2005-2006 Audit

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• Publié par: Veam
• Nombre de lectures: 13
• Langue: English

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CITY OF ST. JOSEPH

BERRIEN COUNTY, MICHIGAN

FINANCIAL REPORT

June 30, 2005












































CITY OF ST. JOSEPH
BERRIEN COUNTY, MICHIGAN


FINANCIAL REPORT


June 30, 2005


CONTENTS
Page


MANAGEMENT’S DISCUSSION AND ANALYSIS ................................................................................................I-IX

INDEPENDENT AUDITOR’S REPORT.................................................................................................................. 1-2

BASIC FINANCIAL STATEMENTS:

Statement of Net Assets ........................................................................................................................................ 3

Statement of Activities....................................... 4

Governmental Funds - Balance Sheet................................................................................................................... 5

Reconciliation of the Balance Sheet of Governmental Funds
to the Statement of Net Assets ................................. 6

Governmental Funds - Statement of Revenues, Expenditures, and
Changes in Fund Balances................................................................................................ 7

Reconciliation of the Statement of Revenues, Expenditures, and
Changes in Fund Balances of Governmental Funds to the
Statement of Activities ........................................................................................................................................ 8

General Fund - Statement of Revenues, Expenditures, and
Changes in Fund Balances - Budget and Actual................................................................................................ 9

Street Improvement Fund - Statement of Revenues, Expenditures,
and Changes in Fund Balances - Budget and Actual....................................................................................... 10

Proprietary Funds - Statement of Net Assets ...................................................................................................... 11
Funds - Statement of Revenues, Expenses, and
Changes in Net Assets .................................................................................................................................... 12

Proprietary Funds - Combining Statement of Cash Flows ............................................................................. 13-14

Fiduciary Funds - Statement of Fiduciary Net Assets ......................................................................................... 15

Fiduc- Statement of Changes in Fiduciary Net Assets ....................................................................... 16

Notes to Financial Statements........................................................................................................................ 17-36








CONTENTS

Page
SUPPLEMENTARY INFORMATION
Nonmajor Governmental Funds:
Description of Funds..................................................................................................................................... 37-38
Combining Balance Sheet ................................................................................................................................. 39
Combining Statement of Revenues, Expenditures, and
Changes in Fund Balances............................................................................................... 40

General Fund:
Statement of Revenues, Compared to Budget.................................................................................................... 41

Statement of Expenditures, Compared to Budget .......................................................................................... 42-47

Statement of Other Financing Sources and Uses,
Compared to Budget.......................................................................................................................................... 48

Special Revenue Funds:
Combining Balance Sheet ............................................................................................................................ 49-50

Combining Statement of Revenues, Expenditures, and
Changes in Fund Balances - Budget and Actual........................................................................................ 51-55

Component Units:
Combining Statement of Net Assets.................................................................................................................... 56

Combining Statement of Revenues, Expenditures, and
Changes in Net Assets - Budget and Actual...................................................................................................... 57

Internal Service Funds:
Combining Statement of Net Assets.......................... 58

Combining Statement of Revenues, Expenses, and
Changes in Net Assets ...................................................................................................................................... 59

Combining Statement of Cash Flows ............................................................................................................. 60-61

Pension Trust Funds:
Combining Statement of Net Assets.......................... 62

Combining Statement of Changes in Net Assets ................................................................................................ 63

Agency Funds - Combining Statement of Changes in Assets and Liabilities.......................................................... 64

Permanent Funds:
Combining Balance Sheet ................................................................................................................................... 65

Combining Statement of Revenues, Expenditures, and
Changes in Fund Balances................................................................................................ 66

Schedule of 2003 Installment Note - Fifth Third Bank ............................................................................................. 67

Schedule of 2004 State Revolving Fund Bonds .................................................................................... 68

Schedule of Capital Improvement Note - Berrien County Revolving Loan Fund .................................................... 69










CONTENTS

Page
Schedule of 2002 Improvement and Refunding Bonds ........................................................................................... 70

Schedule of 2003 State Revolving Fund Bonds ..................................................................................................... 71

Schedule of 2004 Installment Note - JP Morgan Chase Bank ................................................................................ 72

Schedule of Brownfield Lien Note - Michigan Department of
Environmental Quality........................................................................................................................................... 73

Federal Programs:
Report on Internal Control Over Financial Reporting
and on Compliance and Other Matters Based on an
Audit of Financial Statements Performed in Accordance
with Government Auditing Standards ............................................................................................................. 74




































Management Discussion and Analysis

As management of the City of St. Joseph, we offer the readers of these financial statements this narrative overview and analysis of the
financial activities of the City of St. Joseph for the fiscal year ended June 30, 2005. We encourage readers to consider the overview
presented here in conjunction with the additional information that our auditors have provided within this report.

Financial Highlights

The assets of the City of St. Joseph exceeded its liabilities at the close of the most recent fiscal year by
$40,403,992. Of this amount, $10,783,374 may be used to meet the ongoing obligations to our citizens
and creditors.
The City’s tot