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

The details of this $2,123,937 difference are as follows:
ST. TAMMANY PARISH GOVERNMENT
Notes to the Financial Statements 2010
Principal repayments:
General Obligation Bonds $675,000
Sales Tax Bonds 4,490,000
Certificates of Indebtedness 15,000
Revenue Bonds 190,000
Impact Fee Credits Used 2,119,349
Issuance of Debt:
Impact Fee Credits Issued (5,365,412)
Net adjustment to increase net changes in fund balances- total governmental
funds to arrive at changes in net assets of governmental activities $2,123,937
Another element of that reconciliation states, “Some expenses reported in the Statement of Activities do not require the use
of current financial resources and therefore are not reported as expenditures in governmental funds.”
The details of this $2,315,555 difference are as follows:
Compensated absences $189,161
Accrued interest 2,111,071
Amortization of issuance costs 220,464
Amortization of premium on sales tax bonds (205,141)
Net adjustment to decrease net changes in fund balances – total governmental funds to arrive at
changes in net assets of governmental activities $2,315,555
III. STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY
A. Budget Policy
The Parish President is required to submit to the Parish Council a proposed annual operating budget and capital budget
prepared on the modified accrual basis for all general governmental activities at least ninety days prior to the beginning of
each year. A budget is legally adopted for all of the Parish’s governmental funds. The proposed budget ordinances were
published in the official journal on September 24, 2009. They were introduced to the full Council on October 1, 2009 and
the public hearing was held on December 3, 2009, at which time the ordinances were adopted.
At any time during the fiscal year, the President may transfer part or all of any unencumbered appropriation within funds
or departments. The budgetary level of control for the General Fund and special revenue fund for Parish roads and bridges
is at the department level. Appropriations can be transferred within each department, but not from one department to
another without Council action by ordinance. The budgetary level of control for all other governmental funds is at the
fund level, meaning appropriations can be transferred within the fund, but not to another fund without Council action by
ordinance.
Every appropriation, except an appropriation for a capital expenditure, shall lapse at the close of the fiscal year to the
extent that it has not been expended. An appropriation for a capital expenditure shall continue in force until the purpose
for which it was made has been accomplished or abandoned. The purpose of any such appropriations shall be deemed
abandoned if three years pass without any disbursement from or encumbrance of the appropriation.
If during the fiscal year, the President certifies that there are available for appropriation funds in excess of those estimated
in a budget, the President may present a supplement to the budget for the disposition of such funds, and the Council, by
ordinance, may make supplemental appropriations for the year up to the amount of such an excess in the same manner
required for adoption. If at any time during the fiscal year, it appears to the President that the funds available will be
insufficient to meet the amount appropriated, the President shall report to the Council without delay, indicating the
estimated amount of the deficit, any remedial action taken and recommendations as to any other steps to be taken. The
Council shall then take such further action, as it deems necessary to prevent a deficit.
The budgets were amended during 2010. The final amended budgets have been included in the fund financial statements.
The original and final amended budgets have been included in the financial statements for the General Fund and all major
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