Presented By: Jeffrey T. Folden, P.E. Assistant Chief, Innovative Contracting Division.
KENNETH D. FOLDEN & CO.app1.lla.state.la.us/PublicReports.nsf/221961FC... · KENNETH D. FOLDEN &...
Transcript of KENNETH D. FOLDEN & CO.app1.lla.state.la.us/PublicReports.nsf/221961FC... · KENNETH D. FOLDEN &...
TOWN OF HAYNESVILLEHaynesville, Louisiana
Annual Financial StatementsWith Independent Auditor's Report
As of and For the Year EndedJune 30, 2007
With Supplemental Information Schedules
Under provisions of state law, this report is a publicdocument. A copy of the report has been submitted tothe entity and other appropriate public officials. Thereport is available for public inspection at the BatonRouge office cMhe i egtslative Auditor and, whereappropriate, at the office of the parish clerk of court
Release Date
KENNETH D. FOLDEN & CO.CERTIFIED PUBLIC ACCOUNTANTS
302 EIGHTH STREET, JONESBORO, LA 71251(318)259-7316
FAX (318) 259-7315
TOWN OF HAYNESVILLEHaynesvllte, Louisiana
Annual Financial StatementsWith Independent Auditor's Report
As of and For the Year Ended June 30, 2007With Supplemental Information Schedules
CONTENTS
Statement
Independent Auditor's Report 4
Required Supplementary Information - Part I
Management's Discussion and Analysis 6
Basic Financial Statements:
Government-Wide Financial Statements:
Statement of Net Assets A 11
Statement of Activities B 12
Fund Financial Statements:
Governmental Funds:
Balance Sheet C 13
Reconciliation of the Governmental FundsBalance Sheet to the Statement of Net Assets D 14
Statement of Revenues, Expenditures, andChanges in Fund Balances E 15-16
Reconciliation of the Governmental Funds Statementof Revenues, Expenditures, and Changes in FundBalances to the Statement of Activities F 17
Proprietary Funds:
Statement of Net Assets G 18-19
Statement of Revenues, Expenditures, andChanges in Fund Net Assets H 20
Statement of Cash Flows I 21-22
Notes to the Financial Statements 23-35
TOWN OF HAYNESVILLEHaynesvllte, Louisiana
Annual Financial StatementsWith Independent Auditor's Report
As of and For the Year Ended June 30, 2007With Supplemental Information Schedules
CONTENTS (CONTINUED)
Required Supplementary Information - Part II
Schedule of Revenues, Expenditures, and Changes inFund Balances - Budget and Actual:
General Fund
Sales Tax Fund
Fire Protection District No. 3
Recreation District - Wards 2 & 3
Notes to the Schedule of Revenues, Expenditures, andChanges in Fund Balances - Budget and Actual
Schedule Page
A
B
C
D
36
37
38
39
40
Independent Auditor's Report on Internal Control andOn Compliance and Other Matters:
Independent Auditor's Report on Internal Control OverFinancial Reporting and on Compliance and Other MattersBased on an Audit of Financial Statements Performed inAccordance With Government Auditing Standards 41 -42
Supplemental Information Schedules:
Schedule of Findings and Questioned Costs
Schedule of Compensation Paid Councilpersons
1
2
43
44
Kenneth D. Folden. CPA
Kenneth D. Folden & Co.Certified Public Accountants Ted W. Sanderlin. CPA
MembersSociety of Louisiana
Certified Public Accountantsemail: kfoldenfgjfoldencpa.com
302 Eighth StreetJonesboro, LA 71251
(318) 259-7316FAX (318) 259-7315
MembersAmerican Institute of
Certified Public Accountantsemail: [email protected]
Independent Auditor's Report
TOWN OF HAYNESVILLEHaynesville, Louisiana
We have audited the accompanying financial statements of the governmental activities, thebusiness-type activities, and each major fund of the Town of Haynesville as of June 30, 2007, and forthe year then ended, which collectively comprise the Town's basic financial statements as listed inthe table of contents. These financial statements are the responsibility of the Town of Haynesville'smanagement. Our responsibility is to express opinions on these financial statements based on ouraudit.
We conducted our audit in accordance with U. S. generally accepted auditing standards and thestandards applicable to financial audits contained in Government Auditing Standards, issued by theComptroller General of the United States. Those standards require that we plan and perform theaudit to obtain reasonable assurance about whether the financial statements are free of materialmisstatement. An audit includes examining, on a test basis, evidence supporting the amounts anddisclosures in the financial statements. An audit also includes assessing the accounting principlesused and significant estimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audit provides a reasonable basis for our opinions.
In our opinion, the financial statements referred to above present fairly, in all material respects, therespective financial position of the governmental activities, the business-type activities, and eachmajor fund of the Town of Haynesville as of June 30, 2007, and the respective changes in financialposition and cash flows, where applicable, thereof for the year then ended in conformity with U. S.generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our report dated December21, 2007, on our consideration of the Town of Haynesville's internal control over financial reportingand on our tests of its compliance with certain provisions of laws, regulations, contracts, and grantagreements and other matters. The purpose of that report is to describe the scope of our testing ofinternal control over financial reporting and compliance and the results of that testing, and not toprovide an opinion on the internal control over financial reportin g or on compliance. That report is anintegral part of an audit performed in accordance with Government Auditing Standards and should beconsidered in assessing the results of our audit.
Management's discussion and analysis and the budgetary comparison information on pages 6through 10 and 36 through 40, respectively, are not a required part of the basic financial statementsbut are supplementary information required by U. S. generally accepted accounting principles. Wehave applied certain limited procedures, which consisted principally of inquiries of managementregarding the methods of measurement and presentation of the required supplementary information.However, we did not audit the information and express no opinion on it.
Our audit was conducted for the purpose of forming opinions on the financial statements thatcollectively comprise me Town of Haynesvflte*s basic financial statements. The supplementalInformation schedule fisted in the table of contents is presented for the purpose of additional analysisand is not a required part of the baste financial statements. Such information has been subjected tothe auditing procedures applied in the audit of the basic financial statements and, in our opinion, isfairly stated in all material respects in relation to the baste financial statements taken as a whole,
HV**-- £December 21,2007Jonesboro, Louisiana
REQUIRED SUPPLEMENTARY INFORMATION
PARTI
TOWN OF HAYNESVILLEMANAGEMENTS DISCUSSION AND ANALYSIS
AS OF AND FOR THE YEARENDED JUNE 30, 2007
As Management of the Town of Haynesville, we offer readers of the Town of Haynesville 's financialstatements this narrative overview and analysis of the financial activities of the Town of Haynesville asof and for the fiscal year ended June 30, 2007. We encourage readers to consider the informationpresented here in conjunction with the Town's basic financial statements and supplementaryinformation provided in this report in assessing the efficiency and effectiveness of our stewardship ofpublic resources.
OVERVIEW OF THE FINANCIAL STATEMENTS
This discussion and analysis are intended to serve as an introduction to the Town of Haynesville'sbasic financial statements. The Town's basic financial statements comprise of three components: 1)government-wide financial statements, 2) fund financial statements, and 3) notes to the financialstatements. This report also contains other supplemental information in addition to the basic financialstatements themselves.
Government-wide financial statements. The government-wide financial statements are designedto provide readers with a broad view of the Town of Haynesville's finances, in a manner similar to aprivate-sector business.
The statement of net assets presents information on all of the Town of Haynesville assets andliabilities, with the difference between the two reported as net assets. Over time, increases ordecreases in net assets may serve as a useful indicator of whether the financial position of the Townof Haynesville is improving or deteriorating.
The statement of activities presents information showing how the government's net assets changedduring the most recent fiscal year. All changes in net assets are reported as soon as the underlyingevent giving rise to the change occurs, regardless of timing of related cash flows. Thus, revenuesand expenses are reported in this statement for some items that will only result in cash flows in futurefiscal periods (for example, earned but unused vacation leave).
The government-wide financial statements can be found on pages 11 -12 of this report.
Fund financial statements. The fund financial statement focus on current available resources andare organized and operated on the basis of funds, each of which is defined as a fiscal and accountingentity with a self-balancing set of accounts established for the purpose of carrying on specificactivities or attaining certain objectives in accordance with special regulations, restrictions, orlimitations. All of the funds of the Town can be divided into two categories: governmental funds andproprietary funds.
Governmental funds. Governmental funds are used to account for essentially the same functionsreported as governmental activities in the government-wide financial statements. However, unlike thegovernment-wide financial statements, governmental fund financial statements focus on near-terminflows and outflows of spendable resources, as well as on balances of spendable resourcesavailable at the end of the fiscal year. Such information may be useful in evaluating a government'snear-term financing requirements.
Because the focus of governmental funds is narrower than that of the government-wide financialstatements, it is useful to compare the information presented for governmental funds with similarinformation presented for governmental activities in the government-wide financial statements. Bydoing so, readers may better understand the long-term impact of the government's near-termfinancing decisions. Both the governmental fund balance sheet and governmental fund statement ofrevenues, expenditures, and changes in fund balances provide a reconciliation to facilitate thiscomparison between governmental funds and governmental activities.
The Town of Haynesville maintains five individual governmental funds. Information as of and for theyear ended June 30, 2007, is presented separately in the governmental fund balance sheet and in thegovernmental fund statement of revenues, expenditures, and changes in fund balances for theGeneral Fund and the Sales Tax Fund, Fire Protection District No 3 Fund, Recreation District Wards2 and 3 Fund, which are considered to be major funds, and the Capital Projects Fund.
The Town of Haynesville adopts an annual appropriated budget for the general fund and the specialrevenue funds. A budgetary comparison statement is provided for the major funds to demonstratecompliance with this budget.
The governmental fund financial statements can be found on pages 13-17 of this report.
Proprietary funds. The Town's maintains one type of proprietary fund. Enterprise funds are used toreport the same functions presented as business-type activities in the government-wide financialstatements. The Town uses its enterprise funds to account for its sewer and water and solid wasteoperations.
Proprietary funds are used to account for activities that function in a manner similar to commercialenterprises. Proprietary fund financial statements typically provide more detail presentation of theinformation reported in the business-type activities portion of the government-wide financialstatements. The proprietary funds financial statements provide separate information for all of theenterprise funds, which are considered to be major funds of the Town.
The proprietary fund financial statements can be found on pages 18-22 of this report.
Notes to the Financial Statements. The notes provide additional information that is essential to afull understanding of the data provided in the government-wide and fund financial statements. Thenotes to the financial statements can be found on pages 23 - 35 of this report.
Supplemental information. In addition to the basic financial statements and accompanying notes,this report also presents required supplemental information concerning the Town of Haynesville *scompliance with budgets for its major funds. Also, other supplemental information schedules areincluded in the report.
FINANCIAL HIGHLIGHTS
The assets of the Town exceeded its liabilities at June 30, 2007 by $6,137,267.
The Town's net assets increased by $153,801 as a result of this year's operations. The netassets of the governmental activities increased by $112,481 (4%) from operations, the netassets of the business-type activities increased by $41,320 (1%).
At June 30, 2007, the Town's governmental funds reported total ending fund balances of$1,287,681, an increase of $182,384, from June 30, 2006. The entire balance is available forspending at the Town's discretion.
GOVERNMENT-WIDE FINANCIAL ANALYSIS
NET ASSETS
Current and otter asseBCapital asseb, net
Total assets
Current and other liabdtfesLong-term liabilifes
Total Sahilifes
Net assets:Invested in capital assets, net
of related debtResticted for debt service
UnrestrictedTotal net assets
Governmental Activities2007 | 2006
Business-Type Activities2007 I 2006
Totals2007 | 2006
$ 1,371,710 $ 1,178,152 $ 742,776 $ 708.656 $ 2,114,486 $ 1,886,8081,560,772 1,630,834 2,731,351 2,795,801 4,292,123 4,426,6352.932,482 2.808.986 3.474.127 3,504.457 6.406,609 6,313.443
84,0319,62293,653
82,636
82,636
175,691
175,691
205,74541,596247,341
259,7229,622
269,344
288,38141,596329,977
1,560,772 1,630,834
1.278.059 1.Q95.S16
2,679,39851,953
567,085
2,660,802
596.314
4,240,170
51,9531,845.144
4,291,636
1.691,830$ 2.838,831 $ 2.726,350 $ 3.298.436 S 3,257.116 $ 6,137,267 S 5,983.466
As noted earlier, net assets 'may serve over time as a useful indicator of a government's financialposition. At the close of the most recent fiscal year, assets of the Town of Haynesville exceededliabilities by $6,137,267. A significant portion (69%) of the Town of Haynesville's net assetsreflects its investments in capital assets (e.g., land, building, and improvements and equipments,net of accumulated depreciation), less any related debt used to acquire those assets that is stilloutstanding. These assets are not available for future spending. Although the investment incapital assets is reported net of related debt, the resources needed to repay this debt must beprovided from other sources.
CHANGE IN NET ASSETS
REVENUESGeneral revenues:
Taxes:Ad valoremSales taxesFranchise taxOfwr taxes
Licenses and perm toFines, forfetores, and court costsIntergovernmental
Governmental Actlvitiw2007 I 2006
Business-Type Activities2007 I 2006
Totals2007 I 2006
Donated capital assebOtter
Business revenues:Charges for servicesMbcefeneous
Total revenues
410,055466,087
85,751
5,026100,34372,96043,93855,675
120,586
383,195473,19086,6005,735
93,392100,86014,89840,589
105,546
1,180
21,617 17,179
410,055
466,08785,7515.026
100,34372,96045,118
77,292
120,586
383,1%
473,19086,600
5,73593,392100,86014,89857,768
105,546
1. 0.421
~
1,304,005
793,839962
817.598
819,3436.417
842.939
793.839962
2,178,019
819,3436.417
2,146.944
EXPENDITURES
Current:
General government
Public safety
Public works
Parks and recreation
Sewer user
Utility
Total expenditures
Excess (Deficiency) of revenues
over expenses
Capital contributions
Transfer of capital assets
Change in Net Assets
Net assets, beginning
Total net assets
Governmental Activities
2007 2006
Business-Type Activities2007 2006
Totals
2007 | 2006
395,706559,959163,209107,066
-
-1,225,940
134,481
.
(22,000)
112,481
2,726,350
394,593483,473174,34894,212
-
-1,146,626
157,379
.
-
157,379
2,568,971
----
193,301 223,804604,977 581,907798,278 805,711
19,320 37,228
22,000
-
41,320 37,228
3,257,116 3,219,888
395,706559,959163,209107,066193,301604,977
2,024,218
153,801
22,000(22,000)
153,801
5,983,466
394,593
483,473174,34894,212223,804581,907
1,952,337
194,607
.
-
194,607
5,788,859
$ 2,838,831 $ 2,726,350 $ 3,298,436 $ 3,257,116 $ 6,137,267 $ 5,983,466
Governmental activities. The most significant revenues of the governmental activities aregeneral taxes (71%), which include ad valorem taxes (30%), sales taxes (34%), and franchiseand other taxes (7%).
Public safety expenses are the most significant (46%) of all governmental activities expenses,followed by general government expenses (32%). Depreciation expense is included in theseamounts.
Governmental activities revenues increased $56,416 in the current year as compared to the prioryear. The increase was primarily attributable to an increase an increase in ad valorem taxes of$26,860, and an increase in intergovernmental revenues of $29,040.
Governmental activities expenses increased $79,314 in the current year as compared to the prioryear. The increase was primarily attributable to a increase in Public Safety of $76,486.
Business-type activities. The operations of the business-type activities increased the Town's netassets by $41,320. The business-type revenue exceeded the business-type expenses by $19,320.
FINANCIAL ANALYSIS OF THE TOWN'S FUNDS
As noted earlier, the Town uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. The focus of the governmental funds is to provide information on near-term inflows, outflows, and balances of expendable resources. Such information is useful inassessing the financing requirements. In particular, unreserved fund balance may serve as a usefulmeasure of a government's net resources available for spending at the end of the fiscal year.
Governmental funds. As of June 30, 2007, the combined governmental fund balances of$1,287,681 reflect a increase of $182,384 from June 30, 2006. The entire fund balance isunreserved, which is considered available for appropriation.
The increases in the revenues and expenses of the governmental funds were described in the aboveGovernment-Wide Financial Analysis section.
Proprietary funds. The Town's proprietary funds provide the same type of information found in thegovernment-wide financial statements, but in more detail.
The Sewer User Fund's net assets decreased $2,855 in the current year. The decrease was primarilydue to expenses exceeding revenues by $13,855 offset by transfer from other funds of $11,000.
The Utility Fund's net assets increased $44,175 in the current year. The increase was primarily dueto revenues exceeding expenses by $33,175 and a transfer from other funds of $11,000.
GENERAL FUND BUDGETARY HIGHLIGHTS
General Fund actual revenues exceeded final budgeted revenues by $30,780, which resultedprimarily from an increase in intergovernmental revenues. General Fund final budgeted expenseswere less than actual expenses by $3,433.
CAPITAL ASSETS AND DEBT ADMINISTRATION
Capital assets. As of June 30, 2007, the Town of Haynesville's investment in capital assets for itsgovernmental activities amounts to $1,560,772 (net of accumulated depreciation), and its investmentin capital assets for its business-type activities amounts to $2,653,898 (net of accumulateddepreciation). This investment includes land, buildings and improvements, furniture, and equipment.
Long-term debt. At the end of the fiscal year, the Town of Haynesville had total long-term debt of$9,622. The long-term debt consisted of compensated absences of $9,622.
ECONOMIC FACTORS AND NEXT YEAR'S BUDGETS AND RATES
The fiscal year 2008 budget is forecast to provide $3,689,289 in estimated surplus and revenues tofund costs of $2,645,190.
Capital outlay is budgeted in the amount of $425,000.
REQUESTS FOR INFORMATION
This financial report is designed to provide a general overview of the Town of Haynesville's financesfor all those with an interest in the government's finances. Questions concerning any of theinformation provided in this report or request for additional financial information should be addressedto Penny Fields, City Clerk, 1711 Main Street, Haynesville, Louisiana 71038.
10
BASIC FINANCIAL STATEMENTS
TOWN OF HAYNESVILLEHaynesville, Louisiana
Statement of Net AssetsJune 30, 2007
Statement A
ASSETS
Cash and equivalents
Investments
Accounts Receivable
Prepaid expenses
Cash and equivalents-restricted
Capital assets (net of ace depr)
TOTAL ASSETS
LIABILITIES
Accounts, salaries, and other payables
Current liabilities payable from restricted
assets - tenant security depositsLong-term liabilities:
Due within one year
Due in more than one year
TOTAL LIABILITIES
NET ASSETS
Invested in capital assets, net of reltd debt
Restricted for debt serviceUnrestricted
TOTAL NET ASSETS
GovernmentalActivities
$
$
961,761
343,129
66,820
0
0
1.560,7722,932,482
Business-TypeActivities
$ 318,699
175,965
164,688
574
82,850
2,731,351$ 3,474,127
Total
$ 1,280,460
519,095
231,508
574
82,850
4.292.123$ 6,406,610
84,031 $
1,560,772
40,888 $
82,850
2,653,897
124,918
82,850
0
9,622
93,652
51,953
0
175,691
51,9539,622
269,343
4,214,669
01,278,059
$ 2,838,831 $
51,953592,585
3,298,436 $
51,9531,870,644
6,137,267
The accompanying notes are an integral part of this financial statement.11
CO
£c3ToCO
111Ij w=1. .£^ c- ss
OW
N O
F H
AY
NE
S\
Hay
nesv
ille,
Loul
siai
Sta
tem
ent
of
Activ
iJu
ne 3
0, 2
007
H
in
(A(0
"SZc0)ouc(D£O_
cnCD3
i*PK^mStoC
S£z
MA
JOR
FU
ND
S
CO
Q
H
Sc«
T* 0)(0 '-5to *>0) ..E o(0 <
CD
^
Sc to0 V
11o "u
O
(0Q Z
° K z00o
OP
ER
ATIN
GG
RA
NT
S A
ND
CO
NTR
IBU
TIO
NS
KO *EL W
LU(0 OUJ =r
P<(0
O
(OII 1IU(Oz111Q.
2
ncat
ions
/Pro
gram
s
3LJL
^ o> o> mCD in o h-CD T- CM •*"fr CM CO -3-CM ^ CO OCM in T— T—•»""* '*"•*' '**' **~
o o o o
w^ CD CD inCD IT) O 1*-CT> •<- CM -<tTT" CM" co" Tf"CM ^h CO O
-— ' •— **-r *—.
if*
0 O O O
wo Q o o
T- O 0 *-T- CDr . ino c\i
w
CO CD CD COo in o coh- O> CM Oin CD" co" N."CD IO CD Oco m i- T-
w
c/i
mar
y go
vern
men
t:S
ovem
men
tal
activ
itie:
Gen
eral
gov
ernm
ent
Pub
lic s
afet
yP
ublic
wor
ks
Par
ks a
nd r
ecre
atio
n
•c u0.
COCOCO
§_rs~*
o
00CO00
So
o
ooCO
CNoCOco"
oSmCMCM
T~
CO.OJ
"GCO
Tota
l qo
vem
men
tal
CO COT-_ CO
CM CM'*"*'
^ 00CO CO*""_ °°.CM, CM
W
O 0
w
0 0
<*0 0
00T-
co inCO COT- CCCD" iriCO CNT- CD
w
O h-O h-CO CDco" •*'CD Ot- CO
«/>
to0}•J='>t3 -p
:fQ- 0) -D^ « cI t" CO DCO
COCDCMCM
COo>CMCM""•"—
o
o
oCO
ooCO.
CD!*-
h-
CMoo"CD
C/|
tto
Tota
l bu
sine
ss-tv
oe
ICOo,— "s~'
COCDCMCN%*-I
«*
00COoo
5fO
w
o
tf>oCOCDco"
COo
oo"
<*r--CM
CMOCM"
«•
<-"
al p
rimar
y qove
mm
en
ot-
m h - h - c M OOCD ° i nm co h- CD co oo coo o r CM_ v-_ in CDo" CD" o" r*-" CD" o" o"i- CO CD Is- CM CM CD^" ^ ^~ T—
T-^
O O O | ^ . O O Ot^-•<- O i-CD O CDT-" CM" co"CM CM -t
^ lm t ^ ^ - i n coco O C Din co h- h- coco O'*-o o i ^ - c o ^ - m o c oo" CD" o" m" CD" o" CM' |CT - c o c o m CMCM f^1*
-
10uvtoe-Q.
"2 gCD CO W COc o en CDCD Q. ^ 3
c5 a- i |
£ E * 2
•— c ® 23> S) E <»
* ° i 1 ?&CD n— -i C XX u , w . £ C D w -2-^
- S S S - D £ E c o._ ?S X I— C 3K 1
£ S B r o § c z e
iB 1" 1 I i 11 1s ^ ^"* >• * •*= -S* -— 2
|— £ £ S h-
T- co ho co uco -^t oco" co" h-in oo c*T- CD T-
in" ci
y
O CD UCM T- C*CO T- T;if h-" «^t m o
CM Cco" e*
«
•<- O T-
co in c"•* co aCM" co" oT- CM C*T- r*. a
CM" c
«
S ES ?CM
toCD r~ pCO > UCO —I 5CD ^ =
C i
c to j
CD (0 iO> CO IC CO CCO 4-> 4
.C CD (O Z 2
3J
5:>"
>
>>i->">j
^
»
i35
3<J
9
CM
"c(D
O
Ien
"co"OCO
1 *
5 *S
J «^ a.3 _
2 => £) BJ
) «- S
"5cO)
1£
(0<D
H
UJ
o . o ago"
o i-uj o
SfCCU)
oCOZUJ 3_l U.
< X</>*
*iUJ Z
o
*- CT> O1
CD CNI (N[-- T- COT-" CO COco ^rO> CO
oCM
O C3J ON- CM
CO" CO"CO "frCO CO
COCM
COCM
COCOooo
s
3O)co"
3Oico"r*-
cs£
h-C*
"3o(C
o
ccc*T1
c*h-
ItcNcc*
oT1
c*hCN
0)
CO
v>"c
"co
'5cr<D
cCO
c0)
CO 0)fo sto ^
CO
m ^c CO
m- <
<D01
COUJo
!<COQz3U.o<
UJ
CD =
(0^J-D
CO
I <CA —I
Cfl -J
I *= '-5 S OCQ = Q t:
_c•o
a£•o3COc'«0)
CO
cD
C ^ CO.2 ^ <0**= i offi «-. 5gj _co
c co0} .G1CO
8 „• c &9 0) m —
CO
I^9co
CO
w0
&CO
SB.9-0
Statement DTOWN OF HAYNESVILLE
Haynesvflle, Louisiana
Reconciliation of the Governmental FundsBalance Sheet to the Statement of Net Assets
June 30, 2007
Total Fund Balances at June 30, 2007 - Governmental Funds $ 1,287,681
Capital assets used in governmental activities are not
financial resources and, therefore, are not reported in
governmental funds, net of depreciation
1,560,772
Certain liabilities are not due and payable in the current period
and therefore are not reported in the funds:
Compensated absences (9,622)
Net Assets at June 30, 2007 $ 2,838,831
The accompanying notes are an integral part of this financial statement.14
Ill
*Jod>i0)
<A
8nramcU.
ctfiQ>O>
UJ g||
-I - Z O o5 = 3 X «S).2 U- ouj| _i 5 iZ o < . "»X -" i- w -o^f _ ^p 0 j?Z| UJ 3 C
Slll§2 >t B- Q> >.^P V JJ" •" Q
§ 6 uS £o> "•3C
sQ>£
O
*EI0)s
CO
(0az3u_
1
I
z *^
a i- 9g w gw as
CO
°icUJ /> h*
E H gO h—cc w
o(0 ZUJ 3_l U_
<x[_
-1
2 °UJ Zz -*ui "•o
in !*•• T~ co ^ Q T~ oo in coin oo m CM in co 01 co - Soo o N - c z ? i ^ - c j ) | n c 7 > c o mO CO IO tO ^ CM CM CO IO O
t — O O O O O ^ ~ O O O OCO O) CO O3) in CM h-co" CM" a>"
fe9
S O O O O O O O t O O )O> t-
in O N;
in co CNT-
fe9
00 COO COco" o"CO T-"
«N - m c N i n c o c o ^ - c oin h-_ o i ._ o> o> cq •»-_-" in m N." CM" co" •* in"
T— CO CJ) h- -tf O>^~
69
*2
8•cOo
^1 s ! -a) to" '> S «
X Q. Cjj gj c D)
W C 0 _ < D c ~ ^ E E
lilllllillliOil- Z i E O S S O
^CN
^o"CD«
OsCD"
69
O>
CO
oCM
69
CMh-co"r*."
4»
h-co00O)
in
69
il re
venues
1
S ^~ Tf ^>o> ^- oco m m s. inCJ) T- T- CO OSCD O CO O ^co in T- T-
o o o TJ- t^1 CO
co" m"O CM
69
O o O O O
CO
69
CD O O O OCMOt—O)T~-
*9
m 5 •«- o oco c7> O) mco_ co in i-_CO CO T- ^-
h- O CO CM• « - • * • < -
69
1 .im I !i I *a a-• O fl) •£ ro
5 .. ^ 1 i 1 1Z -^ i- ri o
C~ m .S= .= CO —UJ 3) c S S -^ 3X D CD d! ^ (E §•UJ O O
CDCOo
8
CNroofCN
O
oo"o>
(O
O)^~
o>CO
B
tn
\ expenditu
re:
1
ID
£3M m
"5•ctoa.
1
!lcCO
£(Q(A
C
1
8CO
.2cc<J=
J2(0Si
e'>.1m0)
H
u*rf
33CO
111^ «5 =W-s
-O
.—
I1
c5n
CD•oc3u.
(00)o>^
co i o0 JS85 O o
Pb.
s s0> v
*0)3C0)
«>
z *^O L. °"
^iogs|SQI
CO
1«It (0
SA
LES
AX
FU
ND
UJO
COo"r*-CM
oo00
in
S
CM"CO
i
O>CD
Is-"CM
co^tcoinCM
CM•*"
1COCM
OCoO
Oo"O)
CMO>
COCM
SID"o>CM
coN-
uj
£or
g
«8
0)
(O
mz
(O ®§ a« o,-' CO
D O
liJWW
O Oz z
O O O
Statement F
TOWN OF HAYNESVILLEHaynesville, Louisiana
Reconciliation of the Governmental FundsStatement of Revenues, Expenditures, and Changes
In Fund Balances to the Statement of ActivitiesFor the Year Ended June 30, 2007
Total net change in fund balances - governmental funds (Statement E) $ 182,384
Amounts reported for governmental activities in the Statement
of Activities are different because:
Capital outlays are reported in governmental funds as expenditures. However,
in the Statement of Activities, the cost of those assets is allocated over
their estimated useful lives as depreciation expense. This is the amount by
which capital outlays exceed depreciation in the period (69,904)
Change in net assets of governmental activities (Statement B) $ 112,480
The accompanying notes to the financial statements are an integral part of this statement.
17
TOWN OF HAYNESVILLEHaynesvllle, Louisiana
Statement of Net AssetsProprietary Funds
June 30, 2007
Statement G
Business-type ActivitiesEnterprise Funds
SewerUser Fund
UtilityFund
TotalEnterprise
Funds
ASSETS
Current Assets:
Cash and equivalents
Investments
Receivables (net of allowances for uncollectibles)
Prepaid expenses
Total Current Assets
Restricted Assets:
Cash and cash equivalents
Total Restricted Assets
Noncurrent Assets:
Capital assets:
Land
Buildings and equipment (net of accum. depr.)
Total Non-Current Assets
Total Assets
$ 103,109 $
175,965
38,726
0317,800
0
0
215,590 $
0
125,962
574342,126
82,850
82,850
318,699
175,965
164,688
574659,926
82,850
82,850
25,500
1,935.425
1,960,925
2,278,725
0
770.426
770,426
1,195,402
25,500
2,705.851
2,731,351
3,474,127
(Continued)
The accompanying notes to the financial statements are an integral part of this statement.
18
TOWN OF HAYNESVILLEHaynesville, Louisiana
Statement of Net AssetsProprietary Funds
June 30, 2007
Statement G
LIABILITIES
Current Liabilities:
Accounts payable
Accrued salaries and withholdings
Capitalized lease obligation
Total Current Liabilities
Current Liabilities payable from
restricted assets - tenant security deposits
Non-Current Liabilities:
Total Liabilities
NET ASSETS
Invested in capital assets, net of related debt
Reserved for debt serviceUnrestricted
TOTAL NET ASSETS
Business-type ActivitiesEnterprise Funds
SewerUser Fund
UtilityFund
TotalEnterprise
Funds
21,484
1,960,925
154.207
718,473
$ 19,441 $
2,043
0
21,484
0
13,877 $
5,527
51.953
71,357
82.850
33,318
7,570
51,953
92.841
82.850
175,691
2,679,397
0296,316
$ 2,257,241 $
51,953270,769
1,041,195 $
51,953567,085
3,298,436
(Concluded)
The accompanying notes to the financial statements are an integral part of this statement.19
Statement H
TOWN OF HAYNESVILLEHaynesvllle, Louisiana
PROPRIETARY FUNDStatement of Revenues, Expenditures, and
Changes in Fund Net AssetsFor the Year Ended June 30, 2007
OPERATING REVENUES
Charges for services
Miscellaneous
Total operating revenues
OPERATING EXPENDITURES
Personal services
Supplies
Utilities
Repairs and maintenance
Contractual services
Other supplies and charges
Depreciation
Total operating expenditures
Operating income (loss)
NON-OPERATING REVENUES (Expenditures)
Interest earnings
Interest expense and fiscal charges
State grantTotal non-operating revenues (expenditures)
Income (loss) before contributions and transfers
Transfers in
CHANGES IN NET ASSETS
TOTAL NET ASSETS - BEGINNING
TOTAL NET ASSETS - ENDING
Business-type Activities -Enterprise Funds
SewerUserFund
UtilityFund
TotalEnterprise
Funds
$ 169,166 $
0
169,166
54,713
29,164
19,894
24,482
0
10,197
54,851
193,301
(24,135)
10,280
0
0
10,280
(13,855)
11,000
(2,855)
2,260,096
$ 2,257,241 $
624,673 $
962
625,635
230,115
134,193
8,058
0
157,604
6,061
54,552
590,583
35,052
11,337
(14,394)
1,180
(1,877)
33,175
11,000
44,175
997,020
1,041,195 $
793,839
962
794,801
284,828
163,357
27,952
24,482
157,604
16,258
109,403
783,884
10,917
21,617
(14,394)
1,180
8,403
19,320
22,000
41,320
3,257,116
3,298,436
The accompanying notes are an integral part of this financial statement.
20
Statement I
TOWN OF HAYNESVILLEHaynesville, Louisiana
PROPRIETARY FUNDStatement of Cash Flows
For the Year Ended June 30, 2007
CASH FLOWS FROM OPERATING ACTIVITIES
Cash received from customers
Cash payments to suppliers for goods and services
Cash payments to employees for services
Net cash provided by (used for) operating activities
CASH FLOWS FROM NON-CAPITAL FINANCING
State grant
Transfers from other funds
Net cash provided by noncapital financing activities
CASH FLOWS FROM CAPITAL AND RELATEDFINANCING ACTIVITIESAcquisition of capital assets
Payments on capital leases
Interest expense
Net cash used for capital and related financing activities
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of investment securities
Proceeds from sale of investment securities
Interest earnings
Net cash provided by (used for) investing activities
Net increase (decrease) in cash and cash equivalents
CASH AND CASH EQUIVALENTS - BEGINNING OF THE YEAR
CASH AND CASH EQUIVALENTS - END OF THE YEAR
Business-type Activities -Enterprise Funds
SewerUserFund
UtilityFund
TotalEnterprise
Funds
27,381
0
11,000
11,000
167,384 $ 637,660 $ 805,044
(87,864) (309,722) (397,586)
(52,139) (231,616) (283,755)
96,322
1,180
11,000
12,180
123,703
1,180
22,000
23,180
(17,354)
0
0
(17,354)
(175,965)
167,528
10,280
1,843
22,870
80,239
$ 103,109 $
(16,000)
(82,144)
(14,394)
(112,538)
0
0
11,885
11,885
7,849
290,591
298,441 $
(33,354)
(82,144)
(14,394)
(129,892)
(175,965)
167,528
22,165
13,728
30,719
370,830
401,549
(Continued)
The accompanying notes are an integral part of this financial statement.
21
TOWN OF HAYNESVILLEHaynesville, Louisiana
PROPRIETARY FUNDStatement of Cash Flows
For the Year Ended June 30, 2007
Statement I
RECONCILIATION OF OPERATING INCOME TO NETPROVIDED BY OPERATION ACTIVITIES
Operating income (loss)
Adjustments
Depreciation
Net changes in assets and liabilities:
Accounts receivable
Tenants' security deposits
Accounts payable
Accrued salaries and withholdings
Net cash provided by (used for) operating activities
Business-type Activities -Enterprise Funds
SewerUserFund
UtilityFund
TotalEnterprise
Funds
(24,135) $
54,851
35,051 $
54,552
10,916
109,403
(427)
0
(3,452)
544
27,381
5,464
4,695
1,706
(5,146)
96,322
5,037
4,695
(1,746)
(4,602)
123,703
(Concluded)
The accompanying notes are an integral part of this financial statement.22
NOTES TO THE FINANCIAL STATEMENTS
TOWN OF HAYNESVILLE, LOUISIANAHaynesville, Louisiana
Notes to the Financial StatementsAs of and for the Year Ended June 30, 2007
INTRODUCTION
The Town of Haynesville, Haynesville, Louisiana (Town), was incorporated August 14, 1901, underthe provisions of the Lawrason Act. The Town operates under the Mayor-Board of Aldermen formof government.
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. BASIS OF PRESENTATION
The accompanying financial statements of the Town have been prepared in conformity with U.S.generally accepted accounting principles (GAAP) as applied to governmental units. TheGovernmental Accounting Standards Board (GASB) is the accepted standard setting body forestablishing governmental accounting and financial reporting principles.
B. REPORTING ENTITY
GASB Statement No. 14, The Reporting Entity, established criteria for determining thegovernmental reporting entity and component units that should be included within the reportingentity. Under provisions of this Statement, the Town is considere d a primary government, since itis a special purpose government that has a separately elected governing body, is legallyseparate, and is fiscally independent of other state or local governments. As used in GASBStatement No. 14, fiscally independent means that the Town may, without the approval orconsent of another governmental entity, determine or modify its own budget, levy its own taxes orset rates or charges, and issue bonded debt.
GASB Codification Section 2100 establishes criteria for determining which, if any, componentunits should be considered part of the Housing Authority for financial reporting purposes. Thebasic criterion for including a potential component unit within the reporting entity is financialaccountability, which includes:
1. Appointing a voting majority of an organization's governing body, and:a. The ability of the government to impose its will on that organization and/orb. The potential for the organization to provide specific financial benefits to orimpose specific financial burdens on the government.
2. Organizations for which the government does not appoint a voting majority but arefiscally dependent on the government.
3. Organizations for which the reporting entity financial statements would be misleading ifdata of the organization is not included because of the nature or significance of therelationship.
Based on the above criteria, Fire Protection District No. 3 and Recreation District - Wards 2 & 3are considered component units of the Town and are reported in the Town's financial statementsas blended entities.
23
TOWN OF HAYNESVILLE, LOUISIANAHaynesville, Louisiana
Notes to the Financial StatementsAs of and for the Year Ended June 30, 2007
C. FUNDS
The Town uses funds to maintain its financial records during the year. Fund accounting isdesigned to demonstrate legal compliance and to aid management by segregating transactionsrelated to certain Town functions and activities. A fund is defined as a separate fiscal andaccounting entity with a self-balancing set of accounts. Funds of the Town are classified into twocategories: governmental and proprietary, as follows:
Governmental Funds
Governmental funds account for most of the Town's general activiti es. These funds focus on thesources, uses, and balances of current financial resources. Expendable assets are assigned tothe various governmental funds according to the purposes for which they may be used. Currentliabilities are assigned to the fund from which they will be paid. The difference between agovernmental fund's assets and liabilities is reported as fund balance. In general, fund balancerepresents the accumulated expendable resources which may be used to finance future periodprograms or operations of the Town. The following are the Town's primary governmental funds:
General Fund - The primary operating fund of the Town, it accounts for all financialresources, except those required to be accounted for in other funds. The General Fundis available for any purpose provided it is expended or transferred in accordance withstate and federal laws and according to Town policy.
Major Special Revenue Funds - Account for the proceeds of specific revenue sourcesthat are legally restricted to expenditures for specified purposes, or designated by theTown to be accounted for separately.
Capital Projects Fund -The Capital Projects Fund accounts for all financial resources usedfor the acquisition or construction of major capital facilities other than those financed byProprietary Funds.
Proprietary Funds
The Enterprise Funds are used to account for operations (a) that are financed and operated in amanner similar to private business enterprises where the costs (expenses including depreciation)of providing goods or services to the general public on a continuing basis are financed through usercharges: or (b) where the governing body has decided that periodic determination of revenuesearned, expenses incurred, and/or net income is appropriate for capital maintenance, public policy,management control, accountability, or other purpose.
D. MEASUREMENT FOCUS/BASIS OF ACCOUNTING
Government-Wide Financial Statements (GWFS)
The Statement of Net Assets (Statement A) and the Statement of Activities (Statement B) displayinformation about the reporting government as a whole. These statements include all thefinancial activities of the Town.
The GWFS were prepared using the economic resources measurement focus and the accrual
24
TOWN OF HAYNESV1LLE, LOUISIANAHaynesville, Louisiana
Notes to the Financial StatementsAs of and for the Year Ended June 30, 2007
basis of accounting. Revenues, expenses, gains, losses, assets and liabilities resulting fromexchange or exchange-like transactions are recognized when the exchange occurs (regardless ofwhen cash is received or disbursed). Revenues, expenses, gains, losses, assets and liabilitiesresulting from nonexchange transactions are recognized in accordance with the requirements ofGASB Statement No. 33, Accounting and Financial Reporting for Nonexchange Transactions.
Program Revenues - Program revenues included in the Statement of Activities (Statement B)derive directly from parties outside the Town's taxpayers or citizenry, as a whole; programrevenues reduce the cost of the function to be financed from the Town's general revenues.
Direct Expenses - The Town reports all direct expenses by function in the Statement of Activities(Statement B). Direct expenses are those that are clearly identifiable with a function.Depreciation expense, which can be specifically identified by function, is included in the directexpenses of each function.
Fund Financial Statements (FFS)
Governmental funds are accounted for using a current financial resources measurement focus.With this measurement focus, only current assets and current liabilities are generally included onthe balance sheet. The statement of revenues, expenditures, and changes in fund balancesreports on the sources (i.e., revenues and other financing sources) and uses (i.e., expendituresand other financing uses) of current financial resources. This approach differs from the mannerin which the governmental activities of the government-wide financial statements are prepared.Governmental fund financial statements therefore include a reconci liation with brief explanationsto better identify the relationship between the government-wide statements and the statements forgovernmental funds.
Fund financial statements report detailed information about the Town. The focus of governmentalfund financial statements is on major funds rather than reporting funds by type. Each major fundis presented in a separate column. As of and for the year ended June 30, 2007 the general fund,sales tax fund, fire protection district, and the recreation district are considered to be major fundsand are reported in the Balance Sheet (Statement C) and in the Statement of Revenues,Expenditures, and Changes in Fund Balances (Statement E). The capital projects fund is theonly other (nonmajor) governmental fund of the Town.
All proprietary funds are accounted for on a flow of economic resources measurement focus.With this measurement focus, all assets and liabilities associated with the operation of these fundsare included on the balance sheet. Fund equity (net total assets) is segregated into contributedcapital and retained earnings components. Proprietary fund-type operating statements present in-creases (revenues) and decreases (expenses) in net total assets.
Governmental funds use the modified accrual basis of accounting. Under the modified accrualbasis of accounting, revenues are recognized when susceptible to accrual (i.e., when theybecome both measurable and available). Measurable means the amount of the transaction canbe determined and available means collectible within the current period or soon enough thereafterto pay liabilities of the current period. The Town considers all revenues available if they arecollected within 60 days after the fiscal year end. Expenditures are recorded when the relatedfund liability is incurred, except for interest and principal payments on general long-term debtwhich is recognized when due, and certain compensated absences and claims and judgmentswhich are recognized when the obligations are expected to be liquidated with expendable
25
TOWN OF HAYNESVILLE, LOUISIANAHaynesville, Louisiana
Notes to the Financial StatementsAs of and for the Year Ended June 30, 2007
expendable available financial resources. The governmental funds use the following practices inrecording revenues and expenditures:
Revenues
Those revenues susceptible to accrual are property taxes, franchise taxes, and charges forservices. Fines, permit and license revenues are not susceptible to accrual because generallythey are not measurable until received in cash.
The accrual basis of accounting is utilized by the proprietary fund type. Under this method,revenues are recorded when earned and expenses are recorded at the time liabilities are incurred.
Interest earnings are recorded when the investments have matured and the interest is available.
Expenditures
Salaries are recorded as expenditures when earned by employees.
Purchases of various operating supplies, etc. are recorded as expenditures when the related fundliability is incurred.
Compensated absences are recognized as expenditures when leave is actually taken or whenemployees, or their heirs, are paid for accrued leave upon retirem ent or death.
Principal and interest on long-term debt are recognized when due.
Other Financing Sources (Uses)
Transfers between funds that are not expected to be repaid, sales of fixed assets, and long-termdebt proceeds and payments, are accounted for as other financing sources (uses). These otherfinancing sources (uses) are recognized at the time the underlying events occur.
E. BUDGETS
The Mayor prepares a proposed budget and submits it to the Board of Aldermen no later than fifteendays prior to the beginning of each fiscal year. A summary of the proposed budget is publishedand the public notified that the proposed budget is available for public inspection. At the same time,a public hearing is called. A public hearing is held on the proposed budget at least ten days afterpublication of the call for the hearing. After the holding of the public hearing and completion of allaction necessary to finalize and implement the budget, the budget is adopted through passage ofan ordinance prior to the commencement of the fiscal year for which the budget is being adopted.The budget ordinance is structured such that revenues are budgeted by source and appropriationsare budgeted by department and by principal object of expenditure. The Board of Aldermen mayrevise or amend the budget at its discretion during legally convened sessions. Management mayamend the budget only below the department level. The Town utilizes formal budgetaryintegration as a management control device for all funds.
F. CASH AND CASH EQUIVALENTS
Cash includes amounts in demand deposits, interest-bearing demand deposits, and time
26
TOWN OF HAYNESVILLE, LOUISIANAHaynesville, Louisiana
Notes to the Financial StatementsAs of and for the Year Ended June 30, 2007
deposits. Cash equivalents include amounts in time deposits and those investments with originalmaturities of 90 days or less. Under state law, the Town may deposit funds in demand deposits,interest-bearing demand deposits, or time deposits with state banks organized under Louisianalaw or any other state of the United States, or under the laws of the United States.
G. INVESTMENTS
Investments are limited by R.S. 33:2955 and the Town's investment policy. If the originalmaturities of investments exceed 90 days, they are classified as investments; however, if theoriginal maturities are 90 days or less, they are classified as cash equivalents.
H. INTERFUND RECEIVABLES/PAYABLES
During the course of operations, numerous transactions occur between individual funds for goodsprovided or services rendered. These receivables and payables are short term in nature and areclassified as interfund receivables or interfund payables on the Balance Sheet (Statement C).
I. INVENTORIES
Inventories of supplies in the Proprietary Fund are not material and are charged to operations aspurchased.
J. CAPITAL ASSETS
Capital assets are capitalized at historical cost or estimated cost if historical cost is not available.Donated assets are recorded as capital assets at their estimated fair market value at the date ofdonation. The Town maintains a threshold level of $1,000 or more for capitalizing capital assets.
Capital assets are recorded in the GWFS, but are not reported in the FFS. Since surplus assetsare sold for an immaterial amount when declared as no longer needed for their intendedpurposes by the Town, no salvage value is taken into consideration for depreciation purposes. Allcapital assets, other than land, are depreciated using the straight-line method over the followinguseful lives: ^
| Estimated Lives |Utility Fund
Water Utility:Water works 40 yearsWater meters 40 yearsComputer 4 - 5 yearsOther equipment 4-10 yearsWater tank rework 15 years
Sewerage and Sanitation:Lines, pump stations 40 yearsAutos and trucks 4 - b yearsOther equipment 4-10 yearsLandfill 20 years
Sewer User FundSewerage disposal plant bO yearshquipment tio yearsWarehouse 4 - 5 yearsLift pump rework 10 years
27
TOWN OF HAYNESVILLE, LOUISIANAHaynesville, Louisiana
Notes to the Financial StatementsAs of and for the Year Ended June 30, 2007
K. ACCOUNTS PAYABLE
Of the $124,919 total accounts, salaries and other payables reported on the balance sheet,$11,503 represents amounts payable to employees for salaries payable. The balance of$113,416 is due vendors for various operating services and materials and to taxing authorities forpayroll tax withholdings.
L. COMPENSATED ABSENCES
Compensated absences computed by the Town is as follows:
Vacation is limited to five days after one continuous year of service, ten days after two continuousyears of service and thereafter. Vacation days must be used in the calendar year of entitlement.Unused days at December 31 of each year do not accrue.
Sick leave is limited to thirty days at full pay and thirty days at half-pay. Days must be used withinthe calendar year and do not accrue.
The cost of leave privileges, computed in accordance with the GASB Codification Section C60, isrecognized as a current-year expenditure in the governmental funds when leave is actually takenor when employees or their heirs are paid for accrued leave upon retirement or death.
At June 30, 2007, employees of the Town have accumulated and vested $9,623 of employeeleave benefits, computed in accordance with GASB Codification Section C60. The entirecompensated absence liability is reported on the government-wide financial statements.
M. RESTRICTED NET ASSETS
For government-wide statement of net assets, net assets are reported as restricted whenconstraints placed on net asset use are either:
1. Externally imposed by creditors (such as debt covenants), grantors, contributors, or laws orregulations of other governments; or
2. Imposed by law through constitutional provisions or enabling legislation.
N, FUND EQUITY
In the fund financial statements, governmental funds report reservations of fund balance foramounts that are not available for appropriation or are legally restricted by outside parties for usefor a specific purpose. Designations of fund balance represent tentative management plans thatare subject to change.
O. INTERFUND TRANSACTIONS
Transactions that constitute reimbursements to a fund for expenditures initially made from it thatare properly applicable to another fund are recorded as expenditures in the reimbursing fund andas reductions of expenditures in the fund that is reimbursed. Nonrecurring or nonroutinepermanent transfers of equity are reported as residual equity transfers. All other interfund
28
TOWN OF HAYNESVILLE, LOUISIANAHaynesville, Louisiana
Notes to the Financial StatementsAs of and for the Year Ended June 30, 2007
transactions are reported as transfers.
P. ESTIMATES
The preparation of financial statements in conformity with accounting principles generallyaccepted in the United States of America require management to make estimates andassumptions that affect the reported amounts of assets and liabilities and disclosure of contingentassets and liabilities at the date of the financial statements and the reported amounts ofrevenues, expenditures, and expenses during the reporting period. Actual results could differfrom those estimates.
2. LEVIED TAXES
The following is a summary of authorized and levied ad valorem taxes:
| Authorized milage | Levied Millage | Expiration Date ~[l-ire Protection TTTOO JT23 2009Recreation 5.50 5.00 201UStreet & Sewage 5.00 5.00 2011General Operation 9.82
3. SALES TAX
Proceeds from a one percent (1%) sales and use tax shall be dedicated and used for thepurposes of opening, constructing, paving, resurfacing, improving and/or maintaining streets,alleys, sidewalks and bridges, constructing, acquiring, extending, improving, renovating and/ormaintaining street light facilities, waterworks, sewers and sewerage disposal works, garbagecollection and waste disposal facilities, police department stations and equipment, public buildingsand/or fire department stations and equipment, including fire engines, public parks andrecreational facilities, airport facilities and purchasing and acquiring the necessary land,equipment and furnishings for the afore-said public works, buildings, improvements and facilities,title to which improvements shall be in the public, or for any one or more of said purposes, all asauthorized by Sub-Part I, Chapter 6, Title 33 of the Louisiana Revised Statutes of 1950 (R.S.33:2711 etseq.)
The Town is also authorized to levy and collect a tax of one percent (1%) for an unlimited periodupon the sale at retail, the use, and lease or rental, the consumption and storage for use orconsumption of tangible personal property and on sales of services in said Town, as defined inR.S. 47:301 to 47:317, inclusive, with the revenues derived from said sales and use tax to bedeposited in a special fund and dedicated and used for the purposes of industrial construction,inducement and/or procurement, opening, constructing, paving, resurfacing, improving and/ormaintaining streets, alleys, sidewalks and bridges, constructing, acquiring, ex-tending, improving,renovating and/or maintaining street lighting facilities, and waterworks.
4. CASH AND CASH EQUIVALENTS
At June 30, 2007, the Town had cash and cash equivalents (book balances) totaling $1,881,615of which $942,388 was in demand deposits, $159,289 in savings deposits, and $779,938 incertificates of deposits.
29
TOWN OF HAYNESVILLE, LOUISIANAHaynesville, Louisiana
Notes to the Financial StatementsAs of and for the Year Ended June 30, 2007
These deposits are stated at cost, which approximates market. Under state law, these deposits(or the resulting bank balances) must be secured by federal deposit insurance or the pledge ofsecurities owned by the fiscal agent bank. The market value of the pledged securities plus thefederal deposit insurance must at all times equal the amount on deposit with the fiscal agent.
At June 30, 2007, the Town had $1,891,610 in deposits (collected bank balances). These depositsare secured from risk by $200,000 federal deposit insurance, a $500,000 Federal Home LoanBank Letter of Credit and $1,749,391 of pledged securities held in a Federal Reserve pledgeaccount. The deposits collateralized by the Letter of Credit and the securities held in the FederalReserve pledge account are not exposed to custodial credit risk.
5. INVESTMENTS
Investments are categorized into these three categories of credit risk:
1. Insured or registered, or securities held by the Town or its agent in the Town's name2. Uninsured and unregistered, with securities held by the counter party's trust department
or agent in the Town's name3. Uninsured and unregistered, with securities held by the counter party, or by its trust
department or agent but not in the Town's name
At June 30, 2007, the Town's investment balances were as follows:
Type ofInvestment Category 1
Carrying Amount
Fair Value
AmortizedCost Cost
TotalCarryingAmount
Certificates of Deposit $ 519,095 $ 519,095 $ 519,095
6. RECEIVABLES
The receivables of $231,508 at June 30, 2007, are as follows:
Occupational licensesRoyalties, franchise, and other taxesSales taxesCustomerOther
FundGeneral Sales Tax Enterprise Total
$ 233 $ - $ - $ 23322,346 - - 22,346
39,576
4,665
39,576161,478 161,478
3,210 7,87527,244 $ 39,576 $ 1W,688 231,508
30
TOWN OF HAYNESVILLE, LOUISIANAHaynesville, Louisiana
Notes to the Financial StatementsAs of and for the Year Ended June 30,2007
Beginning
Balance Additions Deletions
Ending
Balance
399,279 $
Function
Depreciation
Expense
General government
Public safety
Public works
Parks and recreation
Total
26,045
58,396
31,619
3,351
119,411
31
$ 399,279
7. CAPITAL ASSETS
A summary of changes in capital assets for the year ended June 30, 2007, is as follows:
A. Capital Assets - Governmental Funds
Capital assets not being depreciated:
Land
Constructions in progress
ToBl capital assets not being depreciated
Capital assets being depreciated:
Buildings and improvement
Equipment and furniture
Total capital assets being depreciated
Less accumuated depreciation for
Buildings and improvements
Equipment and (umrture
Total accumulated depreciation
Total capital assets being depreciated, net
Total capital assets, net
Functional Allocation of Depreciation Expense
399,279
1.379,172
1.101,802
2.480.974
(620,882)
(628,695)
(1,249.5771
1.231.397
S 1.630.676 J
.
49.507
49.507
(30,638)
(88.773)
(119.411)
(69.904) *
(69.904) $
399.279
1,379,172
1.151.309
2.530.481
(651,520)
(717.4681
(1.368.988)
1.161.493
- $ 1.560.772
TOWN OF HAYNESVILLE, LOUISIANAHaynesville, Louisiana
Notes to the Financial StatementsAs of and for the Year Ended June 30, 2007
B. Capital Assets - Proprietary Funds
Capital assete not being depreciated:
Land
Consfrucfions in progress
Total capital asseb not being depreciated
Beginning
Bilanct Additions Deletions
Ending
Balance
$ 25,500 I
25.500
25,500
25,500
Otwr Capital assets being depreciated:
Unity plant and distribution system
Machinery & equipment
Total otter capital asseb being depreciated
Less accumulated depreciation
Otwr capfel assets, net
Total caprtal assets, net
•Depreciation expense was charged b
(unctions as follows:
Business-type activities;
Sewer
Total Business-type activities depreciation
expense
$
4,831,896
421.289
5.253.185
(2,482.884)
2,770.301
2.795.801 $ '
44,953
44.953
(109,4031
(64.450)
(64.4501 $
4,831,896
466.242
5.298.138
(2,592.287)
2.705.851
- $ 2.731.351
2007
54,552
54,851
S 109.403
8. RETIREMENT SYSTEMS
A. MUNICIPAL EMPLOYEES' RETIREMENT SYSTEM OF LOUISIANA (SYSTEM)
Plan Description
The System is composed of two distinct plans, Plan A and Plan B, with separate assets andbenefit provisions. All employees of the municipality are members of Plan A. All permanentemployees working at least 35 hours per week who are not covered by another pension plan andare paid wholly or in part from municipal funds and ail elected municipal officials are eligible toparticipate in the System.
Under Plan A, employees who retire at or after age 60 with at least 10 years of creditable service, ator after age 55, with at least 25 years of creditable service, or at any age with at least 30 years of
32
TOWN OF HAYNESVILLE, LOUISIANAHaynesville, Louisiana
Notes to the Financial StatementsAs of and for the Year Ended June 30, 2007
creditable service are entitled to retirement benefit, payable monthly for life, equal to 3 percent oftheir final-average salary for each year of creditable service. Final-average salary is theemployee's average salary over the 36 consecutive or joined months that produce the highestaverage. Employees who terminate with at least the ages specified above and receive the benefitaccrued to their date of termination. The System also provides death and disability benefits.Benefits are established or amended by state statute.
The System issues an annual publicly available financial report that includes financial statementsand required supplementary information for the System. The report may be obtained by writing tothe Municipal Employees Retirement System of Louisiana, 7937 Office Park Boulevard, BatonRouge, Louisiana 70809, or by calling (225) 925-4810.
Funding Policy
Under Plan A, members are required by state statute to contribute 9.25% of their annual coveredsalary and the Town of Haynesville is required to contribute at an actuarially determined rate. Thecurrent rate is 16.25% of annual covered payroll. Contributions to the System also include one-fourth of 1% of the taxes shown to be collectible by the tax rolls of each parish. These tax dollarsare divided between Plan A and Plan B based proportionately on the salaries of the activemembers of each plan. The contribution requirements of plan members and the Town ofHaynesville are established and may be amended by state statute. As provided by LouisianaRevised Statute 11:103, the employer contributions are determined by actuarial valuation and aresubject to change each year. The Town of Haynesville contributions to the System under Plan Afor the years ending June 30, 2007, 2006, and 2005 were $43,842, $40,534, and $43,630,respectively, equal to the required contributions for each year.
B. MUNICIPAL POLICE EMPLOYEES1 RETIREMENT SYSTEM OF LOUISIANA
(SYSTEM) Plan Description
All full-time police department employees engaged in law enforcement are required to participatein the System. Employees who retire at or after age 50 with at least 20 years of creditable serviceor at or after age 55 with at least 12 years of creditable service are entitled to a retirement be-nefit, payable monthly for life, equal to 3 1/3% of their final-average salary for each year of cred-itable service. Final-average salary is the employee's average salary over the 36 consecutive orjoined months that produce the highest average. Employees who terminate with at least theamount of creditable service stated above, and do not withdraw their employee contributions,may retire at the ages specified above and receive the benefit accrued to their date of termination.The system also provides death and disability benefits. Benefits are establi shed or amended bystate statute.
The System issues an annual publicly available financial report that includes financial statementsand required supplementary information for the System. The report may be obtained by writing tothe Municipal Employees Retirement System of Louisiana, 8401 United Plaza Boulevard, BatonRouge, Louisiana 70809, or by calling (225)929-7411.
Funding Policy
Plan members are required by state statute to contribute 7.5% of their annual covered salary andthe Town of Haynesville is required to contribute at an actuarially determined rate. The current
33
TOWN OF HAYNESVILLE, LOUISIANAHaynesville, Louisiana
Notes to the Financial StatementsAs of and for the Year Ended June 30, 2007
rate is 15.5% of annual covered payroll. The contribution requirements of plan members and theTown of Haynesville are established and may be amended by state statute. As provided by LAR.S. 11:103, the employer contributions are determined by actuarial valuation and are subject tochange each year based on the results of the valuation for the prior fiscal year. The Town ofHaynesville's contributions to the System for the years ending June 30, 2007, 2006, and 2005,were $24,564, $19,938, and $19,973, respectively, equal to the required contributions for eachyear.
9. CAPITAL LEASE
The Town is leasing a meter reading system through Government Capital Corporation. The leaseterm is sixty months with an expiration date of April 1, 2008. Payments of $8,045 are due on amonthly basis. The lease has a purchase option that the Town expects to exercise at the end ofthe tease.
The water meter reading system is included in capital assets and is being depreciated over itsestimated useful economic life.
Future minimum lease payments and purchase option under the capital lease are:
Year AmountJune 30, 2008 $53,113
Total 53,113Less: Amount representing interest 1,160
Present value of minimum lease paymentsPurchase options 51,953
Less: Current portion 51,953
Long-term portion $
10. LONG-TERM OBLIGATIONS
Through its history, the Town has funded the liability for compensated absences due employeesupon retirement or death from the fund that incurred the liability for the salaries of thoseemployees. During 2003, the Town entered into a capital lease in order to obtain water metersand a reading system. The following is a summary of the long-term obligation transactions for theyear ended June 30, 2007;
34
TOWN OF HAYNESVILLE, LOUISIANAHaynesville, Louisiana
Notes to the Financial StatementsAs of and for the Year Ended June 30, 2007
Capital LeaseObligation
CompensatedAbsences Total
Balance at July 1, 2006 $ 134,097 $ 10,505 $ 144,602
AdditionsDeletions
Balance at July 1, 2007
The following is a summary of the current (due in one year or less) and the long-term (due inmore than one year) portions of long-term obligations as of June 30, 2007:
$(82,144)
51,953 $
9,623(10,505)
9,623 $
9,623(92,649)
61,576
LeaseObligation
CompensatedAbsences Total
Current portion
Long term portion
Total
51,953 $ - $ 51,953
9,623 9,623
51,953 $ 9,623 $ 61,576
11. LEASE INCOME
The Town leases a building to a regional retailer. The lease agreement specifies that the tenantpay the town $500 per month. On an annual basis the tenant pays the Town an amount equal to2% of its gross sales less the monthly rent paid during the year. This lease will end on January31, 2008.
12. RISK MANAGEMENT
The Town is exposed to various risk of loss related to torts, thefts of, damage to, and destructionof assets, errors and omissions, and injuries to employees. To handle such risk of loss, the Townmaintains commercial insurance policies covering automobile liability and uninsured motorist,surety bond coverage, flood insurance, and property insurance. In addition to the above policies,the Town maintains a general liability policy and an errors and omissions policy. No claims werepaid on any of the policies during the past three years, which exceeded the policies' coverageamount.
13. LITIGATION AND CLAIMS
At June 30, 2007, the Town was not involved in any lawsuits nor is aware of any outstanding claims,which are not covered by insurance.
35
REQUIRED SUPPLEMENTARY INFORMATION
PART II
Schedule A
TOWN OF HAYNESVILLEHaynesville, Louisiana
GENERAL FUNDStatement of Revenues, Expenditures, and
Changes in Fund Balances - Budget and ActualFor the Year Ended June 30, 2007
ORIGINALBUDGET
FINALBUDGET
ACTUAL(BUDGETARY
BASIS)
VARIANCEWITH FINAL
BUDGETPositive
(Negative)
REVENUES
Taxes
Ad valorem
Franchise tax
Other taxes
Licenses and permits
Fines, forfeitures, and court costs
Intergovernmental
Interest earnings
Other
Total revenues
EXPENDITURES
CurrentGeneral government
Public safety
Public works
Capital outlay
Total expenditures
EXCESS (Deficiency) REVENUES
OVER EXPENDITURES
OTHER FINANCING SOURCES (Uses)
Operating transfers in
Operating transfers outTotal other financing sources(uses)
NET CHANGES IN FUND BALANCES
FUND BALANCES - JULY 1, 2006
FUND BALANCES - JUNE 30, 2007
$ 115,000 $
85,000
5,700
84,100
78,000
0
2,554
93,800
464,154
174,152
380,000
133,200
0
687,352
(223,198)
229,900
0
229,900
6,702
49,340
56,042
115,000 $
85,000
5,700
94,100
72,500
17,800
4,406
94,552
489,058
182,503
372,800
140,650
45,250
741,203
(252,145)
255,000
0
255,000
2,855
49,340
52,195 $
114,570 $
85,751
5,026
97,751
72,961
43,938
4,675
95,166
519,838 $
178,635
403,394
131,591
24,150
737,770 $
(217,932)
254,150
(22,000)
232,150
14,218
59,765
73,983 $
(430)
751
(674)
3,651
461
26,138
269
614
30,780
3,868
(30,594)
9,059
21,100
3,433
34,213
(850)
(22,000)
(22,850)
11,363
10,425
21,788
The accompanying notes are an integral part of this financial statement.
36
Schedule BTOWN OF HAYNESVILLE
Haynesville, Louisiana
SALES TAX FUNDStatement of Revenues, Expenditures, and
Changes in Fund Balances - Budget and ActualFor the Year Ended June 30, 2007
ORIGINALBUDGET
FINALBUDGET
ACTUAL(BUDGETARY
BASIS)
VARIANCEWITH FINAL
BUDGETPositive
(Negative)
REVENUES
Taxes
Sales taxes
Interest earnings
Total revenues
EXPENDITURES
Current
General government
Total expenditures
EXCESS (Deficiency) OF REVENUES
OVER EXPENDITURES
OTHER FINANCING SOURCES (Uses)
Operating transfers out
Total other financing sources(uses)
NET CHANGES IN FUND BALANCES
FUND BALANCES - JULY 1, 2006
$ 470,000 $
2,600
472,600
212,350
212,350
260,250
(239,700)
(239,700)
20,550
281,387
$ 301,937 $
466,000 $
7,000
473,000
197,250
197,250
275,750
(269,800)
(269,800)
5,950
281,387
287,337 $
466,088 $
10,636 $
476,724
191,028
191,028
285,696
(270,950)
(270,950)
14,746
280,406
295,152 $
88
3,636
3,724
6,222
6,222
9,946
(1,150)
(1,150)
8,796
(981)
7,815
The accompanying notes are an integral part of this financial statement.
37
Schedule C
TOWN OF HAYNESVILLEHaynesville, Louisiana
FIRE PROTECTION DISTRICT NO. 3 FUNDStatement of Revenues, Expenditures, and
Changes in Fund Balances - Budget and ActualFor the Year Ended June 30, 2007
REVENUES
Taxes
Ad valorem
Interest earnings
Other
Total revenues
EXPENDITURES
Public safety
Capitlal outlay
Total expenditures
EXCESS (Deficiency) REVENUES
OVER EXPENDITURES
OTHER FINANCING SOURCES (Uses)
Operating transfers in
Total other financing sources(uses)
NET CHANGES IN FUND BALANCES
FUND BALANCES - JULY 1, 2006
ORIGINALBUDGET
$ 136,000
12,000
14,500
162,500
100,500
50,000
150,500
FINALBUDGET
$ 145,000
16,000
24,700
185,700
98,350
0
98,350
ACTUAL(BUDGETARY
BASIS)
$ 151,504
31,096
24,719
207,319
98,171
0
98,171
VARIANCEWITH FINAL
BUDGETPositive
(Negative)
$ 6,504
15,096
19
21,619
179
0
179
12,000 87,350 109,148 21,798
16,800
16,800
28,800
602,954
$ 631,754 $
16,800
16,800
104,150
602,954
707,104 $
16,800
16,800
125,948
602,543
728,491 $
0
0
21,798
(411)
21,387
The accompanying notes are an integral part of this financial statement.
38
Schedule DTOWN OF HAYNESVILLE
Haynesville, Louisiana
RECREATION DISTRICT WARDS 2 & 3Statement of Revenues, Expenditures, and
Changes in Fund Balances - Budget and ActualFor the Year Ended June 30, 2007
ORIGINALBUDGET
FINALBUDGET
ACTUAL(BUDGETARY
BASIS)
VARIANCEWITH FINAL
BUDGETPositive
(Negative)
REVENUES
Taxes
Ad valorem
Interest earnings
Charges for services
Other
Total revenues
EXPENDITURES
Current
Parks and recreation
Capitlat outlay
Total expenditures
EXCESS (Deficiency) OF REVENUES
OVER EXPENDITURES
OTHER FINANCING SOURCES (Uses)
TOTAL OTHER FINANCING SOURCES (Uses)
NET CHANGES IN FUND BALANCES
FUND BALANCES - JULY 1, 2006
FUND BALANCES - JUNE 30, 2007
$ 130,000 $
5,500
1,600
0
137,100
106,500
20,000
126,500
10,600
0
0
10,600
138,000 $
9,000
2,200
0
149,200
101,500
29,000
130,500
18,700
0
0
18,700
143,981 $
9,268
2,591
700
156,540
103,714
25,357
129,071
27,469
0
0
27,469
5,981
268
391
700
7,340
(2,214)
3,643
1,429
8,769
0
0
8,769
162,597 162,597 162,582 (15)
$ 173,197 $ 181,297 $ 190,051 $ 8,754
The accompanying notes are an integral part of this financial statement.
39
TOWN OF HAYNESVILLEHaynesville, Louisiana
Notes to the Schedule of Revenues, Expenditures andChanges in Fund Balance - Budget and Actual
For the Year Ended June 30, 2007
NOTE 1 • BUDGETARY POLICIES
A proposed budget for the general fund and the special revenue funds of the Town of Haynesville isprepared on the modified accrual basis of accounting. The budget is legally adopted by the Town ofHaynesville and then amended during the year, as necessary. The budget is established and controlledat the object level of expenditures. Appropriations lapse at year-end and must be reappropriated for thefollowing year to be expended. The Town of Haynesville authorizes all amendments to the budget.Amendments were made to the original budget and all amendments are reflected in the accompanyingbudget comparison information.
Formal budgetary integration is employed as a management control device during the year.
40
Kenneth D. Folden & Co.Kenneth D. Folden. CPA Certified Public Accountants Ted W. Sanderlin. CPA
Members 302 Eighth Street MembersSociety of Louisiana Jonesboro, LA 71251 American Institute of
Certified Public Accountants (318) 259-7316 Certified Public Accountantsemail: kfoldenfq)foldencpa.com FAX (318) 259-7315 email: tsanderlinfqjfoldencpa.com
Independent Auditor's Report on Internal Control OverFinancial Reporting and on Compliance and
Other Matters Based on an Audit of Financial StatementsPerformed in Accordance With Government Auditing Standards
Town of HaynesvilleHaynesville, Louisiana
We have audited the financial statements of the governmental activities, the business-type activitiesand each major fund of the Town of Haynesville, as of and for the year ended June 30, 2007, whichcollectively comprise the Town of Haynesville's basic financial statements and have issued our reportthereon dated December 21, 2007. We conducted our audit in accordance with auditing standardsgenerally accepted in the United States of America and the standards applicable to financial auditscontained in Government Auditing Standards, issued by the Comptroller General of the UnitedStates.
Internal Control Over Financial Reporting
In planning and performing our audit, we considered the Town of Haynesville's internal control overfinancial reporting as a basis for designing our auditing procedures for the purpose of expressing ouropinions on the financial statements, but not for the purpose of expressing an opinion on theeffectiveness of the Town of Haynesville's internal control over financial reporting. Accordingly, wedo not express an opinion on the effectiveness of the Town of Haynesville's internal control overfinancial reporting.
A control deficiency exists when the design or operation of a control does not allow management oremployees, in the normal course of performing their assigned functions, to prevent or detectmisstatements on a timely basis. A significant deficiency is a control deficiency, or combination ofcontrol deficiencies, that adversely affects the Town of Haynesville's ability to initiate, authorize,record, process, or report financial data reliably in accordance with generally accepted accountingprinciples such that there is more than a remote likelihood that a misstatement of the Town ofHaynesville's financial statements that is more than inconsequential will not be prevented or detectedby the Town of Haynesville's internal control.
A material weakness is a significant deficiency, or combination of significant deficiencies, that resultsin more than a remote likelihood that a material misstatement of the financial statements will not beprevented or detected by the Town of Haynesville's internal control.
Our consideration of internal control over financial reporting was for the limited purpose described inthe first paragraph of this section and would not necessarily identify all deficiencies in internal controlthat might be significant deficiencies or material weaknesses. We did not identify any deficiencies inthe internal control over financial reporting that we consider to be material weaknesses, as definedabove.
41
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Town of Haynesville's financialstatements are free of material misstatement, we performed tests of its compliance with certainprovisions of laws, regulations, contracts and grant agreements, noncomptiance 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 one instance ofnoncompliance or other matters that is required to be reported under Government AuditingStandards and which is described in the accompanying schedule of findings as item 2007-01.
Town of Haynesville's response to the finding identified in our audit is described in the accompanyingschedule of findings. We did not audit the Town of Haynesville's response and, accordingly, weexpress no opinion on it.
This report is intended solely for the information and use of the members of the Board of Aldermenof the Town of Haynesville, management of the Town of Haynesville, the Louisiana LegislativeAuditor, federal awarding agencies, and pass-through entities and is not intended to be and shouldnot be used by anyone other than these specified parties. Under Louisiana Revised Statute 24:513,this report is distributed by the Legislative Auditor as a public document.
December 21, 2007Jonesboro, Louisiana
42
SUPPLEMENTAL INFORMATION
Schedule 1
TOWN OF HAYNESVILLEHaynesville, Louisiana
Schedule of Findings and Questioned CostsFor the Year Ended June 30, 2007
A. SUMMARY OF AUDIT RESULTS
Financial Statements Audit
1. The auditor's report expresses an unqualified opinion on the basic financial statements ofthe Town of Haynesville.
2. No material weaknesses or reportable conditions relating to the audit of the basicfinancial statements are reported in the Independent Auditors' Report on Internal ControlOver Financial Reporting and on Compliance and Other Matters Based on an AuditPerformed in Accordance With Government Auditing Standards.
3. No instances of noncompliance or other matters material to the basic financialstatements of the Town of Haynesville were disclosed during the audit.
B. FINDINGS - FINANCIAL STATEMENTS AUDIT
2007-1 -Untimely Filing of Report
The Town of Haynesville did not have annual financial statements filed within six months ofthe close of the year as required by law.
Management Response
Practices have been put in place that will ensure future required filings will be submitted in atimely manner, and within the time frame required by state law.
43
Schedule 2
TOWN OF HAYNESVILLEHaynesville, Louisiana
Schedule of Compensation Paid CouncilpersonsFor the Year Ended June 30, 2007
2007Alvin Kendrick $ 7,255Alvin Moss 1,200Roderick Hampton 4,429Herbert Taylor 1,000Joyce Major 6,862Rene Lincoln-Buggs 6,899Carla Smith 4.800
Total $ 32,445
44