Maryland - Baltimore City Department of Finance

City of Baltimore

Maryland

Comprehensive Annual Financial Report Year Ended June 30, 2004

City of Baltimore, Maryland

Comprehensive Annual Financial Report Year Ended June 30, 2004

Prepared by the Department of Finance Peggy J. Watson

Director of Finance Bureau of Accounting and Payroll Services

Michael E. Broache Bureau Chief

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

ELECTED OFFICIALS

MAYOR Martin O'Malley

PRESIDENT OF THE CITY COUNCIL Sheila Dixon

COMPTROLLER Joan M. Pratt

BOARD OF ESTIMATES

PRESIDENT Sheila Dixon

MAYOR Martin O'Malley

COMPTROLLER Joan M. Pratt

DIRECTOR OF PUBLIC WORKS George L. Winfield

CITY SOLICITOR Ralph S. Tyler

CITY COUNCIL

Sheila Dixon, President Stephanie C. Rawlings, Vice-President

FIRST DISTRICT John L. Cain

Nicholas C. D'Adamo, Jr. Lois Garey

FOURTH DISTRICT Keiffer J. Mitchell, Jr.

Catherine E. Pugh Agnes Welch

SECOND DISTRICT Paula Johnson Branch

Pamela V. Carter Bernard C. Young

FIFTH DISTRICT Stephanie Rawlings Blake

Helen Holton Rochelle "Rikki" Spector

THIRD DISTRICT Robert W. Curran Kenneth N. Harris, Sr.

Lisa Joi Stancil

SIXTH DISTRICT Dr. Kwama Osayaba Abayomi

Edward L. Reisinger Melvin L. Stukes

II

City of Baltimore Comprehensive Annual Financial Report

Year Ended June 30, 2004

TABLE OF CONTENTS

Page

INTRODUCTORY SECTION

Title Page . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I Elected Officials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II Table of Contents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . III Letter of Transmittal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . VII Municipal Organization Chart . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . XIX Certificate of Achievement for Excellence in Financial Reporting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . XX

FINANCIAL SECTION

Report of Independent Auditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Management's Discussion and Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Basic Financial Statements:

Government-wide Financial Statements: Statement of Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Statement of Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

Fund Financial Statements: Balance Sheet -- Governmental Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Statement of Revenues, Expenditures, and Changes in Fund Balances -- Governmental Funds . . . . . . . . . . . . . . . . 20 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Statement of Fund Net Assets -- Proprietary Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Statement of Revenues, Expenses, and Changes in Fund Net Assets -- Proprietary Funds . . . . . . . . . . . . . . . . . . . . 23 Statement of Cash Flows -- Proprietary Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Statement of Fiduciary Net Assets -- Fiduciary Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 Statement of Changes in Fiduciary Net Assets -- Pension Trust Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26

Notes to the Basic Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 Required Supplementary Information:

Schedule of Revenues, Expenditures and Encumbrances and Changes in Fund Balance -- Budget and Actual -- Budgetary Basis -- General Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65

Schedule of Revenues, Expenditures and Encumbrances and Changes in Fund Balance -- Budget and Actual -- Budgetary Basis -- Motor Vehicle Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66

Schedule of Funding Progress -- Pension Trust Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67 Notes to the Required Supplementary Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68 Combining and Individual Fund Statements and Schedules: Combining Balance Sheet -- Nonmajor Governmental Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72 Combining Statement of Revenues, Expenditures and Changes in Fund Balances -- Nonmajor Governmental

Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73

III

Page Schedule of Revenues, Expenditures and Encumbrances and Changes in Fund Balance -- Budget and Actual --

Special Racetrack Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74 Combining Statement of Fund Net Assets -- Nonmajor Proprietary Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76 Combining Statement of Revenues, Expenses, and Changes in Fund Net Assets -- Nonmajor Proprietary

Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77 Combining Statement of Cash Flows -- Nonmajor Proprietary Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78 Combining Statement of Fund Net Assets -- Internal Service Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80 Combining Statement of Revenues, Expenses, and Changes in Fund Net Assets -- Internal Service Funds . . . . . . 80 Combining Statement of Cash Flows -- Internal Service Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81 Combining Statement of Fiduciary Net Assets -- Pension Trust Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83 Combining Statement of Changes in Fiduciary Net Assets -- Pension Trust Funds . . . . . . . . . . . . . . . . . . . . . . . . . 84 Combining Statement of Fiduciary Net Assets -- Agency Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85 Combining Statement of Changes in Assets and Liabilities -- Agency Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86

STATISTICAL SECTION

Government-wide information: Government-wide Expenses by Function . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89 Government-wide Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90

Fund Information: General Governmental Revenues by Sources (GAAP Basis) -- Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . 91 General Governmental Expenditures by Function (GAAP Basis) -- Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . 91 Property Tax Levies and Collections -- Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92 Assessed and Estimated Actual Value of Taxable Property -- Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . 92 Property Tax Rates -- Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93 Ratio of Annual Debt Service Expenditures for General Bonded Debt to Total General Expenditures -- Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93 Ratio of Net General Bonded Debt to Assessed Value and Net General Bonded Debt per Capita -- Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94 Revenue Bond Coverage -- Water Utility, Waste Water Utility, Parking Facilities and Convention Center Bonds -- Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95 Computation of Overlapping Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96 Real Property Value, Construction Permits and Bank Deposits -- Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . 96 Principal Taxpayers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96 Demographic and Miscellaneous Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97

IV

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