022805 PARMA AUDIT #1

Arne - Cyrille Richard

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English

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Publié par	Arne
Nombre de lectures	14
Langue	English

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VILLAGE OF PARMA, INC.
JACKSON COUNTY, MICHIGAN
AUDITED FINANCIAL STATEMENTS
WITH SUPPLEMENTAL INFORMATION
FEBRUARY, 28, 2005VILLAGE OF PARMA, INC.
FINANCIAL STATEMENTS
TABLE OF CONTENTS
PAGE
NUMBER
INDEPENDENT AUDITOR'S REPORT 1
MANAGEMENT’S DISCUSSION AND ANALYSIS 3
BASIC FINANCIAL STATEMENTS:
GOVERNMENT-WIDE STATEMENT OF NET ASSETS 6
GOVERNMENT-WIDE STATEMENT OF ACTIVITIES 7
BALANCE SHEET GOVERNMENTAL FUNDS 8
RECONCILIATION OF THE GOVERNMENTAL FUNDS
BALANCE SHEET TO STATEMENT OF NET ASSETS 9
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES–GOVERNMENTAL FUNDS 10
RECONCILIATION OF THE STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCE OF
GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES 11
STATEMENT OF NET ASSETS–PROPRIETARY FUNDS 12
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES–PROPRIETARY FUNDS 13
PROPRIETARY FUND STATEMENT OF CASH FLOWS 14
STATEMENT OF FIDUCIARY NET ASSETS 15
NOTES TO THE FINANCIAL STATEMENTS 16
REQUIRED SUPPLEMENTAL INFORMATION:
BUDGETARY COMPARISON SCHEDULE–GENERAL FUND 33
BUDGETARY COMPARISON SCHEDULE–MAJOR STREET FUND 40
BUDGETARY COMPARISON SCHEDULE–LOCAL STREET FUND 41
ADDITIONAL INFORMATION:
COMBINING BALANCE SHEET - NON-MAJOR
GOVERNMENTAL FUNDS 42
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - NON-MAJOR
GOVERNMENTAL FUNDS 43
-i-VILLAGE OF PARMA, INC.
FINANCIAL STATEMENTS
TABLE OF CONTENTS (Continued)
PAGE
NUMBER
ADDITIONAL INFORMATION: (Continued)
COMBINING BALANCE SHEET–TRUST AND AGENCY FUNDS 44
COMBINING STATEMENT OF CHANGES IN ASSETS AND
LIABILITIES–AGENCY FUNDS 45
INDIVIDUAL FUND STATEMENTS:
GENERAL FUND–
BALANCE SHEET 46
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCE–BUDGET AND ACTUAL 47
MAJOR STREET FUND–
BALANCE SHEET 54
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCE–BUDGET AND ACTUAL 55
LOCAL STREET FUND–
BALANCE SHEET 56
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCE–BUDGET AND ACTUAL 57
RESTRICTED POLICE FUND–
BALANCE SHEET 58
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCE–BUDGET AND ACTUAL 59
DOWNTOWN DEVELOPMENT AUTHORITY FUND–
BALANCE SHEET 60
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCE–BUDGET AND ACTUAL 61
FIRE RECOVERY FUND–
BALANCE SHEET 62
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCE–BUDGET AND ACTUAL 63
-ii-VILLAGE OF PARMA, INC.
FINANCIAL STATEMENTS
TABLE OF CONTENTS (Continued)
PAGE
NUMBER
INDIVIDUAL FUND STATEMENTS: (Continued)
WASTE WATER FUND–
BALANCE SHEET 64
STATEMENT OF REVENUES, EXPENSES, AND CHANGES
IN RETAINED EARNINGS 65
WATER FUND–
BALANCE SHEET 66
STATEMENT OF REVENUES, EXPENSES, AND CHANGES
IN RETAINED EARNINGS 67
GARBAGE FUND–
BALANCE SHEET 68
STATEMENT OF REVENUES, EXPENSES, AND CHANGES
IN RETAINED EARNINGS 69
MOTOR POOL FUND–
BALANCE SHEET 70
STATEMENT OF REVENUES, EXPENSES, AND CHANGES
IN RETAINED EARNINGS 71
SCHEDULES OF INDEBTEDNESS
CAPITAL LEASE PAYABLE–COUNTY OF JACKSON $1,110,000 72
CAPITAL LEASE PAYABLE–COUNTY OF JACKSON $1,800,000 73
CONTRACT PAYABLE–PARMA TOWNSHIP (KANSAS STATE BANK) 74
-iii-MARKOWSKI & COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
2880 SPRING ARBOR ROAD • JACKSON • MICHIGAN • 49203
PHONE (517) 782-9351
FAX (517) 782-0599
MEMBERS:
AMERICAN INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
K. LAVERNE MARKOWSKI, C.P.A.
RONALD L. MARKOWSKI, C.P.A MICHIGAN ASSOCIATION OF
DOUGLAS E. ATKINS, C.P.A. CERTIFIED PUBLIC ACCOUNTANTS
ESTATE PLANNING COUNCIL OF
SOUTH CENTRAL MICHIGAN
INDEPENDENT AUDITOR’S REPORT
Village Council
Village of Parma, Inc.
Jackson County, Michigan
We have audited the accompanying financial statements of the governmental activities,
business-type activities, major funds, and remaining fund information, which
collectively comprise the basic financial statements, of the Village of Parma, Inc, as of
and for the year ended February 28, 2005, as listed in the table of contents. These
financial statements are the responsibility of the Village’s management. Our
responsibility is to express opinions on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in
the United States of America. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free of
material misstatements. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our opinions.
In our opinion, the basic financial statements referred to above present fairly, in all
material respects, the respective financial position of the governmental activities,
business-type activities, each major fund, and the aggregate remaining fund information
of the Village of Parma, Inc. at February 28, 2005, and the respective changes in
financial position and cash flows, where applicable, of those activities and funds and the
budgetary comparison for the general fund for the year then ended in conformity with
accounting principles generally accepted in the United States of America.Management’s Discusion and Analysis
PO Box 127
117 W. Main StreetVillage of Parma
Parma, MI 49269
517-531-4785
Fax: 517-531-5179
As the management of the Village of Parma, Inc., we are proud to present the first ever statements issued in
accordance with the new governmental accounting standards. We provide this narrative overview and analysis of the
Village’s financial activities so that users may better assess the financial condition of the Village.
Using this Annual Report
This annual report consists of a series of financial statements. The Statement of Net Assets and the Statement of
Activities provide information about the activities of the Village as a whole and present a longer-term view of the
Vilage’s finances, reporting al asets and liabilties of the Village, including infrastructure assets such as roads and
sidewalks. Fund financial statements tell how these services were financed in the short-term, as well as what remains
for future spending. Fund financial statements also report the Vilage’s operations in more detail than the government-
wide financial statements.
The Village as a Whole
The Vilage’s net asets remain relatively stable. Operating results show a slight decrease in net assets. The past few
years have been very difficult for the Village, and we believe that we have finally turned the corner. As part of our
governmental activities, we have completed the repaving of one major street at a very reasonable cost. This project
was funded entirely with Act 51 funds from the State of Michigan.
Our business activities also noted several improvements. Our newly completed municipal water system, and the
proposed upgrades to our waste water disposal system, will allow the Village to experience growth. The water system
infrastructure is now entirely in place, including a water tower which improves the reliability of the system.
In a condensed format, the table below shows net assets as of the current date:
Governmental Business-Type
Activities Activities Total
Current Assets $ 37,204 $ 794,993 $ 832,197
Noncurrent Assets 949,571 5,048,295 5,997,866
Total Assets 986,775 5,843,288 6,830,063
Current Liabilities 45,172 105,364 150,536
Long-Term Debt Outstanding 32,537 2,630,000 2,662,537
Total Liabilities 77,709 2,735,364 2,813,073
Net Assets
Invested in Captial Assets - Net of Debt 931,726 1,807,916 2,739,642
Restricted for Debt Service - 161,965 161,965
Unrestricted (22,660) 1,138,043 1,115,383
Total Net Assets $ 909,066 $ 3,107,924 $ 4,016,990
Note: Only one year presented as this is the first year of reporting under GASB 34. Future reports will include a two
year comparison of Village finances.
3Management’s Discusion and Analysis
Unrestricted net assets– the part of net assets that can be used to finance day to day operations have remained stable.
The following table shows the changes of the net assets as of the current date:
Governmental Business-Type
Activities Activities Total
Program Revenues:
Charges for Services $ 20,448 $ 174,183 $ 194,631
Operating grants and Contributions 297,191 - 297,191
Capital grants and Contributions - 20,598 20,598
General Revenues:
Property Taxes 49,575 22,983 72,558
LDFA surplus tax distributions 128,621 - 128,621
Franchise fees 1,716 - 1,716
State-Shared Revenues 78,691 - 78,691
Interest and Rents 3,084 123,533 126,617
Other Income 4,523 - 4,523
Total Revenues 583,849 341,297 925,146
Program Expenses:
General Government 89,224 - 89,224
Public Safety 351,201 - 351,201
Community Planning 2,463 - 2,463
Public Works 105,203 - 105,203
Cultural and Recreation 6,685 - 6,685
Other 34,163 - 34,163
Waste Water, Water and Garbage - 427,312 427,312
Total