2003-2004 Audit

CITY OF ST. JOSEPH

BERRIEN COUNTY, MICHIGAN

FINANCIAL REPORT

June 30, 2004











































CITY OF ST. JOSEPH
BERRIEN COUNTY, MICHIGAN


FINANCIAL REPORT


June 30, 2004


CONTENTS
Page


MANAGEMENT’S DISCUSSION AND ANALYSIS ................................................................................................I-IX

INDEPENDENT AUDITOR’S REPORT.................................................................................................................. 1-2

BASIC FINANCIAL STATEMENTS:

Statement of Net Assets ........................................................................................................................................ 3

Statement of Activities....................................... 4

Governmental Funds - Balance Sheet................................................................................................................... 5

Reconciliation of the Balance Sheet of Governmental Funds
to the Statement of Net Assets ................................. 6

Governmental Funds - Statement of Revenues, Expenditures, and
Changes in Fund Balances................................................................................................ 7

Reconciliation of the Statement of Revenues, Expenditures, and
Changes in Fund Balances of Governmental Funds to the
Statement of Activities ........................................................................................................................................ 8

General Fund - Statement of Revenues, Expenditures, and
Changes in Fund Balances - Budget and Actual................................................................................................ 9

Proprietary Funds - Statement of Net Assets ...................................................................................................... 10
Funds - Statement of Revenues, Expenses, and
Changes in Net Assets .................................................................................................................................... 11

Proprietary Funds - Combining Statement of Cash Flows ............................................................................. 12-13

Fiduciary Funds - Statement of Fiduciary Net Assets ......................................................................................... 14

Fiduc- Statement of Changes in Fiduciary Net Assets ....................................................................... 15

Notes to Financial Statements........................................................................................................................ 16-36

SUPPLEMENTARY INFORMATION
Nonmajor Governmental Funds:
Description of Funds..................................................................................................................................... 37-38
Combining Balance Sheet ................................................................................................................................. 39
Combining Statement of Revenues, Expenditures, and
Changes in Fund Balances............................................................................................... 40






CONTENTS

Page
General Fund:
Statement of Revenues, Compared to Budget.................................................................................................... 41

Statement of Expenditures, Compared to Budget .......................................................................................... 42-48

Statement of Other Financing Sources and Uses,
Compared to Budget.......................................................................................................................................... 49

Special Revenue Funds:
Combining Balance Sheet ............................................................................................................................ 50-51

Combining Statement of Revenues, Expenditures, and
Changes in Fund Balances - Budget and Actual........................................................................................ 52-56

Component Units:
Combining Statement of Net Assets.................................................................................................................... 57

Combining Statement of Revenues, Expenditures, and
Changes in Net Assets - Budget and Actual...................................................................................................... 58

Internal Service Funds:
Combining Statement of Net Assets.......................... 59

Combining Statement of Revenues, Expenses, and
Changes in Net Assets ...................................................................................................................................... 60

Combining Statement of Cash Flows ............................................................................................................. 61-62

Pension Trust Funds:
Combining Statement of Net Assets.......................... 63

Combining Statement of Changes in Net Assets ................................................................................................ 64

Agency Funds - Combining Statement of Changes in Assets and Liabilities.......................................................... 65

Permanent Funds:
Combining Balance Sheet ................................................................................................................................... 66

Combining Statement of Revenues, Expenditures, and
Changes in Fund Balances................................................................................................ 67

Schedule of 2003 Installment Note.......................................................................................................................... 68
stallment Note 69

Schedule of Capital Improvement Note................................................................................................................... 70

Schedule of 2002 Improvement and Refunding Bonds ........................................................................................... 71

Schedule of 2003 Capital Improvement Bonds ....................................................................................................... 72

Schedule of 2004 Installment Note.......................................................................................................................... 73









CONTENTS

Page
Federal Programs:
Report on Compliance and on Internal Control
Over Financial Reporting Based on an Audit
of Financial Statements Performed in Accordance
with Government Auditing Standards ............................................................................................................. 74
Report on Compliance with Requirements
Applicable to Each Major Program and on Internal
Control Over Compliance in Accordance with
OMB Circular A-133....................................................................................................................................... 75-76
Schedule of Expenditures of Federal Awards...................................................................................................... 77
Schedule of Findings and Questioned Costs.................................................................................. 78






























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Gerbel & Company, P.C.
CERTIFIED PUBLIC ACCOUNTANTS
thFifth Third Bank Building 4 Floor 830 Pleasant Street P.O. Box 44 St. Joseph, Michigan 49085-0044


August 4, 2004


INDEPENDENT AUDITOR’S REPORT



To the Commission
City of St. Joseph, Michigan


We have audited the accompanying financial statements of the governmental activities, the business-type
activities, the discretely presented component units, each major fund, and the aggregate remaining fund
information of the City of St. Joseph, Michigan, as of and for the year ended June 30, 2004, which colle