FPSO reports $25.3M net position

Net position is a key determinate on financial health of an organization over a period of time. 

Additionally, David M. Hartt, West Monroe certified public accountant firm who performed the audit report, listed no internal control issues or instances of noncompliance (findings).

Total assets were some $24.6 million with the largest asset listed under cash and cash equivalents at approximately $19.3 million, according to the audit.

Second largest asset was approximately $3.9 million in depreciable capital assets followed by some $1 million in accounts receivable.

Total liabilities for FPSO numbered some $3.6 million, according to the report.

Net Post Employment Benefit Obligation was listed at approximately $3.2 million and was FPSO’s largest liabilities in governmental activities.

Net Post Employment Benefit Obligation are benefits that state and local governments provide to their retired employees. These benefits principally involve health care benefits, but also may include life insurance, disability, legal and other services.

Meanwhile, FPSO took in a total of some $14.2 million in revenues for fiscal year 2022 which ended June 30.

Largest source of revenues was housing prisoners totaling approximately $9.1 million followed by sales tax collection at some $1.6 million, according to the audit.

FPSO is authorized to collect a one percent sales and use tax within Franklin Parish. The proceeds of the tax, after payment of costs for collecting and administering the tax, are dedicated to constructing, maintaining and operating a jail facility and offices, including the payment of salaries for the operation of the jail facilities.

The tax was approved for an indefinite time period; however, on March 10,1993, the voters approved a referendum changing the indefinite expiration date to June 1, 2010. On July 21, 2007, the voters approved a one-half percent sales and use tax within Franklin Parish. The proceeds of the tax, after payment of costs for collection and administering the tax, are dedicated for general operations. On April 24, 2021, the tax was renewed for the period January 1, 2023 through December 31, 2027. 

Another significant source of revenue was ad valorem tax at approximately $1 million followed by commissions at $722,966 and state supplemental pay at $444,406.

Expenditures for FPSO amounted to some $13.6 million, according to the audit.

Of that amount, the department spent approximately $7.6 million in personnel services and related benefits which was the largest expenditure.

Second largest expenditure was operating services at some $5.2 million followed by capital outlay at $513,216, according to the audit.

The department also spent $278,735 in materials and supplies.

FPSO, at the end of the fiscal year, had a fund balance of some $19.9 million.