City of Shreveport - Louisiana
[Pages:208]X*)
CITY OF SHREVEPORT, LOUISIANA
For the Year Ended December 31, 2007 Finance Department
Elizabeth B. Washington, Director Under provisions ofstate law/this report is a public document. A copy of the report has been submitted to the entity and other appropriate public officials. The report is available for public inspection at the Baton Rouge office of the Legislative Auditor and, where appropriate, at the office of the parish clerk of court.
"Release Date
About the Cover
The cover photo depicts the Shreveport, Louisiana downtown Hilton Hotel, owned by the City of Shreveport and managed by the Hilton Corporation. The Shreveport Hilton hotel hosts 313 guest rooms, a business center, audio/visual equipment and various meeting rooms. The hotel features include a full-service restaurant (River Rock Grill), lounge, and room service. The Shreveport Hilton hotel is located in downtown Shreveport and is just 10 minutes from Shreveport Regional Airport.
The adjoining Shreveport Convention Center complex, the dome seen in the background, combines the luxury of the Hilton Hotel with the fully equipped 380,000 square foot meeting and exhibit space of the Shreveport Convention Center. The parking garage is located across the street and is adjoined to the Hotel by a covered walkway. The Hilton Hotel opened in June, 2007. The Hilton Hotel is located at 104 Market Street, Shreveport, Louisiana, 71101, and can be reached at Telephone number: 318-698-0090, or by fax at Fax: 1-318698-0515.
This cover photo was taken by Shreveport photographer Neil Johnson.
Photo ? Neil Johnson
CITY OF SHREVEPORT, LOUISIANA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED DECEMBER 31,2007
TABLE OF CONTENTS Page
INTRODUCTORY SECTION
Letter of Transmittal
1
Organizational Chart
6
Principal Officials
7
Finance Department
8
FINANCIAL SECTION
Independent Accountant's Report on Financial Statements and Supplementary
Information
9
Management's Discussion and Analysis
13.
Basic Financial Statements:
Government-wide Financial Statements:
Statement of Net Assets
27
Statement of Activities
28
Fund Financial Statements:
Balance Sheet - Governmental Funds
30
Reconciliation of the Governmental Funds Balance Sheet to
the Statement of Net Assets
31
Statement of Revenues, Expenditures, and Changes in Fund Balance -
Governmental Funds
32
Reconciliation of the Statement of Revenues, Expenditures, and Changes
in Fund Balances of Governmental Funds to the Statement of Activities 33
Statement of Revenues, Expenditures, and Changes in Fund Balance -
Budget and Actual - General Fund
35
Statement of Revenues, Expenditures, and Changes in Fund Balance -
Budget and Actual - Community Development
38
Statement of Net Assets - Proprietary Funds
40
Statement of Revenues, Expenses, and Changes in Fund Net Assets -
Proprietary Funds
42
Statement of Cash Flows - Proprietary Funds
43
Statement of Fiduciary Net Assets - Fiduciary Funds
45
Statement of Changes in Fiduciary Net Assets - Fiduciary Funds
46
Statement of Net Assets - Component Units
47
Statement of Activities - Component Units
48
Notes to the Financial Statements
52
Required Supplementary Information:
Trend Data on Pension and Other Employee Benefits Funding
104
Combining and Individual Fund Statements and Schedules:
Combining Balance Sheet - Nonmajor Governmental Funds
107
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances -
Nonmajor Governmental Funds
109
Schedules of Revenues, Expenditures, and Changes in Fund Balance .
- Budget and Actual:
Riverfront Development
Ill
Combining Statement of Net Assets - Nonmajor Enterprise Funds
113
Combining Statement of Revenues, Expenses, and Changes in Fund Net Assets -
Nonmajor Enterprise Fluids
114
Combining Statement of Cash Flows - Nonmajor Enterprise Funds
115
Combining Statement of Net Assets - Internal Service Funds
119
Combining Statement of Revenues, Expenses, and Changes in Fund Net Assets -
Internal Service Funds
120
Combining Statement of Cash Flows - Internal Service Funds
121
Combining Statement of Fiduciary Net Assets - Fiduciary Funds
125
Combining Statement of Changes in Fiduciary Net Assets - Fiduciary Funds 126
Discretely Presented Component Unit:
Metropolitan Planning Commission
Balance Sheet
;
129
Statement of Revenues, Expenditures, and Changes in Fund Balance
130
STATISTICAL SECTION
Net Assets by Component
133
Changes in Net Assets
134
Fund Balances of Governmental Funds
'.
137
Changes in Fund Balances of Governmental Funds
139
Assessed Value and Estimated Actual Value of Taxable Property
141
Property Tax Rates - Direct and Overlapping Governments
142
Principal Property Taxpayers
143
Property Tax Levies and Collections
144
Taxable Sales by Category
145
Direct and Overlapping Sales Tax Rates
146
Sales Tax Revenue Payers by Industry
147
Ratios of Outstanding Debt by Type
148
Ratios of General Bonded Debt Outstanding
149
Direct and Overlapping Governmental Activities Debt
150
Legal Debt Margin Information
151
Fledged-Revenue Coverage - Water and Sewerage
152
Fledged-Revenue Coverage - Municipal and Regional Airports
153
Demographic and Economic Statistics
154
Principal Employers
155
Full-time Equivalent City Government Employees by Function
156
Operating Indicators by Function
157
Capital Asset Statistics by Function
158
in
IV
" I I IAll-America City
VI I I I F
CITY OF SHREVEPORT
P.O.BOX31109 SHREVEPORT, LA 71130 ? 505 TRAVIS STREET SHREVEPORT, LA 71101 W?bs^6- ci.shreveport.la.us
August 11, 2008
Mayor Cedric B. Glover Members of the City Council City of Shreveport, Louisiana
Mayor and Members of the City Council:
In accordance with Section 10.02, paragraph (j), of the City Charter, I am pleased to submit the Comprehensive Annual Financial Report for the year ended December 31,2007. The financial statements were prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) and audited in accordance with generally accepted government auditing standards by a firm of licensed certified public accountants. I believe this report presents comprehensive information about the City's financial and operating activities during 2007 that is useful to taxpayers, citizens, and other interested persons.
This report was prepared by the Accounting Division of the Finance Department and consists of management's representations concerning the finances of the City. Consequently, management assumes full responsibility for the completeness and reliability of all of the information presented in this report. To provide a reasonable basis for making these representations, management of the City has established a comprehensive internal control framework that is designed both to protect the government's assets from loss, theft, or misuse and to compile sufficient reliable information for the preparation of the City's financial statements in conformity with GAAP. Because the cost of internal controls should not outweigh their benefits, the City's comprehensive framework of internal controls has been designed to provide reasonable rather than absolute assurance that the financial statements will be free from material misstatement. In addition to internal controls established by management and those built into the accounting system, the Office of Internal Audit periodically reviews the adequacy of internal controls. The Internal Auditor and her staff are independent of the Finance Department. As management, we assert that, to the best of our knowledge and belief, this financial report is complete and reliable in all material respects.
In accordance with Section 4.28 of the City Charter, the City Council is required to provide for an annual independent audit of the accounts and financial transactions of the City by a firm of independent certified public accountants duly licensed to practice in the State of Louisiana. The accounting firm of BKD, LLP was selected by the City to conduct its annual audit. The goal of the independent audit was to provide
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are free of material misstatement. The independent audit involved examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; assessing the accounting principles used and significant estimates made by management; and evaluating the overall financial statement presentation. Based upon the audit, the independent auditor's report included a qualification of the aggregate discretely presented component units of the City, because of the omission of the financial data of one of the City's legally separate component units, Shreveport Home Mortgage Authority. In addition, the independent auditor concluded, except for the effects of omitting the financial data for Shreveport Home Mortgage Authority, the City's financial statements for the fiscal year ended December 31,2007, are fairly presented in conformity with GAAP. The independent auditor's report is presented as the first component of the financial section of this report.
The independent audit of the financial statements of the City was part of a broader, federally mandated "Single Audit" designed to meet the special needs of federal grantor agencies. The standards governing Single Audit engagements require the independent auditor to report not only on the fair presentation of the financial statements, but also on the audited government's internal controls and compliance with legal requirements, with special emphasis on internal controls and legal requirements involving the administration of federal awards. These reports are available in the City's separately issued Single Audit Report.
GAAP require that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of Management's Discussion and Analysis (MD&A). This letter of transmittal is designed to complement MD&A and should be read in conjunction with it. The City's MD&A can be found immediately following the report of the independent auditors.
Profile of the City of Shreveport
The City of Shreveport was incorporated in 1839. It is located on the west bank of the Red River in Northwest Louisiana, approximately thirty miles south of Arkansas and fifteen miles east of Texas. Shreveport is the seat of Caddo Parish and the center of a metropolitan area that includes Bossier, Caddo, and WebsterParishes. Although located primarily in Caddo Parish, a small portion of the City extends into Bossier Parish. The current area of the City is approximately 122 square miles.
The City of Shreveport has been organized under a mayor-council form of government since 1978, when the current City charter was adopted by the voters. The charter provides for a seven member council, with each memberselected for four-year terms from separate districts of the City. The mayor is elected at-large for a four-year term, is not a member of the council, but has veto power over council action.
The City provides a wide range of services including public safety, highways and streets, sanitation, water and sewer services, airports, transportation, recreational activities, general administration functions and others.
These financial statements present the City of Shreveport (the primary government) and its component units. The component units are included in the City's reporting entity because of the significance of their operational or financial relationships with the City. Included as discretely presented component units is the financial data for the City Courts, City Marshal, Downtown Development Authority and the Metropolitan Planning Commission. They are reported separately within the City's financial statements to emphasize that theyare legally separate from the City. Additional information on these legally separate entities can be -found-in-the-notes-to-the-financial-statements
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