2011 - Division of Administration - Louisiana

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State of LouisianaNet Assets:As noted earlier, the overall financial position for the State decreased (20.3%) from the previous year with net assetsdecreasing to $15.6 billion. Net assets for governmental activities decreased by $4 billion (22.8%) and net assets forbusiness-type activities increased by $29.7 million (1.5%). The largest portion of the net assets of the State, $12.1billion (77.7%), reflects investment in capital assets (e.g., land, roads, buildings, machinery, and equipment) net ofrelated debt. These net assets are used to provide services to residents of the State, and consequently are notavailable for future spending. Capital assets decreased by $2.6 billion (14.2%), due mainly to the State changing theaccounting method used to record infrastructure from a total expenditure based approach (the Wooster method) to anindividual asset approach. The change resulted in a 672% increase in construction in progress, and a 45.5% reductionin infrastructure for governmental activities. The 2010 condensed financial statements were not restated to reflect theprior period adjustment in infrastructure, however the beginning net assets for the 2011 condensed financial statementswere restated. A more detailed explanation of the decline in infrastructure is provided in Note 10, Fund Balance/NetAsset Disclosures (page 107).In contrast, current and other assets (e.g., cash, investments, receivables, and inventory) totaled $17.6 billion (53.1%) oftotal assets at fiscal year-end; the State uses these resources in part to repay debt associated with capital assets. Thecurrent and other assets of the State at June 30, 2011, represent a less than 1% decrease from the prior fiscal year.Cash and investments have decreased by $1.2 billion (10.4%), largely due to the downturn in the economy and the verylow interest rate environment experienced over the past fiscal year.Restricted net assets represent those assets not available for spending as a result of legislative or constitutionalrequirements, donor agreements, or grant requirements. Restricted net assets decreased by $88 million (1.7%) fromthe previous fiscal year for governmental activities, reflecting a decrease in assets restricted for purposes other thandebt service and capital projects of $119 million (2.4%). Restricted net assets for funds held as permanent investmentsincreased by $132 million (5.2%) over last year. At June 30, 2011 the State had $2.5 billion restricted asnonexpendable permanent fund principal and $161 million restricted as expendable portions of permanent funds.Restricted net assets decreased by $142 million (13.5%) for business-type activities, and was primarily caused by adecrease in the amount restricted for unemployment compensation, which is reported in the Unemployment Trust Fund.Balances in the fund continue to decrease reflecting the relatively high number of unemployment claims following layoffs,which were related to the downturn in the nation’s economy.For fiscal year 2011, unrestricted net assets decreased by $1 billion (44.2%) from the previous year for governmentalactivities. A large portion of this decrease is due to the recessionary environment, which continues to negatively impactstate revenue sources. Although revenues increased and expenditures decreased, expenditures still exceededrevenues which resulted in decline of net assets. A more detailed explanation of the change in revenues is provided onpage 21.Unrestricted net assets increased by $124 million (16%) for business-type activities. This increase is due mostly to thePatient’s Compensation Fund Oversight Board collecting $65 million more in assessments than it paid out in claims.The purpose of the Patient’s Compensation Fund Oversight Board is to guarantee that affordable, medical malpracticecoverage is available to all private healthcare providers and to provide a certain, stable source of compensation forlegitimate injured parties of medical malpractice.Changes in Net Assets:(on the following page)- 18 -
State of LouisianaChanges in Net Assets(in thousands)GovernmentalActivitiesBusiness-typeActivitiesTotalPrimaryGovernment2011 2010 2011 2010 2011 2010Revenues:Program revenues:Charges for services $ 3,509,709 $ 3,415,864 $ 567,276 $ 893,745 $ 4,076,985 $ 4,309,609Operating grants and contributions 11,390,940 11,138,352 376,724 412,463 11,767,664 11,550,815Capital grants and contributions 2,403,996 2,526,649 107,519 68,045 2,511,515 2,594,694General revenues:Income taxes 2,665,804 2,491,144 -- -- 2,665,804 2,491,144Sales and use taxes 2,821,598 2,560,775 -- -- 2,821,598 2,560,775Other taxes 2,175,861 2,194,907 -- -- 2,175,861 2,194,907Other 971,261 808,424 14,483 21,732 985,744 830,156Total revenues 25,939,169 25,136,115 1,066,002 1,395,985 27,005,171 26,532,100Expenses:Governmental activities:General government 6,497,216 5,896,826 -- -- 6,497,216 5,896,826Culture, recreation and tourism 110,078 86,845 -- -- 110,078 86,845Transportation and development 1,370,238 1,111,846 -- -- 1,370,238 1,111,846Public safety 337,149 349,369 -- -- 337,149 349,369Health and w elfare 9,335,925 10,248,151 -- -- 9,335,925 10,248,151Corrections 671,436 686,957 -- -- 671,436 686,957Youth services 134,274 152,562 -- -- 134,274 152,562Conservation and environment 372,703 595,690 -- -- 372,703 595,690Education 6,602,774 6,599,451 -- -- 6,602,774 6,599,451Other 78,078 45,821 -- -- 78,078 45,821Intergovernmental 430,763 398,377 -- -- 430,763 398,377Interest on long-term debt 255,491 299,326 -- -- 255,491 299,326Business-type activities:Patient's Compensation -- -- 126,324 160,427 126,324 160,427Unemployment Trust Fund -- -- 761,747 985,779 761,747 985,779Other -- -- 123,340 344,750 123,340 344,750Total expenses 26,196,125 26,471,221 1,011,411 1,490,956 27,207,536 27,962,177Net increase (decrease) before transfers (256,956) (1,335,106) 54,591 (94,971) (202,365) (1,430,077)Transfers In (out) 1,609 141,615 (1,609) (141,615) -- --Net increase (decrease) (255,347) (1,193,491) 52,982 (236,586) (202,365) (1,430,077)Net Assets–Beginning, as restated 13,784,876 18,709,568 1,968,975 2,228,815 15,753,851 20,938,383Net Assets–Ending $ 13,529,529 $ 17,516,077 $ 2,021,957 $ 1,992,229 $ 15,551,486 $ 19,508,306- 19 -
Page 1: LouisianaCOMPREHENSIVE ANNUAL FINAN
Page 4 and 5: On the CoverExploring Louisiana’s
Page 6 and 7: State of LouisianaCONTENTSI. INTROD
Page 8 and 9: State of LouisianaComponent UnitsCo
Page 10 and 11: I. INTRODUCTORYSECTION2010-2011 Com
Page 12 and 13: The Honorable Bobby Jindal, et al.D
Page 14 and 15: The Honorable Bobby Jindal, et al.D
Page 16 and 17: CERTIFICATE OFACHIEVEMENT- 6 -
Page 18 and 19: State of LouisianaPRINCIPAL STATE O
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Page 22 and 23: LOUISIANA LEGISLATIVE AUDITORDARYL
Page 24 and 25: December 28, 2011Page ThreeAs discl
Page 26 and 27: M A N A G E M E N T ’ S D I S C U
Page 28 and 29: State of Louisianabusinesses by tak
Page 32 and 33: State of LouisianaGovernmental Acti
Page 34 and 35: State of LouisianaThe following cha
Page 36 and 37: State of LouisianaGENERAL FUND BUDG
Page 38 and 39: State of LouisianaBond ratings for
Page 40 and 41: G O V E R N M E N T - W I D EF I N
Page 42 and 43: State of LouisianaSTATEMENT OF NET
Page 44 and 45: State of LouisianaSTATEMENT OF ACTI
Page 46 and 47: GOVERNMENTAL FUND FINANCIAL STATEME
Page 48 and 49: State of LouisianaReconciliation of
Page 50 and 51: State of LouisianaReconciliation of
Page 52 and 53: PROPRIETARY FUND FINANCIAL STATEMEN
Page 54 and 55: State of LouisianaSTATEMENT OF REVE
Page 56 and 57: State of LouisianaSTATEMENT OF CASH
Page 58 and 59: FIDUCIARY FUND FINANCIAL STATEMENTS
Page 60 and 61: State of LouisianaSTATEMENT OF CHAN
Page 62 and 63: COMPONENT UNIT FINANCIAL STATEMENTS
Page 64 and 65: State of LouisianaCOMBINING BALANCE
Page 66 and 67: State of LouisianaCOMBINING STATEME
Page 68 and 69: Note 1Note 2Note 3Note 4Note 5Note
Page 70 and 71: State of LouisianaLouisiana State E
Page 72 and 73: State of LouisianaGreater Baton Rou
Page 74 and 75: State of Louisianathe basic financi
Page 76 and 77: State of Louisianaliquid investment
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State of LouisianaNOTE 2: DEPOSITS
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State of LouisianaSchedule of Inves
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State of LouisianaSystem (LSPRS) he
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State of LouisianaG. SECURITIES LEN
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State of LouisianaType Notional Obj
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State of Louisianathese bonds witho
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State of LouisianaNOTE 3: ACCOUNTS
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State of LouisianaNOTE 4: INTERFUND
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State of LouisianaNOTE 5: CAPITAL A
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State of LouisianaC. IMPAIRMENT OF
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State of Louisianaofficial forecast
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State of LouisianaActuarial Committ
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State of LouisianaLASERSTRSLALSERSS
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State of Louisianathe 2010 Regular
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State of Louisiana* Effective July
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State of LouisianaB. LOUISIANA LOTT
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State of LouisianaTotal premium rat
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State of LouisianaRetirees and bene
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State of LouisianaNOTE 6B: EMPLOYEE
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State of LouisianaTotal capital lea
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State of Louisianais $8,296 and $22
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State of LouisianaBusiness-Type Act
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State of LouisianaH. CONDUIT DEBTRe
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State of Louisiana27:392(B)(4). The
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State of Louisianaruling will resul
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State of Louisianatechnologies as w
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State of LouisianaBeginning net ass
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State of Louisianafor the daily adm
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State of LouisianaBUDGETARY COMPARI
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State of LouisianaOTHER POSTEMPLOYM
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BUDGETARY COMPARISONSCHEDULEMAJOR D
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State of LouisianaSPECIAL REVENUE F
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State of LouisianaPERMANENT FUNDSTO
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COMBINING SCHEDULE OF REVENUES, EXP
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State of LouisianaLOUISIANAGULF LOU
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State of LouisianaLOUISIANATOTALOFF
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State of LouisianaTOTALOFFICE OFFIC
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State of LouisianaLOUISIANATOTALOFF
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COMBINING STATEMENT OF CHANGES IN F
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COMBINING STATEMENT OF CHANGES IN A
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COMBINING STATEMENT OF CHANGES IN A
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State of LouisianaKENNER LOUISIANA
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State of LouisianaCOMBINING STATEME
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III. STATISTICALSECTION2010-2011 Co
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State of LouisianaNET ASSETS BY COM
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State of LouisianaCHANGES IN NET AS
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State of LouisianaCHANGES IN NET AS
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State of LouisianaFUND BALANCES, GO
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State of LouisianaCHANGES IN FUND B
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State of LouisianaINDIVIDUAL INCOME
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State of LouisianaTAX RATE BY MAJOR
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State of LouisianaPERSONAL INCOME -
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State of LouisianaLEGAL DEBT MARGIN
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State of LouisianaREVENUE BOND COVE
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State of LouisianaDEMOGRAPHIC AND E
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State of LouisianaLOUISIANA STATE E
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State of LouisianaOPERATING INDICAT
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State of LouisianaCAPITAL ASSETS ST
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www.doa.la.gov/osrap/cafr-2.htm
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2011 - Division of Administration - Louisiana

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