Village of Angie...Village of Angie, Louisiana We have reviewed the accompanying financial statements of the governmental activities, the business-type activities, and each major fund

Village of Angle

Annual Financial Statements

As of and for the Year Then Ended December 31, 2011 With Supplemental Information Schedules

Village of Angle

Annual Financial Statements As of and for the Year Ended December 31,2011

With Supplemental Information Schedules

TABLE OF CONTENTS

Statement Page

Independent Accountant's Review Report 5

Required Supplemental Information (Part I):

Management's Discussion and Analysis 8

Basic Financial Statements:

Govemment-Wide Financial Statements:

Statement of Net Assets A 17

Statement of Activities B 18

Fund Financial Statements:

Govemmental Funds Financial Statements:

Balance Sheet, Governmental Funds C 20

Reconciliation ofthe Governmental Funds Balance Sheet to the

Government-Wide Financial Statement of Net Assets D 21

Statement of Revenues, Expenditures, and Changes in Fund Balances E 22

Reconciliation ofthe Statement of Revenues, Expenditures and Changes in

Fund Balances of Govemmental Funds to the Statement of Activities F 23

Proprietary Fund Financial Statements:

Statement of Net Assets G 24

Statement of Revenues, Expenses and Changes in Net Assets H 25

Statement of Cash Flows I 26

Notes to the Financial Statements 28

Village of Angie

Annual Financial Statements As of and for the Year Ended December 31, 2011

With Supplemental Information Schedules

TABLE OF CONTENTS

Schedule Page

Required Supplemental Infonnation (Part II):

Schedule of Revenues, Expenditures, and Changes in Fund Balances Budget and Actual General Fund- Summary

Schedule of Revenues, Expenditures, and Changes in Fund Balances Budget and Actual General Fund-Detail

Schedule of Revenues, Expenditures, and Changes in Fund Balances Budget and Actual

Special Revenue Sales Tax Fund

Other Supplemental Schedules:

Proprietary Funds - Utility Fund:

Comparative Schedule of Net Assets

Comparative Schedule of Revenues, Expenses and Changes in Net Assets

Comparative Statement of Cash Flows

Schedule of Revenues, Expenses and Changes in Net Assets

Budget (GAAP Basis) and Actual -

Schedule of Compensation Paid Board Members

Independent Accountant's Report on Applying Agreed-Upon Procedures

Louisiana Attestation Questionnaire

41

42

44

4

5

6

7

8

46

47

48

49

50

51

54

This Page Intentionally Left Blank

Bruce C. Harrell, CPA

Dale H. Jones, CPA EricJ.Rodrigue,CPA Krisli U. Bergeron, CPA Michael P. Eslay, CPA Jessica H. Jones. CPA

INTERNET www. teamcpa. com

MEMBERS American [nstitute ofCPAs Society of Louisiana CPAs

BRUCE HARRELL and COMPANY

CERTIFIED PUBLIC ACCOUNTANTS A Professional Accounting Corporation

109 West Minnesota Park Park Place Suite 7

Hammond, LA 70403 VOICE: (985) 542-6372

FAX; (985) 345-3156

KENTWOOD OFFICE P.O. Box 45-909 Avenue G

Kentwood, LA 70444 VOICE: (985) 229-5955

FAX: (985)229-5951

Independent Accountant's Review Report

To the Mayor and Board of Aldermen Village of Angie, Louisiana

We have reviewed the accompanying financial statements of the governmental activities, the business-type activities, and each major fund of the Village of Angie as of and for the year ended December 31, 2011, which collectively comprise the Village's basic fmancial statements as listed in the table of contents, and the accompanying supplementary information in this report, which are presented only for supplementary analysis purposes. A revievv includes primarily applying analytical procedures to management's financial data and making inquiries of Village's management. A review is substantially less in scope than an audit, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

Management is responsible for the preparation and fair presentation ofthe financial statements in accordance with accounting principles generally accepted in the United States of America and for designing, implementing, and maintaining internal control relevant to the preparation and fair presentation ofthe financial statements.

Our responsibility is to conduct the review in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. Those standards require us to perfonn procedures to obtain limited assurance that there are no material modifications that should be made to the financial statements. We believe that tlie results of our procedures provide a reasonable basis for our report.

Based on our review, we are not aware of any material modifications that should be made to the accompanying financial statements in order for them to be in conformity with accounfing principles generally accepted in the United States of America.

The management's discussion and analysis and budgetary comparison information are not a required part ofthe basic fmancial statements, but are supplementary information required by the Governmental Accounting Standards Board. Such information has not been subjected to the inquiry and analytical procedures applied in the review of the basic fmancial statements, but was compiled from information that is the representation of management, without audit or review. Accordingly, we do not express an opinion or any other fonn of assurance on the supplementary information.

lyU^--<- jL^JLt ^ ^ -Bruce Harrell & Company, CPAs A Professional Accounting Corporation

June 29, 2012

This Page Intentionally Lett Blank

Required Supplemental Information (Part I) Management's Discussion and Analysis

Village of Angie

Management's Discussion and Analysis As of and for the Year Ended December 31,2011

Introduction

The Village of Angie (the Village) is pleased to present its Annual Financial Statements developed in compliance with Governmental Accounting Standards Board Statement No. 34, Basic Financial Statements - Management's Discussion and Analysis - For State and Local Governments (GASB 34), and related standards.

The Village's discussion and analysis is designed to (a) assist the reader in focusing on significant financial issues, (b) provide an overview ofthe Village's financial activity, (c) idenfify changes in the Village's financial position, (d) identify any significant variations from the Village's financial plan, and (e) identify individual fund issues or concerns.

Since Management's Discussion and Analysis (MD&A) is designed to focus on the current year's activities, resulting changes, and currently known facts, please read it in conjunction with the Village's financial statements in this report.

Financial Highlights

• At December 31, 2011, the Village's assets exceeded its liabilifies by $827,717 (net assets). Of this amount, $550,415 (unrestricted net assets) may be used to meet the Village's ongoing obligations to its citizens.

• For the year ended December 31, 2011, the Village's total net assets decreased by $(4,685). Revenues consist of ad valorem taxes, sales taxes, a refund on landfill operation and fines and other fees, along with revenue from water sales in business type activifies. Total revenues for the fiscal year ended December 31,2011 were $233,689.

• At December 31, 2011, the Village's governmental funds reported combined ending fund balances of $465,612, a decrease of $83,221 for the year.

• At December 31, 2011, the Village's proprietary funds reported combined ending net assets of $310,100, an increase of $85,987 for the year. This increase included $60,725 of transfers in from govemmental funds used for capital assets. Of total ending net assets in the utility fund, approximately twenty-seven percent, or $84,803, is available for spending at the Village's discretion (unrestricted net assets).

Overview ofthe Annual Financial Report

The financial statement focus is on both the Village as a whole and on the major individual funds. Both perspectives, govemment-wide and major funds, allow the user to address relevant questions, broaden a basis for comparison, and enhance the Village's accountability. The statements then proceed to provide an increasingly detailed look at specific fmancial activifies.

The MD&A is intended to serve as an introduction to the Village's basic financial statements, which consist of three components: (1) government-wide financial statements, (2) fund financial statements, and (3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements.

Village of Angie


Government-Wide Financial Statements

The govemment-wide financial statements are designed to provide readers with a broad overview of the Village's finances in a manner similar to a private-sector business. Governmental activities, which normally are supported by taxes and intergovernmental revenues, and business-type activities, which rely to a significant extent on fees and charges for support are presented in separate columns along with a total column for the primary govemment. If the Village determines that presentation of a component unit (which are other governmental units for which the Village can exercise significant influences or for which the Primary Government financial statements would be misleading if component unit information is not presented) is necessary to allow the reader to determine the relationship ofthe component unit and primary government, the component unit information is presented in a separate column ofthe financiai statements or in a separate footnote. For the current fiscal year, the Village of Angie has no component units.

The Statement of Net Assets presents information on the Village's assets and liabilities using the accrual basis of accounting, in a manner similar to the accounting used by private business enterprises. The difference between the assets and liabilities is reported as net assets. Over time, the increases or decreases in net assets and changes in the components of net assets may serve as a useful indicator of whether the fmancial position ofthe Village is improving or deteriorating.

The Statement of Activities presents infonnation showing how the Village's net assets changed during the most recent fiscal year, focusing on both the gross and net costs of various activities, both govemmental and business-type, that are supported by the Village's general tax and other revenues. This is intended to summarize and simplify the reader's analysis ofthe cost of various govemmental services and/or subsidy to various business-type activities.

In both ofthe govemment-wide financial statements, the Village's activities are divided into two types:

• Govemmental activities - Most of the Village's basic services are reported here, including general government, public safety, streets, health and welfare, and culture and recreation. These acfivities are financed primarily by property taxes, franchise taxes, sales taxes, and fines.

• Business-type activities - The Village charges a fee to customers to help it cover all of the cost of the services provided. The Village's water system and sanitafion activities are reported in this secfion.

Fund Financial Statements

A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The Village, like other state and local governments, uses fiind accounting to ensure and demonstrate compliance with finance-related and legal requirements. The Village uses two categories of funds to account for financial transactions: governmental funds and proprietary funds. Traditional users of govemmental financial statements will find the fund financial statements presentation more familiar.

Village of Angie


Governmental funds are used to account for most of the Village's basic services. However, unlike the government-wide financial statements, governmental fund financial statements focus on how money fiows into and out of those funds and the balances that are left at year-end that are available for spending. These funds are reported using the modified accrual basis of accounting, which measures cash and all other financial assets that can readily be converted to cash. The governmental fund statements provide a detailed short-term view ofthe Village's general govemment operations and the basic services it provides. Govemmental fund information helps to detennine whether there are more or fewer financial resources that can be spent in the near future to finance the Village's programs.

Proprietary funds account for water utility and sanitation services provided by the Village to its customers. Proprietary funds statements provide the same type of information as the govemment-wide financial statements, but the fund presentation provides more detail.

Because the focus of governmental funds is narrower than that ofthe government-wide financial statements, there are differences in the information presented for government funds and for governmental activities in the government-wide financial statements. Review of these differences provides the reader of the financial statements insight on the long-term impact ofthe Village's more immediate decisions on the current use of financial resources. Both the govemmental fund Balance Sheet and the govemmental fiand Statement of Revenues, Expenditures and Changes in Fund Balances provide a reconciliation to facilitate this comparison between governmental funds and govemmental activities.

Notes to the Financial Statements

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

Village of Angie


Government-Wide Financial Analysis

As noted earlier, net assets may serve over time as a useful indicator of a government's financial position. The following table provides a summary ofthe Village's net assets for the current year as compared to the prior year. For more detailed information, see the Statement of Net Assets in this report.

Assets: Current and Other Assets

Capital Assets Total Assets

Liabilities: Long-Term Debt Outstanding Other Liabilities

Total Liabilities

Net Assets: Invested in Capital Assets, Net of Related Debt

Restricted Unrestricted

Total Net Assets

Govern me 2011

E 470,985 52,005

522,990

5,373 5,373

52,005

465,612 G 517,617

ital

$

—

$ ~

Net Assets

2011 and 2010

Activities 2010

559,147 59,456

618,603

10,314

10,314

59,456

548,833 608,289

$

—

$ ~

Business-T 2011

104,824 225,297 330,121

20,021

20,021

225,297

84,803

310,100

Vpe

$

-

$ ~

Activities

2010

84,562 $ 154,584 239,146

15,033 15,033

154,584

69,529 224,113 $

Total 2011

575,809 277,302 853,111

25,394 25,394

277,302

550,415 827,717

$

—

$z

2010

643,709 214,040 857,749

25,347 25,347

214,040

618,362

832,402

See page 17 for a more detailed Statement of Net Assets for the Village

The composition of net assets and the change in net assets over time serves as a useful indicator of a government's financial position. Net assets from governmental activities decreased $90,672 in the fiscal year ending December 31, 2011 and net assets from business-type activities increased $85,987. The largest category of net assets is "Unrestricted Net Assets" totaling $550,415 or 66 percent of net assets. These assets are available to meet the ongoing needs ofthe Village. The remaining net assets are "Invested in Capital Assets Net of Related Debf totaling $277,302 or 34 percent of net assets. This category reflects the total invested in capital assets (land, buildings, and equipment) net of any related debt used to acquire the capital assets. These capital assets are used to provide services to citizens and do not represent assets available for future spending.

11

Village of Angie

Management's Discussion and Analysis As of and for the Year Ended December 31, 2011

Condensed Statement of Activities

Changes in Net Assets For the years ended December 31, 2011 and 2010

Govcmnicnlal Activities Btisiness-Type Activities Toial

Revenues:

Program Revenues:

2011

Charges for Services $ !7,7I3 $

Operating Grants and Contributions

Capital Grants and Contributions

General Revenues:

Property Taxes

Sales Taxes

Garbage Tax

Franchise Taxes

Intergovernmental

Interest Income

Miscellaneous

Total Revenues

Expenses;

General Govemment

Public Safety - Police

Water Utility and Sanitation

Total Expenses

Change in Net Assets Before Transfers and

Contributions

Transfers (Out) In

Capital Contributions

Change in Net Assets

Net Assets, Beginning

Net Assets, Ending J

-

-

5,751

96,299

17,189

10,412

-

4,360

-

151,724

140,346

41,325

-

181,671

(29,947)

(60,725)

-

(90,672)

608,289

517,617 $

2010

18,316 $

-

-

6,354

91,000

10,489

16,923

18,446

6,614

340

168,482

107,688

37,512

-

145,200

23,282

-

-

23,282

585,007

608,289 $

2011

36,465 $

-

45,000

-

-

-

-

-

500

-

81,965

-

-

56,703

56,703

25,262

60,725

-

85,987

224,113

310,100 $

2010

34,610 $

-

50,000

-

-

-

-

-

587

-

85,197

-

-41,921

41,921

43,276

-

-

43,276

180,837

224,113 $

2011

54,178 $

-

45,000

-5,751

96,299

17,189

10,412

-

4,860

-

233,689

140,346

41,325

56,703

238,374

(4,685)

-

-

(4,685)

832,402

827,717 $

2010

52,926

-

50,000

-6,354

91,000

10,489

16,923

18,446

7,201

340

253,679

107,688

37,512

41,921

187,121

66,558

-

-

66,558

765,844

832,402

While the Statement of Net Assets shows the change in financial posifion of net assets, the Statement of Activities provides answers to the nature and scope of these changes. The above table gives an indication of how the mayor and the board of aldermen operate the Village of Angie on a conservative basis. The governmental net assets for the fiscal year 2011 decreased by fifteen percent, while business-type net assets increased by 38 percent. General govemment expenditures increased by 25 percent. Sales taxes are the major source of general govemment revenue totaling $96,299 for 2011 represenfing 63 percent of total revenue. The major governmental expenditures are for salaries of $63,528 and repairs $40,322.

12

Village of Angie

Management's Discussion and Analysis As of and for the Year Ended December 31, 2011

Fund Financial Analysis

As noted earlier, the Village uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements.

Governmental Funds The focus ofthe Village's governmental funds is to provide information on near-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the Village's financing requirements. In particular, unreserved fund balance may serve as a useful measure of the Village's net resources available for spending at the end ofthe year.

At the end ofthe current year, the Village's govemmental funds reported combined ending fund balances of $465,612. Inside this amount $176,292 was unassigned and available for spending at the Village's discretion. This represents a decrease of $83,221, or fifteen percent ofthe prior year's ending balances. However before transfers to the utility fund, the decrease was only four percent.

The general fund is the chief operafing fund ofthe Village. At the end of the current year, the total fund balance for the general fund was $188,002, $176,292 of this amount was unassigned.

Proprietary Funds The Village's proprietary fimds provide the same type of information found in the government-wide financial statements, but in more detail.

General Fund Budgetary Highlights

The Village has a formal policy on adopting a budget. The Village prepares the budget on the modified accrual basis of accounting. The Village adopted its 2011 budget in December 7, 2010 and amended its 2011 budget and adopted its 2012 budget in a meeting on December 5, 2011. The mayor and board of aldermen review the budget to actual financial figures on a monthly basis. All appropriations lapse at year end.

The following is a comparison ofthe final budget to actual expenditures for the year ended December 31, 2011.

Favorable Original Final (Unfavorable) Budget Budget Actual Variance

Revenues and Other Sources General Fund Sales Tax Fund

Expenditures and Other Uses General Fund Sales Tax Fund

$ 119,354 $ 33,300

129,040 29,800

124,855 $ 39,541

141,718 28,946

115,269 $ 37,112

147,489 88,113

(9,586) (2,429)

(5,771) (59,167)

General fund and Sales tax fund revenues were below five percent of budgeted amounts, due to miscellaneous revenues budgeted in the general fund and sales taxes in the sales tax fund. Sales tax expenditures and other uses exceeded five percent of budgeted due to unbudgeted transfers out to the utility fund to finance water system improvements.

13

Village of Angie


Capital Assets and Debt Administration

Capital Assets

At the end ofthe fiscal year December 31, 2011, the Village of Angie had $277,302 of capital assets (net of accumulated depreciation), including land. Capital outlays are recorded as expenditures on the govemmental fund basis and as assets in the government-wide financial statements. Depreciation is recorded on genera! fixed assets on a governmental-wide basis using the straight-line method and the following estimated useful lives:

Description Estimated Lives Buildings & Improvements Machinery and Equipment Infrastructure Water System

20 - 40 Years 5 - 1 0 Years

20 - 40 Years 10 -20 Years

The following table provides a summary ofthe Village's capital assets (net of depreciation) at the end ofthe current year as compared to the prior year.

Capital Assets Land Construction in Progress Buildings and Improvements Machinery and Equipment Water Utility System

Subtotal Capital Assets Less: Accumulated Depreciation

Capital Assets, Net

Capital Assets (Net of Depreciation) 2011 and 2010

Governmental Activities

2011 17,500 $

14,267 117,264

-

149,031

(97,026)

52,005 $

2010 17,500

13,610 115,106

-

146,216

(86,760)

59,456

$"

-

$

Business-Type Activities

2011 $

-

9,644 326,910

336,554

(111,257)

225,297 S

2010 -

-

9,644 237,525

247,169

(92,585)

154,584

Tota 2011

$ 17,500

14,267 126,908 326,910

485,585

(208,283)

$ 277,302

$

-

$

1 2010 17,500

13,610 124,750 237,525

393,385

(179,345)

214,040

14

Village of Angie


Long-Term Debt

At December 31, 2011, the Village did not have any long term debt outstanding.

Other Factors Affecting the Village

The Village of Angle's board of aldermen actively monitors revenues and expenses. They are constantly seeking stale and or federal grants to fund improvements to the Village. Their sources of revenue are limited and any increase in the revenue sources is highly unlikely. Therefore the board's focus is on obtaining new grants, stream lining expenditures, and insuring all revenue is collected in a timely manner. The board's plan is to improve services for the voters ofthe Village of Angie without increasing the tax burden.

Contacting the Village's Financial Management

This financial report is designed to provide the Village's citizens, taxpayers, creditors and investors with a genera! overview ofthe Village's finances and show the Village's accountability for the money it receives. Questions regarding this report or requests for additional information should be addressed to the Village of Angie at 64475 Cherry Street Angie, LA 70426 and (985) 986-2444.

15

Basic Financial Statements Government-Wide Financial Statements

16

Statement A

Assets

CiiiTent Assets:

Cash and Cash Equivalents

Investments

Receivables, Net;

Due From Other Funds

Prepaid Expenses

Total Cuirent Assets

Capital Assets:

Land

Capital Assets, Net

Total Capital Assets

Total Assets

Liabilities

Current Liabilities:

Accounts Payable

Other Accmed Payables

Due To Other Funds

Total Current Liabilities

Total Liabilities

Net Assets

Village of Angie

Statement of Net Assets

As of December 31,2011

Primary Government

Governmental

Acfivifies

$ 194,591 $

230,042

19,131

15,511

11,710

470,985

17,500

34,505

52,005

522,990

432 1,765

3,176

5,373

5,373

Invested in Capital Assets, Net of Related Debt 52,005

Unrestricted

Total Net Assets

465,612

$ 517,617 $

Business-Type

Activities

46,856 $

25,000

29,592

3,176

200 104,824

-

225,297

225,297

330,121

4,510

-

15,511

20,021

20,021

225,297

84,803

310,100 $

Total

241,447

255,042

48,723

18,687

11,910

575,809

17,500

259,802

277,302

853,111

4,942

1,765

18,687

25,394

25,394

277,302

550,415

827,717

See accompanying notes and independent accountant's review repoit.

17

Village of Angle

Statement of Activities

For the year ended December 31,2011

Statement B

Governmental Activities

General Government

Public Safety

Total Governmental Activities

Business-type Activities

Water

Sanitation

Total Business-type Activities

44,400

12.303

Program Revenues

Capital

Charges Grants &

for Contrl-

Senices butions Expenses

$ 140,346

41,325 .

$ 181,671 $ 17,713 $"

17.71;

Net

(Expenses)

Revenues

(140,346)

(23,612)

$ 24,575 $ 45,000 $ 25,175

(413)

$ 56,703 $ 36,465 $ 45,000 $ 24,762

Net (Expenses) Revenues and

Changes of Primary Government

Govern- Business-

mental Type

Activities Activities

(140,346) (23,612)

$ (163,958) (163,958)

25,175

(413)

24,762

Total

(140,346)

(23,612) (163,958)

25,175

(413)

24.762

General Revenues:

Taxes:

Property Taxes

Sales Taxes

Garbage Taxes

Franchise Taxes

Intergovernmental

Interest Income

Operating Transfers In (Out)

Total General Revenues and Transfers


Net Assets-Beginning

Net Assets-Ending

See accompanying notes and independent accountant's review report.

5,751

96,299

17,189

10,412

4,360

(60,725)

73,286

(90,672)

608,289

517,617 $

-

-

-

-

500 60,725

61,225

85,987

224.113

310,100 $

5,751

96,299

17,189

10,412

4.860

-

134,51!

(4,685)

832,402

827,717

Basic Financial Statements Fund Financial Statements

19

Statement C Village of Angie

Balance Sheet, Governmental Funds As of December 31,2011

General Fund

Sales Tax Fund

Total Governmental

Funds Assets

Cash and Equivalents Investments Receivables, Net: Due From Other Funds Prepaid Insurance Prepaid Salaries

Total Assets

$

$ ~

10,431 $ 140,000 17,960 14,153 7,534 4,176

194,254 $

184,160 90,042

1,171 5,686

-

-

281,059

$

$

194,591 230,042

19,131 19,839 7,534 4,176

475,313

432 1,765 4,055

Liabilities and Fund Balances Liabilities:

Accounts Payable Other Accrued Liabilities Due to Other Funds

Total Liabilities

Fund Balances: Nonspendable Assigned Unassigned

Total Fund Balances

Total Liabilities and Fund Balances


3,449

432 1,765 7,504

6,252

11,710 -

176,292 188,002

194,254 $

3,449

_

277,610 -

277,610

281,059 $

9,701

11,710 277,610 176,292 465,612

475,313

20

Statement D

Village of Angie

Reconciliation ofthe Governmental Funds Balance Sheet

to the Government-Wide Financial Statement of Net Assets

As of December 31,2011

Amounts reported for govemmental activities in the Statement of Net Assets are different

because:

Fund Balances, Total Governmental Funds (Statement C) $ 465,612

Capital assets used in governmental activities are not financial resources and are

therefore not reported in the governmental funds.

Govemmental capital assets net of depreciation 52,005

Net Assets of Governmental Activities (Statement A) $ 517,617


21

Village of Angie Statement of Revenues, Expenditures and

Changes in Fund Balances For the year ended December 31,2011

Statement E

Revenues Taxes Fines and Forfeitures Interest

Total Revenues

General Fund

94,002 $ 17,713 2,897

114,612

Sales Tax Fund

35,649 J -

1,463 37,112

Total Governmental

Funds

129,651 17,713 4,360

151,724

Expenditures General Government Public Safety:

Police Fire

Capital Outlays Total Expenditures

Excess (Deficiency) of Revenues Over (Under) (Expenditures)

Other Financing Sources (Uses) Operating Transfers In Operating Transfers (Out)

Total Other Financing Sources (Uses)

Net Change in Fund Balances

Fund Balances, Beginning Fund Balances, Ending

106,844 28,981

See accompanying notes and independent accountant

33,580 2,000 2,815

145,239

(30,627)

657 (2,250) (1,593)

(32,220)

220,222 188,002 $

-

-

-

28,981

8,131

_

(59,132) (59,132)

(51,001)

328,611 277,610

accountanf s review report.

135,825

33,580

2,000

2,815

174,220

(22,496)

657

(61,382)

(60,725)

(83,221)

548,833

465,612

22

Statement F

Village of Angie

Reconciliation of the Statement of Revenues, Expenditures,

and Changes in Fund Balances of Governmental Funds

to the Statement of Activities


Amounts reported for govemmental activities in the Statement of Activities are different

because:

Net Change in Fund Balances, Total Governmental Funds, Statement E $ (83,221)

Governmental hinds report capital outlays as expenditures. However, in the statement of

activities the cost of these assets are allocated over their estimated useful lives and

reported as depreciation expense. This is the amount by which depreciation exceeded

capital outlays in the cun-ent period.

Expenditures for capital assets $ 2,815

Less:

Current year depreciation (10,266) (7,451)

Change in Net Assets of Governmental Activities, Statement B $ (90,672)


23

Village of Angie Statement of Net Assets - Proprietary Funds

As of December 31, 2011

Statement G

Assets Current Assets:

Cash and Cash Equivalents Investments Receivables, Net: Due from State - Grant Due From Other Funds Prepaid Salaries

Total Current Assets

Property, Plant, and Equipment Land Property, Plant and Equipment, Net

Total Property, Plant, and Equipment

Total Assets

Liabilities Current Liabilities (Payable From Current Assets):

Accounts Payable Due To Other Funds

Total Current Liabilities (Payable From Current Assets)

Total Liabilities

Net Assets Invested in Capital Assets, Net of Related Debt Unrestricted

Total Net Assets


46,856 25,000 4,592

25,000 3,176

200 104,824

225,297 225,297

330,121

4,510 15,511 20,021

20,021

225,297 84,803

310,100

24

Statement H Village of Angie

Statement of Revenues, Expenses and Changes in Net Assets - Proprietary Funds

For the year ended December 31, 2011

Operating Revenues Water Sales Sanitation Billings Other

Total Operating Revenues

Operating Expenses Depreciation Repairs and Maintenance Salaries and Wages Sanitation Supplies Utilities Other

Total Operating Expenses

Operating Income (Loss)

Nonoperating Revenues (Expenses)

Capital State Grants Interest

Total Nonoperating Revenues (Expenses)

Income (Loss) Before Transfers

Transfers Operating Transfers In Operating Transfers Out

Change in Net Assets Total Net Assets, Beginning Total Net Assets, Ending

Business-Type Activities-

24,575 11,890

36,465

18,672 12,695 2,400

12,303 2,870 7,196

567 56,703

(20,238)

45,000 500

45,500

25,262

60,725

85,987 224,113 310,100


25

Statement I Village of Angie

Statement of Cash Flows Proprietary Funds

For the year ended December 31,2011 Enterprise

Fund Cash Flows From Operating Activities

Received From Customers Received for (Payments) for Interfund Services Payments for Operations Payments to Employees

Net Cash Provided (Used) by Operating Activities

Cash Flows From Noncapital Financing Activities Transfers From (To) Other Funds

Net Cash Provided (Used) by Noncapital Financing Activities

Cash Flows From Capital and Related Financing Activities Capital Contributions Received (Payments for) Capital Acquisitions

Net Cash Provided (Used) by Capital and Related Financing Activities

Cash Flows From Investing Activities Receipt of Interest

Net Cash Provided (Used) by Investing Activities

Net Cash Increase (Decrease) in Cash and Cash Equivalents Cash and Cash Equivalents, Beginning of Year Cash and Cash Equivalents, End of Year

Reconciliation of Cash and Cash Equivalents to the Statement of Net Assets:

Cash and Cash Equivalents, Unrestricted Cash and Cash Equivalents, Restricted

Total Cash and Cash Equivalents

Reconciliation of Operating Income (Loss) to Net Cash Provided (Used) by Operating Activities

Operating Income (Loss) $ (20,238) Adjustments to Reconcile Operating Income (Loss) to Net Cash Provided by Operating Activities:

Depreciation 18,672 (Increase) decrease in Accounts Receivable (1,397) (Increase) decrease in Due (to) and from Other Funds 5,526 Increase (decrease) in Accounts Payable 4,510 Increase (decrease) in Accrued Expenses (90)

Net Cash Provided by Operating Activities $ 6,983


26

$ 35,068

5,526

(31,035)

(2,576)

6,983

60,725

60,725

20,000

(89,383)

(69,383)

500 500

(1,175)

48,033

$

$

$

46,856

46,856

46,856

Basic Financial Statements Notes to the Financial Statements

27

Village of Angie Notes to the Financial Statements

As of and for the Year Ended December 31, 2011

Introduction

The Village of Angie, Louisiana was incorporated on March of 1906 under the provisions of the Lawrason Act. The Village operates under a Mayor/Board of Aldermen form of govemment. The goveming body ofthe Village of Angie is elected by the registered voters living in the village. Elected officials include the mayor, three aldermen, and a police chief. These positions are compensated. All funds ofthe Village shall be administered by the Mayor and the Board of Aldermen. Angie is located approximately two miles south ofthe Mississippi state line. The Village is approximately 51 acres in size and services a population of approximately 241. The Village employs one part time office clerk and two part time police officers. The Village operates a water and sanitation department that serves approximately 117 customers.

Govemmental Accounting Standards Board (GASB) Statement No. 14, The Reporting Entity, established criteria for determining the govemmental reporting entity and component units that should be included within the reporting entity. Under provisions of this statement, the Village is considered a primaiy government, since it is a special purpose government that has a separately elected governing body, is legally separate, and is fiscally independent of other state and local govemments. As used in GASB Statement No. 14, fiscally independent means that the Village may, without the approval or consent of another governmental entity, determine or modify its own budget, levy its own taxes or set rates or charges, and issue bonded debt. There are no component units which the Village of Angie has an oversight relationship.

1. Summary of Significant Accounting Policies

A. Government-Wide and Fund Financial Statements

The government-wide financial statements (i.e., the statement of nets assets and the statement of changes in net assets) report information on all nonfiduciary activities of the primary govemment and its component units. For the most part, the effect of interfund activity has been removed from these statements. Govemmental activities, which normally are supported by taxes and intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on fees and charges for support. Likewise, the primary government is reported separately from certain legally separate component units for which the primary government is financially accountable.

The statement of activities demonstrates the degree to which the direct expenses of a given function or segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific ftinction or segment. Program revenues include 1) charges to customers or applicants who purchase, use or directly benefit from goods, services, or privileges provided by a given function or segment and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes and other items not properly included among program revenues are reported instead as general revenues.

Separate financial statements are provided for governmental funds, proprietary funds, and fiduciary funds, even though fiduciary funds are excluded from the govemment-wide financial statements. Major individual govemmental funds and major individual enterprise funds are presented as separate columns in the fund financial statements. All ofthe Village's funds were determined to be Major Funds and were reported in the governmental funds statement. The proprietary fund is reported separately.

28


As of and for the Year Ended December 31,2011

B. Measurement Focus, Basis of Accounting, and Financial Statement Presentation

The govemment-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting, as are the proprietary fund and fiduciary fund financial statements. Revenues are recorded when eamed and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year for which they are levied. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met.

Governmental fund financial statements are reported using the current financiai 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 liabililies ofthe 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 generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures, as well as expenditures related to compensated absences and claims and judgments, are recorded only when payment is due.

Property taxes, franchise taxes, licenses, and interest associated with the current fiscal period are all considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. Only the portion of special assessment receivable, if any, due within the current fiscal period is considered to be susceptible to accrual as revenue of the current period. All other revenue items are considered to be measurable and available only when cash is received by the government.

The Village of Angie reports the following major governmental funds:

The General Fund is the Village's primary operating fund. It accounts for all financial resources ofthe general government, except those required to be accounted for in another fund.

The Sales Tax Special Revenue Fund accounts for the proceeds of sales tax revenues that is legally restricted to expenditures for specific purposes.

The Village of Angie reports the following major proprietary funds:

The Enterprise Funds account for operations (a) that are financed and operated in a manner similar to private business enterprise where the intent of the governing body is that costs (expenses, including depreciation) of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user fees, or (b) where the governing body has decided that periodic determination of revenues earned, expenses incurred, and/or net income is appropriate for capital maintenance, public policy, management control, accountability, or other purposes.

Private-sector standards of accounting and financial reporting issued prior to December 1, 1989, generally are followed in both the government-wide and proprietary fund financial statements to the extent that those standards do not conflict with or contradict guidance ofthe Governmental Accounting Standards Board. Governments also have the option of following subsequent private-sector guidance for their business-type activities and enterprise funds, subject to this same limitation. The government has elected not to follow subsequent private-sector guidance.

29



As a general rule, the effect of inter-fund activity has been eliminated from the government-wide financial statements. Exceptions to this general rule, if applicable, are payments-in-lieu of taxes and other charges between the Village's enterprise operations. Elimination of these charges would distort the direct costs and program revenues reported for the various functions concerned.

Amounts reported as program revenues include 1) charges to customers or applicants for goods, services, or privileges provided, 2) operating grants and contributions, and 3) capital grants and contributions, including special assessments. Internally dedicated resources are reported as general revenues rather than as program revenues. Likewise, general revenues include all taxes.

Proprietary funds distinguish operating revenues and expenses from non-operating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund's principal ongoing operations. The principal operating revenues of the proprietary funds are user charges for the services provided by the enterprise funds. Operating expenses for enterprise funds and internal service funds include the cost of sales and services, administrative expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as non-operating revenues and expenses.

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.

C. Deposits and Investments

The Village's cash and cash equivalents are considered to be cash on hand, demand deposits, time deposits, and short-term investments with original maturities of three months or less from the date of acquisition. State law and the Village's investment policy allow the Village to invest in collateralized certificates of deposit, government-backed securities, commercial paper, the state-sponsored investment pool, and mutual funds consisting solely of government-backed securities.

Investments for the Village are reported at fair market value. The state investment pool, LAMP, operates in accordance with state laws and regulations. The reported value ofthe pool is the same as the fair value of the pool shares.

D. Receivables and Payables

Activity between funds that are representative of lending/borrowing arrangements outstanding at the end ofthe fiscal year are referred to as either "due to/from other funds" (i.e., the current portion of interfund loans) or "advances to/from other funds" (i.e., the non-current portion of interfund loans). All other outstanding balances between funds are reported as "due to/from other funds." Any residual balances outstanding between the govemmental activities and business-type activities are reported in the govemment-wide financial statements as "internal balances."

Advances between funds, as reported in the fund financial statements, are offset by a fund balance reserve account in applicable governmental funds to indicate that they are not available for appropriation and are not expendable available financial resources.

All trade and property tax receivables are shown net of an allowance for uncollectible amounts. Proceeds ofthe one percent sales and use tax levied by the Village are dedicated to "constructing and improving public roads, streets, bridges and crossings, and the extension and maintenance of sewerage and water works and other works of permanent public improvement. The proceeds are allocated equally between the general and sales tax funds.

30



Property taxes are levied on a calendar year basis and become due on December 1 of each year. The following is a summary of authorized and levied ad valorem taxes:

Authorized Taxable Collected Millage Value Millage

General Corporate Purposes 5.73 mills $ 1,072,160 $ 5,751

E. Inventories and Prepaid Items

Purchase of various operating supplies are considered expenditures at the time purchased and inventories of such supplies (if any) are not recorded as assets at the close ofthe fiscal year. Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in botii government-wide and fund financial statements.

F. Restricted Assets

Certain proceeds of certain resources that are legally restricted to expenditures for specified purposes are classified as restricted assets because their use is limited to specified expenditures.

G. Capital Assets

Capital assets, which include property, plant, equipment, and infrastructure assets (e.g., roads, bridges, sidewalks, and similar items), are reported in the applicable governmental or business-type activities columns in the govemment-wide financial statements. Capital assets are capitalized at historical cost or estimated cost if historical cost is not available. Donated assets are recorded as capital assets at their estimated fair market value at the date of donation. The municipality maintains a threshold level of $500 or more for capitalizing capital assets.

The costs of normal maintenance and repairs that do not add to the value ofthe asset or materially extend assets lives are not capitalized.

Major outlays for capital assets and improvements are capitalized as projects are constructed. Interest incurred during the construction phase of capital assets of business-type activities is included as part of the capitalized value ofthe assets constructed.

All capital assets, other than land, are depreciated using the straight-line method over the following useful lives:

Description Estimated Lives Buildings & Improvements 20 - 40 Years Machinery and Equipment 5 - 10 Years Infrastructure 20 - 40 Years Water System 10-20 Years

31



H. Compensated Absences

The Village only employs part-time employees and does not have a formal leave policy.

I. Long-Term Obligations

In the government-wide financial statements and the proprietary fund types in the fund financial statements, long-term debt and other long-term obligations are reported as liabilities in the applicable governmental activities, business-type activities, or proprietary fund type statement of net assets. Bond premiums and discounts, as well as issuance costs, are deferred and amortized over the life ofthe bonds using the effective interest method. Bonds payable are reported net ofthe applicable bond premium or discount. Bond issuance costs are reported as deferred charges and amortized over the term ofthe related debt.

In the fund financial statements, governmental fund types recognize bond premiums and discounts as well as bond issuance costs during the current period. The face amount ofthe debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures. At December 31, 2011 the Village has no long term debt.

J. Fund Equity

In the govemment-wide financial statements, net assets are classified in the following categories:

• Invested in capital assets, net of related debt. This component of net assets includes capital assets, net of accumulated depreciation, reduced by the outstanding balance of any bonds, or indebtedness attributable to the acquisition, construction, or improvement of those assets. If there are significant unspent proceeds at year-end, the portion of the debt attributable to the unspent proceeds is not included in the calculation of invested in capital assets, net of related debt. Rather, that portion ofthe debt is included in the same net asset calculation as unspent proceeds.

• Restricted. This component of net assets consists of constraints placed on net asset use through extemal constraints imposed by creditors (such as through debt covenants), grantors, contributors, or laws or regulations of other governments or constraints imposed by law through constitutional provisions or enabling legislation.

• Unrestricted. This component of net assets consists of net assets that do not meet the definition of "restricted" or "invested in capital assets, net of related debt."

In the fund statements, governmental fund equity is classified as fund balance. The Village adopted GASB 54 for the year ended December 31, 2011. As such, fund balances of govemmental funds are classified as follows:

• Nonspendable. These are amounts that can not be spent either, because they are in a nonspendable form or because they are legally or contractually required to be maintained intact.

Restricted. These are amounts that can be spent only for specific purposes, because of constitutional provisions, enabling legislation or constraints that are extemally imposed by creditors, grantors, contributors, or the laws or regulations of other govemments.

32



• Committed. These are amounts that can be used oniy for specific purposes determined by a formal decision ofthe Board, which is the highest level of decision making authority for the Village.

• Assigned. These are amounts that do not meet the criteria to be classified as restricted or committed, but are intended to be used for specific purposes.

• Unassigned. These are all other spendable amounts.

K. Comparative Data/Reclassifications

Certain amounts presented in the prior year data have been reclassified in order to be consistent with the current year's presentation.

L. Extraordinary and Special Items

Extraordinary items are transactions or events that are both unusual in nature and infrequent in occurrence. Special items are transactions or events within the control ofthe municipality, which are either unusual in nature or infrequent in occurrence.

M. Estimates

The preparafion of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates.

N. Reconciliations of Government-Wide and Fund Financial Statements

Explanation of certain differences between the govemmental fund balance sheet and the government-wide statement of net assets is presented in Statement D of the basic financial statements. Explanation of certain differences between the governmental fund statement of revenues, expenses, and changes in fund balances and the govemment-wide statement of activities is presented in Statement F of the basic financial statements.

2. Stewardship, Compliance and Accountability

The Village uses the following budget practices:

1. The Village Clerk prepares a proposed budget and submits same to the Mayor and Board of Aldermen no later than fifteen days prior to the beginning of each fiscal year.

2. A summary ofthe proposed budget is published and the public notified that the proposed budget is available for public inspection. At the same time, a public hearing is called.

3. A public hearing is held on the proposed budget at least ten days after publication ofthe call for the hearing.

4. After the holding ofthe public hearing and completion of all action necessary to finalize and implement the budget, the budget is adopted through passage of an ordinance prior to the commencement ofthe fiscal year for which the budget is being adopted.

33



5. Budgetary amendments involving the transfer of funds from one department, program or function to another or involving the increase in expenditures resulting from revenues exceeding amounts estimated, require the approval ofthe Board of Aldermen.

6. All budgetary appropriations lapse at the end of each fiscal year.

7. Budgets for the general and enterprise funds are adopted on a basis consistent with generally accepted accounting principles (GAAP). Budgets for enterprise funds are presented on the accrual basis of accounting. Other governmental funds are presented on the modified accrual basis of accounting. Accordingly, the budgetary comparison schedules present actual expenditures in accordance with the accounting principles generally accepted in the United States on a basis consistent with the legally adopted budgets as amended. All budgetary amounts presented reflect the original budget and the amended budget (which have been adjusted for legally authorized revisions ofthe annua! budget during the year).

The proposed budget for December 31, 2011, was made available for public Inspection on December 7, 2010, upon presentation to the board of aldermen. The proposed budget was prepared on the modified accrual basis of accounting and was adopted at tlie Village's December 7, 2010 special meefing. The budget was amended at the Village's special meeting December 5, 2011.

General fund and Sales Tax Fund revenues were below five percent of budgeted amounts in violation of the Local Govemment Budget Act.

3. Cash and Cash Equivalents

At December 31, 2011, the Village has cash and cash equivalents (book balances) as follows:

December 31, 2011

Cash and Cash Equivalents Demand Deposits $ 75,251 Louisiana Asset Management Pool 166,196

Investments Time Deposits 255,042

$ 496,489

These deposits are stated at cost, which approximates market. 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 ofthe pledged securities plus the federal deposit insurance must at all times equal the amount on deposit with the fiscal agent. These securities are held in the name ofthe pledging fiscal agent bank in a holding or custodial bank that is mutually acceptable to both parties.

At December 31, 2011, the municipality has $331,776 in deposits (collected bank balances), consisting of $76,734 in demand deposits and $255,042 in certificates of deposits. These deposits are secured from risk by $250,000 of federal deposit insurance, however the Village did not obtain pledged securities held by the custodial bank in the name ofthe fiscal agent bank (GASB Category 3) for the excess $5,042 in time deposits above the $250,000 limitation on time deposits.

34



The investment in the Louisiana Asset Management Pool (LAMP), an external investment pool, is stated at the value ofthe pool shares, which is the same as the fair value. LAMP is administered by LAMP, Inc., a non-profit corporation organized under the laws ofthe State of Louisiana. Only local govemment entities having contracted to participate in LAMP have an investment interest in its pool of assets. While LAMP is not required to be a registered investment company under the Investment Company Act of 1940, its investment policies are similar to those established by Rule 2a7, which governs registered money market funds. The primary objective of LAMP is to provide a safe environment for the placement of public funds in short-term, high quality investments. The LAMP portfolio includes only securities and other obligations in which locai governments in Louisiana are authorized to invest in accordance with LSA-R.S. 33:2955.

GASB 40, Deposit and Investment Risk Disclosure, requires disclosure of credit risk, custodial credit risk, concentration of credit risk interest rate risk, and foreign currency risk for all public entity investments.

LAMP is a 2a7 - like investment pool. The following facts are relevant for 2a7 like investment pools:

• Credit risk: LAMP is rated AAAm by Standards and Poor's • Custodial credit risk: LAMP participants' investments in the pool are evidenced by shares ofthe

pool. Investments in pools should be disclosed, but not categorized because they are not evidenced by securities that exist in physical or book-entry form. The public entity's investment is with the pool, not the securities that make up the pool; therefore, no disclosure is required.

• Concentration of credit risk: Pooled investments are excluded from the five percent disclosure requirement.

• Interest rate risk: 2a7-like investment pools are excluded from this disclosure requirement per paragraph 15 ofthe GASB 40 statement.

• Foreign currency risk: Not applicable to 2a7-like pools.

The dollar weighted average portfolio maturity of LAMP assets is restricted to not more than 90 days, and consists of no securities with a maturity in excess of 397 days. LAMP is designed to be highly liquid to give its participants immediate access to their account balances. The investments in LAMP are stated at fair value based on quoted market rates. The fair value is determined on a weekly basis by LAMP and the value ofthe position in the extemal investment pool is the same as the value ofthe pool shares.

LAMP, Inc. is subject to the regulatory oversight ofthe state treasurer and the board of directors. LAMP is not registered with the SEC as an investment company. LAMP, inc., issues an annual publicly available financial report that includes financial statements and required supplementary information for LAMP, Inc. That report may be obtained by writing to LAMP, Inc., 228 St. Charles Avenue, Suite 1123, New Orieans, Louisiana 70130, or by calling (800) 249-5267.

4. Investments

Investments are categorized into these three categories of credit risk: 1. Insured or registered, or securities held by the Village or its agent in the Village's name

2. Uninsured and unregistered, with securities held by the counterparty's trust department or agent in the Village's name

3. Uninsured and unregistered, with securities held by the counterparty, or by its trust department or agent but not in the Village's name

35



All investments held by the Village fall into category 1 credit risk, defined as "insured or registered, or securities held by the Village or its agent in the Village's name." In accordance with GASB 31, Accounling and Financial Reporting for Certain Investments and for External Investment Pools, all investments are carried at fair market value, with the estimated fair market value based on quoted market prices.

At December 31, 201 l,the Village's investment balances consisted of $255,042 of certificates of deposit held at Citizen Savings Bank.

All investments are stated on the balance sheet (carrying value) at market value. All investments are in the name ofthe Village and are held at the Village's office. Because these investments are in the name of the Village and are held by the Village or the Village's agent, the investments are considered insured and registered, Category (1), in applying the credit risk of GASB Codification Section 150.164.

Interest Rate Risk: The Village does not have a formal investment policy that limits investment maturities as a means of managing its exposure to fair value arising from increasing interest rates.

5. Receivables

In the govemment-wide statements, receivables consist of all revenues earned at year-end and not yet received. Allowances for uncollectible accounts are based upon historical trends and the period aging and write-off of accounts receivable. Major receivables balances for the governmental activifies include sales taxes and ad valorem taxes. Business-type activities report utilifies eamings as their major receivable.

In the fund financial statements, material receivables in governmental funds include revenue accruals such as sales tax, franchise taxes, occupafional licenses, fines, and other similar intergovemmental revenues since they are usually both measurable and available. Non-exchange transactions, collectible but not available, are deferred in the fund financial statements in accordance with modified accmal, but not deferred in the government-wide financial statements in accordance with the accrual basis. Interest and investment earnings are recorded only if paid within 60 days since they would be considered both measurable and available. Proprietary fund revenues consist of all revenues earned at year-end and not yet received. Utility accounts receivable comprise the majority of proprietary fund receivables. Allowances for uncollectible accounts receivable are based upon historical trends and the periodic aging and write-off of accounts receivable. Interest and investment eamings are recorded only if paid within 60 days since they would be considered both measurable and available.

Receivables at December 31, 2011 consist ofthe following:

Receivables Ad Valorem

Sales Tax Franchise Tax Intergovernmental - Garbage Due from State Capital Grant Utility

Total Receivables

$"

$ '

General Fund

3,327

1,171

2,151 11,311

-

-

17,960

$ "

$ \

Sales Tax Fund

-

1,171 -

-

-

-

1,171

"$ "

!$ '.

Enterprise Fund

-

-

-

-

25,000 4,592

29,592

$ "

$ "

Total Receivables

3,327 2,342

2,151 11,311

25,000 4,592

48,723

36



Proceeds of tlie one percent sales and use tax by the Village are dedicated to "constructing and improvinj public roads, streets, bridges and crossings, and the extension and maintenance of sewerage and water works of permanent public improvemenf.

6. Interfund Receivables/Payables

The following is a detailed list of interfund balances reported in the fund financial statements on December 31, 2011:

Interfund Balances General Fund

Sales Tax Fund Enterprise Fund

Special Revenue Fund Sales Tax Fund

General Fund Enterprise Fund

Enterprise Fund General Fund Sales Tax Fund

Total Interfund Balances

Due From Other Funds

2,345 11,808

1,983 3,703

2,072 1,104

23,015

$

$_

Due To Other Funds

1,983 2,072

2,345 1,104

11,808 3,703

23,015

7. Capital Assets The following is a summary of changes in capital assets for govemmental activities for the year ended December 31, 2011:

Governmental Activities Capital Assets: Capital Assets Not Being Depreciated:

Land Total Capital Assets Not Being Depreciated

Capital Assets Being Depreciated: Building Vehicles and Equipment

Total Capital Assets Being Depreciated

Less Accumulated Depreciation for: Building Vehicles and Equipment

Total Accumulated Depreciation Total Capital Assets Being Depreciated, Net

Total Governmental Activities Capital Assets, Net

Depreciation was charged to governmental functions as follows: General Government Public Safety

Beginning Balance

17,500 $ 17,500

13,610 115,106 128,716

8,983 77,777 86,760 41,956

59,456 $

5 follows:

Increases

- $ -

657 2,158 2,815

364 9,902

10,266 (7,451)

(7,451) $

Decreases

- $ -

-

-

-

--

- $

$

$ ~

Ending Balance

17,500 17,500

14,267 117,264 131,531

9,347 87,679 97,026 34,505

52,005

2,504 7,762

10,266

37



Capital assets and depreciation activity as of and for the year ended December 31,2011 for business-type activities is as follows:

Beginning Ending

Business - Type Activities Capital Assets: Balance Increases Decreases Balance Capital Assets Not Being Depreciated:

Land $ - $ - $ - $

Construction in Progress

Total Capital Assets Not Being Depreciated

Capital Assets Being Depreciated:

Equipment

Water Utility System

Total Capital Assets Being Depreciated

Less Accumulated Depreciation for:

Equipment

Water Utility System

Total Accumulated Depreciation

Total Capital Assets Being Depreciated, Net

Total Business - Type Activities Capital Assets,

Net

New water lines were installed at a cost of $77,965, along with a motor for a pump for $4,150 and painting on the water tower for $7,270.

8. Interfund Transfers

Interfund transfers were as follows for the year ended December 31, 2011:

Interfund Transfers Transfers In Transfers Out

-

9,644

237,525

247,169

9,467

83,118

92,585

154,584

154,584 $

-

89,385

S9,3%5

53

18,619

18,672

70,713

70,713 $

-

-

-

-

--

- $

-

9,644

326,910

336,554

9,520

101,737

111,257

225,297

225,297

General Fund

Sales Tax Fund $ 657 $

Enterprise Fund - 2,250

Special Revenue Fund

Sales Tax Fund

Genera! Fund

Enterprise Fund

Enterprise Fund

General Fund

Sales Tax Fund

Total Interfund Transfers

--

2,250

58,475

61,382 $

657 58,475

-

-61,382

38



9. Grant Awards

The Village received 2 grants from the State of Louisiana of $20,000 for the replacement of water lines for Houston and Cherry Street and $25,000 for the installation of 2,300 feet of 4 inch pvc pipe and 2,095 feet of 2 inch pvc pipe. The Village also received a grant for $18,446 to improve drainage for the residents ofthe Village. The contractor defaulted therefore the funds were not expended for this grant.

10. Leases

The Village records items under capital leases as an asset and an obligation in the accompanying financial statements. The Village had no capital or operating lease activity during the year ended December 31, 2011.

11. Risk Management

The Village is exposed to various risks of loss related to theft, damage, or destruction of assets, torts, injuries, natural disasters, and many other unforeseeable events. The Village purchases commercial insurance policies and bonds for any and al! claims related to the aforementioned risks. The Village's payment ofthe insurance policy deductible is the only liability associated with these policies and bonds. There has been no significant decrease in insurance coverage from the prior year, and the amount of settlements has not exceeded the insurance coverage for the past three fiscal years.

12. Contingent Liabilities

In the first quarter of 2011, the Village was named in a legal action involving a contractor who provided repair work for the Village in 2010, who failed to pay the supplier for the material provided in the repair work provided to the Village. This matter remains unsettled as ofthe date of this report.

13. Related Party Transactions

For the fiscal year ended December 31, 2011, there were no related party transactions requiring disclosure in the financial statements.

14. Subsequent Events

There were no subsequent events requiring disclosure in the financial statements through the date of consideration June 29, 2012.

39

Required Supplemental Information (Part II)

40

Schedule 1

Village of Angie

Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual

General Fund - Summary


Revenues

Taxes

Intergovemmental

Fines and Forfeittires

Interest

Miscellaneous

Total Revenues

Budgeted Amounts

Original

90,354 $

5,000

19,000

4,500

500 119,354

Final

95,013

-

19,739

3,648

6,455

124,855

Actual Amounts

GAAP Basis

$ 94,002 $

-

17,713

2,897

-

114,612

Variance

Favorable

(Unfavorable)

(1,011)

-

(2,026)

(751)

(6,455)

(10,243)

Expenditures

General Govemment

Public Safety:

Police

Fire

Capital Outlays

Total Expenditures

Excess Revenues (Expenditures)

Other Financing Sources (Uses)

Operating Transfers In

Operating Transfers (Out)



Fund Balances, Beginning

Fund Balances, Ending

94,840 106,247 106,844 (597)

32,700

-

1,500

129,040

(9,686)

.

-

-

(9,686)

220,222

210,536 $

32,798

2,000

673 141,718

(16,863)

_

-

-

(16,863)

220,222

203,359 $

33,580

2,000

2,815

145,239

(30,627)

657 (2,250)

(1,593)

(32,220)

220,222

188,002 $

(782)

-

(2,142)

(3,521)

(13,764)

657 (2,250)

(1,593)

(15,357)

.

(15,357)

See independent accountant's review report.

41

Schedule 2

Village of Angie


General Fund - Detail


Revenues

Taxes

Ad Valorem $

Sales Taxes

Franchise Taxes

Tobacco Tax Refund

Washington Parish Council Garbage Tax

Total Taxes

Intergovernmental

State Grants

Total Intergovernmental

Miscellaneous Revenues

Fines and Forfeitures

Interest

Miscellaneous

Total Miscellaneous Revenues

Budgeted Amounts

Original

6,354 $

47,000

15,000

6,000

16,000

90,354

5,000

5,000

19,000

4,500

500

24,000

Final

6,354

50,659

17,000

6,000

15,000

95,013

-

-

19,739

3,648

6,455

29,842

Actual Amounts

GAAP Basis

$ 5,751 $

60,650

10,412

-

17,189

94,002

-

-

17,713

2,897

-

20,610

Variance

Favorable

(Unfavorable)

(603)

9,991

(6,588)

(6,000)

2,189

(1,011)

-

-

(2,026)

(751)

(6,455)

(9,232)

(Continued)

42

Schedule 2

Village of Angie Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget to Actual

General Fund - Detail For the year ended December 31,2011

Expenditures General Government

Salaries Payroll Taxes Insurance Other operating

Professional Fees Repairs and Maintenance

Supplies Telephone Utilities

Total General Government

Public Safety:

Police Salaries Fuel Repairs and Maintenance

Supplies Fire

Other operating

Total Fire

Total Public Safety

Capital Outlays


Other Financing Sources (Uses) Operating Transfers In

Operating Transfers (Out) Total Other Financing Sources (Uses)


Fund Balances, Beginning Fund Balances, Ending

Budgeted Amounts Original

35,340

4,600 13,000 9,200

14,000 9,000 5,500

3,400 800

94,840

22,000 2,000 1,200 7,500

_ -

32,700

1,500

(9,686)

---

(9,686)

220,222 $ 210,536 $

Final

39,890

3,500 12,500 12,707

14,050 16,000 3,400

3,400 800

106,247

22,743 2,111

-7,944

2,000 2,000

34,798

673

(16,863)

---

(16,863)

220,222

203,359 $

Actual Amounts GAAP Basis

39,500 4,385

9,060 13,240

16,558 16,209 3,536

3,661 695

106,844

24,028

4,349 -

5,203

2,000 2,000

35,580

2,815

(30,627)

657 (2,250)

(1,593)

(32,220)

220,222 188,002 $

Variance Favorable

(Unfavorable)

390 (885)

3,440 (533)

(2,508) (209) (136)

(261) 105

(597)

(1,285)

(2,238) -

2,741

_ -

(782)

(2,142)

(13,764)

657 (2,250)

(1,593)

(15,357)

_

(15,357)

(Concluded)


Schedule 3

Village of Angie


Sales Tax Fund


Revenues

Sales Taxes

State Grant

Interest

Miscellaneous

Total Revenues

Expenditures

General Govemment

Other operating

Repairs and Maintenance

Utilities

Total General Govemment

Capital Outlays

Total Expenditures


Other Financing Sources (Uses)

Operating Transfers hi

Operating Transfers (Out)



Fund Balances, Beginning

Fund Balances, Ending

Budgeted Amounts

Original

$ 31,800 $

1,500

33,300

800

14,000

5,000

19,800

10,000

29,800

3,500

-

3,500

328,611

$ 332,111 $

Final

38,270 $

1,271

39,541

44

16,870

2,289

19,203

9,743

28,946

10,595

-

10,595

328,611

339,206 $

Actual Amounts

GAAP Basis

35,649 $

1,463

37,112

44

24,113

4,824

28,981

28,981

8,131

(59,132)

(59,132)

(51,001)

328,611

277,610 $

Variance

Favorable

(Unfavorable)

(2,621)

192

(2,429)

(7,243)

(2,535)

(9,778)

9,743

(35)

(2,464)

(59,132)

(59,132)

(61,596)

(61,596)


44

Other Supplemental Information

45

Schedule 4 Village of Angie

Comparative Schedule of Net Assets Proprietary Fund Type

As ofDecember31,2011 and 2010

Assets Current Assets:

Cash and Cash Equivalents Investments Receivables, Net:

Accounts Due from State - Grant Due From Other Funds Prepaid Expenses

Total Current Assets

Property, Plant, and Equipment Land Property, Plant and Equipment, Net

Total Property, Plant, and Equipment

Total Assets

Liabilities Current Liabilifies (Payable From Current Assets):

Accounts Payable Other Accrued Payables Due To Other Funds

Total Current Liabilities (Payable From Current Assets)

Total Liabilities

Net Assets Invested in Capital Assets, Net of Related Debt Unrestricted

Total Net Assets


Enterprise

2011

46,856

25,000

4,592

25,000

3,176

200 104,824

$

Funds

2010

48,033

25,000

3,195

-

8,134

200 84,562

225,297 154,584 225,297

330,121

4,510

-

15,511

20,021

20,021

225,297

84,803

310,100 $

154,584

239,146

90 14,943

15,033

15,033

154,584

69,529

224,113

46


Comparative Schedule of Revenues, Expenses, and Changes in Net Assets Proprietary Fund Type

For the years ended December 31,2011 and 2010 Enterprise Funds

2011 2010 Operating Revenues

Water Sales $ 24,575 $ 22,930 Sanitation Billings 11,890 11,680 Other

Total Operating Revenues 36,465 34,610

Operating Expenses Depreciation 18,672 11,607 Repairs and Maintenance 12,695 8,221 Salaries and Wages 2,400 2,200 Sanitation 12,303 11,964 Supplies 2,870 703 Utilities 7,196 6,285 Other 567 941

Total Operating Expenses 56,703 41,921

Operating Income (Loss) (20,238) (7,311)


Capital State Grants 45,000 50,000 Interest hicome 500 587

Total Nonoperating Revenues (Expenses) 45,500 50,587

Income (Loss) Before Transfers 25,262 43,276

Transfers Operafing Transfers In 60,725 Operating Transfers Out ^ ^ ^ "

Change in Net Assets 85,987 43,276 Total Net Assets, Beginning 224,113 180,837 Total Net Assets, Ending $ 310,100 $ 224,113

See independent accountanfs review report.

47


Comparative Statement of Cash Flows Proprietary Fund Type


Cash Flows From Operating Activities Received From Customers Received for (Payments) for Interfund Services Payments for Operations Payments to Employees

Net Cash Provided by Operating Activities

Cash Flows From Noncapital Financing Activities Transfers From (To) Other Funds

Net Cash (Used) by Noncapital Financing Acfivities

Cash Flows From Capital and Related Financing Activities Capital Contributions Received (Payments for) Capital Acquisitions

Net Cash (Used) by Capital and Related Financing Activifies

Cash Flows From Investing Activities Receipt of Interest

Net Cash Provided by Investing Activities

Net Cash Increase (Decrease) in Cash and Cash Equivalents Cash and Cash Equivalents, Beginning of Year Cash and Cash Equivalents, End of Year

Reconciliation of Cash and Cash Equivalents to the Statement of Net Assets:

Cash and Cash Equivalents, Unrestricted Cash and Cash Equivalents, Restricted

Total Cash and Cash Equivalents

Reconciliation of Operating Income (Loss) to Net Cash Provided (Used) by Operating Activities

Operating Income (Loss) Adjustments to Reconcile Operating Income (Loss) to Net Cash Provided by Operating Activities:

Depreciation (Increase) decrease in Accounts Receivable (Increase) decrease in Prepaid Insurance (Increase) decrease in Due (to) and from Other Funds Increase (decrease) in Accounts Payable Increase (decrease) in Accrued Expenses

Net Cash Provided by Operating Activities


Enterprise

2011

35,068 $

5,526

(31,035)

(2,576)

6,983

60,725

60,725

20,000

(89,383)

(69,383)

500 500

(1,175)

48,033

46,856 $

Funds

2010

34,814

(4,266)

(27,857)

(2,368)

323

_

-

50,000

(49,333)

667

587 587

1,577

46,456

48,033

46,856 $

46,856 $

(20,238) $

48,033

48,033

(7,311)

18,672

(1,397)

-

5,526

4,510

(90)

6,983 $

11,607

204

(!) (4,266)

-

90 323

48

Schedule 7

Village of Angie

Schedule of Revenues, Expenses and Changes in Net Assets

Budget (GAAP Basis) and Actual, Proprietary Fund Type


Operating Revenues

Water Sales

Sanitation Billings

Other

Total Operating Revenues

Operating Expenses

Depreciation

Repairs and Maintenance

Salaries and Wages

Sanitation

Supplies

Utilities

Other

Total Operating Expenses

Operating Income (Loss)


Capital State Grants

Interest

Total Nonoperating Revenues (Expenses)

Income (Loss) Before Transfers

Budget


35,468 $

35,468

43,056

(7,588)

500 500

(7,088)

Actual

24,575

11,890

36,465

Variance

Favorable

(Unfavorable)

(10,893)

11,890

997~

6,600

10,655

2,400

12,303

3,526

7,422

150

18,672

12,695

2,400

12,303

2,870

7,196

567

(12,072)

(2,040)

-

-

656 226

(417)

56,703

(20,238)

45,(

500 45,500

25,262

Transfers

Operating Transfers hi

Operating Transfers Out


Total Net Assets, Beginning

Total Net Assets, Ending $

25,000

-

17,912

224,113

242,025 $

60,725

-

85,987

224,113

310,100

(13,647)

(12,650)

45,(

45,000

32,350

35,725

68,075

68,075

49

Village of Angie Schedule of Compensation Paid to Board Members

For the year ended December 31, 2011

Name and Title / Contact Number John Dawsey, Mayor (985) 986-2444

Gilbert Ball, Alderman (985) 986-2444

Byron Stogner, Alderman (985) 986-2444

Roxie Fornea, Alderman (985)986-2444

See independent accountant's review repoil.

Address 30141 Bonnie Street Angie, LA 70426

64442 Market Street Angie, LA 70426

64428 Cherry Street Angie, LA 70426

30082 East Street Angie, LA 70426

Schedule 8

Compensation Received

8,300

2,200

2,200

2,200

R900

The schedule of compensation paid to board members is presented in compliance with House Concurrent Resolution No. 54 ofthe 1979 Session ofthe Louisiana Legislature.

The Board of Aldennen ofthe Village consists of three members elected by the registered voters ofthe Village.

50

Bruce C. Harrdl, CPA

Dale H. Jones, CPA Eric J. Rodrigue, CPA Krisli U. Bergeron, CPA Michael R Estay, CPA Jessica H. Jones, CPA

INTERNET wvvvv.teamcpa.com

MEMBERS American instiuite of CPAs Sociely of Louisiana CPAs

109 West Minnesota Park Park Place Suite 7

Hammond, LA 70403 VOICE: (985) 542-6372

FAX: (985)345-3156

BRUCE HARRELL and COMPNHY

KENTWOOD OFFICE P.O-Box 45-909 Avenue G

Kentwood, LA 70444 VOICE: (985)229-5955

FAX: (985) 229-5951

CERHFIED PUBLIC ACCOUNTANTS A Professional Accounting Corporation

Independent Accountant's Report on Applying Agreed-Upon Procedures

To the Mayor and Board of Aldermen Village of Angie Angie, Louisiana

We have performed the procedures included in the Louisiana Government Audit Guide and enumerated below, which were agreed to by the management ofthe Village of Angie and the Legislative Auditor, State of Louisiana, solely to assist the users in evaluating management's assertions about the Village's compliance with certain laws and regulations during the fiscal year ended December 31, 2011, included in;the accompanying Louisiana Attestation Questionnaire. This agreed-upon procedures engagement was performed in accordance with standards established by the American Institute of Certified Public Accountants and applicable standards of Government Auditing Standards. The sufficiency of these procedures is solely the responsibility of the specified users of the report. Consequently, we make no representation regarding the sufficiency of the procedures described below either for the purpose for which this report has been requested or for any other purpose.

Public Bid Law

1. Select all expenditures made during the year for material and supplies exceeding $30,000, or public works exceeding $150,000, and determine whether such purchases were made in accordance with LSA-RS 38:2211-2251 (the public bid law).

Response:

We reviewed all expenditures for fiscal year ended December 31, 2011 that were subject to the bid law. The Village was in compliance with public bid law for those expenditures.

Code of Ethics for Public Officials and Public Employees

2. Obtain from management a list ofthe immediate family members of each board member as defmed by LSA-RS 42:1101-1124 (the code of ethics), and a list of outside business interests of all board members and employees, as well as their immediate families.

Response:

Management provided us with the required list.

3. Obtain from management a listing of all employees paid during the period under examination.

Response:

Management provided us with the required list.

51

http://wvvvv.teamcpa.com

Mayor and Board of Aldermen Village of Angie Angie, Louisiana

4. Determine whether any of those employees included in the listing obtained from management in agreed-upon procedure (3) were also included on the listing obtained from management in agreed-upon procedure (2) as immediate family members.

Response:

None ofthe employees included on the list of employees provided by management in agreed-upon procedure (3) appeared on the list provided by management in agreed-upon procedure (2).

Budgeting

5. Obtained a copy ofthe legally adopted budget and all amendments.

Response:

Management provided us with a copy ofthe original budget. We were also provided with a copy ofthe amended budget for the year.

6. Trace the budget adoption and amendments to the minute book.

Response:

We traced the adoption ofthe original budget to the minutes which indicated that the budget had been adopted by the board. Amendments were made to the budget during the year and had also been adopted by the board.

7. Compare the revenues and expenditures ofthe fmal budget to actual revenues and expendimres to determine if actual revenues failed to meet budgeted revenues by five percent or more or if actual expenditures exceed budgeted amounts by five percent or more.

Response: We compared the revenues and expendimres of the final budget to actual revenues and expenditures. Actual revenues for the general fund and the sales tax fund were below budgeted amounts exceeding five percent of budgeted amounts in violation ofthe Local Government Budget Act. Actual expenditures and other financing uses in the sales tax fund also exceed budgeted amounts by more than five percent. This was due to an unbudgeted transfer out to the utility fund for water system improvements.

Accountmg and Reporting

8. Randomly select six disbursements made during the period under examination and:

a. Trace payments to supporting documentation as to proper amount and payee.

b. Determine if payments were properly coded to the correct fund and general ledger account.

c. Determine whether payments received approval from proper authorities.

Response:

a. We examined supporting documentation for each ofthe six selected disbursements and found that payment was for the proper amount and made to the correct payee.

b. We noted no exceptions.

c. Inspection of documentation supporting each of the six selected disbursements indicated approvals from the accountant and the chairman ofthe Board of Aldermen. In addition, each of

52

Mayor and Board of Aldermen Village of Angie Angie, Louisiana

the disbursements was traced to the village's minute book where they were approved by the full board.

Meetings

9. Examine evidence indicating that agendas for meetings recorded in the minute book were posted or advertised as required by LSA-RS 42:1 through 42:12 (the open meetings law).

Response:

The Village of Angie is only required to post a notice of each meeting and the accompanying agenda on the door ofthe Village's office building. We noted a copy ofthe notice was posted as required.

Debt

10. Examine bank deposits for the period under examination and determine whether any such deposits appear to be proceeds of bank loans, bonds, or like indebtedness.

Response:

The Village has no long-term debt.

Advances and Bonuses

11. Examine payroll records and minutes for the year to determine whether any payments have been made to employees, which may constitute bonuses, advances, or gifts.

Response:

A reading of the minutes of the Village and transactions reviewed for the year indicated no payments to employees which would constitute bonuses, advances, or gifts.

The prior year report did not include any comments or unresolved matters.

We were not engaged to, and did not, perform an examination, the objective of which would be the expression of an opinion on management's assertions. Accordingly, we do not express such an opinion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

This report is intended solely for the use of management ofthe Village of Angie and the Legislative Auditor, State of Louisiana, and should not be used by those who have not agreed to the procedures and taken responsibility for the sufficiency ofthe procedures for their purposes. Under Louisiana Revised Statute 24:513, this report is distributed by the Legislative Auditor as a public document.

l/>^--*- S ^ ^ s ^ u J l l ^ ^ -

Bruce Harrell & Company, CPAs A Professional Accounting Corporation

June 29, 2012 (Concluded)

53

LOUISIANA ATTESTATION QUESTIONNAIRE (For Attestation Engagements of Government)

For: Village of Angie F[scal Year Ending: December 31, 2011

Bruce Harrell & Company, CPAs P.O. Box 45 909 Avenue G Kentwood, LA 70444

In connection with your review of our financial statements as of December 31, 2011 and for the year then ended, and as required by Louisiana Revised Statute 24:513 and the Louisiana Governmentai Audit Guide, we make the following representations to you. We accept full responsibility for our compliance with the foHowing laws and regulations and the internal controls over compliance with such laws and regulations. We have evaluated our compliance with the following laws and regulations prior to making these representations.

These representations are based on the information available to us as of June 30, 2012.

Public Bid Law

It is true that we have complied with the public bid law, LSA-RS Title 38:2212. and, where applicable, Ihe regulations of the Division of Administration, State Purchasing Office..

Y e s [ X I No[ 1

Code of Ethics for Public Officials and Public Employees

It is true that no employees or officials have accepted anything of value, whether In the form of a service, loan, or promise, from anyone that would constilute a violation of LSA-RS 42:1101-1124.

Yes [ X ] No [ ]

It is true that no member of the immediate family of any member of the governing authority, or the chief executive of the governmental entity, has been employed by the govemmental entity after April 1, 1980, under circumstances that would constitute a violation of LSA-RS 42; 1119.

Y e s [ X ] Na[ ]

Budgeting

We have complied with the state budgeting requirements ofthe Local Govemment Budget A d (LSA-RS 39:1301-14) or the budget requirements of LSA-RS 39:34.

Y e s [ X ] No[ ]

Accounting and Reporting

All non-exempt governmental records are available as a public record and have been retained for at least three years, as required by LSA-RS 44:1, 44:7, 44:31, and 44:36.

Y e s [ X ] No[ ]

We have filed our annua! financial statements in accordance with LSA-RS 24:514, 33:463, and/or 39:92, as applicable.

Y e s I X ] N o [ ]

54

We have had our financial statements audited or compiled in accordance with LSA-RS 24:513. Y e s [ X ] N o [ ]

Meetings

We have complied with the provisions ofthe Open Meetings Law, provided in RS 42:1 through 42:12.

Y e s [ X ] No[ 1

Debt

It is true we have not incurred any Indebtedness, other than credit for 90 days or less to make purchases in the ordinary course of administration, nor have we entered into any lease-purchase agreements, without the approval of the State Bond Commission, as provided by Article Vll, Section 8 of the 1974 Louisiana Constitution, Article VI, Section 33 of the 1974 Louisiana Constitution, and LSA-RS 39:1410.60-1410.65.

Yes[X] No[ I

Advances and Bonuses

It is true we have not advanced wages or salaries to employees or paid bonuses in violation of Article Vll, Section 14 ofthe 1974 Louisiana Constitution, LSA-RS 14:138, and AG opinion 79-729.

Y e s [ X ] No[ 1

We have disclosed to you ail known noncompliance of the foregoing laws and regulations, as well as any contradictions to tiie foregoing representations. We have made available to you documentation relating to the foregoing laws and regulations.

We have provided you with any communications from regulatory agencies or other sources concerning any possible noncompliance with the foregarg laws and regulations, including any communications received between the end of the period under examination and the issuance of ttiis report We acknowledge our responsibility to disclose to you any known noncompliance which may-oecur subsequent to Hie issuance of your report.

4 ^ - ' g < > ^ Mayor 7 - ^ / 6 ^ ^ ^ Date

55

Village of Angie...Village of Angie, Louisiana We have reviewed the accompanying financial statements of the governmental activities, the business-type activities, and each major fund

Documents