Cameron Parish School Board - Louisiana

[Pages:80]11*13

CAMERON PARISH SCHOOL BOARD Cameron, Louisiana

Annual Financial Statements With Independent Auditors' Report

As of and For the Year Ended June 30,2007

With Supplemental Information Schedules

Under provisions of state law, this report is a i document.Acopy 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

CAMERON PARISH SCHOOL BOARD

Cameron, Louisiana

Annual Financial Statements With Independent Auditors* Report As of and For the Year Ended June 30,2007 With Supplemental Information Schedules

CONTENTS

Independent Auditors'Report Required Supplementary Information - Part I

Managements Discussion and Analysis Basic Financial Statements:

Government-Wide Financial Statements: Statement of Net Assets Statement of Activities

Fund Financial Statements: Governmental Funds: Balance Sheet Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Assets Statement of Revenues, Expenditures, and Changes in Fund Balances Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances to the Statement of Activities Fiduciary Fund: Statement of Fiduciary Net Assets

Notes to the Financial Statements

Statement

Page 4

7

A

14

B

15

C

16

D

17

E

18

F

20

G

21

23

CAMERON PARISH SCHOOL BOARD Cameron, Louisiana Contents, June 30,2007

CONTENTS (CONT.)

Required Supplementary Information - Part II: Budgetary Comparison Schedule General Fund

Schedules Required by State Law (R.S. 24:514 Performance and Statistical Data): Agreed-Upon Procedures Report General Fund Instructional and Support Expenditures and Certain Local Revenue Sources Education Levels of Public School Staff Number and Type of Public Schools Experience of Public Principals and Full-time Classroom Teachers Public School Staff Data Class Size Characteristics Louisiana Educational Assessment Program (LEAP) The Graduation Exit Exam The iLEAP and IOWA Tests

Supplemental Information Schedules: Nonmajor Governmental Funds: Combining Balance Sheet: All Nonmajor Funds Special Revenue Funds Debt Service Funds Capital Projects Funds

Schedule

39

41

1

45

2

46

3

47

4

48

5

49

6

50

7

51

8

53

9

54

10

58

11

59

12

60

13

61

CAMERON PARISH SCHOOL BOARD Cameron, Louisiana Contents, June 30,2007

CONTENTS (CONCLUDED)

Supplemental Information Schedules: (Cont)

Combining Schedule of Revenues, Expenditures, and Changes in Fund Balances:

All Nonmajor Funds

Special Revenue Funds Debt Service Funds Capital Projects Funds Schedule of Compensation Paid Board Members Independent Auditors' Report on Internal Control Over Financial Reporting and on Compliance Based on an Audit of Financial Statements Performed in Accordance With Government Auditing Standards

Independent Auditors' Report on Compliance With Requirements Applicable to Each Major Program and Internal Control Over Compliance in Accordance With OMB Circular A-133

Schedule of Findings and Questioned Costs Summary Schedule of Prior Audit Findings Schedule of Expenditures of Federal Awards

Schedule Page

14

62

15

64

16

65

17

66

18

67

69

71

19

73

20

76

21

77

LITTLE & ASSOCIATES LLC

CERTIFIED PUBLIC ACCOUNTANTS

Wm. TODD LITTLE, CPA CHARLES R. MARCHBANKS, JR., CPA

Independent Auditors' Report

To the Members of the Cameron Parish School Board Cameron, Louisiana

We have audited the accompanying financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of the Cameron Parish School Board as of and for the year ended June 30, 2007, which collectively comprise the school board's basic financial statements as listed in the table of contents. These financial statements are the responsibility of the Cameron Parish School Board's management. Our responsibility is to express opinions on these financial statements based on our audit.

We conducted our audit in accordance with U. S. generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the basic financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the basic 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 in the first paragraph present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and the aggregate remaining fund information of the Cameron Parish School Board as of June 30,2007, and the respective changes in financial position thereof for the year then ended in conformity with accounting principles generally accepted in the United States of America.

In accordance with Government Auditing Standards, we have also issued our report dated January 14, 2008, on our consideration of the Cameron Parish School Board's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be considered in assessing the results of our audit

Managements discussion and analysis and the General Fund budgetary comparison schedule on pages 7 through 12 and 39 through 40, respectively, are not a required part of the basic financial statements but are supplementary information required by accounting standards generally accepted in the United States of America. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the required supplementary information. However, we did not audit the information and express no opinion on it The performance and statistical data on pages 41

PHONE (318) 361-9600 ? MX (318) 361-9620 ? 805 NORTH 31" STREET ? MONROE, LA 71201 MAILING ADDRESS: P. 0. BOX 4068 ? MONROE, LA 71211-4058

through 56 is not a required part of the basic financial statements but is supplementary information required by Louisiana state law. We have applied certain agreed-upon procedures to such information and have issued our report dated January 14, 2008. However, we did not audit the information and express no opinion on it

Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Cameron Parish School Board's basic financial statements. The nonmajor governmental funds combining balance sheet and combining schedule of revenues, expenditures, and changes in fund balances, the schedule of compensation paid board members, and the schedule of expenditures of Federal awards are presented for the purpose of additional analysis and are not a required part of the basic financial statements. The nonmajor governmental funds combining balance sheet and combining schedule of revenues, expenditures, and changes in fund balances, the schedule of compensation paid board members, and the schedule of expenditures of Federal awards have been subjected to the auditing procedures applied in the audit of the basic financial statements, and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole.

Monroe, Louisiana January 14, 2008

REQUIRED SUPPLEMENTARY INFORMATION PARTI

CAMERON PARISH SCHOOL BOARD Cameron, Louisiana

MANAGEMENTS DISCUSSION AND ANALYSIS June 30, 2007

As management of the Cameron Parish School Board, we offer readers of the Cameron Parish School Board's financial statements this narrative overview and analysis of the financial activities of the Cameron Parish School Board for the fiscal year ended June 30,2007. We encourage readers to consider the information presented here, in conjunction with the basic financial statements, and the supplementary information provided in this report in assessing the efficiency and effectiveness of our stewardship of public resources.

Overview of the Financial Statements

This discussion and analysis are intended to serve as an introduction to the Cameron Parish School Board's basic financial statements. The Cameron Parish School Board's basic financial statements comprise three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves.

Government-wide financial statements. The government-wide financial statements are designed to provide readers with a broad overview of the Cameron Parish School Board's finances, in a manner similar to a private-sector business.

The statement of net assets presents information on all of the Cameron Parish School Board's assets and liabilities, with the difference between the two reported as net assets. Over time, increases or decreases in net assets may serve as a useful indicator of whether the financial position of the Cameron Parish School Board is improving or deteriorating.

The statement of activities presents information showing how the government's net assets changed during the most recent fiscal year. All changes in net assets are reported as soon as the underlying event giving rise to the change occurs, regardless of timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods (for example, earned, but unused, sick leave).

Fund financial statements. A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The Cameron Parish School Board, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds of the Cameron Parish school board can be divided into two categories: governmental funds and fiduciary (agency) funds.

Governmental funds. Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a government's near-term financing requirements.

Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the government's near-term financing decisions. Both the governmental fund balance sheet and governmental fund statement of

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