Bank Balance Amount federally insured or collateralized with securities held by the county or its agent in the Amount collateralized with securities held by the pledging financial instit
Trang 1(4) Intergovernmental Revenues.
Intergovernmental revenues consisted of the following at September 30, 1995:
Governmental Fund Types
Federal Sources:
State Sources:
State Grants:
Reimbursement for food stamps, welfare $ 33,532
Reimbursement for homestead exemption 259,650
Reimbursement for emergency
Reimbursement for emergency
State Shared Revenues:
Local Sources:
Trang 2(5) Deposits and Investments.
Deposits:
The carrying amount of the county's total deposits with financial institutions at September 30, 1995, was
$3,991,950 and the bank balance was $2,725,617 The bank balance is categorized below to reflect the level of credit risk assumed by the county at year end
Bank Balance Amount federally insured or collateralized with
securities held by the county or its agent in the
Amount collateralized with securities held by the pledging
financial institution's trust department or agent in the
Investments:
During the year, the county invested a substantial amount of the net proceeds of bonds (certificates of
participation) issued during the year in a mutual fund whose portfolio consisted solely of direct obligations of the
U S Treasury At year end, the carrying amount of the mutual fund investment was $975,580 No disclosure
of level of credit risk is required for this type of investment
At year end, the carrying amount of the county's investments in U.S Government treasury bills was $63,255 and the market value was $63,601 The investments are either insured or registered or are held by the county or its agent in the county's name
(6) Interfund Receivables and Payables
Individual fund interfund receivables and payables consisted of the following at September 30, 1995:
Interfund Interfund Receivables Payables Due from/to Other Funds
Special Revenue Funds:
Trang 3Interfund Interfund Receivables Payables Debt Service Funds:
Agency Funds:
(7) Fixed Assets
Changes in General Fixed Assets:
Oct 1, 1994 Additions Deletions Sept 30, 1995 Governmental Funds:
(8) Commitments
As of September 30, 1995, the county had the following commitments with respect to unfinished capital
projects:
Remaining
Trang 4(9) Claims and Judgments.
Risk Financing
The county is exposed to risk of loss related to workers' compensation for injuries to its employees On
January 1, 1990, the county decided to stop carrying workers' compensation insurance because of its prohibitive cost and joined the Mississippi Public Entity Workers' Compensation Trust, a public entity risk pool, to cover its exposure to risk of loss The pool was formed on January 1, 1990, by the Mississippi Association of
Supervisors, Inc., pursuant to Section 71-3-75, Miss Code Ann (1972), to provide workers' compensation insurance for the benefit of participating counties and various other political subdivisions in the State of
Mississippi The county pays premiums to the pool for its workers' compensation insurance coverage and the participation agreement provides that the pool will be self-sustaining through member premiums The retention for the pool is $350,000 for each accident and completely covers all statutory limits set by the Workers'
Compensation Commission Risk of loss is remote for claims exceeding the pool's retention liability
However, the pool also has catastrophic reinsurance coverage of $1,000,000 per accident, provided by
Employers Reinsurance Corporation, effective from January 1, 1995 to January 1, 1996 The pool may make
an overall supplemental assessment or declare a refund depending on the loss experience of all the entities it insures
The county is exposed to risk of loss relating to employee health and accident coverage On October 1, 1989, the county joined the Mississippi Association of Supervisors Employee Benefit Trust, a public entity risk pool,
to account for and finance its uninsured risk of loss The pool was formed by the Mississippi Association of Supervisors, Inc., pursuant to Section 25-15-101, Miss Code Ann (1972), to provide health and accident insurance for the benefit of participating counties in the State of Mississippi Premium payments to the pool are determined on an actuarial basis The pool services all claims for risk of loss to which the county is exposed The county purchases commercial insurance to cover all claims in excess of premium contributions Claims expenses and liabilities are reported when it is probable that a loss has occurred and the amount of that loss can
be reasonably estimated
At September 30, 1995, there was no liability because the county's cash on deposit in risk pool exceeded the pool's accrued unpaid claims at year end in the amount of $52,999, reported on the combined balance sheet in the following fund types:
Trang 5(10) Lease Obligations.
Capital
As Lessee:
The following is an analysis of property leased under capital leases by major classes as of September 30, 1995:
General Fixed Assets
The following is a schedule by years of future minimum lease payments payable under capital leases together with the present value of the net minimum lease payables as of September 30, 1995:
General Long-term Debt Group Year Ending September 30:
(11) Long-term Debt
The following individual liabilities are reported on the combined balance sheet at September 30, 1995:
Final
General Long-term Debt Account Group
A General Obligation Bonds:
Public improvement prison bonds,
General obligation refunding bonds,
Trang 6B Limited Obligation Bonds:
Certificates of participation, series 1995
C Capital Leases:
2 1992 Ford F800 trucks, dump bodies, $
2 1992 Chevrolet C20 pick-ups,
2 Ford model 6640 tractors with Alamo
Caterpillar model AP800B paving
Caterpillar model BC534 steel wheel
IBM hardware and software upgrade
system with training and maintenance
1994 Ford F-150 pick-up truck,
Annual requirements to amortize outstanding long-term debt reported in the General Long-term Debt Account Group are as follows:
Less: Amounts representing interest 6,467,837 3,319,914 372,620 10,160,371
Legal Debt Margin - The amount of general obligation bonded debt that can be incurred by the county is limited
by state statute Total outstanding general obligation bonded debt during a year can be no greater than 10% of assessed value of the taxable property within the county, according to the then last completed assessment for taxation However, the limitation is increased to 15% whenever a county issues bonds to repair or replace washed out or collapsed bridges on the public roads of the county As of September 30, 1995, the amount of outstanding general obligation bonded debt was equal to 11% of the latest property assessments
Trang 7Limited Debt Obligations - Certificates of participation (COPs), designated as "qualified tax exempt obligations" for purpose of Section 265 of the Internal Revenue Code of 1986, as amended, were issued with a face value of
$3,915,000 for the purpose of financing the construction of a new jail complex The COPs are not secured by the county's full faith and credit However, Yazoo County, as lessee, is obligated, pursuant to a lease purchase agreement with the lessor, Yazoo County Civic Improvement Corporation, a finance authority and blended
component unit of Yazoo County, as sole source of payment for retirement of the COPs The lease obligation is not recorded because the COPs are considered, in substance, "limited debt obligations" of the county, and
accordingly, are reflected in the General Long-term Debt Account Group General Fund revenues are being used to retire the debt
The following changes occurred in liabilities reported at year end:
(12) Contingencies
Federal Grants - The county has received federal grants for specific purposes that are subject to audit by the grantor agencies Entitlements to these resources are generally conditional upon compliance with the terms and conditions of grant agreements and applicable federal regulations, including the expenditure of resources for allowable purposes Any disallowance resulting from a grantor audit may become a liability of the county Accordingly, no provision for any liability that may result has been recognized in the county's financial
statements
Litigation - The county is party to legal proceedings, many of which occur in the normal course of governmental operations It is not possible at the present time to estimate ultimate outcome or liability, if any, of the county with respect to the various proceedings However, the county's legal counsel believes that ultimate liability resulting from these lawsuits will not have a material adverse effect on the financial condition of the county (13) Related Organizations
The county Board of Supervisors appointed a voting majority of the members of the boards of the following organizations, but the county's accountability for these organizations does not extend beyond making the
appointments The board may, in its discretion, make small appropriations to the organizations:
Name of Organization Appropriation
Trang 8(14) Joint Venture.
The county participates in the following joint venture:
Yazoo County is a participant with Yazoo City in a joint venture, authorized by Senate Bill 2954, Laws of 1979,
to operate the Yazoo Recreation Commission The joint venture was created to more effectively manage recreational facilities within the city and county The joint venture is governed by a ten member board with five members appointed by Yazoo City and five members appointed by Yazoo County By contractual agreement, the county's appropriation from the General Fund this year to the joint venture was $44,560 Complete
financial statements for the Yazoo Recreation Commission can be obtained from P O Box 9, Yazoo City, Mississippi 39194
(15) Jointly Governed Organizations
The county participates in the following jointly governed organizations:
Holmes Community College operates in a district composed of the Counties of Attala, Carroll, Choctaw, Grenada, Holmes, Madison, Montgomery, Webster and Yazoo The Yazoo County Board of Supervisors appoints two of the 22 members of the college board of trustees The county appropriated approximately
$204,230 for maintenance and support of the college in fiscal year 1995
The Yazoo-Mississippi Water Management District operates in a district composed of Bolivar, Carroll,
Coahoma, DeSoto, Holmes, Humphreys, Issaquena, Leflore, Panola, Quitman, Sharkey, Sunflower,
Tallahatchie, Tate, Tunica, Washington and Yazoo Counties The Yazoo County Board of Supervisors appoints one of the 21 members of the district board of commissioners The county appropriated $17,426 for support of the district in fiscal year 1995
The Yazoo Community Action Agency, Inc., operates in Yazoo County The Yazoo County Board of
Supervisors appoints seven of the 18 members of the board of directors The county appropriated
approximately $7,500 for the support of the agency in fiscal year 1995
The Central Mississippi Planning and Development District operates in a district composed of the Counties of Copiah, Hinds, Madison, Rankin, Simpson, Warren and Yazoo The Yazoo County Board of Supervisors appoints three of the 33 members of the board of directors The county appropriated approximately $23,035 for support of the district in fiscal year 1995
(16) Defined Benefit Pension Plan
Plan Description Yazoo County, Mississippi, contributes to the Public Employees' Retirement System of Mississippi (PERS), a cost-sharing, multiple-employer, defined benefit pension plan PERS provides retirement and disability benefits, annual cost-of-living adjustments and death benefits to plan members and beneficiaries Benefit provisions are established by state law and may be amended only by the State of Mississippi Legislature PERS issues a publicly available financial report that includes financial statements and required supplementary information That information may be obtained by writing to Public Employees’ Retirement System, PERS Building, 429 Mississippi Street, Jackson, MS 39201-1005 or by calling 1-800-444-PERS
Trang 9Funding Policy PERS members are required to contribute 7.25% of their annual covered salary and the county
is required to contribute at an actuarially determined rate The current rate is 9.75% of annual covered payroll The contribution requirements of PERS members are established and may be amended only by the State of Mississippi Legislature The county's contributions (both employer and employee shares) to PERS for the years ending September 30, 1995, 1994 and 1993 were $388,332, $394,640 and $394,464, respectively, equal to the required contributions for each year
(17) Subsequent Events
Subsequent to September 30, 1995, Yazoo County issued the following debt obligations:
participation
General Fund
Trang 10(This page left blank intentionally)
Trang 11SUPPLEMENTAL INFORMATION