STATE OF MISSISSIPPI OFFICE OF THE STATE AUDITOR_part1 pdf

STATE OF MISSISSIPPIOFFICE OF THE STATE AUDITOR PHIL BRYANT State Auditor RAMONA HILL, CPA Director, Financial and Compliance Audit Division ED YARBOROUGH, CPA, CIA, CFE, CGFM Director,

STATE OF MISSISSIPPI

OFFICE OF THE STATE AUDITOR

PHIL BRYANT State Auditor RAMONA HILL, CPA Director, Financial and Compliance Audit Division

ED YARBOROUGH, CPA, CIA, CFE, CGFM Director, County Audit Section

PIKE COUNTY, MISSISSIPPI

General-Purpose Financial Statements and Special Reports

For the Year Ended September 30, 1997

PIKE COUNTY TABLE OF CONTENTS

FINANCIAL SECTION 1

INDEPENDENT AUDITOR'S REPORT 3

GENERAL-PURPOSE FINANCIAL STATEMENTS 5

Combined Balance Sheet - All Fund Types and Account Groups 6

Combined Statement of Revenues, Expenditures and Changes in Fund Balances - All Governmental Fund Types and Expendable Trust Funds 8

Combined Statement of Revenues, Expenditures and Changes in Fund Balances - Budget (Non-GAAP Budgetary Basis) and Actual - All Governmental Fund Types 10

Notes to Financial Statements 12

SPECIAL REPORTS 27

Independent Auditor's Report on Compliance and on Internal Control Over Financial Reporting Based on an Audit of the General-Purpose Financial Statements Performed in Accordance With Government Auditing Standards 29

Independent Auditor's Report on Central Purchasing System, Inventory Control System and Purchase Clerk Schedules (Required by Section 31-7-115, Miss Code Ann (1972)) 31

Independent Auditor's Report on Compliance with State Laws and Regulations 37

SCHEDULE OF FINDINGS 41

3750 I-55 NORTH FRONTAGE ROAD JACKSON, MISSISSIPPI 39211 (601) 364-2888 FAX (601) 364-2828

The Office of the State Auditor does not discriminate on the basis of race, religion, national origin, sex, age or disability

PIKE COUNTY

FINANCIAL SECTION

2 PIKE COUNTY

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OFFICE OF THE STATE AUDITOR

PHIL BRYANT

AUDITOR

INDEPENDENT AUDITOR'S REPORT

ON THE GENERAL-PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTAL INFORMATION

December 8, 1997 Members of the Board of Supervisors

Pike County, Mississippi

We have audited the accompanying general-purpose financial statements of Pike County, Mississippi, as of and for the year ended September 30, 1997, as listed in the table of contents These general-purpose financial statements are the responsibility of the county's management Our responsibility is to express an opinion on these general-purpose financial statements based on our audit We did not audit the financial statements of the Pike County Economic

Development District, a component unit, which represents 100% of the assets and revenues of the governmental component unit column Those statements were audited by other auditors whose report thereon has been furnished to us, and our opinion, insofar as it relates to the amounts included for the aforementioned component unit, is based solely on the report of the other auditors

We conducted our audit in accordance with generally accepted auditing standards and the standard applicable

to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United

States Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements An audit also includes assessing the accounting principles used and 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, based on our audit and the report of other auditors, the general-purpose financial statements referred to above present fairly, in all material respects, the financial position of Pike County, Mississippi, as of

September 30, 1997, and the results of its operations for the year then ended, in conformity with generally accepted accounting principles

In accordance with Government Auditing Standards, we have also issued a report dated December 8, 1997, on

our consideration of Pike County, Mississippi's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants

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5 PIKE COUNTY

GENERAL-PURPOSE FINANCIAL STATEMENTS

Combined Balance Sheet - All Fund Types and Account Groups

September 30, l997

Trust General General Only Component Only Special Debt and Fixed Long-term Primary Units Reporting General Revenue Service Agency Assets Debt Government Governmental Entity ASSETS

Cash and investments (Note 4) $ 2,445,571 2,747,552 458,983 409,690 6,061,796 513,306 6,575,102 Cash on deposit with risk pool (Note 8) 54,323 27,147 81,470 81,470

Interfund receivables (Note 5) 80,423 13,818 17,446 111,687 111,687

Amount available in debt service

Amount to be provided for retirement

Total Assets $ 2,642,550 9,501,562 472,801 427,136 11,921,703 9,503,674 34,469,426 615,277 35,084,703

LIABILITIES AND FUND EQUITY

Liabilities:

Deferred revenue - lease principal

Deferred revenue - lease interest

Compensated absences liability (Note 10) 136,758 136,758 136,758 General obligation bonds payable (Note 10) 9,095,000 9,095,000 9,095,000

Other loans and notes payable (Note 10) 182,800 182,800 182,800 Total Liabilities 341,198 6,715,823 0 395,703 0 9,503,674 16,956,398 23,044 16,979,442

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Fund Equity:

Investment in general fixed assets 11,921,703 11,921,703 78,761 12,000,464 Fund balances:

Reserved for economic development

Unreserved 2,247,029 2,758,592 31,433 5,037,054 185,729 5,222,783 Total Fund Equity 2,301,352 2,785,739 472,801 31,433 11,921,703 0 17,513,028 592,233 18,105,261

Total Liabilities and Fund Equity $ 2,642,550 9,501,562 472,801 427,136 11,921,703 9,503,674 34,469,426 615,277 35,084,703

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

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