavailable
Unavailable
$262,496
Unavailable Unavailable
Unavailable Unavailable
Unavailable Unavailable
Unavailable
Unavailable
$136,935
Unavailable Unavailable
Unavailable Unavailable
Unavailable Unavailable
Unavailable
Unavailable
191.69%
0.00%
Unavailable Unavailable
Unavailable Unavailable
Unavailable Unavailable
Unavailable
Unavailable
76.02%
0.00%
Unavailable Unavailable
Unavailable Unavailable
Unavailable Unavailable
Unavailable
Unavailable
60
2015
2014
2013
2011
2012
2010
2009
2008
2007
2006
$ 124,308
$ 113,358
$ 152,504
$ 122,731
Unavailable Unavailable
Unavailable
(124.308)
(113.358)
(152.504)
(122.731)
Unavailable Unavailable
Unavailable
$-
Unavailable Unavailable
Unavailable
Unavailable Unavailable
$394,627
$387,367
$491,570
Unavailable
Contribution as a percentage of
cover-employee payroll
32%
29%
31%
Unavailable
Unavailable Unavailable
S-
61
Unavailable
Unavailable
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
$117,726
$117,359
$136,012
$120,815
Unavailable Unavailable
Unavailable
(117.7261
(117.3591
(136.0121
(120.8151
Unavailable Unavailable
Unavailable
Unavailable Unavailable
Unavailable
$800,106
Unavailable
17%
Unavailable
$_
$596,082
Contribution as a percentage of
cover-employee payroll
20%
$612,943
19%
62
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
$ 40,054
$ 33,339
Unavailable
(40.054)
(33.339)
Unavailable
Unavailable
Unavailable Unavailable
Unavailable
Unavailable
Unavailable Unavailable
$136,935
$132,173
Unavailable
Unavailable
Unavailable Unavailable
Contribution as a percentage of
cover-employee payroll
29%
28%
Unavailable
Unavailable
Unavailable
Unavailable Unavailable
Unavailable Unavailable
63
Unavailable
Changes in Assumptions or Other inputs. Changes In assumptions about future economic or demographic factors or
of other Inputs were recognized In pension expense using the straight-line amortization method over a closed period
equal to the average of the expected remaining service lives of all employees that are provided with pensions through
the pension plans.
Changes in Proportion. Changes In employer's proportionate share of the collective net pension liability and collective
deferred outflows of resources and deferred Inflows of resources since the prior measurement date were recognized
In employer's pension expense (benefit) using a straight-line amortization method over a closed period equal to the
average of the expected remaining service lives of all employees that are provided pensions through the pension
plans.
64
65
.2014
2filL
Water department:
$
Salaries
97,404 $
38,046
Fringe benefits
Supplies
Repairs and maintenance
Auto and truck expenses
Utilities
insurance
Other
Depredation
Total water department
36,825
51,675
16,595
8,538
139,495
6,400
9,629
105,076
471.637
34,549
48,254
29,308
6,509
179,165
19,550
3,032
105.583
463.996
iwer department:
Salaries
Fringe benefits
Supplies
Repairs and maintenance
Auto and truck expenses
Utilities
Insurance
Other
Depreciation
Total sewer department
113,776
51,604
41,260
61,287
19,834
172,510
8,068
4,081
288.334
760.754
92,044
37,459
64,734
16,138
10,478
198,452
26,440
10,374
279.773
735.892
66
Number of Customers
Water and sewer
Metered or estimated:
July, 2014
August, 2014
September, 2014
October, 2014
November, 2014
December, 2014
January, 2015
February, 2015
March, 2015
April, 2015
May, 2015
June, 2015
2136
2127
2116
2120
2121
2116
2101
2102
2095
2094
2118
2104
67
Description of Goverace
Coverage Amounts
Workmen's Compensation:
Employer's liability - bodily injury by disease per accident
- bodily injury by disease policy limit
- bodily injury by accident per employee
Surety Bonds:
City clerk
$ 100,000
500,000
100,000
35,000
50,000
Other clerks
General liability:
CityBodily injury/property damage
Aggregate
PolicePersonal injury/property damage
Aggregate
500,000
500,000
500,000
500,000
500,000
Automobile
500,000
8,160,927
601,200
1,000,000
68
$ 34,757
6,000
7,500
7,200
6,300
5.998
69
Amount
$34,757
6,024
6,864
996
-0-0-
Per diem
764
Reimbursements
Travel
Registration fees
Conference travel
Continuing professional education fees
Housing
Unvouchered expenses
Special meals
-0750
-0538
-0-0-0-0-
70
Member
Society of Louisiana
Certified Public Accountants
71
12
yes
X
X no
yes
yes
none reported
X
no
After the end of the fiscal year, a former utility clerk (Breanne Johnson) has been charged with theft in
the amount of $4,608. Restitution of that amount will be requested. The City police department has
investigated the infractions and arrested the utility clerk. The Louisiana Legislative Auditor and Alien
Parish District Attorney were formally notified as required by Louisiana Revised Statutes. The utility clerk
has plead not guilty and the case has not been tried as of the date of this report.
Criteria:
Cause:
Effect:
Finding #2015-2 C:
Reserve Fund Requirements on Sewer Revenue Bond Issue
Condition:
As of June 30, 2015, the City has not been funding the required reserve accounts in accordance with the
Sewer Revenue Bond Agreement associated with its Sewer Revenue Bond Issue. This was a prior year
finding.
Criteria:
Certain amounts are required under the Sewer Revenue Bond Issue to be deposited into certain accounts.
Cause:
Effect:
73
Finding #2015-3 C:
Local Governmental Budget Act Compliance
Criteria:
The actual expenditures in the general fund's public safety, health and recreation, and public works
departments were in excess of budgeted amounts by more than 5%. The actual expenditures in the
gaming fund and the fire department fund were in excess of budgeted amounts by more than 5%.
Cause:
Effect:
Recommendation: Closely monitor departmental budgets and annualize interim expenditures in calculating original and
amended budgets. This was a prior year finding.
Response:
Finding #2015-4 C:
Delinquent Pavroll Taxes
Criteria:
The federal and state tax codes require that payroll tax returns and payments be prepared and filed
accurately and timely. As of June 30, 2015, the City was delinquent in filing and paying federal and state
payroll taxes from several quarters. In addition, significant penalties have been and will be assessed for
failure to file and pay said taxes. The balance shown on the financial reports were $250,800 due to the
IRS regarding Form 941 taxes and $30,603 due to the State of Louisiana for Form L-1 taxes withheld.
This was a prior year finding.
Cause:
Effect:
Penalties and late charges being assessed by the federal and state governments.
Recommendation: Management should institute procedures to document the timely filing of all payroll tax returns no matter
whether cash is available to reduce late filing penalties. Funding should be provided to get current in the
payment of these taxes.
Response:
Finding #2015-5 C:
Bond Principal Pavment Not Made When Due (Immaterial").
Criteria:
The August 1, 2014 debt service payment on the revolving loan payable to the Louisiana Department of
Environmental Quality (LDEQ) was not made when due. It was paid on August 14, 2014.
Cause:
Accounts payable clerk failed to follow through with authorized planned transactions.
Effect:
The City is not in compliance with the debt covenants. A $713 late fee was assessed along with interest
and administrative fees having to be brought up to date.
Recommendation: Management should institute procedures to staff take considerable precautions to ensure compliance by
timely submission in accordance with debt covenants.
Response:
74
75
Management is monitoring revenues and expenditures monthly and amending the budget as necessary to comply with
the Louisiana Local Governmental Budget Act.
Finding #2014-4 C:
Public Bid Law Compliance
Management is now aware of the requirements of the Public Bid Law and will comply in the future.
Finding #2014-5 C:
Delinquent Pavroll Taxes
The City has filed all payroll tax returns due at this point. Payment on some of the taxes is awaiting resolution of cash
flow shortages.
Finding #2014-6 C:
Customer Meter Deposit Cash Available to Cover Customer Meter Deposits Payable
The City has set aside the required funds to maintain this balance as of June 30, 2015 and will continue to maintain it in
the future.
Contact Person: Gene Paul, Mayor of the City of Oakdale
76