city of bunkie · city of bunkie, louisiana statement of net assets june 30, 2010 govemmental...

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CITY OF BUNKTE, LOUISIANA

Financial Report

Year Ended June 30, 2010

Rouge office of the U n t /"'P^='' '°" at 'he Baton

Release Date

TABLE OF CONTENTS

Page

Independent Auditors' Report 1 -2

BASIC FINANCIAL STATEMENTS

GOVERNMENT-WIDE FINANCIAL STATEMENTS (GWFS) Statement of net assets 5 Statement of activities 6

FUND FINANCIAL STATEMENTS (FFS) Balance sheet - govemmental funds 9 Reconciliation of the govemmental fimds balance sheet

to the statement of net assets 10 Statement of revenues, expenditures, and changes in fund balances-

governmental fiands 11 Reconciliation of the statement of revenues, expenditures, and

changes in fimd balances of govemmental fiinds to the statement of activities 12 Statement of net assets - proprietary funds 13 Statement of revenues, expenses, and change in fiind net

assets - proprietary funds 14 Statement of cash flows - proprietary fiinds 15-16

Notes to basic fmancial statements 17-39

REQUIRED SUPPLEMENTARY INFORMATION Statement of Revenues, Expenditures , and changes in Fund Balance (Budget and Actual)

General Fund 41 Sales Tax Fund 42 Schedule of Funding Progress 43

OTHER SUPPLEMENTARY INFORMATION

Statement of Revenues, Expenditures and Changes in Fund Balance-Non-Major Govemmental Fund 45

Schedule of number of utility customers (unaudited) 46 Schedule of insurance in force (unaudited) 47

INTERNAL CONTROL AND COMPLIANCE Report on Intemal Control over Financial Reporting and on

Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Govemment Auditing Standards 49-50

Summary schedule of current and prior year audit findings and corrective action plan 51

C Burton Kolder, CPA" Russell F. Champagne, CPA' Vidor R. Slaven, CPA* P. Troy Courville, CPA* Gerald A. ThibodQaux, Jr.,CPA* Robert S. Carter, CPA* Arthur R. Mixon, CPA*

KOLDER, CHAMPAGNE, SLAVEN & COMPANY, LLC CERTIFIED PUBLIC ACCOUNTANTS

OFFICES

Tynes E. Mixon, Jr„ CPA Allen J, LaBry, CPA Albert R. Leger, CPA.PFS,CSA-Penny Angelle Scruggirw, CPA Christine L Cousin, CPA Mary T. Thibodaaux, CPA MarshallW, Guidry, CPA Alan M. Taylor, CPA James R. Roy, CPA Robert J. Melz, CPA Kelly M. Doucet, CPA Cheryl L Bartley, CPA Mandy B. Self, CPA Paul L. Delcambre, Jr. CPA Wanda f. Arcement. CPA, CVA Kristin B. Dauzat, CPA Richard R Anderson $r.. CPA Carolyn C, Artderson, CPA

Retired: Conrad 0. Chapman, CPA* 2006 Harry J. Clostio, CPA 2007

183 South Beadle Rd. Lafayette. LA 70506 Phone (337) 232-4141 Fax (337) 232-6660

113 EastBndgeSt Breaux Bridge, LA 70517 Phone (337) 332-4020 Fax (337) 332-2867

1234 David Or Ste 203 Morgan City. LA 70380 Phone (985) 384-2020 Fax (985) 384-3020

408 West Cotton Street Ville Platte, LA 70586 Phone (337) 363-2792 Fax (337) 363-3049

332 West Sixth Avenue Oberiin, LA 70655 Phone (337) 639-4737 Fax (337) 639-4568

450 East Main Street New Iberia, LA 70560

Phone (337) 367-9204 Fax (337) 367-9208

200 South Main Street Abbeville, LA 70510

Phone (337) 893-7944 Fax (337) 893-7946

1013 Main Street Franklin, LA 70538

Phone (337) 828-0272 Fax (337) 828-0290

133EastWaddilSt Mari(sville LA 71351

Phone (316) 253-9252 Fax (318) 253-8681

621 Main Street Pineville. LA 71360

Phone (31S) 442-4421 Fax (318) 442-9833

• A Professkirwl Accoontlnfl Corporation

WEBSITE WWW.KCSRCPAS.COM

INDEPENDENT AUDITORS' REPORT

The Honorable Mike Robertson, Mayor, and Members of the Board of Aldermen

City of Bunkie, Louisiana

We have audited the accompanying fmancial statements of the govemmental activities, the business-type activities, each major fund and the aggregate remainmg fund mformation of the City of Bunkie, Louisiana, as of and for the year ended June 30, 2010, which collectively comprise the City's basic fmancial statements as listed in the table of contents. These financial statements are the responsibility of the City's management. Our responsibility is to express opmions on these fmancial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Govemment Auditing Standards. issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the fmancial statements are free of material misstatement. An audit includes exammmg, on a test basis, evidence supporting the amounts and disclosures in the fmancial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinions.

In our opinion, the fmancial statements referred to above present fairly, in all material respects, the fmancial position of the govemmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City of Bunkie, Louisiana, as of June 30, 2010, and the respective changes in fmancial position and cash flows, where applicable, thereof for the year then ended in conformity with accounting principles generally accepted in the United States of America.

In accordance with Government Auditing Standards, we have also issued our report dated October 23, 2010 on our consideration of the City of Bunkie, Louisiana's intemal control over fmancial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of intemal control over fmancial reporting and compliance and the results of that testing and not to provide an opinion on the intemal control over fmancial reporting or on compliance. That report is an integral part of an audit performed in accordance with Govemment Auditing Standards and should be considered in conjunction with this report in considering the results of our audit.

Member of: AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS

Member of: SOCIETC OF LOUISIANA

CERTIFIED PUBLIC ACCOUt^ANTS

http://WWW.KCSRCPAS.COM

The required supplementary information on pages 41 through 43 is not a required part of the basic fmancial statements but is supplementary information required by the Govemmental Accounting Standards Board. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the supplementary information. However, we did not audit the information and express no opinion on it.

The City of Bunkie has not presented management's discussion and analysis that the Govemmental Accounting Standards Board has determined is necessary to supplement, although not required to be part of, the basic fmancial statements.

Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City of Bunkie, Louisiana's basic fmancial statements. The other supplementary information on pages 45 through 47 is presented for purposes of additional analysis and is not a required part of the basic fmancial statements. All of the supplementary information, except for the schedule of number of utility customers and the schedule of insurance in force, has been subjected to the auditing procedures applied in the audit of the basic fmancial statements and, in our opinion, is fairly stated in relation to the basic fmancial statements taken as a whole. The schedule of number of utility customers and the 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 express no opinion on them.

Kolder, Champagne, Slaven & Company, LLC Certified Public Accountants

Marksville, Louisiana October 23, 2010

BASIC FINANCIAL STATEMENTS

GOVERNMENT-WIDE FINANCIAL STATEMENTS (GWFS)

CITY OF BUNKIE, LOUISIANA

Statement of Net Assets June 30, 2010

Govemmental Business-Type Activities Activities Total

ASSETS Current assets:

Cash Interest bearing deposits Receivables, net Intemal balances Inventory Prepaid items

Total current assets

Noncurrent assets; Restricted assets -

Cash Capital assets -

Non depreciable capital assets Depreciable capital assets, net

Total noncurrent assets

Total assets

LIABILITIES Current liabilities:

Accounts and other payables Payable fi-om restricted assets -

Accrued interest payable Bonds due within one year Note due within one year

Capital lease obligations-due within one year Total current liabilities

Noncmrent liabilities: Customers deposits payable Bonds due in more than one year Note due in more than one year Capital lease obligations-due in more than one year Net OPEB obligation - due in more than one year

Total noncurrent liabilities

Total liabilities

NET ASSETS Invested in capital assets, net of related debt Restricted for debt service Unrestricted

Total net assets

$ 711,612 272,328 271,738

1 -

12,710

1,268,389

$ 106,432 -

121,340

(1) 21,355 -

249,126

$ 818,044 272,328 393,078

-21,355 12,710

1,517,515

82,338

349,108

44,422

349,108

673,204 3,233,756

3,906,960

5,175,349

395,413-6,184,570

6,929,091

7,178,217

1,068,617 9,418,326

10,836,051

12,353,566

126,760

---

58,246

140,584

_

--

212,746 25,542

238,288

378,872

3,635,968

-1,160,509

$4,796,477

11,200 137,886 57,667 -

251,175

123,571 680,118 57,667 -1,630

862,986

1,114,161

5,842,198 142,355 79,503

$6,064,056

11,200 137,886 57,667 58,246

391,759

123,571 680,118 57,667

212,746 27,172

1,101,274

1,493,033

9,478,166 142,355

1,240,012

$10,860,533

The accompanying notes are an integral part of the basic financial statements.

5

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FUND FEVANCIAL STATEMENTS (FFS)

FUND DESCRIPTIONS

General Fund

The General Fund is used to account for resources traditionally associated with govemments which are not required to be accounted for in another fund.

Special Revenue Fund

Special revenue funds are used to account for specific revenues that are legally restricted to expenditures for particular purposes.

Sales Tax Fund To account for the receipt and use of proceeds of the City's 1% sales and use tax. These taxes are dedicated and used for the purpose of constructing, paving, resurfacing, improving and maintaining public streets, sidewalks and bridges. The proceeds may also be used bonds issued in connection with those activities.

To account for the receipt and use of pro( used for general operating purposes.

To account for the receipt and use of proc used for the purpose of paying salaries and

use tax. These taxes are dedicated and

use tax. These taxes are dedicated and i other city employees.

Enterprise Funds

Enterprise funds are used to account for activities for which a fee is charged to extemal users for goods and services.

Water System Fund To account for the provision of water services to residents of the City. All activities necessary to provide such services are accounted for in this fund, including, but not limited to administration, operations, maintenance, fmancing and related debt service, and billing and collections.

Sewer System Fund To account for the provision of sewer and sanitation services to residents of the City. All activities necessary to provide such services are accounted for in this fund, including but not limited to administration, operations, maintenance, fmancing and related debt service, and billing and collections.


Balance Sheet Governmental Funds

June 30, 2010

ASSETS

Cash Interest bearing deposits Receivables:

Taxes Accrued interest Due from other governmental units Other

Interfhnd receivables Prepaid items

Total assets

General

$ 347,175

-

71,758

-

139,880

25,059

-

12,710

$ 596,582

Sales Tax

Fund

$ 364,437

272,328

34,S63

178 -

-

40,000 -

$ 711,806

Total

$ 711,612

272,328

106,621

178 139,880

25,059

40,000

12,710

$ 1,308,388

LIABILITIES AND FUND BALANCES

Liabilities: Accounts payable Accrued liabilities Customer rental deposits payable Interfund payables

Total liabilities

Fund balances: Reserved for prepaid items Unreserved, undesignated

Total fund balances

Total liabilities and fund balances

$ 48,232

26,919

6,200

39,975

121,326

12,710

462,546

475,256

$ 596,582

$ 550

437 -

24

1,011

.

710,795

710,795

S 711,806

$ 48,782

27,356

6,200

39,999

122,337

12,710

1,173,341

1,186,051

$ 1,308,388

The accompanying notes are an integral part of the basic fmancial statements.

9


Reconciliation of the Govemmental Funds Balance Sheet to the Statement of Net Assets

June 30,2010

Total fimd balances for govemmental funds at June 30, 2010

Total net assets reported for governmental activities in the statement of net assets is different because:

1,186,051

Capital assets used in govemmental activities are not financial resources and, therefore, are not reported in the funds. Those assets consist of

Land $ 673,204 Buildings and improvements, net of $924,141 accumulated depreciation 2,215,777 Equipment, vehicles, furniture, and fixtures net of

of $488,440 accumulated depreciation 771,967 Infrastructure, net of $34,928 accumulated depreciation 246,012 3,906,960

Long-term liabilities are not due and payable in the current period and, therefore, are not reported m the govemmental funds. Long - term liabilides at June 30, 2010:

Capital leases payable Net OPEB obligation

(270,992)

(25,542) (296,534)

Total net assets of govemmental activities at June 30, 2010 $ 4,796,477


10


Statement of Revenues, Expenditures, and Changes in Fund Balances-Governmental Funds

For the Year Ended June 30, 2010

Revenues: Taxes-

Ad Valorem Sales Other

Licenses and permits Intergovemmental Utility Franchise Agreements Other

Total revenues

Expenditures: General govemment -

Finance and administrative Judicial

Public safety -Fire protection Police protection Animal control Haas evacuation center

Public works -Streets Airport Divers license office

Culture & recreation Health & welfare Capital outlay Debt service

Total expenditures

Excess (deficiency) of revenues over expenditures

Other Financing Sources (Uses): Operating transfers in Operating transfers out Proceeds fi*om the sale of capital assets Proceeds fi'om capital lease

Total other fmancing sources (uses)

Net change in fund balances

Fund balances, beginning

Fund balances, ending

General

$ 80,836 427,494

15,354 194,344 542,090 195,108 107,191

1,562,417

Sales Tax Fund

$ 427,494

----

12,060

439,554

Non Major Fund

$ --------

Total

$ 80,836 854,988

15,354 194,344 542,090 195,108 119,251

2,001,971

505,855 63,533

392,216 801,803

10,398 13,525

434,867 17,277 18,889 45,176 23,324

451,669 73,988

2,852,520

(1,290,103)

671,143

-

28,038 295,928

995,109

(294,994)

770,250

$ 475,256

67,537 -

-

---

-----

76,338 8,712

152,587

286,967

(363,854)

--

(363,854)

(76,887)

787,682

$ 710,795

--

,

---

--------

(775)

--

(775)

(775)

775

$ -

573,392 63,533

392,216 801,803

10,398 13,525

434,867 17,277 18,889 45,176 23,324

528,007 82,700

3,005,107

(1,003,136)

671,143

(364,629)

28,038 295,928

630,480

(372,656)

1,558,707

$1,186,051


11


Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds

to the Statement of Activifies For the Year Ended June 30, 2010

Total net changes in fund balances at June 30, 2010 per Statement of Revenues, Expenditures and Changes in Fund Balances $ (372,656)

The change in net assets reported for govemmental activities in the statement of acfivities is different because:

Govemmental funds report capital outlays as expenditures. However, in the statement of activities, the cost of those assets is allocated over their estimated useful lives and reported as depreciation expense. Capital outlay which is considered expenditures on Statement

of Revenues, Expenditures and Changes m Fund Balances. $ 528,007 Depreciafion expense for the year ended June 30, 2010 (183,433) 344,574 .

The net effect of various transactions involving capital assets such as

sales and trade-ins is to increase net assets as a resuh of a gain on

the disposal of capital assets. 11,769

In the statement of activities, only the gain on the sale of capital assets is

reported. However, in the govemmental fiinds, the proceeds from the sale

increase fmancial resources. (28,038)

Govemmental funds report capital lease proceeds as income. However, issuing debt increases long-term liabilities and does not affect the statement of activifies. Similarly, the repayment of principal is an expenditure in the

govemmental funds, but reduces the liability in the statement of activities. Less: Proceeds from capital lease (295,928) Add: Principal paid on capital lease expensed in govemmental fijnds 82,700 (213,228)

Net OPEB obligation at June 30, 2010 does not require the use of current economic resources, and therefore, is not recorded as a fund expenditure. (25,542)

Total changes in net assets at June 30, 2010 per Statement of Activities $ (283,121^


12

CITY OF BUNKEE, LOUISIANA

Statement of Net Assets Proprietary Funds

June 30, 2010

ASSETS Current assets:

Cash Receivables (net) Due from other hands Inventory

Total current assets

Restricted assets: Cash

Capital assets: Non-depreciable assets Depreciable assets Accumulated depreciation

Total non current assets

Total assets

LIABILITIES Current liabilities:

Accounts payable Contracts payable Accrued liabilities Due to other funds Liabilities payable fi*om restricted assets -

Deposits due to others Accrued interest payable from restricted assets Bonds due within one year Note due within one year

Total current liabilities

Noncurrent liabilifies: Bonds due in more than one year Note due in more than one year OPEB liability due in more than one year

Total noncurrent liabilities

Total liabilities

NET ASSETS Invested in capital assets, net of related debt Restricted for debt service Unrestricted

Total net assets

Business-Type Water System

$ 99,976 84,197

104 19,802

204,079

: Activities Sewer System

$ 6,456 37,143

-1,553

45,152

Total Enterprise

Fund

$ 106,432 121,340

104 21,355

249,231

80.623 268,485 349,108

395,413 4,172,993

(2,123,423)

2,525,606

2,729,685

6,269 20,135

580 -

123,571 --

57,667 208,222

-

57,667 -

57,667

265,889

2,387,316 22,956 53,524

$2,463,796

, . , 6,278,716 .

(2,143,716)

4,403,485

4,448,637

16,177 -

1,261 105

_

11,200 137,886

-166,629

680,118 -

1,630

681,748

848,377

3,454,882 119,399 25,979

$3,600,260

395,413 10,451,709 (4,267,139)

6,929,091

7,178,322

22,446 20,135

1,841 105

123,571 11,200

137,886 57,667

374,851

680,118

57,667 1,630

739,415

1,114,266

5,842,198 142,355 79,503

$6,064,056


13

CITY OF BUNKIE, LOUISL\NA

Statement of Revenues, Expenses, and Change in Fund Net Assets Proprietary Funds


Operating revenues: Charges for services Delinquent and other charges

Total operating revenues

Operating expenses: Salaries Employee benefits Chemicals and supplies Repairs and maintenance Gasoline and oil Utilities and telephone Depreciation expense Other operating expenses

Total operating expenses

Operating income (loss)

Nonoperating revenues (expenses) Interest revenue Ad valorem taxes Grant revenues Interest expense

Total nonoperating revenues

Income before transfers

Operating transfers in (out)

Change m net assets

Net assets, beginning balance restated

Net assets, ending


$ 584,805 33,459

618,264

20,043 8,484

24,698 17,675 5,456

45,942 116,144 16,362

254,804

363,460

470 -

349,867 -

350,337

713,797

(416,828)

296,969

2,166,827

$2,463,796

; Activities Sewer System

$ 269,913 653

270,566

105,347 52,772 23,003 ... 10,525 7,201

72,303 164,398 17,673

453,222

(182,656)

8,188 179,656 63,542

(36,328)

215,058

32,402

110,314

142,716

3,457,544

$3,600,260

Total Enterprise

Fund

$ 854,718 34,112

888,830

125,390 61,256

--.47,7-01 28,200 12,657

118,245 280,542 34,035

708,026

180,804

8,658 179,656 413,409 (36,328)

565,395

746,199

(306,514)

439,685

5,624,371

$6,064,056


14


Combining Statement of Cash Flows Proprietary Funds


Cash flows from operating activities: Receipts from customers Payments to suppliers Payments to employees Other receipts

Net cash provided (used) by operafing activities

Cash flows from noncapital financing activities: Cash received from other funds Cash paid to other fijnds Transfers from ofiier fiands Transfers to other funds

Net cash provided (used) by noncapital

fmancing activities

Cash flows from capital and related fmancmg activities: Capital expenditures Proceeds from grants Ad valorem taxes Net decrease in meter deposits Principal paid on revenue bonds Principal paid on note Interest paid on debt instruments

Net cash provided (used) by capital and related financing activities

Cash flows from investing activities: Interest and other income

Net cash provided by investing activities

Net increase (decrease) in cash and cash equivalents

Cash and cash equivalents, beginning of period

Cash and cash equivalents, end of period

(61,171)

470

470

(47,680)

228,279

M: 188

3,129

271,812


$ 642,582 (182,598) (28,527) 33,459

464,916

.

(35,067)

(416,828)

(451,895)

(358,683) 349,867

-5,311 -

(57,666) -

: Activities Sewer System

$ 267,995 (157,603) (156,345)

653 (45,300)

(70,111) -

110,314 -

40,203

(73,091) 63,542

179,656 -

(132,631) -

(37,438)

Total Enterprise

Fund

$ 910,577 (340,201) (184,872)

34,112 419,616

(70,111) (35,067) 110,314

(416,828)

(411,692)

(431,774) 413,409 179,656

5,311 (132,631) (57,666) (37,438)

(61,133)

8,658

8,658

$ 180,599 $ 274,94

(44,551)

500,091

$ 455,540

(continued)

15


Combining Statement of Cash Flows Proprietary Funds (Continued)


Reconciliation of operating mcome (loss) to net cash provided by operating activities:

Operating income (loss) Adjustments to reconcile operating income (loss)

to net cash provided by operating activities: Depreciation Changes in current assets and liabilities;

(Increase) decrease in accounts receivable Decrease in prepaid items Decrease in accounts and other payables

Net cash provided (used) by operating activities

Business-Type Activities Total Water Sewer Enterprise System System Fund

116,144

$ 363,460 $(182,656) $180,804

164,398 280,542

57,777 (U918) 55,859 282 2,754 . 3,036

(64,570) (27,975) (92,545)

$ 464,916 $ (45,300) $419,616

Reconciliation of cash and cash equivalents per statement oif cash flows to the balance sheet: Cash and cash equivalents, beginning of period

Cash and cash equivalents - unrestricted Cash and cash equivalents - restricted

Total cash and cash equivalents, beginning of period

Cash and cash equivalents, end of period -Cash and cash equivalents - unrestricted Cash and cash equivalents - restricted

Total cash and cash equivalents, end of period

Net increase (decrease)

$ 154,190

74,089

228,279

99,976

80,623

180,599

$ (47,680)

$ 17,980

253,832

271,812

6,456

268,485

274,941

$ 3,129

$ 172,170

327,921

500,091

106,432

349,108

455,540

$ (44,551)


16


Notes to Basic Financial Statements

(1) Summary of Significant Accounting Policies

The accompanying fmancial statements of the City of Bunkie, Louisiana (City) have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to govemmental units. GAAP includes all relevant Govemmental Accounting Standards Board (GASB) pronouncements. In the govemment-wide fmancial statements and the fund fmancial statements for the proprietary fiinds, Financial Accounting Standards Board (FASB) pronouncements and Accounting Principles Board (APB) opinions on or before November 30, 1989, have been applied unless those pronouncements conflict with or contradict GASB pronouncements, in which case, GASB prevails. The accounting and reporting framework and the more significant accounting policies are discussed in subsequent subsections of this note.

A. Financial Reporting Entity

The City of Bunkie, Louisiana was incorporated under the provisions of Louisiana Law in 1885. The City is governed by its Mayor and a Board of Aldermen consisting of five members.

This report includes all funds that are controlled by or dependent on the City executive and legislative branches (the Mayor and Board of Aldermen). Control by or dependence on the City was determined on the basis of budget adoption, taxing authority, authority to issue debt, election or appointment of goveming body, and other general oversight responsibility.

B. Basis of Presentation

Government-Wide Financial Statements (GWFS)

The statement of net assets and statement of activities display information about the reporting govemment as a whole. They include all funds of the reporting entity. The statements distinguish between govemmental and business-type activities. Govemmental activities generally are financed through taxes, intergovemmental revenues, and other nonexchange revenues. Business-type activities are financed in whole or in part by fees charged to extemal parties for goods or services.

The statement of activities presents a comparison between direct expenses and program revenues for the business-type activities of the City and for each function of the City's govemmental activities. Direct expenses are those that are specifically associated with a program or fiinction and, therefore, are clearly identifiable to a particular function. Program revenues include (a) fees, fines, and charges paid by the recipients of goods or services offered by the programs, and (b) grants and confributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not classified as program revenues, including all taxes, are presented as general revenues.

17


Notes to Basic Financial Statements (Continued)

Fund Financial Statements

The accounts of the City are organized and operated on the basis of funds. A fund is an independent fiscal and accounting entity with a separate set of self-balancing accounts. Fund accounting segregates frauds accordmg to theh intended purpose and is used to aid management m demonstrating compliance with finance-related legal and contractual provisions. The minimum number of funds is maintained consistent with legal and managerial requirements.

The various funds of the City are classified into two categories: govemmental and business-type. The emphasis on fimd fmancial statements is on major govemmental and enterprise funds, each displayed in a separate column. A fimd is considered major if it is the primary operating fund of the City or meets the following criteria:

a. Total assets, liabilities, revenues, or expenditures/expenses of that mdividual govemmental or enterprise fiind are at least 10 percent of the corresponding total for all funds of that category or type; and

b. Total assets, liabilities, revenues, or expenditures/expenses of the individual govemmental or enterprise fund are at least 5 percent of the corresponding total for all govemmental and enterprise funds combined.

The major funds of the City are described below:

Govemmental Funds -

General Fund

The General Fund is the general operating fimd of the City. It is used to account for all financial resources except those requu-ed to be accounted for in another fimd.

Special Revenue Fund

Sales Tax Fund -

The Sales Tax Fund is used to account for the proceeds of a one percent sales and use tax tliat is legally restricted to expenditures for constructing, paving, resurfacing, improving and maintaining public streets, sidewalks, and bridges.

The Sales Tax Fund is used also to account for the proceeds of a one half percent sales and use tax that is dedicated and used for general operating purposes.

CITY OF BUNKIE, LOUISLANA


The Sales Tax Fund is used also to account for the proceeds of a one half percent sales and use tax that is legally restricted to expenditures for paying salaries and related benefits for the police department, fire department and other city employees.

Proprietary Funds -

Enterprise Funds

Enterprise fiinds are used to account for operations (a) that are financed and operated in a manner similar to private business enterprises - where the intent of the goveming body is that the costs (expenses, including depreciation) of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges; or (b) where the goveming body has decided that periodic determination of revenues eamed, expenses incurred, and/or net income is appropriate for capital maintenance, public policy, management control,. accountability, or other purposes. The City of Bunkie's enterprise fund is the Utility Fund.

C. Measurement Focus/Basis of Accounting

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.

Measurement Focus

On the govemment-wide statement of net assets and the statement of activities, both govemmental and business-type activities are presented using the economic resources measurement focus as defined in item b. below.

In the fiind financial statements, the "current financial resources" measurement focus or the "economic resources" measurement focus is used as appropriate:

a. All govemmental fimds utilize a "current financial resources" measurement focus. Only current financial assets and liabilities are generally included on their balance sheets. Their operating statements present sources and uses of available spendable financial resources during a given period. These funds use fimd balance as their measure of available spendable financial resources at the end of the period.

19



b. The proprietary fund utilizes an "economic resources" measurement focus. The accounting objectives of this measurement focus are the determination of operating income, changes in net assets (or cost recovery), financial position, and cash flows. All assets and liabilities (whether current or noncurrent) associated with their activities are reported. Proprietary fiind equity is classified as net assets.

Basis of Accounting

In the govemment-wide statement of net assets and statement of activities, both govemmental and business-type activities are presented using the accrual basis of accounting. Under the accrual basis of accounting, revenues are recognized when eamed and expenses are recorded when the liability is incurred or economic asset used. Revenues, expenses, gains, losses, assets, and liabilities resulting from exchange and exchange-like transactions are recognized when the exchange takes place.

Govemmental fimd financial statements are reported using the current fmancial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the govemment considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures (including capital outlay) generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures are recorded only when payment is due.

The proprietary fimd utilizes the accrual basis of accountmg. Under the accmal basis of accounting, revenues are recognized when eamed and expenses are recorded when the liability is incurred or economic asset used.

D. Assets, Liabilities and Equitv

Cash and interest-bearing deposits

For purposes of the statement of net assets, cash and interest-bearing deposits include all demand accounts, savings accounts, and certificates of deposits of the City.

20

•?./



For the purpose of the proprietary fund statement of cash flows, "cash and cash equivalents" mclude all demand and savings accounts, and certificates of deposit with an original maturity of three months or less.

Interfund receivables and payables

Durmg the course of operations, numerous transactions occur between individual funds that may result in amounts owed between frinds. Those related to goods and services type transactions are classified as "due to and from other fiinds." Short-term interfiind loans are reported as "interfiind receivables and payables."

Long-term mterfiind loans (noncurrent portion) are reported as "advances fi'om and to other funds." Interfund receivables and payables between funds within govemmental activities are eliminated in the statement of net assets.

Receivables

In the govemment-wide statements, receivables consist of all revenues eamed at year-end and not yet received. Major receivable balances for the govemmental activities include sales and use taxes. Business-type activities report customer's utility service receivables as their major receivables. Uncollectible utility service receivables are recognized as bad debts through the establishment of an allowance account at the time information becomes available which would indicate the uncollectibility of the particular receivable. The allowance for uncollectibles for customers' utility receivables was $7,000 and $7,000 at June 30, 2010 and 2009, respectively. Unbilled utility service receivables resulting from utility services rendered between the date of meter reading and billing and the end of the month, are recorded at year-end.

Inventories

Purchases of various operating supplies are regarded as expenditures at the time purchased and are valued at cost. Inventories are adjusted at year-end. The first in first out method of inventory valuation is used.

Capital Assets

Capital assets, which include property, plant, equipment, and infrastmcture assets, are reported in the applicable govemmental or business-type activities columns hi the govemment-wide fmancial 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 fau- market value at the date of donation. The City maintains a threshold level of $1,000 or more for capitalizing capital assets.

The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend assets lives are not capitalized. Prior to July 1, 2001, govemmental funds' infrastructure assets were not capitalized.

21



Depreciation of all exhaustible capital assets is recorded as an allocated expense in the statement of activities, with accumulated depreciation reflected in the statement of net assets. Depreciation is provided over the assets' estimated useful lives using the straight-line method of depreciation. The range of estimated useful lives by type of asset is as follows:

Buildings 40 years Equipment 5 years Utility system and improvements 20-40 years Infrastructure 20 years

In the fiind financial statements, capital assets used m govemmental fiind operations are accounted for as capital outlay expenditures of the govemmental fiind upon acquisition. Capital assets used in proprietary fund operations are accounted for the same as in the govemment-wide statements.

Restricted Assets

Restricted assets include cash and interest-bearing deposits of the proprietary fimd that are legally restricted as to their use. The restricted assets are related to the general obligation bond accounts and utility meter deposits.

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 govemment-wide or fiind fmancial statements.

All long-term debt to be repaid from govemmental and business-type resources are reported as liabilities in the govemment-wide statements. The long-term debt consists primarily of the general obligation bonds payable and utility meter deposits payable.

Long-term debt for govemmental funds is not reported as liabilities in the fund fmancial statements. The debt proceeds are reported as other financing sources and payment of principal and interest reported as expenditures. The accounting for proprietary fund long-term debt is the same in the fimd statements as it is in the govemment-wide statements.

Compensated Absences

The City does not accumulate unpaid vacation. Sick pay may be accumulated not to exceed 30 days, however it is not payable upon resignation or termination. Therefore, there is no compensated absences payable at June 30, 2010.

22



Equity Classifications

In the govemment-wide statements, equity is classified as net assets and displayed in three components:

a. Invested in capital assets, net of related debt - Consists of capital assets including restricted capital assets, net of accumulated depreciation and reduced by the outstanding balances of any bonds, mortgages, notes, or other borrowings that are attributable to the acquisition, constmction, or improvement of those assets.

b. Restricted net assets - Consists of net assets with constraints placed on the use either by (1) extemal groups such as creditors, grantors, contributors, or laws or regulations of other govemments; or (2) law through constitutional provisions or enabling legislation.

c. Unrestricted net assets - All other net assets that do not meet the definition of "restricted" or "invested in capital assets, net of related debt."

In the fimd statements, govemmental fimd equity is classified as fiind balance. Fund balance is further classified as reserved and unreserved, with unreserved further split between designated and undesignated. Proprietary fund equity is classified the same as in the govemment-wide statements.

Revenues, Expenditures, and Expenses

Operating Revenues and Expenses

Operating revenues and expenses for proprietary fiinds are those that result from providing services and producing and delivering goods and/or services. It also includes all revenue and expenses not related to capital and related financing, noncapital financing, or investing activities.

Expenditures/Expenses

In the govemment-wide financial statements, expenses are classified by function for both govemmental and business-type activities.

23

CITY OF BUNKIE, LOUISLVNA


In the fimd financial statements, expenditures are classified as follows:

Govemmental Funds - By Character Proprietary Fund - By Operating and Nonoperating

In the fiind fmancial statements, govemmental fiinds report expenditures of financial resources. Proprietary funds report expenses relating to use of economic resources.

Interfund Transfers

Permanent reallocations of resources between fiinds of the reporting entity are classified as interfund transfers. For the purposes of the statement of activities, all interfund transfers between individual govemmental funds have been eliminated.

F. Revenue Restrictions

Restricted assets represent resources that must be expended in a specific manner. Restrictions of this nature are imposed by various contractual obligations including grant agreements and bond covenants. Whenever restricted assets can be used to satisfy an obligation, the restricted assets are typically consumed before utilizing any unrestricted resources.

G. Budget and Budgetarv Accounting

The City Charter establishes the fiscal year as the twelve-month period beginning July 1. The procedures detailed below are followed in establishing the budgetary data reflected in the financial statements.

The Mayor and City Clerk prepare a proposed budget based on an estimate of the revenues expected to be received in the next fiscal year and submits the proposal to the Board of Aldermen. A summary of the proposed Budget is published and the public is notified that the proposed budget is available for public inspection. At the same time, a public hearing is set.

A public hearing is held on the proposed budget at least ten days after publication of the call for the hearing. After the holding of the public hearing and completion of all action necessary to finalize and implement the budget, the budget is adopted through passage of an ordinance prior to the commencement of the fiscal year for which the budget is being adopted.

24

CITY OF BUNKIE, LOUISLWA


As required by state law, the budgets are amended whenever projected revenue fails to meet origmal expectations or when projected expenditures exceed original expectations. Budgetary amounts are presented as amended and all budgetary appropriations lapse at the end of the fiscal year.

H. Capitalization of Interest Expense

It is the policy of the City of Bunkie to capitalize material amounts of interest resulting from borrowings in the course of the constmction of capital assets in the Proprietary Fund. At June 30, 2010, there were no borrowings for assets under constmction and no capitalized interest expense was recorded on the books.

I. Use of Estimates

The preparation of fmancial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the fmancial statements and the reported amounts of revenues and expenditures during the reporting period. Actual results could differ from those estimates.

(2) Restatement of Net Assets - June 30, 2009

Grant revenues in the Sewer fund were overstated in June 30, 2009. A grant receivable was recorded in the fiscal year ending June 30, 2008. In the fiscal year ending June 30, 2009 the grant revenues were received and the grant receivable should have been reversed. The grant receivable remained on the sewer funds financial statement for the fiscal year ending June 30, 2009 and was not reversed until the fiscal year ending June 30, 2010. The effect of this error overstated beginning net assets at June 30, 2009 by $103,030 as follows:

Total net assets as previously reported - June 30, 2009 $3,560,574

Grant receivable incorrectly recorded as of June 30, 2009 $ 103,030 Actual grant receivable as of June 30, 2009 -

Adjustment to correct overstatement of grant receivable (103,030)

Total net assets as restated - June 30, 2009 $3,457,544

25



(3) Ad Valorem Taxes

Ad valorem taxes are assessed on a calendar year basis and are due on or before December 31 in the year the tax is levied. Ad valorem taxes attach as an enforceable lien on property as of January 1 of each year. Taxes are levied by the City in September or October and are actually billed to taxpayers m November or December. Billed taxes become delmquent on January 1 of the following year. The City bills and collects its own property taxes using the assessed values determined by the tax assessor of Avoyelles Parish. City property tax revenues are budgeted in the year billed.

For the year ended June 30, 2010, taxes of a total of 19.24 mills, consisting of 5.49 mills for general corporate purposes and 13.75 mills for the payment of general obligation bonds, were levied on property with assessed valuations totaling $13,539,085.

Total taxes levied were $260,492. Taxes receivable at June 30, 2010 was $1,344 which was current.

(4) Cash and Interest-Bearing Deposits

Under state law, the City may deposit funds within a fiscal agent bank organized under the laws of the State of Louisiana, the laws of any other state in the Union, or the laws of the United States. The City may invest in certificates and time deposits of the state banks organized under Louisiana law and national banks having principal offices in Louisiana. At June 30, 2010, the City had cash and interest-bearing deposits (book balances) totaling $1,439,480 as follows:

Cash $ 1,167,152 Interest bearing deposits 272,328

Total $ 1,439,480

Custodial credit risk for deposits is the risk that in the event of the failure of a depository financial institution, the City's deposits may not be recovered or will not be able to recover collateral securities that are in the possession of an outside party. The City does not have a policy for custodial credit risk, however, under state law, these deposits, (or resulting bank balances) must be secured by federal deposit insurance or similar federal security of 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 bank. 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. Deposit balances (bank balances) at June 30, 2010 are secured as follows:

Bank balances $1,506,929

Federal deposit insurance 871,587 Pledged securities 635,342

Total $1,506,929

26



(5) Receivables

Receivables at June 30, 2010 of $393,078 consist of the following:

Accounts receivable Charges for services Taxes:

Ad valorem taxes Franchise taxes Sales Taxes

Interest Other

Total accounts receivable

Due from other govemmental agencies Grants Fire Insurance 2% Fire Rebate Video Poker Beer Tax Other

Total due from other govemmental agencies

Total receivables

Less: allowance for uncollectibles

Receivables, net of allowance

Govemmental Activities

$ -

417 34,588 71,616

178 25,059

131,858

21,106 72,874 21,981

2,342 3,021

18,556

139,880

271,738

_

$271,738

Business-Type Activities

$ 107,278

927 ----

108,205

20,135 -----

20,135

128,340

(7,000)

$ 121,340

(6) Restricted Assets - Proprietary Fund Type

Restricted assets in the amount of $349,108 at June 30, 2010 consisted of the following:

Customer Utility Deposits

General Obligation Bond Fund

Water

System

$ 80,623

$ 80,623

Sewer

System

$

268,485

$ 268,485

Total

$ 80,623

268,485

$ 349,108

27



(7) Capital Assets

Capital asset activity for the year ended June 30, 2010 was as follows:

Govemmental activities: Capital assets not being depreciated:

Land Other capital assets:

Buildings and improvement Equipment, fiimiture and fixtures Infi^tructure

Totals

Less accumulated depreciation Buildings Equipment, fiimiture and fixtures Infrastmcture

Total accumulated depreciation

Govemmental activities, capital assets, net

Business-type activities: Capital assets not being depreciated;

Land and rights of way Utility construction in process

Other capital assets: Waterworks system Sewer treatment plan Sewer Collection system Utility equipment

Vehicles

Totals

Less accumulated depreciation Waterworks system Sewer treatment plan Sewer Collection system Utility equipment Vehicles

Total accumulated depreciation

Business-type activities, capital assets, net

Balance 07/01/09

$ 673,204

Additions Deletions Balance 06/30/10

$ 673,204

3,112,249 812,925 280,940

4,879,318

845,111 427,646 27,906

1,300,663

$ 3,578,655

$ 45,546

-

4,166,495 4,303,570 1,826,158

38,287

66,281

10,446,337

2,009,597 1,355,893 550,505 35,311 66,280

4,017,586

$ 6,428,751

27,669 500,338

-

528,007

79,030 97,381 7,022

183,433

$ 344,574

$ 349,867

8,816 38,093 -

35,989

-

432,765

116,144 110,574 48,341 5,483 -

280,542

$ 152,223

-52,856 -

52,856

_

36,587 -

36,587

$ 16,269

$ -

2,318 --

29,663

-

31,981

2,318 --

28,672 -

30,990

$ 991

3,139,918 1,260,407 280,940

5,354,469

924,141 488,440 34,928

1,447,509

$ 3,906,960

$ 45,546 349,867

4,172,993 4,341,663 1,826,158

44,613

66,281

10,847,121

2,123,423 1,466,467 598,846 12,122 66,280

4,267,138

$ 6,579,983

28



Depreciation expense was charged to govemmental activities as follows:

Finance and admmistrative Judicial Fire protection Police protection Streets Airport Culture and recreation

Total depreciation expense

$ 3,884 2,656

21,882 39,977 44,837

365 69,832

$ 183,433

Depreciation expense was charged to business-type activities as follows:

Water Sewer

Total depreciation expense

$116,144 164,398

$280,542

(8) Changes in Long-Term Debt

The following is a summary of long-temi debt transactions of the City for the year ended June 30, 2010:

General obligation bonds Deferred bond issue costs Capital leases Note payable

Total obligations

Due within one year Due in more than one year

Total obligations

Governmental Activities

$ -

270,992 -

$ 270,992

58,246 212,746

$ 270,992

Business-type Activities

$ 825,000 (6,996)

-115,334

$ 933,338

195,553 737,785

$ 933,338

Total $ 825,000

(6,996) 270,992 115,334

$1,204,330

253,799 950,531

$1,204,330

29



Long-term debt activity for the year ended June 30, 2010 is presented as follows:

Govemmental activities Capital lease - Government Capital Capital lease - John Deere Capital lease - Republic First Nat'l

Business-type activities General obligation bonds Deferred bond issue costs Note payable

Total long-term debt

Beginning Balance

$ 49,051 8,713 -

960,000 (9,365)

173,000

$1,181,399

Additions

$ -

295,928

---

$ 295,928

Reductions

$ 23,987 8,713

50,000

135,000 (2,369) 57,666

272,997

Ending Balance

$ 25,064 -

245,928

825,000 (6,996)

115,334

1,204,330

General Obligation Bonds and Note Payable

Amounts outstanding at year end consist of General Obligation Refiindmg Bonds, Series 2004 and a note payable to USCI for water tower maintenance. Portions of the bond issue mature each year with the final mstallment Due March 1, 2016. Amounts maturing each year range from $105,000 to $150,000 with interest rates ranging from 0.1% to 5.0%. The note payable to UCSI for water tower maintenance is a non-interest bearing note. The bonds and the note are scheduled to mature as follows:

Year Ended June 30th

2011 2012 2013 2014 2015

2016-2017 Total

General Obi:

Principal

$ 140,000 145,000 150,000 145,000 140,000 105,000

$ 825,000

igation Bonds

$

$_

Interest

17,031 30,212 25,138 19,138 12,250 5,250

109,019

Bond Issue Cost

Principal

$ 2,114 1,802 1,418

980 524 158

6,996

Note Payable

Principal

$ 57,667 57,667

----

$ 115,334

30



Capital Lease Obligations

Capital lease obligations outstanding at year end consist of an agreement dated December 10, 2003, executed in exchange for a new fire tmck with an original cost of $154,401, bearing interest at a rate of 4.5% payable in seven (7) annual installments of $26,188 beginning September 1, 2004 and ending September 1, 2010. The City entered into a capital lease with John Deere Credit Company dated July 17, 2006 for a mini excavator with an original cost of $37,930, bearing interest at a rate of 5.75%, payable in five (5) annual installments of $8,713 beginning July 17 2006 and ending July 17, 2010. The City entered into a capital lease agreement with Republic Fhst National Corporation dated May 26, 2010 for a fire truck with an original cost of $295,928, bearing interest at a rate of 5%, payable in seven (7) annual instalhnents of $42,493 beginning February 1, 2011 and ending Febmary 1, 2017. Future minimum lease payments under these capital lease arrangements are presented as follows:

Year Ended June 30th

2011 2012 2013 2014 2015

2016-2017 Total

Fire Truck -Principal

$ 25,064 -

--

--

$ 25,064

Mini Pumper Interest

$ 1,124 -

--

--

$ 1,124

Fire Tmck Principal

$ 33,182 30,940 32,621 34,392 36,260 78,533

245,928

Interest

$ 9,311 11,553 9,873 8,101 6,234 6,452

51,524

(9) Employee Retirement

All employees are members of one of the following retirement systems:

Federal Social Security System Municipal Employees' Retirement System of Louisiana

Municipal Police Employees' Retirement System of Louisiana

Pertinent information relative to each plan follows:

A) Federal Social Security System All employees of the City of Bunkie are members of the Federal Social

Security System. The City and its employees contribute a percentage of each employee's salary to the System (7.65% contributed by the City; 7.65%) by the employee). Total covered wages for the years ended June 30, 2010, 2009 and 2008, totaled $1,139,262, $1,162,912 and $1,030,932, respectively. The City's contribution during the years ended June 30, 2010, 2009, and 2008 amounted to $27,492, $24,799 and $21,963, respectively.



B) Municipal Employees' Retu-ement System of Louisiana System

Eligible employees of the City participate in the Municipal Employees' Retirement System, which is a cost-sharing, multiple-employer defined benefit public employee retirement system. The plan is controlled and admmistered by a separate board of tmstees. Pertinent information relative to the plan follows:

Plan Description - The System is composed of two distinct plans. Plan A and Plan B, with separate assets and benefit provisions. All employees of the municipality are members of Plan A.

All permanent employees working at least 35 hours per week who are not covered by another pension plan and are paid wholly or in part from municipal fiinds and all elected municipal officials are eligible to participate in the System. Under Plan A, employees who retire at or after age 60 with at least 10 years of creditable service at or after age 55 with at least 25 years of creditable service are entitled to a retirement benefit, payable monthly for life, equal to 3%) of their final-average monthly salary for each year of creditable service. Final-average salary is the employee's average salary over the 36 consecutive or joined months that produce the highest average. Employees who terminate with at least the amount of creditable service stated above, and do not withdraw their employee contributions, may rethe at the ages specified above, and do not withdraw their employee contributions, may retire at the ages specified above, and receive the benefit accmed to their date of termination. The system also provides death and disability benefits. Benefits are established by state statute. The City's contributions to the system were equal to the required contributions for the year.

The system issues an annual publicly available financial report that mcludes fmancial statements and required supplementary information for the System. That report may be obtained by writing to the Municipal Employees' Retirement System of Louisiana, 7937 Office Park Boulevard, Baton Rouge, Louisiana 70809.

Funding policy - Under Plan A, members are required by state to confribute 925% of thefr annual covered salary and the City is required to contribute at an actuarially determined rate. The current rate is 13.5%). Contributions to the System also mclude one-fourth of \% (except Orleans and East Baton Rouge paiishes) of the taxes shown to be collectible by the tax rolls of each parish. These tax dollars are divided between Plan A and Plan B based proportionately on the salaries of the active members of each plan. The contribution requirements of plan members and the City are estabUshed and may be amended by state statute. As provided by R.S. 11:103, the employer contributions are determined by actuarial valuation and are subject to change each year based on the results of the valuation for the prior fiscal year. The City's contributions to the System under Plan A for the years ending June 30, 2010, 2009 and 2008 were $90,628, $88,553, and $83,433 respectively, equal to the required contributions for each year.

32



C) Municipal Police Employees' Retirement System of Louisiana TSvstem)

Eligible employees of the City participate in the Municipal Police Employees' Retirement System, which is a cost-sharing, multiple-employer defmed benefit public employee retirement system. The plan is controlled and administered by a separate board of trustees. Pertinent information relative to the plan follows:

Plan description - All full-time police department employees engaged in law enforcement are required to participate in the System. Employees who retire at or after age 50 with at least 20 years of creditable service or at or after age 55 with at least 12 years of creditable service are entitled to a retirement benefit, payable monthly for life, equal to 3 1/3%) of their final-average salary for each year of creditable service. Final-average salary is the employee's average salary over the 36 consecutive or jomed months that produce the highest average. Employees who terminate with at least the amount of creditable service stated above, and do not withdraw their employee contributions, may retire at the ages specified above and receive the benefit accrued to their date of termination. The System also provides death and disability benefits. Benefits are established or amended by state statute.

The System issues an annual publicly available fmancial report that includes fmancial statements and requked supplementary information for the System. That report may be obtained by writing to the Municipal Police Employees' Retu-ement System, 8401 United Plaza Boulevard, Room 270, Baton Rouge, Louisiana 70809-7017.

Funding Policy - Plan members are required by state statute to contribute 7.5%) of their annual covered salary and the City is required to contribute at an actuarially determined rate. The current rate is 11.0%o of annual covered payroll. The contribution requirements of plan members and the City are established and may be amended by state statute. As provided by R.S. 11:103, the employer contributions are determined by actuarial valuation and are subject to change each year based on the results of the valuation for the prior fiscal year. The contributions to the System for the years ending June 2010, 2009 and 2008 were $26,267, $25,716, and $32,851, respectively, equal to the required contributions for each year.

(10) Litigation and Claims

At June 30, 2010, the City was not involved in any lawsuits claiming damages.

33

CITY OF BUNKIE, LOUISUNA


(11) Compensation of City Officials

A detail of compensation paid to the Mayor and Board of Aldermen for the year ended June 30. 2010 follows:

Gerard Moreau, Mayor

Aldermen: Travis Armand Lemuel Bassette Bruce Coulon Charles Descant Albert Kelley

$24,960

4,200

4,200

4,200

4,200

4,200

$45,960

(12) Risk Management

The City is exposed to risks of loss in the areas of torts, theft of, damage to and destruction of assets; errors and omissions; injuries to employees; and natural disasters. These risks of loss are covered by participation in a public entity risk pool that operates as a common insurance program and by acquiring commercial insurance coverage. Claims resulting from these risks have historically not exceeded insurance coverage.

(13) Interfund Transactions

A. Receivables and Payables

Interfund receivables and payables consisted of the following at June 30, 2010:

Major governmental funds: General Fund Water System Fund Sewer System Fund Sales Tax Fund

Government-Wide Balances

Interfund Receivables

Interfund Payables

$ 55,828

104 -

40,000

$ 95,932

$

$_

-

95,908

24

95,932

34

CITY OF BUNKIE, LOUISLWA


B. Transfers

Transfers consisted of the following at June 30, 2010:

Major governmental funds: General Fund ^Yater System Fund Sewer System Fund Sales Tax Fund

Nonmajor Fund:

Capital Outlay Industrial Park

Govemment-Wide Balances

Transfers In

$ 766,946 -

14,511 -

.

$ 781,457

Transfers Out

$ 416,828

-

363,854

775

$ 781,457

Transfers are used to (a) move revenues from the fiind that statute or budget requires to collect them to the fiind that statute or budget requires to expend them and to (b) use unrestricted revenues collected in the general fund to finance various programs accounted for in other funds in accordance with budgetary authorizations.

(14) Post Retirement Health Care and Life Insurance Benefits

From an accrual accounting perspective, the cost of postemployment healthcare benefits should be associated with the periods in which the cost occurs, rather than in the future year when it will be paid. In adopting the requirements of GASB Statement No. 45 during the year ended June 30, 2009 the City began to recognize the cost of postemployment healthcare in the year when employee services are received, to report the accumulated liability from prior years, and to provide information useful in assessing potential demands on the City's fiiture cash flows. Because the City adopted the requirements of GASB Statement No. 45 prospectively, recognition of the liability accumulated from prior years will be phased in over 30 years, commencing with the 2010 liability.

Plan Description: Continuing health care benefits are provided for those retired employees who have reached the normal retirement age while employed by the City. The plan is a multiple-employer defined benefit health care plan administered by Risk Management through Louisiana Municipal Association. The Mayor and Council have the authority to establish and amend the benefit provisions of the plan. The plan does not issue a pubhcly available financial report.

Funding Policy: The benefits for retirees and similar benefits for active employees are provided through Blue Cross with the monthly premiums being paid solely by the City. Tlie City recognizes the cost as expenditure when paid during the year. The benefits are financed on a pay-as-you-go basis.

Annual OPEB Cost: The City's annual other postemployment benefit (OPEB) cost is calculated based on the annual required contribution of the employer (ARC), an amount actuarially detemiined in accordance with the parameters of GASB Statement 45. The ARC represents a level of funding that, if paid on an ongoing basis, is projected to cover normal cost each year and amortize any unfiinded actuarial

35



liabilities over a period not to exceed thirty years. The City utilizes the level-dollar amortization method to amortize the unfunded actuarial accmed liability.

The following table shows the components of the City's annual OPEB cost for the year, the amount actually contributed to the plan, and changes in the district's net OPEB obligation:

Annual required contribution $ 59,340

Interest on net OPEB obligation

Adjustment to annual required contribution -

Annual OPEB cost (expense) 59,340

Contributions made (32,168)

Increase in net OPEB obligation 27,172

Net OPEB obligation - beginning of year -

Net OPEB obligation - end of year $ 27,172

The City's annual OPEB cost, the percentage of annual OPEB cost contributed to the plan, and the net OPEB obligation for 2010 is as follows:

Fiscal Annual Percentage of Year OPEB Annual OPEB Net OPEB

Ended Cost Cost Contributed Obligation

6/30/2010 $ 59,340 54.2% $ 27,172

Fiscal year 2010 was the year of implementation of GASB Statement No. 45 and the City elected to implement prospectively. Therefore, prior year comparative data is not available. In future years, three-year trend information will be presented.

Funded Status and Funding Progress: The fiinded status of the plan as of June 30, 2010, was as follows:

Actuarial accrued liability (AAL) $ 647,912 Actuarial valuation of plan assets -

Unfiinded actuarial accrued liability (UAAL) $ 647,912

Funded ratio (actuarial value of plan assets/AAL) 0%

Actuarial valuations for an ongoing plan involve estimates of the value of reported amounts and assumptions about the probability of occurrence of events far into the future. Actuarially determined

36



amounts are subject to continuous revision as actual results are compared to past expectations and new estimates about the future are formulated. Although the valuation results are based on values which the City's actuarial consultant believes are reasonable assumptions, the valuation results reflect a long-term perspective and, as such, are merely an estimate of what fiiture costs may actually be. Deviations in any of several factors, such as fiiture interest rates, medical cost inflation, Medicare coverage, and changes in marital status, could resuh in actual costs being less or greater than estimated.

The schedule of fiindmg progress mcluded in required supplementary information following the notes to the financial statements presents multi-year trend information that shows whether the actuarial value of plan assets is increasing or decreasing over time relative to the actuarial accmed liabilities for benefits. Because 2010 was the year of implementation of GASB Statement No. 45, and the City elected to apply the statement prospectively, only one year is presented in the schedule at this time.

Actuarial Methods and Assumptions: Projections of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the employer and plan members) and include the types of benefits provided at the time of each valuation and the historical pattem of sharing of benefit costs between the employer and plan members to that point. The actuarial methods and assumptions used include techniques that are designed to reduce short-term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculations.

In the July 1, 2009 actuarial valuation, the projected unit credit actuarial cost method was used. The significant actuarial assumptions used in the valuation of the plan are as follows:

1. Investment return of 4.0%o per annum, compounded annually.

2. Retirement Rates

Rate

Age Male Female 41-59 6.0% 6.0% 60-65 14.0% 14.0%

3. 40%o of employees who elect coverage while in active employment and who are eligible for retiree medical benefits are assumed to elect continued medical coverage in retirement. Active employees with life insurance coverage are assumed to elect retiree life coverage

4. 80%o of members electing coverage are assumed to also elect coverage for a spouse.

5. Medical Inflation

37



Year Trend 2009 2010 2011

2012-2015 2016-2019 2020-2025 2026-2031 2032-2033

2034 2035-2036 2037-2038 2039-2041 2042-2046 2047-2053 2054-2062 2063-2075

2076 2077-2078 2079-2084

2085+

6.50% 6.60% 6.20% 6.10% 6.00% 5.90% 5.80% 5.70% 5.60% 5.50% 5.40% 5.30% 5.20% 5.10% 5.00% 4.90% 4.80% 4.70% 4.60% 4.50%

Dental Inflation

Year Trend 2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

5.80% 5.67% 5.53% 5.40% 5.26% 5.13% 4.99% 4.86% 4.72% 4.59% 4.45% 4.32% 4.18%

38



7. It is assumed that 100%o of active employees who currently elect life insurance will continue upon retirement.

(15) Subsequent Events Review

The City has evaluated subsequent events through October 23, 2010, the date which the financial statements were available to be issued.

39

REQUIRED SUPPLEMENTARY EVFORMATION

40

CITY OF BUNKIE, LOUISIANA General Fund

Statement of Revenues, Expenditures and changes in Fund Balance Budget and Actual


Budget Original Final Actual

Variance with Final Budget

Positive (Negative)

Revenues: Taxes -

Ad valorem Sales Other

Licenses and permits Intergovernmental Utility franchise agreements Other

Total revenues

$ 83,310

528,600

15,000

162,500

292,150

251,600

93,800

1,426,960

$ 80,840

417,200

15,354

180,558

567,638

241,572

62,455

1,565,617

$ 80,836

427,494

15,354

194,344

542,090

195,108

107,191

1,562,417

(4) 10,294

-13,786

(25,548)

(46,464)

44,736

(3,200)

Expenditures; General govemment -

Finance and administrative Judicial

Public safety -Fire protection Police protection Animal control Haas evacuation center

Public works -Streets Airport Drivers license office

Culture and recreation Health and welfare Capital expenditures Debt service

Total expenditures Deficiency of revenues

over expenditures Other financing sources:

Operation transfers in Proceeds from the sale of capital assets Proceeds from capital leases

Total other financing sources Net change in fund balances

Fund balance, beginning

Fund balance, ending

496,396

62,787

398,681

686,869

7,230

20,000

454,779 15,105 28,302 45,858 25,184 18,899

26,000

2,286,090

(859,130)

836,378

836,378

(22,752)

770,250

$ 747,498

508,525

62,891

400,691

719,526

10,663

67,970

416,190

7,235

40,472

48,714

25,270

446,534

76,188

2,830,869

(1,265,252)

643,200

34,344

295,928

973,472

(291,780)

770,250

$ 478,470

505,855

63,533

392,216

801,803

10,398

13,525

434,867 17,277 18,889 45,176

23,324

451,669

73,988

2,852,520

(1,290,103)

671,143

28,038

295,928

995,109

(294,994)

770,250

$ 475,256

2,670

(642)

8,475

(82,277)

265

54,445

(18,677)

(10,042)

21,583

3,538

1,946

(5,135)

2,200

(21,651)

(24,851)

27,943

(6,306)

21,637

(3,214)

_

$ (3,214)

41

CITY OF BUNKIE, LOUISIANA Sales Tax Fund

Statement of Revenues, Expenditures and Changes in Fund Balance Budget and Actual


Budget Original Final Actual

Variance with Final Budget

Positive (Negative)

evenues: Taxes -

Sales Other

Total revenues

xpenditures: General govemment -

Finance and administrative Capital expenditures Debt service

Total expenditures

$ 493,051 25,000

518,051

64,222 600,000

-

664,222

$ 412,433 12,173

424,606

66,458 76,338

8,712

151,508

$ 427,494 12,060

439,554

67,537 76,338

8,712

152,587

5,061 JIU)

14,948

(1,079)

(1,079)

Excess (deficiency) of revenues over expenditures

Other fmancing uses: Operating transfers out

Net change in fimd balances

Fund balances, begiiming

(146,171)

(463,898)

(610,069)

787,682

273,098

(366,003)

(92,905)

787,682

286,967

(363,854)

(76,887)

787,682

3,869

2.149

16,018

Fund balances, ending 177,613 694,777 $ 710,795 $ 16,018

42


Schedule of Funding Progress For the Year Ended June 30, 2010

Acmarial Valuation

Date

N/A N/A

July 1,2009

Actuarial Value of

Assets

N/A N/A

$ -

Actuarial Accrued

Liabilities (AAL)

N/A N/A

$ 647,912

Unfiinded Actuarial Accrued

Liabilities (UAAL)

N/A N/A

$ 647,912

Funded Ratio

•N/A N/A 0.0%

43

OTHER SUPPLEMENTARY EVFORMATION

44

CITY OF BUNKIE, LOUISLVNA Nonmajor Govemmental Fund

Statement of Revenues, Expenditures and Changes in Fund Balance Year Ended June 30, 2010

Industrial Park Grant

Fund

Revenues $

Expenditures -

Excess of revenues over expenditures

Other financing uses: Operating transfer out (775)

Net change in fund balance (775)

Fund balance, beginning 775

Fund balance, ending $

45

CITY OF BUNKIE, LOUISLVNA Enterprise Fund

Utility Fund

Schedule of Number of Utility Customers (Unaudited)

June 30, 2010

Records maintained by the City indicated the following number of customers were being serviced during the months of June, 2010 and June 2009:

Department 2010 2009 Water: Commercial Residential

Total

Sewerage: Commercial Residential

Total

275 1,637

1,912

232 1,575

1,807

273 1,650

1,923

233 1,584

1,817

46

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INTERNAL CONTROL

AND

COMPLIANCE

48

C- Burton Kolder, CPA* Russell F, Champagne, CPA* Victor R. Slaven, CPA* P. Troy Courville, CPA* Gerald A ThibodeauK, Jr.,CPA* Robert S Carter, CPA* Arthur R. Mixon, CPA'

KOLDER, CHAMPAGNE, SLAVEN & COMPANY, LLC

Tynes E. Mixon, Jr.. CPA Allen J. LaBry. CPA Albert R. Leger, CPA,PFS,CSA* Penny Angelle Scruggms, CPA Christine L. Cousin. CPA Mary T. Thlbodeaux, CPA Marshall W. Guidry, CPA Alan M Taylor, CPA James R Roy, CPA Robert J Metz, CPA Kelly M Doucet, CPA Cheryl L, Bartley, CPA Mandy B Self, CPA Paul L Delcambre, Jr CPA Wanda F. Arcement, CPA. CVA Kristin B Dauzat CPA Richard R, Anderson Sr„ CPA Carolyn C. Anderson, CPA

Retired Conrad 0. Chapman, CPA* 2006 Hany J. Clostio, CPA 2007

' A Professional Accountinfl Corporation

CERTIFIED PUBLIC ACCOUNTANTS

OFFICES

REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE

AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN

ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS

183 South Beadle Rd Lafayette, LA 70508 Phone (337)232-4141 Fax {337) 232-8660

113 East Bridge St Breaux Bndge, LA 70517 Phone (337) 332-4020 Fax (337) 332-2867

1234 David Dr Ste 203 Morgan City. LA 70380 Phone (985) 384-2020 Fax (985) 384-3020

408 West Cotton Street Ville Platle, LA 70586 Phone (337) 363-2792 Fax (337) 363-3049

332 West Sixth Avenue Oberiin, LA 70655 Phone (337) 639-4737 Fax (337) 63&-4568

450 East Main Street New Ibena, LA 7O560

Phone (337) 367-9204 Fax (337) 367-9203

200 South Main Street Abbevilla. LA 70510

Phone (337) 893-7944 Fax (337) 893-7946

1013 Main Street Franklin, LA 70536

Phone (337) 828-0272 Fax (337) 828-0290

133 East WaddilSL Mari(svltleLA71351

Phone (318) 253-9252 Fax {318) 253-8681

621 Main Street Pineville, LA 71360

Phone (316) 442-4421 Fax (318) 442-9633

WEBSITE WWW.KCSRCPAS.COM

The Honorable Mike Robertson, Mayor and Members of the Board of Aldermen

Bunkie, Louisiana

We have audited the financial statements of the govemmental activities, the business-type activities, each major fund and the aggregate remaining fund information of the City of Bunkie, Louisiana (the City) as of and for the year ended June 30, 2010, which collectively comprise the City's basic fmancial statements and have issued our report thereon dated October 23, 2010. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to fmancial audits contained in Govemment Auditing Standards, issued by the Comptroller General of the United States.

Intemal Control Over Fmancial Reporting

In planning and performing our audit, we considered the City's intemal control over fmancial reporting as a basis for designing our auditing procedures for the purpose of expressing our opinions on the fmancial statements, but not for the purpose of expressing an opinion on the effectiveness of the City's intemal control over fmancial reporting. Accordingly, we do not express an opinion on the effectiveness of the City's intemal control over fmancial reporting.

Our consideration of intemal control over fmancial reporting was for the limited purpose described in the preceding paragraph and would not necessarily identify all deficiencies in intemal control over fmancial reporting that might be significant deficiencies or material weaknesses and therefore, there can be no assurance that all deficiencies, significant deficiencies, or material weaknesses have been identified. However, as described in the accompanying summary schedule of current and prior year audit findings and corrective action plan, we identified a certain deficiency in intemal control over fmancial reporting that we consider to be a material weakness.

A deficiency in intemal control exists when the design or operation of a control does not allow management of employees, in the nomial course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in intemal control such that there is a reasonable possibility that a material misstatement of the entity's fmancial statements will not be prevented, or detected and corrected on a timely basis. We consider the deficiency described in the accompanying summary schedule of current and prior year audit findings and corrective action plan as item 07-01 (IC) to be a material weakness.

Member of: AMERICAN INSTITUTE OF CERTIFIED PUBUC ACCOUNTANTS 49

Member of: SOCIETY OF LOUISIANA

CERTIFIED PUBLIC ACCOUNTANTS

http://WWW.KCSRCPAS.COM

Compliance and Other Matters

As part of obtaining reasonable assurance about whether the City's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements, noncompliance with which could have a direct and material effect on the deteimination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Govemment Auditing Standards and which are described in the accompanying schedule of current year fmdings and corrective action plan.

The City's response to the fmding described in our audit is described in the accompanymg schedule of current and prior year audit fmding and corrective action plan. We did not audit the City's response and, accordingly, we express no opinion on it.

This report is intended solely for the infomiation and use of the City's management and is not intended to be and should not be used by anyone other than these specified parities. Although the intended use of this report may be limited under Louisiana Revised Statute 24:513, this report is distributed by the Legislative Auditor as a public document.

Kolder, Champagne, Slaven & Company, LLC Certified Public Accountants

Marksville, Louisiana October 23, 2010

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city of bunkie · city of bunkie, louisiana statement of net assets june 30, 2010 govemmental...

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