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The Glenville Democrat
Glenville, West Virginia
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December 16, 2004     The Glenville Democrat
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December 16, 2004
 

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Total nmerttel Funds +,783.57 0.00 ,037.24 ,033.38 0.00 0.00 ,854.19 ,319.16 418.50 0.00 0.00 0.00 373.14 110.80 0.00 743.39 IL-~ !~ Revenues: Other Taxes Licenses and permits Interest Miscellaneous Total Revenues Expenditures: General government Public Safety Health and sanitation Culture and recreation Social servces Capital projects Total expenditures Excess (deficiency) of revenues over expenditures Other financing sources (uses): Operating transfers in Operating transfers (out) Total other funding sources (uses) Excess (deficiency) of revenues and other financing sources over expenditures and other uses GILMER COUNTY, WEST VIRGINIA BUDGETARY COMPARISON SCHEDULE COAL SEVERANCE TAX FUND For the FtscN Year Ended June 30, 2004 Actual Amounts Variance with Budget Amounts Budget Final Budget Original Final Basis Positive (Negative) $15,300.00 $15,300+00 $11,391.92 ($3,908.08) 0.00 0.00 0.00 0.00 0.00 0.00 125.43 125.43 0.00 0.00 0.00 0.00 $15,300.00 15,300.00 11,517.35 . (3,782.65) $15,~.~ 15,300.~ 0.~ 15,300+~ 0.00 0.00 ~,745.00 (20,~5.00) 0.00 0.00 0.00 ~00 0.00 "0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $I 5,300.00 15,300.00 20,745.00 (5,445.00) 0.00 0.00 (9,~7.~) (5,~5.00) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ($9,227.65) 854.19 Total nental Funds ~B7.23 164.66 ~1.88 161.34 '65.07 00.00 39.43 10.4,,3 50.50 53.26 78.82 72.62 11.72 60.10 54.95 ?4.00 0.00 0.00 10.77 8.15) Total ental unde r7.24 i3.38 3.14) 0.00 17.48 9.33 4.06 3.39 with dg= ave) 1.34) p.8s) ~.50 S.39 ).07 :).00 1.43 1.33 .00) .11) ,74) ~.67 !.97 L67 1.00 ).00 1.00 kO0 ~.64 .3! Fund balance at beginning of year Fund balance at end of year 0.00 0.00 $31,976.66 $31,976.66 0.00 0.00 0.00 $22,749.01 $13,521.36 The notes to the financial statements are an integrat part of this statement. GILMER COUNTY, WEST VIRGINIA STATEMENT OF RDUCIARY NET ASSETS FIDUCIARY FUNDS June 30, 2004 County State School Municipal Offices AGENCY Assets Cash and cash equivalents $264.96 $22,889.86 $1,486.27 0.00 $24,641.0g Investments 0.00 0.00 0.00 0.00 0.00 Total assets 264.~ ~ 1.486.27 0.00 Accounts payable 0.00 0.00 0.00 0.00 0.00 Due to Other governmental entities $264.96 $22,889.86 $1,486.27 0.00 $24,641.09 Ot~r funds 0.00 0.00 0.00 0.00 0.00 Total liabilities $264+~ ~ $1.486.27 .0.00 The notes to the financial statements are an integral part of this statement. GILMER COUNTY, WEST VIRGINIA NOTES TO THE FINANCIAL STATEMENTS For the RIm-..ef Year Ended June 30, 2004 Note 1. Summary 04 Siordflcant Accountln_a Policies Thursday, Dec. 16, 2004 -- The.Glenville Democrat/Pathfinder -- Page 5B and is delinquent on Octobor first; the second installment is due by March ftmt and is del~ent on Apdl first. Taxes paid on or before the due date are allowed a two and one half parcent discount. A tax lien is lasoed for al unpaid real estate taxas as of the dete of the sheriff's sele and these Ik~.s am sold between October fourteenth and November Twenty Third of each year. ,S~xtydays of ealknatad property tax coflactions are renorded as deferred revenues at the end of each fiscal year. 4. Inventory and Preoak~ Items The county considers inventodes of materials and ~ uUflzed Therefore, they de not appear in the county's financial statements. in the governmental fund type opamtions as expended at the time of purchase. The county has no restricted assets to report during this fiscal year. Purchased or constructed capital assets are reported at cost or estimated historical cost. Donated fixed assets are to be recorded at their estimated lair market value at the date of donation. Depreciation has been recorded on capital assets. The liability for compensated absences normally reported in the government-wide financial statements consists of unpaid accumulated annual and sick leave balances computed as a dollar value. In genera,t-purpose financial statements, govemmenta! fund types recognize the bond premiums and discount, as well as bond issuance cost dudng the current period. The face amount of debt issuances are reported as other financing sources while discounts on debt issuance are reporte~ as other financing uses. Issuance cost, whether or not withheld from the actual debt proceeds received, are reported &s debt service expenditures. Gilmer County has no debt service liabilities at this time. In the fund financial statements, governmental funds report any reservations of fund balance for amounts that are not available for appropriation or are legally restricted by outside parties for use for a specific purpose. Designations of fund balance represent tentative management plans that are subject to change. 10. E~mnce Encumbrances are commitments related to unperformed (executory) contracts for goods or services. Gilmer County has no encumbered monies at June 30, 2004. 11. Comoamtive data/reclassifications The total columns on the combined financial statements are memorandum only. They are presented only to facilitate financial analysis. Data in these columns do not present financial position, results of operations or changes in financial position in conformity with generally accepted accounting principles. Neither is such data comparable to a consolidation; inter-fund activities have not been eliminated in the aggregation of the data. Note 2. RocoillMJon 04 =overnmqmt,.wlde and fund flnRnctal statemems b.00 1.00 .00 ~h The governmental fund balance sheet includes a reconolliatlon between fund balances of total governmental funds and net assets - governmental acth,'ities as reported in the government-wide statement of net assets. Tile governmental fund statement of revenues, expenditures and changes in fund balances includes a reconciliation between net changes in fund balances- total governmental fund - and changes in net assets of f=,ovemmental activities as reported in the governmental statement of activities. Note 3. Slewardshlo. comolJance and accoumabllltv A. Budgets and Budgetary Accounting The following are the statutory procedures followed by the County Commission m establishing the budget for Gilmar County, West Virginia. 1. Pdor to March 2nd of each year, the various elected officials submit to the County Commission proposed requests for their respective offices for the fiscal year commencing July 1. 2. Upon review and approval of these requests, the County Commission prepares proposed budgets on fon'ns prescribed by the State Auditor and submits them to the Slate Auditor by March 28th for approval. 3. The County Commission then reconvenes on the third Tuesday in Apdl to hear objections from the public and to formally lay the levy. Revisions are authorized only with the prior written approval of IP, e State Auditor. The mvlaed budgeted amounts reflected in the accompanying financial statements are such approved amounts. The budgets presented were prepared on the modified accrual basis of accounting. Nora 4. Detailed notes on all funds A. Deposits and investments At June 30, 2004, the carrying amount of the county bank deposits was $326,802.74 All of the total bank balances were insured through the Federal Depository Insurance Corporation (FDIC) coverage and by additional depoalto~ bonds approved by the County Commission. The balance held as conservator by the Sheriff at June 30, 2004 totaled $30,978.33. The balance held In general receivership for the circuit court was $138,544.33. B. Receivables Prior year receivables of year end for the county general fund is accrued for a period of sixty days. The aocounting policies and the presentation of the financial report of Gilmer County, West Virginia, have been designed to conform to generally accepted accounting principles as applicable to government units, ~ accordance ~eh the Governmental Acoounting Standards Board (GASB). GASB piotm 5. OtB'm Information embodies the official pronouncements previously issued by the Na~onal Council on Govemmental Accounting (NCGA). " '" " '" '+ ....... ' ++ ..... :: ............. A. Employees Retirement Systems .... + .... A. Reporting Entity Gilmer County is one of fifty-five counties established under the ConstitutJo~ and the Laws of the Slate of West Virginia. There are six offices elected county-wide which are: Cou-n~ Commission, County Clerk, Circle Clerk, Assessor, Sheriff and Prosecuting Attorney. The County Commission is the legislative body for Gilmer County, and as,such, budgets and provides all of ~ finding used by the separate Constitutional Offices except for the offices of the Assessor and the Sheriff, which also have additional revenue sources. The Gilmer County Cled('s office maintains the aCccunting system for ffm county's operations. The operations of the county as a whole, however, including all the Constitu~onel Offices have been combined in these financial statements. The services provided by the County and accounted for within these financial statements include law enforcement for unincorporated areas of the county,health and social services, cultural and recrestional and other governmental sen'ices. These financial statements present all of the fund types and account groups of the County. Blended component units, although legally separate entities, are in substance part of the county's operations. B. Government-wide and fund financial statements The government-wide financial statements re/~rt information on aM ~ non fiduciary acthdtlas of the primary government and its component units. Governmental activities are normally supported by taxes and intergovemmental revenues. The pdmary government is reported separately from certain legally separate units for which the primary government is financially accountable. Component units as defined in GASB 34 do not exist in this county. The governmental fund statement of revenues, expenditui~es and changes in fund balances is the bask: statement of activ~s for the governmental funds. Because of the unique measurement focus and basis of accounting of governmental funds, the terminology used for 8ds mtament varies considerable from that used for other statements of activitiea. Separate financial statements are provided for govemmem~ funds, propdatary funds (when the county has one) and fiduciary funds, even though the latter am excluded from the government-wide statements. Major individual funds and major individual enterprise funds (when the county has one), are reported as Separate columns in the fund financial statements. C. Measurement focus, basis of accounting and financial preeentation The government-wide financial statements am reported using ~ economic re~xm:es measurement focus and the accrual basis o4 accounting, as am the propde~n/funds (when appropriate) and fiduciary fund ffnanctal statemer~ts+ Revenues are recorded ~ earned and expenses am recorded when a ~ is incurred, regardless of the timing of mlatad ca~ flows, property taxes am recognized as revenues in the year in which they are levlad. Grants and simlar item am reccgntzed es ~ es soon as all allgibility requirements impoemd by the i:xovtder have been met. Governmental fund financiaJ statements are reported using Ihe current financial resources measurement focus and the modified accrual basis of a~counttng. Revenues am recognized as Soon as they am both measurabla and avaiiable. Reva~Jes am considered to be available when they am cotlactibte wi~in ~ ~m ~ or soon onough thereafter to pay liabifitles of ~e current padod. For thla puq)oea, the government conalders mvenuea to be availabte If 19my am collected within 60 days of the end of the current fisoal year. ~ms generally am recorded when a liablty la incurred, es under accrual ao~. However, debt servk:e expanditures, as wetl as expanditums refated to compansated abeencee end claims and juigments, am racorded only when payment ;s due. Gilrnor County has no debt servico funds at the present time. infomtation to record debt for compsneatad abeancas was not provided, property taxes, liconses and interest associated wi~ the current fiscal pedod are aH considered to be suscopttde to accn,al and so bave been recognized ea ravenues of the cun'ent fiSCal psdod. Ni OthPr revanue items am considered to be measurabla and availabk| only when cash is received by the governn.mnt. Funds are ciassifled into gvee categories: govemmen~l, pro~ry and fidudary. Each category in rum is divided into.separate "fund types." Govenvnental funds are used to ~ for gevemmenrs ~, where the locus of attantlon is on the ~ of sen~,as to the pubac as oppoeed to proprtetary funds (when present), where the focus of attention is on recovering the cost of providing sendces to the public or other agencias through servico charges or user fees. Fidudary funds am used to account ior aeseta held by o|hers. The County, s ~ require the use of governmental and fidudary fund lypes desodbed es toliows: Funds generally used to account for tax-suppuned activities. There are five different types of governmental funds: the general funds, special revenue funds, debt service funds, capt4al projects hinds and pelwlane~ futxis. Spatial Revenue Rund=: Spacial revenue funda are ueed to account for gw pmeaed~ of =pactflc revenue ~ource~ (olter Ittan for major capital proqects) mat are gaHy reset'ted to eXpenmums for purposes. De~t Sendce Funde: Debt service flmdS are used to account for tile ~ of resources for and the payment of general long-term debt principal and interest. Calpltal I=Yoject= fumla: Capital projects funds am used to account for finendal resources mba used for the acqoisition or constmclkx~ of major capital fadt es (omer man those financed by propdete y funds and trust funds). Permlment fund=:, permanent funds are a fiduciary fund type qsed to report resources that are legally restricted to the extent that only earnings, and not principal, may be used for the benefit of the reporting government or its citizenry. Funds used to relx~t asasts heid in a trustea or agency capadty for others and which tbemlore caonof be used to support the govemmer~s own pmgran~. ='l~e .fld~_ " ry fund category includes pension (and other employee benefits) trust funds, investment lrusl funds, private purpose trust funds and agency rum~. ~ tunas are mersty clearing accounta for assets held by a govenlme~ as an agent for individuals, pdvate organtzabons, other governments (~ru o~her funda. The agenoy funds am used to account for aesets heid by the county shedff in a tiductary capacity for other governmentaj units.Agency ntis, by defklttion, am exckKled from the coumy,s Combined Statement of Ravenues, Expenditures and Changes in Fund Balances. The coumy re orts the major governmental funds: Gtnoref Fund:.The General Fund is the general operating fund of the county. It is used tO account for all financial resources except those required to be accounted for in anothm fund. ' COM tr wenmce Fund: The Ceal eaverance tax fund accounts for the rovenus= and expanditurea from a eaverance tax placed on coal by the Stala of West Virginia at arne. O./Ume~, lJabilltlee and MI minor= or equlty +. Gilmer County, West Virginia participates in two state-wide, cog sharing, multiple employer defined benefit plans on behalf of it employees. The systems am administered by agencies of the State of West Virginia and funded by contributions from participants, employers and State appropriations as necessary. 2. l]ec~ivabtas and oavablex All property tax receh~blas are show~ net of allowance for uncoflect~les. The following is a summary of eligibility factors, contribution methods and benefit provisions: West Virginia Public Employee Retimmant System El~ity to pa~:~ate: All employees of the State of West Virginia and any participating political subdivisions are required to become plan members, except employees t,~o are members of other state retirement systems. Authority establishing contribution obligations and benefit provisions, West Virginia State Code. Funding Policy and Contributions PERS members are required to cont,-lbute 4.5% of their annual covered salary and the county is r~;uired to contribute 10.5%. As amended by act of the State of Wse{ Virginia Legialature effective July 01, 2003. The County's contributions to PERS for the fiscal year andlng June 30, 2004 were $20,897.07 as employee contributions and $48,758.65 for the employees contdbutlon. Period required to vest: Five Years Benefits and eligibility for distribution A member who has attained age 60 and has eemed 5 or mere years of contributing service or age 55 if the sum of his/her age plus years of credited service is equal to or greater than 80. The final average salary (three highest consecutive years in the last ten years) time the years of service times 2% equals the retirement benefit. Deferred retirement option Nationwide Retirement Solutions offers a deferred compensation option to county employees 100%funded by employee payroll contributions. Provisions for cost of living adjustments or death benefits. The PERS plan has no provisk)ns for cost of living adjustments. There am ~ for death benetits. A~ pension cost, amount ~ and trend information Pension cost and contributions as well as trend information may be obtained through the West Virginia Employees RefJrement Syefem. Pian De~dption: GIImer County, West Virginia contrlbutee to the Public Employees Retirement of West Vii~Inla, a cost sharing, multiple employer defined benefit pension plan. PERS provides retirement and disability benefits and death benefits to plan mambet~ and beneficiaries+ Benefit pmvlskx~ am establislwd by state law and may be amended by the State of West Virg#da ~tum. PIERS issues a publk~J available llnand~l report which incfudas statements and required supplementary information. That information may be obteined by w~ng the Public Employees Retirement System, Bu~ling 5, Room 1000, 1900 Kanawha Boulevard East, Chadaston, West Virginia 25305. West Virginia Deputy Sheriff Retirement System (WVDSRS) Eligibility to participate: West Virginia Deputy Shedffs first employed after the effective date and any deputy sheriff hired prior to the effecUve date who elect to become members. Authodty establishing contribution obligations and benefit provisions. Welt V|rg~ta State Code Funding Policy and Contribution Certain fees for reports genermed by sheriff's offlcas are p;'klto tNs plan in accordanea with Wast Virginia Smm Coda. WVDSRS membem am required to coMribote 8.5% of their aonual covered salary end the county Is required to ~e 9.5% of the seme figure. (The county cont~ did inorea=e to 10.5% per LaglaSatlon effective July 01, 2004) the contribution requirements of WVDSRS members are established and may be amended ~ by the State of West Virginia Legislature. The contributions by the county to the WVDSRS for the fiscal year ending June 30, 2004 was $20,897.07 repremntlng the employee contrfOutton and $15,032.39 for the employers share. Period req~?ired to vest: Five years Benefits and eligibility for distribution of benefits A ~ who has attained age 60 and has earned 5 or more years of contributing sendce or age 50 if the sum of his/her age plus years of credited aswloe is greater than or equal to 70. The final average salary (three highest co.recurVe years In the last ten years) times the number of yasP o4 service times 2.25% equals the annual retirement benefit. Deferred retirement option NalJonwtdeRetiremenlSok,lfonsoffersadeferredcompensarmnoptlontocountyemployees, 100% funded by employee contributions ~rough payroti. Provisions for cost of living adjustments or death benefits. The plan has no provisions for cost of Itvlng adjusmwnts.~re are provisions for death benefits. Annual pension cost, ernount co~Idl~ed and trend informallon Pension cost and contributions as welt as trend information may be optatned through the Public ~ Retimmenl System. GIImer County, West Virginia conffibutes to the Weat Virginia Deputy Sheriff Retirement System (WVOSRS) of Wast Vl~ a cost shedng, mulllp~ employm'de~ned benefit pension plan. WVDSRS pmvtdas retirement and dtasbtllty benefits, and death benefits to plan membe~ and bene~ladas. Benefit provisions are established by state law and may be emended by the State of West Virginia Lngialafum. WVDSRS issues a publicly available financial report that includes financial statements and required supplementary information. That information may be obtained by writing the West Virginia Deputy Sheriff Retiremem System, Building 5, Room 1000, 1900 Kanawha Boulevard, East, Charleston, West Virginia 25305 The geven'nenrs cash and cash equtvalente am coneidered to be cash on band and demand depostta. ~ are au~xxlzed by statote to ~ B. Pending Ut~tion excass funds to eithor the State Inveelment Poolor the Municipal Bond C(xnmtssk)n for invesUnem puq)oess, or to invest such funds in the f0aowing clasass 31 . ol securlllas: Ot)llgat~ons of the Unlted States or any agency themol, certfflcatas of de~ and mpurcha|m ag~. The County has not been named as a defendent In any court C. Othor Boarda and Authodtlas Property taxes, based on assessed values at July I of the prior year, may be paid in two installments. The first installment is due by September first O0 31 cases pending before the Circuit Court of Gilmar.Co0nty, West virginia. The GMmer County Commlesk~ appoints members to the following non-prOfit corporations. ~ organizations were created by West Virginia Code and bydeflrdtinnare no, component tmita; GMmer County Board of Health, Health Center, Ambulance Authority, Industrial Oevelopment Authodty ~ Pad(s and Recmatlon ~.