city of st. gabrielapp1.lla.la.gov/publicreports.nsf/4625dbcb6b730fee...city of st. gabriel,...

CITY OF ST. GABRIEL, LOUISIANA

FINANCIAL STATEMENTSJune 30, 2005

Under provisions of state law, this report is a publicdocument. Acopy of the report has been submitted tothe entity and other appropriate public officials. Thereport is available for public inspection at the BatonRouge office of the Legislative Auditor and, whereappropriate, at the office of the parish clerk of court.

Release Date \ I £5 /-


TABLE OF CONTENTS

June 30, 2005

Exhibit PageFINANCIAL SECTION

Independent Auditors' Report 1

Management's Discussion and Analysis 3

Basic Financial Statements:

Government-wide Financial Statements;Statement of Net Assets A 15Statement of Activities A-1 16

Fund Financial Statements;Governmental Funds:

Balance Sheet A-2 17Reconciliation of the Governmental Funds Balance

Sheet to the Statement of Net Assets A-3 18Statement of Revenues, Expenditures, and Changes

in Fund Balances A-4 19Reconciliation of the Statement of Revenues, Expenditures,

and Changes in Fund Balances of the Governmental Funds .to the Statement of Activities A-5 20

Proprietary Fund:Statement of Net Assets A-6 21Statement of Revenues, Expenditures, and Changes

in Net Assets A-7 22Statement of Cash Flows A-8 23

Notes to Financial Statements A-9 24

Required Supplementary Information:

General Fund:Statement of Revenues, Expenditures, and Changes in Fund

Balance - Budget (GAAP Basis) and Actual B 46Sales and Use Tax Fund:

Statement of Revenues, Expenditures, and Changes in FundBalance - Budget (GAAP Basis) and Actual B-l 47

Ad Valorem Tax Fund:Statement of Revenues, Expenditures, and Changes in Fund

Balance - Budget (GAAP Basis) and Actual B-2 48Parishwide Sales and Use Tax Fund:

Statement of Revenues, Expenditures, and Changes in RundBalance - Budget (GAAP Basis) and Actual B-3 49

Ad Valorem No. 2 Tax Fund :Statement of Revenues, Expenditures, and Changes in Fund

Balance - Budget (GAAP Basis) and Actual B-4 50

Notes to Required Supplementary Information B-5 51

TABLE OF CONTENTS (Continued)

FINANCIAL SECTION (continued)Exhibit Page

Supplementary Information:Combining and Individual Fund Statements:

Major Governmental Funds:General Fund:

Statement of Revenues - Budget (GAAP Basis) and Actual C 52Statement of Departmental Expenditures - Budget (GAAP Basis)

and Actual C-I 53Civic Center Capital Project Fund:

Statement of Revenues, Expenditures, and Changes in FundBalance - Budget (GAAP Basis) and Actual C-2 56

Nonmajor Governmental Funds:Combining Balance Sheet D 57Combining Statement of Revenues, Expenditures and Changes

in Fund Balance D-l 58Statement of Revenues, Other Financing Uses, and Changes in

Fund Balance - Budget (GAAP Basis) and Actual -Civic Center Operating Fund D-2 59

Statement of Revenues, Expenditures, and Changes in FundBalance - Budget (GAAP Basis) and Actual -Recreational Parks Capital Project Fund D-3 60

Statement of Expenditures, Other Financing Sources and Changesin Fund Balance - Budget (GAAP Basis) and Actual -Sidewalks Improvement Capital Project Fund D-4 61

Statement of Revenues, Expenditures, and Changes in FundBalance - Budget (GAAP Basis) and Actual -Road Improvement Capital Project Fund D-5 62

Statement of Expenditures, Other Financing Sources and ChangesIn Fund Balance - Budget (GAAP Basis) and Actual -Debt Service Fund D-6 63

Schedule of Expenditures of Federal Awards 64

Notes to Schedule of Expenditures of Federal Awards 65

SPECIAL INDEPENDENT AUDITORS' REPORTS

Report on Internal Control over Financial Reporting and on Complianceand Other Matters Based on an Audit of Financial Statements Performedin Accordance with Government Auditing Standards 66

Report on Compliance with Requirements Applicableto Each Major Program and Internal Control over Compliance inAccordance with OMB Circular A-133 68

Schedule of Findings and Questioned Costs 70

Summary of Prior Year Findings 75

TABLE OF CONTENTS (Continued)

STATISTICAL INFORMATION Schedule

Total Assels S-I

Liabilities and Fund Equity S-2

General Fund Revenues/Expenditures S-3

Special Revenue Fund Revenues/Transfers S-4

Capital Projects Revenues and Expenditures/Transfers in S-5

Sewer Fund Revenues and Expenditures/Transfers in S-6

Sewerage Customers (Without Audit) S-7

Insurance in Force (Without Audit) S-8

Mayor and Town Council (Without Audit) S-9

HAWTHORN, WAYMOUTH 6 CARROLL, L.L.P.

J.CHARLES PAOKtR. C.P.A.LOUIS c. MCKNIGHT. HI. C.P.A.ANTHONY J. CRIST1NA. III. C.P.A.CHARLES R. PEVEY. JR.. C.P.ADAVtD J 8HOUSSARO, C.P.A.

CERTIFIED PUBLIC ACCOUNTANTS

8555 UNITED PLAZA RVD.. SUITE 200BATON ROUGE, LOUISIANA 70809

f£?5) 933 3000 • FAX 1225) 923-3008

December 14, 2005

Independent Auditor's Report

The Honorable Mayor andMembers of the City CouncilCity of St. Gabriel, Louisiana

We have audited the accompanying financial statements of the governmental activities, thebusiness-type activities, each major fund, and the aggregate remaining fund information of the

City of St. GabrielSt. Gabriel, Louisiana

as of and for the year ended June 30, 2005, which collectively comprise the City's basic financialstatements as listed in the table of contents. These financial statements are the responsibility of theCity of St. Gabriel, Louisiana's management. Our responsibility is to express opinions on thesefinancial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in the UnitedStates of America and the standards applicable to financial audits contained in Government AuditingStandards, issued by the Comptroller General of the United States. Those standards require that weplan and perform the audit to obtain reasonable assurance about whether the financial statements arefree of material misstatement. An audit includes examining, on a lest basis, evidence supporting theamounts and disclosures in the financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that our audit provides a reasonable basis for ouropinions.

In our opinion, the financial statements referred to above present fairly, in all material respects,the respective financial position of the governmental activities, the business-type activities, each majorfund, and the aggregate remaining fund information of the City of St. Gabriel, Louisiana, as of June30, 2005, and the respective changes in financial position and cash flows, where applicable, for theyear then ended in conformity with accounting principles generally accepted in the United States ofAmerica,

In accordance with Government Auditing Standards > we have also issued our report datedDecember 14,2005, on our consideration of the City of St. Gabriel, Louisiana's internal control overfinancial 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 scopeof our testing of internal control over financial reporting and compliance and the results of that testingand not to provide an opinion on the internal control over financial reporting or on compliance. Thatreport is an integral part of an audit performed in accordance with Government Auditing Standards andshould be considered in assessing the results of our audit.

The management's discussion and analysis and budgetary comparison information on pages3 through 14 and 46 through 51, are not a required part of the basic financial statements but aresupplementary information required by accounting principles generally accepted in the United Statesof America. We have applied certain limited procedures, which consisted principally of inquiries ofmanagement regarding the methods of measurement and presentation of the required supplementaryinformation. However, we did not audit the information and express no opinion on it.

Our audit was conducted for the purpose of forming an opinion on the financial statements thatcollectively comprise the City of St. Gabriel, Louisiana's, basic financial statements. The combiningand individual non-major fund financial statements, and statistical tables are presented for purposesof additional analysis and are not a required part of the basic financial statements. The accompanyingschedule of expenditures of federal awards is presented for purposes of additional analysis as requiredby U.S. Office of Management and Budget Circular A-133, Audits of States, Local Governments, andNon-Profit Organizations^ and is also not a required part of the basic financial statements of the Cityof St. Gabriel, Louisiana. The combining and individual non-major fund financial statements and theschedule of expenditures of federal awards have been subjected to the auditing procedures applied inthe audit of the basic financial statements and, in our opinion, are fairly stated in all material respectsin relation to the basic financial statements taken as a whole. The statistical tables have not beensubjected to the auditing procedures applied in the audit of the basic financial statements and,accordingly, we express no opinion on them.

Yours truly,

CITY OF ST. GABRIEL, LOUISIANAMANAGEMENT'S DISCUSSION AND ANALYSIS

Our analysis of The City of St. Gabriel's financial performance provides an overview ofthe City's financial activities for the fiscal year ended June 30, 2005. The Management'sDiscussion and Analysis (MD&A) is designed to focus on the current year's activities,resulting changes, and currently known facts.

FINANCIAL HIGHLIGHTS

In 2005, the City of St. Gabriel experienced a customary year financially as governmentalrevenues increased slightly relative to prior years, as did the governmental expenditures.Certain funds continued to experience operating deficits that are not sustainable and thepriorities of operating and infrastructure needs and obligations are greater than availableresources. Accordingly, there must be a logical and thoughtful alignment of the City'sresources to community needs.

The major financial highlights for 2005 are as follows:

• Assets of the City's primary government exceeded its liabilities at the close of theyear by approximately $8.4 million (net assets). Of this amount, approximately $265thousand (unrestricted net assets) may be used without restrictions to meet the City'songoing obligations to citizens and creditors.

• The primary government's total net assets increased by approximately $596,000during 2005,

Governmental activities' net assets increased by $451,000, primarily the result ofcapital grants received for the construction of capital assets.

Business type total net assets increased by approximately $145,000 primarily theresult of grant funding of $612,000 for the construction of Phase III and Phase [V ofthe sewer treatment system and an operating transfer of approximately $380,000 fromgovernmental activities.

• As of the end of the year, the primary government's governmental funds reportedcombined fund balances of $692,000 an increase of $150,000 in comparison to theprior year. Approximately 19% of the fund balances are committed to capital projects($130,000).

Significant aspects of the City's financial well being, as of and for the year ended June30, 2005, are detailed throughout this analysis.

USING THIS ANNUAL REPORT

With the implementation of Governmental Accounting Standards Board Statement No.34, a government's presentation of financial statements has greatly changed. The newstatements focus on the government as a whole and on major individual funds. Bothperspectives allow the reader to address relevant questions, broaden a basis forcomparison from year to year and should enhance the City's accountability.

This annual report consists of a series of financial statements. The Statement of NetAssets and the Statement of Activities (on pages 15 and 16) provide information aboutthe activities of the City as a whole and present a longer-term view of the City's finances.

Fund financial statements start on page 17. For governmental activities, these statementsdepict how services were financed in the short term as well as what remains for futurespending. Fund financial statements also report the City's operations in more detail thanthe government-wide statements by providing information about the City's mostsignificant funds.

Reporting on the City as a Whole

Our analysis of the City as a whole begins on page 15. The Statement of Net Assets andthe Statement of Activities report information about the City as a whole and about itsactivities in a way to determine if the City is in better condition as a result of the year'sfinancial results. These statements include all assets and liabilities using the accrual basisof accounting, which is similar to accounting methods used by most private-sectorcompanies. All of the current year's revenues and expenses are taken into accountregardless of when cash is received or paid. Thus, revenues and expenses are reported inthese statements for some items that will only result in cash flows in future fiscal periods.

These two statements report the City's net assets and related changes. You can think ofthe City's net assets—the difference between assets and liabilities—as one way tomeasure the City's financial health, or financial position. Over time, increases ordecreases in the City's net assets are one indicator of whether its financial health isimproving or deteriorating. You will need to consider other non-financial factors,however, such as changes in the City's property and sales tax base and the condition ofthe City's roads and buildings, to assess the overall health of the City.

In the Statement of Net Assets and the Statement of Activities, we divide the City intotwo kinds of activities:

Governmental activities - Most of the City's basic services are reported here, includingpublic safety, streets and sanitation, culture and recreation, and general administration.Property and sales taxes, franchise fees, and state and federal grants finance most of theseactivities.

Business-type activities - the City charges a fee to customers to help it cover cost ofcertain services it provides. The City maintains a wastewater treatment system and is inthe process of renovating this system, which is all reported here. The shortfall of revenuefrom this activity has been funded from sales tax collections.

At June 30, 2005, the City's net assets were $8.4 million, of which $265 thousand wasunrestricted. Restricted net assets are reported separately to show legal constraints fromdebt covenants and enabling legislation that limits the City's ability to use those netassets for day-to-day operations.

Our analysis below of the primary government focuses on the net assets and change innet assets of the City's governmental activities.

City of St. Gabriel, LouisianaStatement of Net AssetsJune 30, 2005 and 2004

(in thousands)

GovernmentalActivities

2005 2004

Business-typeActivities

2005 2004

Total PrimaryGovernment

2005 2004

Qnrent and other assetsCapital assetsTotal assets

$ 1,1727,9189,090

$ 1,3476,6227.969

$ (185)9,3289,143

$ 139 .18.5558,694

E 987 $17,24618,233

1,48615.17716,663

Current and other liabilitiesIxmg-term liabilitiesTotal liabilities

7105,519

6,229

1,0014,5595,560

2883,315 _

3,603

3762,9243.300

9988,8349.832

1,3777,4838,860

Net assets:Invested in capital assets,net of related debt

RestrictedUnrestricted

Total net assets

2,197 1,9191 40 40524 4M

5,77029

(259)

5,294-100

7,967169265

7,21340551

$ 2,861 $ 2,410 $ 5.540 $ 5,394 $ 8,401 $ 7.804

Net assets of the City's governmental activities increased by approximately 19% or$451,000 during 2005. Unrestricted net assets represent the part of net assets thai can beused to finance day-to-day operations without constraints established by debt covenants,enabling legislation or other legal requirements.

The $524,000 in unrestricted net assets of governmental activities represents theaccumulated results of operations. It means that if we had to pay off all of the debt, wewould have $524,000 remaining. The changes in net assets are discussed later in thisanalysis.

5

The net assets of the City's business activities rose by approximately $145,000 during2005, The City operates wastewater treatment systems for the City and is currentlyconstructing system additions and improvements. The primary focus of this activity is tooperate on a profitable basis. However, the City has been required to subsidize theseoperations with sales and use tax collections to eliminate operating deficits.

The results of this year's operations for the primary government as a whole as reported inthe Statement of Activities, are as follows:

City of St. Gabriel, LouisianaChanges in Net Assets

For the years ended June 30, 2005 and 2004(in thousands)

Revenues:Program revenues:

Charges for servicesOperating grants and contributionsCapital grants and contributions

General revenues:Ad Valorem taxesSales taxesVideo poker taxesOther general revenues

Total revenues

Functions/Program Expenses:General governmentPublic safetyStreets and sanitationCulture and recreationWastcwater treatmentInterest on long-term debt

Total expenses

Increase in net assets

before transfers

Transfers

Increase in net assets

Beginning net assets

Ending net assets


Business-typeActivities Total

2005 2004 2005 2004 2005 2004

$ 366 $ 190 $ 10323

283 687 612

2,404835530IIP

4,528

1,0601,017916653

5\_

3,697

$ 116

2,090

1,302823515186

3,726

967835795250-41

2,888

838

(318)

520

1,890

$ 2,410 I

----

715

---782167

949

(234)

380

146

5,394

g 5,540

----

2,206

---48090

570

1,636

y1,954

3,440

$ 5,394

$ 469-895

2,404835530no

5,243

1,0601,017916653782218

4,646

$ 30623

2,777

1,302823515186

5,932

967835795250480131

3,458

597 2,474

597 2,474

7,804 5,330

$8,401 $7,804

The increase in net assets of $597,000 is due mainly to the grant funding through theUnited States Department of Agriculture received for the construction of the City's CivicCenter, Phase III, and IV of the sewer projects.

Fund Financial Statements

A fund is a grouping of related accounts that is used to maintain control over resourcesthat have been segregated for specific activities or objectives. Traditional users ofgovernmental financial statements will find the fund financial statements presentationmore familiar. The focus is now on major funds, rather than generic fund types.

Reporting the City's Most Significant Funds

Our analysis of the City's major funds begins on page 17 with the fund financialstatements that provide detailed information about the most significant funds—not theCity as a whole. Some funds are required to be established by State law or by bondcovenants. However, the City Council establishes other.funds to control and managemoney for particular purposes or meeting legal responsibilities for using certain taxes,grants, and other money. The City's two kinds of funds—governmental andproprietary—use different accounting approaches.

Governmental funds—Governmental funds are used to account for essentially the samefunctions reported as governmental activities in the government-wide financialstatements. However, unlike the government-wide financial statements, governmentalfund financial statements focus on near-term inflows and outflows of spendableresources, as well as balances of spendable resources available at the end of the fiscalyear. Most of the City's basic services are reported in governmental funds. These fundsare reported using an accounting method called modified accrual accounting, whichmeasures cash and all other financial assets that can readily be converted to cash. Thegovernmental fund statements provide a detailed short-term view of the City's generalgovernment operations and the basic services it provides. Governmental fundinformation helps you determine whether there are more or fewer financial resources thatcan be spent in the near future to finance the City's programs. We describe therelationship (or differences) between governmental activities (reported in the Statementof Net Assets and the Statement of Activities) and governmental funds in a reconciliationto the financial statements. The governmental major funds (Exhibits A-2 and A-4)presentation is presented using modified accrual.basis and focuses on the major funds ofthe City. Finally, combining financial statements of the nonmajor funds can be found inthe Combining Nonmajor Fund Statements that follow the basic financial statements.

Proprietary funds—When the City charges customers for the services it provides—whether to outside customers or to other units of the City—these services are generallyreported in proprietary funds. Proprietary funds are reported in the same way that allactivities are reported in the Statement of Net Assets and the Statement of Activities. Infact, the City's enterprise funds are the same as the business-type activities we report inthe government-wide statements but provide more detail and additional information, suchas cash flows, for proprietary funds.

Notes to the financial statements—The notes provide additional infbrmation that isessential to a full understanding of the data provided in the government-wide and fundfinancial statements. The notes to the financial statements are a required part of the basicfinancial statements and can be found in Exhibit A-9.

Other information—In addition to the basic financial statements and accompanyingnotes, this report also presents certain required supplementary information concerningoriginal and final budgetary comparisons to actual results for the year for the City's majorfunds. See Exhibit B through B-4.

Certain supplementary financial information can be found in Exhibits C through D-7.These schedules and the statistical information (Pages S-l through S-6) are included foradditional information and analysis and do not constitute a part of the basic financialstatements.

Financial Analysis of the Government's Funds

The general government operations of the City are accounted for in the General Fund,Special Revenue Funds, Debt Service Fund and Capital Project Funds. The focus ofthese funds, as noted earlier, is to provide information on near-term inflows, outflows andbalances of spendable resources. Such information is useful is assessing the City'sfinancing requirements. The following is a summary of general governmental operationsfor 2005 by fund type:

(in thousands)2005

Special DebtGenera l Revenue Service

F u n d F u n d s Funda

C a p i t a lProjectFunds Totals

2004

Totals

Revenues & transfersProceeds from debt

Total f inanc ing sources

Expend i tu res & transfers

Surplus (defici t)

Fund balance,June 30, 2004

Fund ba lance ,June 30,2005

$ 3,110 $ 2,890 $ 194 $ 442 $ 6,636 $ 5,077265 -_ - 903 LJ.61 3.725

2,890

2,780

(59)

184

110

318

194

185

9

1,345

1,255

90

7,803

7,653

150

8,802

9,010

(208'

40 542 750

125 $ 428 9 $ 130 $ 692 $ 542

The City's governmental funds experienced a surplus of $150,000 during 2005 thatprimarily related to its special revenue funds. At year end, fund balances wereapproximately $692,000. Approximately $562,000 is unrestricted and available forutilization at the City's discretion. The remainder of the fund balance is set aside toindicate that it is not available for utilization because it has been committed to capitalprojects continuing into 2006,

The General Fund is the chief operating fund of the City. At the end of the fiscal year,fund balance of the General Fund was approximately $125,000 compared to the fundbalance of $184,000 at 2004. The decrease in fund balance resulted from the operatingdeficit of $59,000, which exceeded the $13,900 surplus budgeted by the City. Thisvariation is primarily due to the decrease in actual revenue of approximately $110,000over budgeted revenue, from anticipated franchise fees from the City's utility carrier.

The City's other major funds are the Sales and Use Funds, Ad Valorem Tax Funds, andthe Civic Center Capital Project Fund. The change to the Sales and Use Tax fund was thedecrease in sales and use tax collections during 2005 of approximately $256,000 or 23%.However, a surplus was reported in this fund primarily due to the decrease in operatingtransfers to support general government and sewer operations, Additionally, the AdValorem Tax fund collections increased over the prior year by approximately $1.1million or 200% as the result of the new 10 mill property tax being levied during the year.These revenues were used entirely to support operations of the City.

Finally, the Civic Center capital project fund reserves remained unchanged resulting in afund balance of $1,700. The City finished the project in 2005.

Sources of governmental revenues, excluding transfers, are summarized below.

(in thousands)

2005 2004

Source of Revenue Revenue Percent Revenue Percent

Taxes $ 3,320 73% $ 2,295 62%

Intergovernmental 828 18% 1,247 33%Licenses and permits 139 3% 128 3%Miscellaneous 242 6% 55 2%

Total $ 4,S29 100% $ 3,725 100%

Revenues of the primary government for general governmental fund types for 2005totaled $4.5 million, compared with $3.7 million for the previous year, representing a$804,000 increase or 22% increase. The increase in revenue of $804,000 is primarilyincreases in ad valorem tax collections. As noted above, the City's activities are largelysupported by tax revenues, which represent 73% of total governmental resources.

Expenditures of the primary government decreased $2.2 million in 2005. Expendituresfor general governmental functions for each major function are summarized in thefollowing table.

(in thousands)2005 2004

Function Expenditure Percent Expenditure Percent

General government $ 1,054 20% $ 958 13%Public safety 1,240 24% 793 11%Streets and sanitation 830 16% 718 10%Social and recreational services 603 12% 232 3%Debt service 185 4% 174 2%Capital outlay . 1,255 24% 4,464 61%

Total $ 5.167 100% $ 7,339 100%

The largest decrease in spending occurred in capital outlay of $3.2 million or 73%, whichis due to the completion of projects during 2005. The largest increase in spendingoccurred in public safety of $447,000 or 56%, primarily related to the acquisition ofvehicles and equipment. Additionally, the City experienced an increase in social andrecreational expenditures of approximately $371,000 which was the result of operatingcosts of the newly constructed Civic Center.

GENERAL FUND BUDGETARY HIGHLIGHTS

Over the course of the year the City's General Fund's budget was amended on severaloccasions. The amendment of the operating and capital budgets is a customary practiceof the City and is reflective of the change that occurs with financial related mattersthroughout the fiscal year. The most significant change during 2005 was as follows:

• To reflect capital leases of equipment and vehicles purchased for the use of thepolice department.

With these adjustments, the actual charges to appropriations (expenditures) were $37,000less than the related final budget appropriations of $3.5 million. The most significantpositive variance occurred in the City's Social Service, Recreation, and Streets andSanitation departments, where expenditures were collectively $37,000 less thananticipated expenditures. The primary decreases related to personnel expenditures.

11

Additionally, the appropriation for public safety was increased from the original budgetduring 2005 as management of the City placed additional priority in this area. As aresult, additional officers were employed which increased personnel related expenditures.Also, the City appropriated additional funding for capital outlay and maintenance forvehicles and equipment utilized by the Police Department.

The City experienced increased expenditures in all departments relating to insurance,utilities, and fuel expenditures. In particular, employee health and the City's generalliability insurance costs increased. Finally, rising fuel costs have impacted the Cityrelative to the vehicle fuel purchased along with City utility expenditures.

Finally, resources available for appropriation were $1.7 million with expendituresappropriated at $3.4 million, with the deficit funded by collections from the City's Advalorem and sales tax funds. The operating deficit in the General Fund for 2005 was$59,000 and the related fund balance was $125,000 at year end.

CAPITAL ASSET AND DEBT ADMINISTRATION

Capital Assets

At the end of 2005, the City had $17,2 million invested in a broad range of capital assets,including vehicles, fire equipment, computer equipment, office furniture, land, buildings,park facilities, roads, and sewer treatment systems. This amount represents a net increaseof just over $2 million, or 13 percent, over last year.

Capital Assets at year-end (in thousands)

LandConstruction in progressBuildingsEquipment and vehiclesSewer treatment plantsInfrastructure

Total assets, net ofdepreciation $ 7,918 $ 6,622 $ 9,328 $ 8,555 $ 17,246 $ 15,177

The two major capital additions for 2005 were related to the construction of the CivicCenter and Phases III and IV of the sewer project. Capital outlay related to these projectsduring 2005 was $837,000, $423,000, and $586,000, respectively. During 2005construction was completed on the Civic Center and the Phase III sewer project resultingin the reclassification of construction in progress to depreciable assets of $4.9 million and$3.7 million, respectively. Additionally, parks and road improvement projects of$535,000 were completed during 2005, and accordingly are being depreciated.

12


2005

$ 360

4,979846

1,733

2004

$ 3614,518

56375

1,312

Business-typeActivities

2005

$ 10586

8,732

2004

$ 103,325

5,220

Totals2005

$ 370586

4,979846

8,7321,733

2004

$ 3717,843

56375

5,2201,312

Debt

At year-end, the City had $9.1 million in bonds and notes outstanding versus $7.7 millionlast year—an increase of $1.4 million—as shown below:

BalanceBeginning

of Year Additions

Public improvement $ 3,724,959 $ 902,720Certificate of indebtedness 972,500Capital leases - 264,608Revenue bonds 2,968,869 444,000Accrued vacation leave 5,734

$ 7,672,062 $ 1,611,328 $

$

$

Deletions

.144,500

-44,472

5,734

194,706

BalanceEnd ofYear

$ 4,627,679828,000264,608

3,368,397-

$ 9,088,684

Additional debt issued during 2005 related primarily to the funding of the construction ofthe Civic Center and Phase IV of the sewer project from commitments secured from theUnited States Department of Agriculture. The City also entered capital lease agreementsrelating to equipment and vehicles acquired for the police department. The City retiredapproximately $195,000 in debt during 2005.

The State of Louisiana limits the amount of general obligation debt that municipalitiescan issue to 35 percent of the assessed value of all taxable property within the City'scorporate limits. The City's outstanding general obligation debt is significantly belowthis $38 million state-imposed limit. More detailed information about the City's long-term liabilities is presented in Note 7 to the financial statements.

ECONOMIC FACTORS AND NEXT YEAR'S BUDGETS

The City's elected and appointed officials considered many factors when setting thefiscal-year 2006 budget a^d tax rates. One of those factors is the economy. The largesttaxpayers in the City are primarily companies involved in oil refining and petrochemicalprocessing sector. These companies are significantly impacted by the increasing cost offuel, including natural gas. With the high price of fuel in recent years, these companieshave experienced financial difficulty resulting in reduction of personnel staffing and therate of plant expansion, if any. As a result, the local economy has been impacted by thefinancial concerns of this major industry in the City.

13

An important factor affecting the budget is the City ad valorem and sales tax collectionsthat approximate 73% of budgeted revenue. The City budgeted an increase in total salestax collections of approximately 6% for 2006. Additionally, the 2006 operating budgetexpenditures provides for increases in general liability and other insurance, employeehealth and workman's compensation insurance, retirement system contributions, andapproximately an 5% decrease in personnel costs. For 2006, revenues are budgeted at$4.7 million while expenditures are expected to be $4.4 million. If these estimates arerealized, the City's budgetary fund balances are expected to increase by the close of 2006by $346,000.

These indicators were taken into account when adopting the General Fund budget for2006, Property taxes are expected to increase during 2006 by approximately $ 176,000.The taxes are expected to fund operations of the City's governmental operations, theCivic Center, including debt service, sewer operations, a housing program and economicdevelopment projects. Licensing fees and other funding sources are expected to decreaseby approximately $10,000, primarily due to the decrease in grant revenue anticipated inthe General Fund for 2006. The City will use these revenues to fund programs currentlyoffered.

Contacting the City's Financial Management

This financial report is designed to provide our citizens, taxpayers, customers, investorsand creditors with a general overview of the City's finances and to show accountabilityfor the money it receives. If you have questions about this report or need additionalfinancial information, contact the City's Finance Office at (225) 642-9600 or P.O. Box597, St. Gabriel, Louisiana, 70776.

14


STATEMENT OF NET ASSETS

June 30, 2005

Exhibit A

Primary Government

ASSETSCash and cash equivalentsAccounts receivable, netDue from other governmentsInternal balancesPrepaid itemsRestricted assetsCapita) assets:

Non-depreciableDepreciable, net

Total assets

LIABILITIESAccounts payableAccrued payablesLong-term payables

Due within one yearDue in more than one year

Total liabilities

NET ASSETSInvestment in capital assets,

net of related deblRestricted for:

Capital projectsDebt service

Unrestricted

Total net assets

Total liabilities and net assets

Governmental Business-TypeActivities Activities

S

$

$

270,798 $21,951

375,769434,860

68,659

359,8977,557,605

9,089,539 $

393,710 $114,741

200,8955,519,392

6,228,738

2,197.215

131.1708,763

523,653

2,860,801

46,551 $12,188

161,943(434,860)

29,302

596,0438,731,615

9,142,782 $

189,307 $45,112

53,7143,314,683

3,602,816

5,769,954

29,302

( 259,290)

5,539,966

Total

317,34934,139

537.712

68,65929,302

955,94016,289,220

18,232,321

583,017159,853

254,6098,834,075

9,831,554

7,967,169

160,4728,763

264,363

8,400,767

9,089,539 $ 9,142,782 $ 18,232.321

Notes on Exhibit A-9 are an integral part of Ihis statement.15


STATEMENT OF ACTIVITIES

For the year ended June 30, 2005

Exhibit A-l

Program RevenuesNet (Expenses) Revenue and

Changes In Net Assets

Operating CapitalCharges for Grants and Grants and Governmental Business-type

Expenses Services Contributions Contributions Activities Activities TotalFunctions/ProgramsPrimary government:

Governmental activities:General governmentPublic safetyStreets and sanitationCulture and recreationInterest on long-term debt

Tola! governmental activities

Business-type activities:

Waste water treatment facilities

Total business-type activities

Total primary government

1,059,5561,016,849916,233653,46951,239

3,697,346

889,975889,975

$4,587,321

$ 177,224 $174,880

-13,469

-

365,573

102,529102,529

S 468,102 $

- $-

168,773114,589

-283,362

612,456612,456

- $ 895,818

$ (882,332) $(841,969)(747,460)(525,411)(51,239)

(3,048,411)

.

(3,048,411)

- $ (882,332)(841,969)(747,460)(525,411)(51,239)

(3,048,411)

(174.990) (174,990)(174,990) (174,990)

(174,990) (3,223,401)

General revenues:Taxes:

PropertySatesVideo PokerFranchiseOther

Grants and contributions notrestricted to specific programs

Investment earningsSpecial item-loss on replacement of sewer systemTransfers (to) from other funds

Total general revenues and transfers

Change in net assets

Net assets - beginning of year

Net assets - end of year

2,403,836834,656529,86243,94740,932

20,9095,582

(379,914)3,499,810

451,399

2,409,402

-----

50251

(60,107)379.914320,108

145,118

5,394,848

2,403.836834,656529,86243,94740,932

20,9595,833

(60,107)-

3.819,918

596,517

7,804,250

$ 2,860.801 S 5.539.966 $ 8.40Q.767

Notes on Exhibit A-9 arc an integral part of this statement.16

aibit A-2


BALANCESHEETGOVERNMENTAL FUNDS

June 30,2005

Civic CenterParish wide Capita) Other Total

Sales and Use Sales and Use Ad Valorem Ad Valorem 2 Project Governmental Govern mentalGeneral Tax Fund Tax Fund Tax Fund . Tax Fund Fund Funds Fund*

ASSETSCash and cash equivalentsOther receivableDue from other governmentsPrepaid itemsDue from other fuixt

Total assets

LIABILITIESAccounts payableAccrued expenses

Total liabilities

FUND BALANCEDesignated Tor subsequent

year expendituresUndesigiiafed

Tolal fund balance

S - $ - S16,56780,204 75,32268,659

232,698 28,937

S 398,128 $ 104,259 5

S 187.914 S - $85,294

273.208

55.000124,920 49,259

124,920 104,259

- S 7.383 $ 35,461 S 80,419 S 147,5355,384

50,158 - - 127,031 43,054-

87,306 - - - 85.919

137.464 5 12,767 S 35,461 $ 207,450 S 276,508

- $ - S - $ 205,796 S617

205J26 <U?

70,000 - - 5,000137,464 (57,233) 35,461 1,654 270.891

137,464 12,767 35,461 1.654 275,891

$ 270,79821,951

375,76968,659

434.860

$ 1,172,037

S 393,710K5j9ll

479JJ2J

130.000562.416

692,416

Total Nubilities and fund balance S 398,128 S_ .IQ4.259 $ 137.464 $ 1 2 , 7 6 7 S 35.461 S 207,450 $ 276.508 S 1,172.037

Notes on Exhibit A-9 arcaii integral part of this statement.17

Exhibit A-3


RECONCILIATION OF THE GOVERNMENTAL FUNDS

BALANCE SHEET TO THE STATEMENT OF NET ASSETS

June 30, 2005

Total net assets reported tor governmental activities in the statement of net assets aredifferent because:

Total fund balances - governmental funds (Exhibit A-2) $ 692,416

Capital assets used in governmental activities are not financial resources and,therefore, are not reported in the governmental funds 7,9)7,502

Long-term liabilities (e.g. bonds, leases), are not due and payable in the currentperiod and, therefore, are not reported in the governmental funds.

Accrued interest payable (28,830)Bonds and capital lease payable (5,720.287) (5.749.117)

Net assets of governmental activities (Exhibit A) $ 2,860,801

Notes on Exhibit A-9 are an integral part of this statement.18

Exhibil A-4


STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCESGOVERNMENTAL FUNDS

For the year ended Juno 30, 2005

General

Civic CenterParlshwlde Capital Other Total

Sale* and (he Sales and Use Ad Valorem Ad Valorem 2 Project Governmental GovernmentalTax Fund Tax Fund Tax Fund Tax Fund Fund Funds Funds

5 553.562 S 281,094 S 541,662 $ 1,106,961 $ - $ - $ 3,320,46270,158 213,204 827,589

139,200' - - - 174,165

: : : _„_ ; : 13J35J 4&94Q

____ ,553,562

REVENUESTaxes S 837,183Intergovernmental 544,227Licenses aud permits 139,200Fines 174,165Other 54.886

Total revenues ___LH9j&64

EXPENDITURESGeneral government 1,053,943hihlit safety t,239,517Streets and sanitation 829,525Social and recreational services 310,416Dcht service -Capital projects ' : _- _• _:

Tula! expenditures ._^33»^.PJ- _____ i - ~

Excess (deficiency) of revenuesover expcndilures (1,1)83,740) 553.562 _m28._1Q!?i _._5iii§6?.

OTHER FINANCING SOURCE (USES)Operating transfers in 1,360,000Proceeds from clebl issuance 264,608Operating transfers out .„..„ „_- .......1545,005) I2ZSJ.UQ) [ft20.0U9)

Total financing sources (uses) 1.624.608 (545.SOO) OZ&Mft) —ffiKUMfi) fl.046.SOD>

Lfitt _Ufl&2fil ___ 70.15$ ..... .226.258 4.529.356

-

---

972.878

-•;-267,86

185,237...._2B2ja5 .

1,053,9431,239,517829,525603,281185,237

25,000

25.000 972jm 735.137 5 J 66,4 16

(902,720) (508.879) ., _ J637j060)

902,720

902.720

746.586 2,106,5861,167,328

f2.486.5QOi

Bxccss {deficiency) of revenuesover expenditures and othersources (uses)

FUND BALANCEBeginning of year

End of year

(5V, 1 32)

JL?ii9_-!?.

124.920

8,562 6,094 (78,338) 35,461 237,707 ! 50,354

95.697 131.370 __9.UL°5 ;_ ^654 ..__381_1M 542,062

104,259 ? 137.464 S 12.767 S 35,46! S 1.654 S 275.891 S 692.4 i 6


Exhibit A-5


RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES, AND

CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO

THE STATEMENT OF ACTIVITIES

For the year ended June 30,2005

The change in net assets reported for governmental activities in the statement of activities isdifferent because:

Net change in fund balances - total governmental funds (Exhibit A-4)

Governmental funds report capital outlay as expenditures. However, in thestatement of activities, the cost of those assets are allocated over their estimateduseful lives and reported as depreciation expense. This is the amount by whichcapital outlay exceeded depreciation.

Capital outlay $ 1,665,643Gain (loss) on the sale of fixed assets (1,500)Depreciation expense (368,634)

150,354

1,295,509

The liability and expense for compensated absences are not reported in governmentalfunds. Payments for compensated absences are reported as salaries when they occur.Only the payment consumes current financial resources, and it would take a catastrophicevent for this liability to become a current liability.

The issuance of long-term debt (e.g, bonds, leases) provides current financialresources to governmental funds. In the statement of net assets, however, issuingdebt increases long-term liabilities and does not affect the statement of activities.Similarly, repayment of principal is an expenditure in the governmental funds butreduces the liability in the statement of activities.

Proceeds from issuance of debt (1,167,328)Principal payments on debt 144,500

Some expenses reported in the statement of activities do not require the use ofcurrent financial resources and, therefore, are not reported as expenditures ingovernmental runds.

Accrued interest payable

5,734

(1,022,828)

22.630

Change in net assets of governmental activities (Exhibit A-l) 451,399

Notes on Exhibit A-9 are an integral part of [his statement.20

Exhibit A-6

CITY OF ST. GABRIEL, LOUISIANAPROPRIETARY FUND - SEWER FUND

STATEMENT OF NET ASSETS

June 30, 2005

ASSETSCurrent assets;

Cash and cash equivalents $ 46,551Accounts receivable, net 12,188Due from other governments 161,943Restricted cash 29,302

Total current asssets 249,984

Capital assets:Non-depreciable 596,043Depreciable, net 8,731.615

Total assets $ 9,577,642

LIABILITIESCurrent liabilities:

Accounts payable $ 189,307Accrued payables 45,112Due to other funds 434,860Current portion of long-term debt 53,714

Total current libiiilies 722,993

long-lenn debt 3,314,683

Total liabilities 4,037.676

NET ASSETSInvestment in capital assets,

net of related debt 5,769,954Restricted for:

Capital projects 29,302Unrestricted ( 259,290)

Total net assets 5,539,966

Total liabilities and net assets $ 9.577,642


Exhibit A-7


STATEMENT OF REVENUES, EXPENSES ANDCHANGES IN FUND NET ASSETS


REVENUESCharges for servicesMiscellaneous

Total operating revenues

EXPENSESPersonnelDepreciationInterestChemicalsUtilitiesOtherSuppliesBad debtsMaintenance

Total operating expenses

Operating loss

NON-OPERATINGContributed capital - grant from governmental sourcesLoss on replacementOperating transfers from other funds

Change in net assets

102,529301

102,830

263,364189,214167,32)77,90064,80955,59647,49016,4757.806

889,975

(787,145)

612,456(60,107)379.914

145,118

NET ASSETSBeginning of year

End of year

5,394,848

$ 5,539,966

Notes on Exhibit A-9 are an integral part of this statement,22

Exhibit A-8


STATEMENT OF CASH FLOWS


CASH FLOWS FROM OPERATING ACTIVITIESReceipts from customersPayments to suppliersPayments to employees

Net cash used for operating activities

CASH FLOWS FROM CAPITAL ANDRELATED FINANCING ACTIVITIES

Fixed asset additionsCapital grantsProceeds from issuance of debtPrincipal paid on capital debtInterest paid on capital debt

Net cash used for capital and relatedfinancing activities

CASH FLOWS FROM NONCAPITAL ANDRELATED FINANCING ACTIVITIES

Transfers in from other fundsPayments on loans due to other fundsProceeds from loans due to other funds

Net cash provided by noncapital and relatedfinancing activities

Net decrease in cash

CASHBeginning of period

End of period

RECONCILIATION OF OPERATING LOSS TONET CASH USED FOR OPERATING ACTIVITIES:Operating lossAdjustments of operating loss:

DepreciationChange in operating assets and liabilities:

Accounts receivableAccounts payable and accrued liabilities

Net cash used for operating activities

99,657(367,017)(262,022)

(529,382)

(1,021,786)651,588444,000

. (44,472)(167.321)

(137,991)

379,914(80,000)434.860

734,774

67,401

8.452

75,853

(787,345)

189,214

(3,170)71,719

(529,382)


Exhibit A-9


NOTES TO FINANCIAL STATEMENTS

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Statement Presentation

The financial statements of the City of St. Gabriel, Louisiana (the City) have been prepared inconformity with generally accepted accounting principles (GAAP). The GovernmentalAccounting Standards Board (GASB) is responsible for establishing GAAP for state and localgovernments through its pronouncements (Statements and Interpretations), Proprietary fundsapply Financial Accounting Standards Board (FASB) pronouncements and AccountingPrinciples Board (APB) opinions issued on or before November 30, 1989, unless thosepronouncements conflict with or contradict GASB pronouncements, in which case, GASBprevails. The more significant accounting policies established in GAAP and used by the Cityare described below.

In June 1999, the GASB approved Statement No. 34, Basic Financial Statements - andManagement's Discussion and Analysis - for State and Local Governments. Certain of thesignificant changes in the Statement include the following;

• A Management Discussion and Analysis (MD&A) section providing aft analysis of theCity's overall financial position and results of operations.

• Financial statements prepared using full accrual accounting for all of the City'sactivities, including infrastructure (roads, bridges, etc.).

• A change in the fund financial statements to focus on the major funds.

These and other changes are reflected in the accompanying financial statements (includingnotes to financial statements).

Reporting Entity

These financial statements present the City as the primary government. For financialreporting purposes, the City is controlled by or dependent on the City's executive or legislativebranches (the Mayor or the City Council, respectively). Control by or dependence on the Cityis determined on the basis of budget adoption, taxing authority, outstanding debts secured byrevenues or general obligations of the City, obligations of the City to finance any deficits thatmay occur, or receipt of significant subsidies from the City.

Exhibit A-9Continued

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Basis of Presentation

The City's basic financial statements consist of the government-wide statements of theprimary government (the City) and the ftmd financial statements (individual major funds andcombined non-major funds). The City's financial statements are prepared in accordance withaccounting principles generally accepted in the United States of America and applied togovernmental units. Private sector standards of accounting and financial reporting issuedprior to December .1, 1989, generally are followed in both the government-wide financialstatements and the proprietary fund financial statements to the extent that those standards donot conflict with or contradict guidance of the GASB. Governments also have the option offollowing subsequent private-sector guidance for their business-type activities and enterprisefunds, subject to the same limitation. The City has elected not to follow subsequent private-sector guidance.

Government-wide Financial Statements

The government-wide financial statements include the statement of net assets and thestatement of activities for all non-fiduciary activities of the City. As a general ru!e, the effectof interfund activity has been removed from these statements. The government-widepresentation focuses primarily on the sustainability of the government as an entity and thechange in aggregate financial position resulting from the activities of the fiscal period. Thesestatements distinguish between the governmental and business-type activities of the City.

Governmental activities generally are financed through taxes, intergovernmental revenues,and other nonexchange revenues.

Business type activities are financed in whole or part by fees charged to external parties forutility services provided. The City's sewer services are classified as business-type activities.

The government-wide statement of activities demonstrates the degree to which the directexpenses of a given function or segment are offset by program revenues. Direct expenses arethose that are clearly identifiable with a specific fiinction or segment. Program revenuesinclude; (1) charges to customers or applicants who purchase, use, or directly benefit fromgoods, services, or privileges provided by a given function or business-type activity, and (2)grants and contributions that are restricted to meeting the operational or capital requirementsof a particular function. Taxes and other items not properly included among programrevenues are reported instead as general revenues.

25




The fiind financial statements are very similar to the traditional government fund statementsas prepared by governments prior to the issuance of GASB No. 34. Emphasis is now on themajor funds in either the governmental or business-type categories. Non-major funds (bycategory) or fund type are summarized into a single column.

The daily operations of the City continue to be organized on the basis of funds and accountgroups, each of which is considered a separate accounting entity. The operations of each fundare accounted for with a separate set of self-balancing accounts that comprise its assets,liabilities, equity, revenues and expenditures or expenses, as appropriate. Funds are organizedinto three major categories: governmental, proprietary and fiduciary. The City does not haveany fiduciary funds. An emphasis is placed on major funds within the governmental andproprietary categories. A fund is considered major if it is the primary operating fund of theCity (the General Fund) or meets the following criteria:

• Total assets, liabilities, revenues, or expenditures/expense of that individual governmentalfund or enterprise fund are at least 10 percent of the corresponding total for all funds ofthat category or type; and

• Total assets, liabilities, revenues, or expenditures/expense of that individual governmentalfund or enterprise fund are at least 5 percent of the corresponding total for allgovernmental and enterprise funds combined,

Government resources are allocated to and accounted for in individual funds based upon thepurpose for which they are to be expended and the means by which spending activities arecontrolled. The various funds and account groups of the primary government presented in thefinancial statements are described as follows:

Governmental Fund Types

Governmental funds are those through which most governmental functions of the Council arefinanced. The acquisition, use, and balances of expendable financial resources and relatedliabilities of the City are accounted for through governmental funds. Measurement is focusedupon determining changes in financial position, rather than net income. The following are thegovernmental fund types of the City:

General Fund - The General Fund is the general operating fund of the City. It is used toaccount for all financial resources except those required to be accounted for in another fund.The general fund is always a major fund.

Special Revenue Funds - Special revenue funds are used to account for the proceeds ofspecific revenue sources (other than major capital projects) that are legally restricted toexpenditures for specified purposes. The special revenue funds that are considered majorfunds are the Sales Tax Fund and the Ad Valorem Fund.

26



Fund Financial Statements (Continued)

Debt Service Funds - Debt service funds are used to account for the accumulation ofresources for, and the payment of, general long-term debt principal, interest and related costs.The debt service fund is not considered a major fund.

Capital Projects Funds - Capital projects funds are used to account for financial resources tobe used for the acquisition or construction of major capital facilities (other than those financedby Proprietary Funds). The capital projects fund that is considered a major fund is the CivicCenter Fund.

Proprietary Fund Types

Proprietary funds distinguish operating revenues and expenses from non-operating items.Operating revenues and expenses generally result from providing services in connection witha proprietary fund's principal ongoing operations. Operating expenses for enterprise fundsinclude the cost of sales and services, administrative expenses, and depreciation of capitalassets. All revenues and expenses not meeting this definition are reported as nonoperatingrevenues and expenses.

Enterprise Funds - Enterprise funds are used to account for operations (1) that are financedand operated in a manner similar to private business enterprises - where the intent of thegoverning body is that the costs and expenses, including depreciation, of providing goods orservices to the general public on a continuing basis be financed or recovered primarilythrough user charges; or (2) where the governing body has decided that periodic determinationof revenues earned, expenses incurred, and/or net income is appropriate for capitalmaintenance, public policy, management control, accountability, or other purposes. TheCity's enterprise fund has been considered a major fund.

Basis of Accounting and Measurement Focus

Government-wide financial statements

The government-wide financial statements are reported using the economic resourcesmeasurement focus and the accrual basis of accounting. Revenues are recorded when earnedand expenses are recorded when a liability is incurred, regardless of the timing of the relatedcash flows. Property taxes are recognized in the year for which they are levied.

27



Basis of Accounting and Measurement Focus (Continued)

Fund financial statements

All governmental funds are accounted for using a current financial resources measurementfocus. With this measurement focus, only current assets and current liabilities are generallyincluded in the balance sheet. Operating statements of these funds present increases (revenuesand other financing sources) and decreases (expenditures and other uses) in net current assets.Governmental funds are maintained on the modified accrual basis of accounting.

Governmental fund revenues resulting from exchange transactions are recognized in the fiscalyear in which the exchange takes place and meets the government's availability criteria(susceptible to accrual). "Available" means collectible within the current period or within 60days after year-end. Charges for services, fines and forfeitures, and most governmentalmiscellaneous revenues, are recorded as earned since they are measurable and available.

Nonexchange transactions, in which the City receives value without directly giving value inreturn, includes sales tax, ad valorem tax, federal and state aid and grants.

Ad valorem taxes are recorded in the year the taxes are assessed. Ad valorem taxes areassessed on a calendar year basis, become due on November 15th of each year, and becomedelinquent after December 31st. The taxes are generally collected in December, January andFebruary of the current fiscal year. Sales taxes are recorded when in the possession of theintermediary collecting agent and are recognized as revenue at that time. Federal and state aidand grants are recorded as revenue when the City is entitled to the funds, generallycorresponding to when grant related costs are incurred by the City.

Expenditures are recognized in the accounting period in which the related fund liability isincurred, if measurable, except for (1) umnatured interest on general long-term debt which isrecognized when due, and (2) claims and judgments and compensated absences are recordedas expenditures in the governmental ftmd type when paid with expendable financial resources.Allocations of costs such as depreciation and amortization are not recognized in thegovernmental funds.

All proprietary funds are accounted for on a flow of economic resources measurement focus.Proprietary funds are maintained on the accrual basis of accounting wherein revenues arerecognized in the accounting period in which they are earned and become measurable, andexpenses are recognized in the period incurred, if measurable.



Cash and Cash Equivalents

Cash and cash equivalents for the City includes the Louisiana Asset Management Pool(LAMP) account and each individual fund's share of the consolidated operating cashaccounts.

Consolidated bank accounts have been established for the City into which substantially allmonies,are deposited and from which most disbursements are made. In addition, investmentpurchases are charged and maturities are deposited to the consolidated bank account. Thepurpose of the consolidation of bank accounts was to provide administrative efficiency and to

. maximize investment earnings. The accounts entitled "Cash and Cash Equivalents" is there-fore composed of a fund's pro rata share of the cash balance in the consolidated cash accountplus its^pro rata share of investments made through the investment of excess cash. Investmentearnings are recorded in the General Fund.

The investment policy of the City is governed by state statutes that include depository andcustodial contract provisions. The City invests funds in accordance with L.R.S. 39:1211-1245and 33:2955 which include, but are not limited to, United States Treasury Bonds, TreasuryNotes, Treasury Bills, and fully collateralized interest bearing checking accounts andcertificates of deposit. Other provisions require depositories to insure or collateral^ alldeposits in accordance with state law and require securities collateralizing deposits to be heldby an independent third party with whom the City has a custodial agreement. The Cityprimarily utilises the Louisiana Asset Management Pool to invest idle funds.

For purposes of the Statement of Cash Flows, liquid investments of the enterprise fund with amaturity of three months or less arc considered to be cash equivalents. Also, see Note 2.

Accounts Receivable

In the government-wide statements, receivables consist of all revenues earned at year-end andnot yet received. For governmental activities uncollectible amounts due for receivables arerecognized as bad debts directly charged off at the time information becomes available whichindicates that the particular receivable is not collectible. In governmental fund types, theuncollectible amount is charged directly to the revenue reported. In business-type activities,uncollectible amounts due from sewer billing receivables are recognized as bad debts throughthe use of an allowance account or are directly charged off at the time information becomesavailable which indicates that the particular receivable is not collectible. An allowance fordoubtful accounts of approximately $70,690 was recorded at June 30, 2005,

Inter fund receivables/payablcs

During the course of operations, numerous transactions occur between individual funds.Those related to short-term borrowings are classified as "due from other funds" or "due toother funds" on the balance sheet and result primarily from participation in the consolidatedcash account. Interfund receivables and payables between funds within governmentalactivities are eliminated in the Statement of Net Assets. See Notes 10 and 11 for details ofinterfund transactions, including receivables and payables at year-end. Any residual balancesoutstanding between the governmental activities and busineSvS-type activities are reported inthe government-wide financial statements as "internal balances."

29



Restricted Cash

Restricted cash on the balance sheet of the enterprise funds represents amounts which havebeen designated to meet unexpected contingencies for property repairs and replacements.Restricted cash consisted of $29,302 as of June 30,2005.

Capital Assets

The accounting treatment of property, plant, and equipment (fixed assets) depends on whetherthe assets are used in governmental fund operations or proprietary fund operations andwhether they are reported in the government-wide or fund financial statements.

Government-wide Statements

In the government-wide financial statements, fixed assets are accounted for as capital assets.All fixed assets are valued at historical cost, or estimated historical cost if actual isunavailable, except for donated fixed assets which are recorded at their estimated fair value atthe date of donation. Major outlays for capital assets and improvements are capitalized atcompletion of the construction projects.

The costs of normal maintenance and repairs that do not add to the value of the asset ormaterially extend asset lives arc expensed. Improvements are capitalized.

Prior to the implementation of GASB 34, governmental funds' infrastructure assets were notcapitalized. These assets arc comprised of the streets maintained by the City and have beenvalued at estimated historical cost.

Depreciation of all exhaustible fixed assets is recorded as an allocated expense in theStatement of Activities, with accumulated depreciation reflected in the Statement of NetAssets. Depreciation is provided over the assets' estimated useful lives using the straight-linemethod of depreciation. The range of estimated useful lives by type of asset is as follows:

Buildings 25-40 yearsImprovements 15-30 yearsMachinery and Equipment 5-20 yearsUtility System 5-50 yearsInfrastructure 20-40 years


In the fund financial statements fixed assets used in governmental fund operations are notcapitalized. Instead, capital acquisition and construction are reflected as expenditures in thegovernmental funds.

30



Property, plant and equipment used by the proprietary funds are stated at cost. Interest costsincurred during construction periods are capitalized. Depreciation has been provided over theestimated useful lives of the assets using the straight-line method. The estimated useful livesare as follows:

Sewer treatment systems 10-40 yearsSewer pump station 20 years

Long-term Debt

The accounting treatment of long-term debt depends on whether the assets are used ingovernmental fund operations or proprietary fund operations and whether they are reported inthe government-wide or fund financial statements.

In the government-wide statement of net assets and in the proprietary fund types' financialstatements, long term debt is reported as liabilities. Bond issuance costs are reported asdeferred charges and amortized over the term of the bond. The long-term debt consistsprimarily of public improvement bonds, certificates of indebtedness for public improvementsand accrued compensated absences,

Long-term debt for governmental funds is not reported as liabilities in the fund financialstatements. The debt proceeds are reported as other financing sources and payment ofprincipal and interest are reported as expenditures. The accounting for proprietary fund debtis the same in the fund statements as it is in the government-wide statements. The City is notobligated for any special assessment debt.

Compensated Absences

All full time employees of the City are entitled to annual vacation and sick leave with pay.Prior to 2002, vacation leave carried over from one year to another without limitation.Vacation leave unused upon termination or retirement will be paid to the employee. During2002, the City adopted new leave policies whereby, accumulated unused vacation leaveearned subsequent to the policy change would be forfeited at the end of the City's fiscal yearend. Additionally, accumulated sick leave may be accumulated up to 60 days. However,such time is forfeited upon retirement or termination and has not been reflected in thesefinancial statements.

Net Assets

Net assets represent the difference between assets and liabilities. Net assets invested in capitalassets, net of related debt consist of capital assets, net of accumulated depreciation, reducedby the outstanding balance of any debt proceeds used for the acquisition, construction, orimprovements of those assets. Net assets are reported as restricted when there are limitationsimposed on their use by external parties such as creditors, grantors, laws or regulations ofother governments.

31



Reserves and Designations of Equity

.Some portions of fund balance and/or retained earnings are reserved to indicate that a portionof equity is legally restricted to a specific future use and is not available for appropriation orexpenditure. Designated portions of fund balance and/or retained earnings indicate tentativefuture spending plans, which may be changed and are subject to subsequent authorizationbefore expenditures can be made. The City has made the following reserves and designationsof equity: (a) Designated for subsequent year's expenditures is that portion of fund balancewhich has been budgeted to balance the following years' budgets, and (b) other designationsare made for specific indicated purposes included in the title.

Interfund Transfers

Transfers between funds are included in the budgets of such funds. In those cases whererepayment is expected, the advances are accounted for through the various interfund accounts.

, Budget Policy and Budgetary Accounting

A proposed budget is prepared and submitted by the Mayor to the City Council prior to thebeginning of each fiscal year. A budget summary and notice of a public hearing is publishedwith the public hearing being conducted prior to the commencement of the budget year.

The annual operating budget, prepared on the accrual basis, covers the general, specialrevenue, debt service funds, capital projects and enterprise funds. At the end of the fiscal year,unexpended appropriations automatically lapse. Budget amendments are approved by the CityCouncil and are included in the financial statements.

In connection with budget preparation, a portion of the unreserved fund balance of anindividual fund may be designated for expenditures of the subsequent year, Such designationrepresents the extent to which the fund balance is used to balance the subsequent year'soperating budget of that fund, as reflected in the legally adopted budget.

Estimates

The preparation of financial statements in conformity with generally accepted accountingprinciples requires management to make estimates and assumptions that affect the reportedamounts of assets and liabilities and disclosures of contingent assets and liabilities at the dateof the financial statements. They may also affect the reported amounts of revenues andexpenses of proprietary funds and the government-wide financial .statements during thereporting period. Actual results could differ from those estimates. Estimates are usedprimarily when accounting for depreciation, prepaid insurance, and deferred revenue.

NOTE 2- CASH AND INVESTMENTS

The Town may invest in United States bonds, treasury notes, or certificates of deposit of statebanks organized under the laws of Louisiana and national banks having their principal officein the State of Louisiana or other qualifying federally insured investments.

32


NOTE 2 - CASH AND INVESTMENTS (CONTINUED)

At year-end, the City's deposits (including demand deposits accounts, certificates of deposit,and restricted cash) totaled $346,651 and the related bank balances were $354,770. The bankbalances are categorized as follows:

Category 1 - Amount insured by the FDIC $ 352,497Category 2 - Amount collaterized with securities held by pledging

financial institution's trust department in the City's name 1,712

Investments not subject to categorization:Louisiana Asset Management Pool (LAMP) 561

Total bank balance $ 354,770

Investment by the City in the LAMP pools are considered unclassified as to credit riskbecause they are not evidenced by securities that exist in physical or book form.

NOTE 3 - DUE FROM OTHER GOVERNMENTS

Due from other governments at June 30,2005, consists of the following:

Governmental Activities:Department of Agriculture - Civic Center Construction $ 127,031State of Louisiana - Video Poker and other 80,202Parish of Ibcrville, Louisiana - Sales Tax 125,482Other 43.054

Total Governmental Activities 375,769

Business-type Activities:Department of Agriculture - Sewer Construction 161.943

Total Primary Government

33


NOTE 4- AD VALOREM TAXES

The 1974 Louisiana Constitution (Article 7 Section 18) provided that land and improvementsfor residential purposes be assessed at 10% of fair market value; other property and electriccooperative properties, excluding land, are to be assessed at 15%; and public serviceproperties, excluding land, are to be assessed at 25% of fair market value. Fair market value isdetermined by the elected assessor of the parish on all property subject to taxation exceptpublic service properties, which are valued by the Louisiana Tax Commission (LRS 47:1957).The correctness of assessments by the assessor is subject to review and certification by theLouisiana Tax Commission. The assessor is required to reappraise all property subject totaxation at intervals of not more than four years.

All property taxes are recorded in governmental funds, as explained in Note 1 above.Revenues in governmental funds are recognized in the accounting period in which theybecome available and measurable. Property taxes are considered measurable in the calendaryear of the tax levy. Accordingly, the taxes assessed for the calendar year falling within thecurrent fiscal year are recorded as revenue. Property taxes are considered available becausethey are substantially collected during the fiscal year and are therefore available to liquidateliabilities of the current period.

The property tax calendar is as follows:

Millage Rates Adopted November 6,2004Levy Date November 6,2004Due Date December 31,2004

. Lien Date January 1, 2005Collection Dates December 1,2004 to February 28, 2005

For the year ended June 30, 2005, taxes of 21.73 mills were levied for general governmentand public purposes on property with assessed valuations totaling $110,989,362. Total taxeslevied were $2,411,798 and collected were $2,403,836. Property tax mileage rates areadopted in the calendar year in which the taxes are levied and recorded. All taxes are due andcollectible when the assessment rolls are filed on or before December 31 of the current year,and become delinquent thereafter.

The City collected ad valorem taxes of $1,956,641 from eight property owners during the yearended June 30, 2005. Tax collections from four of the eight taxpayers amounted to$1,544,615.

34


NOTES- FIXED ASSETS

General Fixed Assets

A summary of changes in general fixed assets for the year ended June 30, 2005, is as follows:

Beginning Ending

Balance [no-eases Decreases Balance

Governmental activities;

Capital assets not being depreciated:LandConstruction in progressTotal capital assets, not being depreciated

Capital assets being depreciated:Buildings and improvementsEquipment and vehiclesInfrastructure

Total capital assets being depreciated

Less accumulated depreciation for:Buildings and improvementsEquipment and vehiclesInfrastructureTotal accumulated depreciation

Total capital assets, being depreciated, net

Governmental activities capital assets, net

Business-type activities:Capital assets not being depreciated:LandConstruction in processTotal capital assets, not being depreciated

$ 361,3974,517,7834,879,180

87,7841,253,2981,389,485

2.730.567

31,445878,28478,023

987,752

1,742,815

X 6.621.995

$ - S 1,500692,049 5,209,832692,049 5,211,332

4,956,733691,738534,953

6.183.424

34,301220,897113,436368,634

5,814,790

S 6.506.839 S 5 2 1 1 312

S 359,897-

359,897

5,044,5171,945,0361,924.4388.913,991

65,7461.099,181

19 LI59

1,356,386

7,557,605

S 7.917.502

$ 10,000 $ - $ - $ 10,0003.324.892 1.008.809 3.747.658 586.0433.334.892 1,008,809 3,747,658 596.043

Capital assets being depreciated:Sewer treatment plantsSewer pump stationTotal capital assets being depreciated

Less accumulated depreciation for:Sewer treatment plantsSewer pump stationTotal accumulated depreciation

Total capital assets being depreciated, net

Business-type activities capital assets, net

5,560,885122,914

"S.683,799

457,3826,H6

463,498

5,220,301

1,008,809

3,747,65812,977

3,760,635

182,4196,795

189,214

3,571,421

3,747,658

217,755

217,755

157,648

157,648

60,107

9,090,788135.891

9.226.679

482,15312,911495,064

8.731,615

S 8.5.S5.193 S 4SKQ.230 S 3.807.765 $ 9.127.658

35


NOTES- FIXED ASSETS (CONTINUED)

Depreciation expense was charged to functions/programs of the primary government asfollows:

Governmental activilies:General government $ 36,378Public safety 110,797Recreation 81,641Streets and sanitation 139.818

Total depreciation expense - governmental activities $ 368,634

The amount of interest capitalized as part of construction in progress for governmentalactivities related to the Public Improvement Bonds for the year ended June 30, 2005 was$102,750. Additionally, capitalized interest included as construction in progress for business-type activities related to the Revenue Bonds for the year ended June 30,2005 was $47,880.

NOTE 6 - BOND ANTICIPATION NOTES

Governmental activities

The City received a bond anticipation note from the USDA for up to $4,980,000 towards thecost of constructing the St. Gabriel Civic Center. The City had drawn $4,599,041 on the noteat June 30,2005.

NOTE 7- LONG-TERM DEBT

Debt Outstanding

The following is a summary of debt transactions of the City for the year ended June 30,2005:

Balance BalanceBeginning End of Due Within

of Year Additions Deletions Year One Year

Governmental activities:Certificate of indebtedness $ 972,500 $ - $ 144,500 $ 828,000 $ 153,000Public improvement 3,724,959 902,720 - 4,627,679Capital leases 264,608 264,608 47,895Short-term loan - 1,000,000 1,000,000Accrued vacation leave 5,734 - 5,734 - -

$4,703,193 $2,167.328 $1,150,234 $5,720,287 $ 200,895

Business-type activities:Revenue bonds $2,968,869 $ 444,000 $ 44,472 $3,368,397 $ 53,714


NOTE 7- LONG-TERM DEBT (CONTINUED)

The City issued short-term debt during 2005 to meet cash working capital requirements,which is the result of the timing of property tax receipts. Such debt was issued August 2004and retired in March 2005.

Included above are bond anticipation notes related to the construction of the City's CivicCenter ($4,599,041) project. Long-term financing is anticipated to be finalized fromcommitments made with the United States Department of Agriculture.

Long-term debt obligations for the primary government at June 30, 2005, are comprised of thefollowing:

Governmental Activities

$1,300,000 Certificate of indebtedness - secured by a pledgeof general revenues, principal due annually in Augustand interest due semiamiuaUy at 4.5%, maturing onAugust 1, 2009. $1,100,000 is dedicated for roadimprovements and $200,000 is dedicated for sewerimprovements. $ 828,000

$4,980,000 Bond Anticipation Note - See Note 6 4,627,679

$264,608 capital lease agreement secured by vehiclesand equipment purchsed, due in monthly installmentsof $61,106 through 2010. 264,608

Total long-term debt from governmental activities $ 5,720,287

Enterprise FundRevenue Bonds;

$200,000 Certificate of indebtedness. See above. $ 152,000

$1,237,000 Sewer Revenue Bonds secured by a pledge anddedication of sewer revenues, due in monthly installments of$5,617 through December 15, 2040; interest at 4.50 %. 1,205,920

$532,000 Sewer Revenue Bonds secured by a pledge anddedication of sewer revenues, due in monthly installments of$2,416 through June 6, 2041; interest at 4.50 %. 521,449

$ 1,064,000 Sewer Revenue Bonds secured by a pledge anddedication of sewer revenues, initial annual interest payments of$47,880 due on December 18, 2004 and 2005, thereafter in monthly

installments of $4,884 through December 18,2043, interest at 4.50 %. 1,064,000

$444,000 Sewer Revenue Bonds secured by a pledge anddedication of sewer revenues, due in monthly installments of$1,980 through February 23,2045; interest at 4.50%. 444,000

Total long-term debt from business-type activites $ 3,368,397

37


NOTE 7 - LONG-TERM DEBT (CONTINUED)

The total amount of interest charged to expense for governmental activities for the yearsending June 30, 2005 and 2004 were $51,239 and $40,810, respectively. Interest charged toexpense related to business-type activities for the years ending June 30, 2005 and 2004 were$167,321 and $89,538, respectively.

Debt Service Requirements to Maturity

The annual requirements to amortize debt outstanding (not including bond anticipation notes)at June 30,2005, are as follows:

_Year_

20062007200820092010

Year

20062007

20092010

2011-20152016-20202021-20252026-20302031-20352036-20402041-2045


Certificateof

IndebtednessPrincipal Interest

$ 153,000 $ 34,043157,250 27,062165.750 19,794174,250 12,144177,750 4,112

Capital leases

Prijxipal Interest

$ 47,894 $ 13,21250,286 10,82052,796 8,31055,432 5,67458,200 2,906

TolalGovernmentalIjong-temidebt

Principal Interest

$ 200,894 $ 47,255207,536 37,882218,546 28,104229,682 17,818235,950 7,018

$ 828,000 S 97,155 $ 264,608 $ 40,922 $ 1,092,608 $ 138.077

Business-type ActivitiesCertificate

ofIndebtedness

Principal Interest

$ 27,000 $27,75029,25030,75037,250

-------

6,0074,7763,493

2,143726

--

. -----

SewerRevenueBonds

TotalBusiness- type

Long-term debt

Principal Interest

$ 21,375 $30,65437,51839,77041,592

238,383298,225373,123465,832584,068730,496355,361

151,810167,843141,246

138,994137,172655,437595,595520,697427,988309,752163,32427,359

Principal

$ 48,375 $58,40466,76870,52078,842

238,383298,225

373,123465,832584,068

730,496355,361

Interest

157,817

172,619144,739

141,137137,898655,437595.595520,697427,988309,752163,32427,359

$ 3.216,397 $ 3,437.217 $ 3.368,397 $ 3,454,362

38


NOTE 7- LONG-TERM DEBT (CONTINUED)

Normally, debt issues are not retired prior to their maturity. For accounting purposes, interestcoupons issued in connection with the sale of various bond issues becomeobligations/expenditures of the City only with the passage of time, and they represent fixedand determinable obligations which must be retired from future revenues.

There are no outstanding bonds secured by ad valorem taxes of the City at this time.

Bond Restrictions

Sewer Revenue Bonds - Phase I, II, III, and IV

In accordance with the indenture governing Sewerage Utility Fund Revenue Bonds, Series2000, 2001, 2002, and 2003 cash is periodically deposited into accounts administered by atrustee bank. These bonds are a direct liability of the Sewerage Enterprise Fund to be servicedby the earnings from the Fund, Deposits are made to these trust accounts in accordance withthe requirements of each debt issue,

1. The Sewer System Revenue Fund requires all revenue derived from its operations to bedeposited in a bank that is a member of the Federal Deposit Insurance Corporation as longas any of the bonds are outstanding. Required transfers are made on a monthly basis todesignated trust accounts. In addition, the Series 2000, 2001, 2002, and 2003 Bondsrequire the use of a separate construction account.

2. The Sewer Revenue Bond and Interest Sinking Funds require monthly fund transfers fromthe Sewer System Revenue Fund to provide payment of the next maturing interest andprincipal of the revenue bonds. Monthly principal and interest payments for the Series2002 debt will begin in January 2006.

3. The Sewer Revenue Bond Reserve Funds require monthly transfers until a sum equal to thehighest combined principal and interest falling due in any year has been accumulated.These funds are restricted to payment of principal and interest in case of default. Monthlytransfers are $281 and $121. At June 30, 2005, $10,678 and $3,973 was held in thesereserve accounts, which satisfies the above requirement. Monthly payments associatedwith the 2002 issue will begin in January 2006.

4. The Sewer Depreciation and Contingency Funds require monthly transfers of $281 and$121. The Funds are restricted to payments for unusual or extraordinary maintenance,repairs, replacement, and extensions and improvements that will either enhance its revenueproducing capacity or provide improved service. It will also be used to pay principal andinterest if there are not sufficient funds in the Sewer Revenue Bond and Interest SinkingFunds, or Sewer Revenue Bond Reserve Funds. At June 30, 2005, $10,678 and $3,973was held in these reserve accounts. Monthly payments associated with the 2002 issue willbegin in January 2006.

The City complied with these restrictions in 2005.

39


NOTES- DEDICATED REVENUES

Ad Valorem Tax

A 5 miH ad valorem tax through 2005 was approved by voters in July 1996. The tax isdedicated for public improvements including, but not limited to, sewer and waste waterfacilities, water and fire protection, streets, sidewalks, bridges, drainage and other capitalexpenditures, 'including operating and maintenance costs related thereto. Dedicated advalorem taxes of $541,663 were collected during the year ended June 30, 2005.

Additionally, a 10 mill ad valorem tax was approved by voters in October 2004. The tax isdedicated for public improvements including, but not limited to, housing, economicdevelopment, and funding for a Community Center. Dedicated ad valorem taxes of$1,106,961 were collected during the year ended June 30,2005.

Sales and Use Tax

A one third of one percent sales and use tax is dedicated for public purposes, including, butnot limited to, sewer and wastewater facilities, water and fire protection, streets, sidewalks,bridges and drainage and other capital expenditures, including operating and maintenancecosts related thereto. The City received $553,562 from sales and use tax during the year endedJune 30, 2005.

Parish Wide Sales Tax

A one third of one percent parish wide sales tax is dedicated for public infrastructure andmaintenance. The City received $281,094 from parish wide sales tax during the year endedJune 30, 2005.

NOTE 9- PENSION AND RETIREMENT PLANS

Municipal Employees' Retirement System of Louisiana

Plan Description - Substantially all employees of the City are members of the MunicipalEmployees' Retirement System of Louisiana (System), a cost-sharing, multiple-employerdefined benefit pension plan administered by a separate board of trustees. The System iscomposed of two distinct plans, Plan A and Plan B, with separate assets and benefitprovisions, All employees of the Town arc members of Plan A.

All permanent employees working at least 35 hours per week who arc paid wholly or in partfrom City funds are eligible to participate in the System. Under Plan A, employees who retireat or after age 60 with at least 10 years of creditable service or at any age with at least 25years of creditable service are entitled to a retirement benefit, payable monthly for life, equalto 3 percent of their final-average salary multiplied for each, year of creditable service.Monthly retirement benefits paid under Plan A cannot exceed the lesser of 100 percent offinal-average salary or $70 multiplied by total years of creditable service. Final-average salaryis the employee's average salary over the 36 consecutive or joined months that produce thehighest average.


NOTE 9 - PENSION AND RETIREMENT PLANS (CONTINUED)

Municipal Employees* Retirement System of Louisiana (Continued)

Employees who terminate with at least the amount of creditable service stated above and donot withdraw their employee contributions may retire at the ages specified above and receivethe benefit accrued to their date of termination.

The System also provides death and disability benefits. Benefits are established or amendedby state statute.

The System issues an annual publicly available financial report that includes financialstatements and required supplementary information for the System. That report may beobtained by writing to the Municipal Employees' Retirement System, 7937 Office ParkBoulevard, Baton Rouge, Louisiana 70809, or by calling (225) 925-4810.

Funding Policy. Under Plan A, members are required by state statue to contribute 9.25 percentof their annual covered salary and the City is required to contribute at an actuariallydetermined rate. The current rate is 11.0 percent of annual covered payroll. Contributions tothe System also include one-fourth of one percent of the ad valorem taxes shown to becollectible by the tax rolls of each parish. These tax dollars are divided between Plan A andPlan B based proportionately on the salaries of the active members of each plan. Thecontribution requirements of plan members and the City are established and may be amendedby state statute. As provided by Louisiana Revised Statute 11:103, the employer contributionsare determined by actuarial valuation and are subject to change each year based on the resultsof the valuation for the prior fiscal year.

The City's contribution to the system under Plan A for the year ended June 30, 2005 was$157,047.

Municipal Police Employees' Retirement System

Plan Description - Police department employees of the City are members of the MunicipalPolice Employees' Retirement System (System), a cost-sharing, multiple-employer definedbenefit pension plan administered by a separate board of trustees.

All permanent full-time police officers who are paid wholly or in part from City policedepartment funds are required to participate in the System.

Under the plan, officers who retire at or after age 55 with at least 12 years of creditableservice or at or after age 50 with at least 20 years of creditable service or any age with at least25 years of creditable service are entitled to a retirement benefit, payable monthly for life,equal to 3 and 1/3 percent of their final-average salary multiplied for each year of creditableservice not to exceed 100 percent of final salary. The System also provides death anddisability benefits. Benefits are established or amended by state statute.

41



Municipal Police Employees1 Retirement System (Continued)

The System issues an annual publicly available financial report that includes financialstatements and required supplementary information for the System. That report may beobtained by writing to the Municipal Police Employees' Retirement System, 7722 Office ParkBoulevard, Suite 200, Baton Rouge, Louisiana 70809-7601, or by calling (225) 929-7411.

Funding Policy, Under the Plan, members are required by state statue to contribute 7.5 percentof their annual covered salary and the City is required to contribute at an actuariallydetermined rate. The current rate is 15.25 percent of annual covered payroll. The contributionrequirements of plan members and the City are established and may be amended by statestatute. As established by state statute, the employer contributions are determined by actuarialvaluation and are subject to change each year based on the results of the valuation for the priorfiscal year.

The City's contribution to the system under the Plan for the year ended June 30, 2005 was$64,662.

Firefighters* Retirement System

Plan Description -~ Fire department employees of the City are members of the Firefighters'Retirement System (System), a state-wide cost-sharing, multiple-employer defined benefitpension plan administered by a separate board of trustees,

All permanent full-time fire department employees who are paid wholly or in part from theCity's fire department are eligible to participate in the System.

Under the plan, employees who retire at or after age 55 with at least 12 years of creditableservice or at or after age 50 with at least 20 years of creditable service or any age with at least25 years of creditable service are entitled to a retirement benefit, payable monthly for life,equal to 3.0 percent of their final-average compensation based on 36 consecutive months ofhighest pay multiplied for each year of creditable service not to exceed 100% of final salary.The System also provides death and disability benefits. Benefits are established or amendedby state statute.

The System issues an annual publicly available financial report that includes financialstatements and required supplementary information for the System. That report may beobtained by writing to the Firefighters' Retirement System, Post Office Box 94095, BatonRouge, Louisiana 70804-9095, or by calling (225) 925-4060.

Funding Policy, Under the Plan, members are required by state statute to contribute 8.0percent of their animal covered salary and the City is required to contribute at an actuariallydetermined rate. The current rate is 21.0 percent of annual covered payroll. In February, 2005additional contributions were determined owed by the City resulting from the conclusion ofthe lawsuit IMA, et at. v. La, et al. The lawsuit resulted in the retroactive application of therate of 24.0 percent and additional contributions and interest of $14,688 were disbursed. Thecontribution requirements of plan members and the City are established and may be amendedby state statute.

42



Firefighters' Retirement System (Continued)

As established by state statute, the employer contributions are determined by actuarialvaluation and are subject to change each year based on the results of the valuation for theprior fiscal year.

The City's contribution to the system under the Plan for the year ended June 30, 2005 was$38,826.

NOTE 10 -INTERFUND TRANSFERS

Operating Transfers

Operating transfers for the year ended June 30, 2005, were as follows:Transfers

In OutGovernmental Activities:General

Ad valorem tax fund $ 620,000 $Sales and use tax 380,000Ad valorem tax fund #2 360,000

Sales and Use Tax FundGeneral fund - 380,000Sewer fund - 165,000

Stiles and Use Tax Fund - ParishwideSewer fund - 275,000

Ad ValoremGeneral fund - 620,000

Ad Valorem tax fund #2Recreational parks fund - 100,000Civic center capital project f\ind - 392,500General fund - 360,000Debt service - roads - 194,000

Nonmajor governmental funds 746,586

Business-type Activities:Sewer 379.914 -

NOTE 12 -INTERFUND RECEIVABLE AND PAYABLE BALANCES

Interfund balances at June 30,2005, were as follows:


Interfund

Governmental Activities:General Fund

Sewer FundSales and Use Tax Fund

Sewer FundParish wide Sales Tax Fund

Sewer FundCivic Center Operating Fund

Sewer Fund

Total Governmental Activities

Business-type Activities:Sewer Fund

General FundSales and Use Tax FundParish wide Sales and Use Tax FundCivic Center Operatin Fund

Total Primary Government

Receivable Payable

J 232,698 $

28,937

87,306

85.919

434,860

232,69828,93787,30685,919

$ 434,860 $ 434,860

NOTE 13 -COMPENSATION TO GOVERNING BODY

The City's elected officials terms expire on June 30, 2007. The City compensated its Mayorand members of the City Council as follows:

Mayor:George Grace

City Council:Flora Daniel fieldFreddie FrasierLionel JohnsonAndre JonesNyra Taylor

$ 60,008

9,6009,6009,6009,6009,600

44


NOTE 14 - COMMITMENTS AND CONTINGENCIES

Suits and Claims

Various suits and claims arising in the ordinary course of operations are pending against theCity. The majority of the cases are either covered by insurance or other defenses; however,the ultimate effect of such litigation cannot be ascertained at this time. It is the opinion of theCity's management that the ultimate resolution of such litigation will not have a materialeffect on the financial position of the City.

Risk Management

The City is exposed to various risks of losses related to torts; theft of, damage to, anddestruction of assets; errors and omissions; injuries to employees; and natural disasters forwhich the City carries commercial insurance. There were no major changes in insurancecoverage from the prior year and settlements have not exceeded coverage in the past fouryears.

Grants

The City receives state and local grants for specific purposes that are subject to audit by thegrantor agencies. Such audits could lead to requests for reimbursement to the grantor agencyfor expenditures disallowed under terms of the grant. It is the opinion of City managementthat its compliance with the terms of grants will result in negligible, if any, disallowed costs.

Construction Contracts

At June 30, 2005, the City had outstanding commitments resulting from construction andprofessional service contracts of approximately $860,765.

Cash

The City typically maintains cash and temporary investments in local banks that may, at times,exceed the FDIC limits of $100,000. Amounts in excess of the FDIC limits are required bylaw to be collateralized by securities pledged by the bank.

NOTE 15 - NEW ACCOUNTING PRONOUNCEMENT

GASB Statement No, 43 Financial Reporting for Postemployment Benefit Plans Other ThanPension Plans and GASB Statement No, 45 Accounting and Financial Reporting forPoslemployment Benefits Other Than Pensions addresses accounting for otherpostemployment benefits. The City is required to adopt the statement for the year ended June30, 2009. Management for the City has not yet addressed the impact of the adoption andwhether it would have a material impact on the City's financial statements.

45

Exhibit B

CITY OF ST. GABRIEL, LOUISIANAGENERAL FUND

STATEMENT OF REVENUES, EXPENDITURES, AND CHANGESIN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL

For Ihe year ended June 30, 2005

REVENURSTaxesIntergovernmentalLicenses and permitsPinesOther

Total revenues

EXPENDITURESGenera! governmentPublic safetyStreets and sanitationSocial and recreational services

Tolal expenditures

Excess of expendituresover revenues

OTHER FINANCING SOURCESProceeds from issuance of debtTransfers in

Sales and use tax fundAd valorem tax fund #2Parish wide sales and use tax fundAd valorem tax fund

Total other financing sources

Excess (deficiency) of revenues and otherfinancing sources over expenditures


End of year

OriginalBudget

$ 943,000 $589,000125,000120,00035.000

1.812.000

8! 3,300964,200723,600310.100

2.81K2QO

(999.200}

380,000

620,000

1.000.000

$ 800 $

FinalBudget

: 937,500 $575,000130,000170,00047.000 _

1.859.500

1,033,7001,237,700

852,100347.100

3.470.600

(1.611.100^

265,000

380,000360,000

620,000

1.625.000

13,900

$

Variance -favorable

Actual (unfavorable)

837,183 $544,227139,200174,16554.886

1.749.661

1,053,9431,239,517

829,525310.416

3.433.401

(1,683.740)

264,608

380,000360,000

620,000

1.624.608

(59,132) $

184,052

124,920

(100,317)(30,773)

9,2004,1657.886

(109.8391

(20,243)(1,817)22,57536.684

37.199

(72.640)

(392)

(392)

(73,032)

Notes on Exhibits A-9 and B-5 are an integral part of (his statement.46

Exhibit B-l

CITY OF ST. GABRIEL, LOUISIANASALES AND USE TAX FUND

STATEMENT OF REVENUES, OTHER FINANCING USES, AND CHANGESIN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL


OriginalBudget

FinalBudget

Variance -favorable


REVENUESTaxes

Sales and use taxes $ 630,000 $ 490.000 $ 553,562 $ 63,562

OTHER FINANCING USESTransfers out

General FundSidewalk Improvement Project FundSewer Fund

Total other financing uses

Excess (deficiency) of revenues overother financing uses


End of year

380,000 380,00030,000275,000 165,000

685,000 545,000

$ . f55.000) $ (55,000>

L

380,000

165,000

545,000

8.562 $ 63.562

95,697

104,259

Notes on Exhibits A-9 and B-5 are an integral pan of (his statement.47

Exhibit B-2

CITY OF ST. GABRIEL, LOUISIANAAD VALOREM TAX FUND



OriginalBudget

FinalBudget

Variance -favorable


REVENUESTaxes

Ad valorem


General Fund

$ 550,000 $ 542,000 $ 541,662 $

620,000 620,000 620,000

(338)

Excess of revenuesover other financing uses


(70.000) $ f78.0QQ) (78,338)

91,105

1338)

End of year $ 12J67

Notes on Exhibits A-9 and B-5 are an integral part of this statement.48

Exhibit B-3

CITY OF ST. GABRIEL, LOUISIANAPARISHWIDE SALES AND USE TAX FUND



OriginalBudget

FinalBudget

Variance -favorable


REVENUESTaxes

Sales and use taxes $_ 320,000 $ 265,000 $ 281,094 $ 16,094


Sidewalk Improvement Project FundSewer Fund

Total other financing uses

Excess (deficiency) of revenues overother financing uses


95,000225.000

320.000

275.000

275,000

f 10.0001

275.000

275,000

6,094 S 16.094

131,370

End of year S 137.464

Notes on Exhibits A-9 and B-5 are an integral part of (his statement.49

Exhibit B-4

CITY OF ST. GABRIEL, LOUISIANAAD VALOREM TAX FUND #2


For Ihe year ended June 30, 2005

OriginalBudget

FinalBudget

Variance -favorable


REVENUESTaxes

Ad valorem $ 1,080,000 $ 1,110.000 $ 1,106.961 S (3.039)

EXPENDITURES

Economic developmentHousing development

Total expenditures

OTHER FINANCING USESTransfers oul

Civic center operating fundGeneral fund - streetsRecreational Parks

Sidewalks improvement project

Road Improvements

Debt Service - roads

30.000

70,000

100,000

510,000

-150,00030,00065,000218,000

-25,00025,000

392,500360,000100.000

--

194,000

-25,00025,000

392,500360,000100,000

-.

194,000

Total other financing uses 973.000 1,046,500 1,046,500

Rxcess of revenues

over other financing uses


7.QQQ 38.5QQ 35,461 (3.039)

End of year 35.461

Notes on Exhibit A-9 and B-5 are an integral part of this statement.50

Exhibit B-5CITY OF ST. GABRIEL, LOUISIANA

NOTES TO REQUIRED SUPPLEMENTARY INFORMATION


NOTE1 - BUDGETS

Budget Policy and Budgetary Accounting

A proposed budget is prepared and submitted by the Mayor to the City Council prior tothe beginning of each fiscal year. A budget summary and notice of a public hearing ispublished with the public hearing being conducted prior to the commencement of thebudget year.

The annual operating budget, prepared on the accrual basis, covers the general, specialrevenue, debt service and enterprise fonds. At the end of the fiscal year, unexpendedappropriations automatically lapse. Budget amendments are approved by the TownCouncil and are included in the financial statements.

In connection with budget preparation, a portion of the unreserved fund balance of anindividual fund may be designated for expenditures of the subsequent year. Suchdesignation represents the extent to which the fund balance is used to balance thesubsequent year's operating budget of that fund, as reflected in the legally adopted budget.

Basis of Accounting

All of the City's budgets are prepared on the accrual basis of accounting, which isdescribed in Note 1 to the Town's financial statements for the year ended June 30,2005.

Excess Of Expenditures Over Appropriations

The City budgeted appropriations for general government and public safety expendituresexceeded budgeted appropriations by approximately $14,000. Such amounts were fundedby current resources which exceeded anticipated collections during 2005.

Exhibit C


STATEMENT OF REVENUES - BUDGET (GAAP BASIS) AND ACTUAL


REVENUESTaxes:

Ad valoremFranchiseTelephoneCable TV

Licenses and permits

Intergovernmental:State of IxmisianaFederalTobaccoVideo draw poker

Fines

Other:InterestMiscellaneous

Total revenues

OriginalBudget

$ 760,000 $135,00035,00010,000

125,000

45tOOO9,0003,000

535,000

120,000

5,00030.000

ft 1,812,000, $

FinalBudget

760,000 $135,00028(00011,500

133,000

40,000

535,000

170,000

7,00040.000

1.859.500 $

Variance -favorable

Actual {unfavorable)

755,212 $43,94726,44411,580

. 139,200

14,365

529,862

174,165

5,51549.371

1749.661 $

(4,788)(91,053)(1,556)

80

6,200

(25,635)

(5,138)

4,165

(1,485)9.371

<\ 09.8391

Notes on Exhibit A-9 and B-5 are an Integra! part of this statement.52

Exhibit C-1


STATEMENT OF DEPARTMENTAL EXPENDITURESBUDGET (GAAP BASIS) AND ACTUAL


GENERAL GOVERNMENTSalariesPayroll taxesMunicipal retirementTravelFixed asset acquisitionsAccountingDues and subscriptionsConsultantsContract laborInsuranceLegalBuilding maintenanceVehicle fuelOffice suppliesVehicle maintenancePublishingTelephoneUtilitiesDebt serviceOther

Total general government

STREETS AND SANITATIONSalariesPayroll taxesMunicipal retirementFixed asset acquisitionsInsuranceContract laborEquipment maintenanceStreet and building maintenanceUtilitiesVehicle fuelEquipment rentalSuppliesOther

Total streets and sanitation

OriginalBudget

$ 320,500 $11,50040,30010,00020,00045,0006,000

35,0007,000

103,00025,00016,0008,000

25,0001,0003,000

40,00055,000

42,000

813.300

402,30014,10060,300

-108,40015,00027,00018,0003,000

25,00030,00015,0005,500

72MP1

FinalBudget

310,500 $10,00038,00022,00020,00058,5006,000

43,00025,000

146,00085,00016,0004,000

40,00039,000

3,00030,00063,000

74,700

L033.700

408,30014,10050,30020,00092,40026,50073.00057,0002,000

40,00039,00027,000

2JOO

152,100

Variance -favorable


302,127 $8,689

36,82117,20720,37358,3704,665

39,75122,507

176,69885,43624,476

3.22339,12338,9472,019

28,60166,398

78,512

1,053.943

412,99414,81550,04250,44189,183

5,73343,07550,128

1,44140,25139,41113,43618,575

829,525

8,3731,3111,1794,793(373)130

1,3353,2492,493

(30,698)(436)

(8,476)777877

53981

1,399(3,398)

(3,812)

(20.243)

(4.694)(715)258

(30,441)3,217

20,76729,9256,872

559(251)(411)

13,564(16,075)

22,575




};or the year ended June 30, 2005

Exhibit C-j(Continued)

PUBLIC SAFETYPolice

SalariesPayroll taxesMunicipal and police retirementInsuranceFixed asset acquisition

TravelClothingTraining

Office supplies

TelephoneVehicle fuelVehicle maintenanceEquipment maintenanceField suppliesPrintingOther

Total police

FireSalariesPayroll taxesFire fighters retirementInsuranceFixed asset acquisitionsOther

Total fire

Total public safety

OriginalBudget

$ 397,000 S19,90066,00075,70055,500

2,0001,5002,000

7,000

15,00028,00036,00012,0008,0003.5005.500

734,600

158,00010,30026,00024,8003,0007,500

229,600

964,200

FinalBudget

440,000 $19,90070,00060,30060,500

2,0002,0002,000

7,500

7,50028,00016,0004,500

16,0002,500

280,500

1,019,200

144,0006,300

40,00021,700

-6,500

218,500

1 ,237,700

Variance -favorable

Actual {unfavorable)

438,619 $18,56268,07068,50368,356

3,737-

1,3157,236

6,86628,91414,1444,693

12,7321,921

280,486

1,024,154

144,0116,525

38,82620,073

-5,928

215,363

1,239,517

1,3811,3381,930

(8,203)(7,856)

(1,737)2,000

685264634

(914)1,856(193)

3,268579

14

(4,954)

(11)(225)

1,1741,627

-572

3,137

(1,81?)


: .

CITY OF

- - , . - -_ V • -

ST. GABRIEL, LOUISIANAGENERAL FUND

I

Exhibit C-l(Continued)



SOCIAL AND RECREATIONAL SERVICESSocial services and recreation

SalariesPayroll taxesMunicipal retirementInsuranceTrainingVehicleSuppliesDues and subscriptionContract laborFixed asset acquisitionOther

Total social services and recrcalion

Senior centerSalariesPayroll taxesMunicipal retirementInsuranceFixed asset acquisitionVehicleSuppliesContract laborOther

Tola! senior center

Youth campOther

Total social and recreational services

Total expenditures

Original FfnalBudget Budget

$ 127,000 $ 147,000 $6,400 8,400

19,100 15,10024,500 12,900

4004,500 3,5003,000 2,000

-500 500

8,0001,500 500

186,900 197,900

65,000 85,0003,000 4,5009,800 8,800

15,900 10,900-

4,000 2,500500 4,000500

1,000 1,500

99,700 1 17,200

23,500 32,000

310,100 347,100

s 2,jm.2Qg $ 7,479.600, $

Actual

126,3064,528

14,62112,468

-1,8112,488

632-

8,000416

171,270

85,7544,133

. 8,189-

2,985474976

-1,252

103,763

35,383

310,416

3.433,401

Variance -favorable

(unfavorable)

$ 20,6943,872

479432

-1,689(488)(632)500

-84

26,630

(754)367611

10,900(2,985)2,0263,024

-248

!3V437

(3,383)

36,684

£ 37J95


Exhibit C-2

CITY OF ST. GABRIEL, LOUISIANACIVIC CENTER CAPITAL PROJECT FUND

STATEMENT OF REVENUES, OTHER FINANCING USES, AND CHANGES

IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL

For the year ended June 30,200S

REVENUESIntergovernmental

EXPENDITURES

Capital Project

FinalBudget

Variance -favorable


$ 366,000 $ 70,158 $ (295,842)

841,000 972,878 (131,878)

Excess of expenditures overrevenues (475,000) (902,720) (427,720)

OTHER FINANCING SOURCESProceeds from issuance of debt 475,000 902,720 427,720

Excess of other financing sources

over expenditures

FUND BALANCEBeginning of year 1,654

End of year :.654

Notes on Exhibit A-9 and B-5 are an integral part of this satement.56


COMBINING BALANCE SHEETNONMAJOR GOVERNMENTAL FUNDS

June 30, 2005

ASSETSCash and cash equivalentsDue from other governmentsDue from other fund

Total assets

LIABILITIESAccrued expenses

FUND BALANCEDesignated for subsequent

year expendituresUndesignated

Total fund balance

Tola) liabilities and fund balance

Recreational Sidewalks Road TotalCivic Center Parks Capital Improvement Improvement NonmajorOperating Project Capital Project Capital Project Debt Service Governmental

Fund Fund Fund Fund Fund Funds

$ 52,320 $ 28,763 $43,054

85.919

4,347 $

617 $

137.622

53,342 $ 8,763 J 147,53543,0548S.9I9

$ 138.239 £ 71.8H $ 4,347 S 53.342 $ 8,763 $ 276,508

71,817

137,622 71,817

$ 1 3 8 , 2 3 9 $ 71.817 $ 4.347 $

617

5,000(653) 53.342 8,763

53,342 8,763

5,000270,891

275.891

53.342 $ __8,763 $ 276.508

Notes on exhibit A-° are an integral part of this statement.57

Exhibit!)-1


COMBINING STATEMENT OF REVENUES, EXPENDITURESAND CHANGES IN FUND BALANCES

NONMAJOR GOVERNMENTAL FUNDS


REVENUESIntergovernmentalOther

Total revenues

EXPENDITURESSocial and recreational servicesDebt serviceCapital project

Total expenditures

Recreational Sidewalks Road TotalCivic Center Parks Capital Improvement Improvement Debt Non majorOperating Project Capital Project Capital Project Service Governmental

Fund Fund Fund Fund Fund Funds

$ - $ 44,431 $J 2.987

12.987 44.431

- $ 168,773 $ - $ 213,20467 - 13.054

168.840 - 226.258

267,865

267.865

91.247

91,247 6,921

267,865185,237 185,237

183.867 - 282.035

183.867 185.237 735,137

Excess (deficiency) of revenuesover expenditures (254,878)

OTHER FINANCING SOURCE (USES)Operating transfers in 392.500

Excess (deficiency) of revenuesover expenditures and othersources (uses)

FUND BAJLANCEBeginning of year

End of year !

137,622

.(46,816)

1QO.QQO

53,184

18.633

(6,921)

(6,921)

11,268

(15,027) (185,237) (508,879)

60,086 194.000 746.586

45,059

8.283

8,763 237,707

38,1X4

137.622 $ 71,817 $ 4.347 $ 53.342 S 8,763 S 275,891

Notes on Exhibit A-9 are an integral part of (his statement.58

Exhibit D-2

CITY OF ST. GABRIEL, LOUISIANACIVIC CENTER OPERATING FUND



REVENUES

Other

EXPENDITURESSocial and recreational services

FinalBudget

$

Actual

$ 12,987

267,865

Variance -favorable

(unfavorable)

$ 12,987

(267,865)

Excess (deficiency) of revenues

over expenditures (254,878) (254,878)

OTHER FINANCING SOURCE (USES)

Operating transfers in

Excess (deficiency) of revenuesover expenditures and othersources (uses)


392,500 392,500

137,622 $ 137.622

Knd of year $ 137.622

Noles on Exhibit A-9 and B-5 are an integral part of this statement.59

Exhibit D-3

CITY OF ST. GABRIEL, LOUISIANARECREATIONAL PARKS CAPITAL PROJECTS FUND




REVENUES

State Grants

FinalBudget

Variance -favorable


$ 100,000 $ 44,431 $ (55,569)

EXPENDITURES

Capital Project

Capital Outlay 200,000 91,247 108,753


over expenditures

OTHER FINANCING SOURCE (USES)

Operating transfers in

Ad Valorem til

(100,000)

100,000

(46,816)

100.000

53.184

Excess (deficiency) of revenuesover expenditures and other

sources (uses)


53,184 $

18,633

53.184

End of year $ 7L817


Exhibit D-4

CITY OF ST. GABRIEL, LOUISIANASIDEWALKS IMPROVEMENT CAPITAL PROJECTS FUND




REVENUES

Grant revenue

EXPKNDITURES

Capital project

Capital outlay

FinalBudget Actual

Variance -favorable

(unfavorable)

$ 12,000 $

22,000 6,921

$ (12,000)

15,079


over expenditures


End of year

$.. 00.000) (6,921) $ 3,079

1,268

S 4.347


Exhibit D-5

CITY OF ST. GABRIEL, LOUISIANAROAD IMPROVEMENT CAPITAL PROJECT FUND



FinalBudget

Variance -favorable


REVENUESSlate GrantsInterest

$ 200,000 $ 168,773100 67

(31,227)__ (33)

Total revenues 200,100 168,840 (31,260)

EXPENDITURES

Capital project

Capital outlay

Excess (deficiency) of expenditures overrevenues

OTHER FINANCING USESTransfers in

Sewer bond fund

215,000

(14,900)

60,086

183,867

(15,027)

60,086

31,133

(127)

Excess of revenues and other financing

sources over expenditures


$ 45.186 45,059 $

8,283

(127)

End of year $ 53.342


Exhibit D-7

CITY OF ST. GABRIEL, LOUISIANADEBT SERVICE FUND



FinalBudget

EXPENDITURES

Debt service

PrincipalDebt service

Total expenditures

Variance -favorable


153,00041,000

194,000

144,50040,737

185,237

8,500263

8,763

OTHER FINANCING SOURCESTransfer in - Ad Valorem #2 194,000 194.000

Excess of other financing sources

over expenditures


8,763 $ 8.763

Rnd of year 8.763

Notes on Exhibit A-9 and B-5 are an integral part of Ihis statement.63

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o r- o00

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21H

CITY OF ST. GABRIEL, LOUISIANASt. Gabriel, Louisiana

NOTES TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS


NOTE1 - SUMMARY OF SIGNIFICANT ACOUNTING POLICIES

General

The City of St. Gabriel, Louisiana's (City) Schedule of Expenditures of FederalAwards presents the activity of the federal financial assistance programs of the City.All federal financial assistance received directly from federal agencies as well as federalfinancial assistance passed-through other government agencies are included on theschedule.

Basis of Accounting

The City's Schedule of Expenditures of Federal Awards is presented using the accrualbasis of accounting, which is described in Note 1 to City's financial statements for theyear ended June 30, 2005.

65

HAWTHORN, WAYMOUTH & CARROLL, L.L.P.

J.CHARLCS PARKER. C.P.A.LOUIS C. McXNIGHT, lit. C.P.A.ANTHONY J. CRISIINA. ill. C.P.A.CHARLES R. PEVEY. JR.. C.P.A.DAV10 J. 8ROUSSARO. C.P.A.


8555 UNITED PLA2A BLVD., SUITE 200BATON ROUGE. LOUISIANA 70809

1225) 923-3000 • FAX 19251 923 3008

December 14, 2005

Report on Internal Control Over Financial Reporting and onCompliance and Other Matters Based on an Audit of Financial Statements

Performed in Accordance with Government Auditing Standards

The Honorable Mayor andMembers of the City Counci ISt. Gabriel, Louisiana

We have audited the financial statements of the governmental activities, the business-typeactivities, each major fund, and the aggregate remaining fund information of the

City of St. GabrielSt. Gabriel, Louisiana

as of and for the year ended June 30, 2005, which collectively comprise the City of St. Gabriel,Louisiana's basic financial statements and have issued our report thereon dated December 14,2005.We conducted our audit in accordance with auditing standards generally accepted in the UnitedStates of America and standards applicable to financial audits contained in Government AuditingStandards^ issued by the Comptroller General of the United States.

Internal Control Over Financial Reporting

In planning and performing our audit, we considered the City of St, Gabriel Louisiana'sinternal control over financial reporting in order to determine our auditing procedures for the purposeof expressing our opinion on the financial statements and not to provide an opinion on the internalcontrol over financial reporting. However, we noted certain matters involving the internal controlover financial reporting and its operation that we consider to be reportable conditions. Reportableconditions involve matters coming to our attention relating to significant deficiencies in the designor operation of the internal control over financial reporting, that, in our judgement, could adverselyal'fect the City of St. Gabriel, Louisiana's ability to record, process, summarize and report financialdata consistent with the assertions of management in the financial statements. Reportable conditionsare described in the accompanying schedule of findings and questioned costs as items 2005-1through 2005-9.

66

A material weakness is a condition in which the design or operation of one or more of theinternal control components does not reduce to a relatively low level the risk that misstatemienls inamounts that would be material in relation to the financial statements being audited may occur andnot be detected within a timely period by employees in the normal course of performing theirassigned functions. Our consideration of the internal control over financial reporting would notnecessarily disclose all matters in the internal control that might be reportable conditions and,accordingly, would not necessarily disclose all reportable conditions that are also considered to bematerial weaknesses. However, we believe none of the reportable conditions described above is amaterial weakness.

Compliance and Other Matters

As part of obtaining reasonable assurance about whether the City of St. Gabriel's financialstatements are free of material misstatement, we performed tests of its compliance with certainprovisions of laws, regulations, contracts and grant agreements, noncompliance with which couldhave a direct and material effect on the determination 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 instances ofnoncompliance or other matters that are required to be reported under Government AuditingStandards, which are described in the accompanying schedule of findings and questioned costs.

This report is intended solely for the information and use of the City Council andmanagement, the Louisiana State Legislative Auditor, federal awarding agencies and pass-throughentities and is not intended to be and should not be used by anyone other than these specified parties.Under Louisiana Statute 24:513, this report is distributed by the Legislative Auditor as a publicdocument.

Yours truly,

67

HAWTHORN, V/AYMOUTH & CARROLL, L.L.P.

J.CHARUS PARKER. C.P.A.LOUIS c. MCKNIGHT, in. C.P.A.ANTHONY J. CfllSTINA, III. C.P.A.CHAJUtSR. PfcVEY, JR.. C.P.A.DAVID J- 8ROUSSARO. C.P.A.


8555 UNITED PLAZA BLVD., SUITE POOBATON ROUGE, LOUISIANA 70B09

1225) 9P3-3UOO • FAX (235) 923 3008

December 14,2005

Report on Compliance with Requirements Applicable toEach Major Program and Internal Control Over

Compliance in Accordance with OMB Circular A-133

The Honorable Mayor andMembers of the City CouncilCity of St. Gabriel, Louisiana

Compliance

We have audited the compliance of the City of St. Gabriel, Louisiana, with the types ofcompliance requirements described in the U.S. Office of Management and Budget (OMB) circularA-133 Compliance Supplement that are applicable to each of its major federal programs for the yearended June 30,2005. The City of St. Gabriel, Louisiana's major federal programs are identified inthe summary of auditor's results section of the accompanying schedule of findings and questionedcosts. Compliance with the requirements of laws, regulations, contracts, and grants applicable toeach of its major federal programs is the responsibility of the City of St. Gabriel, Louisiana'smanagement. Our responsibility is to express an opinion on the City of St. Gabriel, Louisiana'scompliance based on our audit.

We conducted our audit of compliance in accordance with auditing standards generallyaccepted in the United States of America; the standards applicable to financial audits contained inGovernment Auditing Standards, issued by the Comptroller General of the United States; and OMBCircular A-133, Audits of States, Local Governments, and Non-Profit Organizations. Thosestandards and OMB Circular A-133 require that we plan and perform the audit to obtain reasonableassurance about whether noncompliance with the types of compliance requirements referred to abovethat could have a direct and material effect on a major federal program occurred. An audit includesexamining, on a test basis, evidence about the City of St. Gabriel, Louisiana's compliance with thoserequirements and performing such other procedures as we considered necessary in the circumstances.We believe that our audit provides a reasonable basis for our opinion. Our audit does not provide a

legal determination on the City of St. Gabriel, Louisiana's compliance with those requirements.

68

In our opinion, the City of St. Gabriel, Louisiana, complied, in all material respects, with therequirements referred to above that are applicable to each of its major federal programs for the yearended June 30, 2005.

Internal Control Over Compliance

The management of the City of St. Gabriel, Louisiana, is responsible for establishing andmaintaining effective internal control over compliance with requirements of laws, regulations,contracts, and grants applicable to federal programs. In planning and performing our audit, weconsidered the City of St. Gabriel, Louisiana's internal control over compliance with requirementsthat could have a direct and material effect on a major federal program in order to determine ourauditing procedures for the purpose of expressing our opinion on compliance and to test and reporton the internal control over compliance in accordance with OMB Circular A-133.

Our consideration of the internal control over compliance would not necessarily disclose allmatters in the internal control that might be material weaknesses. A material weakness is areportabte condition in which the design or operation of one or more of the internal controlcomponents does not reduce to a relatively low level the risk that noncompliance with applicablerequirements of laws, regulations, contracts, and grants caused by error or fraud that would bematerial in relation to a major federal program being audited may occur and not be detected within atimely period by employees in the normal course of performing their assigned functions. We notedno matters involving the internal control over compliance and its operation that we consider to bematerial weaknesses,

This report is intended solely for the information and use of the City Council andmanagement, the Louisiana State Legislative Auditor, and federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specifiedparties. Under Louisiana Statute 24:513, this report is distributed by the Legislative Auditor as apublic document.

Yours truly,

,

69

City of St. GabrielSchedule of Findings and Questioned Costs

Year Ended June 30,2005

Summary of Auditor's Results

A. The auditor's report expresses an unqualified opinion on the financialstatements of the City of St. Gabriel.

B. Reportable conditions 2005-1 through 2005-9 relating to the audit of thefinancial statements are reported in the Report on Internal Control overFinancial Reporting and on Compliance and Other Matters Based on anAudit of Financial Statements Performed in Accordance With GovernmentAuditing Standards.

C. Three instances of compliance material to the financial statements of theCity of St. Gabriel, were reported in accordance with GovernmentAuditing Standards. These are shown as findings 2005-5 through 2005-7.

D. No reportable conditions relating to the audit of the major federal awardprogram are reported in the Report on Compliance with RequirementsApplicable to Each Major Program and on Internal Control OverCompliance in Accordance with OMB Circular A-133,

E. The auditors report on compliance for the major federal award programfor the City of St. Gabriel expresses an unqualified opinion on its majorfederal program.

F. No audit findings relative to the major federal award program for the Cityof St. Gabriel were reported.

F. The program tested as a major program included:

Program C.F.D.A. #

U.S. Department of Agriculture WasteDisposal System for Rural Communities 10.770

H. The threshold used for distinguishing between Type A and B programswas $300,000.

I. The City of St. Gabriel does qualify as a low risk auditee.

70


SCHEDULE OF FINDINGS AND QUESTIONED COSTS


REPORT ABLE CONDITIONS:

2005-1 Segregation of Duties

Observation: There is not sufficient segregation of duties to have effective internal control. Thefinding results form the small size of the City that is served by a limited accounting system.These limitations allow no opportunity for meaningful segregation of duties. This is a prioryear finding.

, Recommendation: The City uses an independent CPA firm to assist their accounting department.We recommend that duties be assigned between the CPA firm and the City personnel so thatinternal controls will be enhanced.

Management's Response: The City assigns tasks to staff members to mitigate the risks associatedwith the preparation of interim financial statements. The City plans to restructure the Financedepartment during 2006 that includes the utilization of its CPA firm to perform certainfunctions. During this process, the City will explore opportunities to segregate duties toenhance internal control.

2005-2 Increase Usage of Purchase Order System

Observation: While the City maintains a purchase order system, City employees with purchasingresponsibilities do not adhere to the established policy. This is a prior year finding.

Recommendation: The City should establish a uniform written policy for the use of a purchaseorder system. All employees having purchasing responsibilities should be educated on thenew policy and required to adhere to the policy.

Management's Response: The City's departmental heads are assigned responsibility for purchasing,to include execution of purchase orders. However, the City relies heavily on the approvalprocess used when disbursements are made. In particular, the Mayor approves allexpenditures prior to the disbursement being made, which the City believes operateseffectively.

On the other hand, the City plans to initiate improvements to the purchase order system, byassigning purchasing responsibility to the department manager with the City finance directorserving in a supervisory role,

71

2005-3 Improve Collections of Receivables

Observation: Significant amounts of sewer fees have not been collected. This is a prior yearfinding.

Recommendation: We recommend the following; (I) Continuance of legal action againstcustomers that have delinquent accounts; (2) Pursue negotiation with Iberville Parish toallow for the disconnection of water service for delinquent accounts,

Management's Response: The Mayor of the City has been diligent with efforts associatedwith collecting fees for providing sewer services. The internal efforts of the City have notproduced the results desired, which is the'ultimate collection of receivables outstanding.In any event, the city has initiated the following steps:

1. Delinquent sewer users have been assigned to the City attorney who is. . _ , pursuing this matter for the City. At this point, liens have been placed on

the customer's property for delinquent bills. On the other hand, the City'sgoal is the collection of the sewer fee which has not been forthcoming. TheCity intends to vigorously pursue this matter until an adequate resolution isachieved.

2. The City has requested assistance from the Parish of Iberville's WaterDistrict serving the east side of the parish. At this point, such negotiationshave not produced any results that would enhance receivable collections.However, the City is continuing to pursue this avenue for potentialimprovements to collections of receivables.

In any event, City officials are disappointed with the current status of this finding, but areworking vigorously to resolve the matter.

2005-4 Traffic Ticket Receipts

Observation: The Police Department collects some monies in the form of Cashier's Checks orMoney Orders made payable to the Iberville Parish Sheriffs Office. A police departmentemployee accumulates checks and calls an employee of the Sheriffs Office to pick themup. The police department has a system which requires the Sheriffs departmentemployee to sign for the checks. This is a prior year finding.

Recommendation: The system the Police Department is using is appropriate in form but thefunction of collecting the monies should be a function of the finance department of theCity. We suggest the collection system currently in place in the Police Department betransferred to the Finance Department of the City.

Management's Response: The City is satisfied with the current system. However, the City willexplore this recommendation with the Police Chief, and will consider implementing anoversight function of cash collections of traffic ticket receipts by personnel in finance.

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2005-5 Public Bid Law

Observation: According to the Louisiana Public Bid Law, the City is required to obtain anddocument at least three telephone or facsimile quotes for purchases in excess of $10,000.The City purchased assets which cost more than $10,000 for which no quotes wereobtained.

Recommendation: The City should comply with the Louisiana Public Bid Law concerningpurchases for more than $10,000,

Management's Response: The City considers these to be isolated incidents. The cases citedrelated to equipment and furniture purchases for the City's Civic Center. This projectwas funded by a loan with the U.S. Department of Agriculture, Additionally, the projectwas administered by the City's architectural firm. As a result, the City understood thatthe required bids were obtained by the professional firm.

The City intends to enhance purchasing procedures during 2006 to identify items beingpurchased subject to public bid.

2005-6 Advances of Funds to Employees

Observation: During the year ended June 30, 2005, the City loaned funds to an employee byadvancing vacation and sick pay. According to Louisiana Constitution, Article 7, Section14, funds of the City shall not be loaned to any individual person.

Recommendation: The City should make no advances to employees,

Management Response: The item related to one employee where sick and vacation time usedexceeded the hours available. The excess time used was eliminated in July 2005 whenearned leave was recorded for the employee. The City will monitor leave records moreclosely during 2006 to avoid similar situations.

2005-7 Cell Phone Reimbursement

Observation; The City is not following its policy concerning personal use of cell phones. Theamount of personal use is being calculated by the City for each employee, but this amountdoes not agree to the deductions from the employees1 payroll checks.

Recommendation: The cell phone policy established by the City should be adhered to.

Management Response: During 2005, the City's finance director made the necessarycalculations to identify cell phone usage exceeding amounts committed by the City.However, the documented costs were not consistently withheld from employee's wagesduring the year. In December 2005, the City outsourced its payroll function to itsindependent CPA firm. The required calculations and related withholdings will be moreclosely monitored during 2006. As a result, the City anticipates this item being resolvedduring 2006.

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2005-8 Occupational Licenses

Observation: The City is not following its policy for delinquent payment of occupationallicenses. Three companies in the City of St. Gabriel have not paid their occupationallicenses, and still remain open.

Recommendation: The City should follow its policy for collection of occupational licenses,

Management Response: The City identified the three companies and is making efforts tocollect these unpaid occupational licenses. The City intends to contact these companiesto collect the unpaid amounts. In the event the amounts are unpaid, the City will notifyits legal counsel for further action.

2005-9 Supporting Documentation

Observation: Various companies in the City of St. Gabriel donated money for the 2004Christmas party. This money was deposited in the general fund, and a check was writtento the Chief of Police in an amount equal to the donations. Supporting documentationequaling the amount of the check was not provided.

Recommendation: Adequate documentation should be obtained for all expenditures.

Management Response: The City's policy for expenditures is to obtain documentation tosupport all costs. This was an isolated incident and the City does not expect futureoccurrences. Future expenditures will be more closely monitored to avoid lack ofdocumentation of costs.

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SUMMARY OF PRIOR YEAR FINDINGSFor the year ended June 30, 2004

REPORTABLE CONDITIONS:

2004-1 Segregation of Duties

Observation: There is not sufficient segregation of duties to have effective internal control.The finding results form the small size of the City that is served by a limited accountingsystem. These limitations allow no opportunity for meaningful segregation of duties.This is a prior year finding.

Recommendation: The City has hired an independent CPA firm to assist their accountingdepartment, We recommend that duties be assigned between the CPA firm and the Citypersonnel so that internal controls will be enhanced.

Management's Response: The City has hired an additional finance staff person to administervarious financial functions and to provide oversight to other staff involved with the City'sfinance department. The City intends to assign tasks to staff members to mitigate therisks associated with a lack of proper segregation of duties. However, due to the limitednumber of positions, achieving a segregation of duties is not cost feasible.

Additionally, the independent CPA firm is utilized primarily for assisting with interimfinancial statement preparation and other tasks as directed by the Mayor.

2004-2 Increase Usage of Purchase Order System

Observation: While the City maintains a purchase order system, City employees withpurchasing responsibilities do not adhere to the established policy. This is a prior yearfinding.

Recommendation: The City should establish a uniform written policy for the use of a purchaseorder system. All employees having purchasing responsibilities should be educated onthe new policy and required to adhere to the policy.

Management's Response: For the year ending June 30, 2005, the City's departmental headswere assigned responsibility for purchasing, to include execution of purchase orders.However, the City relies heavily on the approval process used when disbursements aremade. In particular, the Mayor approves all expenditures prior to the disbursement beingmade, which the City believes operates effectively.

On the other hand, the City plans to initiate improvements to the purchase order system,during 2005, by assigning purchasing responsibility to department manager with the Cilyfinance director serving in a supervisory role.

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Finally, the new accounting software purchased by the City during 2005 includes apurchase order module that the City anticipates utilizing to streamline and improve thisprocess. Each department head will have access to the program module and willcomplete their respective departments purchase orders. All purchase orders will becoordinated and monitored by the City Clerk.

2004-3 Improve Collections of Receivables

Observation: During our audit work, we found that sewer fees have not been adequatelycollected. This is a prior year finding.

Recommendation: We recommend the following; (1) Continuance of legal action againstcustomers that have delinquent accounts; (2) Pursue negotiation with Iberville Parish toallow for the disconnection of water service for delinquent accounts.

Management's Response: The Mayor of the City has been diligent with efforts associatedwith collecting fees for providing sewer services. The internal efforts of the City have notproduced the results desired, which is the ultimate collection of receivables outstanding.In any event, the city has initiated the following steps:

1. Delinquent sewer users have been assigned to the City attorney who ispursuing this matter for the City. At this point, liens have been placed onthe customer's property for delinquent bills. On the other hand, the City'sgoal is the collection of the sewer fee which has not been forthcoming. TheCity intends to vigorously pursue this matter until an adequate resolution isachieved.

2. The City has requested assistance from the Parish of Iberviile's WaterDistrict serving the east side of the parish. At this point, such negotiationshave not produced any results that would enhance receivable collections.However, the City is continuing to pursue this avenue for potentialimprovements to collections of receivables.

In any event, City officials are disappointed with the current status of this finding, but areworking vigorously to resolve the matter.

2004-4 Traffic Ticket Receipts

Observation: The Police Department collects some monies in the form of Cashier's Checks orMoney Orders made payable to the Iberville Parish .Sheriffs Office. A police departmentemployee accumulates checks and calls an employee of the Sheriffs Office to pick themup. The police department has a system which requires the Sheriffs departmentemployee to sign for the checks. This is a prior year finding.

Recommendation: The system the Police Department is using is appropriate in form but thefunction of collecting the monies should be a function of the finance department of theCity. We suggest the collection system currently in place in the Police Department betransferred to the Finance Department of the City.

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Management's Response: The City is satisfied with the current system. However, the City willexplore this recommendation with the Police Chief and consider moving this function tothe finance department to consolidate collection efforts by the City.

2004-5 Deposits with One Financial Institution

Observation: The City's deposits with one financial institution exceeded the FDIC and pledgedsecurities by approximately $89,000 on June 30, 2005. Louisiana Revised Statutesrequire all deposits to be fully secured.

Recommendation: We recommend the City monitor its deposits with financial institutions on amonthly basis to ensure that they do not exceed the FDIC and pledged securities amount.

Management's Response: The matter is a result of oversight by City management. This bankaccount was opened during 2003 to account for the Civic Center capital project.Normally, the bank account cash passes though this account as construction of the CivicCenter occurs. However, the City did not request the bank to secure the account.

The City intends to continue to monitor cash activity and related collateralization tocomply v/Uh state law. This mailer is considered an isolated incident.

Finally, the construction is being completed and the account will soon be closed. As aresult, the matter will soon be resolved.

2004-6 Public Bid Law

Observation: According to the Louisiana Public Bid Law, the City is required to obtain anddocument at least three telephone or facsimile quotes for purchases in excess of $ 10,000.The City purchased two assets greater than $ 10,000 for which no quotes were obtained.

Recommendation; The City should comply with the Louisiana Public Bid Law concerningpurchases for more than $ 10»000.

Management's Response: The City considers these to be isolated incidents. The City willenhance its purchasing procedures to identify items being purchased in excess of $10,000so that a public bid determination can be made. Personnel with purchasing authority willbe notified of these two instances so that future occurrences, such as these, can beavoided.

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