STATE OF MISSISSIPPI OFFICE OF THE STATE AUDITOR PHIL BRYANT_part2 pptx

7 Fund Equity: Investment in general fixed assets 8,631,613 8,631,613 Contributed capital 212,375 212,375 Retained earnings: Unreserved 368,855 368,855 Fund balances: Reserved for debt service 259,856 259,856 Unreserved 3,236,428 1,760,014 16,243 5,012,685 Total Fund Equity 3,236,428 1,760,014 259,856 581,230 16,243 8,631,613 0 14,485,384 Total Liabilities and Fund Equity $ 3,367,213 1,926,005 259,856 717,949 35,495 8,631,613 2,959,258 17,897,389 The notes to the financial statements are an integral part of this statement. This is trial version www.adultpdf.com 8 PERRY COUNTY Exhibit B Combined Statement of Revenues, Expenditures and Changes in Fund Balances - All Governmental Fund Types and Expendable Trust Funds For the Year Ended September 30, 1997 Totals Governmental Fiduciary Memorandum Fund Types Fund Type Only Special Debt Capital Expendable Primary General Revenue Service Projects Trust Government Revenues Property taxes $ 2,136,318 571,541 140,048 2,847,907 Licenses, commissions and other revenue 103,886 189,245 293,131 Fines and forfeitures 107,135 620 107,755 Intergovernmental revenues: Federal sources 51,475 60,000 111,475 State and local sources 361,840 1,209,553 238 1,571,631 Charges for services 19,350 5,000 24,350 Use of money and property 140,646 48,909 6,352 195,907 Miscellaneous revenues 31,070 231,711 160,391 423,172 Total Revenues 2,951,720 2,316,579 307,029 0 0 5,575,328 Expenditures Current: General government 1,298,807 76,978 1,375,785 Public safety 633,381 373,644 11,546 1,018,571 Public works 1,000 1,194,828 1,195,828 Health & welfare 118,425 160,675 279,100 Culture & recreation 116,203 116,203 Conservation of natural resources 42,658 42,658 Economic development & assistance 14,595 14,595 Capital projects 129,142 129,142 Debt service: Principal retirement 10,063 138,434 140,000 288,497 Interest and fiscal charges 1,651 10,418 147,046 159,115 Total Expenditures 2,105,985 2,214,917 287,046 0 11,546 4,619,494 Excess of Revenues over (under) Expenditures 845,735 101,662 19,983 0 (11,546) 955,834 Other Financing Sources (Uses) Proceeds of other debt 40,709 40,709 Insurance recoveries 12,290 8,875 21,165 Operating transfers in 47,051 16,340 8,122 71,513 Operating transfers out (11,321) (52,086) (8,106) (71,513) Total Other Financing Sources (Uses) 48,020 13,838 16 0 0 61,874 Excess of Revenues and Other Sources over (under) Expenditures and Other Uses 893,755 115,500 19,999 0 (11,546) 1,017,708 Fund Balances Beginning of year 2,342,673 1,265,105 239,857 379,409 27,789 4,254,833 Residual equity transfers 379,409 (379,409) End of year $ 3,236,428 1,760,014 259,856 0 16,243 5,272,541 The notes to the financial statements are an integral part of this statement. 9 PERRY COUNTY (This page left blank intentionally) 10 PERRY COUNTY Combined Statement of Revenues, Expenditures and Changes in Fund Balances - Budget (Non-GAAP Budgetary Basis) and Actual - All Governmental Fund Types For the Year Ended September 30, l997 General Special Fund Revenue Funds Variance Variance Favorable Favorable Budget Actual (Unfavorable) Budget Actual (Unfavorable) Revenues Property taxes $ 2,138,191 2,136,844 (1,347) 571,558 571,558 Licenses, commissions and other revenue 102,733 104,080 1,347 188,222 188,640 418 Fines and forfeitures 107,135 107,135 620 620 Intergovernmental revenues: Federal sources 32,921 32,921 State and local sources 444,313 444,313 1,209,553 1,209,553 Charges for services 22,107 22,107 5,000 5,000 Use of money and property 137,694 137,694 47,124 47,124 Miscellaneous revenues 444,653 444,653 25,141 25,141 Total Revenues 3,429,747 3,429,747 0 2,047,218 2,047,636 418 Expenditures General government 1,605,444 1,603,450 1,994 203,404 203,404 Public safety 642,574 642,574 188,577 188,577 Public works 1,000 1,000 1,158,587 1,158,587 Health and welfare 122,070 122,070 Culture and recreation 123,521 123,521 Education 45,158 45,158 Conservation of natural resources 43,066 43,066 Economic development and assistance 17,720 17,720 Capital projects 232,205 232,205 Debt service 146,990 146,990 Total Expenditures 2,459,312 2,457,318 1,994 2,071,004 2,071,004 0 Excess of Revenues over (under) Expenditures 970,435 972,429 1,994 (23,786) (23,368) 418 Other Financing Sources (Uses) (92,416) (92,416) 0 183,888 183,888 0 Excess of Revenues and Other Sources over (under) Expenditures and Other Uses 878,019 880,013 1,994 160,102 160,520 418 Fund Balances Beginning of year 2,346,613 2,346,613 1,677,897 1,677,891 End of year $ 3,224,632 3,226,626 1,837,999 1,838,411 The notes to the financial statements are an integral part of this statement. 11 Exhibit C Debt Service Funds Variance Favorable Budget Actual (Unfavorable) 139,961 139,961 238 238 5,288 5,288 96 96 145,583 145,583 0 1,731,631 1,731,631 1,731,631 1,731,631 0 (1,586,048) (1,586,048) 0 1,604,895 1,604,895 0 18,847 18,847 0 237,439 237,439 256,286 256,286 12 PERRY COUNTY Exhibit D Statement of Revenues, Expenses and Changes in Retained Earnings - Proprietary Fund Type - Enterprise Funds For the Year Ended September 30, 1997 Proprietary Fund Type Enterprise Operating Revenues Charges for sales and services $ 308,443 Other operating revenues 347 Total Operating Revenues 308,790 Operating Expenses Personal services 144,192 Contractual services 190,499 Materials and supplies 19,096 Depreciation expense 23,826 Indirect administrative cost 2,967 Bad debts 46,903 Total Operating Expenses 427,483 Operating Income (Loss) (118,693) Nonoperating Revenues (Expenses) Property tax 204,388 Interest income 12,935 Interest expense (6,445) Gain (loss) on disposal of fixed assets (1,448) Net Nonoperating Revenues (Expenses) 209,430 Net Income (Loss) For the Year 90,737 Retained Earnings Beginning of Year 278,118 End of Year $ 368,855 The notes to the financial statements are an integral part of this statement. 13 PERRY COUNTY Exhibit E Statement of Cash Flows - Proprietary Fund Type - Enterprise Funds For the Year Ended September 30, 1997 Cash Flows From Operating Activities Cash received from customers $ 243,853 Cash payments to suppliers for goods and services (196,180) Cash payments to employees for services (144,192) Cash payment to General Fund for indirect cost (2,274) Other operating cash receipts 347 Net Cash Provided (Used) by Operating Activities (98,446) Cash Flows From Noncapital Financing Activities Cash received from property taxes 204,324 Net Cash Provided (Used) by Noncapital Financing Activities 204,324 Cash Flows From Capital and Related Financing Activities Proceeds of long-term debt 147,992 Proceeds from sale of fixed assets 7,732 Acquisition and construction of capital assets (149,873) Principal paid on long-term debt (29,533) Interest expense paid (6,445) Net Cash Provided (Used) by Capital and Related Financing Activities (30,127) Cash Flows From Investing Activities Interest income 11,639 Net Cash Provided (Used) by Investing Activities 11,639 Net Increase (Decrease) in Cash and Cash Equivalents 87,390 Cash and Cash Equivalents at Beginning of Year 430,162 Cash and Cash Equivalents at End of Year $ 517,552 Reconciliation of Operating Income (Loss) to Net Cash Provided (Used) by Operating Activities: Operating income (loss) $ (118,693) Adjustments to reconcile operating income (loss) to net cash provided (used) by operating activities: Depreciation 23,826 Change in assets and liabilities: (Increase) decrease in accounts receivable (17,687) Increase (decrease) in claims payable 13,415 Increase (decrease) in due to other funds 693 Total adjustments 20,247 Net Cash Provided (Used) by Operating Activities $ (98,446) The notes to the financial statements are an integral part of this statement. PERRY COUNTY Notes to Financial Statements For the Year Ended September 30, 1997 14 (1) Significant Accounting Policies. A. Financial Reporting Entity. Perry County is a political subdivision of the State of Mississippi. The county is governed by an elected five- member Board of Supervisors. Generally accepted accounting principles require Perry County to present these financial statements on the primary government and its component units which have significant operational or financial relationships with the county. Management has chosen to omit from these financial statements the following component units which have significant operational or financial relationships with the county. Accordingly, the financial statements do not include the data of all of the county's component units necessary for reporting in conformity with generally accepted accounting principles. $ Perry County Community Hospital $ Perry County Economic Development District State law pertaining to county government provides for the independent election of county officials. The following officials are all part of the county legal entity and therefore are reported as part of the primary government financial statements. $ Board of Supervisors $ Chancery Clerk $ Circuit Clerk $ Justice Court Clerk $ Purchase Clerk $ Tax Assessor-Collector $ Sheriff B. Basis of Presentation. The accompanying financial statements of the primary government have been prepared in conformity with generally accepted accounting principles as prescribed by the Governmental Accounting Standards Board. However, the primary government financial statements, because they do not include the financial data of the county's component units, do not present fairly, in all material respects, the financial position and results of operations and cash flows of its Enterprise Fund Type for the entire reporting entity. C. Account Classifications. The account classifications used in the financial statements conform to the broad classifications recommended in Governmental Accounting, Auditing and Financial Reporting as issued in 1994 by the Government Finance Officers Association and the Mississippi County Financial Accounting Manual as revised in 1993 by the Office of the State Auditor. PERRY COUNTY Notes to Financial Statements For the Year Ended September 30, 1997 15 D. Fund Accounting. The financial activities of the county are recorded in individual funds and account groups used to report financial position and results of operations. Fund accounting is used to demonstrate legal compliance and to aid financial management by segregating transactions relating to certain government functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts, segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance with specific regulations, restrictions or limitations. An account group is a financial reporting device designated to provide accountability for certain assets and liabilities that are not recorded in funds because they do not directly affect net expendable available financial resources. The following fund categories, which are further subdivided into separate "fund types", are utilized by the county: GOVERNMENTAL FUND TYPES General Fund - This fund is used to account for all activities of the general government for which a separate fund has not been established. Special Revenue Funds - These funds are used to account for the proceeds of specific revenue sources (other than expendable trusts or for major capital projects) that are legally restricted to expenditures for specified purposes. Special Revenue Funds account for, among others, certain federal grant programs, taxes levied with statutorily defined distributions and other resources restricted as to purpose. Debt Service Funds - These funds are used to account for the accumulation of resources for, and the payment of, general long-term debt principal, interest and related costs. PROPRIETARY FUND TYPE Enterprise Funds - These funds are used to account for those operations that are financed and operated in a manner similar to private business enterprises or where the county has decided that periodic determination of revenues earned, expenses incurred and/or net income is necessary for management accountability. FIDUCIARY FUND TYPES Expendable Trust Funds - These funds are used to account for assets held by the county in a formal trustee capacity where the principal and income may be expended in the course of designated operations. Agency Funds - These funds account for various taxes, deposits and other monies collected or held by the county, acting in the capacity of an agent, for distribution to other governmental units or designated beneficiaries. ACCOUNT GROUPS - The General Fixed Assets Account Group is used to account for general fixed assets not accounted for in Proprietary Funds. The General Long-term Debt Account Group is used to account for general long-term debt and certain other liabilities that are not specific liabilities of Proprietary Funds. PERRY COUNTY Notes to Financial Statements For the Year Ended September 30, 1997 16 E. Basis of Accounting/Measurement Focus. Governmental Fund Types and Expendable Trust and Agency Funds - All Governmental Funds and Expendable Trust Funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities are generally included on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. The modified accrual basis of accounting is used by all Governmental Fund Types, Expendable Trust Funds and Agency Funds. Under this method, revenues are recognized in the accounting period in which they become both available and measurable to finance operations during the year or to liquidate liabilities existing at the end of the year. Available means collected in the current year or soon enough after year end to liquidate liabilities existing at the end of the year. Expenditures are recognized in the accounting period in which the fund liability is incurred. Modifications to the accrual basis of accounting include: $ Licenses, fees, fines and forfeits and other miscellaneous revenues are recognized when received since they normally are only measurable at that time. $ Property taxes are recognized as revenue when received because the remaining delinquent property taxes not collected before the close of the fiscal year are considered immaterial. See Note 1L for further explanation. $ Principal and interest on general long-term debt are recognized when due. $ Obligations for accumulated unpaid employee benefits are recognized when paid. Proprietary Fund Types - All Proprietary Funds are accounted for on a flow of economic resources measurement focus. With this measurement focus, all assets and all liabilities associated with the operation of these funds are included on the balance sheet. Fund equity (i.e., net total assets) is segregated into contributed capital and retained earnings components. Proprietary operating statements present increases (e.g., revenues) and decreases (e.g., expenses) in net total assets. The accrual basis of accounting is utilized. Under this method, revenues are recognized when earned and expenses are recognized at the time liabilities are incurred. F. Budgetary Process and Accounting. Process: Statutory requirements dictate how and when the county's budget is to be prepared. Generally, in the month of August, prior to the ensuing fiscal year beginning each October 1, the Board of Supervisors of the county, using historical and anticipated fiscal data and proposed budgets submitted by the Sheriff and the Tax Assessor-Collector for his or her respective department, prepares an original budget for each of the Governmental Funds for said fiscal year. The completed budget for the fiscal year includes for each fund every source of revenue, each general item of expenditure and the unencumbered cash and investment balances. When during the fiscal year it appears to the Board of Supervisors that budgetary estimates will not be met, it may make revisions to the budget. . by the Government Finance Officers Association and the Mississippi County Financial Accounting Manual as revised in 1993 by the Office of the State Auditor. PERRY COUNTY Notes to Financial Statements For. Development District State law pertaining to county government provides for the independent election of county officials. The following officials are all part of the county legal entity and therefore are. Financial Statements For the Year Ended September 30, 1997 14 (1) Significant Accounting Policies. A. Financial Reporting Entity. Perry County is a political subdivision of the State of Mississippi. The