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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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