STATE OF MISSISSIPPI OFFICE OF THE STATE AUDITOR PHIL BRYANT State Auditor RAMONA HILL, CPA Director, Financial and Compliance Audit Division ED YARBOROUGH, CPA, CIA, CFE, CGFM Director, County Audit Section_part3 docx

10 209 0
STATE OF MISSISSIPPI OFFICE OF THE STATE AUDITOR PHIL BRYANT State Auditor RAMONA HILL, CPA Director, Financial and Compliance Audit Division ED YARBOROUGH, CPA, CIA, CFE, CGFM Director, County Audit Section_part3 docx

Đang tải... (xem toàn văn)

Thông tin tài liệu

JEFFERSON COUNTY Notes to Financial Statements For the Year Ended September 30, 1997 17 Receivable Fund Payable Fund Amount Countywide road maintenance General Fund 17,971 Countywide bridge General Fund 891 Jail bond I & S General Fund 1,605 Road & bridge bond General Fund 4,103 Recreational facilities General Fund 891 Copiah-Lincoln maintenance General Fund 1,444 Copiah-Lincoln improvement General Fund 1,802 School bond debt General Fund 2,301 Total $ 45,687 Advances to/from Other Funds: Receivable Fund Payable Fund Amount General Fund Solid waste $ 19,200 General Fund Data processing 7,806 General purpose Solid waste 6,114 Severance tax Daycare escrow 10,600 Severance tax Data processing 6,000 Severance tax Countywide bridge 2,900 Fire maintenance Data processing 8,400 Fire maintenance Countywide road 31,700 Fire maintenance General Fund 21,500 Fire maintenance Solid waste 600 Solid waste Data processing 3,800 Data processing General Fund 70,900 Data processing Recreational facilities 21,000 Capital improvement General Fund 59,600 Capital improvement Solid waste 17,200 Capital improvement Data processing 5,000 Capital improvement School note 8,212 Capital improvement Countywide road 17,630 Capital improvement Courthouse special 700 Countywide road Data processing 24,500 Countywide road General Fund 134,300 Countywide bridge General Fund 92,300 Countywide bridge Capital improvement 2,247 Jail bond I & S General Fund 56,441 Jail bond I & S Countywide road 17,500 Courthouse special Jail bond I & S 1,900 COP courthouse General Fund 39,041 County building General Fund 20,600 County building Data processing 10,500 County building Courthouse special 16,000 Tourism General Fund 55,000 Recreational facilities General Fund 16,600 Total $ 805,791 JEFFERSON COUNTY Notes to Financial Statements For the Year Ended September 30, 1997 18 (6) Fixed Assets. Changes in the General Fixed Assets Account Group at September 30, 1997, are as follows: Balance Balance Oct. 1, 1996 Additions Deletions Sept. 30, 1997 Governmental Funds: Land $ 319,951 319,951 Buildings 1,449,341 4,334,088 5,783,429 Improvements other than buildings 51,390 51,390 Construction in progress 2,514,816 1,819,272 4,334,088 Mobile equipment 864,617 358,906 43,872 1,179,651 Other furniture and equipment 363,905 73,047 73,829 363,123 Leased property under capital leases 208,700 119,444 9,625 318,519 Total $ 5,772,720 6,704,757 4,461,414 8,016,063 (7) Claims and Judgments. Risk Financing. The county finances its exposure to risk of loss related to workers' compensation for injuries to its employees through the Mississippi Public Entity Workers' Compensation Trust, a public entity risk pool. The county pays premiums to the pool for its workers' compensation insurance coverage and the participation agreement provides that the pool will be self-sustaining through member premiums. The retention for the pool is $350,000 for each accident and completely covers all statutory limits set by the Workers' Compensation Commission. Risk of loss is remote for claims exceeding the pool's retention liability. However, the pool also has catastrophic reinsurance coverage of $1,000,000 per accident, provided by Employers= Reinsurance Corporation, effective from January 1, 1997 to January 1, 1998. The pool may make an overall supplemental assessment or declare a refund depending on the loss experience of all the entities it insures. JEFFERSON COUNTY Notes to Financial Statements For the Year Ended September 30, 1997 19 (8) Capital Leases. As Lessee: The county is obligated for the following assets acquired through capital leases as of September 30, 1997: General Fixed Assets Classes of Property Group Mobile equipment $ 208,159 Other furniture and equipment 110,360 Leased Property Under Capital Leases $ 318,519 The future minimum lease payments together with the present value of the net minimum lease payables as of September 30, 1997, are as follows: General Long-term Debt Group Year Ending September 30: 1998 $ 82,941 1999 36,528 2000 34,817 2001 14,060 2002 11,717 Total Minimum Lease Payments 180,063 Less: Amount representing interest 19,023 Present Value of Net Minimum Lease Payments $ 161,040 (9) Long-term Debt. Debt outstanding as of September 30, 1997, consisted of the following: Final Amount Interest Maturity Description and Purpose Outstanding Rates Date General Long-term Debt Account Group: A. General Obligation Bonds: General obligation bonds - Series 1990 $ 410,000 6.5 - 7.2 5-10 General obligation road & bridge bonds - Series 1994 1,185,000 5.7 - 7.25 7-14 General obligation hospital bonds 60,000 5.75, 5.9 5-02 Total General Obligation Bonds $ 1,655,000 JEFFERSON COUNTY Notes to Financial Statements For the Year Ended September 30, 1997 20 Final Amount Interest Maturity Description and Purpose Outstanding Rates Date B. Limited Obligation Bonds: Courthouse renovation and jail construction - certificates of participation $ 765,000 5.95 - 7.4 4-12 Urban renewal revenue bonds - correctional facility construction 5,100,000 5 - 6.75 2-16 Total Limited Obligation Bonds $ 5,865,000 C. Equipment Notes: Road equipment $ 53,814 6.00 8-98 Road equipment 43,317 7.00 7-99 Total Equipment Notes $ 97,131 D. Capital Leases: Motor grader $ 22,300 6.00 4-98 Motor grader 22,300 6.00 4-98 Clayton mobile home 7,718 8.08 3-98 Radio equipment and tower 51,538 6.50 8-00 IBM AS-400 upgrade 57,184 7.25 7-02 Total Capital Leases $ 161,040 E. Other Loans: Garbage truck $ 49,953 7.00 1-98 Sheriff's vehicles and rescue tool 26,110 7.00 1-98 Geriatric unit for Jefferson County Hospital 50,000 7.00 6-98 Five Supervisors' trucks 46,333 7.00 6-99 Two fire trucks 147,656 8.00 12-99 Total Other Loans $ 320,052 Limited Obligation Bonds Certificates of participation (COPs) designed as "qualified tax exempt obligations" for purposes of Section 265 of the Internal Revenue Code of 1986, were issued with a face value of $795,000 for the purpose of financing construction of a new courthouse, renovating and expanding the existing jail for a law enforcement and detention center and renovating the existing chancery building. The COPs are not secured by the full faith and credit of the county. However, the county, as lessee, is obligated, pursuant to a 20 year lease purchase agreement with the lessor, People's Bank of Biloxi, Mississippi, as the sole source of payment for the COPs. The lease obligation is not recorded because the COPs are considered, in substance, limited debt obligations of the county, and accordingly, are reflected in the General Long-term Debt Account Group. Title to the property will transfer to the county upon satisfactory performance of the lease term payments. JEFFERSON COUNTY Notes to Financial Statements For the Year Ended September 30, 1997 21 Urban renewal revenue bonds, designed as "qualified tax exempt obligations" for purposes of Section 265 of the Internal Revenue Code of 1986, were issued with a face value of $5,100,000 for the purpose of financing the construction and equipping of the Jefferson/Franklin Regional Correctional Facility. The bonds are not secured by the full faith and credit of the county. However, the county, as lessee, is obligated, pursuant to a 20 year lease purchase agreement with the lessor, Jefferson/Franklin Regional Correctional Facility Financing Corporation, as the sole source of the payment for the revenue bonds. The lease obligation is not recorded because the urban renewal revenue bonds are considered, in substance, limited debt obligations of the county and, accordingly, are reflected in the General Long-term Debt Account Group. Title to the property will transfer to the county upon satisfactory performance of the lease term payments. Annual debt service requirements to maturity for the following debt reported in the General Long-term Debt Account Group are as follows: General Limited Obligation Obligation Year Ending September 30 Bonds Notes Notes Loans Total 1998 $ 174,200 364,029 53,435 197,459 789,123 1999 174,653 367,946 53,033 108,633 704,265 2000 174,786 555,129 53,156 783,071 2001 174,738 555,220 729,958 2002 174,184 559,091 733,275 Later years 1,730,282 7,391,474 9,121,756 Total 2,602,843 9,792,889 106,468 359,248 12,861,448 Less: Amounts representing interest 947,843 3,927,889 9,337 39,196 4,924,265 Total at Present Value $ 1,655,000 5,865,000 97,131 320,052 7,937,183 Legal Debt Margin - The amount of general obligation bonded debt that can be incurred by the county is limited by state statute. Total outstanding general obligation bonded debt during a year can be no greater than 15% of assessed value of the taxable property within the county, according to the then last completed assessment for taxation. However, the limitation is increased to 20% whenever a county issues bonds to repair or replace washed out or collapsed bridges on the public roads of the county. As of September 30, 1997, the amount of outstanding general obligation bonded debt was equal to 5.37% of the latest property assessments. The following changes occurred in liabilities reported at year end: Balance Balance Styling Oct. 1, 1996 Additions Reductions Sept. 30, 1997 General Long-term Debt Account Group: Compensated absences $ 59,310 28,012 31,298 General obligation bonds 1,720,000 65,000 1,655,000 Limited obligation bonds 5,875,000 10,000 5,865,000 Equipment notes 118,789 21,658 97,131 Capital leases 87,472 119,444 45,876 161,040 Other loans 275,389 147,656 102,993 320,052 Total $ 8,135,960 267,100 273,539 8,129,521 (10) Contingencies. JEFFERSON COUNTY Notes to Financial Statements For the Year Ended September 30, 1997 22 Federal Grants - The county has received federal grants for specific purposes that are subject to audit by the grantor agencies. Entitlements to these resources are generally conditional upon compliance with the terms and conditions of grant agreements and applicable federal regulations, including the expenditure of resources for allowable purposes. Any disallowance resulting from a grantor audit may become a liability of the county. Litigation - The county is party to legal proceedings, many of which occur in the normal course of governmental operations. It is not possible at the present time to estimate ultimate outcome or liability, if any, of the county with respect to the various proceedings. However, the county's legal counsel believes that ultimate liability resulting from these lawsuits will not have a material adverse effect on the financial condition of the county. (11) No Commitment Debt (Not Included in Financial Statements). No commitment debt is repaid only by the entities for whom the debt was issued and includes debt that either bears the county's name or for which a moral responsibility may exist that is not an enforceable promise to pay. No commitment debt explicitly states the absence of obligation by the county other than possibly an agreement to assist creditors in exercising their rights in the event of default. Because a default may adversely affect the county's own ability to borrow, the principal amount of such debt outstanding at year end is disclosed as follows: Balance at Styling September 30, 1997 Nursing home revenue bonds $ 1,615,453 (12) Jointly Governed Organizations. The county participates in the following jointly governed organizations: Southwest Mississippi Planning and Development District operates in a district composed of the Counties of Adams, Amite, Claiborne, Franklin, Jefferson, Lawrence, Lincoln, Pike, Walthall and Wilkinson. The Jefferson County Board of Supervisors appoints four of the 40 members of the board of directors. The county appropriated approximately $3,672 for support of the district in fiscal year 1997. Southwest Mississippi Mental Health Complex operates in a district composed of the Counties of Adams, Amite, Claiborne, Franklin, Jefferson, Lawrence, Lincoln, Pike, Walthall and Wilkinson. The Jefferson County Board of Supervisors appoints one of the ten members of the board of commissioners. The county appropriated approximately $18,050 for support of the complex in fiscal year 1997. Copiah-Lincoln Community College operates in a district composed of the Counties of Adams, Copiah, Franklin, Jefferson, Lawrence, Lincoln and Simpson. The Jefferson County Board of Supervisors appoints two of the 27 members of the college board of trustees. The county appropriated approximately $90,369 for maintenance and support of the college in fiscal year 1997. Southwest Mississippi Development Corporation operates in a district composed of the Counties of Adams, Amite, Claiborne, Franklin, Jefferson, Lawrence, Lincoln, Pike, Walthall and Wilkinson. The Jefferson County Board of Supervisors appoints one of the 11 members of the board of commissioners. JEFFERSON COUNTY Notes to Financial Statements For the Year Ended September 30, 1997 23 (13) Defined Benefit Pension Plan. Plan Description. Jefferson County, Mississippi, contributes to the Public Employees' Retirement System of Mississippi (PERS), a cost-sharing, multiple-employer, defined benefit pension plan. PERS provides retirement and disability benefits, annual cost-of-living adjustments and death benefits to plan members and beneficiaries. Benefit provisions are established by state law and may be amended only by the State of Mississippi Legislature. PERS issues a publicly available financial report that includes financial statements and required supplementary information. That information may be obtained by writing to Public Employees= Retirement System, PERS Building, 429 Mississippi Street, Jackson, MS 39201-1005 or by calling 1-800-444-PERS. Funding Policy. PERS members are required to contribute 7.25% of their annual covered salary and the county is required to contribute at an actuarially determined rate. The current rate is 9.75% of annual covered payroll. The contribution requirements of PERS members are established and may be amended only by the State of Mississippi Legislature. The county's contributions (employer share only) to PERS for the years ending September 30, 1997, 1996 and 1995 were $156,350, $101,885 and $101,756, respectively, equal to the required contributions for each year. (14) Subsequent Events. Subsequent to September 30, 1997, Jefferson County issued the following debt obligations: Issue Interest Issue Type of Source of Date Rate Amount Financing Financing 10-97 8 $ 200,000 Tax anticipation note Ad valorem taxes 2-98 5.2 114,980 Capital lease Ad valorem taxes 2-98 5.98 22,200 Capital lease Ad valorem taxes 24 JEFFERSON COUNTY (This page left blank intentionally) 25 JEFFERSON COUNTY SUPPLEMENTAL INFORMATION 26 JEFFERSON COUNTY (This page left blank intentionally) . construction and equipping of the Jefferson/Franklin Regional Correctional Facility. The bonds are not secured by the full faith and credit of the county. However, the county, as lessee, is obligated,. Walthall and Wilkinson. The Jefferson County Board of Supervisors appoints four of the 40 members of the board of directors. The county appropriated approximately $3,672 for support of the district. determined rate. The current rate is 9.75% of annual covered payroll. The contribution requirements of PERS members are established and may be amended only by the State of Mississippi Legislature. The

Ngày đăng: 20/06/2014, 02:20

Tài liệu cùng người dùng

  • Đang cập nhật ...

Tài liệu liên quan