OFFICE OF THE STATE AUDITOR_part3 pdf

YALOBUSHA COUNTY
Notes to Financial Statements
For the Year Ended September 30, 1997
17
(7) Capital Leases.
As Lessee:
The county is obligated for the following assets acquired through capital leases as of September 30, 1997:
General
Fixed Assets
Classes of Property Group
Mobile equipment $ 617,305
Other furniture and equipment 145,497
Leased Property Under Capital Leases $ 762,802
The future minimum lease payments together with the present value of the net minimum lease payables as of September
30, 1997, are as follows:
General
Long-term
Debt Group
Year Ending September 30:
1998 $ 133,967
1999 93,927
2000 82,019
2001 44,836
2002 9,551
Total Minimum Lease Payments 364,300
Less: Amount representing interest 32,103
Present Value of Net Minimum Lease Payments $ 332,197
(8) Long-term Debt.
Debt outstanding as of September 30, 1997, consisted of the following:
Final
Amount Interest Maturity

Description and Purpose Outstanding Rates Date
General Long-term Debt Account Group:
A. General Obligation Bonds:
Rural fire construction $ 80,000 7/7.25 11-15-00
Hospital improvements 120,000 5.9/6.1 5-1-01
District 2 road improvements 30,000 7.5 7-15-00
YALOBUSHA COUNTY
Notes to Financial Statements
For the Year Ended September 30, 1997
18
Final
Amount Interest Maturity
Description and Purpose Outstanding Rates Date
District 3 road bonds 6,000 8 11-1-98
District 3 construction 50,000 7 3-1-02
District 4 road & bridge construction 70,000 5.5/5.75 7-1-02
District 3 road and bridge 135,000 5/6.25 10-1-07
Yalobusha County rubbish 150,000 3.7/4 3-15-04
Fire bonds 150,000 5 7-07
Total General Obligation Bonds $ 791,000
B. Equipment Notes:
Truck and trailer $ 33,700 5.20 12-01
C. Capital Leases:
Communication system $ 7,613 5.73 8-98
Case 580 backhoe 649 6.5 10-97
Case 580 backhoe 764 6.5 10-97
John Deere motor grader 5,331 6.1 1-98
1993 Ford pickup 1,168 6.5 1-98
Caterpillar wheel loader 936F 40,859 6 5-00
IBM computer 17,232 6.13 6-98

1993 GMC Jimmy 2,069 6.25 5-98
Olathe brushclipper - 1/2 interest (District 3) 1,820 6.25 4-98
Olathe brushclipper - 1/2 interest (District 4) 1,819 6.25 4-98
Minolta copier 3,846 6 1-00
Garbage truck 6,130 6 10-99
Ford 66105 tractor 8,107 5.5 8-99
Copier 148 4.26 12-97
1996 Ford Crown Victoria 11,168 5.95 2-01
Fire truck 18,489 5.75 11-00
1996 Chevrolet dump truck 25,598 5.1 5-01
1996 Ford truck 14,950 5.1 2-01
Case backhoe 34,845 5.75 12-00
1996 Chevrolet dump truck 25,598 5.1 5-01
1996 Ford truck 14,950 5.1 2-01
1996 Chevrolet dump truck 25,598 5.1 5-01
Ford F 350 pickup 20,361 4.5 8-02
Ford F 350 pickup 23,160 4.5 6-02
Broom sweeper 19,925 5.4 10-01
Total Capital Leases $ 332,197
YALOBUSHA COUNTY
Notes to Financial Statements
For the Year Ended September 30, 1997
19
Annual debt service requirements to maturity for the following debt reported in the General Long-term Debt Account
Group are as follows:
Year Ending September 30 Bonds Notes Total
1998 $ 160,839 7,667 168,506
1999 163,939 8,142 172,081
2000 158,509 7,791 166,300
2001 150,884 7,441 158,325

2002 89,050 7,091 96,141
Later years 239,318 239,318
Total 962,539 38,132 1,000,671
Less: Amounts representing interest 171,539 4,432 175,971
Total at Present Value $ 791,000 33,700 824,700
Legal Debt Margin - The amount of general obligation bonded debt that can be incurred by the county is limited by state
statute. Total outstanding general obligation bonded debt during a year can be no greater than 15% of assessed value of
the taxable property within the county, according to the then last completed assessment for taxation. However, the
limitation is increased to 20% whenever a county issues bonds to repair or replace washed out or collapsed bridges on
the public roads of the county. As of September 30, 1997, the amount of outstanding general obligation bonded debt
was equal to 2.18% of the latest property assessments.
The following changes occurred in liabilities reported at year end:
Balance Balance
Styling Oct. 1, 1996 Additions Reductions Adjustments Sept. 30, 1997
General Long-term Debt Account Group:
Claims and judgments $ 11,176 482,148 474,985 18,339
General obligation bonds 749,000 150,000 108,000 791,000
Equipment notes 33,700 33,700
Capital leases 414,612 67,348 142,419 (7,344) 332,197
Other loans 299,176 299,176
Total $ 1,473,964 733,196 1,024,580 (7,344) 1,175,236
The adjustment is to correct a prior year error.
YALOBUSHA COUNTY
Notes to Financial Statements
For the Year Ended September 30, 1997
20
(9) Contingencies.
Federal Grants - The county has received federal grants for specific purposes that are subject to audit by the grantor
agencies. Entitlements to these resources are generally conditional upon compliance with the terms and conditions of
grant agreements and applicable federal regulations, including the expenditure of resources for allowable purposes. Any

disallowance resulting from a grantor audit may become a liability of the county. No provision for any liability that may
result has been recognized in the county's financial statements.
Litigation - The county is party to legal proceedings, many of which occur in the normal course of governmental
operations. It is not possible at the present time to estimate ultimate outcome or liability, if any, of the county with
respect to the various proceedings. However, the county's legal counsel believes that ultimate liability resulting from
these lawsuits will not have a material adverse effect on the financial condition of the county.
General Obligation Debt Contingencies - The county issues general obligation bonds to provide funds for constructing
and improving capital facilities of the Yalobusha General Hospital. Such debt is being retired from pledged resources of
these entities, and therefore, is reported as a liability of those entities. However, because general obligation bonds are
backed by the full faith, credit and taxing power of the county, the county remains contingently liable for its retirement.
The principal amount of such debt outstanding at year end is as follows:
Balance at
Styling September 30, 1997
General obligation hospital bonds $ 1,960,000
(10) Related Organization.
The Board of Supervisors is responsible for appointing a voting majority of the members of the board of the Yalobusha
County Water & Sewer District, but the county=s accountability for this organization does not extend beyond making the
appointments. During the year, the county did not appropriate to this organization.
(11) Jointly Governed Organizations.
The county participates in the following jointly governed organizations:
Communicare operates in a district composed of the Counties of Calhoun, DeSoto, Lafayette, Marshall, Panola, Tate and
Yalobusha. The Yalobusha County Board of Supervisors appoints one of the seven members of the board of
commissioners. The county appropriated approximately $15,435 for support of the district in fiscal
year 1997.
North Central Planning and Development District operates in a district composed of the Counties of Attala, Carroll,
Grenada, Holmes, Leflore, Montgomery and Yalobusha. The Yalobusha County Board of Supervisors appoints four of
the 28 members of the board of directors. The county appropriated approximately $27,974 for support of the
district in fiscal year 1997.
Northwest Mississippi Community College operates in a district composed of the Counties of Benton, Calhoun, DeSoto,
Lafayette, Marshall, Panola, Quitman, Tallahatchie, Tate, Tunica and Yalobusha. The Yalobusha County Board of

Supervisors appoints two of the 23 members of the college board of trustees. The county appropriated approximately
$82,014 for maintenance and support of the college in fiscal year 1997.
YALOBUSHA COUNTY
Notes to Financial Statements
For the Year Ended September 30, 1997
21
(12) Defined Benefit Pension Plan.
Plan Description. Yalobusha County, Mississippi, contributes to the Public Employees' Retirement System of
Mississippi (PERS), a cost-sharing, multiple-employer, defined benefit pension plan. PERS provides retirement and
disability benefits, annual cost-of-living adjustments and death benefits to plan members and beneficiaries. Benefit
provisions are established by state law and may be amended only by the State of Mississippi Legislature. PERS issues a
publicly available financial report that includes financial statements and required supplementary information. That
information may be obtained by writing to Public Employees= Retirement System, PERS Building, 429 Mississippi
Street, Jackson, MS 39201-1005 or by calling 1-800-444-PERS.
Funding Policy. PERS members are required to contribute 7.25% of their annual covered salary and the county is
required to contribute at an actuarially determined rate. The current rate is 9.75% of annual covered payroll. The
contribution requirements of PERS members are established and may be amended only by the State of Mississippi
Legislature. The county's contributions (employer share only) to PERS for the years ending September 30, 1997, 1996
and 1995 were $117,875, $118,469 and $108,079, respectively, equal to the required contributions for each year.
(13) Subsequent Events.
Subsequent to September 30, 1997, Yalobusha County issued the following debt obligations:
Issue Interest Issue Type of Source of
Date Rate Amount Financing Financing
4-6-98 5.33 $ 38,598 Lease purchase Park patrol fees
5-1-98 4.65 16,255 Lease purchase 911 fees
5-27-98 4.3 33,076 Lease purchase District 3 road funds
7-22-98 3.9 160,000 Note State aid road funds
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YALOBUSHA COUNTY
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YALOBUSHA COUNTY
SUPPLEMENTAL INFORMATION
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YALOBUSHA COUNTY
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YALOBUSHA COUNTY
Reconciliation of Operating Costs of Solid Waste
For the Year Ended September 30, 1997
Operating Expenditures - Cash Basis:
Salaries $ 18,278
Expendable Commodities:
Gasoline and petroleum products 984
Repair parts 1,806
Tires and tubes 1,604
Office supplies 1,200
Garbage collection service 126,131
Transfer station fees 11,654
Tire recycling services 1,054
Postage 2,772
Utilities 1,241
Fidelity bonds 300
Contract labor 855
State Tax Commission fees 676
Freight 154
Advertising 30
Solid Waste Cash Basis - Operating Expenditures: 168,739
Full Cost Expenses:
Indirect administrative costs 4,158

Solid Waste Full Cost - Operating Expenses $ 172,897
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YALOBUSHA COUNTY
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