PDF City of Baltimore Maryland

City of Baltimore

Maryland

Comprehensive Annual Financial Report

Year Ended June 30, 2018

City of Baltimore, Maryland

Comprehensive Annual Financial Report

Year Ended June 30, 2018

Prepared by the Department of Finance

Henry J. Raymond

Director of Finance

Bureau of Accounting and Payroll Services

Sandra C. Stecker

Bureau Chief

469 City Hall, 100 N. Holliday Street, Baltimore, Maryland 21202

ELECTED OFFICIALS

MAYOR

Catherine E. Pugh

PRESIDENT OF THE CITY COUNCIL

Bernard C. Young

COMPTROLLER

Joan M. Pratt

BOARD OF ESTIMATES

PRESIDENT

Bernard C. Young

MAYOR

Catherine E. Pugh

COMPTROLLER

Joan M. Pratt

DIRECTOR OF PUBLIC WORKS

Rudolph S. Chow

CITY SOLICITOR

Andre M. Davis

CITY COUNCIL

Bernard C. Young, President

Sharon Green Middleton, Vice-President

FIRST DISTRICT

EIGHTH DISTRICT

Zeke Cohen

Kristerfer Burnett

SECOND DISTRICT

NINTH DISTRICT

Brandon M. Scott

John. T Bullock

THIRD DISTRICT

TENTH DISTRICT

Ryan Dorsey

Edward Reisinger

FOURTH DISTRICT

ELEVENTH DISTRICT

Bill Henry

Eric T. Costello

FIFTH DISTRICT

TWELFTH DISTRICT

Isaac "Yitzy" Schleifer

Robert Stokes, Sr.

SIXTH DISTRICT

THIRTEENTH DISTRICT

Sharon Green Middleton

Shannon Sneed

SEVENTH DISTRICT

FOURTEENTH DISTRICT

Leon F. Pinkett, III

Mary Pat Clarke

II

City of Baltimore

Comprehensive Annual Financial Report

Year Ended June 30, 2018

TABLE OF CONTENTS

INTRODUCTORY SECTION (UNAUDITED)

Page

Title Page ......................................................................................................................................................................... I

Elected Officials..........................................................................................................................................................................................II

Table of Contents ............................................................................................................................................................ III

Letter of Transmittal ...............................................................................................................................................................VII

Municipal Organization Chart .............................................................................................................................................. XIX

Certificate of Achievement for Excellent in Financial Reporting ............................................................................................................................ XX

FINANCIAL SECTION

Report of Independent Public Accountants ....................................................................................................................... 1

Management's Discussion and Analysis ............................................................................................................................ 4

Basic Financial Statements:

Government-wide Financial Statements:

Statement of Net Position .................................................................................................................................. 18

Statement of Activities ...................................................................................................................................... 19

Fund Financial Statements:

Balance Sheet - Government Funds .................................................................................................................. 20

Statement of Revenue, Expenditures and Changes in Fund Balances - Governmental Funds ............................ 21

Reconciliation of the Statement of Revenues, Expenditures, and Changes in

Fund Balance of Governmental Funds to the Statement of Activities ................................................................ 22

Statement of Net Position - Proprietary Funds ................................................................................................. 23

Statement of Revenues, Expenses, and Changes in Net Position ¨C Proprietary Funds ...................................... 24

Reconciliation of the Statement of Revenues, Expenditures, and Changes in

Fund Balance of Proprietary Funds to the Statement of Activities .................................................................... 25

Statement of Cash Flows - Proprietary Funds ................................................................................................... 26

Statement of Fiduciary Net Position - Fiduciary Funds ..................................................................................... 27

Statement of Changes in Fiduciary Net Position - Fiduciary Funds................................................................... 28

Index to the Notes to Basic Financial Statements .................................................................................................. 29

Notes to Basic Financial Statements .......................................................................................................................... 30

Required Supplementary Information:

Schedule of Revenues, Expenditures and Encumbrances, and Changes in Fund Balances ¨C

Budget and Actual - Budgetary Basis - General Fund ................................................................................................. 93

Schedule of the City's Proportionate Share of Net Pension Liability ERS Plan.......................................................... 94

Schedule of Employer Contributions - ERS Plan ....................................................................................................... 94

Schedule of the City's Proportionate Share of Net Pension Liability Maryland State Retirement

and Pension System ¨C ERPS ....................................................................................................................................... 95

Schedule of Employer Contributions Maryland State Retirement and Pension System-ERPS ................................... 95

Schedule of the City's Proportionate Share of Net Pension Liability Maryland State Retirement

and Pension System ¨C LEOPS .............................................................................................................................. 95

Schedule of Employer Contributions Maryland State Retirement and Pension System-LEOPS ................................. 95

III

Page

Schedule of Changes in Net Pension Liability (Assets) and Related Ratios Fire and Police Employees' Retirement System - Single Employer Plan...................................................................... 96

Schedule of Changes in Net Pension Liability (Assets) and Related Ratios Elected Officials' Retirement System - Single Employer Plan ..................................................................................... 96

Schedule of Employer Contributions - Single Employer Plans .................................................................................. 97

Schedule of Changes in the Net OPEB Liabilities and Related Ratios ....................................................................... 98

Schedule of the City¡¯s Proportionate Share of the Net OPEB Liability ..................................................................... 98

Notes to the Required Supplementary Information ......................................................................................................... 99

Combining and Individual Fund Statements and Schedule:

Combining Balance Sheet - Nonmajor Governmental Funds ................................................................................... 104

Combining Statement of Revenues, Expenditures, and Changes in Fund Balances Nonmajor Governmental Funds ................................................................................................................................. 105

Combining Statement of Net Position - Nonmajor Proprietary Funds ...................................................................... 108

Combining Statement of Revenues, Expenses, and Changes in Net Position Nonmajor Proprietary Funds ...................................................................................................................................... 109

Combining Statement of Cash Flows - Nonmajor Proprietary Funds ....................................................................... 110

Combining Statement of Fund Net Position - Internal Service Funds ...................................................................... 112

Combining Statement of Revenues, Expenses, and Changes in Fund Net Position Internal Service Funds ................................................................................................................................................ 113

Combining Statement of Cash Flows - Internal Service Funds ................................................................................ 114

Combining Statement of Fiduciary Net Position ¨C Pension and OPEB Trust Funds ................................................ 117

Combining Statement of Changes in Fiduciary Net Position - Pension and OPEBTrust Funds ................................ 118

Combining Statement of Assets and Liabilities - Agency Funds .............................................................................. 119

Combining Statement of Changes in Assets and Liabilities - Agency Funds ........................................................... 120

STATISTICAL SECTION (UNAUDITED)

Financial Trends ........................................................................................................................................................... 125

Net Position by Component, Last Ten Fiscal Years ................................................................................................... 127

Changes in Net Position, Last Ten Fiscal Years ......................................................................................................... 128

Fund Balances, Governmental Funds, Last Ten Fiscal Years ..................................................................................... 129

Changes in Fund Balances, Governmental Funds, Last Ten Fiscal Years .................................................................. 130

Revenue Capacity ......................................................................................................................................................... 131

Property Tax Levies and Collections, Last Ten Fiscal Years ..................................................................................... 133

Assessed and Estimated Actual Value of Taxable Property, Last Ten Fiscal Years ................................................... 133

Direct and Overlapping Property Tax Rates, Last Ten Fiscal Years........................................................................... 134

Principal Property Taxpayers, Current Year and Nine Years Ago ............................................................................. 134

Debt Capacity ............................................................................................................................................................... 135

Ratios of Outstanding Debt by Type, Primary Government, Last Ten Fiscal Years................................................... 137

Ratios of General Bonded Debt Outstanding, Last Ten Fiscal Years ......................................................................... 138

Direct and Overlapping Governmental Activities Debt .............................................................................................. 139

Legal Debt Margin Information ................................................................................................................................. 139

Pledged Revenue Coverage, Last Ten Fiscal Years.................................................................................................... 139

Demographic and Economic Information ..................................................................................................................... 141

Demographic and Economic Statistics, Last Ten Calendar Years .............................................................................. 143

Principal Employers, Current Year and Nine Years Ago ........................................................................................... 144

Operating Information .................................................................................................................................................. 145

Full Time Equivalent Employees by Function, Last Ten Years ................................................................................. 147

Operating Indicators by Function/Program, Last Ten Fiscal Years ............................................................................ 148

Capital Asset Statistics by Function/Program, Last Ten Fiscal Years ........................................................................ 149

IV

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