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CAMERON PARISH WATERWORKS DISTRICT NO.7

;S FINANCIAL STATEMENTS

December 31, 2012 and 2011

Under provisions of state law, this report is a public document. Acopy of the report has been subn-iitted to the entity and other appropriate public officials. The report is available for public inspection at the Baton Rouge office of the Legislative Auditor and. where appropriate, at the office of the parish clerk of court.

Release Date SEP 2 5 2013

CAMERON WATERWORKS DISTRICT No. 7 December 31, 2 012 and 2011

TABLE OF CONTENTS

EXHIBIT PAGE

Independent Audi>:or's Report 1 - 3

Basxc Fxnancial Statements-December 31, 2 012 and 2011 Statements of Net Position A 5 - 6 Statements of Revenues, Expenses and Changes m Fund Net Position B

Statements of Cash Flows C

Notes to Financial Statements

Required Supplementary Information

Schedule of Funding Progress

Report on I n t e r n a l Control over r i n a n c i a l Reporting and on Compliance and o ther Mat ters

Based on an Audm of F inancia l Statements Performed in Accordance v;ith Government Audi t ing Standards 3 0 - 3 1

Summary S c h e d u l e of C u r r e n t and P r i o r Year Aud i t F i n d i n g s

and Management ' s C o r r e c t i v e A c t i o n P l a n 32 - 34

Supp lemen ta ry I n f o r m a t i o n 35

Schedu le of Compensat ion P a i d Board Members - Sch 1 36

8

10

7 - 9

- 26

27

28

ELLIOTT ^ ASSOCL\TES, INC. A P)ojcssional Accounting Coipoiation

P 0 Box 1287 Lcesvillc, Louisiana 71496-12S7

("^^TCWO^.S VV Michc-il F,lliOU.CPA

INDEPENDENT AUDITOR'S REPORT

Board of Commissioners Cameron Parish Waterv/orks District No. 7 Creole, Louisiana

Report on the Financial Statements

I have audited the accompanying financial statements of the business-type activities of the Cameron Parish Waterworks District Mo. 7, a component unit of the Cameron Parish Police Jury, as of and for the years ended Decem.ber 31, 2 012 and 2011, and the related notes to the financial statements, which collectively comprise Cameron Parish Waterworks District No 7's financial stateTients as listed m the table of contents.

Management^s Responsibilj ty for the Financial Statements

Management is responsible for the preparation and fair presentation of rhese financial statements m accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to zhe preparation and fair presentation of financial statements that are free from material m.isstatement, v;hether due to fraud or error.

.AL'Q'Itor's R e s p o n s i b i l i t y

My responsibility is to express opinions on these financial statements based on m.y audit. I conducted my audit in accordance with auditing standards generally accepted m the United States of America and the standards applicable to financial audits contained m Govern/nent Auditing Standardsf issued by the Comptroller General of the United States. Those standards require tnar I plan and perform the audit to obtain reasonable assurance about: whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures m the financial statements. The procedures selected depend on che auditors' judgment, including the assessment of the risks of material misstatem.ent of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements m order to design audit procedures that are appropriate in the circumstances, but not for the

purpose at e.-.pressing an opinion ov' uhe effectiveness of che e n t i t y ' s internal cont ro l . Accordingly, I express no such opinion. An audit also includes evaluating the appropriateness of accounting p o l i c i e s used and the reasonableness of significant accounting estimates made by management, as v/ell as evaluating the overa l l presentat ion of the f inancial statements.

I believe tha t the audit evidence I have obtained i s su f f i c i en t and appropriate to provide a basis for my audit opinions.

Opinions

In my opinion, the financial statements referred to above present fairly, in all msaterial respects, tne respective financial position of the business-type activities of Cameron Parish Waterworks District No. 7 as of December 31, 2012 and 2011, and the respective changes m financial position for the years then ended in accordance V7ith accounting principles generally accepted m the United States of America.

Other Matters

Required Supplemental Information

Managem.ent has omitted the mianagement's discussion and analysis (MD&-A} that accounting principles generally accepted m the United States of America require to be presented to supplement the basic financial statem.ents. Such m.issmg information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, v;ho considers it to be an essential part of financial reporting for placing the basic fmcincial statem.ents m an appropriate operational, economiic, or historical context. My opinion on the basic financial statem.ents is not affected by this missing information.

Accounting principles generally accepted m the United States of America require that the Schedule of Funding Progress on page 2 9 be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, IS required by the Governmental Accounting Standards Board, v7ho considers it to be an essential part of financial reporting for placing the basic financial statements m an appropriate operational, economic, or historical context. I have applied certain limited procedures to the required supplementary information IP accordance with auditing standards generally accepted in the United States of Am.erica, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with managem.ent' s responses to my inquiries, the basic financial statem^ents, and other knowledge I obtained during my audit of the basic financial statements. I do not express an opinion or provide any assurance on the information because the limited procedures do not provide me vjith sufficient evidence to express an opinion or provide any assurance.

Other InforiTiation

My audit vjas conducted for the purpose of forming opinions on the financial statements that collectively comprise the Cameron Parish Waterworks District No. 7 basic financial statements. The schedule of compensation paid board members (Schedule 1) is presented for purposes of additional analysis and is not a required part of the basic financial statements.

The schedule of compensation paid board members is the responsibility of management and vjas derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including com.paring and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures m accordance Vv-ith auditing standards generally accepted m the United States of America. In my opinion, the schedule of compensation paid board members is fairly stated, m all material respects, m relation to the basic financial statements as a whole.

Other Repor t ing Required by Government Audi t ing S tanda rds

In accordance with Government A u d i t i n g S t a n d a r d s , I have also issued my report dated May 27, 2013 on my consideration of the District's internal control over financial reporting and my tests of its compliance with certain provision of laws, regulations, conti'cicts, and grant agreements and other matters. The purpose of that report is to describe the scope of my testing of internal control over financial reporting and compliance and the results of that testing and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed m accordance with Government Audi t ing S t a n d a r d s m considering the Cameron Parish Waterworks District No 7's internal control over financial reporting and compliance.

sc '[lf^t LeesVIlie, Louislan, Mav 27, 2013

BASIC FINANCIAL STATEMENTS

CAMERON PARISH WATERWORKS District No. 7

STATEMENTS OF NET POSITION

December 31, 2012 and 2011

ASSETS

ASSETS Current asset

Cash and cash equivalents(Note 2) Cash-protested taxes (Note 2) Receivables (Note 3): Water service customers Ad valorem taxes

Total current assets

Restricted assets Cash-sinking fund (Note 2) Ad valorem taxes receivable (Note 3)

Total restricted assets

Noncurrent assets Capital assets, being depreciated,

net of accumulated depreciation(Note 4)

Total capital assets

Total noncurrent assets

TOTAL ASSETS

2012 $89,168

7,655 0,100

79,035 52,728

131,763

2011 44,879 41,138

8,651 94,196

176,923 188,864

29,245 59,802

89,047

1,804,653 1,863,563

1,804,653 1,863,563

1,804,653 1,863,563

2, 113,339 2, 141,474

DEFERRED OUTFLOWS OF RESOURCES

'ne accompanying notes are an integral part of this statem.ent

LIABILITIES

Exhibit A

Current liabilities

Accounts payable Salaries payable Other current liabilities Retirem.ent deductions payable

Total current liabilities

Current liabilities payable from restricted assets:

Retirement deductions payable Accrued interest payable General obligation bonds payable--current (Note 5)

Total current liabilities payable from restricted assets

Long-term liabilities General obligation bonds payable (net of current portion)--(Note 5) Due to Cameron Police Jury (Note 10) 0PE3 benefits payable (Note 8)

Total long-term liabilities

TOTAL LIABILITIES

DEFERRED INFLOWS OF RESOURCES

NET POSITION

Net investment m capital assets Restricted for debt service Unrestricted

2012 2011

6 , 9 7 4 1 0 , 7 3 7

2 , 2 5 9 2 , 8 6 6

2 , 8 1 5 7 , 1 1 2 3 , 0 4 5 2 , 7 4 0

22,836

1,887 11,389

12,684

25,960

335,359

12,722

348,081

396,877

15,712

1,737 10,780

12,117

24,634

349,083 45,292 9,238

403,613

443,959

1,456,610 1,491,533 131,763 39,047 128,089 116,385

TOTAL NET POSITION $1,716.462 $.l.._6.97.,ja5_

EXHIBIT B

CAMERON PARISH WATERWORKS District No. 7 Statements of Revenues, Expenses and

Changes m Fund Net Position For the years ended December 31, 2012 and 2011

OPERATING REVENUES Charges for sales and services: Water sales Installation and service fees Other income

Total operating revenues

OPERATING EXPENSES Salaries and related benefits Per diem: of board members Operation of plant Depreciation (Note 4) OPEB benefits expense (Note 8)

Total operating expenses

OPERATING LOSS

NON-OPERATING REVENUES(EXPENSES): Ad valorem taxes - unrestricted Ad valorem taxes - restricted (Note 11) Interest income Interest expense (Notes 5 and 11) FEMA proceeds

Total nonoperatmg revenues(expenses)

2012 2011

$ 75,615 90,502 850 175

4,658 2,091

1, 123

84,259 1,500

79,861 58,910 3,484

87,883 57,840

59 (15,372

92,768

71,640 1,470

76,770 30,188 3,404

228,014 183,472

(146,891) (90,704)

82,213 51,958

30 (16,966) 53,002

130,410 170,237

NET INCREASE (DECREASE) IN NET ASSETS

NET POSITION - BEGINNING OF YEAR

PRIOR PERIOD ADJUSTMENTS (NOTE 10)

(16,481) 79,533

1,697,515 1,617,982

35,428 ---

NET POSITION, RESTATED, BEGINNING OF YEAR 1,732,943 1,617,982

NET POSITION - END OF YEAR .?__!./.2.1_6_,A62 1,697,515

The accompanying notes are an integral part of this statement

CAMERON PARISH WATERWORKS District No. 7 Statements of Cash Flows

For the years ended Decem.ber 31, 2012 and 2011

EXHIBIT C ( con11M 1.1 od )

CASH FLOWS FROM OPERATING ACTIVITIES Receipts from custome.rs Payments to vendors and oth.ers P a y mi e n t s for personnel costs

Net cash provided (used) by operating activities

CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Ad valorem taxes FEMA Proceeds

NET CASH PROVIDED (USED)BY NONCAPITAL FINANCING ACTIVITIES

2012 2011 81,333 $93,174 (87,066) (76, 189) (80,358) (101,407)

(86,091)

101,979

(84,422)

71,467 53,002

101,979 124,469

CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Ad valorem taxes 64,914 45,152 Principal paid on cap.ital debt (13,157) (29,542) Retirement of property, plant and equipment Interest paid on capital debt (14,763) ( 19,159)

NET CASH PROVIDED (USED) BY CAPITAL FINANCING ACTIVITIES 36,994 (3,549)

CASH FLOWS FROM INVESTING ACTIVITIES Interest received

NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES

59

59

30

30

INCREASE (DECREASE) IN CASH CASH, BEGINNING OF YEAR CASH, END OF YEAR

52,941 36,528 115,262 78,734

S-lMrJOJ $115,262

EXHIBIT CAMERON PARISH WATERWORKS District No. 7

Statements of Cash Flows For the years ended December 31, 20]2 and 2011

C (coneluded)

CLASSIFIED AS: Unrestricted Restric ted TOTAL CASH

89,168 $86,017 79,035 2 9,24 5

$168", 2 03 $ll"572"62

RECONCILIATION OF NET OPERATING INCOME TO NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES

Opejratmg mcomie ( loss ) Adjustments to reconcile ope]"ating income

to net cash provided (used) by operating activities:

Dep.recicit ion Changes in assets and liabilitles: Accounts receivable Accounts payable Salaries payable Other c u r r e n t '! i a b i .1111 e s Retirement deductions payable OPEB benefits payable

NET CASH USED BY OPERATING ACTIVITIES

$(146,891)$(90,704)

58,910 30,188

996 (5,705) 3,625 (786) 276

3,484

(1,078) (1,844)

(26,363) 1,484 491

3,4 04 $ (86,091)$(84,422)

The accompanying notes are an integral part of this statement

9

CAMERON PARISH WATERWORKS District No. 7 December 31, 2012 ana 2011

Notes to the Financial Statements

Note 1. Summary of Significant Accounting Policies

The accounting and reporting policies of Cameron Waterworks District No. 7 (the District) conform, to accounting principles generally accepted in the United States of America as applicable to governments. Such accounting and reporting procedures also conform to the requirements of Louisiana Revised Statutes 24:517 and to the guidance set forth m the L o u i s i a n a Governmenta l Audi t Guidef and to the industry audit guide. Audits o f S t a t e and Loca l Governmental U n i t s . The following is a summary of certain significant accounting policies.

Reporting Entity The report:.ng entity for Cameron Waterworks District No. 7 consists of the Cameron Parish Council, which, as governing authority of the parish, has oversight responsibility over other governm.ental units (component units) withm the parish. In accordance with GASB Codification Section 2100, Cameron Watervjorks District No. 7 is considered a component unit of the parish reporting entity because (1) commissioners of the District are appointed by the Cameron Parish Council and (2) the District provides water service to residents withm Cameron Parish. While Cameron VJaterworks District No. 7 is an integral part of the par.ish reporting entity and should be included withm the financial statements of that reporting entity, GAS3 Codification Section 2600 provides that a com.ponent unit may also issue financial statements separate from those of the reporting entity. Accordingly, the accompanying financial statements present information only on tne financial operations of Cameron Waterworks District No. 7 and do not present mform.ation on the Cameron Parish Police Jury, the general government services provided by the Police Jury or on other component units that comprise the Camieron Parish reporting entity.

CAMERON WATERWORKS DISTRICT NO. 7 December 31, 2012 and 2011

Notes to the Financial Statements (continued)

Basic Financial Statements

The statement of net position, and related statements of revenues, expenses, and changes m fund net position, and cash flows display information about the reporting government as a v/hole. Governmental activities generally are financed through taxes, intergovernmental revenues, and other nonexchange revenues. Business-type activities are financed in whole or in part by feesi charged to external parties for goods or services. Cam.eron Waterworks District No. 7 does not have governmental activities. Its operation is a business-type activity.

The District maintains only one fund and it is described below:

Proprietary Fund -

Enterprise Fund

The Enterprise Fund is used to account for operations (a) that are financed and operated m a manner similar to private business enterprises - where the intent of the governing 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 governing 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.

Fund Accounting

The accounts of the District are organized and operated on the basis of runes. A fund is an independent fiscal and accounting entity with a separate set of self-balancing accounts. Fund accounting segregates funds according to their intended purpose and is used to aid ruanagem.ent in demonstrating compliance v;ith finance-related legal and contractual provisions. The m.inimum number of funds is maintained consistent with legal and managerial requirem.ents

Measurement Focus/Basis of Accounting

Measurem.ent focus is a term used to describe ''which" transactions are recorded withm the various financial statements. Basis of accounting refers to "when" transactions are recorded regardless of the measurement focus applied

11

CAMERON PARISH V7ATERW0RKS District No. 7 Decem^ber 31, 2 012 and 2011

Notes to the F.inancial State.ments

Measurement Focus

The enterprise fund utilizes an ''economic resources" measurement focus. The accounting objectives of this measurement focus are the determination of operating income, changes m net assets (or cost recovery), financial position, and cash flows. All assets anci liabilities (whether current or noncurrent) associated v;ith their activities are reported. Proprietary fund equity is classified as net assets.

Basis of Accounting

The proprietary fund statements are presented using the accrual basis o accounting. Under the accrual basis of accounting, revenues are recognized Vjhen earned and expenses are recognized when the liability is incurred or economic asset used. Revenues, expenses, gams, losses, assets, and liabilities resulting from exchange and exchange-like transactions are recognized m accordance with the requirem.ents of GASB Statement No. 33, "Accounting and Financial Reporting for Nonexchange Transactions."

Basis of Presentation

GASB 63 - "Financial Reporting of Deferred Outflows of Resources, Deferred Inflov.'S of Resources, and Net Position" is adopted for the fiscal year ended December 31, 2012. GASB 63 provides financial reporting guidance for deferred outflovjs of resources and deferred mflov/s of resources. Concepts Statem:ent No. 4, Elements of Financial Statements introduced and defined those elem.ents as a consumption of net assets by the government that is applicable to a future reporting period and an acquisition of net assets by the government that is applicable to a future reporting period, respectively. Previous financial reporting standards do not include guidance for reporting those financial elements, which are distinct from assets and liabilities. Concepts Statemient No. 4 also identifies net position as the residual of all other elements presented m a statement of financial position. This Statement am ends the net asset reporting requirements m Statement No. 34, Basic Financial Statements -and Management's Discussion and Analysis—for State and Local Governments, and other pronouncements by incorporating deferred outflows of resources and deferred inflows of resources into the definitions of the required com.ponents of the residual measure and by renaming that measure as net position, rather than net assets.

12

CAMERON WATERWORKS DISTRICT NO. 7 December 31, 2012 and 2011

Notes to the Financial Statements (continued)

GASB 65 - "Items Previously Reported as Assets and Liabilities" is adopted for the fiscal year ended December 31, 2012. GASB 65 establishes accounting and financial reporting standards that reclassify, as deferred outflov/s of resources or deferred inflows of resources, certain items that were previously reported as assets and liabilities and recognizes, as outflows of resources or inflows of resources, certain items that were previously reported as assets and liabilities. This statement amends the financial statement element classification of certain items previously reported as net assets and liabilities to be consistent with the definitions m Concepts Statement No. 4. This Statement also provides other financial reporting guidance related to the impact of the financial statement elements deferred outflov/s of resources and deferred inflows of resources, such as changes m the determination of the ma:ior fund calculations and limiting the use of the term d e f e r r e d in financial statement presentations.

Cash and Cash Equivalents

For the purpose of the statement of cash flows, the District considers all demand deposits and certificates of deposit with an original maturity of three m.onths or less "when purchased to be cash equivalents.

Utility Customer Receivables Utility custom.er receivables on the accompanying Statements of Net Assets are considered to be fully collectible at December 31, 2012 and 2011. Uncollectible amounts are recognized as bad debts through the establishment of an allowance account at the time information becomes available, which would indicate the uncollectibility of an account.

Capital Assets All capital assets of the proprietary fund are recorded at historical costs Depreciation of all exhaustible capital assets is charged as an expense against their operations. Pre-construction costs associated with the development of the water system, which include engineering, legal, and interest costs are capitalized and will be amortized over their estimated useful lives using the straight-line method The District 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 assets or materially extend asset lives are not capitalized. Improvements are capitalized and depreciated over the remaining useful lives and miethods arc used to compute depreciation:

13

CAMERON PARISH WATERWORKS District No. 7

December 31, 2 012 and 2011

Notes to the Financial Statements

:mprovem.ents other than Building 'urniture. Fixtures and Equipment

4 5 years 11 years

Straight Line Straight Line

Net Position

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

Net investment in capital assets—consists of capital assets including restricted capital assets, net of accumulated depreciation and reduced by the outstanding balances of any bonds, m.ortgages, notes, or other oorrowmgs that are attributable to the acquisition, construction, or improvement of those assets.

Restricted net position—consists of net assets V7ith constraints placed on the use either by (1) external groups such as creditors, grantors, contributors, or laws or regulations of other governments; or (2) lav/ through constitutional provisions or enabling legislation.

Unrestricted net position—ail other net position that do not meet the definition of "restricted" or "net investm.ent in capital assets."

The District uses unrestricted assets only when restricted assets are fully depleted.

Revenues and Expenses

Operating Revenues and Expenses

Proprietary funds distinguish operating revenues and expenses from non-operating item.s. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund's principal ongoing operations. The principal operating revenues of the District's enterprise fund are charges to customers for sales and services. The District also recognizes as operating revenue the portion of tap fees intended to recover the cost of connecting nev; customers to the system. Operating expenses for enterprise funds include tne cost of sales and services, admiinistrative expenses, and depreciation on caoital assets. All revenues and expenses not meeting this definition are reported as non-operatmg revenues and expenses.

1:

CAMERON PARISH WATERWORKS District No. 7 December 31, 2012 and 2011

Notes to the Financial Statements

Compensated Absences

Annual leavc-Upon resignation, death, rem.oval, or other termination of employment of an employee, annual leave accrued to his credit shall be computed and the value thereof shall be paid to him or his neirs, provided that the annual leave has been accrued under established leave regulations and daily attendance record has been maintained for the employee by his supervisor, except that such paymen-shall not exceed three thousand ($3,000.00). The rate of pay shall be computed on the basis of the rate employee is receiving at the time of termination,

Sick leave—In no instance shall an employee be paid for any accumulated sick leave left to an employee's credit at the time of termination from the service.

Upon retirement, accumulated annual leave and sick leave may be used to enhance the employee's retirement pension; however, it may not be considered a part of service time.

The cumulative amount o: 31, 2012 and 2011 is no-

unpaid vacation for the D: material to the financial

.strict at December statements.

HJ stimates The preparation of financial statements in conformity V7ith accounting

principles generally accepted m the United States of America requires management to make estim.ated and assumptions that affect the reported amounts of assets and liabilities and disclosure o liabilities at the date of the financial statements amounts of revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimiates.

^ contingent assets and the reported

and

CASH AND CASK EQUIVALENTS

Under state agent bank organized of any other state i: District mav invest

the District m.ay deposit funds v/ith mder the lav;s of the State o the Union, or the laws of th 1 United States bonds, treasu

fiscal Louisiana, the lav7S United States. The

V notes, tim.e certificates of deposit of any bank domiciled or having a branch office m the State of Louisiana, mvestmicnts as stipulated m state law, or any other federally insured investment.

15

CAMERON PARISH WATERWORKS DISTRICT NO December 31, 2012 and 2011

Notes to the Financial Statements

Custodial credit risk for deposits is the risk that in the event of the failure of a depository financial institution, the District's deposits may not be recovered or v;ill not be able to recover collateral securities that are m the possession of an outside party. These deposits are stated at cost, v/hich approximates market. Under state lav;, these deposits (or the resulting bank balances) must be secured by federal deposit insurance or similar federal security or the pledge of securities owned by the fiscal agent bauK.

At December 31, 2012, the District had cash and cash equivalents as follows:

UNRESTRICTED RESTRICTED TOTAL

Cash (demand deposits) and certificate of deposit $.8 9 , .16.8 $79 35 §133_i2.Q3

At year end, the carrying amount of the District's deposits (demand deposits and certificates of deposit) was $168,203, bank balances were $168,203. A summary of collateralization of bank balances is presented below.

Insured (Federal deposit insurance) §168,, 20^

These deposits are stated at cost, which approximates miarket. Under state lav7, these deposits (or the resulting bank balances) must be secured by federal deposit insurance or the pledge of securities owned by the fiscal agent bank. The market value of the pledged securities plus the federal deposit insurance must at all times at least equal the amount on deposit with the fiscal age: u

At December 31, 2012 and 2011, the District's total bank balances were fully insured and, therefore, they were not exposed to custodial credit risk.

]6

CAMERON PARISH WATERWORKS DISTRICT NO December 31, 2012 and 2011

Notes to the Financial Statements

3. RECEIVABLES

Receivables at December 31 consisted of the following:

2012 2011

Ad valorem taxes-unrestricted $ 80,100 94,196 Ad valorem taxes—restricted-sinking 52,728 59,802 Accounts 7,655 8,651

Net total receivables g 1,4 0/4 8 3, 1 6_2 ,.649

The amount included m the ad valorem receivable on the balance Sheet IS for ad valorem taxes v;hich attach as an enforceable lien on property as of January 1 of each year. Taxes are levied to the taxpayers m November. Billed taxes become delinquent on January 1 of the following year. Revenues from ad valorem taxes are budgeted m the year billed.

The District utilizes the Cameron Parish Tax Collector/Sheriff to bill and collect its property taxes using the assessed values determined by tne tax assessor of Cameron Parish.

For the year ended December 31, 2 012, taxes of 9.07 mills vvas levied on property with assessed valuation totaling at $15,702,909 and v/as dedicated to the operations of the water district and its related debt.

For the year ended December 31, 2011, taxes of 9.28 mills was levied on property v;ith assessed valuation totaling at $14,960,149 and v;as dedicated to the operations of the water district and its restricted portion dedicated to the related debt.

The total am.ount levied m 2 012 was $14 5,723. Furthermore, collections of delinquent taxes and other adjustments resulted m total collections of $42,249. The total amount levied m 2011 vjas $139,830. Furthermore, collections of delinquent taxes and other adjustments resulted m total collections of $124,171.

All delinquent ad valorem taxes are considered collectible a-December 31, 2012 by management.

17

CAMERON PARISH WATERWORKS DISTRICT NO. 7 December 31, 2 012 and 2011

Notes to the Financial Statements

4. CHANGES IN CAPITAL ASSETS

Balance Balance 12/31/10 Additions Retirements 12/31/11

Improvements other than building 1,862,549 484,255 (15,762) 2,331,042 Furniture & Equipm.ent 25,046 --- --- 25,046

Totals $ 1,887,595 484,255 (15,762) $ 2,356,088 Accumulated Depreciation (478,099) (30,188) 15,762 (492,525) Net capital assets .$_l_/._4£.£ 96 454,067 ;r ^ $ L/_86_3..,_561

Depreciation expense included m the financial statements for the fiscal year ended December 31, 2012 is $30,188

Balance Balance 12/31/13. Additions Retirements 12/31/12

Im^provements other than building 2,331,042 2,331,042 Furniture & Equipment 25,046 ^ZZ. ZZZ 25,046

Totals $ 2,356,088 -^zz ZZZ ^ 2,356,088 Accum:Ulated Depreciation (492,525) (53,910) — - (551,435)

Net capital Assets' 1,863,563 (58,910) ::_-- $ _L;.80A, 65 3

Depreciation expense included m the financial statements for the fiscal year ended Decem.ber 31, 2012 is $58,910.

During 2012, the District also reclassified $484,255 m construction m progress to plant and equipment. This amount was expended m 2011 to elevate tne District's water tanks to meet FEMA guidelines and $385,373 m FEMA grants were utilized toward this project. The project was put m service m early 2012.

CAMERON PARISH WATERWORKS District No. 7 December 31, 2 012 and 2011

Notes to the Financial Statemsents (Continued)

NOTE 5-LONG-TERM DEBT GENERAL OBLIGATION BONDS PAYABLE

During the year ended Decem.ber 31, 2001, the District borrowed $518,000 at 4.375% through general obligation bonds sold to USDA-Rural Development to help finance water line expansion, plus grant capital. The debt is secured by a collateral mortgage on the District's plant system and equipment Principal payments with interest began on April 2, 2002. Annual debt service is $27,920 with the final installment due on April 2, 2031 at an interest rate of 4.375^.

December 31, 2011 $ 361,200

Additions Deletions (13,157)

December 31, 2012 $ 34 8^04 3

Maturities, including interest expense of $182,613, are as foUov/s:

Total Year ended Principal Interest Amount

2013 12,648 15,272 $ 27,920 2014 13,201 14,719 27,920 2015 13,773 14,142 27,920 2016 14,381 13,539 27,920 2017 15,010 12,910 27,920 2018-2022 73,004 66,596 139,600 2023-202 7 101,4 70 33,130 139,600 202 8-2 0 31 104,55.1 19,515 124,066

To t a 1 348,043 19.1, J2 3 §-J>AZrM^

Principal paid m 2012 and 2011 was $13,157 and 29,542 respectively and total interest expense for 2012 and 2011 v/as $15,372 and 16,966.

CAMERON PARISH WATERWORKS Dibcrict No. 7 Decemoer 31, 2 012 and 2 011

Notes to the Financial Statements (Continued)

6. RISK MANAGEMENT

The District is exposed to various risks of loss related to torts, theft or damage and destruction of assets, errors and omissions, injuries to employees, and natural disasters. The District carries commercial insurance as outlined in the following table. Settled claim.s did not exceed commercial coverage for any of the past three fiscal years.

LIMITS OF

COVERAGE Workmen's com.pensation $ 350,000 Auto liability 1,000,000 Commercial general liability 2,000,000 District-ov;ned buildings and equipment None

The District covers all other losses, claim settlements, and judgments from operating results. Claims expenditures and liabilities are reported v/hen it is probable that a loss has occurred and the amount of that loss can be reasonably estimated.

The District v/as not involved m any Litigation nor did it have asserted claims lodged against .it.

7. DEFINED BENEFIT PENSION PLANS

All permanent employees of the District participate m the Parochial Employees' Retiremient System of Louisiana

Parochial Employees' Retirement System of Louisiana (PERS). Plan description -

All permanent parish employees who vjork at least 2 8 hours a v/eek are members of the plan Members of the plan hired prior to January 1, 2008 may retire with twenty five years of creditable service at age 55, v ith ten years of service at age 60, and with 7 years of service at age 65. Members of the plan hired January 1, 2007 or later may retire vjith thirty years of creditable service at any age, with ten years of service at age 62, and v/ith 7 years of service at age 6 5. The retirement allowance is equal to 3% of the member's final compensation multiplied by his years of creditable service. Their retirement allowance may not exceed the greater of lOO c of a member's final salary or final compensation. The System also provides disability and survivor

s. Benefits are established by State statute.

2 0

CAMERON PARISH WATERWORKS DISTRICT NO. 7 December 31, 2012 and 2011

Notes to the Financial Statements

PERS issues a publicly available financial report that includes financial statemients and required supplemental information. That report may be obtaa.ned by writing to Parochial Employees' Retirement System of Louisiana, Post Office Box 14619, Baton Rouge, Louisiana 70898-4619.

Funding policy -

Plan members are required to contribute 9.50% of their annual covered salary and the parish j.s required to contribute at an actuarially determined rate. The current rate is 12.25% of covered payroll. The contribution requirements of the plan members and the parish are established by State statute. The parish's contrioutions for the years ended December 31, 2012, 2011, and 2009 were $11,072, S5,452, and $7,232 respectively, equal to the required contributions for each year.

Annual Required Contribution. The District's Annual Required Contribution (ARC) is an amount actuarially determined m accordance v/ith GASB 45. The Annual Required Contribution (ARC) is the sum of the Normal Cost plus the contribution to amortize the Actuarial Accrued Liability (AAL). A level dollar, closed amortization period of 30 years (the maximuia amortization period allowed by GASB 43/45) has been used for the post-employment benefits. The total ARC for the fiscal year beginning January 1, 2012 IS $3,648, as set forth below:

Normial Cost 30-year UAL amortization amoun

Medical $ 2,436

1,213

Annual required contribution (ARC) $3,64

POST RETIREMENT HEALTH CARE AND BENEFITS

Post-employment benefits

Plan Description. Cameron Parish VJaterworks District No. 7's medical benefits are provided through a comprehensive m.edical plan and are made available to emiployees upon actual retirem.ent

21

CAMERON PARISH WATERWORKS DISTRICT NO. 7 December 31, 2012 AND 2011

Notes to the Financial Statements

Most employees are covered by the Parochial Employees' Retirem.ent System of Louisiana, v/hosc retirement eligibility (D.R.O.P entry) provisions are as f ollov/s: 30 years of service at any age; age 55 and 25 years of service; age 60 and 10 years of service; or, age 65 and 7 years of service. For employees hired on and after January 1, 2011, retirement eligibility (D.R.O.P entry) provisions are as follov.'s: age 55 and 30 years of service; age 62 and 10 years of service; or, age 67 and 7 years of service. For the few employees not covered by that system, the same retirement eligibility has been assumed. Complete plan provisions are included m the official plan documents.

Contribution Rates. Employees do not contribute to their post employment benefits costs until they become retirees and begin receiving those benefits. The plan provisions and contribution rates are contained m the official plan documents.

Fund Policy. Until fiscal year ending December 31, 2008, Cameron Parish Waterv;orks District No. 7 recognized the cost of providing post-employment medical benefits (Cameron Parish Waterworks District No. 7's portion of the retiree medical benefit premiums) as an expense when the benefit premiums were due and thus financed the cost of the post-employment benefits on a pay-as-you-go basis. Effective with the Fiscal Year beginning January 1, 2011, Cameron Parish Watervjorks District 7 implemented Governmient Accounting Standards Board Statement Number 45, Accounting and F i n a n c i a l Repor t ing by Employers f o r Post employment Benef i t s Other than Pensions (GASB 45). The funding policy is not to fund the ARC except to the extent of

In fiscal year ending December 31, 2012, Cameron Parish Waterworks District No 7's portion of health care funding cost for retired employees totaled zero dollars. These amounts were applied toward the net OPEB benefit obligation as shown in the table on the follov;ing page.

99

CAMERON PARISH WATERWORKS DISTRICT NO. December 31, 2 012 AND 2011 Notes to the Financial Statements

Net Post-employment Benefit Obligation (Asset). The table below shows the District's Net Other Post-employment Benefit (OPEB) Obligation (Asset) for fiscal years ending December 31, 2012 and 2011:

2012 Medical

2011 Medical

Beginning Net OPEB Obligation (Asset) Annual required contribution Interest on Net OPEB Obligation ARC Adjustm.ent OPEB Cost Contribution Current year retiree premiumi Change m Net OPEB Obligation Ending Net OPEB Obligation (Asset)

$9, 3,

3

3

i l 2 .

, 2 3 8 , 6 4 8

370 ( 5 3 4 ) , 4 8 4

0 0

, 4 8 4

. 7 2 2

$ 5 . 3,

3

3

$9

,834 , 508 233

(337) , 404

0 0

, 404

, 2 3 8

The follovjing table snows the District' s annual post employment benefits (PEB) cost, percentage of the cost contributed, and the net unfunded post employment benef for 2012 and 2011:

ts (PEB) liability (asset)

Post Employment Benefit Fiscal Year Ended Medical December 31, 2012 Medical December 31, 2011

Annual OPEB Cost $3,484 $3,404

Percentage of Annual Cost

Contributed 0.0% 0.0%

Net OPEB Obligation (Asset) "$12,722 $ 9,238

Funded Status and Funding Progress. In the fiscal year ending December 31, 2012, the District made no contributions to its post employment benefits plan. The plan was not funded at all, has no assets, and hence has a funded ration of zero. As of January 1, 2 012, the m.ost recent actuarial valuation, the Actuarial Accrued Liability (AAL) wes $21,301, which is defined as that portion, as determined by a particular actuarial cost method (the District uses the Unit Credit Cost Method), of the actuarial present value of post employment plan benefits and expenses which is not provided by normal cost. Since the plan v/as not funded in fiscal year 2012, the entire actuarial accrued liability of $20,156 v/as unfunded.

23

CAMERON PARISH WATERWORKS DISTRICT NO. ' December 31, 2012 AND 2011

Notes to the Financial Statements

2012 2011 Medical Actuarial Accrued Liability (AAL) $21,801 $20,156 Actuarial Value of Plan Assets 0 0 Unfunded Act. Accrued Liability (UAAL) 21,801 20,156 Funded Ratio (Act. Val. Assets/AAL) 0% 0'

Covered Payroll (active plan members) 67,463 57,381 UAAL as a percentage of covered payroll 3 2,31% 35.13

Actuarial Methods and Assumptions. Actuarial variations involve estim.ates of the value of reported amounts and assumptions about the probability of events far into the future. The actuarial valuation for post employment benefits includes estimates and assumptions regarding (1) turnover rate; (2) retirement rate; (3) health care cost trend rate; (4) mortality rate; (5) discount rate (investment return assumption); and (6) the period to which the costs apply (past, current, or future years of service by employees). Actuarially determined amounts are subject to continual revision as actual results are compared to past expectations and new estimates are made about the future.

The actuarial calculations are based on the types of benefits provided under the terms of the substantive plan (the plan as understood by the District and its employee plan mvombers) at the time of the valuation and on the pattern of sharing costs between the District and its plan members to that point. The projection of oenefits for financial reporting purposes does not explicitly incorporate the potential effects of legal or contractual funding limitations on the pattern of cost sharing betv;een the District and plan members m the future. Consistent with the long-term perspective of actuarial calculations, the actuarial methods and assumptions used include techniques that are designed to reduce short-term volatility m actuarial liabilities and the actuarial value of assets.

Actuarial Cost Method. The ARC is determined using the Unit Credit Cost Method. The employer portion of the cost for retiree medical care m each future year is determined by projecting the current cost levels using the healthcare cost trend rate and discounting this projected am.ount to the valuation date using the other described pertinent actuarial assumptions, including the investment return assumptj.on (discount rate), mortality, and turnover.

24

p ercent 10, 6. 5.

Turnover .0% . 0% .0%

CAMERON PARISH WATERWORKS DISTRICT NO. 7 Decem.ber 31, 2 012 AND 2011

Notes to the Financial Statements

Actuarial Value of Plan Assets. Since this is the first actuarial valuation, there are not any assets. It is anticipated that m future valuations, should funding take place, a smoothed market value consistent with Actuarial Standards Board ASOP 6, as provided m paragraph number 125 of GASB Statement 4 5 will be used.

Turnover Rate. An age-related turnover scale based on actual experience as described by administrative staff has been used. The rates, v/hen applied to the active employee census, produce an annual turnover of approximiately 5%. The rates for each age are belovj:

Age 18-25 26-40 41-54 55+ 4.0%

Post employment Benefit Plan Eligibility Requirements. Based on past experience, it has been assumed that entitlement to benefits will commence three years after eligibility to enter the D.R.O.P. Medical benefits are provided to employees upon actual retirement. Most employees are covered by the Parochial Employees' Retirement System of Louisiana, whose retirement eligibility (D.R.O.P. entry) provisions are as follows: 30 years of service at any age; age 5 5 and 2 5 years of service; age 6 0 and 10 years of service; or, age 65 and 7 years of service. For employees hired on and after January 1, 2011, retirement eligibility (D.R.O.P. entry) provisions are as follows: age 55 and 30 years of service; age 62 and 10 years of service; or, age 67 and 7 years of service. For the few employees not covered by that system, the same retirement eligibility has been assumed. Entitlement to benefits continue through Medicare to death.

Investment Return Assumption (Discount Rate), GASB Statement 45 states that the investment return assumption should be the estimated long-term investment yield on the investments that are expected to be used to finance the payment of benefits (that is, for a plan V7hich is funded). Based on the assumption that the ARC v7ill not be funded, a 4% annual investment return has been used m this valuation. This is a conservative estimate of the expected long term return of a balanced and conservative investment portfolio under professional management.

2 5

CAMERON PARISH VvATERWORKS DISTRICT NO. 7 December 31, 2012 and 2011

Notes to the Financial Statements

Health Care Cost Trend Rate. Because the employer provided medical cost of retirees is lim.ited to a flat $150 per month, we have assumed a flat 3% annual ''trend" as the expected rate of increase m medical cost assuming general inflation will cause the flat am.ount to increase. Conventional medical trend factors have not been used.

Mortality Rate, The 1994 Group Annuity Reserving (94GAR) table, projected to 2002, based on a fixed blend of 50% of the unloaded m.ale mortality rates and 50?i of the unloaded female mortality rates, is used. This is the mortality rate which the IRS requires to be used m determining the value of accrued benefits m defined benefit pension plans.

Method of Determining Value of Benefits. The 'value of benefits" has been assumed to be the portion of the premium after retirement aate expected to be paid by the employer for reach retiree and has been used as the Pasis for calculating the actuarial present value of OPEB benefits to be paid. The employer pays a flat $150 per month of the cost of the medical and life insurance combined for the retirees only (not dependents). Because of the combined nature of the flat monthly employer payment, we have valued only the medical benefits.

9. ADDITIONAL STATEMENT OF CASH FLOW DISCLOSURE

There were no material noncash capital financing activities, noncapital financing activities, or investing activities that affected recognized assets or liabilities during the year.

10. PRIOR PERIOD ADJUSTMENTS

Two prior period adjustments v/ere made during 2012, The first one was for $45,292 wherein the Camieron Parish Police Jury cancelled a payable from, the District for prior year hurricane costs. The second adjustment v;as for ($9,864) v/nerein the Police Jury billed the District for prior period insurance premiums not recognized m the proper year.

11. SUBSEQUENT EVENT

Subsequent to December 31, 2 012, the District paid an additional $75,000 on Its outstanding long term. debt. The District utilized proceeds from its protested tax account liquidation to pay this amount and the District has plans m 2013 and subsequent years to reduce its restricted millage to compensate for the protested tax liquidation.

26

REOUIRED SUPPLEMENTARY INFORMATION

2 7

CAMERON PARISH WATERWORKS DISTRICT NO.7 CREOLE, LA

S c h e d u l e of F u n d i n g P r o g r e s s F o r t h e Y e a r s Ended December 3 1 , 2012 and 2 0 1 1

Unfunded A c t u a r i a l A c t u a r i a l UAAL a s a

A c t u a r i a l A c t u a r i a l Accrued Accrued P e r c e n t a g e V a l u a t i o n Va lue of L i a b i l i t i e s L i a b i L i . t i e s Punded Covered of Covered Date A s s e t s (APvL) (UTVAL) R a t i o P a y r o l l P a y r o l l

January 1, 2011 $ $20,156 $20,156 0% $ 5 7 , 3 8 1 35,13?;

January 1, 2012 $21,301 $21,801 0% $ 6 7 , 4 6 3 3 2 . 3 1 %

REPORT ON INTr:RNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS

BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE VJITH GOVERNMENT AUDITING STANDARDS

29

ELLIOTT ^: ASSOCL^ i LS, INC. 4 Piofcssional Accounting Coipoiation

P 0 Box 1287 Lcesvillc. Louisiana 71496-1287

• l ^ - s ^ / . * ' - . - . -'^^''-^^'--'.^•^ \V Midic:il D l imi .CPA

• \ 2" 9 229^

INDEPEND-i:NT AUDITOR' S REPORT ON INTERNAL CONTROL OVER FINANCIAL

REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATriMENTS PERFORMED IN ACCORDANCE WITK GOVEKWMEWT AUDITING STANDARDS

Board of Commisbionerii CAMERON WATERWORKS DISTRICT NO 7

I have audited, in accordance with the auditing standards generally accepted i.n the Unired States of America and the standards applicable to financial audits contained in Govern. je/it A u d i t i n g S t a n d a r d s , issued by the Comptroller General of the United States, the financial statements of the busmess-type activities of the Cameron Viaterworks District No 7, (the District), as of and for tne two years ended December 31, 2012 and 2011, and the related notes to the financial statements, \hicn collecl:i \eJ y co.Tiprj e the Districts basic financial statements, and have issued my report thereon dated May 27, 2013.

Intornal Control Over Financial Reporting

In planning and performing my audit, I considered Cameron Waterworks District i'lo 7' 3 ip.ternal control over financial reporting (internal control) to cetermme the audit procedures that are appropriate in the circumstances for the pu irpose of expressing my opinion on the financial statements, but not for the purpose of e.-:pressing an opinion on the effectiveness of the District's internal control Accordingly, I do not express an opinion on the effectiveness of tne District s internal control

A deficiency m internal control exists when the design or operation of a control does not allow management or employees, m the normal course of pertorTiing tneir assigned functions, to prevent, or detect and correct -;i?;statemcnts on a timely basis A material weakness is a deficiency, or a combination of deficiencies, m internal control such that there is a reasonable possibility that a ipiaterial misstatemcpt oT the ent-ty' s financial statements i.;ill iiot be prevenLed, or detected and corrected on a timely basis A significant, deficiency is a deficiency, or a com.bmation of deficiencies, m internal control that is less severe than a material •.veakness, yet important enough to merit atten-tion by those charged v;ith governance

y-/ consideration of internal control was for the limited purpose do^^cribea m the first paragraph of this section and v/as not designed to identify all cef-ciencies m internal control that might be material weaknesses or sig-^ficant deficier.cies and therefore, material v/eaknesses or significant ccfic^oncies may e^ist that v/ere not identified Given these limitations, CL.ring my audit I d-io not identify any def icier.cies in internal control over f ina' cial reporting that I consider to oe material weaknesses. However, "aterial weaknesses mav exist that have not been identified.

30

I did identify certain deficiencies m internal control over financial reporting, described in the accompanying summary schedule of current and prior year audit tir.dmcs and -nanagerrient' s correct:, vc action plan as items 12-1 (IC) and 12-2 (IC) , thot I consider to be sigiiif icant deficiencies

Compliance and Other Matters

As part of obtaining reasonable assurance about v;hetner Cameron Waterworks District No 7's I mane1a1 statements Bro t r e e of material misstatement, I performed tests of its compliance vjith certain provisions of lav;s, regulations, contracts, and grant agreem.ents, noncompliance with v/hich could have a direct and material effect on the determination of financial statement amounts. Kov;ever, providing an opinion on compliance v;ith those provisions was not an objective of my audit and, accordingly, I do not express such an opinion. The results of my tests disclosed no instances of noncompliance on other matters that are required to be reported under Government A u d i t i n g S t a n d a r d s .

Entity' s Response to L-'incmqs

Cameron Waterworks District No 7's response to the findings identified in my audit IS described m the accompanying schedule of current and prior year findings and managem.ent' s corrective action plan Cameron Waterworks District No. 7's response was not sub;joGted to the auditing procedures applied in the audit of the financial statements and, accordingly, I express no opinion on it

Purpose of This Report

The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the result of that testing, and not to provide an opinion on the effectiveness of Cameron Waterworks District No 7's internal control or on compliance This report is an integral part of an audit performed m accordance v;ith GoverniuGnt A u d i t i n g S t a n d a r d s i n c o n s i d e r i n g Cameron Waterworks District No.7's internal control and compliance Accordingly, this corrim\mication is not suitable for any other purpose.

(r 4- nC1c^ /v^f^

Leesvxlib, Louisiana Mav 27, 2013

31

CAMERON PARISH WATERWORKS DISTRICT NO. 7

Summa3;y Schedule of Current and Prior Year Audrt Findings and Management's Corrective Action Plan

Year ended December 31, 2012

Fiscal Yeai: Finding Corrective Name of Anticipated Initially Action Contact Completion

Re J:. No Occurred Description of f j. n d J- ri g Taken Corrective Action Planned Person Date

CURRLNT YEAR (12/31/12)-

Internal Control•

12-1 (IC) Unknown Due to the sma.ll nuinber N/A No response is considered Wendi N/A of employees, the necessary. Savoie, District did not have Office adequate segregation of Admm. functions w 11 h j. n L h e accounting system.

12-2(IC) 2010 The District does not have No The District has evaluated Wendi N/A a staff person who has the the cost vs. benefit of Savoie, qualifications and traj.nmg establishing internal Office to apply generally accepted controls over the Admm accounting principles (GAAP) preparation of financial in recording the entity's statements in accordance financial transactions v/ith GAAP, and determined or preparing its financial that it is in the best statements, including interests of the District the related notes. to outsource this task

to its independent auditors, and to carefully review the draft financial statements and notes prior to approving them and accepting responsibility for their contents and presentation.

(Continued) 32

CAMERON PARISH WATERWORKS DISTRICT NO. 7

Summary Schedule of Current and Prior Year Audit Findings and Kanagement's Corrective Action Plan (Continued)

Year ended December 31, 2012

PRIOR YEAR (12/31/11)

Internal Control:

11-1 (IC) Unkno\/n

11-2(IC) 2010

Due to the small number of employees, the D.1 strict did not have adequate segregation of functions v.Mthin the accounting system

Tne District does not have a staff person who has the qualifications and training to apply generally accepted accounting principles (GAAP) in recording the entity's financial transactions or preparing its financial statements, including the related notes.

N/A No response is considered necessary.

V7endi Savoie, Office Admm.

N/A

No Tlie District has evaluated Wendi N/A the cost vs. benefit of Savoie, establishing internal Office controls over the Admin, preparation of financial statements m accordance with GAAP, and determined that it IS in the best interests of the District to outsource this task to its independent auditors, and to carefully review the draft financial statements and notes prior to approving them and accepting responsibility for their contents and presentation

33

CAI IERON PARISH WATERWORKS DISTRICT NO. 7

Summary Schedule of Current and Prior Year Audit Findings and Management's Corrective Action Plan (Continued)

Year ended December 31, 2012

Comoliance

There vjere no compliance findings for the year ended December 31, 2012

j^i

SUPPLEMENTARY INFORMATION

JD

Schedule 1

CAMERON PARISH WATERWORKS District No. 7 SCHEDULE OF COMPENSATION PAID BOARD MEMBERS

FOR THE YEARS ENDED December 31, 2012 and 2011

The schedule of per diem paid to board luembers was prepared m compliance with House Concurrent Resolution NO. 54 of the 1979 session of the Legislature.

As provided by Louisiana Revised Statute 33:4564, the Board Members received $30 per meeting.

Vernon Primeaux Guy Murphy, Jr. Sandra Ford Jude Primeaux Greg Comeaux

Number Attended

12 12 S 12 6

2012 Amount

360 360 240 360 180

Totals 50 .$_i^/_50_0.

Wilson Conner Vernon Primeaux Guy Murphy, Jr. Sandra Ford Greg Comeaux Jude Primeaux

Number Attended

5 11 12

9 1 5

2011 Am.ount $ 150

330 360 270 210 150

Totals 49 S1/A70