STATE OF MISSISSIPPI OFFICE OF THE STATE AUDITOR_part1 pot

STATE OF MISSISSIPPI OFFICE OF THE STATE AUDITOR PHIL BRYANT State Auditor RAMONA HILL, CPA Director, Financial and Compliance Audit Division ED YARBOROUGH, CPA, CIA, CFE, CGFM Director, County Audit Section PRENTISS COUNTY, MISSISSIPPI General-Purpose Financial Statements and Special Reports For the Year Ended September 30, 1997 PRENTISS COUNTY TABLE OF CONTENTS FINANCIAL SECTION 1 INDEPENDENT AUDITOR'S REPORT 3 GENERAL-PURPOSE FINANCIAL STATEMENTS 5 Combined Balance Sheet - All Fund Types and Account Groups 6 Combined Statement of Revenues, Expenditures and Changes in Fund Balances - All Governmental Fund Types 8 Combined Statement of Revenues, Expenditures and Changes in Fund Balances - Budget (Non-GAAP Budgetary Basis) and Actual - All Governmental Fund Types 10 Combined Statement of Revenues, Expenses and Changes in Retained Earnings - Proprietary Fund Type - Enterprise Fund 12 Combined Statement of Cash Flows - Proprietary Fund Type - Enterprise Fund 13 Notes to Financial Statements 14 SPECIAL REPORTS 31 Independent Auditor's Report on Compliance and on Internal Control Over Financial Reporting Based on an Audit of the General-Purpose Financial Statements Performed in Accordance With Government Auditing Standards 33 Independent Auditor's Report on Central Purchasing System, Inventory Control System and Purchase Clerk Schedules (Required by Section 31-7-115, Miss. Code Ann. (1972)) 35 Independent Auditor's Report on Compliance with State Laws and Regulations 41 SCHEDULE OF FINDINGS 43 3750 I-55 NORTH FRONTAGE ROAD JACKSON, MISSISSIPPI 39211 $ (601) 364-2888 $ FAX (601) 364-2828 The Office of the State Auditor does not discriminate on the basis of race, religion, national origin, sex, age or disability 1 PRENTISS COUNTY FINANCIAL SECTION 2 PRENTISS COUNTY (This page left blank intentionally) 3 OFFICE OF THE STATE AUDITOR PHIL BRYANT AUDITOR INDEPENDENT AUDITOR'S REPORT ON THE GENERAL-PURPOSE FINANCIAL STATEMENTS July 31, 1998 Members of the Board of Supervisors Prentiss County, Mississippi We have audited the accompanying general-purpose financial statements of Prentiss County, Mississippi, as of and for the year ended September 30, 1997, as listed in the table of contents. These general-purpose financial statements are the responsibility of the county's management. Our responsibility is to express an opinion on these general-purpose financial statements based on our audit. Except as discussed in the following paragraph, we conducted our audit in accordance with generally accepted auditing standards and the standard applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. The county did not maintain adequate subsidiary records documenting the completeness and valuation of general fixed assets. Due to the nature of the county's records, we were unable to satisfy ourselves as to the fair presentation of the General Fixed Assets Account Group, reported on the combined balance sheet at $4,479,997 as of September 30, 1997. In our opinion, except for the effects of such adjustments, if any, as might have been determined to be necessary had we been able to examine evidence regarding general fixed assets described in the third paragraph, the general- purpose financial statements referred to above present fairly, in all material respects, the financial position of Prentiss County, Mississippi, as of September 30, 1997, and the results of its operations and the cash flows of its Enterprise Fund Type for the year then ended, in conformity with generally accepted accounting principles. 4 In accordance with Government Auditing Standards, we have also issued a report dated July 31, 1998, on our consideration of Prentiss County, Mississippi's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants. PHIL BRYANT RAMONA HILL, CPA State Auditor Director, Financial and Compliance Audit Division 5 PRENTISS COUNTY GENERAL-PURPOSE FINANCIAL STATEMENTS 6 PRENTISS COUNTY Exhibit A Combined Balance Sheet - All Fund Types and Account Groups September 30, l997 Governmental Proprietary Fiduciary Account Fund Types Fund Type Fund Type Groups General General Totals Special Debt Capital Fixed Long-term Memorandum General Revenue Service Projects Enterprise Agency Assets Debt Only ASSETS Cash and investments (Note 4) $ 347,388 1,288,690 302,941 96,081 129,215 93,245 2,257,560 Accounts receivable (net of allowances for uncollectibles $6,978) 132,583 132,583 Other receivables 3,744 154,131 157,875 Intergovernmental receivables 82,016 82,016 Interfund receivables (Note 5) 22,257 29,737 20,321 7,934 80,249 Loans receivable (Note 6) 147,660 147,660 Lease payments receivable (Note 9) 6,660,445 6,660,445 Fixed assets (net, where applicable, of accumulated depreciation) (Note 7) 415,721 4,479,997 4,895,718 Amount available in debt service funds 323,262 323,262 Amount to be provided for retirement of general long-term debt 11,492,177 11,492,177 Total Assets $ 455,405 8,126,532 323,262 96,081 831,650 101,179 4,479,997 11,815,439 26,229,545 LIABILITIES AND FUND EQUITY Liabilities: Claims payable $ 218,645 147,021 120,545 81,450 567,661 Intergovernmental payables 143,463 6,622 3,160 101,179 254,424 Interfund payables (Note 5) 57,992 22,257 80,249 Accrued interest payable 1,706 1,706 Deferred revenue - lease principal payments (Note 9) 4,550,000 4,550,000 Deferred revenue - lease interest payments (Note 9) 2,110,445 2,110,445 Deferred revenue - garbage fees 62,692 62,692 General obligation bonds payable - current (Note 10) 25,000 25,000 General obligation bonds payable - long-term (Note 10) 170,000 11,272,500 11,442,500 This is trial version www.adultpdf.com [...]... 1,312,444 323,262 (24,464) (24,464) 339,746 0 4,479,997 0 323,262 147,660 1,175,625 6,466,290 455,405 8,126,532 323,262 96,081 831,650 101,179 4,479,997 11,815,439 26,229,545 The notes to the financial statements are an integral part of this statement 7 This is trial version www.adultpdf.com ...Equipment notes payable (Note 10) Capital leases payable - current (Note 10) Capital leases payable - long-term (Note 10) Other loans and notes payable (Note 10) Total Liabilities 36,136 27,186 98,453 420,100 Fund Equity: Investment in general fixed assets Contributed capital Retained earnings: Unreserved Fund balances: Reserved . intentionally) 3 OFFICE OF THE STATE AUDITOR PHIL BRYANT AUDITOR INDEPENDENT AUDITOR& apos;S REPORT ON THE GENERAL-PURPOSE FINANCIAL STATEMENTS July 31, 1998 Members of the Board of Supervisors Prentiss. STATE OF MISSISSIPPI OFFICE OF THE STATE AUDITOR PHIL BRYANT State Auditor RAMONA HILL, CPA Director, Financial and Compliance Audit. County, Mississippi We have audited the accompanying general-purpose financial statements of Prentiss County, Mississippi, as of and for the year ended September 30, 1997, as listed in the table of