BRENDELW. DEEMER, CPA brendeideemer@aol.com

CPA 6? CONSULTING SERVICES. LLC

LAKE CARMEL SUBDIVISION IMPROVEMENT DISTRICT

Accountant's Compilation Report With General Purpose Financial Statements

For The Year Ended December 31, 2015

Deemer CPA and Consulting Services, LLC

P.O. Box 870847 • New Orleans, Louisiana 70187 • 504.401.9581 • Fax 504.245.5886

LAKE CARMEL SUBDIVISION IMPROVEMENT DISTRICT Table of Contents

Page

Accountant's Compilation Rq)ort 1

Balance Sheet Governmental Fund Type-General Fund 2

Statement of Revenues, Expenditures and Changes in Fund Balance Governmental Fund Type-General Fund 3

Statement of Revenue, Expenditures and Changes in Ftmd Balance Budget and Actual Governmental Fund Type-General Fund 4

Selected Information-Substantially All Disclosures Required By Generally Accepted Accounting Principles -Are Not Included 5-6

Report Observations 7

Update of Prior Year Report Observations 8

Schedule of Compensation, Benefits, And Other payments To Agency Head and Officers 9

DEEMER CPA & CONSULTING

SERVICES, LLC

BRENDEL W. DEEMER, CPA brendeldeemer@aolcom

Accountant's Compiiation Report

To the Board of Director's of Lake Carinel Subdivision Improvement District

Management is responsible for the accompanying financial statements of Lake Carmel Subdivision Improvement District, which comprise the balance sheet as of December 31, 2015, and the related statement of revenues, expenditures and changes in fund balance and statement of revenues, expenditures and changes in fund balance-budget to actual for the year then ended and the related selected information to the financial statements in accordance with accounting principles generally accepted in the United States of America. I have performed a compilation engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accoimting and Review Services Committee of the AICPA. I did not audit or review the financial statements nor was I required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, I do not express an opinion, a conclusion, nor provide any form of assurance on these financial statements.

Management has elected to omit substantially all of the disclosures required by generally accepted accounting principles. If the omitted disclosures were included in the financial statements, they might influence the user's conclusions about the organization's financial position and results of operations. Furthermore, LCSID did not adopt the provisions of Governmental Accounting Standards Board Statement No. 34 for the year ended December 31, 2015. The effects of this departure firom generally accepted accounting principles has not been determined. Accordingly, these financial statements are not designed for those who are not informed about such matters.

Deemer CPA and Consulting Services, LLC New Orleans, Louisiana April 26, 2016

iM^

P.O. Box 870847 • New Orleans, Louisiana 70187 • 504.401.9581 • Fax 504.245.5886

Lake Carmel Subdivision Improvement District

Lake Carmel Subidvlslon Improvement District Balance Sheet

Governmental Fund Type General Fund

As of December 31,2015

Assets

Cash $ 30,667 Funds Available-City of New Orleans 59,322

Total Assets $ 89,989

Liabilities and Fund Balance

Accounts Payable _$ 955

Total Current Liabilities 955

Fund Balance

Unreserved-undesignated 89,034

Total Liabilities and Fund Balance $ 89,989

See Accompanying Notes and Independent Accountants' Compilation Report

2

Lake Carmel Subidvision Improvement District Statement of Revenues, Expenditures and

Changes in Fund Balance-Governmental Fund Type General Fund

For the Year Ended December 31,2015

Revenue

Parcel Fees $ 70,000 Interest Income 236

Total Revenue 70,236

Expenditures

Security Services 64,646 Guard house maintenance & utilities 974 Landscaping 5,143 Committee Events 1,852 Professional Fees 4,579 Postage and Miscellaneous 444

Total Expenses 77,538

Excess of revenues over expenditures (7,302)

Fund balance at beginning of year 96,336

Fund balance at end of year $ 89,034

See Accompanying Notes and Independent Accountants' Compilation Report.

3

Lake Carmel Subidvision Improvement District Statement of Revenues, Expenditures and

Changes in Fund Balance - Budget and Actual Governmental Fund Type-General Fund For the Year Ended December 31,2015

Revenue

Parcel Fees Interest Income

Total Revenue

Expenditures

Security Services Committee Events Guard house maintenance & utilities Landscaping Professional Fees Insurance Taxes and Fees Postage and Miscellaneous

Total Expenses

Excess of revenues over expenditures

Fund balance at beginning of year

Fund balance at end of year

Budget

$ 82,913 0

82,913

62,513 1,250 3,300 4,350 3,500 1,000 6,200

800

82,913

0

87,162

$ 87,162

Actual

$ 70,000 236

70,236

64,546 1,852

974 5,143 4,579

0 0

444

77,538

(7,302)

96,336

$ 89,034

Variance Fav(Unfav)

$ (12,913) 236

(12,677)

(2,033) (602) 2,326 (793)

(1,079) 1,000 6.200 356

5,375

(7.302)

0_

$ (7,302)

See Accompanying Notes and Independent Accountants' Compilation Report.

4

Lake Carmel Subdivision Improvement District Selected Information-Substantially All Disclosures Required by

Generally Accepted Accounting Principles Are Not Included For the Year Ended December 31.2015

Note 1 - Nature of Activities and Summary of Significant Accounting Policies

General

The Lake Carmel Subdivision Improvement District (LCSID) was created by the Louisiana Legislature under Louisiana Revised Statute 33:9071 in Orleans Parish. The purpose of LCSID is for "promoting and encouraging beautification, security and overall betterment of the Lake Carmel Subdivision". A nine-member board of commissioners manages LCSID, while its principal financing source is parcel fees levied on all taxable real property within the district, by the City of New Orleans.

Basis of Accounting

LCSID prepares its financial statements on the modified accrual basis of accounting, whereby revenues are recognized when they become measurable and available. Expenses are recognized when incurred.

Fund Accounting

LCSID uses a governmental fund through which most governmental functions are typically financed. LCSID utilizes a general fund as its operating fund, and accounts for all financial resources except those required to be accounted for in the General Fixed Asset Account Group.

Budgetary Data

The LCSID board of commissioners are required to adopt an annual budget in accordance with the Local Government Budget Act, R.S. 39:1301. The budget and any amendments are subject to the approval of the New Orleans City Council.

Cash and Cash Equivalents

Cash includes amounts on hand and in demand deposits held by banks or other financial institutions. Cash equivalents include short term investments with original maturities of 90 days or less.

At December 31, 2015, LCSID had cash and cash equivalents (book balances) totaling $30,667.00.

Note 2 - Funds Available-City of New Orleans

Parcel fees that are levied and collected by the City of New Orleans but have not been drawn down by LCSID are recorded as Funds Available-City of New Orleans. The balance of funds held by the City of New Orleans on behalf of LCSID as of December 31,2015 totaled $59,322.00.

Lake Carmel Subdivision Improvement District Report Observations-Current Year

For the Year Ended December 31,2015

There were no current year report observations.

Lake Carmel Subdivision Improvement District Report Observations-Update Prior Year For the Year Ended December 31,2015

There were no prior year report observations.

LAKE CARMEL SUBDIVSION IMPROVEMENT DISTRICT (LCSID)

Officers Reimbursements 2015

Brenda Jackson President $69.60 01/07/15 P.O. Box rental fee/stamps

Brenda Jackson President $22.91 03/02/15 Plant &. Sympathy card

Brenda Jackson

Brenda Jackson

President

President

$96.88

$29.40

08/22/15

08/25/15

Supplies for lOYear Katrina Anniversary Stamps

Ronald Walker Vice Pres. $26.48 01/19/15 Flood light Replacement

Ronald Walker Vice Pres. $109.99 09/09/15 Custom Flag

Bertrand Brlchham Commiss. $174.28 10/13/15 Items bought for for Night out Against Crime