Comprehensive Annual Financial Report - St. Tammany Parish ...

ST. TAMMANY PARISH GOVERNMENT
Notes to the Financial Statements 2010
included in these direct expenses are certain indirect expenses charged to individual funds through internal service funds
for administrative overhead. Program revenues include: (1) charges to customers or applicants who purchase, use, or
directly benefit from goods, services, or privileges provided by a given function or segment and (2) grants and
contributions that are restricted to meeting the operational or capital requirements of a particular function or segment.
Taxes and other items not properly included among program revenues are reported instead as general revenues.
Separate financial statements are provided for governmental funds and proprietary funds. Major individual governmental
funds and both enterprise funds are reported as separate columns in the fund financial statements.
C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
The government-wide financial statements are reported using the economic resources measurement focus and the accrual
basis of accounting, as are the proprietary fund financial statements. Revenues are recorded when earned and expenses are
recorded when a liability is incurred, regardless of the timing of related cash flows. Property taxes are recognized as
revenues in the year for which they are levied. Grants are accrued when the reporting entity has a right to reimbursement
under the related grant, generally corresponding to the incurring of grant related costs by the Parish.
Governmental fund financial statements are reported using the current financial resources measurement focus and the
modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available.
Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to
pay liabilities of the current period. For this purpose, the Parish considers revenues to be available if they are collected
within sixty days of the end of the current fiscal period. Expenditures generally are recorded when a liability is incurred,
as under accrual accounting. However, debt service expenditures, as well as expenditures related to compensated absences
and claims and judgments, are recorded only when payment is due.
Property taxes, franchise taxes, licenses, and interest associated with the current fiscal period are all considered to be
susceptible to accrual and so have been recognized as revenues of the current fiscal period. Sales and use taxes are
recorded when the taxpayer liability has been incurred. Interest income on investments held at year-end is accrued. All
other revenue items are considered to be measurable and available only when received by the Parish.
The Parish reports the following major governmental funds:
General Fund (010) accounts for all financial transactions except those required to be accounted for in another fund.
St. Tammany Parish Library (013) accounts for the property tax levied for the benefit of the St. Tammany Parish
Library. The funds are wired to the Library as they are received.
Parish Road Maintenance Fund (015) accounts for the two-cent sales tax levied for the sole purpose of constructing,
acquiring, extending, improving, maintaining and/or operating roads, streets, bridges, drains and drainage facilities in
Sales Tax District No. 3.
St. Tammany Parish Jail Fund (034) accounts for the one-quarter cent sales tax levied for the sole purpose of
acquiring, constructing, improving, operating and maintaining jail facilities for St. Tammany Parish.
Justice Complex Fund (037) accounts for the one-quarter cent sales tax levied for the sole purpose of acquiring,
constructing, improving, operating and maintaining a St. Tammany Parish Justice Complex Center.
St. Tammany Parish Coroner Fund (039) accounts for the property tax levied for the purpose of acquiring,
constructing, improving, operating and maintaining the St. Tammany Parish Coroner’s office.
Capital Street Improvements – General Fund (300) accounts for the portion of the two-cent sales tax dedicated to
construction of major roadways, parish-wide, which provide a benefit to all citizens of the Parish.
Disaster Relief Fund (319) accounts for funds set aside for emergency operations during disasters as well as grant
funds for the disasters.
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