C.A.F.R., FY 2005-06 - Laserfiche WebLink

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The financial statements have been prepared in accordance with generally accepted accounting principles as prescribed by the Governmental Accounting Standards Board (GASB). This Comprehensive Annual financial Report consists of five parts: 1. The Introductory Section includes an organizational chart, list of elected and appointed officials, and this transmittal letter, which highlights significant aspects of the fmancial operations during the year and particular issues faced by the City. 2. The Financial Section includes the independent auditors' report, management's discussion and analysis, financial statements and related notes, and supplemental financial data. 3. The Statistical Section includes several tables of unaudited data depicting the financial history of the City, as well as demographic information of other governmental units overlapping the City and other miscellaneous statistics. 4. The Continuing Disclosure Information Section contains nineteen tables of fmancial information required by the United States Securities and Exchange Commission Rule l5c2-12. These tables provide investors with updated information on all municipal bond issues sold after July 3, 1995. 5. The Overall Compliance, Internal Controls, and Federal Awards and State Awards Section contains a schedule of expenditures of federal awards, as well as auditors' reports and other information. The Notes to the Financial Statements are provided in the Financial Section and are considered essential to fair presentation and adequate disclosure for this [mancial report. The notes include the Summary of Significant Accounting Policies for the City and other necessary disclosures of important matters relating to the fmancial position of the City. The notes are treated as an integral part of the fmancial statements and should be read in conjunction with them. General Information Regarding the City and Surrounding County The City of Paris is the county seat and principal commercial center of Lamar County and is located at the intersection of United States Highways 271 and 82, approximately 100 miles northeast of Dallas near the Red River. The City is served by 7 banks. The City's 2000 census is 25,898 an increase of 4.85% from the 1990 census of24,699. Lamar County (the County) is located in northeast Texas and borders the State of Oklahoma. The County, which is situated between the Red River and the Sulphur River, is traversed by United States Highways 271 and 82, State Highways 19 and 24, and 32 farm-to-market roads. The County's 2000 census is 48,499, an increase of7.77% over the 1990 census of 45,000. The City is a regional medical center serving patients in Northeast Texas and Southeast Oklahoma. Founded in 1911 as St. Joseph's Hospital, Paris Regional Medical Center is a 364 bed medical center. It is part of the Essent Health System. Both the north and south campuses operate fitness centers that offer a wide range of exercise programs and equipment. It compliments the City's 130 doctors and 21 dentists that provide a wide range of general and special medical services. The City provides utilities through its 36 MGD water plant and 7.25 MGD wastewater plant. Electric power is supplied to Paris by TXU Electric's interconnected transmission system. It has a generating capacity of 22,808,000 KW. The supply of electric power is adequate to meet the requirements of any commercial or industrial demand. Atmos Energy provides natural gas for residential, commercial, and industrial users. Atmos Energy is the largest provider of pure natural gas in America. It provides service to over three million customers in 12 states. There are 3 transmission lines serving the City with a line pressure of300 pounds per square inch. Telephone service is provided by AT&T. 1-2