HANCOCK COUNTY TABLE OF CONTENTS FINANCIAL SECTION_part2 docx

HANCOCK COUNTY Exhibit B Combined Statement of Revenues, Expenditures and Changes in Fund Balances -All Governmental Fund Types and Discretely Presented Component Units For the Year Ende

HANCOCK COUNTY Exhibit B Combined Statement of Revenues, Expenditures and Changes in Fund Balances

-All Governmental Fund Types and Discretely Presented Component Units

For the Year Ended September 30, 1995

Revenues

Licenses, commissions and

Intergovernmental revenues:

Expenditures

Current:

Economic development

Debt service:

Total Expenditures 7,435,125 6,720,731 599,106 0 14,754,962 2,989,504 17,744,466 Excess of Revenues over

Other Financing Sources (Uses)

Operating transfers from

Operating transfers to

Total Other Financing

Excess of Revenues and Other

Sources over (under)

Fund Balances

Beginning of year as previously

Prior period adjustments:

Beginning of year as restated 4,765,837 3,355,625 888,510 0 9,009,972 405,640 9,415,612

The notes to the financial statements are an integral part of this statement

HANCOCK COUNTY

Combined Statement of Revenues, Expenditures and Changes in Fund Balances

-Budget (Non-GAAP -Budgetary Basis) and Actual - All Governmental Fund Types

For the Year Ended September 30, l995

Revenues

Licenses, commissions and

Intergovernmental revenues:

State and local sources 2,600,666 2,602,015 1,349 2,341,824 2,341,824

Expenditures

Conservation of natural resources 73,780 73,780

Economic development and assistance 92,251 92,251

Excess of Revenues over (under)

Excess of Revenues and Other

Sources over (under) Expenditures

Fund Balances

The notes to the financial statements are an integral part of this statement

Exhibit C

Debt

Service Funds

Variance Favorable Budget Actual (Unfavorable)

1,216,561 1,154,145

HANCOCK COUNTY Exhibit D Combined Statement of Revenues, Expenses and Changes in Retained Earnings

Proprietary Fund Type and Discretely Presented Component Units

For the Year Ended September 30, 1995

Total

Proprietary Component Reporting

Operating Revenues

Operating Expenses

Nonoperating Revenues (Expenses)

Net Income (Loss) Before Operating Transfers 0 2,651,162 2,651,162 Operating Transfers

Retained Earnings

The notes to the financial statements are an integral part of this statement

Combined Statement of Cash Flows

Discretely Presented Proprietary Component Units

For the Year Ended September 30, 1995

Cash Flows From Operating Activities

Cash payments to suppliers for goods and services (6,988,923)

Net Cash Provided (Used) by Operating Activities 4,948,562 Cash Flows From Noncapital Financing Activities

Cash received from other funds:

Cash paid to other funds:

Net Cash Provided (Used) by Noncapital Financing Activities (122,911) Cash Flows From Capital and Related Financing Activities

Acquisition and construction of capital assets (2,113,664)

Net Cash Provided (Used) by Capital and Related Financing Activities (3,386,297) Cash Flows From Investing Activities

Proceeds from sale and maturities of

(Increase) decrease in assets whose use is limited (1,280,969) Net Cash Provided (Used) by Investing Activities (1,174,360) Net Increase (Decrease) in Cash and Cash Equivalents 264,994 Cash and Cash Equivalents at Beginning of Year 1,441,451 Cash and Cash Equivalents at End of Year $ 1,706,445

Reconciliation of Operating Income to Net Cash Provided by Operating Activities

Adjustments to reconcile operating income to net cash provided by operating

activities:

Depreciation and amortization expense 1,124,075 Provision for uncollectible accounts 3,302,662 Change in assets and liabilities:

(Increase) decrease in accounts receivable (3,207,352) (Increase) decrease in due from other funds (1,758) (Increase) decrease in prepaid expenses 55,667 (Increase) decrease in inventory (113,034) Increase (decrease) in claims payable 1,979 Increase (decrease) in due to other funds 5,462 Increase (decrease) in accrued expenses 594,910

The notes to the financial statements are an integral part of this statement

HANCOCK COUNTY Notes to Financial Statements For the Year Ended September 30, 1995

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(1) Significant Accounting Policies.

A Financial Reporting Entity.

Hancock County is a political subdivision of the State of Mississippi The county is governed by an elected five-member Board of Supervisors Generally accepted accounting principles require Hancock County to present these financial statements on the primary government and its component units which have significant operational or financial relationships with the county.

State law pertaining to county government provides for the independent election of county officials The following officials are all part of the county legal entity and therefore are reported as part of the general purpose financial statements.

The component units discussed in Note 1(B) below are included in the county's general purpose financial statements

B Individual Component Unit Disclosures.

Blended Component Unit The Hancock County Improvement Corporation was incorporated as a nonprofit under Section 31-8-3, Miss Code Ann (1972), which allows counties to enter into lease agreements with any corporation Although legally separate from the primary government, the corporation is so intertwined with the primary government that it is, in substance, the same as the primary government Therefore, the corporation's balances and transactions are blended with the balances and transactions of the primary government The corporation's directors are comprised solely of the five members of the Board of Supervisors The Corporation produces a financial benefit (through its ability to incur debt without including the debt within the limitation on bonded indebtedness established by law) and imposes a financial burden on the primary government by obligating funds to repay the debt pursuant to a lease agreement.

HANCOCK COUNTY Notes to Financial Statements For the Year Ended September 30, 1995 Discretely Presented Component Units

The component units columns in the combined financial statements include the financial data of the following component units of the county They are reported in a separate column to emphasize that they are legally separate from the county The majority of the members of the governing bodies of these component units are appointed by the Hancock County Board of Supervisors.

• The county operates the following nine legally separate fire protection districts:

Bayside Park Fire Protection District

Clermont Harbor Lakeshore Fire Protection District

Diamondhead Fire Protection and Waste Disposal District

East Hancock Fire Protection District

Fenton Fire Protection District

Kiln Fire Protection District

Leetown Fire Protection District

West Hancock Fire Protection District

Post 58 Fire Protection District

The fire protection districts were created by the county under Section 19-5-151, Miss Code Ann (1972), for the purpose of providing fire protection for the citizens of the respective districts The Board of Supervisors may, at its discretion, levy an ad valorem tax for the support of the districts The board did levy a four mill tax for each district during the fiscal year.

• Hancock County Human Resource Agency was created by the county under Section 17-15-1,

Miss Code Ann (1972), for the purpose of administering programs conducted by community action agencies, limited purpose agencies and related programs authorized by federal law The Board of Supervisors provided $119,533 in financial support to the entity during the fiscal year.

• Hancock Medical Center was created by the county with broad corporate powers under

Section 41-13-15, Miss Code Ann (1972), for the purpose of providing health care to the citizens of Hancock County The county holds title to the real property, has issued a

significant amount of general obligation bonds to provide support for the hospital's capital facilities, has the power to impose its will on the hospital through its budget approval authority, and is authorized to levy taxes for maintenance and operation of the hospital.

• Hancock County Port and Harbor Authority was created by the county under Section 59-9-1,

Miss Code Ann (1972), for the purpose of developing, constructing, maintaining and

operating harbors, seaports and industrial parks within the county The county may impose its

HANCOCK COUNTY Notes to Financial Statements For the Year Ended September 30, 1995

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CONDENSED FINANCIAL STATEMENTS

-DISCRETELY PRESENTED COMPONENT UNITS

Balance Sheets

Assets:

Liabilities:

Equity:

Investment in general

HANCOCK COUNTY Notes to Financial Statements For the Year Ended September 30, 1995

Governmental Funds

Statements of Revenues, Expenditures and Changes in Equity

Hancock

Expenditures:

Excess of revenues over

Transfers from primary

Operating transfers-in from

Proprietary Funds

Statements of Revenues, Expenses and Changes in Equity

Hancock

Operating expenses: