City of farmington missouri financial statements

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  • CITY OF FARMINGTON, NEW MEXICO MEXICO ELECTRIC ...
  • City of Berkeley, Missouri City Council Meeting September 19, …
  • CITY OF SHREWSBURY, MISSOURI

CITY OF SHREWSBURY, MISSOURI

CITY OF FARMINGTON, MISSOURI
FINANCIAL STATEMENTS
September 30,2012
CITY OF FARMINGTON, MISSOURI
TABLE OF CONTENTS
September 30,2012
Independent Auditors' Report.........................................................................................................1..-.2
Report On lnternal Control over Financial Reporting and on
Compliance and Other Matters Based on an Audit of Financial
Statements Performed in Accordance with Government
Auditing Standards ..........................................................................................................................3..-..4
lndependent Auditors' Report on Compliance w i t h Requirements
That Could Have a Direct and Material Effect o n Each Major Program
And on Internal Control over Compliance i n Accordance with OMB Circular A-133 .......................5.-6
Management's Discussion and Analysis....................................................................................7-22
Basic Financial Statements:
Government-wide Financial Statements:
Statement of Net Position.....................................................................................................23
Statement of Activities........................................................................................................2..4
Fund FinancialStatements
Balance Sheet - Governmental Funds .................................................................................2..5.
Statement of Revenues, Expenditures, and Changes in
Fund Balances-Governmental Funds.................................................................................2..6.
Reconciliation of the Statemelit of Revenues, Expenditures and Changes in
Fund Balances of Governmental Funds to the Statement of Activities .................................2.7
Statement of Net Position - Proprietary Funds...................................................................2..8.
Statement of Revenues, Expendituresand Changes in
Net Position - Proprietary Funds.......................................................................................2..9...
Statement of Cash Flows- Proprietary Funds.....................................................................3..0.
Notesto the Financial Statements ..........................................................................................3..1..-.5.5
Required Supplemental Information:
Statement of Revenues, Expendituresand Changes in Fund
Balances- Budget and Actual - General Fund.........................................................................5..6..
Statement of Revenues, Expendituresand Changes in Fund
Balances - Budget and Actual - Debt Service Fund ...................................................................... 57
CITY OF FARMINGTON, MISSOURI
TABLE OF CONTENTS
September 30,2012
Statement of Revenues, Expenditures and Changes in Fund
Balances- Budget and Actual -Special Allocation Fund ............................................................5..8
Statement of Revenues, Expenditures and Changes in Fund
Balances- Budget and Actual -Transient Tax Fund....................................................................5.9
Statement of Revenues, Expenditures and Changes in Fund
Balances- Budget and Actual -Capital Projects Fund ................................................................6. 0
Federal Financial Assistance:
Schedule of ~xpendituresof Federal Awards..............................................................................6.1. -62
Schedule of Findings and Questioned Costs................................................................................... 63
Schedule of Prior Year Findings and Questioned Costs ..................................................................6..4-65
TSC I THURMAN, SHINN & COMPANY
Certified Public Accountants and Advisers

' I il I / 1
n 315 North Washington Street 0 Farmington, Missouri 63640 334 North State Street, Suite A * Desloge, Missouri 63601
1 Telephone 573.760.9400 * Facsimile 573.760.0101 Telephone 573.431.4240 * Facsimile 573.431.7708
INDEPENDENT AUDITORS' REPORT
n To the Mayor and City Council
City of Farmington
Farmington, Missouri 63640
II-?I We have audited the accompanying financial statements of the governmental activities, the
business-type activities, and each major fund of the City of Farmington, Missouri, as of and for the
I I year ended September 30, 2012, which collectively comprise the City's basic financial statements
as listed in the table of contents. These financial statements are the responsibility of Farmington,
Missouri's management. Our responsibility is to express opinions on these financial statements
I1 \ based on our audit.
1 We conducted our audit in accordance with auditing standards generally accepted in the United
States of America and the standards applicable to financial audits contained in Government
!1 Auditing Standards, issued by the Comptroller General of the United States. Those standards
/ t
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 the 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 opinions.
In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities, the business-type activities, and each
major fund of the City of Farmington, Missouri, as of September 30, 2012, and the respective
changes in financial position, and, where applicable, cash flows, thereof, for the year then ended in
conformity with accounting principles generally accepted in the United States of America.
As described in Note 1 to the financial statements, the City adopted the provisions of GASB
Statement No. 63, Financial Reporting of Deferred Oufflows of Resources, Deferred Inflows of
Resources, and Net Positions; and Statement No. 65, Items Previously Reported as Assets and
Liabilities.
- / In accordance with Government Auditing Standards, we have also issued our report dated March
12, 2013, on our consideration of the City of Farmington, Missouri's internal control over financial
i reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts,
agreements and other matters. The purpose of that report is to describe the scope of our
b l and grant.iiiteiiia! coiitiol oiiei fiiisiicisl iep~rtiiigand compliance and the results of that trsting, and
L G ~ L I I0I :~
U not to provide an opinion on the internal control over financial reporting or on compliance. That
report is an integral part of an audit performed in accordance with Government Auditing Standards
i 1 and should be considered in assessing the results of our audit.
Accounting principles generally accepted in the United States of America require that the
management's discussion and analysis and budgetary comparison information on pages 7 through
22 and 56 through 60 be presented to supplement the basic financial statements. Such
information, although not a part of the basic financial statements, is required by the Governmental
Accounting Standards Board; who considers it to be an essential part of financial reporting for
placing the basic financial statements in an appropriate operational, economic, or historical context.
We have applied certain limited procedures to the required supplementary information in
accordance with auditing standards generally accepted in the United States of America, which
consisted of inquiries of management about the methods of preparing the information and
comparing the information for consistency with management's responses to our inquires, the basic
financial statements, and other knowledge we obtained during our audit of the basic financial
statements. We do not express an opinion or provide any assurance on the information because
the limited procedures do not provide us with sufficient evidence to express an opinion or provide
any assurance.
Our audit was conducted for the purpose of forming opinions on the financial statements that
collectively comprise the City of Farmington, Missouri's basic financial statements as a whole. The
accompanying schedule of expenditures of federal awards is presented for purposes of additional
analysis as required by U.S. Office of Management and Budget Circular A-133, Audits of States,
Local Governments, and Non-Profit Organizations, and is also not a required part of the basic
financial statements. The schedule of expenditures of federal awards is the responsibility of
management and was derived from and relates directly to the underlying accounting and other
records used to prepare the financial statements. The information has been subjected to the
auditing procedures applied in the audit of the financial statements and certain additional
procedures, including comparing and reconciling such information directly to the underlying
accounting and other records used to prepare the financial statements or to the financial statements
themselves, and other additional procedures in accordance with auditing standards generally
accepted in the United States of America. In our opinion, the schedule of expenditures of federal
awards is fairly stated in all material respects in relation to the financial statements as a whole.
Thurman, Shinn & Company
Certified Public Accountants
Farmington, Missouri
March 12,2013
TSC THURMAN, SHINN & COMPANY
Certified Public Accountants and Advisers

315 NorthWashington Street a Farmington,Missouri 63640 334 NorthStateStreet, Suite A Desloge, Missouri 63601
Telephone 573.760.9400 Facsimile 573.760.0101 Telephone 573.431.4240 Facsimile 573.431.7708
REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE
AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIALSTATEMENTSPERFORMED
IN ACCORDANCE WITH
GOVERNMENT AUDITING STANDARDS
To the Mayor and City Council
City of Farmington
Farmington, Missouri 63640
We have audited the financial statements of the governmental activities, the business-type
activities, and each major fund of City of Farmington, Missouri, as of and for the year ended
September 30, 2012, which collectively comprise the City of Farmington, Missouri's basic
financial statements and have issued our report thereon dated March 12, 2013. We conducted
our audit in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing
Standards, issued by the Comptroller General of the United States.
Internal Control Over Financial Reporting
Management of City of Farmington, Missouri is responsible for establishing and maintaining'
effective internal control over financial reporting. In planning and performing our audit, we
considered the City of Farmington, Missouri's internal control over financial reporting as a basis
for designing our auditing procedures for the purpose of expressing our opinions on the financial
statements, but not for the purpose of expressing an opinion on the effectiveness of the City of
Farmington, Missouri's internal control over financial reporting. Accordingly, we do not express an
opinion on the effectiveness of the City of Farmington, Missouri's internal control over financial
reporting.
A deficiency in internal control exists when the design or operation of a control does not allow
management or employees, in the normal course of performing their assigned functions, to
prevent or detect and correct misstatements on a timely basis. A material weakness is a
deficiency or a combination of deficiencies in internal control such that there is a reasonable
possibility that a material misstatement of the entity's financial statements will not be prevented,
or detected and corrected on a timely basis.
Our consideration of internal control over financial reporting was for the limited purpose described
in the first paragraph of this section and was not designed to identify all deficiencies in internal
control over financial reporting that might be deficiencies, significant deficiencies or material
weaknesses. We did not identify any deficiencies in internal control over financial reporting that
we consider to be material weaknesses, as defined in the paragraph above. However, we
identified certain deficiencies in internal control over financial reporting, described in the
accompanying schedule of findings and questioned costs that we consider to be significant
deficiencies in internal control over financial reporting., 2012-1 and 2012-2. A significant
deficiency is a deficiency, or combination of deficiencies, in internal control that is less severe
than a material weakness, yet important enough to merit attention by those charged with
governance.

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