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Home My WebLink About1991-1992.AuditReport.Library � �� _ � � � � FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT � CITY OF C��PE GIRARDEAU PUBLIC LIBRARY � June 30 1992 � � � � � � � � � � � � � � CONTENTS � Page � Independent Auditors' Report 3 � LIBRARY FUND Balance Sheet 4 � Statement Of Revenues, Expenditures And Changes In Fund Balance 5 � Note To Financial Statem�nts s � SUPPLEMENTAL INFORM/�TION � State Aid Special Revenu�: Fund - Statement Of Revenues And Expenditures 9 � Cash Collection Special F�evenue Fund - Statement Of Revenues �nd Expenditures 1 p � � � � � � � � � � Earley, Janssen, Begley & Company � CERTIFIED PUBLIC ACCOUNTANTS 2103 THEMIS ST. -CAPE GIRARDEAU, MISSOURI 63701 -TELEPHONE(314)334-2845 FAX[314]334=4338 � PARTNERS JOHN R.JANSSEN, CPA DEBRA K.JOHNS � TERRY R. BEGLEY,CPA INDEPENDENT AUDITORS ' REPORT KELVIN W.BIRK,cPn LAWRENCE E.YOUNG, CPA JENNIFER WESTRICH Board of Trustees � Cape Girardeau Public Library Cape Girardeau, Missouri � We have audited the accompanying financial statements of the Cape Girardeau Public Library, a component unit of the City of Cape Girardeau, Missouri as of June 30, 1992 and for the year then ended. These component unit financial statements are the � responsibility of the City of Cape Girardeau ' s management. Our responsibility is to express an opinion on the component unit financial statements 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 � component unit financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the component � unit financial statements. An audit also inr.ludes assessing the accounting principles used and the 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 opinion. In our opinion, the component unit financial statemerits referred to � above, present fairly, in all material respects, the financial position of the Cape Girardeau Public Library as of June 30, 1992 and the results of its operations for the year then ended in � conformity with generally accepted accounting principles. Our audit was made for the purpose of forming an opinion on the � Cape Girardeau Publi;c Library financial statements taken as a whole. The financ:ial statements presented as supplemental information are presE.nted for purposes of additional analysis and are not a required part of the component unit financial statements of the Cape Girardeau Public Library. Such information has been ' subjected to the auditing procedures applied in the audit of the component unit financial statements and, in our opinion, is fairly � stated in all material respects in relation to the component unit fi ncia statements ta n as a whole. c �Cnj/;�,,`l'�Cc�' 7' ��a � �l 0 Cape Girardeau, Miss��uri December 3 , 1992 � � 3 � � � Cape Girardeau Public Library BALANCE SHEET � June 30, 1992 � � ASSETS Cash and investments 248,659 Receivables � Taxes receivable, less allowance for doubtfui receivables of $5,877 23,659 Interest receivable 1,042 � Other receivable 1,530 Prepaid expenses 7�p21 � 281,911 � LIABILITIES AND FUND BALANCE � Accounts payable 4,747 Accrued payroll and fringe benefits 5,574 Deferred revenue 21,579 � Long—term payable to City of Cape Girardeau 75,000 106,900 � Fund balance Reserved 23,033 � Unreserved 151,978 175,011 � 281,911 � � � THE NOTES TO THE FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS STATEMENT. � 4 � � � Cape Girardeau Public Library � LIBRARY FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE � Year ended June 30, 1992 � REVENUES Taxes and special assessments 355,362 interest 14,456 � intergovernmental 27�494 Charges for services �,412 Fines and forfeitures 13,224 � Miscellaneous 10,002 427,950 �XPENDITURES � Personnel Services 263,424 Materials and supplies 100 367 Contractual services 89,936 � General operations 10,561 Other projects 5,518 Capital outlays 15,780 � 485,586 � EXCESS OF REVENUES OVER EXPENDITURES (57,636) � FUND BALANCE AT BEGINNING OF YEAR 232,647 FUND BALANCE AT END OF YEAR 175,011 � � � � � THE NOTES TO THE FINANCIAL STATEMENTS ARE AN INTEGRA� PART OF THIS STATEMENT. � 5 � � Cape Girardeau Public Library NOTE TO FINANCIAL STATEMENTS � June 30, 1992 NOTE A - SUMMARY OF ACCOUNTING POLICIES � A summary of the significant accounting policies consistently applied in the preparation of the accompanying financial statements follows. � l. The Reportinq Entit� The Cape Girardeau Public Library is a component unit of the City � of Cape Girardeau, Missouri. The Cape Girardeau Public Library, for financial purposes, includes all of the funds relevant to the operations of the Cape Girardeau Public Library. 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. � The National Council on Governmental Accounting (NCGAj , in order to clarify which organizations, functions and activities of government should be included in cJeneral 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 reduc:e 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 NCGA concluded that the basic criteria for including other organizations in a governmental � unit's reporting entity is the exercise of oversight responsibility over such agencies by the governmental unit. This Library has determined that contro:l of dependence is determined on the basis of � budget adoption, taxing authority, funding and appointment of the respective governing board. � 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 Accountina 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. 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. � 6 � � � Capt: Girardeau Public Library NOTE TO FINANCIAL STATEMENTS � June 30, 1992 NOTE A - SUMMARY OF ACCOUNTING POLICIES - Continued � GOVERNMENTAL FUNDS Special Revenue Funds - Special Revenue Funds are used to account � for the proceeds of ��pecific revenue sources (other than special assessments, expendabLe trusts or major capital projects) that are legally restricted to expenditures for specified purposes. � 3 . Basis of Accountina Basis of accounting refers to when revenues and expendi�tures 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. � Al1 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 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 whe:� due. � � � � � � � � 7 � � � � � � � SIJPPLEMENTAL INFORMATION � � � � � � � � � � � � 8 � � � Cape Girardeau Public Library � STATE AID SPECIAL REVENUE FUND STATEMENT OF REVENUES AND EXPENDITURES Year ended June 30, 1992 � REVENUES � Fees and service charges Reimbursement of dues and registration expenses 1,593 Reimbursement of other expenses 6,209 � Revenues from other agencies 7,983 15,785 � EXPENDITURES Culture and recreation Dues and registration 594 � Travel 3,541 Repairs and maintenance 2,2g3 P ostage 600 � Miscellaneous 1�5g� 8,615 � EXCESS OF REVENUES OVER EXPENDITURES 7,170 � OTHER FINANCING USES Transfers to Library Fund 8,500 � EXCESS OF REVENUES OVER EXPENDITURES AND OTHER FINANCING USES (1,330) � � � � � THE NOTES TO THE FINANCIAL STATEMENTS ARE AN INTEGRAI_ PART OF THIS STATEMENT. � 9 � � � Cape Girardeau Public Library � CASH COLLECTION SPECIAL REVENUE FUND STATEMENT OF REVENUES AND EXPENDITURES Year ended June 30, 1992 � REVENUES Fines 1 1,745 � Postage reimbursement 298 Copies and micro prints 4,217 Lost books 1,479 � Book sales 1,100 Other reimbursements 7,139 Non—resident cards 3,16�0 � 29,138 OTHER FINANCING USES � Transfers to Library Fund 29,560 EXCESS OF REVENUES OVER EXPENDITURES � AND OTHER FINANCING USES �422� � � � � � � � � THE NOTES TO THE FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS STATEMENT. 10 �