Village of Chataignier - LLA Default Homepageapp1.lla.state.la.us/.../$FILE/000136DE.pdf · Village...

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VILLAGE OF CHATAIGNIER, LOUISIANA

Financial Report

Year Ended June 30, 2009

Under provisions of state law, this report is a public document. Acopy of the report has been submitted to the entity and other appropriate public officials. The report is available for public inspection at the Baton Rouge office of the Legislative Auditor and, v /here appropriate, at the office of the parish clerk of court.

Release Date 10 'j^hf

TABLE OF CONTENTS

Page

Accountants' Compilation Report 1

BASIC FINANCIAL STATEMENTS

GOVERNMENT-WIDE FINANCIAL STATEMENTS (GWFS) Statement of net assets 4 Statement of activities 5

FUND FINANCIAL STATEMENTS (FFS) Balance sheet - governmental llinds 8 Reconciliation of the governmental funds balance sheet

to the statement of net assets 9 Statement of revenues, expenditures, and changes in fund balances -

governmental funds 10 Reconciliation of the statement of revenues, expenditures, and

changes in fund balances of governmental funds to the statement of activities 11 Statement of net assets - proprietary fund 12 Statement of revenues, expenses, and changes in fund net

assets - proprietary fund 13 Statement of cash flows - proprietary fund 14

Notes to basic financial statements 15-23

REQUIRED SUPPLEMENTARY INFORMATION Budgetary comparison schedules;

General Fund 25

OTHER SUPPLEMENTAL INFORMATION Schedule of insurance in force 27

INTERNAL CONTROL AND COMPLIANCE Summary schedule of current and prior year findings

and corrective action plan 29

C. Bi r ton Koldof. CPA* Russell F, Champagne, CPA* V i d o r R . S I a v o a C P A * P. Troy CoufVillft, CPA* Gerald A, Thibodoaux, Jr.CPA* Robert S Carter, CPA ' Arthur R. M i « n , C P A *

KOLDER, CHAMPAGNE, SLAVEN & COMPANY, LLC CERTIFIED PUBLIC ACCOUNTANTS

Tyres E Mbton.J r , CPA AHenJ. U B r y , CPA Albert R. LQoer.CPAi>FS,CSA-P e m y A r g d l a Scruggtns, CPA Chriatino L, Cousin, CPA Mary T. Thibtxfeaux, CPA Marehal lW. Guidry, CPA Aten M.Taylor, CPA slamftftR, Roy, CPA Robert J. Motz. CPA KoByM Douce t .CPA ChoryfL. BarHey, CPA Mandy B. Self, CPA P a u L Delcambre, Jr. CPA Wanda F. Arcemant CPA, OVA Kr isenB. Deuzat.CPA Richard R. Anderson Sr., CPA Carolyn C. AndarEon. CPA

Rebred: Conrad O. Chapmanr CPA* 2006 HorryJ.CIoat io .CPA 2007

ACCOUNTANTS' COMPILATION REPORT

OFFICES

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Phone (337)628-0272 FBK (337)828-0290

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Phone (316) 442-4421 Fax (318) 442-9833

• A PiofaMbrw) ^oouflSng Cojporaion

WEBSITE WWWKCSRCPAS COM

To the Board of Aldermen Village of Chataignier, Louisiana

We have compiied the accompanying financial statements of the governmental activities, the business-type activities and each major fund of the Village of Chataignier, as of and for the year ended June 30, 2009, which collectively comprise the Village's basic financial statements as listed in the table of contents, and the accompanying supplementary information contained on page 27, which is presented only for supplemental analysis purposes, in accordance with Statements on Stan<jards for Accounting and Review Services issued by the American Institute of Certified Public Accountants.

A compilation is limited to presenting in the form of financial statements information that is the representation of management. We have not audited or reviewed the accompanying fmancial statements and, accordingly, do not express an opinion or any other form of assurance on them.

The Village has not presented management's discussion and analysis that the Governmental Accounting Standards Board has determined is necessary to supplement, although not required to be part of, the basic financial statements.

The budgetary comparison infonnation, on page 25, is not a required part of the basic financial statements but is supplementary information required by the Governmental Accounting Standards Board. We have compiled the supplementary information from information that is the representation of management, without audit or review. Accordingly, we do not express an opinion or any other form of assurance on the supplementary information.

Koldetf Champagne, Slaven & Company, LLC Certified Public Accountants

Ville Platte, Louisiana September 15,2009

Member of: AMERICAN INSTITUTE OF CE RTI F E D PUBUC ACCOUNTANTS

Member of: SOCIETY OF LOUISIANA

CERTIFIED PUBLIC ACCOUNTANTS

BASIC FINANCIAL STATEMENTS

GOVERNMENT-WIDE FINANCIAL STATEMENTS (GWFS)


ASSETS Current assets:

Cash and interest-bearing deposits Receivables Due from other governmental units

Total current assets

Noncurrent assets:

Statement of Net Assets June 30, 2009

Governmental Activities

$ 88,193 5,879 -

Business-Type Activities

$ 15,903 3,616 8,825

Total

$104,096 9,495 8,825

94.072

357,555

28,344

517,902

122,416

875,457

Total assets

LIABILITIES Current Habilities:

Accounts and other payables

Noncurrent liabilities:

Customers deposits payable

Total liabilities

NET ASSETS Invested in capital assets, net of related debt

Unrestricted Total net assets

451,627

-

-

,

386,326 65,301

$451,627

546,246

18,325

2,154

20,479

517,902 7,865

$525,767

997,873

18,325

2,154

20,479

904,228 73,166

$977,394

See accompan3ang notes and accountants' report.

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FUND FINANCIAL STATEMENTS (FFS)

MAJOR FUND DESCRIPTIONS

General Fund

The General Fund is used to account for resources traditionally associated with governments which are not required to be accounted for in. another fund.

Enterprise Fund

Sewer Fund -To account for the provision of sewerage services to residents of the Village. All activities necessary to provide such services are accoxinted for in this fund,-including, but not limited to, administration, operations, maintenance, fmancing and related debt service, and billing and collection.


Balance Sheet Governmental Fund - General Fund

June 30, 2009

ASSETS

Cash and interest-bearing deposits $ 88,193 Receivables:

Sales tax 2,124 Other 3,755

Total assets $94,072

FUND BALANCE

Fund balance: Unreserved, undesignated $ 94,072

See accompanying notes and accountants' report.


Reconciliation of the Governmental Fund Balance Sheet to the Statement of Net Assets

June 30,2009

Total fund balances for governmental funds at June 30, 2009 $ 94,072

Total net assets reported for governmental activities in the statement of net assets is different because:

Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the funds. Those assets consist of: Land $25,964 Buildings, net of $219,818 accumulated depreciation 81,084 Equipment, furniture, and fixtures net of $92,743 accumulated depreciation 8,353 Infrastructure, net of $101,494 accumulated depreciation 242,154 357,555

Total net assets of governmental activities at June 30, 2009 $ 451,627

See accompanying notes and accountants' report,

9


Statement of Revenues, Expenditures, and Changes in Fund Balance-Governmental Fund - General Fund For the Year Ended June 30, 2009

Revenues: Taxes Licenses and permits Franchise tax Intergovernmental Fines and forfeits Interest Miscellaneous

Total revenues

Expenditures: Current -

General govemment Public safety Public works Culture and recreation

Total expenditures

Deficiency of revenues over expenditures

Other financing sources (uses):

Transfers out

Net change in fund balance

Fund balance, beginning

Fund balance, ending

$23,523 6,828

15,288 3,550 5,456 2,242 7,174

64,061

35,164

10,286

14,631

8,733

68,814

(4,753)

(3,950)

(8,703)

102,775

$94,072


10


Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Fund

to the Statement of Activities For the Year Ended June 30, 2009

Total net changes in fund balance at June 30, 2009 per Statement of Revenues, Expenditures and Changes in Fund Balances $ (8,703)

Depreciation expense for the year ended June 30, 2009 28,771

Total change in net assets at June 30, 2009 per Statement of Activities $ (37,474)


II


Statement of Net Assets Proprietary Fund - Enterprise Fund

June 30, 2009

ASSETS

Current assets; Cash

Accounts receivable

Due from other governmental units

Total current assets

Noncurrent assets:

Capital assets, net of accumulated depreciation

Total assets

$ 15,903 3,616 8,825

28,344

517,902

546,246

Current liabilities: Accounts payable

Noncurrent liabilities:

Customers' deposits

Total liabilities

LIABILITIES

18,325

2,154

20,479

NET ASSETS

Invested in capital assets, net of related debt

Unrestricted

Total net assets

517,902 7,865

$525,767


12


Statement of Revenues, Expenses, and Changes in Fund Net Assets Proprietary Fund - Enterprise Fund For the Year Ended June 30,2009

Operating revenues: Charges for services Penalty income

Total operating revenues

Operating expenses: Depreciation expense Insurance Office expense Repairs and maintenance Salaries and related benefits Fees and testing expenses Utilities

Total operating expenses

Operating loss

Capital contributions

Loss before transfers

Transfers in (out): Transfers in

Change in net assets

Net assets, beginning

Net assets, ending

20,757 1,141

21,898

25,890 1,200

773 29,145

9,300 1,715 4,339

72,362

(50,464)

24,973

(25,491)

3,950

(21,541)

547,308

$525,767


13


Statement of Cash Flows Proprietary Fund Type-Enterprise Fund

Year Ended June 30,2009

Cash flows from operating activities: Operating loss $ (50,464)

Adjustments to reconcile operating loss to net cash used by operating activities -

Depreciation 25,890 Increase in accounts receivable (126) Increase in due from other governmental units (8,825) Increase in accounts payable 14,978

Total adjustments 31,917

Net cash used by operating activities (18,547)

Cash flows from noncapital financing activities:

Transfers from other funds 3,950

Cash flows from capital and related financing activities: Proceeds from capital contribution 24,973 Proceeds from meter deposits 746

Net cash used by capital and related financing activities 25,719

Net increase in cash and cash equivalents 11,122

Cash and cash equivalents, beginning of period 4,781

Cash and cash equivalents, end of period $ 15,903


14

VILLAGE OF CHATAIGNIER, LOUISLWA

Notes to Basic Financial Statements

(1) Summary of Significant Accounting Policies

The accompanying financial statements of the Village of Chataignier (Village) have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to governmental units. GAAP includes all relevant Governmental Accounting Standards Board (GASB) pronouncements. In the government-wide financial statements, Financial Accounting Standards Board (FASB) pronouncements and Accounting Principles Board (APB) opinions on or before November 30, 1989 have been applied unless those pronouncements conflict with or contradict GASB pronouncements, in which case, GASB prevails. The accounting and reporting framework and the more significant accounting policies are discussed in subsequent subsections ofthis note.

A. Financial Reportrng Entitv

The Village of Chataignier was incorporated in 1972, under the provisions of the Lawrason Act. The Village operates under a Mayor-Board of Alderman form of govemment and provides the following services: public safety, highway and streets, sanitation, culture and recreation, health and welfare, public improvements and general administrative services.

This report includes all funds and activities that are confrolled by the Village as an independent political subdivision of the State of Louisiana. There are no component units required to be reported in conformity with generally accepted accounting principles.

B. Basis of Presentation

Government-Wide Financial Statements (GWFS)

The statement of net assets and statement of activities display information about the Village, the primary govemment, as a whole. They include all funds of the reporting entity. The statements distinguish between governmental and business-type activities. Governmental activities generally are financed through taxes, intergovernmental revenues, and other nonexchange revenues. Business-type activities are financed in whole or in part by fees charged to external parties for goods or services.

The statement of activities presents a comparison between direct expenses and program revenues for the business-type activities of the Village and for each function of the Village's governmental activities. Direct expenses are those that are specifically associated -with, a program or function and, therefore, are clearly identifiable to a particular function. Program revenues include (a) fees, fines, and charges paid by the recipients of goods or services offered by the programs, and (b) grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not classified as program revenues, including all taxes, are presented as general revenues.

15


Notes to Basic Financial Statements (Continued)

Fund Financial Statements

The accounts of the Village are organized and operated on the basis of funds. A fund is an independent fiscal and accounting entity with a separate set of self-balancing accounts. Fund accounting segregates funds according to their intended purpose and is used to aid management in demonstrating compliance with finance-related legal and contractual provisions. The minimum number of funds is maintained consistent with legal and managerial requirements. Fund financial statements report detailed information about the Village,

The various funds of the Village are classified into two categories: governmental and proprietary. The emphasis on fund financial statements is on major governmental and enterprise funds, each displayed in a separate column. A fund is considered major if it is the primary operating fund of the Village or meets the following criteria:

a. Total assets, liabilities, revenues, or expenditures/expenses of that individual govemmental or enterprise fund are at least 10 percent of the corresponding total for all funds of that category or type; and

b. Total assets, liabiHties, revenues, or expenditures/expenses of the individual govemmental or enterprise fund are at least- 5 percent of the corresponding total for all govemmental and enterprise funds combined

The major funds of the Village are described below:

Govemmental Funds -

The General Fund is the general operating fund of the Village. It is used to account for all fmancial resources except those required to be accounted for in another fund.

Proprietary Funds -

Proprietary funds are used to account for ongoing organizations and activities that are similar to those often found in the private sector. The measurement focus is based upon determination of net income, financial position, and cash flows. The Village's proprietary fund types are enterprise funds.

16



Enterprise Funds

Enterprise funds are used to account for operations (a) that are financed and operated in a manner similar to private business enterprises, where the intent of the governing body is that the costs (expenses, including depreciation) of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges; or (b) where the governing body has decided that periodic determination of revenues eamed, expenses incurred, and/or net income is appropriate for capital maintenance, public policy, management control, accountability or other purposes. The Village applies all applicable FASB pronouncements issued after November 30, 1989 in accounting and reporting for its enterprise fund. The Village's enterprise fund is the Sewer Fund.

Measurement Focus/Basis of Accounting

Measurement focus is a term used to describe "which" transactions are recorded within the various financial statements. Basis of accounting refers to "when" transactions are recorded regardless of the measurement focus applied.

Measurement Focus

On the government-wide statement of net assets and the statement of activities, both govemmental and business-type activities are presented using the economic resources measurement focus as defmed in item b. below.

In the fund financial statements, the "current financial resources" measurement focus or the "economic resources" measurement focus is used as appropriate:

a. All govemmental funds utilize a "current financial resources" measurement focus. Only current financial assets and liabilities are generally included on their balance sheets. Their operating statements present sources and uses of available spendable fmancial resources during a given period. These funds use fund balance as their measure of available spendable financial resources at the end of the period.

b. The proprietary fund utilizes an "economic resources" measurement focus. The accounting objectives of this measurement focus are the determination of operating income, changes in net assets (or cost recovery), financial position, and cash flows. All assets and liabilities (whether current or noncurrent) associated with their activities are reported. Proprietary fund equity is classified as net assets.

17



Basis of Accounting

In the government-wide statement of net assets and statement of activities, both govemmental and business-type activities are presented using the accrual basis of accounting. Under the accrual basis of accounting, revenues are recognized when eamed and expenses are recorded when the liability is incurred or economic asset used. Revenues, expenses, gains, losses, assets, and liabilities resulting from exchange and exchange-like transactions are recognized when the exchange takes place.

Govemmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period- For this purpose, the government considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures (including capital outlay) generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures are recorded only when payment is due.

The proprietary ftind utilizes the accrual basis of accounting. Under the accrual basis of accounting, revenues are recognized when eamed and expenses are recorded when the liability is incurred or economic asset used.

Program revenues

Program revenues included in the Statement of Activities are derived directly from the program itself or from parties outside the Village's taxpayers or citizenry, as a whole; program revenues reduce the cost of the function to be financed from the Village's general revenues.

Allocation of indirect expenses

The Village reports all direct expenses by function in the Statement of Activities. Direct expenses are those that are clearly identifiable with a function. Indirect expenses of other functions are not allocated to those functions, but are reported separately in the Statement of Activities. Depreciation expense is specifically identified by function and is included in the direct expense of each function. Interest on general long-term debt is considered an indirect expense and is reported separately on the Statement of Activities.

When both restricted and unrestricted resources are available for use, it is the Village's policy to use restricted resources first, then unrestricted resources as they are needed.

18



D. Assets. Liabilities and Equity

Cash and interest-bearing deposits

For purposes of the Statement of Net Assets, cash and interest-bearing deposits include all demand accounts, savings accounts, and certificates of deposits of the City. For the purpose of the proprietary fund statement of cash flows, "cash and cash equivalents" include all demand and savings accounts, and certificates of deposit or short-term investments with an original maturity of three months or less when purchased.

Capital Assets

Capital assets, which include property, plant, equipment, and infrastructure assets, are reported in the applicable governmental or business-type activities columns in the government-wide or financial statements. Capital assets are capitalized at historical cost or estimated cost if historical is not available. Donated assets are recorded as capital assets at their estimated fair market value at the date of donation. The Village maintains a threshold level of $5,000 or more for capitalizing capital assets. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend assets lives are not capitalized.

Depreciation of all exhaustible capital assets is recorded as an allocated expense in the statement of activities, with accumulated depreciation reflected in the statement of net assets. Depreciation is provided over the assets' estimated useful lives using the straight-line method of depreciation. The range of estimated useful lives by type of asset is as follows:

Buildings 30 years Equipment 5 years Utility system and improvements 20-40 years Infrastructure 20 years

In the fund financial statements, capital assets used in govemmental fund operations are accounted for as capital outlay expenditures of the govemmental fund upon acquisition. Capital assets used in proprietary fund operations are accounted for the same as in the govemment-wide statements.

Equity Classifications

In the govemment-wide statements, equity is classified as net assets and displayed in three components:

a. Invested in capital assets, net of related debt - Consists of capital assets including restricted capital assets, net of accumulated depreciation and reduced by the outstanding balances of any bonds, mortgages, notes, or other borrowing that are attributable to the acquisition, construction, or improvement of those assets.

19

VILLAGE OF CHATAIGNIER, LOUISL\NA


b. Restricted net assets - Consists of net assets with constraints placed on the use either by (1) external groups, such as creditors, grantors, contributors, or laws or regulations of other governments; or (2) law through constitutional provisions or enabling legislation.

c. Unrestricted net assets - All other net assets that do not meet the definition of'Vestricted" or "invested in capital assets, net of related debt."

In the fund financial statements, govemmental fund equity is classified as fund balance. Fund balance is frirther classified as reserved and unreserved, with unreserved further split between designated and undesignated. Proprietary fund equity is classified the same as in the govemment-wide statements.

Revenues, Expenditures, and Expenses

Operating Revenues and Expenses

Operating revenues and expenses for proprietary funds are those that result from providing services and producing and delivering goods and/or services. It also includes all revenue and expenses not related to capital and related financing, noncapital financing, or investing activities.

Expenditures/Expenses

In the govemment-wide financial statements, expenses are classified by function for both govemmental and business-type activities.

In the fund financial statements, expenditures are classified as follows:

Govemmental Funds - By Character: Proprietary Fund - By Operating and Nonoperating

In the fund fmancial statements, govemmental funds report expenditures of financial resources. Proprietary funds report expenses relating to use of economic resources.

Interfrmd Transfers

Permanent reallocations of resources between funds of the reporting entity are classified as interfund fransfers. For the puiposes of the statement of activities, all interfund transfers between individual govemmental funds have been eliminated.

20



F. Budgets

A budget for the General Fxmd for the year ended June 30, 2009 was adopted in accordance with LSA-R.S. 39:1301, cited as the "Louisiana Local Govemment Budget Act." Budgeted amounts included in the accompanymg financial statements are as originally adopted or as finally amended by the Village.

G. Compensated Absences

The Village has no policy relating to compensated absences. Any liability the Village might have in this regard at June 30, 2009 is considered immaterial; therefore, no liability has been recorded in the accounts.

(2) Cash and Interest-Bearing Deposits

Under state law, the Village may deposit funds within a fiscal agent bank organized under the laws of the State of Louisiana, the laws of any other state in the Union, or the laws of the United States. The Village may invest in certificates and time deposits of state banks organized under Louisiana law and national banks having principal offices in Louisiana. At June 30, 2009, the Village has cash and interest-bearing deposits (book balances) totaling $104,096 as follows:

Demand deposits $ 78,149 Interest bearing deposits 25,947

Total $104,096

Custodial credit risk for deposits is the risk that in the event of the failure of a depository financial institution, the Village's deposits may not be recovered or will not be able to recover the collateral secuiities that are in the possession of an outside party. Under state law, these deposits (or the resulting bank balances) must be secured by federal 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 at all times equal the amount on deposit with the fiscal agent bank. These securities are held in the name of the pledging fiscal agent bank in a holding or custodial bank that is mutually acceptable to both parties. As of June 30, 2009, bank balances in the amount of $104,653 were secured in total by federal deposit insurance.

(3) Receivables

Receivables at June 30, 2009 of $9,495 consist of the following:

General Sewer Total Accounts Franchise tax Sales tax Other

Totals

21

$ -2,290 2,124 1,465

$5,879

$3,616 --

. -$3,616

$3,616 2,290 2,124 1,465

$9,495



(4) Ad Valorem Taxes

Ad valorem taxes attach as an enforceable lien on property as of January 1 of each year. Taxes are levied in September or October and billed to the taxpayers in December. Billed taxes become delinquent on January 1 of the following year.

For the year ended June 30,2009, taxes of 4.10 mills were levied on property with assessed valuations totaling $770,430. Total taxes levied were $3,159.

(5) Capital Assets

Capital asset activity for the year ended June 30, 2009 was as follows;

Govemmental activities: Land Buildings and improvements Equipment Street Improvements

Totals

Less: accumulated depreciation Buildings and improvements Equipment Street Improvements

Total accumulated depreciation

Balance 6/30/2008

$ 25,964 300,902 101,096 343,648 771,610

216,582 84,390 84,312

385,284

Addtions

$ -----

3,236 8,353

17,182

28,771

Deletions

$ ----_

----

Balance 6/30/2009

$ 25,964 300,902 101,096 343,648 771,610

219,818 92,743

101,494 414,055

Govemmental activities, capital assets, net $386,326 $ (28,771) $ $357,555

Business-type activities: Land Systems and extensions Equipment

Totals Less accumulated depreciation

Business-type activities, capital assets, net

$ 10,000 1,035,584

5,236 1,050,820

507,028

$ 543,792

25,890

$ -

$ 10,000 1,035,584

5,236

1,050,820 532,918

$ 517,902

22



(6) Board Members' Compensation

The Village paid the mayor and aldermen the following salaries:

Hennan Malveaux $ 3,600 Joseph Semien 1,200 Lucy Green 1,200 Alton Thomas, Jr, 1,200

$7,200

(7) Risk Management

The Village is exposed to risks of loss in the areas of general and auto liability, property hazards and workers' compensation. All of these risks are handled by purchasing commercial insurance coverage. There have been no significant reductions in the insurance coverage during the year.

(8) Litigation

At June 30, 2009, there is no litigation pending against the Village.

(9) Changes in Accounting Principles

For the year ended June 30, 2009, the Village has implemented GASB Statement No, 34, Basic Financial Statements - and Management's Discussion and Analysis ~ for State and Local Governments. GASB Statement No, 34 creates new basic financial statements for reporting on the Village's financial activities. The financial statements now include govemment-wide fmancial statements prepared on the accmal basis of accounting, and fund financial statements which present infonnation for individual major funds rather than by fund type which has been the mode of presentation in previously issued financial statements. The Village also implemented GASB Statement No. 33, Accounting and Financial Reporting for Nonexchange Transactions, No. 37, Basic Financial Statements - And Management's Discussion and Analysis - For State and Local Govemments: Omnibus. No. 38, Certain Financial Statement Note Disclosures, and Interpretation No. 6, Recognition and Measurement of Certain Liabilities and Expenditures in Governmental Fund Financial Statements. At Jime 30, 2008, there was no effect on fund balance as a result of implementation of GASB Statement No. 33,

The implementation of GASB Statement No. 34 caused the opening fund balance at Jxme 30, 2008 to be restated in terms of "net assets" as follows:

Total fund balances - Govemmental Funds - at June 30, 2008 $ 102,776

Add: Cost of capital assets at June 30, 2008 $ 771,610 Less: Accumulated depreciation at June 30,2008 (385,285) 386,325

Net assets at June 30,2008 $489,101

23

REQUIRED SUPPLEMENTARY INFORMATION

24

VILLAGE OF CHATAIGNIER, LOUISIANA General Fund

Budgetary Comparison Schedule Year Ended June 30, 2009

Revenues: Taxes Licenses and permits Franchise tax Intergovernmental Fines and forfeitures Interest Miscellaneous

Total revenues

Expenditures: Current -

General govemment Public safety Public works Culture and recreation

Total expenditures

Excess (deficiency) of revenues

over expenditures

Other financing sources (uses):

Transfers out

Excess (deficiency) of revenues over expenditures and other uses

Fund balance, beginning

Fund balance, ending

Budget

Original Final

$ 24,900 9,000

15,000

2,853 8,850

640

6,970

68,213

Variance with Final Budget

Positive Actual (Negative)

$ 21,398 6,465

16,328 2,970 5,080 2,237 7,174

61,652

$ 23,523 6,828

15,288 3,550 5,456 2,242 7,174

64,061

$ 2,125 363

(1,040) 580 376

5 -

2,409

34,128 8,505 7,347 2,849

36,333 10,466 8.328 9,688

35,164 10,286 14,631 8,733

1,169 180

(6,303) 955

52,829 64,815 68,814 (3.999)

15,384 (3,163) (4,753) (1,590)

(3,950) (3,950)

15,384 787 (803) (1,590)

102,775 102,775 102,775

$118,159 $103,562 $101,972 $(1,590)

See accountants' report.

25

OTHER SUPPLEMENTARY INFORMATION

26

VILLAGE OF CHATAIGNIER, LOUISL\NA

Schedule of Insurance in Force June 30,2009

Description of Coverage

Workmen's Compensation: Louisiana Worker's Compensation Corporation

Commercial property insurance: Office building - 113-117 First Street Public Library - 6215 Charles Armand Jr. Street

Automobile liability

Commercial general liability

Errors and omissions

Law enforcement offrcer

Expiration Coverage Date Amounts

Statutory

11/22/09 11/22/09

12/6/09

12/6/09

12/6/09

12/6/09

85,000 40,000

500,000

500,000

500,000

500,000

27

INTERNAL CONTROL AND COMPLIANCE

28

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