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HomeMy WebLinkAbout1999-2000.AuditReport.CourtFINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT CITY OF CAPE GIRARDEAU PUBLIC LIBRARY June 30, 2000 CONTENTS Independent Auditors' Report LIBRARY FUND Balance Sheet Notes To Financial Statements SUPPLEMENTAL INFORMATION r Library Fund - Statement Of Revenues And Expenditures State Aid Agency Fund - Statement Of Revenues And Expenditures - Unaudited Page 3 4 5 9 10 Begley, Janssen, Young & Birk, LC CERTIFIED PUBLIC ACCOUNTANTS r 2103 THEMIS ST. - CAPE GIRARDEAU. MISSOURI 637C'' -TELEPHONE 579) 3342845 - -AX 193) 334-4932 MEMBERS TERRYR. BEGLEY.CPA JEFF UNTERREINER. DPA LAWRE%CE EYOUNG. CPA CATHER;NE A WHITE KEU41N W. BIRK, CPA DEBORAH E. DENEKE JOHN R. JANSSEN, CPA _ '4_i^cI EIDDES" A=_ _-OR5_E?O3T Honorable Mayor and Members of the City Council City of Cate Cirardeau, Missouri We 'nave audited the accompanylnc balance sheet of the Cape G_rardeau Public Library, an agency _`u^. of the City of Cape fund Girardeau, Missouri, as of June 30, 2000. This agency fund financial statement is the responsibility of the City of Cape Girardeau's management. Our restonsibility is to express an opinion on this financial statement based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the agency fund financial statement is free of material misstatement. _ M audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statement. An audit also includes assessing the accounting principles used and the significant estimates made by management, as well as evaluating the tir.ancial statement oresentatioc. We believe chat our audit provides a reasonable basis for our opinion. The agency fund financial statement referred to acove includes only -'he _ nanc-a'_ posit -on of the CapeGLrardeau Public ibrary. he E'; naccial cosi:_on of Cher t=ost::^at _ora the Ci-__ .E -ace S_rardeau are not included. Sn our opinion, the agency Fund financial statement reter'red to above, presents fairly, in a'_1 material respects, -__e financial Position of the Cape Girardeau Public Library as of June 30, 2,100 in conformity with generally accepted accounting principles. Our audit was made for the purpose of forming an opinion on the Cane Girardeau Public Library `financial statement taken as a dhole. TI -.e Financia'_ statements oresented as su_rc'_emer.tai in`orcnation are presented '_or purposes of additional analvs_s and are .not a required part of the financial statements o` the Cape Girardeau .. Public Library. Such in`_ormation, except for that portion marked "unaudited" on which we express no opinion, has been subjected to the auditing procedures applied in the audit of the Cape Girardeau Public Library financial statement; and, in our opinion, the information is fairly presented in all material respects in relation to that financial statement taker as a whole. Bj�E��GLEY, J?.N9SEN, YOUNG & BBIRIK, LLC Ca e G=r6(rdeau, MiqsouX �- December 5, 2000 Cape Girardeau Public Library BALANCE SHEET June 30, 2000 ASSETS Cash and investments Receivables Taxes receivable, less allowance for doubtful receivables Other receivable LIABILITIES Accounts payable Accrued payroll and fringe benefits Funds held by the City of Cape Girardeau THE NOTES TO THE FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS STATEMENT. $515,136 21,464 23 $536,623 $15,324 3,037 518,262 $536,623 Cape Girardeau Public Library NOTES TO FINANCIAL STATEMENTS June 30, 2000 NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A summary of the significant accounting policies consistently applied in the preparation of the accompanying financial statements follows. I. The Reporting Entity The Cape Girardeau Public Library is an agency fund of the City of Cape Girardeau, Missouri. The Cape Girardeau Public Library, for financial reporting purposes, includes all of the funds relevant to the operations of the Cape Girardeau Public Library, except the State Aid Agency Fund. The financial statements presented herein do not include agencies which have been formed under applicable state laws of separate and distinct units of government apart from the Cape Girardeau Public Library. A separate report has been issued on the general purpose financial statements of the City of Cape Girardeau, Missouri. Reference should be made to that report for additional information concerning accounting policies, cash and investments, and other information, which are the same for the Library. The Governmental Accounting Standards Board (GASB), in order to establish criteria for determining which organizations should be included in a governmental financial reporting entity, issued GASB Statement No. 14, "The Financial Reporting Entity". The GASB's intention was to provide a basis for making comparisons among units of government, to reduce the possibility of arbitrary exclusion or inclusion of organizations in financial reports, and to enable financial statement users to identify the operations for which governmental entities are responsible. The GASB concluded that the basic criteria for including other organizations in a governmental unit are financial accountability and fiscal dependency. The Library has determined that no other outside agency meets the above criteria and, therefore, no other agency has been included as a component unit in the Library's financial statements. 2. Fund Accounting As a result of the application of GASB No. 14 described above, the Library is considered an agency fund of the City of Cape Girardeau. Consistent with agency fund accounting, the balance sheet is the only financial statement shown that is not considered supplementary information. However, supplementary statements of revenue and expenditure have been included in order to provide additional information about the Library's activities during the year. The supplementary statements are not part of the Library fund's basic financial statements. Cape Girardeau Public Library NOTES TO FINANCIAL STATEMENTS June 30, 2000 NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued 2. Fund Accounting - Continued The accounts of the Library are organized on the basis of funds and account groups, each of which is considered a separate accounting entity. The operations of each fund are accounted for with a separate set of self -balancing accounts that comprise its assets, liabilities, fund equity, revenues and expenditures or expenses, as appropriate. As an agency fund of the City of Cape Girardeau, the Library only maintains asset and liability accounts. Government resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. The various funds are grouped, in the financial statements in this report, into fund categories as follows. Agency Funds - An agency fund is created to act as a custodian for other funds, governmental units, or private entities. The Cape Girardeau Public Library's assets are accounted for as an agency fund on the accounting records and financial statements of the City of Cape Girardeau. r 3. Basis of Accounting Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the financial statements. Basis of accounting relates to the timing of the measurements made, regardless of the measurement focus applied. This basis of accounting for the revenues and expenditures only applies to the supplementary statements of revenues and expenditures. W All revenues and expenditures included in the supplementary statements of revenues and expenditures are accounted for by using Y the modified accrual basis of accounting. The revenues are recognized when they become measurable and available as net current assets. Taxpayer assessed income, gross receipts and sales taxes are considered "measurable" when in the hands of the intermediary + collecting governments and are recorded as liabilities and reductions of revenue when they are measurable and their validity seems certain. Expenditures are generally recognized under the modified accrual basis of accounting when the related fund liability is incurred. Exceptions to this general rule include principal and interest on general long-term debt which is recognized when due. Cape Girardeau ?ublic Library NOTES TO FINANCIAL STATEMENTS June 30, 2000 r NOTE 8 - PROPERTY TAXES Property taxes attach as an enforceable lien on property as of January 1. Taxes were levied on August 16, 1999, for collection during this fiscal year and were due on or before December 31. Most of the taxes are collected in November and December. The tax rate assessed at the time was as follows: Library Tax $ .17/100.00 assessed Valuation The Library tax is collected for and accrues solely for the benefit of the Cape Girardeau Public Library. Consequently, the Library tax is not part of the property taxes that accrue to the general fund of the City of Cape Girardeau. .. SUPPLEMENTAL INFORMATION — Cape Girardeau Public Library Salaries 343,486 LIBRARY FUND 92,382 STATEMENT OF REVENUES AND EXPENDITURES 4,055 — General operations Year ended June 30, 2000 Capital outlays 980 REVENUES 715,640 EXCESS OF REVENUES OVER EXPENDITURES Taxes and special assessments OTHER FINANCING SOURCES $576,950 — Interest 12,000 26,354 Intergovernmental EXCESS OF REVENUES AND OTHER 20,269 Charges for services ($44,735) 10,706 — Fines and forfeitures 13,132 Miscellaneous 11,494 tiJtt,9U5 EXPENDITURES Salaries 343,486 Materials and supplies 92,382 Contractual services 4,055 — General operations 274,737 Capital outlays 980 715,640 EXCESS OF REVENUES OVER EXPENDITURES (56,735) OTHER FINANCING SOURCES — Transfer from state aid fund 12,000 — TOTAL OTHER FINANCING SOURCES 12,000 EXCESS OF REVENUES AND OTHER — FINANCING SOURCES OVER EXPENDITURES ($44,735) THE NOTES TO THE FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS STATEMENT. y Cape Girardeau Public Library STATE AID AGENCY FUND STATEMENT OF REVENUES AND EXPENDITURES Year ended June 30, 2000 (Unaudited) THE NOTES TO THE FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS STATEMENT. to REVENUES Intergovernmental $23,813 23,813 EXPENDITURES Culture and recreation ,. Miscellaneous 1,560 General operating expenses 3,000 Contractual services 1,290 Capital outlay 2,000 7,850 ti EXCESS OF REVENUES OVER EXPENDITURES 15,963 OTHER FINANCING USES Transfers to Library Fund 12,000 EXCESS OF REVENUES OVER EXPENDITURES AND OTHER FINANCING USES $3,963 THE NOTES TO THE FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS STATEMENT. to