Loading...
HomeMy Public PortalAbout2008 - MRRL Auditors ReportMISSOURI RIVER REGIONAL IBRARY October 29, 2009 The Honorable John Landwehr His Honor the Mayor City Hall, 320 E. McCarty Jefferson City, MO 65101 Dear Mayor Landwehr: Enclosed is the 2008 Missouri River Regional Library audit report. William I Rodgers Director www:mrri.org If you have any questions about the enclosed report, please feel free to contact me at any time. Sincerely, William J. Rodgers Director Enclosure Mailing Address Administrative Offices Main Library PO Box 89 209 Adams Street 214 Adams Street Jefferson City, MO 65102-0089 Jefferson City, MO 65101 Jefferson City, MO 65101 573.634.6064 573.634.6064 573.634.2464 Fax: 573.634.7028 Fax: 573.634.7028 Fax: 573.634.7028 Osage County Library 1014 D Main Street, P6 Box 349 Linn, Missouri 65051 573.897.2951 Fax: 573.897.3815 TABLE OF CONTENTS . PAGE" INDEPENDENT AUDITORS' REPORT::.:...: .:..:....:.........:...::'......_....:. 1­2 MANAGEMENT'S DISCUSSION& ANALYSIS............ . .......:...... _ 3 - 9 :. FINANCIAL.STATEMENTS: ., Statement of Net Assets.and Governmental Fund Balance Sheet ...................:.. 10 Statement of Activities, and Governmental Fund=Revenues, Expenditures; and .Changes- in Fund Balance .... ........: .... ........................ 11 Notes to the -Financial Statements..............:..:...:..:............ ............. 12'— 24 REQUIRED SUPPLEMENTARY INFORMATION:. Statement of Revenues, .Expenditures and Changes in Fund Balance - Budget'and Actual =General Fund::. : ..................... 25 --27 Notes to the Budgetary. Comparison Information........:....... ..... 28': . Schedule of Funding Progress.. ..................... ...... -. .... 29 „ - " -Evers Conant', CPA"s, Certified -Public. Accountants and Consultants - Elmer L. Evers - Jerome L. Kauffman Richard E. Elliott Dale A. Sie6eneck Keith L. Tdylor Jo L. Moore INDEPENDENT AUDITORS' REPORT To the Board of Trustees of MissouriRiver.Regional Library Jefferson City, Missouri:: . We.have.auditedahe accompanyirig,financial statements of the governmental activities, each major. fund and discretely presented component- unit of Missouri River Regional :L- ibrary (the, Library) - as of and for the .year ended December- 31, 20.08, which collectively, comprise the -Library's. basic financial, . statements' .as.. listed, :.in ., the- table of, contents. `These -financial statements are the responsibility,of the Library's management. Our responsibility is' to , express opinions - on ; hese . financial. statements based on our audit. We conducted ,our audit -in accordance with auditing. standards generally accepted in "the .United; States of America. Those_standards require that we plan.and,peiform the.'audit to obtain reasonable `assurance about whether the financial statements are free .of material misstatement.: Ari 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 significant. -estimates made by management, as well as-evaluatingthe overall financial. statement, presentation. We believe that our audit provides areasonable basis, for our opinions: - As discussed in Note 10 to the financial statement's, .management has not recorded book inventory assets in governmental activities and,. accordingly, has not recorded depreciation "expense on those. assets. Accounting principles ,generally. accepted in the United States of America require. that book "inventory assets be .capitalized and depreciated; which would increase; the assets, net as and expenses -of the governmental activities. The. amount by which this departure wouldaffect the - ..•assets, net assets, and expenses of the governmental activities is not reasonably determinable. In our opinion; becaus ',-of the effects of the matter. discussed in'.the preceding .paragraph, the' - financial statements referred to above' do not .present fairly,, in conformity with - accounting - principles generally accepted in -.the- United States of America, . the financial -position of the governmental activities,of the Missouri River Regional Library -'as of'December 31, 2008,, andthe' - changes iii`fihancial position thereof for the year then ended. 520 Dix. Road' -• . Jefferson City, Missouri 651.09 573/635-0227 FAX 573/634-3764 Village Green Shopping Center 1021 W. Buchanan Street, Ste. 10 • California, Missouri, 65018.= • 573/796.-3210..$'. Fm 573/796-3452 4571 Hwy.. 54, Suite A : •.Osage Beach', Missouri 65065 •' 573/348-41:41 FAX 573/348 0989 MerriberAGNAli¢ted Offices Worldwide _ MISSOURI RIVER REGIONAL LIBRARY; f Jefferson City, -Missouri E MANAGEMENT'S DISCUSSION & ANALYSIS;. FOR THE CALENDAR YEAR:ENDED DECEMBER°31, 2008 The discussion ' and 'analysis ,of the Missouri River Regional' Library's (the "Library") financial , performance -provides-an ovetall::review ,of the Library's financial_ activities for the calendar: year ended December: 31, 2008::. The intent .of this -discussion ,and analysis is _to 'look at ;the Library's , 'financial performance :as a -:whole; readers should: also review the :basic financial, 'statements ,to,,, l enhance.their understanding of the Library's financial performance... FINANCIAL' 'HIGHLIGHTS Key financial highlights for -,2008 are as follows:. , • ._ The _Library's liquid "assets of cash andinvestments,, of $1,176,673 eincreased over -the course -of theY ear's operation by $2,041 or..l .73 percent. - I • Renovations"to.'the: main_ aibrary were completed. in. 2008with the. installation'.of - - ADA: accessible . desks at- Reference and' in the. Public -Computer Center ...and the ` - completion of interior .painting: " Ergonomic office furniture including -chairs for all staff ` and desks for .some staff .was also purchased in :2008. The `local Master ;Gardeners completed_a landscaping. project in front of the main library next. to the entrance.. > The, . Master en their time with -the library paying -for materials and. plants; . :.'. • Emphasis was :given-to.sttengthening"" the libiary'-s:budgets�for..program imng and public information Program' attendance increased over 30%o during the -year . , hone surveY �of ,citizens -in -Cole and`:Osage, County regarding library services: was t P_ conductedwin late 2008. Results of the surveywill be;available'in-early.2009. :. - . . 1. • The Missouri River- Regional `Library Foundation is included -as a`,component unit of the -Library.-for -.fliianc,ial reporting'';purposes,in 2008. Overview of -the Financal-Statements• This annual .report consists.- of a _ series of . financial statements. and notes to those statements.. These statements .are .prepared and :organized sothe reader can ;understand the Library as . a.. financial .whole • or as; .an entire -operating entity: The statements then proceed : to ` provide an. ;increasingly detailed look at the Library's specific financial. -conditions. The Librar . - because- it his a 's ecial.- 'u ose . overnment .'engaged' in a siri le overnmental . Y� p, p.� gg, g program,-has.elected to'prese.nt4the government=wfinancial. nancial=-statements._and. the fund fin ancial'statements combined.. 3• MISSOURI RIVER REGIONAL LIBRARY Jefferson City, Missouri STATEMENT OF NET ASSETS AND GOVERNMENTAL FUND BALANCE SHEET December 31, 2008. _ Statemeht'of Net Assets Adjustments Primary . - Component_. — :General.Fund -' (Note 2) Government ' Unit - . • ASSETS . Cash and Investments 1,176;672.63' - 1,176,672:63 10,883:1'9: ' Property. Tax Receivable; net 2,461,204.74 ." - - 2,461;204:74 - Interest Receivable - 16,48 - 76.48: ; - Other Assets 4,200.00 - 4,200,00 . - Land -and Construction in Progress' - 422;944.00 ' ' .. 422,944.00 - • - Other Capital Assets, net -of Accumulated Depreciation - - 1,007,408.24 ' .; 1,007;408.24 Total Assets 3,642,153.85 '1,430;352.24 5,072,506.09 10,883.1 9 '. — LIABILITIES Accounts -Payable- . -, 55,521.39 -• 55,521.39 - Deferred Revenue .'2,739,886.39. (32,630:51)': 2,707,255.88 ' Compensated Absences - 171,039.74 •.. 171,039.74 - Total Liabilities 2,795,407.78' 138,409.23 2;933,81.7.0,1 FUND BALANCES/NET ASSETS _ Fund :Balance: — Unreserved, Undesignated, .._ .. 846,746.07 :: (846,746.07.)" - - ,Total Fund Balances : = 846,746:07 (846,746.07) - Total Liabilities and Fund Balances .3;642,153.85 Net Assets: ..... _ . Invested in Capifal Assets ' ` - I;430,352.00 : -1,430,3.52.00 Unrestricted" 708,337.08' ' 708,337,.08' 10,883.19 Total.Net Assets 2,138,09.08 - 2,138,689.08: .. 10,883.19 ` y The accompanying notes are an integral part• of these financial statements.' 10 MISSOURI RIVER REGIONAL LIBRARY Jefferson City, Missouri STATEMENT OF ACTIVITIES AND GOVERNMENTAL FUND REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE For -the year ended December 31, 2008 . Statement.of Activities - _-_ Adjustments Primary, Component ' - General Fund (Note'3) Government Unit EXPENDITURESBXPENSES: Library Services' - 2,754;360.88 1 176,100.67 2,930,461.55 - Capital Expenditures - 126,454.74 (118,626.80) 7,827.94 - Toundation Expenditures - - . - 7,307.83 .Total Expenditures/Expenses 2,880,815:62 57,473:87, 2,938;289.49 7,307.83 PROGRAM REVENUES: Charges for Services 831162.62 - 83"1162.62, - _ Donations and Grants 78,676.29 - 78,676.29 8,806.00: Net Program Expense _ (2,776,450.58) 8,806.00 GENERAL REVENUES: .Property Taxes .. 2,664,984.18 15,851.88 2,680,836.06 Investment Income •43,816.58 - 43,816.58 45,53 .- .. Miscellaneous; 10,564.69 - 10,564.69 - Gain (Loss) on Disposal of Assets - . (6,443.13) (6,443.13) - " "Total General Revenues 2,719,365.45 9,408.75' 2;728;774:20 45:53 Excess of Revenues over (under) Expenditures 388.74 (388.74)1 - - Change- in Net Assets : - (47,676.38) (47,676.38) 1,543.70 Fund Balarice1Net Assets;Beginning of Year 846,357.33 .1,3.40,008.13 2,186,365.46 9,339.49 Fund Balance/Net Assets; End of Year 846,746.07 1,291,943.01 2,138;689.68 10,883.19 The accompanying notes are an integral part of these financial statements: - .11 .MISSOURI RIVER.REGIONAI� LIBRARY 7effersori`City;lVlissour NOTESXO'THE FINANCIAL STATEMENTS For The Year Ended December 31., 2008 i.AUSSOURI,RIVER-REGIONAL'LIBRARY--., JeffersonCity; Missouri NOTES TO THE' FINANCIAL STATEMENTS t_ For The Year Ended-December=31,; 2008 .. NOTE 1 ORGANIZATION AND. -SU1U1% OF"SIGNIFICANT' - ACCOUNTING POLICIES:. (Cont'd:) 1 miirement Focus :Bmis of Accounting and Financial StatenientWesehtation The accounts of the Library are : organi"zed " and operated on ahe basis-: of fiinds A fund is an independent fiscal and accountuig entity with;a self balancing set:of accounts._, Fund' accounting,,, separates _,funds °according totheir intended purpose_':: andis� used- : to aidmanagement m' demonstrating compliance wiih;finance=related-legal and:contractual-provisions - The minimum numbef of funds are maintained, consistent with=legal and riianagerial requirements -The Library hasthe following fund type: Governmental Funds- are -used_ to, account for the government's general governmental activities: The. L' ibrary has 'one governmental � fund; the General; Fund ,'The General Fund is the,Library's operating fund. It accounts:for all financial resources of the Library. The government -wide financial statements(ie.,,the statement of net -assets and:the.statement of activities) report .information on ,.all - of the non=fiduciary' activities_ of 'the •'Library. The '-' government -wide � financial statements are. reported, using the economic ;resources `measurement focus and the accrual basis, of accounting : 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 •recognize_as revenues in the_ -year for Which they are budge"ted:' They. are recorded as `- deferred;revenues in the year in. which they' are levied Grants and airiilar .items are recognized. 5 _ as revenue, as soon as,all eligibility requirements --imposed by..'the provider have been met. The fund financial 'statements -emphasize major governmental funds, each displayed in a, separate column: -_ Governmental fund financial. `statements_. are; _accounted ,for using a _ current financial resources. measurement,' -focus - and . the..modified ''accrual . basis of-accouritmg., : With this 1 measurement focus, only ,current assets and current liabilities_ generally are_ included. -on' the.,-` I ! balance sheet,_ The statement of revenues, •exp:enditures'and:changes ui_fund-.balances-reports bnl. the sources (i.e , revenues,' and other financing sources) and uses (i e.; . expenditures and :other r_ financing,uses) of curreut.financial-resources:•. This: approach differs from'the manner ri which 'the. -governmental` activities: of the government -wide financial statements: are prepared. Since the , governrrientat fund: financial .statements .and .:government -wide °financial statements' are combined; an adjustment- column1s provided_to,show the' reconciliation -between the two, sets of ` financial-statemenis. The note the 11' cial �statemerits'.further. describe the'adjustments:by, .. rovidin brief ex lanations to better Jdenti the-relatioriship between the government -Wide p. g -explanations statements and,thb-stitements for governmentalfunds.... MISSOURI RIVER REGIONAL LIBRARY Jefferson City, Missouri-. NOTES TO THE FINANCIAL STATEMENTS For The Year Ended December 31, 2008 NOTE -1 — ORGANIZATION AND SUMMARY -OF SIGNIFICANT ACCOUNTING POLICIES:. (Cont'd.) _Estimates The preparation of financial. statements in accordance with accounting principles generally accepted in the United States -of America requires management to, make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those -estimates. Capital Assets The accounting treatment for property, plant and equipment (capital assets) depends on, whether the assets are reported in the government -wide or fund financial statements. 'Government -Wide Statements In the government -wide financial statements capital assets .'are valued at historical cost, or' estimated. historical. cost if actual is unavailable, except for donated capital- assets, which are recorded at their estimated fair value at the date of donation. Depreciation of all exhaustible capital assets is recorded.'as an expense in the Statement of Activities; with accumulated depreciation reflectedin the Statement of Net Assets. 'Depreciation• is provided over the assets' estimated useful lives using the straight-line method of depreciation. The range of estimated useful lives by type of assets is as follows: Building and Equipment 20 -,45 .years Furniture and Equipment 5 - 20 years Automation 3 —10 years Vehicles 5 —15 years The minimum capitalization threshold is any item with a total cost greater than $250 for 2008. Starting in 2009, the threshold will be $1,000. The costs -of normal maintenance and repairs that do not add value to the assets or materially, extend the asset's life are not capitalized. The Library does not possess any infrastructures. Fund Financial Statements In the fund financial statements, capital assets used in"_governmental fund operations are accounted for as capital outlay expenditures of the governmental- fund upon acquisition. - 15 J MISSOURI RIVER REGIONAL LIBRARY Jefferson City, Missouri NOTES TO, THE FINANCIAL STATEMENTS For The ,Year Ended December 31, 2008 NOTE 1 = ORGANIZATION. AND .SUMMARY OF SIGNIFICANT, ACCOUNTING POLICIES: (Cont'd.) Compensated Absences Accumulated paid time off is accrued monthly. Employees accrue twenty days per year during the first five years of service; increasing to a maximum of twenty-eight days after fifteen -years of - employment. The maximum accrual allowed to be carried forward is sixty days. All employees also receive six days:per year catastrophic leave with unlimited accrual. There is no payment of accrued catastrophic. leave upon termination;' therefore an accrual has not been - made in the financial statements. The. liability for compensated absences is not recorded in the fund financial statements since it is anticipated -that the liability will not be liquidated with currently available financial resources. Accrued Liabilities and Long -Term Obligations All. payables, accrued liabilities and long-term obligations are reported in the government -wide financial;statements. In general, payable and accrued liabilities that will be paid from governmental funds are reported on the governmental fund financial'statements regardless of whether they, will be liquidated with - current financial resources. However-, special termination- benefits that -will be .paid from governmental funds are reported as a liability in the fund financial statements only to the .extent that they -will .be. paid with .current,. expendable, . available financial resources.., In ,general, liabilities that mature or come due for payment duringthe fiscal• year are.considered to have been -made with current available financial. resources. Other long-term obligations that will be paid from governmental funds are not recognized as a liability in the Tand financial statements until due. - 16 MISSOURI RIVER REGIONAL'LIBRARY Jefferson City, Missouri NOTES TO THE FINANCIAL STATEMENTS For The Year Ended December 31, 2008 NOTE 1 ORGANIZATION AND SUMMARY OF ' SIGNIFICAN.T ACCOUNTING POLICIES: (Cont'd.) Net Assets. . Net assets represents the difference between assets and liabilities. Net assets .invested in capital assets, net of related debt consists -of capital assets, net of accumulated depreciation, reduced. by the outstanding - balances of any borrowings used for the acquisition,' construction, or improvement of those assets. Net. assets are reported as. restricted when there are limitations imposed on their use either through .the. enablinglegislation adopted by the Library or. through, -external restrictions imposed by creditors, grantors or laws or regulations of other governments. All other- net assets are reported as - unrestricted.. The Library applies restricted- resources first when an.expense is incurred for purposes for which both restricted and unrestricted net assets are available. NOTE 2 —RECONCILIATION OF THE, GOVERNMENTAL FUNDS BALANCE SHEET TO THE STATEMENT OF NET ASSETS: Total Fund Balance — governmental funds .................................. $ 846,746 Amounts reported for governmental activities in the Statement of Net Assets are different because: Capital assets used in governmental activities are not Financial resources and therefore are not reported in the funds. The cost of the assets is $3,728,429 and the accumulated depreciation -is $2,298,077 ................ .. ........... 1,430,352 Property taxes, and other receivables will be collected . this year, but are not available to pay for current -period . expenditures and therefore are deferred in the funds........, .................. . .32,631 Long-term -liabilities are not due and payable in -the current period and therefore are not'reported in the funds as follows: Compensated absences -(171,040) NET ASSETS OF GOVERNMENTAL ACTIVITIES .......................... 2 138 689 17' ....MISSOURI RIVER REGIONAL LIBRARY Jefferson Missouri -NOTES TO ,THE FINANCIAL STATEMENTS For The Year_Erided D.ecember.31;:20.08 18 NOTE ..3:. = RECONCILIATION OF : THE . STATEMENT. ' OF REVENUES.,. ; _. EXPENDITURES . AND- -CHANGES' - IN: FUND . BATANCES -.: OF :GOVERNMENTAL ... . - _ FUNDS TO THE STATEMENT OF.. ACTIVITIESc.:. _ EXCESS OF REVENUES OVER (UNDER) EXPENDITURES " TOTAL GOVERNMENTAL FUND BALANCES 389 - Amounts reported for goyernmental activities' in the Statement of Activities are. differentbecause • . Capital outlays are reported as, expenditures in the governmental -:However; in the Statement of Activities; the cost of capital assets is allocated over . . , their estimated.us 'u' lives as depreciation expenses, ...: hi the current period, these amounts are Capital -Assets .purchases,. ... $ 1-. .27 Depreciation expense 156 859) Total .., ..... (38,232) Revenues in the" Statement of Activities that do not provide _ 'current financial.resources are not reported: as revenues) in ✓. - . '; the fixnds.—deferred tax revenue:...... 15;852 In the Statement' of Activities;. the loss or gam on the 'sale, or dispos dYd capital assets is recognized . The - , fund financial statements recognize only the proceeds co _ - from assets. The amounts are as follows: Gain/(loss) ori disposal of capital assets.. (6,443 Total (6,443) . Some expenses reported in the Statement of Activities do -.not require the use -of current financial. resources and are not reported'as expenditures in -governmental funds _These activities consist of . - - _ . Increase in compensated absences ..' J-19,242). f __I EXCESS OF REVENUES -OVER (UNDER): EXPENDITURES ` .OF GOVERNMENTAL ACTIVITIES...47 676 18 MISSOURI RIVER REGIONAL,LIBRARY -Jefferson City, Missouri NOTES TO.THE FINANCIAL STATEMENTS ,For The Year Ended December 31, 2008- . NOTE 4-- DEPOSITS AND INVESTMENTS: The Library's investments at December 31, 2008 consist of the following: Fair . Less .Than - Investment Type Value - One Year Repurchase agreements. $1,203,280 $1,203;280... Custodial Credit Risk— For an investment; custodial credit -risk is the risk that, in the event of the failure" of the counterparty, the -organization will not ' be " able to recover the value. of its investments or collateral securities -that are in the possession of an outside -.party. Repurchase - agreements had, a .bank -balance. of $ t,203,280 at December 31, 2008 and are -not covered by FDIC but are backed by.pledged securities. All of the organizations investments are. held by investment's counterparty, not in 'tle name of the organization. Investment Interest Rate Risk .— The Organization, has. no formal- investment policy that limits investment maturities as a means of managing its exposure to fair value losses -arising from increasing interest rates. Maturities; of investments held at December 31, 2008 are less_than one year.. Investment Credit Risk --The Library, has no investment policy that limits its investment choices _ other than the limitation of state law as follows: Missouri Statutes and legal opinions authorize the Library to . invest in certain types of investments including, but not limited to, collateralized --public deposits (certificates of 'deposit), U.S. Treasury and federal agency securities; and repurchase agreements. Collateral is required for demand, deposits and certificates of deposit.- The market value of the collateral must equal .at least " 100% of deposits not. covered by federal deposit insurance. Securities underlying a repurchase agreement must.have a market value of at _least 100% of the, cost.'of .the repurchase agreement: Obligations pledged to secure deposits are. delivered to the banks -joint -custody account at the Federal Reserve Bank. Concentration of Investment Credit Risk —.The, Library places -no limit on the amount it may invest, in any one issuer. At December 31, 2008, all of the Library's investments were held at one financial institution. 19 MISSOURI RIVERREGIONAL-LIBRARY "= 7efferson :City,lVlssouri: MISSOURI RIVER REGIONAL LIBRARY : -Jefferson City, Missouri - NOTES TO THE FINANCIAL STATEMENTS For the Year Ended December 31; 2008 NOTE 12 - PROPERTY; PLANT AND EOUIPMENT: Property, plant and equipment and accumulated Aepreciati6n by -major class are as -follows at December 31, 2008: Beginning Balance Increases Decreases. Ending Balance Governmental -type activities: Capital assets, not being -depreciated: j.Land. $ .. 322,095 $ - $ -. $ 322,095 -- Construction in Progress 349,032 - 248,183 100,849 Total capital ,assets, not being depreciated 671,127 - 248,183 422,944 Capital assets, being depreciated: Building and Equipment 1622,048 279,715. - . 1,901,763 Automation 531;850 58,368- 3,235 - 586,983 Furniture and. Equipment 558,434 28,730 131256 5731907 Vehicles 252,110 - .9,278 242,832" Total capital assets, being --' depreciated 2,964,442. 366,812 25,769 3,305,485 Less accumulated depreciation for: Building and Equipment_ 1,184,189 41,948 - 1,226,.137 Automation . 439,876" 54;006 1,938 491,944 Furniture and Equipment 454,080 25,752 11,587 468,244 - Vehicles 82,396 35,154 5,798'- 111,752 -" - Total accumulated depreciation 2,160541 156,859 19,323 2;298,077 Total capital assets; being depreciated, net 803,901 1 209,953 -61446 1,007,408 Governmental -type activities. capital assets, net $ -. 1,475,028 $ . " 209.;953. $ 254,629 $ 1,430,352 Total depreciation expense for 2008 was $156,859. 24 ; MISSOURI RIVER REGIONAL,LIBRARY, - - Jefferson City,'Missouri STATEM-ENT'OF REVENUES,.EXPENDITURES AND CHANGES IN FUND BALANCE = BUDGET AND ACTUAL `GENERAL. FUND _ For the year ended December -31, 2008 _ 25 Variance Original . Final ,- Favorable Budget Budget - Actual (Unfavorable) REVENUES = Tax -Revenue -2,667,635.00 2,667,635.00. :1;646;785..89 (20,849.11),_ State .Aid - 46;452.00. 46,452.00 _ . . " : -' 46,452.45 0.45. ;Athlete &Entertainers8,000.00 1,8,1.98.00 ;18;198.29: 0.29 ,Investment Income 80,000:00 80,000.00 43,816:58 (36,183.42) Tines- 42,000.00 .- 42,000.00 . -, _ - .45,677.74 3,677.74 ` Grants - 12,571.00. 12,571.00 _ _ Lost Books and'Cards. - - 7,213:29, 7,213:29 -Photocopy Revenue 12,5.00.00 1'2;500.00 :_ 1.1,744-.20-,''. -(755.80) Book Sale Revenue 13;000.00 -- . 13,000.00 18,527.39 5,527.39 Miscellaneous, ; - - 9,000.00- - 16,711.00. 10;564:69 " ; ' _ (6,146.31) , Gift Receipts - 19,404'.00 - 19,652.84 .. 248:84 Transfer.from Reserves - 5.4,637:00. ', - .-(54,637.00): -Total Revenues" 2,878,587.00: 2,983,108.00 :. "2;8&1,204:36 (101;903.64) EXPENDITURES ` - . Personnel Related: • - - _ Administration 361;584.24 '-361,584.24: 36,1,549:39'„ 34.85 Network & Automation -Services 102,657.76 102,657.76.. - 87,597.66. . . ' _] 5,060.1'0 Childrens. :' " 148,442:68 ,' • "- 148 442.68 - 150,201.96, ' - (1759.28) Reference ., . ` : 215,730.08 215,730.08. "-. 235,804.50' '` (20,074.42) ` Circulation: 229;059.20 :229,059.20 234,975.45. (5;916:25) Outreach 91,9.81.20 9.1,981.20 91,096.80 884.40 'Technical Services 197,477,00 -_1:97,477.00 197,105:33• ' 37]-:67 . ; Osage Branch . '. 63,763..16' 63,763.16 57,954.70 5,808.46 - Employee Relations 4,250.00 -5,450.00. 5,435.99 '14:01 Tuition Benefit 3000.00 3,000.00 - 3,000.00 Employee Assistance- 2,000.60 2;000.00 = - 2,000.00 Payroll'Benefits=EmpliFICA 107;920.60 ;.107,920.60: - 107;281'.98• 638:62 Payroll Benefits-Retirement'136;987.92 1"3.6;987:92. -129,642.92 7,345.00 Payroll Benefits -Insurance 2161512.16 21,6,512.16. 192,352.04. 24,160.12•' Payroll Benefits-Cafeferia Plan Expense - - 300:00' ' (300.00) _ Unemployment.Expense - - 3,500.00- 3,468.21., 31:79 Total Personnel Related 1,881,366.00 . -: 1,886,066.00 -:,1,8541766.93. 31,299:07 25 MISSOURI RIVER'REGIONAL LIBRARY" Jefferson City, Missouri STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL-GENERAL•FUN D. For the year -ended December 31, 2008 26 -Variance Original -"Final Favorable ` Budget' Budget Actual (Unfavorable) EXPENDITURES. (Continued) Books and Materials: Adult Books -Non Fiction 54,000.00. 54,000.00 54,912.13 : (912.13) Adult Books -Fiction 56,000.00 -51,000.00 50,997.37 2.63 Adult Books=Reference. 35,000.00.'. 40,000.00 47;148.58(7,148.58) Adult Non-Book-Period/News 26,325.00 26,325.00 22;646.07. 3,678.93 AdultNon-Book-Audio 32,000.00 32,000.00 28,189.71 3,810.29 Adult Non -Book -Video 22;000.00 23,000.00 22,861:27 138.73 Adult'N6n-Book-Ref Online 35,329..00 40,529.00. 31;968.21 8,560.79 AdultNon=Book-Mircoforms 41641.00 --4,641.00 4,820.40 (179.40) Teen Books 8,000.00- 000.00 6,827.77 1,172.23 Juvenile -Book -Non Fiction 26,000.00 281,500.00 29,844.00: (1,344.00) Juvenile Book -Fiction 29,000.00 31;198..00 : 29,919.48 1,278.52 -- Juvenile Book -Reference 2;500.00 2,500.00 2,900.66 (400.66) Juvenile Non -Book -Periodical 1,500.00 1,500.00. 1,291.24 208.76 Juvenile Non-Book=Media 18,000.00 18;000.00 17,519.52 480.48 Public Use -Software. - 2000.00 2;000.00 - 2,000.00 Filtering Software License. 500.00 500.00- .. 529.98 (29.98) Intemet.Access/Real Project 10,200.00 10,200.00 9,925.78 274.22 MOBIUS Fees -8;000.00 2;800:00 - - 2,800.00 . -, OCLC-Cataloging 20,937.00 20,937.00 19,473.32 1,463.68 Interlibrary Loan 1,727.00 11727.00 1,791.67. (64.67) - Rebinding . ; 50.0.00 500.00 - 500.00 Collection Agency Fees 81030.00. 8;030.00 6,300.80 1,729.20 Total Books -and Materials 402;389.00 407,887.00 389,867.9.6 .18,019.04 Library- Departmental Overhead: B6okhiobile: OPER-BM 9,000.00 9,000.00 11,273.34-1, (2,273.34) Library Automation Contracts 42,195.00 42,195.00 :. 40,63114 '' - 1,5.63:86 Library Supplies 34,024.00 34,024.00 25,832.56 8,191.44; Photocopy 11,000.00' . 11,000.00 11,774.99 ' (774.99) - .99)-Programming=Adults Programming Adults 25380.00 :48,970.00 44,941.00. 4,029.00 Programming-Childrens 16,656.00 16,650.00' 20,217.88 (3,56.7.88) Programming -Osage 51070.00 5,07.0.00. 41862.06 207.94. Programming -Teen 3,600.00 3-,600.00, 3,527.49 72.51 Public. Information 34,368:00 34,868.00 34,374.52 493.48 Recruitment 2,000.00 2,000.00 4,28`1.16 (2,281.16) - Travel &Associations 18,500.00 18;500.00 19,11418 (614.88) Volunteer Recognition 200.00 200.00 _ - 200.00 Total Library Deptannental Overhead = 201,987.00 ;" 226;077.00 : 220,831.02" .-5,245.98 26 MISSOURI RIVER REGIONAL LIBRARY _ Jefferson City,. Missouri STATEMENT. OF RE_ VENUES; EXPENDITURES AND CHANGES IN FUND ,BALANCE'- BUDGET AND ACTUAL -GENERAL FUND .` For the year:ended December 31,2008 . :. . Yanance .:. • .- _ .. - - ._ Original Final. Favorable . = Budget Budget Actual = (Unfavorable) Overhead: Bank Charges 1,400.00 1;400.00 1,301.10 98.90 Consultant -Buildirig Fund 3,500.00 3,500.00 - 3,500.00 Custodial Contract:. Branch '" . 4;000.00 '. 4,000:00 3,757:08 242.92 , Custodial Supplies --5,500.00" 5,;500,00 5,630.85 (130.85), . Delivery.Service- 4,600:00 ,- ,4,600:00 -A,700.00, (100.00) - Insurance -Business 45,000.00 45;000.00 28;835 32 ' 16,164.68 ; Maintenance -Building &Equipment 27,000:00 - 27;500.00` : 30,196.74 .. (2,696.74) _ Maintenance -Furniture & Equip.._ 11-,800.00 11,800.00 9,400.08 ' ' . 2,399.92 Office Automation Contracts 10,500.00 10,500:00 . ' -5;964.96_ 4,535.04' Office Supplies 10;500:00 10,500:00 7,596.02 72,903.98 . Postage = 20,500.00=- _ 20,500.00 21.,600:99 (1,10099) Professi6nal=Services- 4,000.00. 9,000.00 - 13,577.95. (4,577.95) .. Rent -Osage 18,000.00 1.8,000:00=' 18,000.00. - Rent -Parking 2-;520.00-`2,520.00 - 2,520.00 - - Rent -Weldon'` - 51,650.00 ` ' 5.1,650.00 50,400:00 1,,250.00 " Telephone -15;000.00 15,000.00 11,673.72. 3,326.28 Utilities= _ 70;000,00 - 70,000.00 71,998.22 ' (1,998.22)- Vehicle Operation/Passe_ nger 4,500.00' 4,500.00 •. 4;261.94- 238.06 _, .. .. Total Overhead 3.14,970.00 315,470.00 288,894.97 26;575.03--" Capital. Expenditures;, ; Building &Building Equipment 10000:00 10,000,00 1'50.00 ". 9,850:00 Contingency 6,500.00. 6,500.00 - 6,500..00 Computer Equipment & Software :50,000.00 62,571.00 65,868.14 (3,297.14),- Library Furniture & Equipmept• -.. J3'4lJ-.0:Qt1 A1,685.84 .,. 1,725.16_ Off ce Furniture & Equipment- - . = 5,000.00 A7,220.00. - 17,219.8.4 Aft Gallery_Renovations ,: -1,000.00: 1;000.00° ., - 1;000:00 Bar CodeScanners825.00: 825.00 - 825.00 Receipt Printers 1,750.00_ 1,750.00 - 1,750.00. Bookmobile Graphic Upgrades ,2;000.00 2,000.00 - _ 2,000.00 Backstops-childrens . 800.06 800.00 - 800.00 _Main Library Renovation. - 31',531.00 ; 31,530.92 0:08 ' Total `Capital Expenditures 77;875:00 -147,608.00 126,454.74. 21,153.26 Total -Expenditures- -' 2,878,582:00 2,983,108:00.. _ .• 2,880,815:62 .':; - .102;292.38 ' Ezcess•of Revenues over Expenditures. - - 3.88.74 388:74 ` Fund Balance,.Beginning of Year J` Fund Balance, End of Year. • • -846,746.07 27 MISSOURI RIVER REGIONAL LIBRARY Jefferson City, Missouri NOTES_ TO THE.REQUIRED SUPPLEMENTARY INFORMATION For The Year Ended December 3'1; 2008 NOTE 1-BUDGETARY BASIS=OF ACCOUNTING: Annual budgets are adopted on a basis consistent with accounting principles generally accepted in -' the United States-of America for all governmentaLfunds. All annual appropriations: ;lapse. at fiscal year. end: Encumbrance ' accounting is employed in the governmental fluids.. Encumbrances (e g , purchase orders, contracts) outstanding- at year-end are reported. as-reservations of.fimd balances'and do not constitute expenditures or liabilities because the commitments will be re-appropriated and honored during the subsequent year. Budget amendments must be authorized by the" Board of . Trustees.. -- The following procedures are followed in establishing the budgetary data reflected in the financial statements: a) Budget work "sessions are conducted by management. b) A preliminary budget is presented-to the Finance Committee. C) Final changes to the budget are made., d) 13September 1, thetax levy. is set-by the Board ofTrustees and, submitted to the Missouri State- Auditor for- approval. e) Property tax revenues-are -budgeted based upon the previous year's assessed valuations _and. - tax levies set-by the -Board of Trustees., f) • By October 1:5;Ahe final budget proposal is presented to the-Board.of Trustees. g) Budgetary control is maintained ,at the expenditure- category level. Transfers between, categories as iisted4h the financial statements require Board approval: 'h) Budget amendments can be approved. by :the Board .of Trustees, during the year on, an, as ' needed basis. Budget amounts, are as originally adopted," or'. as amended by the Board.. Individual amendments were not material in relation to the original- appropriations that were amended. Expenditures may not legally exceed budgeted appropriations at the- .f ind level.- 28 evel:28 - MISSOURI RIVER REGIONAL LIBRARY Jefferson City; Missouri NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION For The Year Ended December 1, 2008 Schedule of Funding Progress The following required supplementary information relates to the Missouri River Regional Library's' participation in Missouri LAGERS, an agent multiple -employer public. retirement system. Schedule of Funding Progress [(b-a)/c] (b) (b -a). UAL as a (a). Entry Age Unfunded ; (c) Percentage. Actuarial Actuarial Actuarial Accrued (a/b) Annual of Valuation _ Value Accrued Liability Funded Covered Covered - _ Date -cif-Assets Liability :. (UAL) Ratio'— Payroll Payroll 02/28/06 422,523 884,943. 462,420 : = 48%- .1,013,040 46% 02/28/07 568,270 1,003,198 434;928 57% 1,006,338 43% 02/29/08- 773,929 1,157,154 383;225 _ 67%. . 1,072,414, 36% Note: The above assets •and actuarial accrued liability: do not include the'assets andpresent value of benefits associated with the Benefit Reserve Fund and the Casualty Reserve Fund. The actuarial assumptions "were ' changed in. -conjunction with the February 28, 2006:annual actuarial valuations.. For -a complete description of the actuarial assumptions used- in the annual valuations, please contact the LAGERS office in Jefferson City: :.. =