Cameron Parish Assessor - Louisiana Legislative … · CAMERON PARISH ASSESSOR CAMERON. LOUISIANA ... General government - taxation $ 513,299 $ 471,388 ... (SCDL) in the amount of

CAMERON PARISH ASSESSORCAMERON. LOUISIANA

FINANCIAL STATEMENTS

YEAR ENDED DECEMBER 31. 2005

Under previsions of state law. this report is a publicde&Jrrignt. A eopy 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, where

, at the office of the parish clerk of court.

TABLE OF CONTENTS

PAGEIndependent Auditors' Report 1-2

REQUIRED SUPPLEMENTARY INFORMATION - PART I 3

Management's Discussion and Analysis 4-7

BASIC FINANCIAL STATEMENTS 8

Government-Wide Financial Statements (GWFS)

Statement of Net Assets 9

Statement of Activities 10

Fund Financial Statements (FFS)

Governmental Funds

Balance Sheet 11

Reconciliation of the Governmental FundsBalance Sheet to The StatementOf Net Assets 12

Statement of Revenues, Expenditures, andChanges In Fund Balances 13

Reconciliation of the Governmental FundsStatement of Revenues, Expenditures,And Changes in Fund Balances to theStatement of Activities 14

Notes to the Financial Statements 15-24

REQUIRED SUPPLEMENTAL INFORMATION - PART II 25

Budget Comparison Schedule 26

TABLE OF CONTENTS(Continued)

PAGE

Independent Auditors' Report on ComplianceAnd Internal Control over Financial Reporting,Based on an Audit of Financial StatementsPerformed in Accordance with Government AuditingStandards 27 - 28

Schedule of Findings and Questioned Costs 29

Summary Schedule of Prior Audit Findings 30

u

DYER 8e VICKNAIR(CERTIFIED PUBLIC ACCOUNTANTS)

GLYNN R. DYER, CPA (APC), (RETIRED)ERIC J. VICKNAIR, CPA (APC) FAX (225) 292- 1O41

INDEPENDENT AUDITORS' REPORT

Robert E. ConnerCameron Parish AssessorCameron, Louisiana

We have audited the basic financial statements of the Cameron Parish Assessor, acomponent unit of the Cameron Parish Police Jury, as of December 31, 2005, and for theyear then ended, as listed in the table of contents. These financial statements are theresponsibility of the Cameron Parish Assessor's management. Our responsibility is toexpress an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in theUnited States of America and the standards applicable to financial audits contained in theGovernment Auditing Standards, issued by the Comptroller General of the United Statesof America. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free of materialmisstatement. An audit includes examining, on a test basis, evidence supporting theamounts and disclosures in the financial statements. An audit also includes assessing theaccounting principles used and significant estimates made my management, as well asevaluating the overall financial statement presentation. We believe that our audit providesa reasonable basis for our opinion.

In our opinion, the basic financial statements referred to above present fairly, in allmaterial respects, the financial position of the Cameron Parish Assessor as of December31, 2005, and the respective changes in its financial position for the year then ended inconformity with accounting principles generally accepted in the United States ofAmerica.

In accordance with the Government Auditing Standards we have also issued our reportdated July 26, 2006, on our consideration of the Cameron Parish Assessor's internalcontrol over financial reporting and our test of its compliance with certain provisions oflaws, regulation, contacts, and grants. That report is an integral part of an audit performedin accordance with Governmental Auditing Standards and should be read in conjunctionwith this report in considering the results of our audit.

(SEND ALL CORRESPONDENCE TO THE BATON ROUGE ADDRESS)

2933 BRAKLEY DRIVE - SUITE B BATON ROUGE. LOUISIANA 7Oat6 (225) 292-1O4O

564 FERDINAND STREET ST. FRANCIBVIL.LE, LOUISIANA 7O7TS (225) 633-4204

DYER & VICKNAIR(CERTIFIED PUBLIC ACCOUNTANT*)

Management's Discussion and Analysis, on pages 4 through 7 and budgetary comparisoninformation on page 26 are not a required part of the basic financial statements, but aresupplementary information required by accounting principles generally accepted in theUnited States of America. We have applied certain limited procedures, which consistedprincipally of inquiries of management regarding the methods of measurement aridpresentation of the required supplementary information. However, we did not audit theinformation and express no opinion on it.

Baton Rouge, Louisiana fiJuly 26,2006 *

REQUIRED SUPPLEMENTARY INFORMATIONPARTI

CAMERON PARISH ASSESSORCAMERON, LOUISIANA

MANAGEMENT'S DISCUSSION AND ANALYSISDECEMBER 31,2005

As management of the Cameron Parish Assessor (hereafter, Assessor), I offer readers ofthe Cameron Parish Assessor's financial statements this narrative overview and analysisof the financial activities of the Assessor for the fiscal year ended December 31, 2005.Please read it in conjunction with the basic financial statements beginning on page 9.

Financial Highlights

The assets of the Assessor exceeded its liabilities at the close of the fiscal year by$545,791 (net assets), which represents a decrease from the last fiscal year of $107,399.Of this amount, $536,346 (unrestricted net assets) may be used to meet the assessor'songoing obligations to citizens and creditors.

The Assessor's revenues increased $281 and expenses increased $41,911 (9%) from theprior year.

Overview of the Financial Statements

This discussion and analysis is intended to serve as an introduction to the Assessor'sbasic financial statements.

These basic financial statements are composed of the components: 1) government-widefinancial statements; 2) fund financial statement; and 3) notes to the financial statements.

Government-wide financial statements. The government-wide, financial statements aredesigned to provide readers with a broad overview of the Assessor's finances, in amanner similar to a private-sector business.

The statement of net assets presents information on all of the Assessor's assets andliabilities, with the difference between the two reported as net assets. Over time,increases or decreases in net assets may serve as a useful indicator of whether thefinancial position of the Assessor is improving or deteriorating.

The statement of activities presents information showing how the government's netassets changed during the most recent fiscal year. All changes in net assets arereported as soon as the underlying event giving rise to the change occurs, regardlessof timing of related cash flows. Thus, revenues and expenses are reported in thisstatement for some items that will only result in cash flows in future fiscal period (forexample, earned, but unused, sick leave).

Fund financial statements. A fund is a grouping of related accounts that is used tomaintain control over resources that have been segregated for specific activities orobjective. The Assessor, like other state and local government, uses fund accounting toensure and demonstrate compliance with finance-related legal requirements. TheAssessor uses only governmental funds.


MANAGEMENT'S DISCUSSION AND ANALYSISDECEMBER 31, 2005

(Continued)

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. Such information may be useful in evaluating a government's useful in evaluating agovernment's near-term financing requirements.

Because the focus of governmental funds is narrower than that of the government-widefinancial statements, it is useful to compare the information presented for governmentalfunds with similar information presented for governmental activities in the government-wide financial statements.

By doing so, readers may better understand the long-term impact of the government'snear-term financing decisions. Both the governmental fund balance sheet andgovernmental fund statement of revenues, expenditures, and changes in fund balancesprovide a reconciliation to facilitate this comparison between governmental funds andgovernmental activities.

The Assessor adopts an annual appropriated budget for the general fund. A budgetarycomparison statement is provided for the general fund to demonstrate compliance withthis budget.

Notes to the Financial Statements

The notes provide additional information that is essential to a full understanding of thedata provided in the government-wide and fund financial statements.

Other information

In addition to the basic financial statements and accompanying notes, this report alsopresents certain required supplementary information.

Financial Analysis of the Assessor's Funds

As noted earlier, net assets may serve over time as a useful indicator of a government'sfinancial position. In the case of the Assessor, assets exceeded liabilities by $545,791 atthe close of the most recent fiscal year.



(Continued)

Statement of Net AssetsDecember 31,

2005 2004

ASSETSCurrent and other assests $ 537,706 $ 657,742Capital assets, net of accumulated depreciation 9,445

Total assets 547,151 657,742

LIABILITIES

Current liabilities 1,360 4,552

NET ASSETSInvested in capital assets, net of related debt 9,445Unrestricted 536,346 653,190

Total net assets 545,791 653,190

Statement of ActivitiesYear Ended December 31,

2005 2004General government - taxation $ 513,299 $ 471,388

Program revenues - Fees, charges,and commissions for services 3,934 7,993

Net program expenses 509,365 463,395

General revenues 401,966 397,626

Change in Net Assets (107,399) (65,769)

Net Assets - Beginning 653,190 718,959

Net Assets-Ending 545,791 653,190



(Continued)

Capital Assets

The Assessor's investment in capital assets at December 31, 2005 amounts to $37,498,with accumulated depreciation of $28,053. Additions for the year totaled $10,494.

December 31,2005 2004

Furniture and equipment $ 37,498 $ 27,004Less:accumulated depreciation (28,053) (27,004)

Net assets 9,445 0

Long-Term Debt

At the end of the fiscal year, the Assessor had no outstanding long-term debt.

Budget

The Assessor amended the budget once during the year.

Economic Factors and Next Year's Budget

The assessor anticipates a projected tax revenue loss in excess of $699,020 for years 2005through 2008 due to Hurricane Rita. In 2006 a Special Community Disaster Loan(SCDL) in the amount of $115,620 was granted by the Federal Emergency managementagency (FEMA) to the Assessor.

Requests for Information.

This financial report is designed to provide a general overview of the Assessor's financesfor those with an interest in the government's financial position and operations.Questions concerning any of the information provided in the report or requests foradditional information should be addressed to Robert E. Conner, Cameron ParishAssessor, P.O. Box 1100, Cameron, LA, 70631.

BASIC FINANCIAL STATEMENTS


STATEMENT OF NET ASSETSDECEMBER 31.2005

ASSETSCurrent assestsCash and cash equivalents $ 101,351Investments 50,000Receivables 386,355

Non-current assetsCapital assets, net of accumulated depreciation 9,445

Total assets 547,151

LIABILITIESAccounts, salaries and other payables 1,360

NET ASSETSInvested in capital assets, net of related debt 9,445Unrestricted 536,346

Total net assets 545,791

The notes to the basic financial statements are an integral part of this statement.9


STATEMENT OF ACTIVITIESYEAR ENDED DECEMBER 31. 2005

General government - taxation:Salaries and related benefitsProfessional servicesMaterials and suppliesTravelExpense allowanceInsuranceDepreciation expense

Total program expenses

Program revenues - Fees, charges,and commissions for services

Net program expenses

General revenues:Taxes - ad valoremIntergovernmental

State - state revenue sharing, netInterest earned

Total general revenues

Change in Net Assets

Net Assets - Beginning

Net Assets - Ending

$ 396,05449,75435,59318,5498,2394,0601,050

513,299

3,934

509,365

385,488

7,0649,414

401,966

(107,399)

653,190

545,791

The notes to the basic financial statements are an integral part of this statement.

10


GOVERNMENTAL FUNDSBALANCE SHEET

DECEMBER 31,2005

ASSETSCash and cash equivalentsInvestmentsReceivables

Total assets

LIABILITIES AND FUND EQUITY

Liabilities:Accounts, salaries and other payables

Fund Balances:Unreserved - undesignated

Total liabilities and iund equity

$ 101,35150,000

386,355

537,706

$ 1,360

536,346

537,706


11


RECONCILIATION OF GOVERNMENTAL FUNDSBALANCE SHEET TO THE STATEMENT OF NET ASSETS

FOR THE YEAR ENDED DECEMBER 31.2005

Total Fund Balances at December 31, 2005 - Governmental Funds $ 536,346

Cost of capital assets at December 31, 2005 $ 37,498Less: Accumulated depreciation as of December 31, 2005 (28,053) 9,445

Net Assets at December 31, 2005 545,791


12


GOVERNMENTAL FUNDSSTATEMENT OF REVENUES. EXPENDITURES.

AND CHANGES IN FUND BALANCESFOR THE YEAR ENDED DECEMBER 31. 2005

REVENUESTaxes - ad valoremIntergovernmental

State - state revenue sharing netFees, charges, and commissions for servicesUse of money and property - interest earnings

Total revenues

EXPENDITURES

Current:General government - taxation:

Salaries and related benefitsProfessional servicesMaterials and suppliesTravelExpense allowanceInsurance

Capital outlay

Total expenditures

EXCESS (DEFICIENCY! OF REVENUES OVER EXPENDITURES

FUND BALANCE - BEGINNING

FUND BALANCE - ENDING

$ 385,488

7,0643,9349,414

405,900

396,05449,75435,59318,5498,2394,06010,495

522,744

(116,844)

653,190

536,346


13


RECONCILIATION OF GOVERNMENTAL FUNDSSTATEMENT OF REVENUE, EXPENDITURES, AND CHANGES

IN FUND BALANCES TO THE STATEMENT OF ACTIVITIESYEAR ENDED DECEMBER 31. 2005

Total net change in fund balances for the year ended December 31, 2005 -governmental funds $ (116,844)

Amount reported for governmental activities in the Statement of Activities aredifferent because:

Capital outlays are reported in governmental funds as expenditures. However,in the statement of activities, the cost of those assests is allocated over theirestimated useful lives as depreciation expense. This is the amount by whichcapital outlays exceeds depreciation for the period. 9,445

Total changes in net assets for the year ended December 31, 2005of governmental activities (107,399)


14


NOTES TO FINANCIAL STATEMENTSDECEMBER 31. 2005

(Continued)

INTRODUCTION

As provided by Article VII, Section 24 of the Louisiana Constitution of 1974, theCameron Parish Assessor (the Assessor) is elected by the voters of the parish andserves a term of four years, beginning January 1 following the year in which elected.The Assessor assesses all real and movable property in the parish, subject to advalorem taxation, prepares tax rolls, and submits the rolls to the Louisiana TaxCommission and other governmental bodies as prescribed by law. The Assessor isauthorized to appoint as many deputies as necessary for the efficient operation of hisoffice and to provide assistance to the taxpayers of the parish. The deputies areauthorized to perform all functions of the office, but the Assessor is officially andpecuniarily responsible for the actions of the deputies.

The assessor's office is located in the Cameron Parish Courthouse in Cameron,Louisiana. The assessor employs 5 employees, including 4 deputies. In accordancewith Louisiana law, the assessor bases real and movable property assessments onconditions existing on January 1 of the tax year. The assessor completes anassessment listing by May 1 of the tax year and submits the list to the parishgoverning authority and the Louisiana Tax Commission as prescribed by law. Oncethe assessment listing is approved, the assessor submits the assessment roll to theparish tax collector who is responsible for collecting and distributing taxes to thevarious taxing bodies.

At December 31, 2005, the assessor was still re-assessing property in Cameron Parishmuch of which was damaged by the hurricane.

NOTE #1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A. BASIS OF PRESENTATION

The accompanying financial statements of the Assessor have been prepared inconformity with accounting principles generally accepted in the United States.The Governmental Accounting Standards Board (GASB) is the accepted standardsetting body for establishing governmental accounting and financial reportingprinciples.

B. REPORTING ENTITY

As the governing authority of the parish, for reporting purposes, the CameronParish Police Jury is the financial reporting entity for Cameron Parish. Thefinancial reporting entity consists of (a) the primary government (Police Jury), (b)organizations for which primary government is financially accountable, and (c)other organizations for which the nature and significance of their relationship withthe primary government are such that exclusion would cause the reporting entity'sfinancial statements to be misleading or incomplete.

15


NOTES TO FINANCIAL STATEMENTSDECEMBER 31, 2005

(Continued)

Governmental Accounting Standards Board (GASB) Statement No. 14established criteria for determining which component units should be consideredpart of the Cameron Parish Police Jury for financial reporting purposes. The basiccriterion for including a potential component unit within the reporting entity isfinancial responsibility. The GASB has set forth criteria to be considered indetermining financial accountability. The criteria includes:

1. Appointing a voting majority of an organization's governing body, and:

a. The ability of the Police Jury to impose its will on that organizationand/or

b. The potential for the organization to provide specific financial benefitsto or impose specific financial burdens on the Police Jury.

2. Organizations for which the Police Jury does not appoint a voting majority butare fiscally dependent of the Police Jury.

3. Organizations for which the reporting entity financial statements would bemisleading if data of the organization is not included because of the nature ofsignificance of the relationship.

The Assessor is an independently elected official. The Police Jury maintains andoperates the parish courthouse in which the Assessor's office is located andprovides funds for equipment of furniture of the Assessor's office. For thesereasons, the Assessor was determined to be a component unit of the CameronParish Police Jury, the financial reporting entity. The accompanying financialstatements present information only on the funds maintained by the Assessor anddo not present information on the Police Jury, the general government servicesprovided by that governmental unit, or the other governmental units that comprisethe Cameron Parish financial reporting entity.

C. BASIC FINANCIAL STATEMENTS- GOVERNMENT-WIDE STATEMENTS

The Assessor's basic financial statements include both government-wide(reporting the Assessor as a whole) and fund financial statements (reporting theAssessor's major fund). Both government-wide and fund financial statementscategorize primary activities as either governmental or business type. Allactivities of the Assessor are classified as governmental.

The Statement of Net Assets and the Statement of Activities display informationabout the Assessor as a whole. These statements include all the financial activitiesof the Assessor.

16


NOTES TO FINANCIAL STATEMENTSDECEMBER 31,2005

(Continued)

In the Statements of Net Assets, governmental activities are presented on aconsolidated basis and are presented on a full accrual, economic resource basis,which recognizes all long-term assets and receivables as well as long-termobligations. Net assets are reported in three parts: invested in capital assets, net ofany related debt: restricted net assets; and unrestricted net assets.

The government-wide financial statements are prepared using the economicresources measurement focus and the accrual basis of accounting. Revenues,expenses, gains, losses, assets and liabilities resulting from exchange orexchange-like transactions are recognized when the exchange occurs (regardlessof when cash is received or disbursed). Revenues, expenses, gains, losses, assetsand liabilities resulting from nonexchange transactions are recognized inaccordance with the requirements or GASB Statement No. 33, Accounting andFinancial Reporting for Nonexchnage Transactions.

Program Revenues - Program revenues included in the Statement of Activities arederived directly from parties outside the Assessor's taxpayers or citizenry.Program revenues reduce the cost of the function to be financed from theAssessor's general revenues.

Allocation of Indirect Expenses - The Assessor reports all direct expenses byfunction in the Statement of Activities. Direct expenses are those that are clearlyidentifiable with a function.

D. BASIC FINANCIAL STATEMENTS - FUND FINANCIAL STATEMENTS

The financial transactions of the Assessor are reported in individual funds in thefund financial statements. Fund accounting is designed to demonstrate legalcompliance and to aid financial management by segregating transactions relatedto certain government functions or activities.

Fund financial statements report detailed information about the Assessor. Thefocus of governmental fund financial statements is on major funds rather thanreporting funds by type.

A fund is a separate accounting entity with a self-balancing set of accounts thatcomprise its assets, liabilities, fund equity, revenues, and expenditures. Funds areclassified into three categories: governmental, proprietary, and fiduciary. Eachcategory, in turn, is divided into separate "fund types". Governmental funds areused to account for a government's general activities, where the focus of attentionis on the providing of services to the public as opposed to proprietary funds wherethe focus of attention is on recovering the cost of providing services to the publicor other agencies through service charges or user fees. Fiduciary funds are used toaccount for assets held for others. The Assessor's current operations require the

17



(Continued)

use of only governmental funds. The governmental fund type used by theAssessor is described as follows:

Governmental Fund Type

General Fund - The General Fund is the principal fund of the Assessor and isused to account for the operations of the Assessor's office. The various feesand charges due to the Assessor's office are accounted for in this fund.General operating expenditures are paid from this fund.

E. BASIS OF ACCOUNTING

Basis of accounting refers to the point at which revenues or expenditures/expenses are recognized in the accounts and reported in the financial statements.It relates to the timing of the measurement made regardless of the measurementfocus applied.

1. Accrual:

Governmental type activities in the government-wide financial statements arepresented on the accrual basis of accounting. Revenues are recognized whenearned and expenses are recognized when incurred.

2. Modified Accrual:

The governmental funds financial statements are presented on the modifiedaccrual basis of accounting. With this measurement focus, only current assetsand current liabilities are generally included on the balance sheet. Thestatement of revenues, expenditures, and changes in fund balances reports onthe sources (i.e., revenues and other financing sources) and uses (i.e.,expenditures and other financing uses) of current financial resources. Thisapproach differs from the manner in which the governmental activities of thegovernment-wide financial statements are prepared. Governmental fundfinancial statements therefore include a reconciliation with brief explanationsto better identify the relationship between the government-wide statementsand the statements for the governmental funds.

Under the modified accrual basis of accounting, revenues are recognized whensusceptible to accrual (i.e., when they become both measurable and available).Measurable means the amount of the transaction can be determined and availablemeans collectible within the current period or soon enough thereafter to payliabilities of the current period. The Assessor considers all revenues available ifthey are collected within 60 days after the fiscal year end. Expenditures arerecorded when the related fund liability is incurred. The governmental funds usethe following practices in recording revenues and expenditures:

18


NOTES TO FINANCIAL STATEMENTSDECEMBER 31.2005

(Continued)

Revenues

Ad valorem taxes and the related state revenue sharing are budgeted in theyear the taxes are due and payable. Ad valorem taxes are assessed on acalendar year basis, attach as an enforceable lien, and become due and payableon the date the tax rolls are filed with the recorder of mortgages. LouisianaRevised Statute 47:1993 requires that the tax roll be filed on or beforeNovember 15 of each year. Ad valorem taxes become delinquent if not paidby December 31. The taxes are normally collected in December of the currentyear and January and February of the ensuing year.

Interest income on time deposits is recorded monthly when the interest isearned.

Based on the above criteria, ad valorem taxes and state revenue sharing havebeen treated as susceptible to accrual.

Expenditures

Expenditures are generally recognized under the modified accrual basis ofaccounting when the related fund liability is incurred.

F. BUDGET PRACTICES

The Assessor uses the following budget practices:

1. The Assessor prepares a budget based upon estimated expenditures andanticipated revenues for the budget year. The proposed budget is madeavailable for public inspection no later than fifteen days prior to thebeginning of the budgeted year. The budget is formally adopted by theAssessor prior to the beginning of the budgeted year.

2. Budgetary amendments during the year are adopted by the Assessor.

3. Formal budget integration (within the accounting system) is employed as amanagement control device.

4. All budgetary appropriations lapse at the end of the year. In accordancewith LRS 47:1908, the Assessor carries forward into subsequent years anyunexpensed appropriation.

19



(Continued)

G. CASH AND CASH EQUIVALENTS AND INVESTMENTS

Cash and cash equivalents include interest-bearing demand deposits. It is theAssessor's policy to include as cash equivalents, accounts in time deposits andthose investments with original maturities of 90 days or less. The Assessor maydeposit funds in demand deposits, interest bearing demand deposits, moneymarket accounts, or time deposits with state banks organized under Louisiana lawand national banks having their principal offices in Louisiana.

Under state law, the Assessor may invest in Untied States bonds, treasury notes orcertificates and mortgage backed securities. They are classified as investments oftheir original maturities exceed 90 days; however; if the original maturities are 90days or less, they are classified as cash equivalents.

H. CAPITAL ASSETS

Capital assts are capitalized at historical cost or estimated cost if historical cost isnot available. Donated assets are recorded as capital assets at their estimated fairmarket value at the date of donation.

Capital assets are reported in the government-wide financial statements but not inthe fund financial statements. All capital assets are depreciated using the straight-line method over the following useful lives:

EstimatedDescription Lives

Furniture and equipment 5-7 years

I. COMPENSATED ABSENCES

The Assessor has the following policy relating to vacation and sick leave:

Employees earn from five to twenty-five days of vacation leave and twoweeks to four weeks of sick leave each year depending on length of service.Vacation and sick leave cannot be accumulated at year-end.

At December 31, 2005, there are no accumulated and vested benefits thatrequire disclosure.

J. RISK MANAGEMENT

The Assessor is exposed to various risk of loss related to torts; theft of, damageto, and destruction of assets; error and omissions. To handle such risk of loss, theAssessor maintains commercial insurance policies, workers' compensation

20



(Continued)

insurance and surety bond coverage. No claims were paid on any of the policiesduring the year, which exceeded the policies' coverage amounts.

K. USE OF ESTIMATES

The preparation of financial statements in conformity with generally acceptedaccounting principles in the United States of America requires management tomake estimates and assumptions that affect certain reported amounts anddisclosures. Accordingly, actual amounts could differ from these estimates.

NOTE #2: CASH AND CASH EQUIVALENTS AND INVESTEMENTS

At December 31, 2005, the carrying amount of deposit is $101,351. This total iscomprised of interest bearing demand deposits.

Under state law, these deposits (or the resulting bank balances) must be secured byfederal deposit insurance or the pledge of securities owned by the fiscal agent bank.The market value of the pledged securities plus the federal deposit insurance must atall times equal the amount of deposit with the federal agent. These securities are heldin the name of the pledging fiscal agent bank in a holding custodial bank that ismutually acceptable to both parties.

At December 31,2005 the bank balance of the deposits is $102,298.

At December 31, 2005, investments of the Assessor consist of $50,000 hi theLouisiana Asset Management Pool. (LAMP)

Custodial risk is the risk that in the event of a bank failure, the Assessor's depositsmay not be returned to it. The Assessor does not have a policy for custodial creditrisk. At December 31, 2005, $2,998 of the bank balance was exposed to custodialcredit risk.

NOTE #3: LEVIED TAXES

During 1990, Louisiana Revised Statutes 47:1925.1 and 1925.2 (a) were amended andreenacted to create an assessment district in Cameron Parish to fund the office of theAssessor. This law provides for funding by levying a millage determined by theLegislative Auditor to yield tax revenues in an amount equal to monies currentlyreceived from pro rata deductions of all ad valorem taxes collected in the parish. Forthe year 2005, ad valorem taxes levied were 2.6 mill.

21



(Continued)

NOTE #4: RECEIVABLES

The receivables of $386,355 at December 31,2005, are as follows:

Taxes - ad valorem $ 379,293Intergovernmental - state revenue sharing, net 7,062

Total 386,355

NOTE #5: CHANGES IN CAPITAL ASSETS

Capital assets

depreciation for

depreciated, net

i of changes in capital

s;iatede and equipmentotal

latedfor

3 and equipmentolal

assets beingnet

assets follows:

BalanceJanuary 1,

2005

$ 27,00427,004

27,00427,004

0

BalanceDecember 31,

Additions Deletions 2005

$ 10,495 $ 37,49910,495 37,499

1,050 28,0541,050 28,054

9,445 9,445

NOTE #6: PENSION PLAN

Substantially all employees of the Cameron Parish Assessor's office are members ofthe Louisiana Assessor's Retirement System (System), a multiple-employer (cost-sharing) public employee retirement system (PERS) controlled and administered by aseparate board of trustees.

22



(Continued)

All full-time employees who are under the age of 60 at the time of originalemployment and are not drawing retirement benefits from any other public retirementsystem in Louisiana are required to participate in the System. Employees who retire ator after age 55 with at least 12 years of credited service or at or after age 50 with atleast 30 years of credited service are entitled to a retirement benefit payable monthlyfor life, equal to 3 percent of their final - average salary for each year of creditedservice, not to exceed 100 percent of their final average salary. Final average salary isthe employee's average salary over the 36 consecutive or joined months that producethe highest average. Employees who terminate with at least 12 years of service and donot withdraw their employee contributions may retire at or after age 55 and receivethe benefit accrued to heir date of termination. The system also provides death anddisability benefits. Benefits are established by state statute.

The System issues an annual publicly available report that includes financialstatements and required supplementary information for the system. That report maybe obtained by writing to the Louisiana Assessors' Retirement System, Post OfficeBox 1786, Shreveport, Louisiana 71166 or by calling (318) 425-4446.

Plan members are required by state statute to contribute 8% of their annual coveredsalary and the Cameron Parish Assessor is required to contribute at an actuariallydetermined rate. The rate as of December 31, 2005 is 14% of annual covered payroll.Contribution to the system include one-fourth of one percent of the taxes shown to becollectible by the tax rolls of each parish plus revenue sharing funs appropriated bythe legislature. The contribution requirements of plan members and the CameronParish Assessor are established and may be amended by state statute. As provided byLouisiana Revised Statute 11:103, the employer contributions are determined byactuarial valuation and are subject to change each year based on the results of thevaluation for the proper fiscal year

The Cameron Parish Assessor's contributions to the system for the years endingDecember 31, 2005, 2004, and 2003 were $42,613, $46,075, and $36,116,respectively, equal to the required contributions for each year.

NOTE #7: DEFERRED COMPENSATION PLAN

The Assessor's office offers its employees a deferred compensation plan created inaccordance with Internal Revenue Services Code Section 457. The plan available toall Assessor employees permits then to defer a portion of then* salary until futureyears. The Assessor matches employee contributions up to 100% of the employees'deferral. The Assessor's matching contributions for the year ended December 31,2005 were $30,067.

23



(Continued)

NOTE #8: POST RETIREMENT HEALTH CARE AND LIFE INSURANCEBENEFITS

Substantially all Assessor employees become eligible for post employment healthcare, dental and life insurance benefits if they reach normal retirement age whileworking for the Assessor. These benefits for retirees and similar benefits for activeemployees are provided through an insurance company whose premiums are paidjointly by the employee and the Assessor. The Assessor recognizes the cost ofproviding these benefits (the Assessor's portion of premiums) as an expenditure whenpaid during the year. For 2005, the cost of providing these benefits for one retireetotaled $3,594.

NOTE #9: LEASES

The Assessor leases a vehicle and a copier under an operating lease. Total rentexpense for 2005 is $8,292.

The minimum annual commitments under the non-cancelable operating lease are asfollows:

Year Total

2006 $5,4122007 U53

Total 6.765

NOTE #10: LITIGATION AND CLAIMS

The Assessor is not involved in any litigation at December 31, 2005, nor is he awareof any unassorted claims.

NOTE #11: EXPENSES NOT INCLUDED IN THE FINANCIAL STATEMENTS

The Assessor's office is located in the parish courthouse. The cost of maintaining andoperating the courthouse, as required by Louisiana Revised Statute 33:4713, is paidby the Cameron Parish Police Jury.

NOTE #12: SUBSEQUENT EVENT

In 2006 a Special Community Disaster Loan (SCDL) in the amount of $115,620 wasgranted by the Federal Emergency Management Agency (FEMA) because of asubstantial loss of tax revenue due to Hurricane Rita.

24

REQUIRED SUPPLEMENTARY INFORMATIONPART II

25

CAMERON PARISH ASSESSOR

REVENUESTaxes - ad valoremIntergovernmental reveneus - state funds-state revenue sharing

Fees and chargesUse of money and property -

Total revenues

EXPENDITURESCurrent:

General government - taxationSalaries and related benefitsMaterial and suppliesProfessional servicesTravel and educationExpense allowanceInsurance

Capital outlayTotal expenditures

NET CHANGE IN FUNDBALANCES

FUND BALANCE - BEGINNING

FUND BALANCE - ENDING

CAMERON, LOUISIANABUDGETARY COMPARISON

GENERAL FUNDSCHEDULE

YEAR ENDED DECEMBER 31, 2005

ORIGINAL FINALBUDGET BUDGET

$ 383,766 $le funds-

6,8734,000

jrest earnings 4,250398,889

L

ts 340,94034,80019,00015,5008,2393,5003,000

424,979

(26,090)

[G 738,088

711,998

383,193

7,0623,9379,414

403,606

399,19535,71749,75418,9318,2394,159

10,495526,490

(122,884)

653,190

530,306

ACTUAL(BUDGETARY)

(BASIS)

$ 385,488

7,0643,9349,414

405,900

396,05435,59349,75418,5498,2394,060

10,495522,744

(116,844)

653,190

536,346

26

DYER & VICKNAIR(CERTIFIED PUBLIC ACCOUNTANTS)

GLYNN R. DYER, CPA (ARC), (RETIRED)ERIC J. VICKNAIR, CPA (APC) FAX (225) 292 - 104 1

INDEPENDENT AUDITORS' REPORT ON COMPLIANCE ANDINTERNAL CONTROL OVER FINANCIAL REPORTINGBASED ON AN AUDIT OF FINANCIAL STATEMENTSPERFORMED IN ACCORDANCE WITH GOVERNMENT

A UDITING STANDARDS

Robert E. ConnerCameron Parish AssessorCameron, Louisiana

We have audited the basic financial statements of the Cameron Parish Assessor, acomponent unit of the Cameron Parish Police Jury, as of and for the year endedDecember 31, 2005 and have issued our report thereon dated July 26, 2006. Weconducted our audit in accordance with auditing standards generally accepted in theUnites States of America and the standards applicable to financial audits contained inGovernment Auditing Standards, issued by the Comptroller General of the United States.

Compliance

As a part of obtaining reasonable assurance about whether the Cameron Parish Assessor'sfinancial statement are free of material misstatement, we performed test of its compliancewith certain provisions of laws, regulations, contracts and grants, noncompliance withwhich could have a direct and material effect on the determination of financial amounts.However, providing an opinion on compliance with those provisions was not an objectiveof our audit and, accordingly, we do not express such an opinion. The results of our testdisclosed no instance of noncompliance that are required to be reported underGovernment Auditing Standards.

Internal Control Over Financial Reporting

In planning and performing our audit, we considered the Cameron Parish Assessor'sinternal control over financial reporting in order to determine my auditing procedures forthe purpose of expressing our opinion on the financial statements and not to provideassurance on the internal control over financial reporting. Our consideration of theinternal control over financial reporting would not necessarily disclose all matters in theinternal control over financial reporting that might be material weaknesses. A materialweakness is a condition in which the design or operation of one or more of the

(SEND ALL CORRESPONDENCE TO THE BATON ROUGE ADDRESS)

2933 BRAKLCY DRIVE - SUITE B BATON ROUOE, LOUISIANA 7O816 (225) 292-tOAO

B«4 FERDINAND STREET ST. FRANC4SVILLE. LOUISIANA 7O775 (225) 63S-42O4£f I

DYER & VICKNAIR(CERTIFIED PUBLIC ACCOUNTANTS)

internal control components does not reduce to a relatively low level the risk thatmisstatements in amounts that would be material in relation to the financial statementsbeing audited may occur and not be detected within a timely period by employees in thenormal course of performing their assigned functions. We noted no matters involving theinternal control over financial reporting and its operation that we consider to be materialweaknesses.

This report is intended solely for the information and use of the Cameron ParishAssessor's, management and Legislative Auditor and is not intended to be and should notbe used by anyone other than these specified parties, Although the intended use of thesereports may be limited, under Louisiana Revised Statute 24:513, this report is distributedby the Legislative Auditor as a public document.

Baton Rouge, LouisianaJuly 26, 2006

28


SCHEDULE OF FINDINGS AND QUESTIONED COSTSYEAR ENDED DECEMBER 31. 2005

A. SUMMARY OF AUDIT RESULTS

1. The auditor's report expresses an unqualified opinion on the basic financialstatements of the Cameron Parish Assessor.

2. No instances of noncompliance material to the basic financial statements of theCameron Parish Assessor were disclosed during the audit.

3. No reportable conditions relating to the audit of the financial statements arereported in the independent Auditors' Report on Internal Control.

B. FINDINGS - FINANCIAL STATEMENTS AUDIT

None

29


SCHEDULE OF PRIOR AUDIT FINDINGSYEAR ENDED DECEMBER 31.2005

There were no findings reported in the audit report for the year ended December 31,2004.

30

Documents

Cameron Parish Assessor - Louisiana Legislative … · CAMERON PARISH ASSESSOR CAMERON. LOUISIANA ... General government - taxation $ 513,299 $ 471,388 ... (SCDL) in the amount of