2001-2002 audit

Vickim

Description

CITY OF LAKE WORTHTEXASGENERAL PURPOSE FINANCIAL STATEMENTSSEPTEMBER 30, 2002C O N T E N T SPAGEIndependent Auditor's Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2Combined Balance Sheet-All Fund Types And Account Groups . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-4Combined Statement of Revenues, Expenditures And Changes in Fund Balance-All Governmental Fund Types . . . . . . . . . . . 5Combined Statement of Revenues, Expenditures and Changes in Fund Balances-Budget and Actual (Non GAAP Budgetary Basis)-General, Special Revenue and Debt Service Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7Combined Statement of Revenues, Expenses, Changes in In Retained Earnings – All Proprietary Fund Types . . . . . . . . . . . . . . . . . . . 8Combined Statement of Cash Flows All Proprietary Fund Types . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-27SUPPLEMENTARY SCHEDULES:Supplemental Tax Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29Combined Schedule of Notes Payable, Certificates of Obligation and Capital Leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30-31Insurance in Force ...

Informations

• Publié par: Umma
• Nombre de lectures: 27
• Langue: English

Extrait

CITY OF LAKE WORTH

TEXAS

GENERAL PURPOSE FINANCIAL STATEMENTS

SEPTEMBER 30, 2002

C O N T E N T S

Independent Auditor's Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Combined Balance Sheet-All Fund Types  And Account Groups . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Combined Statement of Revenues, Expenditures  And Changes in Fund Balance-All Governmental Fund Types . . . . . . . . . . . Combined Statement of Revenues, Expenditures and  Changes in Fund Balances-Budget and Actual  (Non GAAP Budgetary Basis)-General, Special Revenue  and Debt Service Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Combined Statement of Revenues, Expenses, Changes in  In Retained Earnings  All Proprietary Fund Types . . . . . . . . . . . . . . . . . . . Combined Statement of Cash Flows  All Proprietary Fund Types . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SUPPLEMENTARY SCHEDULES: Supplemental Tax Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Combined Schedule of Notes Payable, Certificates of Obligation  and Capital Leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Insurance in Force . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

PAGE 2 3-4 5

6-7 8

9

10-27

29 30-31 32-41

INDEPENDENT AUDITOR'S REPORT

December 27, 2002

I have audited the accompanying general purpose financial statements of the City of Lake Worth, Texas, as of September 30, 2002, and for the year ended, as listed in the table of contents. These general purpose financial statements are the responsibility of the management of the City of Lake Worth, Texas. My responsibility is to express an opinion on these general purpose financial statements based on my audit.

I have conducted my audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the general purpose financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall general purpose financial statement presentation. I believe that my audit provides a reasonable basis for my opinion.

In my opinion, the general purpose financial statements referred to above present fairly, in all material respects, the financial position of the City of Lake Worth, Texas, as of September 30, 2002, and the results of its operations and the cash flows of its proprietary fund types for the year then ended in conformity with accounting principles generally accepted in the United States of America.

My audit was made for the purpose of forming an opinion on the general purpose financial statements taken as a whole. The accompanying financial information listed as supplementary information in the table of contents is presented for purposes of additional analysis and is not a required part of the general purpose financial statements of the City of Lake Worth, Texas. Such information has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and, in my opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.

 MALCOM B. WETSEL, INC.

2

ASSETS AND OTHER DEBTS

Pooled cash and cash equivalents Non-pooled cash and cash equivalents Pooled investments Non-pooled investments Receivable: Taxes net of allowances of $44,314 Accounts Other Due from other funds Due from other governments Inventory of supplies - at cost Land Buildings Accumulated depreciation Improvements other than  building Accumulated depreciation Machinery and equipment Accumulated depreciation Assets under capital lease Accumulated depreciation Amount available in debt service Amount to be provided for bonds,  capitalized leases and notes payable

TOTAL ASSETS AND  OTHER DEBITS

The accompanying notes are an integral  part of these financial statements.

CITY OF LAKE WORTH, TEXAS COMBINED BALANCE SHEET  ALL FUND TYPES AND ACCOUNT GROUPS SEPTEMBER 30, 2002

GENERAL

$ 148,923  33,875  1,578,253  ---  2,994  140,680  101  1,459  146,110  ---  --- ---  --- 

---  ---  ---  ---  ---  ---  ---

---

$ 2,052,395

GOVERNMENTAL FUND TYPE SPECIAL DEBT REVENUE SERVICE

$ ---  758 ---   906,549 ---   ---  ---  ---  73,055  --- ---   --- --- 

---  --- ---  ---  ---   ---  ---

---

$ 980,362

$ 3,647  ---  164,501  ---  348  ---  2  5,091 ---  ---   ---  ---  ---

---  ---  ---  ---  ---  ---  ---

---

$ 173,589

3

CAPITAL PROJECTS

$ 2,692 ---   3,940,417  740,080 ---   ---  2  ---  509,870 ---   --- ---   ---

---  ---  --- ---  ---   ---  ---

---

$ 5,193,061

PROPRIETARY FUND TYPE ENTERPRISE

$ 46,719  500  ---  452,859 ---   203,318  1,784  230  ---  13,556  46,240  206,435  (66,409)

 5,459,451  (1,698,994)  482,066  (219,929)  732,006  (182,632)  ---

---

$ 5,477,200

ACCOUNT GROUPS GENERAL GENERAL LONG-TERM FIXED ASSETS DEBT

$ --- ---  ---  ---  ---   --- ---   --- ---   --- ---   526,645  4,077,066  ---

 606,552 ---   2,009,609  ---  181,779 ---  --- 

---

$ 7,401,651

$ --- ---   ---  --- ---  ---  ---  ---  ---  ---   --- ---   ---

--- ---   --- ---   --- ---   173,557

 11,052,005

$ 11,225,562

 TOTALS (MEMO ONLY)

$ 201,981  35,133  5,683,171  2,099,488  3,342  343,998  1,889  6,780  729,035  13,556  572,885  4,283,501  (66,409)

 6,066,003  (1,698,994)  2,491,675  (219,929)  913,785  (182,632)  173,557

 11,052,005

$ 32,503,820

---

---

$ 32  --- ---  ---   ---  ---  ---

--- ---   --- $ 32

$ ---

---

---

$ 461,819  ---  ---  --- ---   ---  ---

$ ---

---

---

GOVERNMENTAL FUND TYPE SPECIAL DEBT REVENUE SERVICE

CAPITAL PROJECTS

$ 4,386 ---   ---  ---  ---  --- --- 

--- ---   --- $ 4,386

$ ---

 2,584,577

---

$ --- ---  ---  ---  ---  ---  --- 

ACCOUNT GROUPS GENERAL GENERAL LONG-TERM FIXED ASSETS DEBT

$ ---

--- ---   --- $ ---

---

 7,401,651

$ ---

---  --- ---  $ 461,819

---

---

$ 174,148  1,336  90,396  1,459   19,900  120,439  ---

PROPRIETARY FUND TYPE ENTERPRISE

$ 2,430,978

 13,897  40,070  --- $ 461,645

 2,584,577

 232,368 ---  ---   ---  1,521,118

$ 2,430,978

 7,401,651

$ 975,976

---  173,557  --- ---  --- 

$ 1,753,486

--- ---   975,976  ---  ---

$ ---

---

$ ---  --- ---   ---  12,504  44,878  425,000

 12,505  80,675  10,650,000 $ 11,225,562

$ 933,973  1,336  90,396  6,780  32,404  165,317  425,000

 26,402  120,745  10,650,000 $ 12,452,353

---

 TOTALS (MEMO ONLY)

$ 32,503,820

$ 20,051,467

 232,368  173,557  975,976  4,731,242  1,521,118

$ ---

$ 5,193,061

$ 5,477,200

$ 7,401,651

$ 11,225,562

--- ---  ---   --- --- 

$ 4,731,242

---  ---  ---  4,731,242  ---

$ 173,557

--- ---   --- ---   ---

$ 7,401,651

--- ---   ---  --- --- 

$ 5,015,555

--- ---  ---  $ 298,909

$ 293,588  --- ---   5,321  --- ---   ---

GENERAL LIABILITIES, FUND EQUITY AND OTHER CREDITS Liabilities: Accounts payable Accrued interest Deposits Due to other funds Current portion  Notes payable  Capitalized leases  Certificates of obligation Non-current portion  Notes payable  Capitalized leases  Certificates of obligations TOTAL LIABILITIES Fund Equity and Other Credits: Contributed capital Investment in general  fixed assets Retained earnings:  Unreserved Fund balances:  Unreserved:  Designated for:  See Detail - Note P  Debt service  Special projects  Capital projects  Undesignated TOTAL FUND EQUITY AND  OTHER CREDITS TOTAL LIABILITIES, FUND  EQUITY AND OTHER  CREDITS

The accompanying notes are an integral  part of these financial statements.

4

$ 2,052,395

$ 980,362

$ 173,589

CITY OF LAKE WORTH, TEXAS COMBINED BALANCE SHEET  ALL FUND TYPES AND ACCOUNT GROUPS SEPTEMBER 30, 2002