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 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, 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 ? 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 ?
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 ? 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 ? 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 ? 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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