City of Baltimore Maryland

City of Baltimore Maryland

Comprehensive Annual Financial Report Year Ended June 30, 2017

City of Baltimore, Maryland

Comprehensive Annual Financial Report Year Ended June 30, 2017

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 Zeke Cohen

SECOND DISTRICT Brandon M. Scott

THIRD DISTRICT Ryan Dorsey

FOURTH DISTRICT Bill Henry

FIFTH DISTRICT Isaac "Yitzy" Schleifer

SIXTH DISTRICT Sharon Green Middleton SEVENTH DISTRICT

Leon F. Pinkett, III

EIGHTH DISTRICT Kristerfer Burnett NINTH DISTRICT John. T Bullock TENTH DISTRICT Edward Reisinger

ELEVENTH DISTRICT Eric T. Costello

TWELFTH DISTRICT Robert Stokes, Sr.

THIRTEENTH DISTRICT Shannon Sneed

FOURTEENTH DISTRICT Mary Pat Clarke

II

City of Baltimore Comprehensive Annual Financial Report

Year Ended June 30, 2017

TABLE OF CONTENTS

INTRODUCTORY SECTION (UNAUDITED)

Page

Title Page ......................................................................................................................................................................... I Elected Officials..........................................................................................................................................................................................II Table of Contents ............................................................................................................................................................ III Letter of Transmittal ...............................................................................................................................................................VII Municipal Organization Chart ............................................................................................................................................... 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 ..................................................................................................................................17 Statement of Activities ......................................................................................................................................18

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

Index to the Notes to Basic Financial Statements ..........................................................................................................27 Notes to the Basic Financial Statements ....................................................................................................................28

Required Supplementary Information Schedule of Revenues, Expenditures and Encumbrances, and Changes in Fund Balances ? Budget and Actual - Budgetary Basis - General Fund ................................................................................................. 88 Schedule of the City's Proportionate Share of Net Pension Liability ERS Plan..........................................................89 Schedule of Employer Contributions - ERS Plan.......................................................................................................89 Schedule of the City's Proportionate Share of Net Pension Liability Maryland State Retirement and Pension System ? LEOPS ..................................................................................................................................... 89 Schedule of Employer Contributions Maryland State Retirement and Pension System-LEOPS.................................89 Schedule of the City's Proportionate Share of Net Pension Liability Maryland State Retirement and Pension System ? ERPS.................................................................................................................................90 Schedule of Employer Contributions Maryland State Retirement and Pension System-ERPS ...................................90 Schedule of the City's Proportionate Share of Net Pension Liability Maryland State Retirement and Pension System ? JRS .......................................................................................................................................... 90 Schedule of Employer Contributions Maryland State Retirement and Pension System-JRS ......................................90

III

Page Schedule of Changes in Net Pension Liability (Assets) and Related Ratios -

Fire and Police Employees' Retirement System - Single Employer Plan......................................................................91 Schedule of Changes in Net Pension Liability (Assets) and Related Ratios -

Elected Officials' Retirement System - Single Employer Plan .....................................................................................91 Schedule of Employer Contributions - Single Employer Plans ..................................................................................92 Schedule of Funding Progress - OPEB Trust Funds...................................................................................................93 Schedule of Employer Contributions - OPEB Trust Funds ........................................................................................93 Schedule of Changes in the Net OPEB Liabilities and Related Ratios .......................................................................94 Schedule of Net OPEB Liability History ...................................................................................................................94 Notes to the Required Supplementary Information .........................................................................................................95 Combining and Individual Fund Statements and Schedule: Combining Balance Sheet - Nonmajor Governmental Funds ...................................................................................100 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances -

Nonmajor Governmental Funds .................................................................................................................................101 Combining Statement of Net Position - Nonmajor Proprietary Funds......................................................................104 Combining Statement of Revenues, Expenditures, and Changes in Net Position -

Nonmajor Proprietary Funds ......................................................................................................................................105 Combining Statement of Cash Flows - Nonmajor Proprietary Funds .......................................................................106 Combining Statement in Net Position - Internal Service Funds ...............................................................................108 Combining Statement of Revenues, Expenses, and Changes in Fund Net Position -

Internal Service Funds................................................................................................................................................109 Combining Statement in Cash Flows - Internal Service Funds ................................................................................110 Combining Statement of Fiduciary Net Position - Pension Trust Funds ..................................................................113 Combining Statement of Changes in Fiduciary Net Position - Pension Trust Funds ................................................114 Combining Statement of Assets and Liabilities - Agency Funds..............................................................................115 Combining Statement of Changes in Assets and Liabilities - Agency Funds ...........................................................116

STATISTICAL SECTION (UNAUDITED)

Financial Trends ...........................................................................................................................................................122 Net Position by Component, Last Ten Fiscal Years ...................................................................................................124 Changes in Net Position, Last Ten Fiscal Years.........................................................................................................126 Fund Balances, Governmental Funds, Last Ten Fiscal Years.....................................................................................126 Changes in Fund Balances, Governmental Funds, Last Ten Fiscal Years ..................................................................127

Revenue Capacity.........................................................................................................................................................128 Property Tax Levies and Collections, Last Ten Fiscal Years .....................................................................................130 Assessed and Estimated Actual Value of Taxable Property, Last Ten Fiscal Years ...................................................130 Direct and Overlapping Property Tax Rates, Last Ten Fiscal Years...........................................................................131 Principal Property Taxpayers, Current Year and Nine Years Ago .............................................................................131

Debt Capacity...............................................................................................................................................................132 Ratios of Outstanding Debt by Type, Primary Government, Last Ten Fiscal Years...................................................134 Ratios of General Bonded Debt Outstanding, Last Ten Fiscal Years .........................................................................135 Direct and Overlapping Governmental Activities Debt..............................................................................................136 Legal Debt Margin Information .................................................................................................................................136 Pledged Revenue Coverage, Last Ten Fiscal Years....................................................................................................136

Demographic and Economic Information .....................................................................................................................138 Demographic and Economic Statistics, Last Ten Calendar Years ..............................................................................140 Principal Employers, Current Year and Nine Years Ago ...........................................................................................141

Operating Information ..................................................................................................................................................142 Full Time Equivalent Employees by Function, Last Ten Years .................................................................................144 Operating Indicators by Function/Program, Last Ten Fiscal Years ............................................................................145 Capital Asset Statistics by Function/Program, Last Ten Fiscal Years ........................................................................146

IV

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