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Home My WebLink About1987-1988.AuditReport (2) � � � � � � � FINANCIAL STATEMENTS AND AUDITORS' REPORT � CITY OF CAPE GIRARDEAU, MISSOURI June 30, 1988 � � � � � � � � � � � � � C 0 N T E N T S � Page � AUDITORS' REPORT 6 FINANCIAL STATEMENTS � COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS 8 � COMBINED STATEMENT OF REVENUES AND EXPENDITURES AND FUND BALANCES - ALL GOVERNMENTAL FUND TYPES AND EXPENDABLE TRUST FUNDS 10 � COMBINED STATEMENT OF REVENUES AND EXPENDITURES - BUDGET (GAAP BASIS) AND ACTUAL - GENERAL � AND SPECIAL REVENUE FUND TYPES 11 COMBINED STATEMENT OF REVENUES AND EXPENDITURES - BUDGET (GAAP BASIS) AND ACTUAL - DEBT SERVICE � AND CAPITAL PROJECTS FUND TYPES 12 COMBINED STATEMENT OF REVENUES AND EXPENSES AND � RETAINED EARNINGS - ALL PROPRIETARY FUND TYPES 13 COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION - � ALL PROPRIETARY FUND TYPES 14 NOTES TO FINANCIAL STATEMENTS 15 � GENERAL FUND STATEMENT OF REVENUES AND EXPENDITURES - BUDGET � (GAAP BASIS) AND ACTUAL 34 SPECIAL REVENUE FUNDS � COMBINING BALANCE SHEET 35 COMBINING STATEMENT OF REVENUES AND EXPENDITURES 3E � AND FUND BALANCE � � � 2 � � � C 0 N T E N T S � Page � SPECIAL REVENUE FUNDS - Continued CONVENTION/TOURISM SPECIAL REVENUE FUND - STATE- � MENT OF REVENUES AND EXPENDITURES - BUDGET (GAAP BASIS) AND ACTUAL 3� DOWNTOWN BUSINESS DISTRICT SPECIAL REVENUE FUND - � STATEMENT OF REVENUES AND EXPENDITURES - BUDGET (GAAP BASIS) AND ACTUAL 38 � PARKS AND RECREATION SPECIAL REVENUE FUND - STATEMENT OF REVENUES AND EXPENDITURES - BUDGET (GAAP BASIS) AND ACTUAL 39 � HEALTH SPECIAL REVENUE FUND - STATEMENT OF REVENUES AND EXPENDITURES - BUDGET (GAAP BASIS) AND ACTUAL 40 � MOTOR FUEL TAX SPECIAL REVENUE FUND - STATEMENT OF REVENUES AND EXPENDITURES - BUDGET (GAAP BASIS) AND ACTUAL 41 � DEBT SERVICE FUNDS � DEBT SERVICE FUND - STATEMENT OF REVENUES � AND EXPENDITURES - BUDGET (GAAP BASIS) AND ACTUAL 42 CAPITAL PROJECTS FUNDS � COMBINING BALANCE SHEET 43 � COMBINING STATEMENT OF REVENUES AND EXPENDITURES AND FUND BALANCE 44 MULTI-USE CENTER CONSTRUCTION FUND - STATEMENT OF � REVENUES AND EXPENDITURES - BUDGET (GAAP BASIS) AND ACTUAL 45 � FAU STREET GRANTS FUND - STATEMENT OF REVENUES AND EXPENDITURES - BUDGET (GAAP BASIS) AND ACTUAL 46 � COI�IUNITY DEVEIAPMENT BLOCK GRANT FUND - STATEMENT OF REVENUES AND EXPENDITURES - BUDGET (GAAP BASIS) AND ACTUAL 4� � � 3 � ii � C 0 N T E N T S � Pa�e � CAPITAL PROJECTS FUNDS - Continued STREET IMPROVEMENTS FUND - STATEMENT OF REVENUES � AND EXPENDITURES - BUDGET (GAAP BASIS) AND ACTUAL 48 � PARK IMPROVEMENTS FUND - STATEMENT OF REVENUES AND EXPENDITURES - BUDGET (GAAP BASIS) AND ACTUAL 49 ENTERPRISE FUNDS � COMBINING BALANCE SHEET 50 � COMBINING STATEMENT OF REVENUES AND EXPENSES AND RETAINED EARNINGS S1 INTERNAL SERVICE FUNDS � COMBINING BALANCE SHEET 52 � COMBINING STATEMENT OF REVENUES AND EXPENSES AND RETAINED EARNINGS 53 � TRUST AND AGENCY FUNDS COMBINING BALANCE SHEET 54 � COMBINING STATEMENT OF REVENUES AND EXPENDITURES AND FUND BALANCE 55 � SUPPLEMENTAL INFORMATION REPORT ON INTERNAL ACCOUNTING CONTROLS BASED SOLELY ON � A STUDY AND EVALUATION MADE AS A PART OF AN EXAMI- NATION OF THE GENERAL PURPOSE FINANCIAL STATEMENTS 57 REPORT ON COMPLIANCE WITH LAWS AND REGULATIONS BASED ON � AN EXAMINATION OF GENERAL PURPOSE FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH THE STANDARDS FOR AUDIT ISSUED BY THE GAO 59 � � � 4 � � � C 0 N T E N T S � Page � SUPPLEMENTAL INFORMATION - Continued REPORT ON STATEMENT OF FEDERAL FINANCIAL ASSISTANCE 60 � STATEMENT OF FEDERAL FINANCIAL ASSISTANCE 61 REPORT ON COMPLIANCE WITH LAWS AND REGULATIONS RELATED TO f MAJOR AND NONMAJOR FEDERAL FINANCIAL ASSISTANCE PROGRAMS 63 REPORT ON INTERNAL CONTROLS (ACCOUNTING AND ADMINISTRATIVE) - � BASED ON A STUDY AND EVALUATION MADE AS A PART OF AN EXAMINATION OF THE GENERAL PURPOSE FINANCIAL STATEMENTS AND THE ADDITIONAL TESTS REQUIRED BY THE SINGLE AUDIT ACT 65 � STATEMENT OF INSURANCE COVERAGE 69 � � f'� � � � � � � � � 5 � � � KERBER, ECK & BRAECKEL CERTIFIED PUBLIC ACCOUNTA(YfS t227 BROADWAY � OFFlCFS IN MEMBERS AMEFi1CnN GPE G(RARDEAU, MISSOURI 63701 CAPE GIRARDEAU, MISSOURI INS'iTRJiE OF CERTIFIED ST. LOUIS. MISSOURI PUBLIC ACCAUNTMITS SPRlNGFIELD. ►LJJNOIS _ MILWAUKF.E, WISCANSIN 314J34-0568 � WASHWC'TON, D.G � � Honorable Mayor and Members of the City Council City of Cape Girardeau, Missouri � We have examined the general purpose financial statements of the City of Cape Girardeau, Missouri and the combining, individual fund and account group financial statements of the City as of and for the year ended June 30, 1988, as listed in the table of contents. Our examination was made in � accordance with generally accepted governmental auditing standards and, accordingly, included such tests of the accounting records and such other � auditing procedures as we considered necessary in the circumstances. As described in note A3, the general purpose financial statements � referred to above do not include the General Fixed Asset Account Group, which should be included to conform with generally accepted accounting principles. The amount that should be recorded in the general fixed assets account group is not known. � In our opinion, except for the general fixed account group on which we are unable to express an opinion, the general purpose financial statements � referred to above present fairly the financial position of the City of Cape Girardeau, Missouri, at June 30, 1988, and the results of its operations and the changes in financial position of its proprietary fund types for the � year then ended, in conformity with generally accepted accounting princi- ples applied on a basis consistent with that of the preceding year. Also, in our opinion, the combining, individual fund, and account group financial statements referred to above present fairly the financial position of each � of the individual funds and account groups of the City of Cape Girardeau, Missouri, at June 30, 1988, and the results of operations of such funds and the changes in financial position of individual proprietary fund types for � the year then ended, in conformity with generally accepted accounting principles. � � � 6 � � � Our examination was made for the purpose of forming an opinion on � the general purpose financial statements taken as a whole and on the com- bining, individual fund, and individual account group financial statements. The accompanying financial information listed as supporting schedules in the table of contents is presented for purposes of additional analysis and � is not a required part of the financial statements of the City of Cape Girardeau, Missouri. Such information has been subjected to the auditing procedures applied in the examination of the general purpose, combining, � individual fund, and individual account group financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements of each of the respective individual funds and account � groups, taken as a whole. � ��.�,.�.� �� ,�._ � Cape Girardeau, Missouri September 20, 1988 � � � � � � � � l � 7 � L £E6`£Z9'9E$ 9TT'L99'8$ £ZS`78£$ OZO`86T`T$ O7L'9Z7`9T$ LST`OS1`T$ ZEO'66L`£$ L6Z'£S7'T$ 810`979`£$ slasse Telol 780— 9 '4 78- 0 89 I - - - - - - "agap =al-2UOT Tu2aua9 ;o -auam Z£0'66L`E Z£0'66L'£ - - - - - - -Dallas ao; papinoad aq of lunomV - pung aolAxaS 6L9`09 - - £££'Z7 97TH - - lgaQ ul aTgeTTunu lunoW L7L'60'91 - - 87L'678 666'6Z9'7T - - - - aouuansul pludaad - - (Q alou) uolleToaadap 86T'39T'7 - 709`TZT - 8£7`16T £LO'T6T 896`7LS'£ ZS7'T palulmmnooe ;o lau 'slassu paxl'T 068`91Z - - - - £99'TL sluamisanuT Pur gsea pa3ol213ag 996'ZLL - - - - 068`94Z - - - - alquATaoaa aagl0 9E9'L9S - OOS'L£ - 9Z9`60Z 589'00£ - _ _ _ 996'ZLL SZ6`6I (f aloe) spun; 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The City operates under a Council-Manager form of government and provides the following services as authorized by � its charter: public safety (police and fire) , highways and streets, sanitation, health and social services, culture-recreation, public improvements, planning and zoning and general administrative services. � A summary of the significant accounting policies consistently applied in the preparation of the accompanying financial statements follows. � 1. Reporting Entity The City, for financial purposes, includes all of the funds and account groups relevant to the operations of the City of Cape Girardeau. The � financial statements presented herein do not include agencies which have been formed under applicable state laws or separate and distinct units of government apart from the City of Cape Girardeau. � The National Council on Governmental Accounting (NCGA) , in order to clarify which organizations, functions and activities of government � should be included in general purpose financial statements, issued NCGA- 3, "Defining the Governmental Reporting Entity". The NCGA's intention was to provide a basis for making comparisons among units of government, to reduce the possibility of arbitrary exclusion or inclusion of organi- � zations in financial reports, and to enable financial statement users to identify the operations for which governmental entities are responsible. The NCGA concluded that the basic criteria for including other organiza- � tions in a governmental unit's reporting entity is the exercise of over- sight responsibility over such agencies by the governmental unit. � The City has developed criteria to determine whether outside agencies should be included within its financial reporting entity. The cirteria include, but are not limited to, whether the City exercises oversight responsibility on the following: � . Financial interdependency . Selection of governing authority � : Designation of management Ability to significantly influence operations . Accountability for fiscal matters � : Scope of public service Special financing relationships � 15 � � � City of Cape Girardeau, Missouri � NOTES TO FINANCIAL STATEMENTS - CONTINUED June 30, 1988 � NOTE A - SUMMARY OF ACCOUNTING POLICIES - Continued � Based on the foregoing criteria, the financial statements of the follow- ing entity is included in the accompanying financial statements. � Cape Girardeau Public Library - The City Council appoints the Library Board and approves the budget. The operations of the Library are report- ed in the Library Fund, a trust and agency fund. � The following entities are not part of the City's reporting entity be- cause the City exerci5es no oversight responsibility and has no account- � ability for fiscal matters. The significant factors for exclusion are: The appointed board members have no continuing relationship with the City; the board designates management; the City cannot significantly � influence the operations; the board has sole budgetary authority; the entities control surpluses and deficits; the City is not legally or morally obligated for the entities debt, and the entities are responsible for fiscal management. In this situation, the preceding factors are � conclusive in contrast with the following factors indicating inclusion: The entities operate within the boundaries of the City and the City appoints members to the board. � Based on the criteria above, the following entities are excluded from the ' financial statements of the City, the Downtown Business District, the Downtown Redevelopment Corporation and the Show Me Center Board of Manag- � ers. 2. Fund AccountinE � The accounts of the City 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. � 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. � GOVERNMENTAL FUNDS f General Fund - The General Fund is the general operating fund of the � City. It is used to account for all financial resources except those required to be accounted for in another fund. � 16 � � City of Cape Girardeau, Missouri NOTES TO FINANCIAL STATEMENTS - CONTINUED � June 30, 1988 � NOTE A - SUMMARY OF ACCOUNTING POLICIES - Continued � Special Revenue Funds - Special Revenue Funds are used to account for the proceeds of specific revenue sources (other than special assess- ments, expendable trusts or major capital projects) that are legally � restricted to expenditures for specified purposes. Debt Service Funds - Debt Service Funds are used to account for the � accumulation of resources for, and the payment of, general long-term debt principal, interest and related costs. Capital Project Funds - Capital Project Funds are used to account for � financial resources to be used for the acquisition or construction of major capital facilities (other than those financed by Proprietary Funds and Trust Funds) . � PROPRIETARY FUNDS � Enterprise Funds - Enterprise Funds are used to account for operations (a) that are financed and operated in a manner similar to private business enterprises - where the intent of the governing body is that the costs (expenses) of providing goods or services to the general � public on a continuing basis be financed or recovered primarily through user charges; or (b) where the governing body has decided that periodic determination of revenues collected, expenses paid, and/or net income is appropriate for capital maintenance, public policy, management � control, accountability, or other purposes. � Internal Service Funds - Internal Service Funds are used to account for the financing of goods or services provided by one department to other departments of the City, on a cost-reimbursement basis. � FIDUCIARY FUNDS Trust and Agency Funds - Trust and Agency Funds are used to account for � assets held by the City in a trustee capacity or as an agent for indi- viduals, private organization, other governments, and/or other funds. Agency Funds are custodial in nature and do not involve measurement of � results of operations. The City of Cape Girardeau has Agency Funds set up for the City's library and the flood protection program. 3. Fixed Assets and Long-term Liabilities � The accounting and reporting treatment applied to the fixed assets and � long-term liabilities associated with a fund are determined by its meas- urement focus. All governmental funds are accounted for on a spending or 17 � � � City of Cape Girardeau, Missouri NOTES TO FINANCIAL STATEMENTS - CONTINUED June 30, 1988 � NOTE A - SUMMARY OF ACCOUNTING POLICIES - Continued � 3. Fixed Assets and Lon�term Liabilities - Continued � "financial flow" measurement focus. This means that only current assets and current liabilities are generally included on their balance sheets. Their reported fund balance (net current assets) is considered a measure of "available spendable resources. " � Governmental fund operating statements present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets. Accordingly, they are said to � present a summary of sources and uses of "available spendable resources" during a period. � The City of Cape Girardeau presently maintains detailed property records � only for proprietary fund types. Detailed property records are not maintained for all other funds of the City of Cape Girardeau. Expendi- � tures for general fixed assets are charged to expenditures when made. All fixed assets are valued at historical cost or estimated historical � cost if actual historical cost is not available. Donated fixed assets are valued at their estimated fair value on the date donated. � Long-term liabilities expected to be financed from governmental funds are accounted for in the General Long-term Debt Account Group, not in the governmental funds. � The two account groups are not "funds. " They are concerned only with the measurement of financial position. They are not involved with measure- ment of results of operations. � Noncurrent portions of long-term receivables due to governmental funds are reported on their balance sheets, in spite of their spending measure- ment focus. Special reporting treatments are used to indicate, however, � that they should not be considered "available spendable resources," since they do not represent net current assets. Recognition of governmental fund type revenues represented by noncurrent receivables is deferred � until they become current receivables. Noncurrent portions of long-term loans receivable are offset by fund balance reserve accounts. � Because of their spending measurement focus, expenditure recognition for governmental fund types is limited to exclude amounts represented by noncurrent liabilities. Since they do not affect net current assets, such long-term amounts are not recognized as goverrunental fund type � expenditures or fund liabilities. They are instead reported as liabili- ties in the General Long-term Debt Account Group. � 18 � � � City of Cape Girardeau, Missouri � NOTES TO FINANCIAL STATEMENTS - CONTINUED June 30, 1988 � NOTE A - SUMMARY OF ACCOUNTING POLICIES - Continued 3. Fixed Assets and Long-term Liabilities - Continued � All Proprietary Funds are accounted for on a cost of services or "capital maintenance" measurement focus. This means that all assets and all � liabilities (whether current or noncurrent) associated with their activi- ty are included on their balance sheets. Their reported fund equity (net total assets) is segregated into contributed capital and retained earn- ings components. Proprietary Fund type operating statements present � increases (revenues) and decreases (expenses) in net total assets. Depreciation of all exhaustible fixed assets used by Proprietary Funds � is charged as an expense against their operations. Accumulated deprecia- tion is reported on Proprietary Fund balance sheets. Depreciation has been provided over the estimated useful lives using the straight-line � method. The estimated useful lives are as follows. Buildings 25-SO years Improvements 10-40 years � Equipment 3-10 years 4. Basis of Accountin� � 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. All governmental funds are accounted for by using the modified accrual � basis of accounting. Their revenues are recognized when they become measurable and available as net current assets. Taxpayer-assessed in- come, gross receipts and sales taxes are considered "measurable" when in � the hands of intermediary collecting governments and are recognized as revenue at that time. Anticipated refunds of such taxes 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. � All Proprietary Funds are accounted for by using the accrual basis of accounting. Their revenues are recognized when they are earned and their expenses are recognized when they are incurred. Unbilled Solid waste and Sewerage system utility service receivables are recorded at year end. � 19 ! ' � City of Cape 'Girardeau, Missouri � NOTES TO FINANCIAL STATEMENTS - CONTINUED June 30, 1988 � NOTE A - SUMMARY OF ACCOUNTING POLICIES - Continued � 5. Bud�ets and Budgetarv Accountin� The City follows these procedures in establishing the budgetary data reflected in the financial statements. � 1. The City Manager submits to the City Council a proposed operating budget for the fiscal year commencing the following July l. The � operating budget includes proposed expenditures and the means of financing them. 2. Public hearings are conducted to obtain taxpayer comments. � 3. Prior to July 1, the budget is legally enacted through passage of an ordinance. � 4. The City Manager is authorized to transfer budgeted amounts between programs within any department, however, any revisions that alter the total expenditures of any department must be approved by the � City Council. S. Formal budgetary integration is employed as a management control � device during the year for all funds. 6. Budgets for all funds are adopted on a basis consistent with gener- ally accepted accounting principles (GAAP) . � Individual budget amendments made throughout the year were not material in relation to the total original appropriations which were amended. � 6. Total Columns on Combined Statements - Overview Total columns on the Combined Statements - Overview are captioned "Memo- � randum Only" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present results of operations in conformity with generally accepted accounting principles. � Neither is such data comparable to a consolidation. Interfund elimina- tions have not been made in the aggregation of this data. � NOTE B - CASH AND INVESTMENT 1. Deposits � At June 30, 1988, the carrying amount of the City's deposits was $2,896,052 which excludes $4,795 of petty cash funds held at various City � locations. The deposits are categorized in accordance with risk factors created by governmental reporting standards. � 20 � � � City of Cape Girardeau, Missouri NOTES TO FINANCIAL STATEMENTS - CONTINUED June 30, 1988 � NOTE B - CASH AND INVESTMENT - Continued � Carrying Bank Amount Balance � Category #1 $ 100,000 $ 100,000 Category #2 2,796,052 2,796,052 Category #3 � Category #1 includes deposits covered by depositing insurance or collateral held by the district in the district's name. � Category #2 includes deposits covered by collateral held by the financial institutions trust department in the district's name. Category #3 includes deposits which are uncollaterialized or the � collateral is held by the financial institutions trust department but not in the district's name. � 2. Investments At June 30, 1988, the City has investments in U.S. Treasury Bills � totalling $4,571,770. This amount includes $3,572,998 to be used to retire the 1984 Public Building Bonds (note E) . � � � � � � � � 21 � � � City of Cape Girardeau, Missouri NOTES TO FINANCIAL STATEMENTS - CONTINUED � June 30, 1988 � NOTE C - PROPERTY TAXES Property taxes attach as an enforceable lien on property. Taxes were � levied on August 17, 1987, for collection during this fiscal year. ' The tax rates assessed at the time were as follows. City Revenue $.30/100.00 assessed valuation � Library Tax .14/100.00 assessed valuation Public Health Tax .04/100.00 assessed valuation Special Business District #2 � (advalorem tax) .85/100.00 assessed valuation Debt Service Tax .10/100.00 assessed valuation � Reserve for doubtful property taxes at June 30, 1988, was $11,940. NOTE D - CHANGES IN GENERAL FIXED ASSETS � A summary of proprietary fund type property, plant and equipment at June 30, 1988 follows: � Enterprise Internal Service Land $ 435,320 $ 37,500 � Buildings 8,900,654 359,066 Improvements other than buildings 10,643,600 11,477 � Equipment 1,544,958 663,395 Construction in progress 535,417 22,059,949 1,071,438 � Less accumulated depreciation 7,429,950 221,690 $14,629,999 $ 849,748 � � � � � 22 � � � City of Cape Girardeau, Missouri � NOTES TO FINANCIAL STATEMENTS - CONTINUED June 30, 1988 � NOTE E - LONG-TERM OBLIGATIONS The following is a summary of bond transactions of the City for the year � ended June 30, 1988. General Obli- Revenue � gation Bonds Bonds Total Bonds payable at � July l, 1987 $4,780,000 $1,375,000 $6,155,000 Bonds issued refunding debt 3,580,000 - 3,580,000 � Bonds retired 120.000 25 .000 145.000 Bonds payable at � June 30, 1988 $8,240,000 $1,350,000 $9,590,000 � Bonds payable at June 30, 1988, are comprised of the following individual issues. $4,660,000 1984 Public Building serial bonds due as follows. � Year ending Interest Principal Interest June 30. Rate Due Due Total � 1989 12.00$ $ 130,000 $ 468,660 $ 598,660 1990 12.00 140,000 452,460 592,460 1991 12.00 150,000 435,060 585,060 � 1992 12.00 160,000 416,460 576,460 1993 12.00 175,000 396,360 571,360 1994 9.25 190,000 377,073 567,073 � 1995 9.00 3.715,000 184.142 3,899 ,142 $4,660,000 $2,730,215 $7,390,215 � Principal payments are made on November 1, and interest payments are made semi-annually on May 1, and November l. On November 1, 1994, proceeds � from the 1987 Refurnding Bonds will be used to retire the remaining $3,510,000 of 1984 Public Building serial bonds. � � 23 � � � City of Cape Girardeau, Missouri � NOTES TO FINANCIAL STATEMENTS - CONTINUED June 30, 1988 � NOTE E - LONG-TERM OBLIGATIONS - Continued $3,580,000 1987 General Obligation Refunding Bonds due as follows. � Interest earned � Year ending Interest Principal Interest on escrow June 30. Rate Due Due Total Total 1989 $ - $ 238,628 $ 238,628 $ - � 1990 - 238,628 238,628 - � 1991 - 238,628 238,628 - 1992 - 238,628 238,628 - � 1993 = 238,628 238,628 _ 1994 238,628 238,628 1995 - 238,628 119,869 118,759 1996 6.00$ 265,000 230,678 - 495,678 � 1997 6.15 280,000 214,117 _ 494,117 1998 6.30 295,000 196,215 491,215 1999 6.45 315,000 176,764 - 491,764 � 2000 6.60 340,000 155,385 _ 495,385 2001 6.70 360,000 132,105 492,105 2002 6.80 385,000 106,955 - 491,955 2003 6.90 415,000 79,548 - 494,548 � 2004 7.00 445,000 49,655 = 494,655 2005 7.10 _480,000 17.040 497.040 � $3,580,000 $3,028,858 $1,551,637 $5,057,221 � Principal payments are made annually on November 1, and interest payments are made semi-annually on May 1, and September 1. � On August l, 1987, the City of Cape Girardeau issued $3,580,000 of General Obliga- tion Refunding Bonds Series 1987 with interest rates varying from 6.00� to 7.10�. The Refunding Bonds will constitute general obligations of the City and will be payable as to both principal and interest from advalorem taxes which may be � levied without limitation as to rate or amount upon all the taxable tangible property, real and personal, within the territorial limits of the City. � The Refunding Bonds are being issued to provide the City with funds which, together with other legally available funds of the City, will be sufficient to refund $3,510,000 of the $4,780,000 principal amount of the outstanding Series 1984 Bonds of the City. � To effect the refunding of the Series 1984 Bonds, the City entered into an Escrow Deposit Agreement (the "Escrow Deposit Agreement") , dated as of August 1, 1987, � 24 � � � City of Cape Girardeau, Missouri � NOTES TO FINANCIAL STATEMENTS - CONTINUED June 30, 1988 � NOTE E - LONG-TERM OBLIGATIONS - Continued with The Boatmen's National Bank of St. Louis, as escrow agent ("Escrow Agent") . � Pursuant to the Escrow Deposit Agreement, the Escrow Agent deposited the proceeds of the Bonds to be applied in the amount of $3,580,600 to the purchase of United States Treasury Securities (the "Escrowed Securities") . � The principal amount of the Escrowed Securities, together with the interst income thereon, will be payable at such times and in such amounts, together with the moneys held uninvested by the Escrow Agent, to pay, when and as due, the interest � on the Bonds from November 1, 1987 through November 1, 1994, and to pay the prin- cipal of and redemption premium on the Series 1984 Bonds to be redeemed on November 1, 1994. � The Escrow Deposit Agreement that the Escrowed Securities (exclusive of investment earnings thereon) and the moneys held uninvested by the Escrow Agent are irrevocably pledged to the payment of the principal of and redemption premium � on the Series 1984 Bonds and may be applied only to such payment. � � � � � � � � � 25 � � � � City of Cape Girardeau, Missouri NOTES TO FINANCIAL STATEMENTS - CONTINUED June 30, 1988 � NOTE E - LONG-TERM OBLIGATIONS - Continued � $1,350,000 1986 Sewerage System Revenue Bonds due as follows. Year ending Interest Principal Interest June 30. Rate Due Due Total � 1989 9.00$ $ 30,000 $ 107,298 $ 137,298 1990 9.00 30,000 104,597 134,597 1991 9.00 35,000 101,897 136,897 � 1992 8.50 40,000 98,748 138,748 1993 8.50 45,000 95,347 140,347 1994 8.50 50,000 91,523 141,523 � 1995 7.50 50,000 87,212 137,272 1996 7.50 60,000 83,523 143,523 1997 7.50 65,000 79,022 144,022 1998 7.50 70,000 74,148 144,148 � 1999 7.60 75,000 68,897 143,897 2000 7.70 85,000 63,198 148,198 . 2001 7.75 95,000 56,652 151,652 � 2002 7.80 100,000 49,290 149,290 2003 7.90 110,000 41,490 151,490 2004 8.00 125,000 32,800 157,800 2005 8.00 135,000 22,800 157,800 � 2006 8.00 150.000 12.000 162.000 $1,350,000 $1,270,502 $2,620,502 � Principal payments are made annually on March 1, and interest payments are made serni-annually on March 1, and September 1. � � � � � � 26 � � � � City of Cape Girardeau, Missouri NOTES TO FINANCIAL STATEMENTS - CONTINUED June 30, 1988 � NOTE E - LONG-TERM OBLIGATIONS - Continued � The annual requirements to amortize all debt outstanding as of June 30, 1988, including interest payments of $5,477,938 are as follows. General � Year ending Obligation Revenue June 30. Bonds Bonds Total � 1989 $ 598,660 $ 137,298 $ 735,958 1990 592,460 134,597 727,057 1991 585,060 136,897 721,957 1992 576,460 138,748 715,208 � 1993 571,360 140,347 711,707 1994 567,073 141,523 708,596 1995 4,017,901 137,272 4,155,173 � 1996 495,678 143,523 639,201 1997 494,117 144,022 638,139 1998 491,215 144,148 635,363 1999 491,764 143,897 635,661 � 2000 495,385 148,198 643,583 2001 492,105 151,652 643,757 2002 491,955 149,290 641,245 � 2003 494,548 151,490 646,038 2004 494,655 157,800 652,455 2005 497,040 157,800 654,840 2006 - 162.000 162.000 � $12,447,436 $2,620,502 $15,067,938 � � $213,857 is available in the Debt Service Fund to service the general obligation bonds. This does not include the $3,572,998 available to apply to refunding of 1984 series bonds. � In the Sewer Fund, $174,332 cash is available. Of this, $169,332 is avail- able to service the Sewerage Revenue Bonds. � The City is in compliance with all significant limitations and restrictions contained in the various bond indentures. � � � 27 � � � City of Cape Girardeau, Missouri � NOTES TO FINANCIAL STATEMENTS - CONTINUED June 30, 1988 � NOTE F - CAPITAL LEASE OBLIGATIONS The City is the lessee of certain equipment under capital leases. The � assets and liabilities under capital leases are recorded at the lower of the present value of the minimum lease payments or the fair value of the asset. The assets are amortized over their estimated productive � lives. Following is a summary of property held under capital leases. � General Fixed Enterprise Asset Group Funds � Luggar truck $ = $ 64,425 Sanitation truck 99,476 Refuse trucks - 114,104 � Sludge trucks = 250,698 Golf carts 68,000 Golf course irrigation system - 204,281 Fire truck 410,164 - � 410,164 800,984 Less accumulated amortization - 131.021 � $410,164 $669,963 � � The following is a schedule by years of future minimum lease payments under capital leases together with the present value of the minimum lease payments as of June 30, 1988. � Year ending General Fixed Enterprise June 30, Asset Group Funds � 1989 $105,032 $202,285 1990 105,032 189,420 1991 105,032 150,302 � 1992 52,489 129,293 1993 49,155 Succeeding years - 99,976 � Total minimum lease payments 367,585 820,431 Less amount repre- � senting interest 40,469 136,092 Present value of net � minimum lease pay- ments $327,116 $684,339 � � � 28 � � Cit of Ca e Girardeau Missouri Y P , NOTES TO FINANCIAL STATEMENTS - CONTINUED � June 30, 1988 � NOTE F - CAPITAL LEASE OBLIGATION - Continued Current portion $ 86,197 $150,383 � Noncurrent portion 240,919 533,956 $327,116 $684,339 � � � NOTE G - DEFICIT FUND BALANCES � The CDBG Grants Fund has a deficit fund balance of $40,867. � NOTE H - PENSION PLAN 1. Plan Description � The City of Cape Girardeau contributes to the Missouri Local Government Employees Retirement System (LAGERS) , an agent multiple-employer public � employee retirement system that acts as a common investment and adminis- tative agent for local government entities in Missouri. LAGERS was created and is governed by state statute. As such, it is the system's � responsibility to administer the law in accordance with the expressed intent of the General Assembly. The plan is qualified under the Internal Revenue Code Section 401a and it is tax exempt. � All full-time employees are eligible to participate in LAGERS. Benefits vest after five years of credited service. Employees who retire on or after age 60 (55 for police and fire) with 5 or more years of service are � entitled to an allowance for life based upon the benefit program then in effect. The allowance is equal to a benefit factor multiplied by the final average salary multiplied by the number of years of service. LAGERS also provides early retirement, death and disability benefits. If � the political subdivision participates under the contributory plan, each member contributes 4$ of gross salary. The employer is required by statute to contribute the remaining amounts necessary to finance the � coverage of its employees using the actuarial basis specified by state statute. � 2. Funding Status and Progress The amount shown below as the "pension benefit obligation" is a standard- ized disclosure measure of the present value of pension benefits, � adjusted for the effects of projected salary increases, estimated to be payable in the future as a result of employee service to date. The measure is the actuarial present value of credited projected benefits and � 29 � � � City of Cape Girardeau, Missouri � NOTES TO FINANCIAL STATEMENTS - CONTINUED June 30, 1988 � NOTE H - PENSION PLAN - Continued 2. Funding Status and Progress- Continued � is intended to (i) help users assess the plan's funding status on a going-concern basis, (ii) assess progress being made in accumulating � sufficient assets to pay benefits when due, and (iii) allow for compari- sons among public employee retirement plans. The measure is independent of the actuarial funding method used to determine contributions to the � plan. ' The pension benefit obligation was determined as part of an acturial valuation of the plan as of February 29, 1988. Significant actuarial � assumptions used in determining the pension benefit obligation include (a) a rate of return on the investment of present and future assets of 7.0� per year compounded annually, (b) projected salary increases of 4$ � per year compounded annually, attributable to inflation, (c) additional projected salary increases ranging from 0.0� to 4.0� per year, depending on age, attributable to seniority/merit, and (d) the assumption that benefits will increase 3$ per year after retirement. � At February 29, 1988, the assets in excess of the pension benefit obligation were $30,216, determined as follows: � Pension Benefit Obligation: Retirees and beneficiaries currently receiving � benefits (prior service portion of benefits) $1,333,304 Terminated employees not yet receiving benefits 73,742 � Current employees -- Accumulated employee contributions including � allocated investment income 1,397,842 Employer financed - Vested 2,916,709 Employer financed - Non-vested 466.819 � Total Pension Benefit Obligation 6,188,416 Net Assets Available for Benefits; at Cost: 6,218.632 � Assets in Excess of the Pension Benefit Obligation $ 30,216 � � 3. Funding Policy � The City of Cape Girardeau is obligated by state statute to make all required contributions to the plan. The required contributions are actuarially determined using the individual entry-age actuarial cost � 30 � � City of Cape Girardeau, Missouri � NOTES TO FINANCIAL STATEMENTS - CONTINUED June 30, 1988 � NOTE H - PENSION PLAN - Continued 3. Funding Policy - Continued � method. The prior service costs are amortized over an initial amortiza- tion period of 40 years, and the amount of the additional unfunded obli- � gations created due to increases in plan benefits over a period of 30 years. The significant actuarial assumptions used to determine the actuarially � determined employer contribution requirements are the same as those used to compute the pension benefit obligation. The LAGERS Board of Trustees adopted revised actuarial assumptions and ,� changed funding methods from the attained age actuarial cost method to the individual entry-age actuarial cost method for the February 28, 1987 � actuarial valuations. The significant change in actuarial assumptions was to decrease the pay increase assumption from S� to 4�. These changes generally increased the aggregate actuarial accrued liability and generally resulted in a reduction of computed employer contribution rates. � The City of Cape Girardeau's contribution for 1987 of $308,554 was made in accordance with actuarially determined contribution requirements � determined through an actuarial valuation. This amount consisted of normal cost and amortization of prior service costs. The value of vested benefits was not determined in connection with the � actuarial valuation of the plan. At February 28, 1987, (the date of the most recent actuarial valuation) the total unfunded liability for benefits accrued was $963,672. � 4. Trend Information I� Historical information about the City's participation in the Missouri Local Government Eraployees Retirement System is presented herewith as re- quired supplementary information. This information is intended to help users assess the City's retirement plan's funding status on a going- ,� concern basis, assess progress being made in accumulating assets to pay benefits when due, and allow for comparisons with other public employees retirement systems (PERS) . � (1) (2) (3) (4) C5) C6) Pension Unfunded PBO � Net Assets Benefit Percent Unfunded Annual As a Percent of Valuation Available Obligation Funded PBO Covered Covered Payroll Date For Benefits (PBO) (1)/(2) (2)-(1) Payroll (4)/(5) � 2/28/87 $5,276,196 $5,595,774 94� $319,578 $4,968,360 6� ' 2/29/88 6,218,632 6,188,41F 100 (30,216) 4,970,027 � 31 � � City of Cape Girardeau, Missouri � NOTES TO FINANCIAL STATEMENTS - CONTINUED June 30, 1988 � NOTE H - PENSION PLAN - Continued 4. Trend Information - Continued � The above assets and pension benefit obligation do not include the assets and present value of benefits associated with the Benefit � Reserve Fund and the Casualty Reserve Fund. Analysis of the dollar amounts of net assets available for benefits, pension benefit obligation, and unfunded pension benefit obligation in � isolation can be misleading. Expressing the net assets available for benefits as a percentage of the pension benefit obligation provides one indication of the plan's funded status on a going-concern basis. Analysis of the percentage over time indicates whether the system is ''� becoming financially stronger or weaker. Generally, the greater this percentage, the stronger the plan. The unfunded pension benefit obligation and annual covered payroll are both affected by inflation. � Expressing the unfunded pension benefit obligation as a percentage of annual covered payroll approximately adjusts for the effects of inflation and aids analysis of the progress being made in accumulating sufficient � assets to pay benefits when due. Generally, the smaller this percentage, the stronger the plan. � __ Revenues by source Member Employer Fiscal contri- contri- Investment � year butions butions income Total 6/30/87 $197,541 $303,803 $778,789 $1,280,133 6/30/88 203,439 308,554 424,987 936,980 � Expenses by type Fiscal � year Benefits Refunds Total 6/30/87 $227,472 $37,921 $265,393 6/30/88 265,824 59,276 325,100 � NOTE I - INTEREST EXPENSE � Interest cost totaling $816,907 was incurred during the year ended June 30, 1988. No interest cost was capitalized as part of the cost of � assets constructed during the period. � 32 � � � City of Cape Girardeau, Missouri � NOTES TO FINANCIAL STATEMENTS - CONTINUED June 30, 1988 � NOTE J - INTERFUND RECEIVABLES AND PAYABLES The following is a summary of the amounts due from and to other funds. � Due from Due to General Fund $772,966 $ - FAU Street Grants Fund - 84,286 '� CDBG Grants Fund - 130,577 Sewer Fund - 137,210 Solid Waste Fund - 317,938 � Airport Fund - 102,955 $772,966 $772,966 � � �� NOTE K - DEFERRED REVENUE � During the year ended June 30, 1988, the City received two Community Development Block Grants from the State of Missouri which provided the City with funds to loan to private corporations. As per the agreement � with the CDBG program, a portion of the loan must be repaid to the CDBG � program but a portion is to be retained by the City. The revenues to be received from these corporation loans have been deferred until received. � The revenue will be recognized over the life of the loans. � � � � '1 � � 33 � � � � City of Cape Girardeau, Missouri GENERAL FUND STATEMENT OF REVENUES AND EXPENDITURES - BUDGET (GAAP BASIS) AND ACTUAL � Year ended June 30, 1988 Variance - � Favorable Budget Actual {Unfavorable) REVENUES � Taxes $ 6,808,819 $ 6,881,451 $ 72,632 Licenses and permits 477,400 535,380 57,980 Fines and forfeitures 310,000 310,617 617 Interest 123,379 146,378 22,999 � Fees and service charges 197,500 198,077 577 Intergovernmental 93,500 95,310 1,810 Miscellaneous 147.050 142.168 4 882) � 8,157,648 8,309,381 151,733 EXPENDITURES General government 1,344,305 1,318,277 26,028 � Public safety 4,383,719 4,272,479 111,240 Highways and streets 1,257,527 1,256,880 647 Culture and recreation � 85,394 90,347 (4,953) � Community development 571,282 534,747 36,535 Debt service Principal 83,005 83,048 (43) Interest and fiscal charges 22.030 21.984 46 � 7.747.262 7.577.762 169.500 EXCESS OF REVENUES OVER EXPENDITURES 410,386 731,619 321,233 � OTHER FINANCING SOURCES (USES) Operating transfers in 560,025 560,024 (1) Operating transfers out (1,143,257) (1,038,257) 105,000 � Proceeds from fixed assets 22.953 23.488 535 (560.279) (454,745) 105.534 � EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDI- TURES AND OTHER FINANCING USES $ (149,893) $ 276,874 $426,767 � � � � � 34 � � � � �O T O� �O O n c0 N n �O N N n O� n B Nb v � � � ss �, �, � r o v �, � v � u �--� C O 1"1 VI tn c�1 T N v N N N V1 .t O �/1 N II ctl N ..� . �� . 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'O'C U N Y N N U y� •1 N d VJ O A C M V W N 'd 71 C ttyy 00 �0 t^ W .Z 00 00 k� U' 'L U V qu '09a � a u WH aCCn WZH � l�' o�. z .., -+v aHw ro � W W 11 a 4 O7 H 4 S 1� � 7 Py M l� J� di �y � 01 0! a O U C] N.0.� a+ E t/f Wp, wy� {�+ Fai V t!1 6 W A A �Fr�Ci W�-CiS Wfx�.�PCACUU Ux W tO00P, Uk, O �d �d❑ W W O � � w � � � � City of Cape Girardeau, Missouri CONVENTION/TOURISM SPECIAL REVENUE FUND STATEMENT OF REVENUES AND EXPENDITURES - BUDGET (GAAP BASIS) AND ACTUAL � Year ended June 30, 1988 � Variance - Favorable Budget Actual (Unfavorable) REVENUES � Taxes and special assessments $ 522,000 $ 541,029 $ 19,029 Interest _ 12.000 _ 34.513 22.513 534,000 575,542 41,542 � EXPENDITURES General government 166.720 151.266 15.454 EXCESS OF REVENUES OVER EXPENDITURES 367,280 424,276 56,996 � OTHER FINANCING USES Operating transfers out �420.000) (287.756) 132.244 � DEFICIENCY OF REVENUES OVER EXPEND- ITURES AND OTHER FINANCING USES $ (52,720) $ 136,520 $189,240 � � � � � � � ,� � � � � 37 1 � � � City of Cape Girardeau, Missouri DOWNTOWN BUSINESS DISTRICT SPECIAL REVENUE FUND STATEMENT OF REVENUES AND EXPENDITURES - BUDGET (GAAP BASIS) AND ACTUAL � Year ended June 30, 1988 � Variance - Favorable Budget Actual �Unfavorable) REVENUES � Taxes and special assessments $36,600 $37,412 $ g12 Interest 400 1,487 1,087 Miscellaneous 3.500 3.560 60 � 40,500 42,459 1,959 EXPENDITURES Community development 15.260 2.703 12.557 � EXCESS OF REVENUES OVER EXPENDITURES $25,240 $39,756 $14,516 �� 38 � � � City of Cape Girardeau, Missouri � PARKS AND RECREATION SPECIAL REVENUE FUND STATEMENT OF REVENUES AND EXPENDITURES - BUDGET (GAAP BASIS) AND ACTUAL � Year ended June 30, 1988 � Variance - Favorable _ Bud e� t _ Actual (Unfavorable) REVENUES � Interest $ 2,500 $ 4,871 $ 2,371 Fees and service charges 134,300 146,165 11,865 Intergovernmental 500 620 120 Miscellaneous 3.000 4.289 1.289 � 140,300 155,945 15,645 EXPENDITURES � Culture and recreation 993.691 933.532 60.159 DEFICIENCY OF REVENUES OVER EXPENDITURES (853,391) (777,587) 75,804 � OTHER FINANCING SOURCES Operating transfers in 900,000 900,000 - - � Proceeds from fixed assets 150 786 636 900.150 900.786 636 EXCESS OF REVENUES AND OTHER FINANCING ,� SOURCES OVER EXPENDITURES $ 46,759 $ 123,199 $76,440 � —� � � � � � � � � 39 � � � � City of Cape Girardeau, Missouri HEALTH SPECIAL REVENUE FUND STATEMENT OF REVENUES AND EXPENDITURES - BUDGET (GAAP BASIS) AND ACTUAL � Year ended June 30, 1988 � Variance - Favorable Budget Actual (Unfavorable) REVENUES � Taxes and special assessments $ 87,880 $ 92,551 $ 4,671 Interest 100 1,247 1,147 Intergovernmental 3.400 3.438 38 � 91,380 97,236 5,856 EXPENDITURES Health 117.446 113.028 4.418 � DEFICIENCY OF REVENUES OVER EXPENDITURES (26,066) (15,792) 10,274 � OTHER FINANCING SOURCES Operating transfers in 18.000 18.000 � EXCESS (DEFICIENCY) OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES $ (8,066) $ 2,208 $10,274 � � � � � � � � � � � 40 1 � � � City of Cape Girardeau, Missouri MOTOR FUEL TAX SPECIAL REVENUE FUND STATEMENT OF REVENUES AND EXPENDITURES - BUDGET (GAAP BASIS) AND ACTUAL � Year ended June 30, 1988 � Variance - Favorable Bud eg, t_ Actual {Unfavorable) REVENUES � Interest $ 23,000 $ 28,352 $ 5,352 Intergovernmental 787.500 808.439 20.939 810,500 836,791 26,291 � EXPENDITURES f Highways and streets 153.500 42.857 110.643 � EXCESS OF REVENUES OVER EXPENDITURES 657,000 793,934 136,934 � OTHER FINANCING USES Operating transfers out 766 654) (766.654) _ EXCESS (DEFICIENCY) OF REVENUES OVER � EXPENDITURES AND OTHER FINANCING USES $(109,654) $ 27,280 $136,934 � � � � � � � ,� � � � 41 � � � � City of Cape Girardeau, Missouri DEBT SERVICE FUND STATEMENT OF REVENUES AND EXPENDITURES - � BUDGET (GAAP BASIS) AND ACTUAL Year ended June 30, 1988 � Variance - Favorable Budget Actual (Unfavorable) REVENUES — � Taxes and special assessments $ 217,200 $ 227,037 $ 9,837 Interest 9,500 188,783 179,283 Intergovernmental 8.300 _ g,34g 48 � 235,000 424,168 189,168 EXPENDITURES Debt service � Principal retirement 120,000 120,000 _ Interest and fiscal charges _ 574.327 _752.707 (178.380) _694.327 _ 872.707 178 380) � DEFICIENCY OF REVENUES OVER EXPENDITURES (459,327) (448,539) 10,788 � OTHER FINANCING SOURCES (USES) Operating transfers in 420,010 287,766 (132,244) Proceeds of refunding debt 3,580.000 3,580,000 � 4.000.010 3.867.766 (132.244) EXCESS (DEFICIENCY OF REVENUES AND OTHER FINANCING SOURCES OVER � EXPENDITURES AND OTHER FINANCING USES $3,540,683 $3,419,227 $(121,456) � �� 42 � � � � an� .n7 � a0 T n a0 M v o cn O 1�f n O n q � .� G nn �c000 .r A noa�oro oen � � u t`0.a �w o �n .� o u .-+ �n> o .��cn o u F6 O .��1 N t��f N .-�i .�i N O O� .-1 v1 T O� O� V1 d v N .ti .H N .-I tlp � £ y � M rl tl N y � „ C.' �, � � � N � � �, G wv� � � � ^ �e > n . � � � � �, °' °' � a M w � o i i i i � N � 0 � O O O N c�f cn v� N � � H h u � C a� o rn pIf M �o �o a n u E b M n � N v ., .r �n �+ ao ao ., u u o w o rn ' � ' o � . � � � � , p e v v � tn N .� .� an 8 � � �n o � y N N N N M H � H N v T P O 1 O� O 1� O ol O 1� O� � � W C. 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W w 1 � � City of Cape Girardeau, Missouri � MULTI-USE CENTER CONSTRUCTION FUND STATEMENT OF REVENUES AND EXPENDITURES - BUDGET (GAAP BASIS) AND ACTUAL � Year ended June 30, 1988 Variance - � Favorable Bud�et Actual (Unfavorable) EXPENDITURES � Capital projects $ 22,481 $ 22,481 $ - OTHER FINANCING (USES) Operating transfers out _ (10) (10) � (DEFICIENCY) OF REVENUES OVER FXPENDITURES AND OTHER FINANCING � USES $(22,491) $(22,491) $ - �� 45 � � � . � City of Cape Girardeau, Missouri FAU STREET GRANTS FUND STATEMENT OF REVENUES AND EXPENDITURES - BUDGET (GAAP BASIS) AND ACTUAL � Year ended June 30, 1988 � Variance - Favorable Bud eg t_ Actual (Unfavorable) REVENUES � Intergovernmental $ 1,000 $ 961 $ (39) , Interest - (5,738) (5,738) Special assessments - 61.012 61.012 � � 1,000 56,235 55,235 EXPENDITURES Capital projects 143.041 143.484 443) � DEFICIENCY OF REVENUES OVER EXPENDITURES (142,041) (87,249) 54,792 � OTHER FINANCING SOURCES Operating transfers in 136.654 136,654 � EXCESS OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES $ (5,387) $ 49,405 $54,792 � � � � � � � � � � � 46 � � � � City of Cape Girardeau, Missouri COMMUNITY DEVELOPMENT BLOCK GRANT FUND STATEMENT OF REVENUES AND EXPENDITURES - BUDGET (GAAP BASIS) AND ACTUAL � Year ended June 30, 1988 Variance - � Favorable Bud�;et Actual (Unfavorable) REVENUES � Intergovernmental $609,404 $531,964 $(77,440) Interest - 4 040) 4 040) 609,404 527,924 (81,480) � EXPENDITURES Capital projects 609.379 578.105 31.274 � EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES 25 (50,181) (50,206) � OTHER FINANCING USES Operating transfers out (25) 24) 1 EXCESS (DEFICIENCY) OF REVENUES OVER � � EXPENDITURES AND OTHER FINANCING _ SOURCES $ $(50,205) $(50,205) � � � � � � � � � � 47 � � � �" City of Cape Girardeau, Missouri CAPITAL PROJECTS - STREET IMPROVEMENTS FUND STATEMENT OF REVENUES AND EXPENDITURES - � BUDGET (GAAP BASIS) AND ACTUAL Year ended June 30, 1988 �! Variance - � Favorable Bud�et Actual (Unfavorable) � REVENUES � Special assessments $300,048 $ 148,194 $(151,854) Interest 10,100 13,341 3,241 Charges for services 230 230 - � Miscellaneous - 3.897 3.897 310,378 165,662 (144,716) S EXPENDITURES f� Capital outlay 300,048 337,691 (37,643) EXCESS (DEFICIENCY) OF REVENUES � OVER EXPENDITURES 10,330 (172,029) (182,359) OTHER FINANCING SOURCES � Operating transfers in 170.000 170.000 EXCESS OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES $180,330 $ (2,029) $(182,359) � � � � � � � � � � � 48 � � � City of Cape Girardeau, Missouri PARK IMPROVEMENTS FUND STATEMENT OF REVENUES AND EXPENDITURES - � BUDGET (GAAP BASIS) AND ACTUAL Year ended June 30, 1988 � Variance - - Favorable Budget Actual (Unfavorable) � REVENUES Interest $ 1,000 $ 2,234 $ 1,234 EXPENDITURES � Capital projects 65.700 38.621 27.079 DEFICIENCY OF REVENUES � OVER EXPENDITURES $(64,700) $(36,387) $28,313 � � � � � � � � � � � 49 � � � n r� �vnw �o .� ovomn a oa o Y n n � rn � orn o 0o vc� o Y N CO N .-1 t�l v O N �/1 O v1 .-1 1 V1 O� v � a0 O �/1 N O O t�1 �O a1 N N J % � y C O� GO Yl 1� v N I� t�1 �O �O O� > T O. 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O' M +1 al L' �0 u a �tl ..1 ,r t��d .� u ..1 n Y C u 1. u O � Y 1� �tl W C •.+ M u ..i N b d C .+ G� 7 C .a 7 7 A t+ t+ N C d C u p; � .�.+ o C o u a a m 7 E cr o o w ro u u u m b o a, UDW t9vaia�' a waw►• wU < 6ariO � a ..va G��. 0 P: � � � � � f� 0'1 .-1 v1 I� O N �/1 b c�1 N O� �O N V1 t�1 � � � N t+f ry n1 N f�1 .-1 T EO v N O�N 00 v v �O I� t�'1 O t� � n � N M C t�1 �O �O t�1 n N O� O� .-/.-1 N c'1 �O CO �O .-+ N O N N O� .T O t�1 11 �tl H .r T 00 1 � � v N .i � T tr1 n O] t�1 T �O e�i N t�1 O N vl �D �O N u O C �n �n o �n v .� v rn e� 'r o �n o p o E O . .-� rn .-� .-i .� m � n � � .�-� v �o n F Ci N N � . � � 'a � .�, � u N � � ^ ^ N 1+ O� �-1 i!1 1� N 1 O� �O CO N .-1 O � � � ry O C. �O �O V1 �T m H1 �O d 1� n o� T .-1 N ,-� ,� �p ' �y U 7 . � � . 1 I . ^ o m N ef o a0 v a0 .r v v Q i � � 1 �M � N v �� n '�1 V1 .r V1 .y aD O� O� O� p p n � ^ u '� c� N � `° .-� N � �o .-� v v �n a II � �o 'a `�' n N � y ^ '� .. �"� M� � O� �O 1 �-1 N O� O� � � a1 c�1 e O �O v � N O+ �O I� . � 0'1 O N t+1 v �O O .ti Ql v v1 n 10.1 7 �1 � ~ � .t N O .-1 N CO ' N n .y I ' � N � � u v .ti o a o �o "'� o o p W ` 6" '� eV N e-+ � v v N v �n o qp � y y N N M M h Hta� (Y. .d � u Q ^ ^ ^ � 7, � 6 � Y N fA O� ~ O �O •t o O� t+1 O�.-1 O V1 n f� t�1 1� r� In N ti �0'O b T "{ O .-1 N ri 70 'i n N N � I� n CO ..�.� p 3 C . . 1 1 1 � I � T'�1 f� N �/1 �-a .-� N ol V1 v1 v O� N 7 N �O O� o f� v a O � .r rn O� � I r1 N � u � 7WM aw � o n .� � sao aao n .. rn a .�i v p � k W .-� .�: "'1 v1 o e-r .� � v v N �f N tl 'S7 W w C V�l y '~ '� R N N q y N wa � � � b � wwv �' � � F7 C vl �a W z{y a U > t/ r� a Y � V1 .-1 N W �O P'1 N 1 C�N V'1 .-1 �O u1 .-1 .�1 �D t+1 N 'v� O � V'l7 O �O .-1 O� CO J CO OD �/1 .-I �O O v1 v �p 'y N r1 .t T J P'1 CO aD O N OD .i "'� N C� N C i i . � . . . .r o o ao u � "'a H Y W ' o .ti q O� r1 �O N N a0 af n o o a0 O� � p� - � y N N N � �O �O O� t�1 .-1 N P1 v .+ �D �O �O i/1 O N U Zt� � � � � � v v ^ � i .� � H y � ~ Q N 6 F � y 2 N Z � 1-1 q � � ..a O a � U ti 't7 Y N 7 H A a '' � M N � ~ ` V O y >. u n ^ d w .-�i „ H � N � � „ `-' �-ZI W ..�i � '''� yi H N C � � E � � C n O ^ � W w v Y ..ai '� � [ O W � A "d Y O 7 W „ U '� � U a y � ; v .-� a n a C ..� a W {a� w ^ u x a� 00 N PL � Y /r ++ q y d a u v� � 7 o u C z w t� u C W � a ..� � U +r W W VOJ �7 � w q � Y 'C1 C: Y tn M 1� �1 +>d y p, x�y a q a u E Z �C t�+ N 1. C N �,Kj aq C� � vi C u C > W [y o c °u u � a v .a u o u0. .. �-z. u a "a n '' fY W O C � n W en O y „ N O Z tNil V � u � � C� a n .�i.-pi o b .a.a u .-i n a 6 y a ��" � w y E Y z d o w.-� eo c! ro a.-r v KC u ..+ r+ m n d r. d N W H o t�i i�i s�i 4� w u w N �"� �' O 'C u b �F �tl (.' G� N M U Y H M W W N Y ^'l H W y w M U Y q N .0 Y O C +� C L � Y ttl y O (7 M Y 0 C Q w Y(y M � � � W� UQ: UN � M V1 W W �CJUNMG 2M U 'T. O F J.� e, 41 � a z � o z a °' � � a � � City of Cape Girardeau, Missouri � INTERNAL SERVICE FUNDS COMBINING BALANCE SHEET June 30, 1988 � Data Fleet Totals Processing Management (Memorandum � Fund Fund _ Only) ASSETS � Cash and investments $ 9,121 $296,818 $ 305,939 Prepaid insurance 107 42.226 42.333 9,228 339,044 348,272 � Property, plant and equipment _ Land 37,500 37,500 Buildings - 359,066 359,066 � Improvement other than buildings - 11,477 11,477 Equipment 555.660 107.735 663.395 555,660 515,778 1,071,438 � Less accumulated depreciation 100.281 121.409 221.690 455.379 394.369 849.748 � $464,607 $733,413 $1,198,020 � � � LIABILITIES Accounts payable $ 12,948 $ 42,537 $ 55,485 � Accrued liabilities Payroll taxes and fringe benefits 2,001 11,291 13,292 Retained earnings � Unreserved 449 .658 679.585 1.129.243 $464,607 $733,413 $1,198,020 � —� � � � � � � � 52 � � City of Cape Girardeau, Missouri � INTERNAL SERVICE FUNDS COMBINING STATEMENT OF REVENUES AND EXPENSES AND RETAINED EARNINGS Year ended June 30, 1988 � Data Fleet Totals Processing Management (Memorandum � Fund Fund Onl�_ OPERATING REVENUES Fee charges $241 594 $767,217 , $1,008,811 � Sale of property - 21,244 21,244 Interest 1,821 15,436 17,257 Miscellaneous - 1.870 1.870 � 243,415 805,767 1,049,182 OPERATING EXPENSES � Personal ser�ices 49,540 267,799 317,339 Materials and supplies 7,905 292,990 300,895 General operations 988 552 1,540 � Contractual services 122=333 231,038 353,371 Internal services 5,967 5,967 Depreciation 49.186 19.744 68.930 229.952 818.090 1.048.042 � NET INCOME (LOSS) 13,463 (12,323) 1,140 � Retained earnings at beginning of year 436.195 691.908 1.128.103 � Retained earnings at end of year $449,658 $679,585 $1,129,243 � � � � � � � � 53 � � � f9 � q � 0�0 c��1 o O N p O N v �-1�/1 t+f p n � o .i .r n � a �•+ M o �n �o �A � �n �n �o m a vNi p 1� O � O� �O 1� .-+ v � F W N '� � � � p an0 rn N n rn a0 � � y � d � � .ti N c� q � � Q O O'd .ti .ti p n .� n v .ti p •.�o C i i i �o �o p w i �o W�rl �o N � �N W N v1 v1 N t+1 v1 yl.-� u1 p y d y � u � � 0 � .�-� .�-� N "� o .-/tn v p 'V 1�'O p�p �.i OD N .-1 n ouc ,. ,. � O Y � 1 t 1 � •r .•w rn rn � a e��n a u � ..� w o 0 0 �n o �n�n o ; a' v� '' ; � y � � tl 0 0 �1 Vq7 F � 2 W � W N 00 �tl >+W a O D U .-/ l�i W p� OD rl O O� CO N � O� O�CO 00 � �i U' O l, N v 1� v � G� t�1 �� M O U1 T GD � e+f Y1 O� O Q� pp �p u'1 � U' Y .O 7 T �D 1� .-1 V v O� �-1 T O .T p� O �Z 7 ,.'�.��" N •� t+f .r n N e�1 N a I� p p, 1-1 ^! y N N N N p U a1 N � � N wa � � O F O A V U � � � n U ~ C '� W A Y a G � � � � Y � � A b „ N m u � � O A ; „Cj � 7 � � n u .+ W ■ u C d 'cf � C U C y �[ � i� i1 CI q [q .,.� p � � � H A M Y N H N b 7 y ttl �"� � •� Yk W '� 9 W ..� V H A A �d 01 'O N C •.� N L pq �0 b Y U O N ..� L? U 'O 6 W +1 �'V > � e a H'V � � a Y 'd O t! 4� m n W a+ W n N A Cl d � � 4 n k W �6 a U u W q W 5 U H C9 W' < < k�i � ! � I� � � � �� ,� � M ��.� � � � a C �O Vl I� a0 N O �O 1� a1 O� N O� f� .t a0 v1 1� T .-�1 .� �!.-� t�1 N t� 00 et �/1 O .� f� O� .-� T T a0 T �O t � � pq N O O T O� .-1 t+1 O �D �O I� O� �O 1� T�O 00.-1 N v O �O q F C8/ t+1 N�O .-1 t+f �-i 1� T 1� �!1 .-1 tn O v N O+ A .'4'. N O CO .-1 .-I .1 O� t�1 N % � v N � o ul M N �o a0 a a0 t a p � o o�o � n �la v .� c� rn i. I ,� p a o c i � i i . '� � I�� .ti N �l 0 7 � - � � � � k ; N W vs .�-� ~ S � N W U � � �A C ^ � O "� T O T CD CD O� N t+l 5 O U C O� t� n � t •� np �p � W O CI 7 1 I � 1 1 + 1 . 1 1 1 1 I � 1 � � � N � � W O W 1� v1 tn � � � �O �/1 q W W a N � � V � N � YI Vpl N CO ,'� .Z W .-1 J � � w�oC p� � 'd 2 � Y �tl U' � 7 b�l N a0 N N � � •-I a0 T O� .�1 .ti t+1 .-1 GO 1N L!1 � < W'� at7 c� Nnm �n �o .-� nv .�-� �a an u�i ,� a y �C1 N C f.9 E] �'O A 7 O.O� H1 Pf O ' �/1 N O� b f� O� �O � .-1 N O� O O M � � H�Y a k� � .i�O .� �-1 � �I� o .i Vf v �O o � "'' � N y V '.7y N O H O o �+ � °u z .a � U F a F y � � z N � 0 � U 11 � y W � � � C E W � � p � O H �1 Y � A d e0 „ M �+ p � Itl L' H "i N C .d 61 � q O +a+ o u a�i � G�.C -U�ji o 4pyrj m 'C � U � d N N '� „ � V TU •.VI yH A Y a'G � o � �c u ".i°. =, � Na a m y d w o d a d ..� u o u v z v � uv .+ e ° wo � oa � wWWu C C q'O u > C G �tl .a.-� u .-� W W aamoao.� roa.� o.�.ra c �e a � �n a ar m .+.-� �n a -+ ro d ro ro .. w n w w m N w w o w u u u .� �i � .o p a+ N d u � ro u v� o u d u ,+ v o rn Z x ar u u p q h z u u q a a u ,+ vf ro u C C ..+ o �.+ W u �e d o A o. C W O �o v F W MMW O '.� W W� U' UUtAM V C � W � W W � � � � KERBER, ECK & BRAECKEL CERTIFIED PUBLIC ACCOUNrt'nPfTS � 1221 BROADWAY OFFICES IN MEMBERS AMERICnN CnPE GIRARDEAU, MISSOURI GPE GIRARDEAU, MISSOURI 63701 �NS'RTlTfE OF CER'I'IFIED ST. LOUIS. MISSOIht! PUBUC nCCAUIYTMITS SPRINGFIELD, �LL1Nplg � MILWAUKEE, WtSCONSIN 314-334-0568 WASHINGTON, D.C. � REPORT ON INTERNAL ACCOUNTING CONTROLS BASED SOLELY � ON A STUDY AND EVALUATION MADE AS A PART OF AN EXAMINATION OF THE GENERAL PURPOSE FINANCIAL STATEMENTS � Honorable Mayor and Members of the City Council � City of Cape Girardeau, Missouri We have examined the general purpose financial statements of the City of Cape Girardeau, Missouri for the year ended June 30, 1988, and have � issued our report thereon dated September 20, 1988. As part of our exami- nation, we made a study and evaluation of the system of internal accounting control to the extent we considered necessary to evaluate the system as � required by generally accepted auditing standards and the standards for financial compliance audits contained in the U. S. General Accounting Office Standards for Audit of Governmental Or anizations Pro rams Activi- ties, and Functions. For the purpose of this report, we have classified � the significant internal accounting controls in the following categories: General � Petty cash Bank accounts Cash receipts � Cash disbursements Investments Revenues and receivables Property and equipment � Purchasing, receiving and accounts payable Payrolls Budget � Electronic data processing Our study included all of the control categories listed above. The � purpose of our study and evaluation was to determine the nature, timing, and extent of the auditing procedures necessary for expressing an opinion on the City's financial statements. Our study and evaluation was more limited than would be necessary to express an opinion on the system of � internal accounting control taken as a whole or on any of the categories of controls identified above. f � 57 � � REPORT ON INTERNAL ACCOUNTING CONTROLS BASED SOLELY � ON A STUDY AND EVALUATION MADE AS A PART OF AN EXAMINATION OF THE GENERAL PURPOSE FINANCIAL STATEMENTS - CONTINUED � The management of the City of Cape Girardeau, Missouri is responsible for establishing and maintaining a system of internal accounting control. In fulfilling this responsibility, estimates and judgments by management � are required to assess the expected benefits and related costs of control procedures. The objectives of a system are to provide management with reasonable, but not absolute, assurance that assets are safeguarded against � loss from unauthorized use or disposition, and that transactions are exe- cuted in accordance with management's authorization and recorded properly to permit the preparation of financial statements in accordance with gener- � ally accepted accounting principles. Because of inherent limitations in any system of internal accounting control, errors or irregularities may nevertheless occur and not be detected. Also, projection of any evaluation of the system to future periods is subject to the risk that procedures may � become inadequate because of changes in conditions or that the degree of compliance with the procedures may deteriorate. � Our study and evaluation made for the limited purpose described in the first paragraph would not necessarily disclose all material weaknesses in the system. Accordingly, we do not express an opinion on the system of � internal accounting control, taken as a whole or on any of the categories of controls identified in the first paragraph. However, our study and evaluation disclosed no condition that we believe to be a material weak- ness. � This report is intended solely for the use of management and the cognizant audit agency, and other Federal audit agencies, and should not be � used for any other purpose. This restriction is not intended to limit the distribution of this report which, upon acceptance by the City of Cape Girardeau, Missouri is a matter of public record. � {��,l�. , �� . � � � Cape Girardeau, Missouri September 20, 1988 � � I I 58 � � KERBER, ECK & BRAECKEL CER77F1ED PUBLIC �CCOUNT�Ki'S � 1221 BROADWAY OFF7CFS IN MEMBERS AMERICAN CAPE GIRARDEnU, MISSOURI C.AFE GIRARDEAU, MISSOURI 63701 �NS7TiifiE OF CERTIFIED ST. LAUIS, MISSOURI PUBLIC nCCAUKfNYTS SPWNGFIEL�, IWNOIS — � MILW/�UKEE, WISCANSIN 314-334-0568 WnSHINGTON, D.0 � REPORT ON COMPLIANCE WITH LAWS AND REGULATIONS BASED ON AN � EXAMINATION OF GENERAL PURPOSE FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH THE STANDARDS FOR AUDIT ISSUED BY THE GAO � Honorable Mayor and Members of the City Council � City of Cape Girardeau, Missouri We have examined the general purpose financial statements of the City of Cape Girardeau, Missouri for the year ended June 30, 1988, and have � issued our report thereon dated September 20, 1988. Our examination was made in accordance with generally accepted auditing standards and the standards for financial and compliance audits contained in the Standards � for Audit of Governmental Or�anizations ProQrams Activities and Func tions, issued by the U. S. General Accounting Office and, accordingly, included such tests of the accounting records and such other auditing � procedures as we considered necessary in the circumstances. The management of the City of Cape Girardeau, Missouri is responsible for compliance with laws and regulations. In connection with our examina- � tion referred to above, we selected and tested transactions and records to determine the City's compliance with laws and regulations, noncompliance with which could have a material effect on the general purpose financial � statements. The results of our tests indicate that for the items tested, the City of Cape Girardeau, Missouri complied with those provisions of the laws and � regulations, noncompliance with which could have a material effect on the general purpose financial statements. Nothing came to our attention that caused us to believe that for the items n�t tested the City of Cape Girar- � deau, Missouri was not in compliance with laws or regulations, noncompli- ance with which could have a material effect on the general purpose finan- cial statements. � K� �-�� _ � , Cape Girardeau, Missouri � September 20, 1988 � 59 � � KERBER, ECK & BRAECKEL CER7lFIED PUBLIC �CCOUNTnMS � 1221 BR0�IDW�Y OFFIC£S IN MEMBERS AMERIGN CnPE GIRARDEAU. MISSOURI GPE GIF2ARDEAU, MISSOUR! 63701 INST'TTIJTE OF CERTIFIED ST. LOUIS. MISSOURJ PUBLIC ACCAUNTMITS SPRWGFIEID, III.INOIS _ MILWAUKEE, WISCONSIN 314-334-0568 � WnSHINCTON, D.G � REPORT ON STATEMENT OF FEDERAL FINANCIAL ASSZSTANCE � Honorable Ma or and Members of the Y City Council � City of Cape Girardeau, Missouri We have examined the general purpose financial statements of the :,ity � of Cape Girardeau, Missouri for the year ended June 30, 1988, and have issued our report thereon dated September 20, 1988. Our examination of such general purpose financial statements was made in accordance with � generally accepted auditing standards and the standards for financial and compliance audits contained in the Standards for Audit of Governmental OrEanizations . ProQrams Activities and Functions, issued by the U. S. General Accounting Office and, accordingly, included such tests of the � accounting records and such other auditing procedures as we considered necessary in the circumstances. � Our examination was made for the purpose of forming an opinion on the general purpose financial statements taken as a whole. The accompanying Statement of Federal Financial Assistance is presented for purposes of � additional analysis and is not a required part of the general purpose financial statements. The information in that schedule has been subjected to the auditing procedures applied in the examination of the general pur- pose financial statements and, in our opinion, is fairly stated in all � material respects in relation to the general purpose financial statements taken as a whole. � �lZ�,,�+,(, � �,e,� � f � Cape Girardeau, Missouri � September 20, 1988 � � 60 � � � � � ,. ., ., .. .. .. „ .. .. „ „.. „ � � ., CI O �T N V1 v1 �-1 1� O� V1 O� .� N �O O T u"1 �O O l6 t�1 e-1 v1 1� � O �O O � C'1 n O 00 00 � � v v v � � � N 1 ^ I I 1 + . . . 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N u � q N u v .. �o u aCi 3 rn a aEi -'�+ o cc � w� ., Nn � � ,..� p � �W � O a1 N O N .-1 1�1 � O� �o p � � v �o ao U .y 5 a � p H � F ^ z Ucnp � u .�i � � W UC O�i I+ U y O � � � N .a a� n h � C � � � �/1 ti y y -6 c0 a � ro � rn � u .� a2o' �bi. u o� n N N 6�"+ A C y k' � o w � � '� �D � �� ti a o ev V y W � O W W � .-� +�+ O l�. ` u .b-� � U F v0 w�E O� Z w U z � 3 F < F � y � n W b y � O U .-� -� a �n F W O �+ o o w � L o .. � c � u�i x u a�0 W .G G pp � � � a°i a �a o q a o 0 0 � U �1 +� � O u � C H , 7 tV+ � c� o � a' � � t' O H 1�+ q ~ ..Ei F � '�o E u U k. 4 rl � A aa u 0 I � � KERBER, ECK & BRAECKEL CERTIFIED PUBLIC .1CCOUNTAMS � 1221 BRO�OWAY OFFICES IN MEMBERS AMER�CAN C.1PE GIRARDF�U, MISSOURI GPE GIRARDE�U, MISSOUR! 63701 �NSTTRTTE OF CERTIFIED ST. LOUIS, MISSOUR! PUBLIC ACCAUKTMITS SPRtNGFIEl.i), IWNOIS _ MILWAUKEE, WISCONSIN 314-334-0566 �. - WASHINGTON, D.G � REPORT ON COMPLIANCE WITH LAWS AND REGULATIONS RELATED TO MA.TOR AND � NONMAJOR FEDERAL FINANCIAL ASSISTANCE PROGRAMS � Honorable Mayor and Members of the City Council City of Cape Girardeau, Missouri � We have examined the general purpose financial statements of the City of Cape Girardeau, Missouri, for the year ended June 30, 1988, and have issued our report thereon dated September 20, 1988. Our examination was � made in accordance with generally accepted auditing standards; the stand- ards for financial and compliance audits contained in the Standards for Audit of Governmental Or�anizations Programs Activities and Functions issued by the U. S. General Accounting Office; the Single Audit Act of � 1984; and the provisions of OMB Circular A-128, Audits of State and Local Governments and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the cir- � cumstances. The management of the City of Cape Girardeau, Missouri, is responsible � for the City's compliance with laws and regulations. In connection with the examination referred to above, we selected and tested transactions and records from each major Federal financial assistance program. The purpose � of our testing of transactions and records from those Federal financial assistance programs was to obtain reasonable assurance that the City of Cape Girardeau, Missouri, had, in all material respects, administered major programs and executed the tested nonmajor program transactions, in compli- � ance with laws and regulations, including those pertaining to financial reports and claims for advances and reimbursements, noncompliance with which we believe could have a material effect on the allowability of pro- � gram eYpenditures. Our testing of transactions and records selected from major Federal � financial assistance programs disclosed no instances of noncompliance with those laws and regulations. � � � 63 � � � REPORT ON COMPLIANCE WITH LAWS AND REGULATIONS RELATED TO MAJOR AND NONMAJOR FEDERAL FINANCIAL ASSISTANCE PROGRAMS - CONTINUED � � In our opinion, for the year ended June 30, 1988, the City of Cape Girardeau, Missouri, administered its major Federal financial assistance programs in compliance, in all material respects, with laws and regula- � tions, including those pertaining to financial reports and claims for advances and reimbursements, noncompliance with which we believe could have a material effect on the allowability of program expenditures. � The results of our tests indicate that for the transactions and re- cords tested the City of Cape Girardeau, Missouri, complied with the laws and regulations referred to above. Our testing was more limited than � would be necessary to express an opinion on whether the City of Cape Girar- deau, Missouri, administered those programs in compliance, in all material respects, with laws and regulations noncompliance with which we believe � could have a material effect on the allowability of program expenditures; however, with respect to the transactions that were not tested by us, nothing came to our attention to indicate that the City of Cape Girardeau, � Missouri, violated laws and regulations. �\iX/�""UC. ("�F" � T c��''�/�.c/�---- � � Cape Girardeau, Missouri September 20, 1988 � � � � � � � 64 � � � KERBER, ECK & BRAECKEL CERTIFIED PUBUC �CCOUNTAM'S � 1221 BROADWAY OFflCES IN MEMBERS nMERICNV CnPE GIRARDF�U, MISSOURI GPE GIRARDEAU, MISSOURI 63701 �NSTiTITTE OF CERTIFIED ST. tAUtS. MISSOURI PUBLIC �CCAUPfi'nM5 SPRINGFIEL�. t11.1NO1S — � MILWAUKEE, Wi500NSIN 314-334-0568 WASHINGTON, D.G � REPORT ON INTERNAL CONTROLS (ACCOUNTING AND ADMINISTRATIVE) - BASED � ON A STUDY AND EVALUATION MADE AS A PART OF AN EXAMINATION OF THE GENERAL PURPOSE FINANCIAL STATEMENTS AND THE ADDITIONAL TESTS REQUIRED BY THE SINGLE AUDIT ACT � Honorable Ma or and Members of the y City Council � City of Cape Girardeau, Missouri We have examined the general purpose financial statements of the City � of Cape Girardeau, Missouri, for the year ended June 30, 1988, and have issued our report thereon dated September 20, 1988. As part of our examin- ation, we made a study and evaluation of the internal control systems, � including applicable internal administrative controls, used in administer- ing Federal financial assistance programs to the extent we considered necessary to evaluate the systems as required by generally accepted auditing standards, the standards for financial and compliance audits � contained in the Standards for Audit of Governmental Organizations Proerams. Activities and Functions, issued by the U.S. General Accounting Office, the Single Audit Act of 1984, and the provisions of OMB Circular A- � 128, Audits of State and Local Government. For the purpose of this report, we have classified the significant internal accounting and administrative controls used in administering Federal financial assistance programs in the � following categories: l. Cycles of the Entities' Activity Treasury or financing � Revenue/receipts Purchases/disbursements External financial reporting � 2. Financial Statement Captions Cash and cash equivalents � Receivables Property and equipment Payables and accrued liabilities Deb t � Fund balance 3. Accounting Applications � Billings Receivables Cash receipts � 65 � � REPORT ON INTERNAL CONTROLS (ACCOUNTING AND ADMINISTRATIVE) - BASED � ON A STUDY AND EVALUATION MADE AS A PART OF AN EXAMINATION OF THE GENERAL PURPOSE FINANCIAL STATEMENTS AND THE ADDITIONAL TESTS REQUIRED BY THE SINGLE AUDIT ACT - CONTINUED � 3. Accounting Applications - continued Purchasing and receiving � Accounts payable Cash disbursements Payroll � Property and equipment General ledger Controls Used in Administering Federal Programs � 4. General Requirements Political activity � Davis-Bacon Act Civil Rights Cash management � Relocation assistance and real property acquisition Federal financial reports 5. Major Federal Assistance Programs � Eligibility Types of services Matching level of effort � Reporting The management of the City of Cape Girardeau, Missouri, is responsible � for establishing and maintaining internal control systems used in adminis- tering Federal financial assistance programs. In fulfilling that respon- sibility, estimates and judgments by management are required to assess the expected benefits and related costs of control procedures. The objectives � of internal control systems used in administering Federal financial assist- ance programs are to provide management with reasonable, but not absolute, assurance that, with respect to Federal financial assistance programs, � resource use is consistent with laws, regulations and policies; resources are safeguarded against waste, loss and misuse; and reliable data are obtained, maintained and fairly disclosed in reports. � Because of inherent limitations in any system of internal accounting and administrative controls used in administering Federal financial assist- ance programs, errors or irregularities may nevertheless occur and not be � detected. Also, projection of any evaluation of the systems to future periods is subject to the risk that procedures may become inadequate be- cause of changes in conditions or that the degree of compliance with the � procedures may deteriorate. � 66 # � � REPORT ON INTERNAL CONTROLS (ACCOUNTING AND ADMINISTRATIVE) - BASED � ON A STUDY AND EVALUATION MADE AS A PART OF AN EXAMINATION OF THE GENERAL PURPOSE FINANCIAL STATEMENTS AND THE ADDITIONAL TESTS REQUIRED BY THE SINGLE AUDIT ACT - CONTINUED � Our study included all of the applicable control cate ories listed g above. During the year ended June 30, 1988, the City of Cape Girardeau, � Missouri, expended 80� of its total Federal financial assistance under major Federal financial assistance programs. � With respect to internal control systems used in administering these major Federal financial assistance programs, our study and evaluation in- cluded considering the types of errors and irregularities that could occur, determining the internal control procedures that should prevent or detect � such errors and irregularities, determining whether the necessary proced- ures are prescribed and are being followed satisfactorily, and evaluating any weaknesses. � With respect to the internal control systems used solely in adminis- tering the other nonmajor Federal financial assistance programs of the City � of Cape Girardeau, Missouri, our study and evaluation was limited to a pre- liminary review of the systems to obtain an understanding of the control environment and the flow of transactions through the accounting system. Our study and evaluation of the internal control systems used solely in ad- � ministering these nonmajor Federal financial assistance programs of the City of Cape Girardeau, Missouri, did not extend beyond this preliminary review phase. � Our study and evaluation was more limited than would be necessary to express an opinion on the internal control systems used in administering the Federal financial assistance programs of the City of Cape Girardeau, � Missouri. Accordingly, we do not express an opinion on the internal control systems used in administering the Federal financial assistance pro- grams of the City of Cape Girardeau, Missouri. � Also, our examination, made in accordance with the standards mentioned above, would not necessarily disclose material weaknesses in the internal � control systems, for which our study and evaluation was limited to a pre- liminary review of the systems. However, our study and evaluation and our examination disclosed no � condition that we believe would result in more than a relatively low risk that errors or irregularities in amounts that would be material to a Fed- eral financial assistance program may occur and not be detected within a � timely period. This report does not affect our reports on the general purpose � financial statements and on the City's compliance with laws and regulations dated September 20, 1988. � 67 � � � REPORT ON INTERNAL CONTROLS (ACCOUNTING AND ADMINISTRATIVE) - BASED � ON A STUDY AND EVALUATION MADE AS A PART OF AN EXAMINATION OF THE GENERAL PURPOSE FINANCIAL STATEMENTS AND THE ADDITIONAL TESTS REQUIRED BY THE SINGLE AUDIT ACT - CONTINUED � This report is intended solel for the use of mana ement and the Y g cognizant audit agency, and other Federal audit agencies and should not be � used for any other purpose. This restriction is not intended to limit the distribution of this report, which, upon acceptance by the City of Cape Girardeau, Missouri is a matter of public record, � � l�'.�, �� --- � Cape Girardeau, Missouri September 20, 1988 � � � � � � � � i � 68 � � � � � � o N .� a d � , � � "� +� 1+N C M 41 N OO O � 00 00 U CC7 O �0 Y u .-+ ctl o A � O �.CI O � i�� y � � 47 t+ O �0 � O � O a O O N N {+ U � W .d O +1 O N O U 1 � V ..1 Y O! F� O O O s O Z .�i CI O U'O 1.� O +W1 �j '� a U v1 O � � V1 .� t/1 N (', O N �t N O U -1 .. 7 �Q t� .� K O U �! ? N a7 O O V? � U 4�+ •• N A U� L'.� ..UI .p W O GO •.1 N o +1 f/} "� 'i� -1 l+ 1 N +1 W M O .O .d ..Ei y �...yj I � �j U N U 7 N 7 �0 +d 01 t1 .-1 N O �-1 O �L � "'9 al'O O W U O C O Y O N y p,..� pp y� :t � '"'1 i C q t0 N W o t1 O C O f1 O N t+1 O A y � e .+ u o o a o o .+ M.-1 y p p, N U E pp i L -1 tl .0 M 1 +1 . 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