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    NEW ORLEANS CITY PARK IMPROVEMENT ASSOCIATION

    FINANCIAL STATEMEIVTS AND SCHEDULES

    FOR THE YEARS ENDED JUNE 30,2012 AND 2011

    WITH INDEPENDENT AUDITORS' REPORT THEREON

    Under provisions or' state lav; this report is a public document Acopy of the report has been submitted to the entity and other appropnate public officials The report is available for public inspection at the Baton Rouge office of the LegislativeAuditor and, where appropnate, at the office of the parish clerk of court

    Release Date MAY 2 2 2013

    i i ^ A i Postlethwaite aSSaM & Netterville

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  • NEW ORLEANS CITY PARK IMPRO\TMENT ASSOCIATION

    FINANCIAL STATEMENTS AND SCHEDULES

    FOR THE YEARS ENDED JUNE 30,2012 AND 2011

    WITH INDEPENDENT AUDITORS' REPORT THEREON

  • f̂EW ORLEANS CITY PARK IMPROVEMENT ASSOCIATION

    TABLE OF CONTENTS

    Schedule Page

    Independent Auditors' Report 1 - 2

    Management's Discussion and Analysis 3-11

    Statements of Net Assets 12

    Statements of Changes in Net Asseu 13

    Statements of Cash Flows 14

    Notes to Fmancial Statements 15 - 25

    Required Supplemental Information - Schedule of Funding Progress for Louisiana's State OPEB Plan 1 26

    Supplemental Information - Schedules of Operating Expenses 2 27

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    Independent Auditors' Report

    The Board of Commissioners New Orleans City Park Improvement Association

    We have audited the statements of net assets ofthe New Orleans Cit> Park Improvement Association (the Park)asof June 30, 2012 and 2011, and the related statements of changes m net assets and cash flow's for the years then ended These financial statements are the rcsponsibilit)' of the Park's management Our responsibility is to express an opinion on these financial statements based on our audits

    We conducted our audits in accordance witli auditing standards generally accepted in tlie United States of America and Government Auditing Standards, issued by the Comptroller General of the United States Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement An audit includes consideration of intemal control over financial reporting as a basis for designing audit procedures that are appropnate tn the circumstances, but not for the purpose of expressing an opinion on the effectiveness ofthe Park's mtemal control over financial reporting. Accordmgly, we express no such opmion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluaung the overall financial statement presentauon We believe that our audits provide a reasonable basis for our opmion

    b our opinion, the fmancial statements referred to above present fairly, in all material respects, the financial position ofthe Park as of June 30, 2012 and 2011, and the results of its operations and its cash flows for the years then ended in conformity with accounting pnnciples generally accepted in the United States of America

    In accordance with Govemment Auditing Standards, wc have also issued our report dated December 17, 2012 on our consideration of the Park's internal control over financial reporting and our tests of its compliance with ccrtam provisions of laws, regulations, contracts, and grant agreements and other matters The purpose of that report is to descnbe the scope of our testing of mtemal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on intemal control over financial reporting or on comphance. That report is an integral part of an audit performed in accordance with Govemment Auditing Standards and should be considered in assessing the results of our audit

    Accounting principles generally accepted in the United States of America require that the management's discussion and analysis on pages 3 through 11 and the Schedule of Funding Progress for Louisiana's State OPEB Plan on page 26 be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial slaiements in an appropnate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing

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  • standards generally accepted in the United States of America, which consisted of mquu-ies of management about the methods of preparing the mfonnation and comparing the information for consistency with management's responses to our inquiries, the basic fmancial statements, and other knowledge we obtained dunng our audit ofthe basic financial statements We do not express an opinion or provide an> assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance

    Our audits were made for the purpose of fonning an opinion on tlie financial statements taken as a whole The supplementary' information included in the Schedules of Operating Expenses on page 27 is presented for purposes of additional analysis and is not a required part of the financial statements The supplementary information is the responsibility' of management and was derived from and relate directly to the underlying accountmg and other records used to prepare the financial statements The information has been subjected to the auditmg procedures applied m the audit ofthe financial statements and certam additional procedures, including comparing and reconciling such infonnation directly to the underlying accounting and other records used to prepare the fmancial statements or to the fmancial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all matenal respects in relation to the financial statements as a whole

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    New Orleans, Louisiana December 17, 2012

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  • NEW ORLEANS CITY PARK IMPROVEMENT ASSOCIATION

    Management's Discussion and Analysis, continued

    June 30. 2012 and 2011

    This section of the New Orleans City Park Improvement .Association (the Park) financial report presents a discussion and analysis ofthe Park's financial performance dunng the year ended June 30, 2012 and 2011 Please read it in conjunction with the Park's financial statements, which follow this section.

    FINANCIAL HTGHIJGHTS

    2012 Highlights

    The Park's net assets represent approximately 92% of total assets of approximately $56 8 million at June 30, 2012 At June 30, 2011, the Park's net assets approximated 90% of total assets of approximately S52.S milhon.

    The Park's increase in net assets was approximately $4.4 million for the year ended June 30,2012 as compared to an mcrease of approximately $8 1 million for the year ended June 30, 2011 In addition, the Park's cash used in operating activities was approximately SL3 million in 2012 as compared to cash used m operatmg activities of approximately $1 1 million m 2011.

    2011 Hiehhehts

    The Park's net assets represent approximately 90% of total assets of approxunately 552.8 million at June 30, 2011 At June 30. 2010, the Park's net aisels approximated 90% of total assets of approximately $43 7 million.

    The Park*s mcrease m net assets was approximately $8 1 milbon for the year ended June 30,2011 as compared to an increase of approximately $6 0 million for the year ended June 30, 2010 In addition, the Park's cash used m operating activities was approximately $1 1 million m 2011 as compared to cash used in operating activities of approximately 52 5 million in 2010

    OVERMEW OF THE FINANCLO. STATEiVIENTS

    This fmancial report consists of four parts; management's discussion and analysis (this section), the baste financial statements, the notes to tlie financial statements, and otlier supplementary information

    The fmancial statements provide both long-term and short-term information about the Park's overall financial statu*: Hie financial statements also mclude notes that explain some ofthe information in the fmancial statements and provide more detailed data. The statements are followed by a section of other supplemental infonnation that furdier explains and supports the information in the financial statements

    3-

  • NEW ORLEANS CITY PARK IMPROVEMENT ASSOCU.TION

    Management's Discussion and Analysis, continued

    June 30.2012 and 2011

    The Park's financial statements are prepared on an accrual basis in conformity' with accounting pnnciples generally accepted in the United States of Amenca (GAAP) as apphed to govemmental units. Under this basis of accounting, revenues are recognized i

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