The compensation paid to the Mayor for the year end June 30, 2007, is as follows:
Ron LeLeux, Mayor
16) Prior Period Adjustment
Net assets at the beginning of the year have been adjusted to correct errors made in prior years. The errors had no effect on net income for the year ended June 30., 2007. The majority of the adjustments were to correct construction in progress, accumulated depreciation and prepaid expenses.
17) Future Commitment
The City is in the process of constructing a new wastewater plant. The project is expected to be completed duringthe year end June 30,2008. The total estimated cost for this project is $28,557,008. A total of $26,810,391 has been incurred on the construction of the new plant through June 30,2007.