c l 3 ^
VILLAGE OF CHATAIGNIER, LOUISUNA
Financial Report
Year Ended June 30,2010
Underprovisions of state law, this report is a public document. Acopy ofthe report has been submitted to the entity and other appropriate public officials. The report is available for public inspection at the Baton Rouge office ofthe Legislative Auditor and, where appropriate, at the office of the parish clerk of court.
Release Date l ^ f W / O
TABLE OF CONTENTS
Page
Accoimtants' Compilation Report 1
BASIC FINANCIAL STATEMENTS
GOVERNMENT-WIDE FINANCIAL STATEMENTS (GWFS) Statement of net assets 4 Statement of activities 5
FUND FINANCL^L STATEMENTS (FFS) • Balance sheet - govemmental ftmds 8 Reconciliation ofthe governmental funds balance sheet
to the statement of net assets 9 Statement of revenues, expenditures, and changes in fund balances -
govermnental funds 10 Reconciliation ofthe statement of revenues, expenditures, and
changes in fimd balances of govemmental funds to the statement of activities 11 Statement of net assets-proprietary fund 12 Statement of revenues, expenses, and changes in fund net
assets - proprietary fund 13 Statement of cash flows - proprietary fund 14
Notes to basic fmancial statements 15-23
REQUIRED SUPPLEMENTARY INFORMATION Budgetary comparison schedules:
General Fund 25
OTHER SUPPLEMENTAL INFORMATION Schedule of insurance in force 27
INTERNAL CONTROL AND COMPLL\NCE Summary schedule of current and prior year fmdings
and corrective action plan 29
C. Burton Kolder. CPA' Russell F. cnampmns.CPA' VietorR.Slavftn.CPA' P. Troy Couivfflft; CPA' GemldA. Dilbodtaux. Jr..CPA* HolwrtS.CMer.WA' Arthur R.MIxcn. CPA'
KOLDER, CHAWIPAGNE, SLAVEN & COMPANY, LLC CERTIFIED PUBUC ACCOUNTANTS
TjnasE. Mixon. Jr.. CPA AUsnJ. LaBry.CPA Wbert R, Uoer.CPA.PFS.CSA' Pemy Angall* Scruggins. CPA ChtlstlM L. Cousin. CPA MafyT.ThttwdMOX, CPA MarshdIW.GiMry.CPA AlnnM. Taylor, a>A JarMiR. Roy.CPA Robait J. Melz. CPA Kelty M. Doucet. CPA ChsrylLeeflley.CPA Mandy B.S«U. CPA Pati L OelcambF*. Jr. CPA Woida F. Aicemenl. CPA. CVA KdMnB. Dauzat. CPA Richard R, Anderaon Sr, CPA Carolyn C. Andaraon. CPA
Retrad: Conrad O. Chapman. CPA- 2006 Harry J.aottio,CPA 2007
ACCOUNTANTS' COMPILATION REPORT
OFFICES
te3 South Baadia Rd. Labyen«.LA70SO8 PhOf»'{337> 232-4141 rax(337)23:»4660
ll3Eait8(1dgaSl 8rtauxBrldOftLA7D517 Phaaa (337) »32-4azo Fax (337)332-2657
1234DavMOr.Sta203 Morgan CI4.UV703D0 Phona(S85) 384-2020 Fax (965] 304-3020
40BWe»t Cotton Streel \ffltaPlatto. LATO58B PhoM (337) 383-2792 Fax (3^)363-3049
332 WeslSixA Avenue CtM«lr\LA7»6S Phono (337) 839-4737 Fax (337)6304568
450 Ead Main Street New Ibede. LA 7QSeo
Ptwne 1337} 3S7-S204 Fax (337) 367-S208
200$ou»iMainSireet Abbeville. LA 70510
Phone (337) 603-7944 F u (337) 893-7946
1013MdnSl»et FrenMin. lA 70538
pnona [337) 826-0272 Fax (337)828-0290
iSlEastWaddnSL Ma(l(sviiraLA7l3S1
Phone (318) 293-9252 F n (318)253-8881
62lMdnSliaei Pinevil*. LA 71380
Phone (318) 442-4421 FsK (318)442-9833
* A nofMUMM weainlng Covcmllon
V^KSITE WWW,KCSRCPAS.COM
To the Board of Aldermen Village of Chataignier, Louisiana
We have compiled the accompanying financial statements ofthe govemmental activities, the business-type activities and each major fijnd ofthe Village of Chataignier, as of and for the year ended June 30,2010, which collectively comprise the Village's basic financial statements as listed in the table of contents, and the accompanying supplementaiy information contained on page 27, which is presented only for supplemental analysis purposes, in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants.
A compilation is limited to presenting in the form of financial statements information that is the representation of management. We have not audited or reviewed the accompanying financial statements and, accordingly, do not express an opinion or any other form of assurance on them.
The Village has not presented management's discussion and analysis that the Govemmental Accounting Standards Board has determined is necessaiy to supplement, although not required to be part of, the basic financial statements.
The budgetary comparison information, on page 25, is not a required part of the basic financial statements but is supplementary information required by the Govemmental Accounting Standards Board. We have compiled the supplementaiy information from information that is the representation of management, without audit or review. Accordingly, we do not express an opinion or any other form of assurance on the supplementary information.
Kolder, Champagne , Slaven & Company, L L C Certified Public Accountants
Ville Platte, Louisiana September 22,2010
Member of: AMERICAN INSTITUTE OF CERTIFIED PUBUC ACCOUNTANTS
Member oft SOCIETY OF LOUISIANA
CERT IHED PUBLIC ACCOUNTANTS
VILLAGE OF CHATAIGNIER, LOUISIANA
Statement of Net Assets June 30,2010
Govemmental Business-Type Activities Activities Total
ASSETS Current assets:
Cash and interest-bearing deposits Receivables
Due from other governmental units
Total current assets
Noncurrent assets;
Capital assets, net
Total assets
LIABILITIES Current liabilities:
Accounts and other payables
Noncurrent Habilities:
Customers deposits payable
Total Uabilities
NETASSHIS Invested in capital assets, net of related debt
Unrestricted Total net assets
$ 89,108 5,260 -
94,368
328,783
423,151
-
-
.
328,783 94.368
$423,151
$ 5,982 4,314 1,586
11,882
492,012
503,894
3,218
3,055
6,273
492.012 5,609
$497,621
$ 95,090 9,574 1,586
106,250
820,795
927,045
3,218
3,055
6,273
820,795 99,977
$920,772
See accompanying notes and accountants' report.
o
B o
u
< O
I
i >—> -a I
5
i i
•a o
•S ^ - w
u tU)
OO
o
^ tn en O MS ON •— oo_ \q o oo" M ^ _ f«^_ - ^
o VD ON
eQ
00 -̂ tn (*i a^ O « ON CS --̂ 00 \o. o " O 00 ts
o ON_
00.
I t I
V i
f- o
00 <N
Vi
o
?: IO CO \0 O N ro «n 00 \0
o* oo t>l 5 o\
\n rr r—4
00 rj
vo • *
•p-«
00 (N
r̂ (S -o 0̂
r-tN O
o> CA
Ov O O r-J <N
VO M •n CM f̂ (A
<N 00 r-ON >o
ON W-) rj r) in T-H
w
O m
C4 —
OO t—1
m fi
ro C) ^ >n r--f*> vo
• ^
oo -̂t "n
?:i O N VO rn vo" r-̂ " • ^ ON
^ t • — t
oo f̂»
r-vn t̂ >n M W1
,_< <S so t -o\ • *
w
<n m O fO in 1^
00 ro <n ^ p r-m •̂ m ro >-< >o
'sr 00 '̂ tn
V>-t--** 00 IN
P-M vo if-t
tn •tt
r - *
"n >-< m M V i
42 ID
™ o o
•s r
o
o CO o m
.a s z z
fi
o
i3
i
60
•I
I
MAJOR 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 iund.
Enterpr ise Fund
Sewer Fund -To account for the provision of sewerage services to residents ofthe Village. All activities necessary to provide such services are accounted for in this fund, including, but not limited to. administration, operations, maintenance, financing and related debt service, and billing and collection.
VILLAGE OF CHATAIGNIER, LOUISIANA
Balance Sheet Govemmental Fund - General Fund
June 30,2010
ASSETS
Cash and interest-bearing deposits $ 89,108 Receivables:
Sales tax 1,468 Other 3,792
Total assets $94,368
FUND BALANCE
Fund balance: Unreserved, undesignated $94,368
See accompanying notes and accountants' report.
8
VILLAGE OF CHATAIGNIER, LOUISIANA
Reconciliation ofthe Govemmental Fund Balance Sheet to the Statement of Net Assets
June 30,2010
Total fimd balances for govemmental funds at June 30,2010 $ 94,368
Cost of capital assets at June 30,2010 771,610 Less accumulated depreciation (442,827) 328,783
Total net assets of govemmental activities at June 30,2010 $423,151
See accompanying notes and accountants' report.
9
VILLAGE OF CHATAIGNIER, LOUISIANA
Statement of Revenues, Expenditures, and Changes in Fund Balance-Governmental Fund - General Fund For the Year Ended June 30.2010
Revenues: Taxes Licenses and permits Franchise tax Intergovernmental Fines and forfeits Interest Miscellaneous
Total revenues
&tpenditures: Current-
General government Public safety Public works Culture and recreation
Total expenditures
Excess of revenues over expenditures
Fund balance, beginning
Fund balance, ending
$25,054 8,047
17,334 3,318 2,470 1,403 6,375
64.001
37,445 10,238 14,929 1,093
63,705
296
94,072
$94,368
See accompanying notes and accountants* report.
10
VILLAGE OF CHATAIGNIER, LOUISIANA
Reconciliation ofthe Statement of Revenues, Expenditures, and Changes in Fund Balances of Govemmental Fund
to the Statement of Activities For the Year Ended June 30.2010
Total net changes in fund balance at June 30,2010 per Statement of Revenues, Expenditures and Changes in Fund Balances $ 296
Depreciation expense for the year ended June 30,2010 28,772
Total change in net assets at June 30,2010 per Statement of Activities $ (28,476)
See accompanying notes and accountants' report.
n
VILLAGE OF CHATAIGNIER, LOUISIANA
Statement of Net Assets Proprietary Fund - Enterprise Fund
June 30,2010
ASSETS
Current assets: Cash Accounts receivable Due from other goveramental units
Total current assets
Noncurrent assets: Capital assets, net of accumulated depreciation
Total assets
$ 5,982 4,314 1.586
11,882
492,012
503,894
Current liabiUties: Accounts payable
Noncurrent liabilities: Customers' deposits
Total liabilities
LIABILITIES
NET ASSETS
3,218
3,055
6,273
Invested in capital assets, net of related debt Unrestricted
Total net assets
492,012 5.609
$497,621
See accompanying notes and accountants' report.
12
VILLAGE OF CHATAIGNIER, LOUISIANA
Statement of Revenues, Expenses, and Changes in Fund Net Assets Proprietary Fund - Enterprise Fund For the Year Ended June 30,2010
Operating revenues: Charges for services Penalty income
Total operating revenues
Operating expenses: Depreciation expense Insurance Office expetKe Repairs and maintenance Salaries and related benefits Fees and testing expenses Utilities
Total operating expenses
Operating loss
Capital contributions
Change in net assets
Net assets, beginning
Net assets, ending
$ 20,500 1,509
22.009
25.890 1,495
2 17,517 9.300 1,985 3.593
59,782
(37,773)
9.627
(28,146)
525.767
$497,621
See accompanying notes and accountants* report.
13
VILLAGE OF CHATAIGNIER. LOUISIANA
Statement of Cash Flows Proprietary Fund Type-Enterprise Fund
Year Ended June 30.2010
Cash flows from operating activities: Operating loss $ (37,773)
Adjustments to reconcile operating loss to net cash used by operating activities -
Depreciation 25,890 Increase in accounts receivable (698) Decrease in due from other govemmental units 7,239 Decrease in accounts payable (15.107)
Total adjustments 17,324
Net cash used by operating activities (20,449)
Cash flows from capital and related financing activities:
Proceeds from capital contribution 9.627 Proceeds from meter deposits 901
Net cash provided by capital and related financing activities 10,528
Net decrease in cash and cash equivalents (9,921)
Cash and cash equivalents, beginning of period 15,903
Cash and cash equivalents, end of period $ 5,982
See accompanying notes and accountants' report.
14
VILLAGE OF CHATAIGNIER, LOUISIANA
Notes to Basic Financial Statements
(1) Summary of Significant Accounting Policies
The accompanying financial statements of the Village of Chataignier (Village) have been prepared in conformity with generally accepted accounting prmciples (GAAP) as applied to govemmental units. GAAP includes all relevant Govemmental Accounting Standards Board (GASB) pronouncements. In the govemment-wide financial statements. 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 accountmg and reporting framework and the more significant accounting policies are discussed in subsequent subsections of this note.
A. Financial Reporting, jEn t̂y
The Village of Chataignier was incorporated in 1972. under the provisions ofthe Lawrason Act. The Village operates under a Mayor-Board of Alderman form of govemment and provides the following services: public safety, highway and streets, sanitation, culture and recreation, health and welfare, public improvements and general administrative services.
This report includes all funds and activities that are controlled by the Village as an independent political subdivision ofthe State of Louisiana. There are no component units required to be reported in conformity with generally accepted accounting principles.
B. Basis of Presentation
Govemment-Wide Financial Statements (GWFS)
The statement of net assets and statement of activities display information about the Village, the primaiy govemment, as a whole. They include all funds of the reporting entity. The statements distinguish between govemmental and business-tjfpe 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 external parties for goods or services.
The statement of activities presents a comparison between direct expenses and program revenues for the business-type activities ofthe Village and for each function ofthe Village's govemmental activities. Direct expenses are those that are specifically associated with a program or function 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 contributions 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.
15
VILLAGE OF CHATAIGNIER. LOUISL\NA
Notes to Basic Financial Statements (Continued)
Fund Financial Statemwits
The accounts of the Village 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 fimds according to their intended purpose and is used to aid management in demonstrating compHance with finance-related legal and contractual provisions. The minimum number of fimds is maintained consistent with legal and maiuigerial requirements. Fund financial statements report detailed information about the Village.
The various funds of the Village are classified into two categories: govemmental and proprietary. The en^hasis on fimd financial statements is MI major govemmental and enterprise fimds, each displayed in a separate column. A fimd is considered major if it is the primary operating fund of the Village or meets the following criteria:
a. Total assets, Uabilities, revenues, or expenditures/expenses of that individual govenmiental or enterprise fund are at least 10 percent ofthe corresponding total for all fimds of that category or type; and
b. Total assets, liabilities, revenues, or expenditures/expenses of the individual govemmental or enterprise fimd are at least 5 percent of the corresponding total for all govemmental and enterprise fimds combined
The major funds ofthe Village are described below:
Govemmental Funds -
The General Fimd is the general operating fund of the Village. It is used to account for all financial resources except those required to be accounted for in another fiind.
Proprietary Funds ~
Proprietary funds are used to account for ongoing organizations and activities that are similar to those often found in the private sector. The measurement focus is based upon determination of net income, financial position, and cash flows. The Village's proprietary fund type is an enterpri^ fund.
16
VILLAGE OF CHATAIGNIER, LOUISIANA
Notes to Basic Financial Statements (Continued)
Enterprise Funds
Enterprise funds are used to account for operations (a) that are fmanced 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 service 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 earned, expenses incurred, and/or net income is appropriate for capital maintenance, public policy, management control, accountability or other purposes. The Village applies all applicable FASB pronouncements issued after November 30, 1989 in accountmg and reporting for its enterprise fimd. The Village's enterprise fimd is tiie Sewer 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 ofthe measurement focus applied.
Measurement Focus
On the govemment-wide statement of net assets and the statement of activities, both govemmentel and business-type activities are presented using the economic resources measurement focus as defined in item b. below.
In the fund 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 Habilities 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.
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), fmancial position, and cash flows. All assets and Habilities (whether current or noncurrent) associated witii their activities are
' reported. Proprietary fimd equity is classified as net assets.
17
- VILLAGE OF CHATAIGNIER, LOUISIANA
Notes to Basic Financial Statements (Continued)
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 accoimting, 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 die current financial 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 ofthe end ofthe 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 fund utilizes 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.
Program revenues
Program revenues included in the Statement of Activities are derived directiy from the program itself or from parties outside the Village's taxpayers or citizenry, as a whole; program revenues reduce the cost of the fimction to be financed from the Village's general revenues.
Allocation of indirect expenses
The Village reports all direct expenses by fimction in the Statement of Activities. Direct expenses are those that are clearly identifiable with a function. bidirect expenses of other functions are not allocated to those functions, but are reported separately in the Statement of Activities. Depreciation expense is specifically identified by fimction and is included in the direct expense of each function. Interest on general long-term debt is considered an indirect expense and is reported separately on the Statement of Activities.
When both restricted and unrestricted resources are available for use, it is the Village's policy to use restricted resources first, then unrestricted resources as they are needed.
18
VILLAGE OF CHATAIGNIER, LOUISIANA
Notes to Basic Financial Statemente (Continued)
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. For the purpose of the proprietary fimd statement of cash flows, "cash and cash equivalents" include all demand and savings accounts, and certificates of deposit or short-term investments with an original maturity of three months or less when purchased.
Capital Assets
Capital assets, which include property, plant, eqmpment, and infrastructure assets, are reported in the applicable govemmental or business-type activities columns in die govemment-wide or financial statements. Capital assets are capitalized at historical cost or estimated cost if historical is not available. Donated assets are recorded as capital assets at their estimated fair market value at the date of donation. The Village maintains a Uireshold level of $5,000 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.
I.
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 30 years Equipment 5 years Utility system and improvements 20-40 years Infrastmcture 20 years
In the fimd financial statements, capital assets used in govemmental fimd operations are accounted for as capital outiay expenditures of the govemmental fimd upon acquisition. Capital assets used in proprietary fimd operations are accounted for the same as in the govemment-wide statements.
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 borrowing that are attributable to the acquisition, constmction, or improvement of those assets.
19
VILLAGE OF CHATAIGNIER, LOUISIANA
Notes to Basic Financial Statements (Continued)
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 throu^ 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 financial statements, govemmental fimd equity is classified as fimd balance. Fund balance is fiirther classified as reserved and unreserved, with unreserved further split between designated and undesignated. Proprietary fimd equity is classified the same as in the govemment-wide statements.
E. Revenues. Expenditures, and Expenses
Operating Revenues and Expenses
Operating revenues and expenses for proprietary fimds 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 fimction for both govemmental and business-type activities.
In the fimd financial statements, expenditures are classified as follows:
Govemmental Funds - By Character: Proprietary Fund - By Operating and Nonoperating
In the fund financial statements, govemmental fimds report expenditures of financial resources. Proprietary fiinds report expenses relating to use of economic resources.
friterfund Transfers
Permanent reallocations of resources between fimds of the reporting entity are classified as interfimd transfers. For the purposes of the statement of activities, all interfiind d-ansfers between individual govemmental funds have been eliminated.
20
VILLAGE OF CHATAIGNIER, LOUISIANA
Notes to Basic Financial Statements (Continued)
F. Budgets
A budget for the General Fund for the year ended June 30,2010 was adopted in accordance wifli LSA-R.S. 39:1301. cited as tiie "Louisiana Local Govemment Budget Act." Budgeted amounts included in the accompanying financial statements are as originally adopted or as finally amended by the Village.
G. Compensated Absences
The Village has no policy relating to compensated absences. Any liability the Village might have in this regard at June 30, 2010 is considered immaterial; therefore, no liability has been recorded in the accoimts.
(2) Cash and Interest-Bearing Deposits
Under state law, the Village may deposit fimds 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 Village may invest in certificates and time deposits of state banks organized under Louisiana law and national banks having principal offices in Louisiana. At June 30,2010, the Village has cash and interest-bearing deposits (book balances) totaling $95,090 as follows:
Demand deposits $ 16,301 Interest bearing deposits 78,789
Total $ 95,090
Custodial credit risk for deposits is the risk that in the event ofthe failure of a depository financial institution, the Village's deposits may not be recovered or will not be able to recover the collateral securities that are in the possession of an outside party. Under state law, these deposits (or the resulting bank balances) must be secured by federal deposit insurance or the pledge of s«:urities 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 ofthe pledging fiscal agent bank in a holding or custodial bank that is mutually acceptable to both parties. As of June 30, 2010, bank balances in the amount of $96,442 were secured in total by federal deposit insurance.
(3) Receivables
Receivables at June 30,2010 of $9,574 consist ofthe following:
General Sewer Total Accounts Franchise tax Sales tax Other
Totals
21
$ -2,307 1,468 1,485
$5,260
$4,314 ---
$4,314
$4,314 2,307 1,468 1,485
$9,574
VILLAGE OF CHATAIGNIER, LOUISIANA
Notes to Basic Financial Statements (Continued)
(4) Ad Valorem Taxes
Ad valorem taxes attach as an enforceable lien on property as of Januaiy 1 of each year. Taxes are levied in September or October and billed to the t^ayers in December. Billed taxes become delinquent on January 1 ofthe following year.
For the year ended June 30,2010, taxes of 5.85 mills were levied on properly with assessed valuations totaling $778,080. Total taxes levied were $4,552.
(5) Capital Assets
Capital asset activity for the year ended June 30,2010 was as follows:
Govemmental activities: Land Buildings and improvements Equipment Street Improvements
Totals
Less: accumulated depreciation Buildings and improvements Equipment Street Improvements
Total accumulated depreciation
Govemmental activities, capital assets, net
Business-type activities: Land Systems and extensions Equipment
Totals Less accumulated depreciation
Business-type activities, capital assets, net
Balance 6/30/2009
$ 25,964 300,902 101,096 343,648
771,610
219.818 92,743
101,494
414,055
$357,555
$ 10.000 .1,035,584
5.236
1,050.820 532,918
$ 517,902
Addtions Deletions
$ - $ -----,
3,236 8,353
17,183
28,772
$ (28.772) $ -
$ - $----
25,890
$(25,890) $ -
Balance 6/30/2010
$ 25.964 300.902 101,096 343.648
771,610
223,054 101,096 118,677
442.827
$328,783
$ 10,000 1,035,584
5,236
1,050,820 558,808
$ 492,012
22
VILLAGE OF CHATAIGNIER, LOUISIANA
Notes to Basic Financial Statements (Continued)
(6) Board Members' Compensation
The Village paid the mayor and aldermen the following salaries:
Herman Malveaux $3,600 Joseph Semien 1,200 Lucy Green 1,200 Alton Thomas, Jr. 1,200
$7.200
(7) Risk Management
The Village is exposed to risks of loss in the areas of general and auto liability, {property hazards and workers* compensation. All of these risks are handled by purchasing commercial insurance coverage. There have been no significant reductions in the insurance coverage during the year.
23
VILLAGE OF CHATAIGNIER, LOUISIANA General Fund
Revenues: Taxes Licenses and permits Franchise tax Intergovemmental Fines and forfeitures Interest Miscellaneous
Total revenues
Expenditures: Current-- General govemment
Public safety PubHc works Culture and recreation
Total expenditures
Excess of revenues
over expenditures
Fund balance, beginning
Fund balance, ending
Budgetary Comparison Schedule Year Ended June 30. 2010
Budget Original
$ 23,000 6.500
16,000 2.970 8,000 2,249 6,973
65,692
33,908 10,000 7,832 3,273
55,013
10,679
94,072
$104,751
Final
$ 26,824 6.974
17,317 2,970 2,200 3,333 6,375
65.993
37,064 10,500 5,429 2,986
55.979
10,014
94.072
$ 104.086
Actual
$ 25,054 8,047
17.334 3,318 2.470 1,403 6,375
64,001
37,445 10,238 14,929 1.093
63.705
296
94,072
$ 94,368
Variance with Final Budget
Positive (Negative)
$(1,770) 1,073
17 348 270
(1.930) -
(1,992)
, (381) 262
(9,500) 1.893
(7.726)
(9.718)
_
$(9,718)
See accountants' report.
25
VILLAGE OF CHATAIGNIER, LOUISIANA
Schedule of Insurance in Force June 30.2010
Description of Coverage
Workmen's Compensation: Louisiana Worker's Compensation Corporation
Commercial property insurance: Office building - 113-117 First Street P̂ lbUc Library - 6215 Charles Armand Jr. Street
Automobile liability
Commercial general liability
Errors and omissions
Law enforcement officer
Expiration Coverage Date Amounts
Statutory
11/22/10 11/22/10
12/6/10
12/6/10
12/6/10
12/6/10
85,000 40,000
500,000
500.000
500.000
500,000
27