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PA R ISH OF JEFFER SON HOM E M ORTGAG E A UTHOR ITY
Je fferson Parish , Louisiana Financial Statemen ts and Schedules
Decemb er 31 , 1997 and 1996
W ith Independent Auditors ' Report Thereon
Under provisions ofstate law,this report is a public docum ent. A copyofthe reporthasbeen ~ubm itted to the audited, or review ~d,
enti~ and otherappropriate ~ -.!ic
oi'.::,cials.The reportis avai!'.-~;:,i-'.:or public inspection at th~ Ea',n Rouge oficeofthe LeEislatJ;aA,,."itot and,w here appropriate,;..4 t'=e office ofthe parish clerk of.:,.,'.;rt.
PeatM arw ick LLP
Sutte3500 One ShellSquare New OrJeans, LA 70139-3599
Independent Auditors ' ReDort
The Board of Tru stees Parish o f Jefferson Hom e Mortgage Authority
W e have audited the ba lance sheets o f the Parish of Jefferson Home Mortgage
Authority (the Authority ), a component unit of the Parish of Jefferson , as of
December 31 , 1997 and 1996 , and the related statements o f revenues , exp en ses and changes in re tained earn ings and cash flows for the years then ended . These financial statem en ts are the respon sibility of the Authority 's managemen t . Our responsib ility is to exp ress an op inion on these financial statemen ts based on our audits .
We conducted our audits in accordance with generally accepted auditing standards and the standards app licab le to financial audits con ta ined in
Governmen t A udi ting S tandards , issued by the Comptroller General of the Un ited
States . Those standards require that we plan and perform the audit to ob tain reasonab le assurance abou t whether the financial statements are free of material m isstatem en t . An audit in cludes exam in in g , on a test basis , evidence supporting the amounts and disclosures in the financial statements . An aud it also includes assessing the accounting princip les used and significant estimates made by management , as well as evaluating the overall financial
statement presentation . We believe that our audits provide a reasonable basis for our op in ion .
In our op in ion , the
financial statements referred
to abov e present
fairly ,
in
a ll material respects , the financial position of the Parish o f Jefferson Hom e
Mortgage Authority as of December 31 , 1997 and 1996 , and the results of its
operations and its cash flow s for the y ears then ended in con form ity w ith
generally accepted accounting principles .
In accordance w ith Governmen t A udi ting S tandards , we have also issued a report dated February 9 , 1998 on our consideration of the Authority 's in ternal
con trol over financial reporting and our tests o f its comp liance with cer tain provisions of laws , regulations , contracts and grants .
February 9 , 1998
PARISH OF JEFFERSON HOME MORTGAGE AUTHORITY
Ba lance Sheets (in thousands )
D ecemb er 31 , 1997 and 1996
A ssets
Cash and cash equivalen ts (notes 2 and 6 Investment securities (notes 2 and 6) Mortgage loans receivable (note 3) Real estate own ed (note l (i)) Accrued interest receivable Bond issuance costs , net (note l (f)) Prepaid insurance
O th er asse ts
Liabilities and Retained Earnings
L iab ilities : Bonds payable , net (notes l (g ), ~ and 7) Line of credit payable to bank (notes 4 and 7 A ccrued interest p ay ab le Deferred liabilities (note 5) Other liabilities
Total liabilities
Retained earn in gs (notes 6 and 8
Un reserv ed R e se rv e d
To tal retained earn ings
1997
1996
$ 4,971
27 .636 165 ,877
99 1 ,425 3 ,654
17 ~5
1 ,761
28 ,463 166 ,128
137 1 ,426 3 ,679
22 25
s 2o~
Ln ,6<
182 .834 3 ,559 3 ,724 130 17
190,264
183 .965
3 ,957 13 6 4
188 ,062
2 ,447 10 ,983
13 .430
2 ,641 10 ,938
13 .579
See accompany ing notes to financial statemen ts
PAR ISH O F J EFFERSON HOM E M ORTGAG E AUTHOR ITY
Sta tem en ts o f R ev enue s , Exp en ses
and Changes in Retained Earn ings (in thousands)
For the y ears ended Decemb er 31 , 1997 and 1996
Op erat ln g rev enu es : In terest on mortgage loans In terest on investments
Comm itment fees
Total operating revenues
Op era tin g exp en se s :
Interest on bonds (note l (g )) Am ortization of bond issuance costs and other
costs (note l (f)) Serv icing fees Bond insurance costs
Mortgage loan insurance costs T ru stee fee s Other operating expenses
Tota l operating expenses
Net loss
Retained earnings at beginning o f y ear
Reta ined earn ings at end o f year
1997
1996
$ 13,440
1 ,824 6
15 ,270
733 433
6
15 ,172
13 .311 13 ,354
671
7 03
7 64
77 6
56
67
15
13
115
116
4 87
217
15 .419 15 ,246
(149)
(74
13 .579 13 ,653
See accompany ing notes to financial statemen ts
PAR ISH OF J EFFER SON HOM E M ORTGAG E AUTHOR ITY
Statem ents of Cash Flow s (in thousands )
For the years ended December 31 , 1997 and 1996
Cash flow s from operating activ ities Cash receip ts for : Interest on m ortgage loans Interest on investmen ts Cash paym en ts for : In terest on bonds Serv icing fees
In su rance
Other operating expenses
Net cash prov ided by operating activ ities
Cash flows from cap ital financing activ ities purchase o f other assets
Cash flow s from noncap ital financing activ ities Bonds redeem ed Bond p roceeds Proceeds from line of credit Bond issuance costs
Net cash provided by (used in ) noncapital financing activities
Cash flow s from investing activ ities : Proceeds from sa le of investments Acqu isition of investments Acqu isition o f mortgage loans Principal receip ts from m ortgage loans Proceeds from real estate own ed
Net cash prov ided by investing activ ities
Net increase (decrease ) in cash and cash equivalents
Cash and cash equ ivalents at beg inn ing of year
Cash and cash equ ivalents at end of year
1997
1996
$ 13,462
1 ,797
(13 ,552 (765 (67 (576
299
13 ,868 1 .377
544
7)
(9
21 ,450 20 ,100
3 ,559
(413
20 ,174 18 ,425
(309
1 ,796
(2 ,058
20 384
(19 556 (18 014
18 263 45
13 265 (19 081
(ii 986
18 783 177
1 ,122
904
3 ,210
(619
1 .761
2 ,380
$ 1 971
1 ,761
Continued
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