valuationandaresubjectochangeachyearbasedontheresultsofthevaluationforthe

Transkript

1 TOWNOFWISNER NotesToTheFinancialStatements AsOfAndForTheYearEndedJune30,197 definedbeneftpensionplansadministeredbyseparateboardsoftrustes.pertinentinformation relativetoeachplanfolows: AM TheSystemiscomposedoftwodistinctplans,PlanAandPlanB,withseparateasetsand benefitprovisions.iaiemployesofthemunicipalityaremembersofplanb.] Alpernlaneutemployesworkingatleast35hoursperwekwl~oarenotcoveredby anotherpensionplanandarepaidxvholyorinpartfromunicipalfundsandalelected municipaloficialsarceligibletoparticipateinthesystem.underplanb,employeswho retireatorafterage60withatleast10yearsofcreditableservi~zeol-atorafterage5 withatleast30yearsofcreditableservicearcentitledtoaretirementbenefit,payablc monthlyforlife,equalto2percentoftheirfinalaveragemonthlysalad'inexcesof$10 fbreachyearofcreditableservice.furthem~ore,employeswithatleastl()yearsof creditableservice,butlesthan30years,maytakearl)'retirementbenefitscomencing atorafterage60,withthebasicbenefitreduced3percentforeach),earetirement precedesage62,unleshehasatleast30yearsofereditablcservice.inanycase,monthly retirerncnlbenefitspaidunderplanbcanotexced10peren~:ofinalaveragesalar3. Finalaveragesalaryisthemploye'saveragesalaD,over36consecutiveorjoinedmonths thatproducethehighestaverage.employeswhoteninalcwithatleastheanaountof creditableserviestatedabove,andonotwithdrawtheiremployecontributions,may retireatheagespecifiedaboveandreceivethcbenefitacruedtotheirdateof termination.tilesystemalsoprovidesdeathandisabilityben4~fits,t~cnefitsare establisbedoramendedbythestatestatute. TheSystemisuesananualpubliclyavailablcfinancialreporthatincludesfinancial statementsandrequiredsuplementaryinformationforthesystem.thatreportmaybc obtainer]bywritingtothemunicipalemployesretirementsy,;temoflouisiana,7937 OficeParkBoulevard,BatonRouge,Louisiana70809,orbycaling(504) l,imdt,rgl'olicy.[undcrplana,membersarerequiredbystatestatutetocontribute9.25 percentoftheiranualcoveredsalaryandthetox~aofwisnerisrequiredtocontributeat anactuarialydeterminedrate.thecurentrateis6.75percentofanualcoveredpayrol] IUnderPlanB,membersarerequiredbystatestatuetocontribute5.0percentoftheir anualcoveredsalad'andthetownofwisnerisrequiredtocontributeatanactuarialy determinedrate.thecurentrateis3.75percentofanualcoveredpayrol.]contributions tothesystemalsoincludeone-fourthofonepercent(cxceptorleansandeastbaton Rouge)ofthetaxeshox~atobecolectiblebythetaxrolsofeachparish.Thesetax dolarsaredividedbetwenplanaandplanbbasedproportionatelyonthesalariesofthe activemembersofeachplan.thecontributionrequirementsofplanmembersandthe Tox~lofWisnerarestablishedandmaybeamendedbystatestatute.Asprovidedby LouisianaRevisedStatute1:103,themployercontributionsarcdeterminedbyactuarial valuationandaresubjectochangeachyearbasedontheresultsofthevaluationforthe priorfiscalyear. TheTo~ofWisnercontributionstotheSystemunderPlanAfortile yearsendingdecember31,196,195,and194,were$0.0,$0.0~and$0.0, respcetivel),equaltotherequiredcontributionstothesystemunderplanbforthe3,ears endingdecember31~196,195,and194,were$3,56;$2,913;and$2,807, 1"7

2 TOWNOFWISNER NotesToTheFinancialStatements AsOfAndForTheYearEndedJune respectively,equaltotherequiredcorflributionsforeachyear.](iftherequired contributionsandtheactualamountcontributedonotequal,disclosetherequired contributionindolarsandthepercentageofthatanaountcontributedforthecurent.,'ear andeachofiletwoprecedingyears.) B.Munici~_alPolice_E~,esR_e_t_i_LeLn_e_nt~,stemofLouisiana(_S_,sty) PlanDescription.Alful-timepolicedepartmentemployesengagedinlawenforcement arerequiredtoparticipateinthesystem.employeswhoretire,atorafterage50withat least20yearsofcreditableserviceoratorafterage5withaleast12yearsofcreditable servicearentitledtoaretirementbenefit,payablemonthlyforlife,equalto31/3 percentoftheirfinalaveragesalaryforeachyearofcreditableservice.final-average salaryisthemploye'saveragesalad'over36consecutiveorjoined monthsthatproducethebights!average.employeswhoterminatewithatleast theanlountofcreditableservicestatedabove,andonotwithdrawtheiremploye contributions,mayretireatheagespecifiedpreviouslyandreceivethebenefit acruedtotheirdaleoftemfinationthesystemalsoprovidesdeathandisability benefits.benefitsarestablishedbystatestatute. Thesystemisuesananualpubliclyavailablefinancialreporthatincludesfinancial statementsandrequiredsuplcmcntat3iufom~ationforthesystem.thatreportmaybe obtainedby'writingtothemunicipalpoliceemployesretirementsy'stcmoflouisiana, 8401UnitedPlazaBoulevard,BatonRouge,Louisiana ,orbycaling(504) l,'~mdingpolicy.planmembersarerequiredbystatestatutetocontribute7.5percentof theiranualcoveredsalad,andthetox~ofwisnerisrequiredi:oczmtributeatzm actuatialh'determinedrate.thecurentlateis9.0percentofanualcoveredpayrol.the contributionrequirementsofplanmembersandtheto~xaofwisncrarestablishedand may,beamendedbystatestatute.asprovidedbylouisianarevisedstatute1:103, themployercontributionsaredeterminedbyactuarialvaluationandaresubjectochange eachyearbasedontheresultsofthevaluationforthepriorfisc~tlyear.thetox~of WishercontributionstotheSystemforthe3'earsendingDcember31,196,195,and 194,acre$3,684;$2,957;and$2,807,respectively,equaltotherequiredcontributions foreachyear.(iftherequiredcontributionsandtheactualamountcontributedonot equal,disclosetherequiredcontributionindolarsandthepercentageofthatamount NOTE9-ACOUNTS,SALARIES,ANDOTHERPAYABLES contributedforthecurent3'earandeachofthetwoprecedingyears.) Acounts,salaries,andotherpayablesof$6,150areasfolows Witholdings Acounts Total GeneralProprietary Fund Fund Total 18

3 TOWNOFWISNER NotesToTheFinancialStatements AsOfAndForTheYearEndedJune30,197 NOTE10-1NTERFUNDTRANSACTIONS Duringthecourseofnormaloperations,theTownhasnumeroustransactionsbetwenfunds includingexpendituresandtransfersofresourcesprimarilytoprovideservices.thegovernmental fundsfinancialstatementsgeneralyreflectsuchlransactionsastransfers. NOTE1-CONTINGENCY TheTo~ofWisner,Louisiana,receivedfiandsfromagovernmentgrant,whichisubjectoaudit bythefederalorstategovernment.tileultimatedeterminationofamountsreceivedunderthese programsisgeneralybaseduponalowablecostsreportedtoandauditedbythegovernment.until suchauditshavebencompletedandfinalsetlementsreached,therexistsacontingencytorefund an3*amountreceivedinexcesofalowablecosts.managementisoftheopinionthatnomaterial liabilitywilresultfromsuchaudits. NOTE12-SUBSEQUENTEVENTS Therewere1osubsequenteventsnotedwhichwouldafecthefinancialstatements NOTE13-ONBEItALFOFPAYMENTSFORFRINGEBENEFITS t:;mployerpensionplancontributions MunicipalRetirement Police 2,312 Lq!~ 4~319 19

4 TownofWisncr ScheduleofFederalFinancialAsistance FortheYearEndedJune30,197 FederalGrantor//ProgramTitl CFDA Nuj_n.ber Expenditures OficeofComunityDevelopment- LCDBG-(413,308) SecNote1forsignificantacountingpolicies $35,729 MajorPrograms U.S.DepartmentofAgriculture Farmer'sHomeAdministration LoanProgram- *WaterandWasteDisposalSyslcmsFor *LoansoutstandingatJune30,197withFarmersHome RuralComunities $0 Administrationwcrcintheamountof1,09,51. 20

5 TOWNOFWISNER ScheduleOfCompensation PaidBoardMembers June Term:January1,197loDecember31,198 Mayor:CaD'M.Check CouncilMembersErnestKiperI1 GaDR.Amold AlynJeanLucket PcrD:A.Wiliams PoliceChief:RonieJenings WileyF.McClary VolunterFireChic'f:JackL.Jenkins JoeS.Graves,TownClerk NocompcnsationwaspaidtoCouncilMembers JohnB.KrtightJr.,Atorne5 21

6 AProfesionalAcountingCorporation 2908CameronStret,SuiteC JimieSelf,CPA Phone(318) Fax(318) Monroe,Louisiana71201 ReportingBasedOnAlAuditOfFinancialStatementsPerforn~edIn ReportOnComplianceAndOnInternalControlOverFinancial AcordanceWithGovernmentAuditingStandard~" BoardofDirectors TownofWisher Wisher,Louisiana lhaveauditedthefinancialstatementsoftownofwisherasofandforthe),carended.lune andhaveisuedmyreporthereondatedDecenther15,197.luonductedmyauditin acordancewithgeneralyaceptedauditingstandardsmadthestandardsaplicabletofinancial auditscontainedingovernmentauditingstandards.isuedbythecomptrolergeneralofthe UnitedSlates. C~liance AspartofobtainingreasonableasuranceaboulwhetherTownofWisner"sfinancialstatements arcfreofmaterialmistatement,1performedtestsofitscompliancewithcertainprovisionsof laws,regulations,contractsandgrants,noncompliancewithwhichcouldhaveadirectand materialefectonthedeterminationofinancialstatementamounts.however,providingan opiniononcompliancewiththoseprovisionswasnotanobjectivcofmyauditand,acordingly,1 donotexpresuchanopinion.theresultsofmytestdisclosednoinstancesofnoncompliance thalarerequiredtobereportedundergovernmentauditingstandards'. hlternal.contro!_qvcrf_ilmncmlrepo~ng Inplaningandperformingmyaudit,1consideredTowaofWisner'sinternalcontrolover financialreportinginordertodeterminemyauditingproceduresfortheproposeofexpresingmy opiniononthefinancialstatementsandnotoprovideasuranceontheinternalcontrolover financialreporting.myconsiderationoftheinternalcontroloverfinancialreportingwouldnot necesarilydisclosealmatersintheinternalcontroloverfinancialreportingthatmightbe materialweakneses.amaterial~-eaknesisaconditioninwhichthedesignoroperationofone ormoreoftheinternalcontrolcomponentsdoesnotreducetoarelativelylowleveltheriskthat mistatementinamountsthatwouldbematerialinrelationtothefinmacialstatementsbeing auditedmayocurandnotbedetectedwithinatimelyperiodbyemploye~;sinthenormalcourse ofperformingtheirasignedfunctions.inotednomatersinvolvingtheinternalcontrolover financialreportinganditsoperationthaticonsidertobematerialweakneses. "]'hisreportisintendedfortheinformationofmanagementandthelouisiana1.,egislativeauditor ortisamaterofpublicrecordanditsdistributionisnotlimited December

7 AProfe.v.vionalAcountingCorporation 2908CameronStret,SuiteC JimieSelf,CPA Phone(318) Fa_x(318) Monroe,Louisiana71201 ReportOnComplianceWithRequirementsAplicableToF,aehMajor ProgramAndInternalControlOverComplianceInAcordance WithOMBCircularA-13 BoardofI)irctors TownofWisner Wisher.Louisiana (~ljanc IhaveauditedthecomplianceofTownofWisherwiththetyq~esofcompliancerequirements describedintheu.s.q['fieqfmanagementandbudget()mb)circulara-13compliance S~q~plementhatareaplicabletoeachofitsmajorfederalprogramsfortheyearendedJune ToxinofWisner'smajorfederalprogramsarcidentifiedinthesumaryofauditor's resultsectionoftheacompanyingscheduleofindingsandquestionedcostscompliancewith f~erequircmcnlsoflaws,regulations,contractsandgrantsaplicabletoeachofitsmajorfederal programsistheresponsibilityoftox~lofwisner'smanagement.myresponsibilityistoexpres anopinionontownofwisner'scompliancebasedonmyaudit. 1conductedmyauditofcomplianceinacordancewithgeneralyaceptedauditingstandards;the standardsaplicabletofinancialauditscontainedingovernmentauditingstandards,isuedb3 thecomptrolergeneraloftheunitedstates;andombcirculara-13,auditsqfstates.local Governments'.andNon-l'rqfitOrganizations.ThosestandardsandOMBCircularA-13require that1planandperformtheauditobtainreasonableasuranceaboutwhethernoncompliance withthetypesofcompliancerequirementsreferedtoabovethatcouldhaveadirectandmaterial efectonamajorfederalprogramocured.anauditincludesexamining,onatestbasis, evidenceaboutto~lofwisner'scompliancewiththoserequirementsandperformingsuchother proceduresas1considerednecesaryinthecircumstances.ibelievethatmyauditprovidesa reasonablebasisfornayopinion.myauditdoesnotprovidealegaldeterminationonto~nof Wisncr'scompliancewiththoserequirements. ]nmyopinion,townofwishercomplied,inalmaterialrespects,withtherequirementsrefered toabovethatareaplicabletoeachofitsmajorfederalprogramsfortheyearendedjune 30,197. )_nsernal('o_nt_rol()y~9:lcon~liance ThemanagementofTownofWisnerisresponsibleforestablishingandmaintainingefective internalcontrolovercompliancewithrequirementsoflaws,regulations,contractsandgrants aplicabletofederalprograms.inplaningandperformingmyaudit,1consideredtownof Wisner'sinternalcontrolovercompliancewithrequirementsthatcouldhaveadirectandmaterial efectonamajorfederalprograminordertodeterminemyauditingproceduresforthepurposeof expresingmyopiniononcomplianceandtotestandreportoninternalcontrolovercompliance macordancewithombcirculara

8 Myconsiderationoftheinternalcontrolovercompliancewouldnotnecesarilydiscloseal matersintheinternalcontrolthatmightbematerialweakneses.amaterialweaknesisa conditioninwhichthedesignoroperationofoneormoreoftheinternalcontrolcomponentsdoes notreducetoarelativelylowleveltheriskthatnoncompliancewithaplicablerequirementsof laws,regulations,contractsandgrantsthatwouldbematerialinrelationtoamajorfederal programbeingauditcdmayocurandnotbedetectedwithinatimelyperiodbyemployesinthe normalcourseofperformingtheirasignedfunctions.inotednomatersinvolvingtheinternal controlovercomplianceanditsoperationthat1exmsidertobematerialweakneses. ThisreportisintendedfortheinformationofmanagementandtheLouisianaLegislativcAuditor However,thisreportisamaterofpublicrecordanditsdistributionisnotlimited. (f. JimieSelf.CPA December

9 FILECOPY OFICIAL O4)NOTSEN[)OUT (Xeroxrlece~ ;afy cop]esfromthi!; co#yandpl,ace BACKinFILE)!i~i!i~!i~i~!~i~i~i~i~i~i!~i~i!~i~i~i~i~i~i~i~!~i~i~!~i~!i~i~i~i!~i~!i~i~[~i~i~i~i~i!i!~i~i~i~i~i!i~i~i~i~i~i!i!i~i~i~i~i~!i~i!i~i~i!i!i~i~i~!~ FinancialStatementsAndlndepemlent WithSuplementalInformationSchedules Auditor'sReportFortheYearEnded June30,197.,;~,:'.,~ru;sion~ol~tatelaw,this ~h;,:),i:-ap~bliodoc;ur~nt.a (:o,r,v(;1"li~,:2;,!:,:'or!,t:~sb~.~e,;submitte.jtol'.;~-".;:.:;i'cr;,ormae',ved, er'.!.;ty,~,~.:4-:.:~:p:~ropr]a!c.;public of-ic;,=',z,.~i';-.'.:,:{;~;d,isawilablefor publici~spe~ionathebaton RougeoficeoftheLegislativeAudltorand,whereapropriate,athe 9ficeoftheparishc'lerkofcourt ~'rel~asedate_~"~['l]_.8_198_ JimicSelf,CPA CAl'rofesionalAcountingCorporation 'i2908cameronstret,suitec Monroe,Louisiana71201 PIS~uc(318) Fax(318)

10 TOWNOFWISNER,LOUISIANA TableofContents AsofandFortheYearEndedJune30,197 IndependentAuditor'sReport GeneralPurposeFinancialStatements BalanceShet-AlFundTypesandAcountGroups Governmental,~mds' StatementofRevenues,Expendituresand ChangesinFundBalances StatementofRevenues,Expenditures,and ChangesinFundBalances-.-Budget(GAPBasis) ProprJetar),l,~mds andactual:governmentalfunds-primarygovt. StatementofRevenues,ExpensesandChangesin RetainedEarnings NotestotheFinancialStatements StatementofCash(andCashEquivalents)Flows SuplementalInformationSchedules 8-19 ScheduleofFederalFinancialAsistmlce 2021 IndependentAuditor'sReports Scheduleof(ompensationPaidBoardMembers ReportOnCompliancAndOnInternalControlOver FinancialReportingBasedOnAnAuditOfFinancial 2 StatementsPerformedInAcordanceWithGovernment AuditingStandards ReportOnComplianceWithRequirementsAplicable ToEachMajorProgramAndlntemalControlOver ComplianceInAcordanceWithOMBCircularA

11 APro~,sionalAcountingCorporation 2908CameronStret,SuiteC JimieSel~CPA Phone(318) Fax(318) Monroe,Louisiana71201 ~toardofi)irectors TownofWisncr Wisner,Louisiana dependentauditor'sreport Ihaveauditedtheacompanyingeneral-purposefinancialstatementsoftheTox~ofWisher, Louisiana,asofandfortheyearendedJune30,197,aslistedinthetableofcontents.These,:eneralpurposefinancialstatementsarctheresponsibilityoftheTownofWisner'smanagement. Myresponsibilityistocxpresanopiniononthesegeneral-purposefinancialstatementsbasedon myaudit. 1conductednayauditinacordancewithgeneralyaceptedauditingstandardsandthestandards aplicablctofinancialauditscontainedingovernmentauditingstandards.isuedbythe ComptrolerGeneraloftheUnitedStates.ThosestandardsrequirethatIplanandperformthe auditobtainreasonableasuranceaboutwhetherthefinancialstatementsarcfreofmaterial mistatement.anauditincludesexamining,onatestbasis,evidencesuportingtheamountsand disclosuresiltilefinancialstatements.anauditalsoincludesasesingtheacountingprinciples usedandsignificantestimatesmadebynmnagement,aswelasevaluatingtheoveralfinancial statementpresentation.1believethatnayauditprovidesareasonablebasisformyopinion. Ilnayopinion,thegeneral-purposefinancialstatementsreferedtoabovepresentfairly,ilal materialrespects,thefinancialpositionofthetownofwisner,louisiana,asofjune30,197. andtheresultsofitsoperationsandthecashflowofitsproprietaryfundtypesandnonexpendable trustfundfortheyearthenendedinconformitywithgeneralyaceptedacountingprinciples. InacordancwithGovernmentAuditingStandard~;1havealsoisuedIn3'reportdatcd Decembcr15,197onab"considerationoftheTownofWisner'sinternalcontroloverfinancial reportingandnl3testsofitscompliancewithcertainprovisions,regulations,contractandgrants. Myauditwasperformedfortilepurposeoforminganopiniononthegeneral-purposefinancial statementsofto~aofwisher,louisiana,takenasawhole.theaecoml:,anyingscheduleof expenditurcsofederalawardsispresentedforpurposesofaditionalanalysisasrequiredbyus. OficeofMmlagemcntandBudgetCircularA-13,AuditsofStates,LocalGovernments.and Non-l'rol?tOrganizations,andisnotarequiredpartofthegeneral-puq3osefinancialstatements. Suchinfornlationhasbensubjectedtotheauditingproceduresapliedintheauditofthe general-purposefinancialstatementsand,inmyopinion,isfairlystated,inalmaterialrespects, inrelation othegeneral-purposefinancialstatementstakenasawhole. JimieSelf.CPA December15.197

12 TOWNOFWISI,IER.LOUISIANA ALl.FUNDTYI:ESAN])AC(K~qTGRO1YPS BtO.AN(;Isln~l~i JLFNE ASE]sANDOILIERDEBHS Aset~Cash~dC~shEquivalents Recei~bles-(m:fiwhereaplicant,of alowancefordoubtfulacounts) AdValorem]~xesReceivafi]~ ResbictedA.st~ I~d.buildings.~dotherequipment (nel,whereapficab]eofdepreciation) OIherdobits 3oralA~sets I]AB IHIES,IQU]TYANDOTtlERCREDrlS I.iabifities AcountsandOthert'a),afilcs Payablefromb;estricledAsets Acrued]ntereslPayable (;umomcls'i)eposlts RevenueBondsPa)able ]dialhiablh~e~ Equily~dOtherCredits InvestmentinGeneralFixedAseLs RetainedEarngs Reselved I.Jnrese~'cd(deficit) FundBa]ance~ Unrese~,ed.undesignaled(deficit) ]oralqu]b&othercredits ]o]ai,i,]ahn,ih,i,qulyandotiercredi]s Crenem)Fund SpedRI RevenueFunds (I,0 5,302 50,0 8,92450,(fX) 8,924so,~,2 50,0 PROPR~i]ARY FUNDS Enterprise F~d 3,05 21,502 2,047,7683, ,14231,302 1,497,938 2, GeneralFixed Asets 85,92 $ ,92 85,92 loral (MemorandulT onbt 10(,KI21~( a)45~27 290ae,9i39V 3(6s;19St'~ 2427i4 349.;(C~

13 TO9,23OFWISNI~R.I.OUIS1ANA GOVERN~VI~5ITIAI.FUNDS S'IAqF~M]~NqOFR}!VENUES,EXPF~NI)ITI.YRI'~S AN'I)CIANGESINI-'[rb.r/)I~AI.AN'CI'S FORT}IEYEAR}(N1)EI)JUNE30.]97 REVENUES l~ealsource~ 'Iaxes:Advalorem Salesanduse Licensesandpe~ils Fes.charges~dcomisions Finesandforfeitures Other()rant3'olalRevenues I'~XI'}~Nq)Iq'UR};S GeneralGovernment PublicSafety PublicWorb "/olalexpcndilurcs Exces(1)cficicney)OfRe~enuesover1:xpcnditurcs O']1IERFINANCINGSOURCI;S(USES) Inlcrcst]ncomc;(lntercst:xpcn~c) Opcralingtransfersin'oul "loralotherj'inancingsources(uses) l']xces(i)cficlency)ofrevenuesandolhclsources ()vetexpendituresandotheri.lsc~ fundl~a]anec!;(deficits)endof)car GF~hrERA] GOVERNM],:N'IALFUNDS FUND 46, , SPECIAL RI~VENrU]! FUNI)S 49, ,75.24 ] , (85,957.49) , ,15.56 ],75, _-( (53, , , , ~0.0 3%cacompan?,ingnotesar,:anintegralpartofthislalement "IO'IALS (MEMORAN])Ug Ob,qX) , , ,9~64 36, (, ,2105~: 62,3728? I (1,295f 4938~ ! ~,924

14 no~o~wlsn{:~.otjislan^ COMI{IN[])STATFMEN1OFREVI~NUES. KPINDI~URES.ANI)C}IANGES IN~Miql)BALANI2ES-BUDG[~*I(GAP[~ASIS;)ANDAC1LJAL FOR"1lIEYI;ARENDEDJKTNI30,197 RFV[NUES Adwlor~m SBles~du~e Li~loes~dpemfi~ Fes,eh~ges,~l~conmus~o~s Fresm,dforfeil~res C~,e, IXIqNDIqURIS oene,~)c,o~.me, Publ,cSareb I~obli~Work~ ~totalixpena,l~es Exces(Deficiency')OfRevenueso~)Expert&lures OTHERrINANCINGSOURCES(US[S) lnleleslncome;lnteres{}xpense) Operahng~al~sf,:~in'ou~ qol~c)o~eifinancingsolires~ses) Exces(Deficiency)OfRevemles~d~e,Sources Over[~pendule~andO0~erUses BudgetActualVad~oeBudgethemal , &365CO 3~5~_~290 SO&Sg7o O0 102, ,71O O0 (128.6O ~_~2Oo 529.] , (4,76439) (1,15256) D g (20,60917) ( ) ( ) ] 0O0 o O0 130,742O0_92~iz20".~,~,162gO~(4,890) 76, , _153,64653} (315o7) {8r7475~ (9,06260~ g021,01540( )0 j.81t~u84d28,98460~o0o~8~ Theacompanyingholesare~inleUalp~noftifstatement

15 1OWNOFWISb~,.R,LOUISIANA PRO]'RI,IARYFUNDI'YPE S~A3I~MENv]o]:RE\q~NUES,EXPENSF.S ANDC}IANGI'~gINRI~3AINnEDl~;,.RNqNGS FOR"lIEYEARENrDEDJUNE ENrIEKPR1SE FUND Chmg~forso,~c~ Oth~01conx' 267,2705 5,208 OPERAqTNGEXI'ENSES Gr~Ilneo~3otalOp~alingR~u~ 50,0(~t0 P~sona]sm~c~ Suph~drepairs 7, ,7638 D.'pr~lahOn]o'MOperating],xpelses 30,619~6 68,564(KI NONOI'ERAqNGREVENU](S(EXPENSES lnl~texp~e Op~atin[qi~sfmsoul qolalnolopcratmg (63,8260) Rewnu~.g.]xpcns~ RetainedF~inb~-.Dnr~erved7/I/90 Re~ainedI,;aming~-Unr~m'txl6/30/97 26, "Ireacort~yingnot~aremlintegoaIpartoft.histaler

16 IOWNOfwlStER PROPRIETARYiUNDTYPE S]AIEMENTOFCASH(ANDCASHEQUIVALEN1S)FLOWS FORTHFYFAFtENDEDJUNE CASHFLOWSFROMOPERATINGAC]IVlES: NetIn.me Adjustmentstore~nCilenetin.metof~lCash providedbyoperatjr~acbvilbes Deprec~alion Changesin~sebsandliabilities: (Ir~ease)DeCreasethacount~receivable (thc~ease)decreaseinotherasets tho~ease(decrease)thacountspayable (9,28g.0) (10) Ino'ease(Decrease)acruedinlel'est I~ease(decreaseinDefe~lRevenues the'ease(decreaseindueto(~stomer~ (50,0O) (2,21.0O) 3,790 2,920O0 NelCashProvided(Used)byOgeratingA~vilies CASHFLOWSFROMINVESTINGACTIVITIES CapitalExpenditures CASHFLOWSFROMFINANCINGACIlVITIES NetCashUsedbythves~ngAcb~ties Pnopalpaymentsonlong-termdebl N(ICashP~ovidedbyFina~gActivi~es C~,shandCashEquivalentsalBeginr~ingofYear 482, Suplementaldisclosuresofc.ashflowthth~a~on: InterestPaid$ Disc~e~reofacoun~ngel,~,' Forpurposesofthestaten]eatofcashI~ow~tileCompanyconsidersalhighlyliquid dep{instrumentspurchasedwithbmabldh,ofthremonthsorlestobec~sh equivalents Theacx;ompanyin9notesareaninLegralparlofthistatement 7

17 TOWNOFWISNER NotesToTbeFinancialStatements AsOfAndForTheYearEndedJune Note1-SumaryofSignificantAcountingPolicies TheTox~ofWisher,Louisiana,wasincorporatedin1932,undertheprovisionsofTheHome RuleCharterasprovidedbyStateLawReferenceL.RS.3: Acopyoftheratified charterisrecordedathefranklinparishcourthouse,franklinparish,louisiana.themayoris thexecutiveoficeroftheto~a,whilethecouncilmembersarcthegoverningauthorityofthe Tox~1~forthepurposeoflegislationandpolicymaking.ThefiveCouncilmembersreceiveno compensation.thetox~aprovidesthefolowingservicestoits1,152residents:publicsafety (police);highwaysandstrets;gas,water,sewer,andsanitationfaeilitie~throughtheutilibfund: culture/recreation:andgeneraladministrativeservices. Theaceountingandreportingpoliciesofthemunicipalconfomatogeneralyacepted acountingprinciplesasaplicabletogovernments.suchacountingandreporting proceduresalsoconformtotherequirementsoflouisianarevisedstatutes24:517andto theindustryauditguide,auditsofstateandlocalgovernmentalunits. ThcacompanyingfinancialstatementsoftheTownofWisher,Louisianahaveben preparedinconformitywithgeneralyaceptedacountingprinciples(gap)asaplicd togovernmentalacountingstandardsboard(gasb)istheaceptedstandard-seting bodyforestablishingovernmentalacom~tingandfinancialreportingprinciples. A.ReportingEntity Asthemuicipalgoverningauthority,foreportingpurposes,theq'o~1ofWisher. Louisianaisconsideredaseparatefinancialreportingentity.Tt~cfinancialreportingentit3 consistsof(a)theprimarygovermncnt,(b)organizationsforwhichtheprimau governmentisfinancialy'acountable,and(c)otherorganizationsforwhichnatureand significanceoftheirclatioashipwiththeprimarygovernmentarcsuchthatcxelusioi~ wouldcausethereportingcntity'sfinancialstatementstobemisleadingorincomplete. GovernmentalAcountingStandardsBoard(GASB)StatementNo14establishedcriteria fordeterminingwhichcomponentunitshouldbeconsideredpartofthetownofwisner. Louisianaforthefinancialreportingpurposes.Thebasicriterionforincludinga potentialcomponentunitwithinthereportingentityisfinancialacountability.this criteriaincludes: Apointingavotingmajorityofanorganization'sgoverningbody Theability&themunicipalitytoimposeitswilonthat organizationand/or Thepotentialfortheorganizationtoprovidespecificfinancial benefitstorimposespecificfinancialburdensonthe 2Organizationsforwhichthemunicipalitydoesnotapointavoting municipality. majoritybutarefiscalydependentonthemunicipality.

18 TOWNOFWISNER NotesToTheFinancialStatements AsOfAndForTheYearEndedJune30,197 Organizationsfor~'hiebthereportingentityfinancialstatemcntswouldbc misleadingifdataoftheorganizationisnotincludedbecauseofthenature Asrequiredbygeneralyaceptedacountingprinciples,thesefinancialslatementsprcsen! orsignificanceoftherelationship. theto~ofwisncr,louisiana. C.FundAcounting "thetox~ofwisnerusesfundsandacountgroupstoreportonitsfinancialposition andtheresultsofitsoperations.fundacountingisdesignedtodemonstratelegal complianceandtoaidfinancialmanagementbysegregatingtransactionsrelatingtocertain governmentfunctionsoractivities. Afundisaseparateacountingentitywithaself-balancingsetofacounts.Ontheothcr hand.anacountgroupisafinancialreportingdevicedesignedtoprovideacountability forcrlainasetsandliabilitiesthatarenotrecordedinthefund.,:becausetheydonot directlyafectnetexpendablefinancialresourceṣ t:undsofthetownofwisnerareclasifiedintotwocategories:governmentaland proprietary.eachcategou',inturn,isdmdedintoseparatefundt31~es.thefund clasificationsandadescriptionofeachexistingfundb'pefolow: Governmental];)~ncZ~' Governmentalfundsacontforalormost&theTo~saofWis~er'sgeneral activities,includingthecolectionandisbursementofspecificorlegalyrestricted monies,theacquisitionorconstructionofgeneralfixedasels,andtheservicingof generalong-temadebt.govenunenlalfundsinclude: alfinancialresources,excepthoserequiredtobeacountedforinother GeaemlFund-thegeneraloperatingfundoftheTo~nofWisncrandacountsfor funds. arclegalyrestrictedtoexpendituresforspecifiedpurposes. SpecialRevenueFunds-acountfortheprocedsofspecificrevenuesourcesthat Proprietaryli'unds wherethedeterminationofnetincomeisnecesaryorusefidtosoundfinancial administration.proprietaryfundsdiferfromgovermnentalfundsinthatheir Proprietaryfundsacountforactivitiesimilartothosefoundintheprivatesector focusisonincomemeasurement,which,togetherwiththemaintenanceofequity, isanimportantfinancialindicator.proprietau,fundsinclude:

19 TOWNOFWISNER NotesToTheFinancialSlatements AsOfAndForTheYearEndedJune EnterpriseFunds-acountforoperations(a)wheretheintentofthe governingbodyisthatcosts(expenses,includingdepreciation)of providingodsorservicestothegeneralpubliconacontinuingbasisbe financedorecoveredprimarilythroughuserfes;or(b)wherethe governingbodyhasdecidedthatperiodicdeterminationofrevenues earned,expensesincured,and/ornetincomeisapropriatetbrcapital rnaintenance,publicpolicy,managementcontrol,acountability,orother D.BasisofAcounting purposes. Theacountingandfirtancialreportingtreatmentapliedtoafundisdeterminedbyits measurementfocus.algovernmentalfundsandexpendabletrustfundsareacountedfol usingaeurcnlfinancialresourcesmeasurementfocus.withthismeasurementfocus,onl) curentasetsandcurentliabilitiesaregeneralyincludedonthebalanceshet.operating statemenlsofthesefundspresentincreasesandecreasesinelcurentasets.the modifiedacrualbasisofacountingisusedbyalgovernmentalfunds,andagencyfunds Thegovernmentalfundsusethefblowingpracticesinrecordingrevenuesand cxpenditrcs: PropertytaxesatachasanenforceablelienonpropertyasofJanuary1.Taxcs arcleviedbythetox~ainseptemberoroctoberandarcactualybiledonoctober 1,andarcmailedtothetaxpayersinNovember.Biledtaxesbecomedelinquent onjanuau"1ofthefolowing3'car.revenuesfromadvaloremtaxesarcbudgeted intheyearbiled. TheTownbilsandcolectsitsextrapropertytaxesusingtheasesedvalue dctcmrinedbythelaxasesoroffra~tklinparish. TheyearendedJune30,197,taxesof5.51milswereleviedonpropertywith asesedvaluationstotaling2,479,415andwerededucte.dasfoloxvs: Propertytaxrevenuesarerecognizedwhentheybecomeavailable.Available Generalcorporatepurposes 5.51mils includesthosepropertytaxreceivableselectedtobecolectedwithinsixtydays afteryear-end.delinquentaxesareconsideredfulycolectibleandthereforean alowanceforuncolectibletaxesisprovided. Fines,bondforfeiture,andfesarerecognizedwhencolectedbytheTo~a InterestincomeisrecordedwhenitiscreditedtoacountsbytheBank. Expendtures Salariesarerecordedasexpenditureswhenearnedbyc~nployes 10

20 TOWNOFWISNER NotesToTheFinancialStatements AsOfAndForTheYearEndedJune Purchasesofvariousoperatingsuplies,etc.arcrecordo:lasexpenditureswhen therelatedfundliabilityisincured. Principalandinterestongeneralong-termdebtandinstalmentpurchase E.Budgets pa,xvnentsarcrecognizedwhendue. TheTownofWisher(MayorandCouncil)usesthefolowingbudgetpractices PriortoJune30,theto~ClerksubmitstotheNlayorandCouncil Membersaproposedoperatingbudgetforthefisealyearconunencingthe folowingjuly1.tileoperatingbudgetincludesp~oposedexpenditures andthemeansofinancingthemfortheupcomingyear.thebudgetis submitedinsumaryfoma.inadition,moredetailedlineitembudgets arcincludedforadministrativecontrol.thelevelofcontrolforthc detailedbudgetsisathedepartmenthead/functionlevel (2)Publichearingsareconducted1obtaintaxpayercoment (3) DuringthemonthofJul,xthebudgetislegalyenactedthroughpasageof anordinance. (4) Fomlbudgeta~'integrationisemployedasamanagementcontroldevice duringtheyearforthegeneralfund,specialrevenuefundsanddebt ServiceFund. (5) BudgetsfortheGeneral,DebtService,andSpcialRevenueFundsare (6)Apropriationslapseathendofeachfiscalyear adoptedonthegapbasis. (7)TheMayorandCouncilMembersauthorizesuplementalapropriations duringtheyear.suplementalapropriationsweremadeduringthefisea F.Encumbrances 3'car. Encumbranceacountingisnotused G.CashandCashEquivalents Cashincludesamountsindemandeposits,interest-bearingdemandeposits,andmonc.x marketacounts.cashequivalentsincludeamountsintimedeposilsandthoseinvestments withoriginalmaturitiesof90daysorles.understatelaw,thetox~aofwishermay depositfundsindemandeposits,intcrcst-bearingdemandeposits,moneymarket 1

21 TOWNOFWISNER NotesToTheFinancialStatements AsOfAndForTheYearEndedJune30,197 acounts,ortimedepositswithstalebanksorganizedunderloul,;ianala~`'andnational bankshavingtheirprincipaloficesinlx~uisiana. Understatelaw,theTò'`'aofWisnermayinvestinUnitedStalesbonds,treasupynotes,or certificates.theseareclasifiedasinvestmentsiftheiroriginalmaturitiesexced9(idays howevcr,iftheoriginalmaturitiesare90dab,sorles,theyareclasifiedascash equivalents.investmentsarestatedatcost H.RestrictedAsets Certainproce.dsofenterprisefundrevenuebonds,as,*,'elascertainresourcesetasidc fortheirepabanent,arclasifiedasrestrictedasetsonthebalanceshetbecausetheir useislimitedbyaplicablebondcovenants. FixedAsetsofgovernmentalfundsarerecordedasexpendituresathetimetheyarc FixedAsets purchasedorconstructed,andtherelatedasetsarecapitalized(reported)inthegeneral fixedasetsacountgroup.publicdomainorinfrastructuresarenolcapitalizedalfixed asetsarevaluedatcost. Fixedasetsusedintheproprietaryfundoperationsareincludedonthebalanceshetof thefundsnetofacumulatedepreciation.depreciationofale~;haustiblefixedasets usedb3proprietaryfundoperationsischargedasanexpenseagainstoperations.no depreciationhasbenprovidedforgeneralfixedasets.depreciationiscomputedusing thestraight-linemethod,andthefolowingestimatedusefulivcs: ~(atelulilit~ Wels Sloragctanks Purificationplant 20years $cwelagcutility Linesandmeters 40years Pumpstations 40years 3years Lines 4(13ears Autosandtrucks J.Long-TermObligations Otherequipment 40years 5ycars 10years Long-termobligationsexpectedtobefinancedfromgovernmentalfundsarereportedin thegeneralong-termobligationsacountgroup.expendituresforprincipalandinterest paymentsforlong-termobligationsarcrecognizedinthegovernmcntalfundswhendue. Long-termobligationsexpectedtobcfinancexlfromproprietaryfundoperationsarc acountedforinthosefunds. 12

22 TOWNOFWISNFR NotesTo]'heFinancialStatements AsOfAndForTheYearEndedJune30,197 K.CompensatedAbsences To~1~employesarentitledtotendaysofcompensatedabsences,However,compensated absenecsdonotvestoracumulateandarerecordedasexpenditureswhentheyarcpaid. L.FundEquity ContributedCapital ContributedcapitalisrecordedintheEnterpriseFundforcapitalgr~mtsrestrictedforthe acquisitionorconstructionofcapitalasets.contributedcapitalisnotamortizedbasedon thedepreciationonthatportionoftheasetsacquiredorconstructedfromsuchresources Reservesrepresenthoseportionsofundequitynotapropriableforexpendituresor legalysegregatedforaspecificfutnreuse. DesignatedI,imdBalances Designatedtbndbalancesrepresententativeplansforfutureuseofinancialresources M.TotalColumnsonCombinedStatements TotalcolunmsonthecombinedslalementsarcaptionedMemorandumOnlytoindicate thatheyarepresentedonlytofacilitatefinancialanalysis.datainthesecolunmsdonot presentfinancialposition,resultofoperations,orchangesinfinancialpositionin conformitywithgeneralyaceptedacountingprinciples.neitherisuchdata comparabletoaconsolidation,lntcrfundeliminationshavenotbenmadeinthe agregationofthisdata. N.OperatingTransfers Fundsfiomcashacountswereuscdforstretrepairs Fu~_Lḍs/Aqcounts GeneralFund T_o SalesTaxFund: PolicePasBok Acount# ,579 From CD-StretRep Acount# ,647 12,319 1, ,617 25_

23 TOWNOFWISNER NotesToTheFinancialStatements AsOfAndForTheYearEndedJune30,197 NOTE2-CASHANDCASHEQ1JIVALENTS Cashincludesanrountsindemandeposits,interest-bearingdemandepositșandmoneymarket acounts.understatelaw,theto~maydepositfundsindemandepositșinterest-bearing demandeposits,moneymarketacounts,ortimedepositswithsta'tebanksorganizedunder Louisianalawandnationalbanks,havingprincipaloficesinLouisiana. AtJune30,197,the"l'o,~nhadcashtotaling565,029asfolows PetyCash [)emanddeposits Certificates RestrictedAsets(Cash) Tota 10 93,898 29, Thesedepositsarestatedatcost,whichaproximatesmarket.Understatelaw,thesedeposits,or theresultingbankbalances,mustbesecuredbyfederaldepositi~:surancorthepledgeof securitiesox~edbythebank.themarketvalueofthepledgedsecuritiesplusthefederaldeposit insuranceorthepledgedsecuritiesplusthefederaldepositinsurancemustatalimesequalthe amountondepositwiththebank.thesesecuritiesareheldinthenameofthepledgedbankina holdingorcustodialbankthatismutualyaceptabletobothpartieṣcashandcashequivalents (bal~kbalances)atjune30,197,aresecuredasfolows: BankBalances FederalDepositInsurance PledgeSecurities Total 594,4 10,0 50,0-5,56 Eventhoughthepledgedsecuritiesareconsidereduncolateralizexl(Category3)underthe provisionsofgasbstatement3,louisianarevisedstatute39:129imposeastatutor3 requirementonthecustodialbanktoadvertiseandselthepledgeds.euritieswithin10daysof beingnotifiedthathefiscalagenthasfailedtopay"depositedfundsupondemand NOTE3-F1XFDASETS Asumaryofchangesingeneralfixedasetsfolows LandBuilding Improvements(stret) Equipment BalanceAditi~lsDel~ions 6/30/96 57,0 98,60527,0(20,0) 172,23535, ,7455,91 486,58538,720(20.0) Balance 6/30/97 57,0 105, , ,353 85,92 14

24 TOWNOFWISNER NotesToTheFinancialStatements AsOfAndForTheYearEndedJune30,197 Belowisasunm'taryofproprietau'fundt3_q)eproperty,landandequipment;~lJune30,196 Land Water/sewertreatmentsystem Vehiclesandequipment Total 2,59,31 13,20 Lesacumulatedepreciation 2,652, NOTE4-RECEIVABLES Net <604.97> Thereceivablesof2,973atJune30,197areasfolows GeneralFund-AdValoremTax ClasofRecewable:Sewer/Watereceivable21, ThcscarenetofalowanceforBadDebts. 21,973 NOTE5-CtIANGESINGENERALONGTERMOBLIGATIONS Thefolowingisasumau"ofbondtransactionsforthe3,carendedJun,z30,197 BondspayablcatJuly1,196 Newbondsisued Bondsretired BondspayableatJune30,197 Revenue 1,019,327 1, , ,019, ,76 Al"I'o~aofWisherbondsoutstandingatJtme30,197,intheamountof1,09,53aregeneral obligationbonds(orotherasindicated)withmaturitiesfrom197to201,andinterestratesfrom 4.0to6.0perceut.Bondprincipalandinterestpayableinthenextfiscalyearare2,691and 47,231respcetively. AlprincipalandinterestrequirementsarefundedinacordancewithLouisianalawbytheanua advaloremtaxlevyontaxablepropertywithintheparish(orotherasindicated).atjune30,197 TheTox~ofWisnerhasacumulated458,20intherestrictedfundsforfuturedebtrequirements. Thereareanumberoflimitationsandrestrictionscontainedinthevariousbondindentures.The Tox~aisincompliancewithalsignificantlimitationsandrestrictions. BondspayableatJune30,197,arecomprisedofthefolowingindividualisues $706,0utilityrevenuebonds,dated189.payablein40consecutiveanual paymentsof$47231,includinginterestat6%:securedbyrevenucoftheutility system. $671,059 15

25 TOWNOFWISNER NotesToTheFinancialStatements AsOfAndForTheYearEndedJune30,197 $350,0utilityrevenuebonds,dated2/27/92,payablein40consecutiveamal pavmcnlsof$2691includinginterestat5.75%,securedbyrcvcnueoftheutility system. "IotalRevenueBonds $!,09,52 $38,494 TheanualrequirementstoamortizcaldebtoutstandingasofJune30,197,includinginterest TotalBondsPayable: $1,09,52 pa?~nentsof79,732folows: Reouircments"lb_A!._nortj~cl~_n~-Tern1Debt YearcndingGeneralOn Revenue Thercaficr 69,92 69, Total ,180,95 2,460,643 NOTE6-ONEPERCENTSALESANDUSETAX Therevenuederivedfromsalestaxisnotdedicatedtoan)'specificpurpose NOTE7-RESTRICTIONONUSEOFUTILITIESREVENUES Fundsprovidedbyutilitiesrevenueistobeusedinthefolowingmanerbeforethe)'areavailablc forotherlawfulpurposes: Operatingexpenseofutilitysystem Revenuebondebtservicefunds Revenuebondsreservefunds Revenuebondepreciationandcontingenciesfunds NOTE8-PENSIONPLANS MunicipalEmployes'RetirementSystem 16