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Home My WebLink About1992-1993.AuditReport.Library �� . � � � � � � FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT � CITY OF CAPE GIRARDEAU PUBLIC LIBRARY � June 30, 1993 � � � � � � � � � � � � CONTENTS � � Page independent Auditors' Report 3 ; LIBRARY FUND � Balance Sheet 4 Statement Of Revenues, Expenditures And � Changes In Fund Balance 5 Notes To Financial Statements 6 � SUPPLEMENTAL INFORMATION � State Aid Special Revenue Fund - Statement Of Revenues And Expenditures g � Cash Collection Special Revenue Fund - Statement Of Revenues And Expenditures 10 � � � � � � 41 � � � Earley, Janssen, Begley & Company � CERTIFIED PUBLIC ACCOUNTANTS 2103 THEMIS ST. -CAPE GIRARDEAU, MISSOURI 63701 -TELEPHONE(314)334-2845 FAX[314J 334=4338 � PARTNERS JOHN R.JANSSEN,CPA KELVIN W.BIRK,CPA � TERRY R. BEGLEY,CPA LAWRENCE E. YOUNG,CPA JENNIFER WESTRICH INDEPENDENT AUDITORS ' REPORT � 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, 1993 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 includes 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 statements referred to above, present fairly, in all material respects, the financial position of the Cape Girardeau Public Library as of June 30, 1993 � 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 Public Library financial statements taken as a whole. The financial statements presented as supplemental � information are presented 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 financial statements taken as a whole. � � �y /�/!/��,� �� i✓�n�I� 1F' l _ /"'", Cape �ir rdeau, NYissouri � � October 29, 1993 � 3 � � � Cape Girardeau Public Library BALANCE SHEET � June 30, 1993 � ASSETS � Cash and investments 257,603 Receivabies Taxes receivable, less ailowance � for doubtful receivables 26,897 Interest receivable 0 Other receivable 534 � Prepaid expenses 7,185 292,219 � � LIABILITIES AND FUND BALANCE Accounts payable 10,528 � Accrued payroll and fringe benefits 7,490 Deferred revenue 24,176 Long—term payable to City of Cape Girardeau 75,000 � 117,194 � Fund balance Reserved 28,445 Unreserved 146,580 � 175,025 292,219 � � � � THE NOTES TO THE FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS STATEMENT. � 4 � - , FI � Cape Girardeau Public Library LIBRARY FUND � STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE Year ended June 30, 1993 � REVENUES Taxes and special assessments 375,906 � Interest 9,279 Intergovernmental 32,348 Charges for services 7,716 � Fines and forfeitures 15,558 Miscellaneous 27,070 � 467,877 EXPENDITURES Salaries 264,672 � Materials and supplies 73,193 Contractual services 88,079 General operations 7,655 Other projects 9,732 Capital outlays 24,416 Debt service � Interest and fiscal charges 117 467,864 � EXCESS OF REVENUES OVER EXPENDITURES 13 � FUND BALANCE AT BEGINNING OF YEAR 175,011 � FUND BALANCE AT END OF YEAR 175,024 � � � � THE NOTES TO THE FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS STATEMENT. � 5 � � � Cape Girardeau Public Library NOTES TO FINANCIAL STATEMENTS June 30, 1993 � 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. l. The Reportinq Entity � 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. A separate report has been issued on the general purpose financial � statements of the City of Cape Girardeau, Missouri. 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 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. This Library has 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 Accountinq 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. '1 � � 6 � � Ca e Girardeau Public Librar P Y NOTES TO FINANCIAL STATEMENTS � June 30, 1993 NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued � 2 . Fund Accountinq - Continued � 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 � Special Revenue Funds - Special Revenue Funds are used to account for the proceeds of specific revenue sources (other than special assessments, expendable trusts or major capital projects) that are � legally restricted to expenditures for specified purposes. 3 . Basis of Accountinct � 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 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. � NOTE B - PROPERTY TAXES Property taxes attach as an enforceable lien on property as of January l. Taxes were levied on August 17 , 1992 , for collection � during this fiscal year and were due on or before December 31. Most of the taxes ar� collected in November and December. The tax rates assessed at the time were as follows: � Library Tax $ . 15/100. 00 assessed Valuation � � 7 � � � � � � � � SUPPLEMENTAL INFORMATION � � � � � � � � � � 8 � � � Cape Girardeau Public Library STATE AID SPECIAL REVENUE FUND STATEMENT OF REVENUES AND EXPENDITURES � Year ended June 30, 1993 � REVENUES Fees and service charges Reimbursement of dues and � registration expenses 3�g Reimbursement of other expenses g,� �g Revenues from other agencies 10,484 � 16,921 EXPENDITURES � Culture and recreation Dues and registration 31 g tnterviews 1,1 12 � Miscellaneous . 3,ggg 5,430 � EXCESS OF REVENUES OVER EXPENDITURES 11,491 � OTHER FINANCING USES Transfers to Library Fund 10,000 � EXCESS OF REVENUES OVER EXPENDITURES AND OTHER FINANCING USES 1,491 � � � � � � THE NOTES TO THE FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS STATEMENT. � 9 � � � � Cape Girardeau Public Library CASH COLLECTION SPECIAL REVENUE FUND � STATEMENT OF REVENUES AND EXPENDITURES Year ended June 30, 1993 � REVENUES Fines 13,713 Postage reimbursement 413 � Copies and micro prints 4,575 Lost books 1,845 Book sales g25 � Other reimbursements 2,090 Non—resident cards 3,106 � 26,667 OTHER FINANCING USES Transfers to Library Fund 26,724 � EXCESS OF REVENUES OVER EXPENDITURES AND OTHER FINANCING USES (57) � � � � � � � � � � THE NOTES TO THE FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS STATEMENT. � 10