Housing Authority of Church Point · 2020-07-07 · Housing Authority of Church Point, Louisiana Management's Discussion and Analysis (MD&A) June 30, 2006 OVERVIEW OF THE FINANCIAL

Housing Authority of theTOWN OF CHURCH POINT

Church Point, Louisiana

Annual Financial ReportAs of and for the Year Ended June 30, 2006

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 of the Legislative Auditor and, whereappropriate, at the office of the parish clerk of court.

HOUSING AUTHORITY OF THE TOWN OF CHURCH POINTChurch Point, Louisiana

Basic Financial StatementsAs of and for the Fiscal Year Ended June 30, 2006

With Supplemental Information Schedules

CONTENTS

Exhibit PageIndependent Auditor's Report 3

Management's Discussion and Analysis 5

Basic Financial Statements:Statement of Net Assets A 14Statement of Revenues, Expenses and Changes in Net Assets B 16Statement of Cash Flows C 17Notes to the Financial Statements 18

Independent Auditor's Reports Required by Government AuditingStandards', OMB Circular A-133, Audits of States, LocalGovernments, and Non-Profit Organizations; and the SingleAudit Act Amendments of 1996:

Report On Internal Control Over Financial Reporting And OnCompliance And Other Matters Based On An Audit Of FinancialStatements Performed In Accordance With Government AuditingStandards 27

Report On Compliance With Requirements Applicable To Each MajorProgram And On Internal Control Over Compliance In AccordanceWith OMB Circular A-133 29

Schedule of Current Year Findings and Questioned Costs 1 31

Schedule of Prior Audit Findings 2 33

Supplemental Information Schedules

Schedule of Compensation Paid Board Members 3 34

Schedule of Expenditures of Federal Awards 4 35

Financial Data Schedule 5 37

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William Daniel McCaskill, CPAA Professional Accounting Corporation

415 Magnolia LaneMandeville, Louisiana 70471

Telephone 866-829-0993 Member ofFax 225-664-4873 Louisiana Society of CPA'sE-mail [email protected] Mississippi Society of CPA's

American Institute of CPA's

INDEPENDENT AUDITOR'S REPORT

Board of CommissionersHousing Authority of the Town of Church PointChurch Point, Louisiana

I have audited the accompanying basic financial statements of the Housing Authority ofthe Town of Church Point (the authority) as of and for the year ended June 30, 2006,which collectively comprise the authority's basic financial statements, as listed in thetable of contents. These basic financial statements are the responsibility of theauthority's management. My responsibility is to express an opinion on these basicfinancial statements based on my audit.

I conducted my audit in accordance with auditing standards generally accepted in theUnited States of America and the standards applicable to financial audits contained inGovernment Auditing Standards, issued by the Comptroller General of the UnitedStates. Those standards require that I plan and perform the audit to obtain reasonableassurance about whether the basic financial statements are free of materialmisstatement. An audit includes examining, on a test basis, evidence supporting theamounts and disclosures in the basic financial statements. An audit also includesassessing the accounting principles used and the significant estimates made bymanagement, as well as evaluating the overall financial statement presentation. Ibelieve that my audit provides a reasonable basis for my opinion.

In my opinion, the basic financial statements referred to above present fairly in allmaterial respects, the financial position of the Housing Authority of the Town of ChurchPoint as of June 30, 2006, and the respective changes in financial position and cashflows, thereof for the year then ended in conformity with accounting principles generallyaccepted in the United States of America.

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Independent Auditor's Report, 2006Page Two

In accordance with Government Auditing Standards, I have also issued my report datedOctober 3, 2006 on my consideration of the authority's internal control over financialreporting and on my tests of its compliance with certain provisions of laws, regulations,contracts, and grant agreements and other matters. The purpose of that report is todescribe the scope of our testing of internal control over financial reporting andcompliance and the results of that testing, and not to provide an opinion on the internalcontrol over financial reporting or on compliance. That report is an integral part of anaudit performed in accordance with Government Auditing Standards and should beconsidered in assessing the results of my audit.

The management's discussion and analysis listed in the table of contents, is not arequired part of the basic financial statements but is supplemental information requiredby accounting principles generally accepted in the United States of America. I haveapplied certain limited procedures, which consisted principally of inquiries ofmanagement regarding the methods of measurement and presentation of the requiredsupplementary information. However, I did not audit the information and express noopinion on it.

My audit was conducted for the purpose of forming opinions on the financial statementswhich collectively comprise the authority's basic financial statements. The financial dataschedule and other supplementary information schedules listed in the table of contentsare presented for the purpose of additional analysis and are not a required part of thebasic financial statements of the authority. Such supplementary information has beensubjected to the auditing procedures applied in the audit of the basic financialstatements, and in my opinion, is fairly stated in all material respects in relation to thebasic financial statements taken as a whole.


October 3, 2006

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HOUSING AUTHORITY OF CHURCH POINT, LOUISIANA

REQUIRED SUPPLEMENTAL INFORMATION

MANAGEMENT DISCUSSION AND ANALYSIS (MD&A)

JUNE 30, 2006

Housing Authority of Church Point. LouisianaManagement's Discussion and Analysis (MD&A)

June 30, 2006

The management of Public Housing Authority of Church Point, Louisiana presents the followingdiscussion and analysis (MD&A) of the Housing Authority's financial activities for the fiscal yearending June 30, 2006. This represents an overview of financial information. Please read thisdiscussion and analysis in conjunction with the Authority's included audited financial statements.

FINANCIAL HIGHLIGHTS

• The primary source of funding for these activities continues to be subsidies and grants fromthe Department of Housing and Urban Development (HUD), whereas tenant rentals provide asecondary but also significant source of funding.

• The Housing Authority's assets exceeded its liabilities by $2,391,174 at the close of the fiscalyear ended 2006.

s Of this amount $1,824,796 represents a restriction equal to the net amount invested inland, building, furnishings, leasehold improvements, equipment, and construction inprogress.

s The remainder of $566,378 of unrestricted assets could be used to meet the HousingAuthority's ongoing obligations to citizens and creditors. As a measure of financialstrength, this amount equals 120% of the total operating expenses of $892,565 for thefiscal year 2006, which means the Authority might be able to operate about 14.4 monthsusing the unrestricted assets alone, which compares unfavorably with 16.5 months in theprior fiscal year.

• The Housing Authority's total net assets increased by $103,276, a 5% change from the priorfiscal year 2005. This increase is attributable to significant increases in Federal grants forboth operations and capital improvements, described in more detail below.

• The increase in net assets of these funds was accompanied by an increase in unrestrictedcash by $56,970 from fiscal year 2005, primarily due to unexpended insurance proceeds andspending $48,770 more for capital assets than Federal capital grant funds received.

• The Authority spent $96,097 on capital asset additions and $180,420 on construction inprogress during the current fiscal year.

• These changes led to an increase in total assets by $103,013 and a decrease in totalliabilities by $262. As related measure of financial health, there are still over $9.33 of currentassets covering each dollar of total current and long-term liabilities, which compares favorablywith $9.01 covering the prior fiscal year's liabilities.

• The Housing Authority continues to operate without the need for debt borrowing.

Housing Authority of Church Point, LouisianaManagement's Discussion and Analysis (MD&A)

June 30, 2006

OVERVIEW OF THE FINANCIAL STATEMENTS

This MD&A is intended to serve as an introduction to the Housing Authority's basic financialstatements. The Housing Authority is a special-purpose government engaged in business-typeactivities. Accordingly, only fund financial statements are presented as the basic financial statements,comprised of two components: (1) fund financial statements and (2) a series of notes to the financialstatements. These provide information about the activities of the Housing Authority as a whole andpresent a longer-term view of the Housing Authority's finances. This report also contains othersupplemental information in addition to the basic financial statements themselves demonstrating howprojects funded by HUD have been completed, and whether there are inadequacies in the Authority'sinternal controls.

Reporting on the Housing Authority as a Whole

One of the most important questions asked about the Authority's finances is, "Is the Housing Authorityas a whole better off, or worse off, as a result of the achievements of fiscal year 2006?" TheStatement of Net Assets and the Statement of Revenues, Expenses, and Changes in Net Assetsreport information about the Housing Authority as a whole and about its activities in a way that helpsanswer this question. These statements include all assets and liabilities using the accrual basis ofaccounting, which is similar to the accounting used by most private-sector companies. All of thecurrent year's revenues and expenses are taken into account regardless of when cash is received orpaid.

Fund Financial Statements

The Housing Authority accounts for all financial activity in a single enterprise fund. A fund is agrouping of related accounts that is used to maintain control over resources that have beensegregated for specific activities or objectives. The Housing Authority, like other enterprises operatedby state and local governments, uses fund accounting to ensure and demonstrate compliance withfinance-related legal requirements.

The Housing Authority's financial statements report its net assets and changes in them. One canthink of the Housing Authority's net assets - the difference between assets and liabilities - as oneway to measure the Authority's financial health, or financial position. Over time, increases anddecreases in the Authority's net assets are one indicator of whether its financial health is improving ordeteriorating. One will need to consider other non-financial factors, however, such as the changes inthe Authority's occupancy levels or its legal obligations to HUD, to assess the overall health of theHousing Authority.

Housing Authority of Church Point, Louisiana

Management's Discussion and Analysis (MD&A)June 30, 2006

USING THIS ANNUAL REPORT

The Housing Authority's annual report consists of financial statements that show combinedinformation about the Housing Authority's most significant programs:

Low Rent Public HousingHousing Choice VouchersPublic Housing Capital Fund Program

The Housing Authority's auditors provided assurance in their independent auditors' report with whichthis MD&A is included, that the basic financial statements are fairly stated. The auditors providevarying degrees of assurance regarding the other information included in this report. A user of thisreport should read the independent auditors' report carefully to determine the level of assuranceprovided for each of the other parts of this report.

FINANCIAL ANALYSIS

The Housing Authority's net assets were $2,391,174 as of June 30, 2006. Of this amount,$1,824,796 was invested in capital assets, and the remaining $566,378 was unrestricted. No otherspecific Assets are restricted. Also, there are no other restrictions on general Net Assets.

Housing Authority of Church Point. Louisiana


CONDENSED FINANCIAL STATEMENTS

Condensed Balance Sheet(Excluding Interfund Transfers)

As of June 30, 20062006 2005

ASSETSCurrent assets $ 634,395 $615,506

Capital assets, net of depreciation 1.824,796 1,740.671

Total assets 2.459,191 2,356.177

LIABILITIES

Current liabilities 38,578 45.647

Non-current liabilities 29,439 22,632

Total liabilities 68,017 68.279

NET ASSETS

Invested in capital assets, net of depreciation 1,824,796 1,740,670

Unrestricted net assets 566,378 547.228

Total net assets 2,391,174 2.287.898

Total liabilities and net assets 2,459,191 2,356,177

CONDENSED FINANCIAL STATEMENTS (Continued)

The net assets of these funds increased by $103,276, or by 5%, from those of fiscal year 2005, asexplained below. In the narrative that follows, the detail factors causing this change are discussed:



Condensed Statement of Revenues, Expenses, and Changes in Fund Net Assets(Excluding Interfund Transfers)Fiscal Year Ended June 30, 2006

2006 2005

OPERATING REVENUESFederal grants for operations $507,851 $490,530

Tenant rental revenue 158,594 140,189

Total operating revenues 666,445 630,719

OPERATING EXPENSES

Depreciation 195,981 196,642

Administration 169,452 153,723

Maintenance and repairs 188,405 140,228

General 68,206 63,130

Utilities 44,151 40,794

Tenant services 1,096 623

Extraordinary repairs 4,000 10,090

Federal Housing Assistance Payments (HAP) to landlords 221.274 204,492

Total operating expenses 892,565 809.722

(Losses) from operations (226,120) (179,003),

NON-OPERATING REVENUES

Other non-tenant revenue 108,459 8,227

Interest income 10.729 8,962

Total Non-Operating Revenues 119,188 17.189

(Losses) after non-operating revenues (106,932) (161,814)

OTHER CHANGES IN NET ASSETS

Federal grants for capital expenditures 210,208 324,258

NET INCREASES IN NET ASSETS 103,276 162.444

NET ASSETS, Beginning of Year 2,286,895 2,125,454

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Housing Authority of Church Point. Louisiana


Prior period adjustments 1,003

NET ASSETS, beginning of fiscal year 2,287.898 2.125,454

NET ASSETS, end of fiscal year 2,391.174 2,287,898

EXPLANATIONS OF FINANCIAL ANALYSIS

Compared with the prior fiscal year, total operating and non-operating revenues increased $23,675, orby 2%, from a combination of larger offsetting factors. Reasons for most of this change are listedbelow in order of impact from greatest to least:

Federal Capital Funds from HUD decreased by $114,050, or by 35% from that of the priorfiscal year. The Housing Authority was still in the process of completing projects funded fromgrants by HUD for fiscal years 2002 through 2005, and submitted a new grant during fiscalyear 2007.

• Federal revenues from HUD for operations increased by $17,321, or by 4% from that of theprior fiscal year. The determination of operating grants is based in part upon operationsperformance of prior years. This amount fluctuates from year-to-year because of thecomplexities of the funding formula HUD employs. Generally, this formula calculates anallowable expense level adjusted for inflation, occupancy, and other factors, then uses thisfinal result as a basis for determining the grant amount. The amount of rent subsidy receivedfrom HUD depends upon an eligibility scale of each tenant. There was an increase in thenumber of eligible tenants receiving subsidies, so Housing Assistance Grants increasedaccordingly, lowering the overall total.

• Total tenant revenue increased by $18,405 or by 13% from that of the prior fiscal yearbecause the amount of rent each tenant pays is based on a sliding scale of their personalincome. Some tenants' personal incomes increased, so rent revenue from these tenantsincreased accordingly, raising the overall total.

• Total other non-operating revenue increased by $97,519 from that of the prior fiscal yearbecause the Authority received proceeds from casualty insurance claims, which are recordedas other income by the Authority in the year received.

• Interest income increased by $1,767, or by 20% from that of the prior fiscal year.

Compared with the prior fiscal year, total operating and non-operating expenses increased $82,845,or by 10%, but this also was made up of a combination of offsetting factors. Again, reasons for mostof this change are listed below in order of impact from greatest to least:

• Depreciation expense decreased by $662, or by 0% from that of the prior fiscal year, becausethere was an increase in capital assets by $348,814.

• Maintenance and repairs increased by $48,178, or by 26% from that of the prior fiscal year,due to two major factors: Repair staff wages increased by $6,871, or by 11 %, and contractlabor costs increased by $17,701, or by 70%.

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Housing Authority of Church Point, LouisianaManagement's Discussion and Analysis (MD&A)

June 30, 2006

Administrative Expenses increased by $15,729, or by 10% from that of the prior fiscal year,due to a combination of offsetting factors: Administrative staff salaries increased by $6,956,or by 10%, staff vacation and sick leave pay increased by $3,565, or by 109%, and relatedemployee benefit contributions increased by $6,196, or by 22%.

General Expenses increased by $5,078 or by 8% from that of the prior fiscal year, primarilybecause insurance premiums increased by $2,948, or by 6%, since property and casualtyinsurance premiums increased. Also, payments in lieu of taxes (PILOT) increased by $1,639,or by 16%. PILOT is calculated as a percentage of rent (which increased by 13%) minusutilities (which increased 8%), and therefore changed proportionately to the changes in eachof these. Uncollectible rents from vacated units increased by $490, or by 118%, becausethese changed roughly proportional to rent, which increased by 13%.

Utilities Expense increased by $3,357, or by 8% from that of the prior fiscal year, water costincreased by $1,146 due to an increase in rate by 7%. Finally, other utilities expense (such asgarbage, sewage, and waste removal) increased by $368, or by 2%.

Housing Assistance Payments to landlords increased by $16,782, or by 8% from that of theprior fiscal year, because there was an increase in the number of tenants qualifying forsubsidy during the year. Consequently, revenues from HUD for these subsidies increased by$3,971.

Tenant services, totaling $473, did not change significantly from the prior to the current year.

CAPITAL ASSET AND DEBT ADMINISTRATION

Capital Assets

At June 30, 2006, the Housing Authority had a total cost of $6,097,758 invested in a broad range ofassets and construction in progress from projects funded in 2002 through 2005, listed below. Thisamount, not including depreciation, represents increases of $250,452 from the prior year. Moredetailed information about capital assets appears in the notes to the financial statements.

Capital Assets, Net of Accumulated DepreciationAs of June 30, 2006

2006 2005Land $106,656 $106,657

Construction in progress 180,420 160,913

Buildings 1,447,970 1,378,708

Leasehold improvements 46,036 50,376

Furniture and equipment 43,713 44,017

Total 1.824.797 1,740.671

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As of the end of the 2006 fiscal year, the Authority is still in the process of completing HUD grants of$382,300 obtained during 2002 through 2005 fiscal years. A total remainder of $15,635 will bereceived and $15,292 will be spent for completing these projects during fiscal year 2007.

Debt

Non-current liabilities also include accrued annual vacation due to employees. The Housing Authorityhas not incurred any mortgages, leases, or bond indentures for financing capital assets or operations.

ECONOMIC FACTORS AND NEXT YEAR'S BUDGETS AND RATES

The Housing Authority is primarily dependent upon HUD for the funding of operations; therefore, theHousing Authority is affected more by Federal budget than by local economic conditions. The capitalbudgets for the 2007 fiscal year have already been submitted to HUD for approval and no majorchanges are expected.

The Capital fund programs are multiple year budgets and have remained relatively stable. CapitalFunds are used for the modernization of public housing properties including administrative feesinvolved in the modernization.

CONTACTING THE HOUSING AUTHORITY'S FINANCIAL MANAGEMENT

Our financial report is designed to provide our citizens, investors, and creditors with a generaloverview of the Housing Authority's finances, and to show the Housing Authority's accountability forthe money it receives. If you have questions about this report, or wish to request additional financialinformation, contact Sarah Robert, at Public Housing Authority of Church Point, Louisiana; P.O.Drawer 313; Church Point, La 70525.

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Exhibit AHousing Authority of the Town of Church Point

Church Point, LouisianaStatement of Net Assets

As of June 30, 2006

ASSETSCurrent assetsCash and cash equivalents $ 577,523Receivables:

HUD 343Tenant rents, net of allowance 135Accrued interest receivable 8,379

Prepaid insurance 35,418Inventory, net of allowance 1,709

Total current assets 623,507

Restricted assetsCash and cash equivalents 10,875

Noncurrent assetsCapital assets:

Nondepreciable capital assets:Land 106,657Construction in progress 180,420Total nondepreciable capital assets 287,077

Depreciable capital assets:Buildings and improvements 5,644,443Furniture and equipment 166,238Less accumulated depreciation (4,272,960)Total depreciable capital assets, net of accumulated depreciation 1,537,721

Total capital assets, net of acculuated depreciation 1,824,798

Total assets 2,459.180

continued

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Exhibit AHousing Authority of the Town of Church Point

Church Point, LouisianaStatement of Net Assets

As of June 30, 2006

LIABILITIESCurrent LiabilitiesAccounts payable 5,354Payable to other governments 10,569Accrued wages payable 272Accrued compensated absences 5,038HUD liability 3,515Deferred revenue 2,958

Total current liabilities 27.706

Liabilities Payable from Restricted AssetsSecurity deposit liability 10,875

Noncurrent liabilitiesAccrued compensated absences 29,439

Total noncurrent liabilities 29.439

Total liabilities 68.020

NET ASSETSInvested in capital assets, net of related debt 1,824,795RestrictedUnrestricted 566,365

Total net assets $ 2,391,160

The accompanying notes are an integral part of these financial statements.

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Exhibit BHousing Authority of the Town of Church Point


Statement of Revenues, Expenses, and Changes In Net AssetsFor the Year Ended June 30, 2006

Operating RevenuesAnnual contributions - Housing Assistance Payments $ 211,281HUD administrative fee 41,315Public housing operating subsidy 247,376Operating Grants 7,879Dwelling Rental 158,593

Total operating revenues 666,444

Operating ExpensesHousing Assistance Payments 221,274General and administrative 237,658Repairs and maintenance 185,829Utilities 46,728Tenant services 1,097Depreciation and amortization 195,981

Total operating expenses 888,567

Operating income (loss) (222,123)

Nonoperating Revenues (Expenses):Capital grants 210,206Interest revenue 10,720Miscellaneous revenues 103,834Gain on sale of assets 4,625Miscellaneous expenses (4,000)

Total nonoperating revenues (expenses) 325,385

Change in net assets 103,262

Net assets, beginning of year, as restated 2,287,898

Net assets, end of year $ 2,391,160

The accompanying notes are an integral part of these financial statements.

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Housing Authority of the Town of Church PointStatement of Cash Flows

For the Year Ended June 30, 2006

Exhibit C

CASH FLOWS FROM OPERATING ACTIVITIES

Receipts from federal subsidiesReceipts from tenantsPayments to landlordsPayments to suppliersPayments to employees

Net cash provided by operating activities

CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES

Miscellaneous revenuesMiscellaneous (expenses)

Net cash provided by noncapital financing activities

CASH FLOWS FROM CAPITAL AND RELATEDFINANCING ACTIVITIES

Proceeds from capital grantsPurchase and construction of capital assets

Net cash (used in) capital and related financing activities

CASH FLOWS FROM INVESTING ACTIVITIESInterest received

Net cash provided by investing activities

Net (decrease) in cash and cash equivalents

Cash and cash equivalents - beginning of year

Cash and cash equivalents - end of year

Reconciliation of operating income (loss) to net cash provided byoperating activities:

Operating (loss)

Adjustments to reconcile operating (loss) to net cashprovided by operating activities:

Depreciation and amortization

Changes in assets and liabilities:

HUD receivableIntergovernmental receivable, netTenant rents, net of allowanceMiscellaneous receivablesPrepaid insuranceInventoriesRestricted assetsAccounts payableAccrued wages payableAccrued compensated absencesPayable to other governmentOther liabilitySecurity deposit liability

Net cash provided by operating activities

The accompanying notes are an integral part of the financial statements

547,085154,081(221,274)(324,188)(147.601)

8.103

108,459(4,000)

104.459

210,206(276,517)

(66,311)

10.720

10.720

56.971

520.552

$ 577,523

$ (222,123)

195.981

38,2211,013(125)

(4,387)(4,537)8.386(475)

(16,758)(2,863)6,83810,569

(2,112)475

8.103

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Notes to the Basic Financial StatementsFor Fiscal Year Ended June 30, 2006

NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Theaccompanying basic financial statements of the authority have been prepared inconformity with accounting principles generally accepted in the United States ofAmerica (GAAP) as applied to governmental units. The GovernmentalAccounting Standards Board (GASB) is the accepted standard-setting body forestablishing governmental accounting and financial reporting principles.

(1) Reporting Entity

The Housing Authority of The Town of Church Point (the authority) waschartered as a public corporation under the laws of the State of Louisiana for thepurpose of providing safe and sanitary dwelling accommodations for theresidents of the Town of Church Point, Louisiana. This formation wascontingent upon the approval of the town.

The authority is governed by a Board of Commissioners (Board), which iscomposed of five members appointed by the town and serve five-year staggeredterms. The Board of the authority exercises all powers granted to the authority.

GASB Statement No. 14 established criteria for determining the governmentalreporting entity. Under provisions of this statement, the authority is considered aprimary government, since it is a special purpose government that has aseparately elected governing body, is legally separate, and is fiscally of otherstate and local governments. As used in GASB 14, fiscally independent meansthat the authority may, without the approval or consent of another governmentalentity, determine or modify its own budget, control collection and disbursementsof funds, maintain responsibility for funding deficits and operating deficiencies,and issue bonded debt. The authority has no component units, defined byGASB 14 as other legally separate organizations for which the elected authoritymembers are financially accountable.

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Notes to the Financial Statements, 2006 - Continued

The authority is a related organization of the Town of Church Point, Louisianasince the town appoints a voting majority of the authority's governing board. Thetown is not financially accountable for the authority as it cannot impose its will onthe authority and there is no potential for the authority to provide financial benefitto, or impose financial burdens on, the town. Accordingly, the authority is not acomponent unit of the financial reporting entity of the town.

(2) Funds

The accounts of the authority are organized and operated on the basis of funds.A fund is an independent fiscal and accounting entity with a self-balancing set ofaccounts. Fund accounting segregates funds according to their intendedpurpose and is used to aid management in demonstrating compliance withfinance-related legal and contractual provisions. The minimum number of fundsis maintained consistent with legal and managerial requirements.

All funds of the authority are classified as proprietary. The general fundaccounts for transactions of all of the authority's programs.

Proprietary funds distinguish operating revenues and expenses fromnonoperating items. Operating revenues and expenses generally result fromproviding services and producing and delivering goods in connection with aproprietary fund's principal ongoing operations. The principal operating revenuesof the authority's enterprise fund are HUD operating grants and subsidies,Section 8 Housing Assistance Subsidies, Section 8 Management Fees andtenant dwelling rents. Operating expenses include Section 8 Housing AssistancePayments, General and Administrative expenses, repairs and maintenanceexpenses, utilities and depreciation and amortization on capital assets. Allrevenues and expenses not meeting this definition are reported as nonoperatingrevenues and expenses.

The accompanying basic financial statements of the authority have beenprepared in conformity with governmental accounting principles generallyaccepted in the Unites States of America. The GASB is the accepted standardsetting body for establishing governmental accounting and financial reportingprinciples. The accompanying basic financial statements have been prepared inconformity with GASB statement No. 34. Basic Financial Statements andManagements discussion and Analysis—for State and Local Governments,which was unanimously approved in June 1999 by the GASB.

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(3) Measurement focus and basis of accounting

Proprietary finds are accounted for on the flow of economic resourcesmeasurement focus and the accrual basis of accounting. Under this method,revenues are recorded when earned and expenses are recorded at the time theliabilities are incurred. With this management focus all assets and all liabilitiesassociated with the operation of these funds are included on the statement of netassets. The authority has elected, pursuant to GASB Statement No. 20, to applyall GASB pronouncements and only FASB pronouncements issued beforeNovember 30, 1989.

(4) New Accounting Standards Adopted

During the year ended June 30, 2006, the Authority adopted Statement #40,"Deposit and Investment Risk Disclosures (an amendment of GASB StatementNo. 3)", of financial accounting standards issued by the Government AccountingStandards Board (GASB).

(5) Assets, liabilities, and net assets

(a) Deposits

The authority's cash and cash equivalents are considered to be cash onhand, demand deposits, and short-term investments with original maturitiesof three months or less from the date of acquisition. HUD regulations, statelaw and the authority's investment policy allow the housing authority toinvest in collateralized certificates of deposit and securities backed by thefederal government.

(b) Inventory and prepaid items

All inventories are valued on a first-in first-out (FIFO) basis. Inventoriesconsist of expendable building materials and supplies held for consumptionin the course of the authority's operations.

Certain payments to vendors reflect costs applicable to future accountingperiods and are recorded as prepaid items.

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(c) Restricted Assets

Cash equal to the amount of tenant security deposits is reflected asrestricted.

(d) Capital assets

Capital assets of the authority are included in the statement of net assetsand are recorded at actual cost. Depreciation of all exhaustible fixed assetsis charged as an expense against operations.

Property, plant, and equipment of the Authority is depreciated using thestraight line method over the following estimated useful lives:

Buildings 33 yearsModernization and improvements 16 yearsFurniture and equipment 3-7 years

(e) Due from/to other governments or agencies

Amounts due from/to the authority to/by other governments or agencies aregenerally for HUD grants or programs under which the services have beenprovided by the authority. The authority also records an amount due to thevarious taxing districts within the region for payments in lieu of taxes.

(f) Allowance for doubtful accounts

The authority provides an allowance for doubtful accounts, as needed, foraccounts deemed not collectible. At June 30, 2006, management of theauthority did not establish an allowance for doubtful accounts.

(g) Compensated absences

It is the authority's policy to permit employees to accumulate earned butunused vacation and sick pay benefits. In accordance with the provisions ofGASB Statement No. 16, "Accounting for Compensated Absences,"vacation and sick pay is accrued when incurred and reported as a liability.Depending on their length of service, employees receive payment for up to2000 annual leave hours upon termination or retirement at their then currentrate of pay. Civil Service requires that an employee must be paid up to 300hours annual leave time upon separation from the agency. All other leavepay is predicated on the housing authority reserve account. If the housingauthority reserve account is less than 60% of the maximum or if the

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additional leave pay would bring the reserve level below the level the 40%level, the Director with Board approval shall offer the employee an amountwhich is less than the actual accumulated leave but not less than up to 300hours. Employees are not compensated for unused sick leave. The cost ofcurrent leave privileges, computed in accordance with GASB CodificationSection C60 is recognized as a current year expense when leave isearned.

(h) Use of estimates

The preparation of financial statements in conformity with generallyaccepted accounting principles requires management to make estimatesand assumptions that affect the reported amounts of assets and liabilitiesand disclosure of contingent assets and liabilities at the date of thegovernment-wide financial statements and reported amounts of revenuesand expenses during the reporting period. Actual results could differ fromthose estimates.

NOTE B - DEPOSITS

Deposits are stated at cost, which approximates fair value. Under state lawand/or federal regulation, these deposits, or the resulting bank balances, mustbe in Federal Securities, secured by federal deposit insurance or the pledge offederal securities. The fair value of the pledged securities plus the federaldeposit insurance must at all times equal the amount on deposit with the fiscalagent.

As of June 30, 2006, the authority's carrying amount of deposits was $588,398,which includes the following:

Cash and cash equivalents-unrestrictedCash and cash equivalents- restrictedTotal

$577,52310,875

$588,398

Interest Rate Risk—The authority's policy does not address interest rate risk.

Credit Rate Risk—Since all of the authority's deposits are federally insuredand/or backed by federal securities, the authority does not have credit rate risk.

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Custodial Credit Risk—This is the risk that in the event of a bank failure, theauthority's deposits may not be returned to it. The authority does not have apolicy for custodial credit risk. $300,000 of the authority's total deposits werecovered by federal depository insurance, and do not have custodial credit risk.The remaining $303,757 of deposits have custodial credit risk, but werecollateralized with securities held by the pledging financial institution trustdepartment or agent. The bank balances totaled $603,757.

NOTE C - CAPITAL ASSETS

Capital assets activity for the year ended June 30, 2006 was as follows:

NondepreciableAssets:

Land

Construction in Progress

Depreciable Assets:

Building andimprovements

Furniture and equipment

Total

BeginningBalance

$106,657

160,913

5,404,975

174,760

5.847.305

Additions Deletions AdjustmentEndingBalance

180,420

74,966

21,131

Less accumulated depreciation

Building andimprovements 3,975,890

Furniture and equipment 130,746

Total accumulateddepreciation

Net Capital Assets

4.106.636

$1.740.669

276.517

174,550

21.432

195.982

$80.535

29.653

29,653

(160.913)

164,503

3.59Q

29.653

29.653

$ $3.590

$106,657

180.420

5,644,444

166,238

6,097,759

4,150,440

122,525

4,272.965

$1,824.794

In prior years, the Authority completed construction of its community center onland owned by the city and recorded the construction cost as an addition to fixedassets. In accordance with the agreement entered into by the Authority on April22, 2004 with the City of Church Point and approved by HUD, the Authority usedCFP, HCV, and Public Housing monies to construct the community center.Under the terms of the agreement, the City of Church Point retains ownership ofthe land.

23



In prior years, the Authority and the City entered into a agreement where the landwould be under lease to the Authority for a period of 99 years at $1. Under aseparate management agreement, the City will retain responsibility for operatingthe community center for a period of 99 years at $1. The City is responsible formaintenance of the community center and as well as payment of all costsassociated with the day to day operation of the community center.

NOTE D - CONSTRUCTION COMMITMENTS

The authority has active construction projects as of June 30, 2006. At year end,the commitments with contractors are as follows:

Expended to RemainingProjects Date Commitment

CFP2005 180,744 2,669

Total $180,744 $2,669

NOTE E - COMPENSA TED ABSENCES

At June 30, 2006, employees of the authority have accumulated and vested$34,476 of employee leave benefits, which was computed in accordance withGASB Codification Section C60. The leave payable is recorded in theaccompanying financial statements. $29,439 is reported in long-term debt.

NOTE F - RETIREMENT PLAN

The authority participates in the Louisiana Housing Council Group RetirementPlan, administered by Broussard, Bush and Hurst, which is a defined contributionplan. The plan consists of employees of various local and regional housingauthorities which are members of the Louisiana Housing Council. Through thisplan, the authority provides pension benefits for all of its full-time employees. Allfull-time employees who have attained age 18 are eligible to participate in theplan on the first day of the month after completing three months of continuousand uninterrupted employment.

Under a defined contribution plan, benefits depend solely on amounts contributedto the plan plus investment earnings. The employer is required to make monthly

24



contributions equal to 13 percent of each participant's basic (excludes overtime)compensation.

The authority's contribution for each employee and income allocated to theemployee's account are fully vested after five years of continuous service. Theauthority's contributions and interest forfeited by employees who leaveemployment before five years of service are used to offset future contributions ofthe authority.

Normal retirement date shall be the first day of the month following theemployee's sixty-fifth birthday. Early retirement may be elected on the first day ofany month within 10 years of the employee's normal retirement date, providedthe employee has completed five years of service with the authority. With theauthority's consent, employees may defer retirement to the first day of any monthbeyond normal retirement date.

The authority's total payroll for the year ended June 30, 2006, was $147,601.The authority's contributions were calculated using the base salary amount of$140,584. The authority made the required contributions of $17,612 for the yearended June 30, 2006.

NOTE G - HURRICANE DAMAGE

The agency suffered hurricane damage during the fiscal year. The agency hadinsurance coverage in effect to cover the damages net of the insurancedeductible, which is not a material amount. The agency has received theinsurance settlement in the amount of $94,764 and management believes thatthe settlement will provide satisfactory monies to repair the damages net of thedeductible.

NOTE H - RISK MANAGEMENT

The authority is exposed to various risks of loss related to torts; theft of, damageto, and destruction of assets; errors and omissions, injuries to employees; andnatural disasters. The authority's risk management program encompassesobtaining property and liability insurance.

There has been no significant reduction in insurance coverages from coveragesin the prior year. In addition, there have been no significant claims that haveexceeded commercial insurance coverages in any of the past three fiscal years.

25



NOTE I - FEDERAL COMPLIANCE CONTINGENCIES

The authority is subject to possible examinations by federal regulators whodetermine compliance with terms, conditions, laws and regulations governinggrants given to the entity in the current and prior years. These examinations mayresult in required refund by the entity to federal grantors and/or programbeneficiaries.

NOTE J - ECONOMIC DEPENDANCE

Statement of Financial Accounting Standard (SFAS) No. 14 requires disclosurein financial statements of a situation where one entity provides more than 10% ofthe audited entity's revenues. The Department of Housing and UrbanDevelopment provided $718,059 to the authority, which represents approximately72% of the authority's total revenue for the year.

26



Telephone 866-829-0993 Member ofFax 225-664-4873 Louisiana Society of CPA'sE-mail [email protected] Mississippi Society of CPA'sAmerican Institute of CPA's

REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCEAND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS

PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS


I have audited the financial statements of the Housing Authority of the Town of ChurchPoint (the authority), as of and for the year ended June 30, 2006 which collectivelycomprise the authority's basic financial statements and have issued my report thereondated October 3, 2006. I conducted my audit in accordance with auditing standardsgenerally accepted in the United States of America and the standards applicable tofinancial audits contained in Government Auditing Standards, issued by the ComptrollerGeneral of the United States.

Internal Control Over Financial ReportingIn planning and performing my audit, I considered the authority's internal control overfinancial reporting in order to determine my auditing procedures for the purpose ofexpressing my opinion on the financial statements and not to provide an opinion on theinternal control over financial reporting. My consideration of the internal control overfinancial reporting would not necessarily disclose all matters in the internal control overfinancial reporting that might be material weaknesses.

A material weakness is a condition in which the design or operation of one or more ofthe internal control components does not reduce to a relatively low level the risk thatmisstatements caused by error or fraud in amounts that would be material in relation tothe financial statements being audited may occur and not be detected within a timelyperiod by employees in the normal course of performing their assigned functions. Inoted no matters involving the internal control over financial reporting and its operationthat I consider to be material weaknesses.

27


Report on Internal Control...GovernmentAuditing Standards, 2006

Page Two

Compliance and Other MattersAs part of obtaining reasonable assurance about whether the authority's financialstatements are free of material misstatement, I performed tests of its compliance withcertain provisions of laws, regulations, contracts and grant agreements, noncompliancewith which could have a direct and material effect on the determination of financialstatement amounts. However, providing an opinion on compliance with those provisionswas not an objective of my audit and, accordingly, I do not express such an opinion.The results of my tests disclosed no instances of noncompliance or other matters thatare required to be reported under Government Auditing Standards.

This report is intended solely for the information and use of the board of commissionersand management, others within the organization, the Louisiana Legislative Auditor andfederal awarding agencies and is not intended to be and should not be used by anyoneother than these specified parties. Under Louisiana Revised Statute 24:513, this report isdistributed by the Legislative Auditor as a public document.


October 3, 2006

28



Telephone 866-829-0993 Member ofFax 225-664-4873 Louisiana Society of CPA'sE-mail [email protected] Mississippi Society of CPA's

American Institute of CPA's

REPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLETO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL

OVER COMPLIANCE IN ACCORDANCE WITH OMB CIRCULAR A-133


ComplianceI have audited the compliance of the Housing Authority of the Town of Church Point (theauthority) with the types of compliance requirements described in the U.S. Office ofManagement and Budget (OMB) Circular A-133 Compliance Supplement that areapplicable to each of its major federal programs for the year ended June 30, 2006. Theauthority's major federal programs are identified in the summary of auditor's resultssection of the accompanying schedule of findings and questioned costs. Compliancewith the requirements of laws, regulations, contracts, and grants applicable to each of itsmajor federal programs is the responsibility of the authority's management. Myresponsibility is to express an opinion on the authority's compliance based on my audit.

I conducted my audit of compliance in accordance with auditing standards generallyaccepted in the United States of America; the standards applicable to financial auditscontained in Government Auditing Standards, issued by the Comptroller General of theUnited States; and OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. Those standards and OMB Circular A-133 require that I plan andperform the audit to obtain reasonable assurance about whether noncompliance with thetypes of compliance requirements referred to above that could have a direct and materialeffect on a major federal program occurred. An audit includes examining, on a testbasis, evidence about the authority's compliance with those requirements andperforming such other procedures as I considered necessary in the circumstances. Ibelieve that my audit provides a reasonable basis for my opinion. My audit does notprovide a legal determination on the authority's compliance with those requirements.

29


Report on Compliance...A-133, 2006Page Two

In my opinion, the authority complied, in all material respects with the requirementsreferred to above that are applicable to each of its major federal programs for the yearended June 30, 2006.

Internal Control Over ComplianceThe management of the authority is responsible for establishing and maintainingeffective internal control over compliance with requirements of laws, regulations,contracts and grants applicable to federal programs. In planning and performing myaudit, I considered the authority's internal control over compliance with requirements thatcould have a direct and material effect on a major federal program in order to determinemy auditing procedures for the purpose of expressing my opinion on compliance and totest and report on internal control over compliance in accordance with OMB Circular A-133.

My consideration of the internal control over compliance would not necessarily discloseall matters in the internal control that might be material weaknesses. A materialweakness is a condition in which the design or operation of one or more of the internalcontrol components does not reduce to a relatively low level the risk that noncompliancewith applicable requirements of laws, regulations, contracts, and grants caused by erroror fraud that would be material in relation to a major federal program being audited mayoccur and not be detected within a timely period by employees in the normal course ofperforming their assigned functions. I noted no matters involving the internal control overcompliance and its operation that I consider to be material weaknesses.

This report is intended solely for the information and use of the board of commissionersand management, others within the organization, the Louisiana Legislative Auditor andfederal awarding agencies and is not intended to be and should not be used by anyoneother than these specified parties. Under Louisiana Revised Statute 24:513, this report isdistributed by the Legislative Auditor as a public document.


October 3, 2006

30

Schedule 1HOUSING AUTHORITY OF THE TOWN

OF CHURCH POINTChurch Point, Louisiana

Schedule of Current Audit Findings and Questioned CostsFiscal Year Ended June 30, 2006

Summary Schedule of Auditor's Results:

1. The auditor's report expresses an unqualified opinion on the basicfinancial statements of the authority.

2. No reportable conditions required to be reported in the Report On InternalControl Over Financial Reporting And On Compliance And Other MattersBased On An Audit Of Financial Statements Performed In AccordanceWith Government Auditing Standards were disclosed during the audit ofthe financial statements.

3. No instances of noncompliance material to the financial statements of theauthority, which would be required to be reported in accordance withGovernment Auditing Standards, were disclosed during the audit.

4. No reportable conditions disclosed during the audit of internal control overmajor federal award programs are reported in the Report On ComplianceWith Requirements Applicable To Each Major Program And On InternalControl Over Compliance In Accordance With OMB Circular A-133.

5. The auditor's report on compliance for the major federal award programsfor the authority expresses an unqualified opinion on all major federalprograms.

6. Audit findings that are required to be reported in accordance with Section510(a) of OMB Circular A-133 are reported in this Schedule.

7. The programs tested as major programs included:

1. 14.872 Capital Fund

31



Schedule of Current Audit Findings and Questioned Costs (Continued)Fiscal Year Ended June 30, 2006

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

9. The authority qualified as a low-risk auditee.

FINDINGS - FINANCIAL STATEMENTS AUDIT

None

FINDINGS AND QUESTIONED COSTS - MAJOR FEDERAL AWARDSPROGRAMS AUDIT

None

32



Schedule of Prior Year Audit FindingsFiscal Year Ended June 30, 2006

There were no findings in the prior audit.

33

Schedule 3

HOUSING AUTHORITY OF THE TOWNOF CHURCH POINT


Schedule of Compensation Paid to Board MembersFiscal Year Ended June 30, 2006

Board members serve without compensation

34

SCHEDULE 4

Housing Authority of the Town of Church PointChurch Point, Louisiana

Schedule of Expenditures of Federal AwardsFor the Year Ended June 30, 2006

Federal Grantor/Pass-through Grantor/ FederalProgram or Cluster Title CFDA # Expenditures

U.S. Department of Housing and Urban Development:

Direct Programs:

Low Rent Public Housing 14.850a 247,376

Housing Choice Voucher Program 14.871 252,596

Public Housing Capital Fund Program 14,872 218,086

Total Federal Expenditures $ 718,058

See accompanying notes to schedule of expenditures of federal awards.

35

HOUSING AUTHORITY OF THE TOWN OFCHURCH POINTChurch Point, Louisiana

Notes to the Schedule of Expenditures of Federal AwardsFor the Year Ended June 30, 2006

NOTE A - General

The accompanying Schedule of Expenditures of Federal Awards presents all of the Federalawards programs of the Authority. The authority reporting entity is defined in Note 1 to the basicfinancial statements. Federal awards received directly from federal agencies, as well as federalawards passed through other governmental agencies are included in this schedule.

NOTE B - Basis of accounting

The accompanying Schedule of Expenditures of Federal Awards Programs is presented using theaccrual basis of accounting, which is described in Note 1 to the authority's basic financialstatements.

NOTE C - Relationship to Basic Financial Statements

Federal awards revenues are reported in the authority's basic financial statements as follows:

Public and Indian Housing—Low Rent Program $247,376Housing Choice Voucher Program 252,596Capital Fund Program 218,086Total $718,059

NOTE D - Relationship to Federal Financial Reports

Amounts reported in the accompanying schedule agree with the amounts reported in the relatedfederal financial reports except for changes made to reflect amounts in accordance with GAAP.

NOTE E- FEDERAL AWARDS

For those funds that have matching revenues and state funding, federal expenditures weredetermined by deducting matching revenues from total expenditures. In accordance with HUDNotice PIH 9814, "federal awards" do not include the authority's operating income from rents orinvestments (or other Non-federal sources). In addition, the entire amount of operating subsidyreceived during the fiscal year is considered to be expended during the fiscal year.

36

Housing Authority of the Town of Church PointFinancial Data Schedule - Schedule 5

PHA: LA032 FYED: 06/30/2006

LineItemNo.111114100

122126126.1

126.2129120

142143143.1144150

161162163164165166

167160

180

190

Account DescriptionCash - UnrestrictedCash - Tenant Security DepositsTotal Cash

Accounts Receivable - HUD Other ProjectsAccounts Receivable - Tenants - Dwelling RentsAllowance for Doubtful Accounts - Dwelling RentsAllowance for Doubtful Accounts - OtherAccrued Interest ReceivableTotal Receivables, net of allowances for doubtful accounts

Prepaid Expenses and Other AssetsInventoriesAllowance for Obsolete InventoriesInterprogram Due FromTotal Current Assets

LandBuildingsFurniture, Equipment & Machinery - DwellingsFurniture, Equipment & Machinery - AdministrationLeasehold ImprovementsAccumulated DepreciationConstruction In ProgressTotal Fixed Assets, Net of Accumulated Depreciation

Total Non-Current Assets

Total Assets

Low RentPublicHousing

$472,085$10,875(482,960

$0$135

$0

$0$7,318$7,453

($33,370$1,709$0$44,024$569,516

$106,656$4,675,055$76,436$73,357$726,441$-4,247,701$0$1.410,244

$1.410.244

111, 979,760

HousingChoicevouchers

$105,438$0$105,438

$0$0$0$0$1,062$1,062

$2,048$0$0

to$108,548

$0$52,248$0$16.447$0$-12,641$0$56.054

$56,054

$164,602

PublicHousingCapital FundProgram$0$0$0

$343$0$0$0$0$343

$0$0$0

$0$343

$0$183,497$0$0$7,203$-12,623$180,420$358,487

$358,497

$358,840

Total$577,523$10,875$588,398

$343$135$0$0$8,380$8,858

$35,418$1,709$0$44,024$678,407

$106,656$4,910,800$76,436$89,804$733,644$-4,272,965$180,420$1,824,795

$1,824,795

$2,503,202

37


PHA: LA032 FYED: 06/30/2006LineItemNo.312321322333341342347

310

354350

300

"508

508.1

511

511.1512.1513

£00

Account DescriptionAccounts Payable <= 90 DaysAccrued Wage/Payroll Taxes PayableAccrued Compensated Absences - Current PortionAccounts Payable - Other GovernmentTenant Security DepositsDeferred RevenuesInterprogram Due ToTotal Current Liabilities

Accrued Compensated Absences - Non CurrentTotal Noncurrent Liabilities

Total Liabilities

Total Contributed Capital ;

Invested in Capital Assets, Net of Related DebtTotal Reserved Fund Balance

Restricted Net AssetsUnrestricted Net AssetsTotal Equity/Net Assets ;

Total Liabilities and Equity/Net Assets

Low RentPublicHousing$4,531$272$4,567$10,569$10,875$2,958$0

$33,772

$24,713

124,713

(58,485

SO

$1,410,244$0

$0$511,031$1,921,275

$1,979.760

HousingChoiceVouchers$822$0$470$0$0$3,515$43,681548,488

$4,726$4,726

$53,214

$0

8156,054$0

$0$55,334$111.388

$164,602

Public HousingCapital FundProgram$0|$0ISOISO$0$0$3435343

$0

$0

$343

$0

$358,497$0

$0$0

$358,497

$358,840

Total$5,353$272$5,037$10,569$10,875$6,473$44,024$82,603

$29,439$29,439

$112.042

SO

111.824.795So

$0

$566,365$2,391,160

52,503,202


706706.1

711715716720

700

Account DescriptionNet Tenant Rental RevenueTotal Tenant Revenue

HUD PHA Operating GrantsCapital GrantsInvestment Income - UnrestrictedOther RevenueGain/Loss on Sale of Fixed AssetsInvestment Income - RestrictedTotal Revenue

Low RentPublicHousing$1 58,594$158,594

$247,376$0$8,271$103,834$4,625$0$522,700

HousingChoiceVouchers$0SO

$252,596$0$2,448$0$0

$0$255,044

Public HousingCapital FundProgram$0$0

$7,879$210,208$0$0$0$0$218.087

Total$158,594$158,594

$507,851$210,208$10,719$103,834$4,625$0

$995,831

38



Account DescriptionAdministrative SalariesAuditing Fees

914 [Compensated Absences91 5 [Employee Benefit Contributions - Administrative916 [Other Operating - Administrative922924

Relocation CostsTenant Services - Other

931 [Water932 Electricity933 [Gas

938 (Other Utilities Expense941942943

945961963964969

970

971973974900

1001

1002

1010

1000

Ordinary Maintenance and Operations - LaborOrdinary Maintenance and Operations - Materials and OtherOrdinary Maintenance and Operations - Contract CostsEmployee Benefit Contributions - Ordinary MaintenanceInsurance PremiumsPayments in Lieu of TaxesBad Debt - Tenant RentsTotal Operating Expenses

Excess Operating Revenue over Operating Expenses

Extraordinary MaintenanceHousing Assistance PaymentsDepreciation ExpenseTotal Expenses

Operating Transfers InOperating Transfers OutTotal Other Financing Sources (Uses)

Excess (Deficiency) of Operating Revenue Over (Under)Expenses

_ow RentPublic-lousing$59,340$1,987$5,686$26,220$28,663$825$0$20,582$6,110$615

$15,462$71,007$40,160$38,837$31,376$52,039$11,582$761410,567

$112,133

$4,000$0$178,046$592,613

$3,946$0$3,946

$-65.967

HousingChoiceVouchers$17,254$7,700$1,152$7,520$13,935$0$272$0$1,193$188

$0$0$2,513$578$0$4,508$0$0(56,813

(198,231

SO$221,274$5,314$283,401

$0soso

5-28,357

Public HousingCapital FundProgram$0$0$0$0$0$0$0$0$0$0$0$0$343$3,590$0$0$0$0

S3.933

$214,154

$0$0$12,623$16,556

$0

$-3,9465-3,946

$197,585

Total$76,594$9,687$6,838$33,740$42,598$825$272$20,582$7,303$803$15,462$71,007$43,016$43,005$31,376$56,547$11,582$76S471.313

$524,518

$4,000$221,274$195,983$892,570

$3,946$-3,946

SO

5103,261

PHA: LA032 FYED: 06/30/2006

LineItemNo.1102

1103

1104

1113

1114

1115

1116

Account DescriptionDebt Principal Payments - Enterprise FundsBeginning EquityPrior Period Adjustments, Equity Transfers and Correction of ErrorsMaximum Annual Contributions Commitment (Per ACC)Prorata Maximum Annual Contributions Applicable to a Period of lessthan Twelve MonthsContingency Reserve, ACC Program ReserveTotal Annual Contributions Available

1120 [Unit Months Available1121 Number of Unit Months Leased

Low RentPublicHousing

$0$1,792,723$194,519$0

$0

$0$0

1,4761,450

HousingChoiceVouchers

$0$138,742$1,003$252,596

$0

$7,623$260,219

1,056

PublicHousingCapital FundProgramSO$355,431$-194,519$0

$0

$0SO

'o

Total$0$2,286,896$1,003$252,596

$0

$7,6235260.219

2,5321,039 )0 [2,489

39

Documents

Housing Authority of Church Point · 2020-07-07 · Housing Authority of Church Point, Louisiana Management's Discussion and Analysis (MD&A) June 30, 2006 OVERVIEW OF THE FINANCIAL