COMPREHENSIVE ANNUAL FINANCIAL REPORT LAPEER …

COMPREHENSIVE ANNUAL FINANCIAL REPORT LAPEER COUNTY, MICHIGAN

FOR THE YEAR ENDED DECEMBER 31, 2017

BOARD OF COMMISSIONERS Gary Roy, Chairperson Cheryl Clark, Vice Chairperson Dyle Henning Lenny Schneider Rick Warren Linda M. Jarvis C. Ian Kempf

ISSUED BY: COUNTY ADMINISTRATION OFFICE John Biscoe, County Controller/Administrator Craig D. Horton, Chief Financial Officer

LAPEER COUNTY, MICHIGAN

TABLE OF CONTENTS DECEMBER 31, 2017

Page Number

SECTION ONE: INTRODUCTORY SECTION

Letter of Transmittal

i

GFOA Certificate of Achievement

x

Organizational Chart

xi

List of Elected and Appointed Officials

xiii

SECTION TWO: FINANCIAL SECTION

Independent Auditor's Report

1

Management's Discussion and Analysis

4

Basic Financial Statements:

Government-Wide Financial Statements:

Statement of Net Position

13

Statement of Activities

14

Fund Financial Statements:

Balance Sheet - Governmental Funds

16

Reconciliation of the Balance Sheet for Governmental Funds

to the Statement of Net Position

17

Statement of Revenues, Expenditures, and Changes in Fund

Balances - Governmental Funds

18

Reconciliation of the Statement of Revenues, Expenditures,

and Changes in Fund Balances for Governmental Funds

to the Statement of Activities

19

Statement of Net Position - Proprietary Funds

20

Statement of Revenues, Expenses, and Changes in Net

Position - Proprietary Funds

22

Statement of Cash Flows - Proprietary Funds

23

Statement of Fiduciary Net Position - Fiduciary Funds

25

Statement of Changes in Fiduciary Net Position - Retiree Health Care Fund

25

Component Units:

Combining Statement of Net Position - Discretely Presented Component Units

26

Combining Statement of Activities - Discretely Presented Component Units

27

Notes to the Basic Financial Statements

28

LAPEER COUNTY, MICHIGAN

TABLE OF CONTENTS DECEMBER 31, 2017

Required Supplementary Information: Budgetary Comparison Information: Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual General Fund Community Mental Health

Pension System Schedules: Schedule of Changes in Net Pension Liability and Related Ratios Schedule of County Contributions

Supplementary Information: General Fund: Combining Balance Sheet Schedule Combining Schedule of Revenues, Expenditures, and Changes in Fund Balance Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - GAAP Basis Components

Combining and Individual Fund Statements and Schedules: Nonmajor Governmental Funds Combining Balance Sheet Combining Statement of Revenues, Expenditures, and Changes in Fund Balances Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual

Internal Service Funds Combining Statement of Net Position Combining Statement of Revenues, Expenses, and Changes in Net Position Combining Statement of Cash Flows

Fiduciary Funds Agency Funds Combining Statement of Assets and Liabilities Combining Statement of Changes in Assets and Liabilities

Capital Assets Used in the Operation of Governmental Funds: Schedule of Changes in Capital Assets Schedule of Capital Assets by Function and Activity Schedule of Changes in Capital Assets by Function and Activity

Discretely Presented Component Units: Board of Public Works - Governmental Fund Types Combining Balance Sheet Reconciliation of the Balance Sheet to the Statement of Net Position Combining Statement of Revenues, Expenditures, and Changes in Fund Balances Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances to the Statement of Activities

Page Number

74 77

78 79

80 82 84

85 91 97

111 113 115

117 119

121 122 123

124 126 127 129

LAPEER COUNTY, MICHIGAN

TABLE OF CONTENTS DECEMBER 31, 2017

Supplementary Information: - (cont'd) Discretely Presented Component Units - (cont'd): Drainage Districts - Governmental Fund Types Combining Balance Sheet Reconciliation of the Balance Sheet to the Statement of Net Position Combining Statement of Revenues, Expenditures, and Changes in Fund Balances Reconciliation of the Statement of Revenues, Expenditures, and Changes in fund Balance to the Statement of Activities Proprietary Fund Statement of Net Position Statement of Revenues, Expenses, and Changes in Net Position Statement of Cash Flows

SECTION THREE: STATISTICAL SECTION

Financial Trends Information: Government-Wide Net Position by Component Government-Wide Changes in Net Position Fund Balances of Governmental Funds Changes in Fund Balance of Governmental Funds General Fund Changes in Fund Balances

Revenue Capacity Information: Assessed Value and Estimated Actual Value of Taxable Property Property Rates Direct and Overlapping Governments Principal Property Taxpayers Property Tax Levies and Collections - All Taxing Units Property Tax Levies and Collections - County Operating Levy Drain Special Assessment Levies and Collections

Debt Capacity: Ratios of Net General Bonded Debt Outstanding Computation of Direct and Overlapping Long-term Bonded Debt Legal Debt Margin Information

Demographic and Economic Information: Demographic and Economic Statistics Principal Employers

Operating Information: Full-Time Equivalent County Government Employee Positions by Function Operating Indicators by Function Capital Asset Statistics by Function

Miscellaneous Statistics: Description of Insurance Coverage in Force Other Statistics

Page Number

130 132

133

135

136 136 137

S-1 S-2 S-4 S-5 S-6

S-7 S-8 S-10 S-11 S-12 S-13

S-14 S-15 S-16

S-17 S-18

S-20 S-21 S-27

S-28 S-29

Lapeer County Administration Office

255 Clay Street, Suite 301 Lapeer, Michigan 48446

MI CHI GAN'S OLDEST COURTHOUSE

June 20, 2018

phone 810 area code 667-0366

667-0369 FAX



To the Board of Commissioners and Citizens of Lapeer County:

The Comprehensive Annual Financial Report (CAFR) of the County of Lapeer, Michigan, for the year ended December 31, 2017, is submitted herewith. The administration of Lapeer County is responsible for both the accuracy of the data, and the completeness and fairness of the presentation, including all disclosures. To the best of our knowledge and belief, the enclosed data is accurate in all material respects and is reported in a manner designed to present fairly the financial position and results of operations of the various funds and the County as a whole. The report is prepared for the purpose of disclosing the County's financial condition to our community, elected officials, and other interested parties. A comprehensive framework of internal control to provide a reasonable basis for asserting that the financial statements are fairly presented has been established. Since the cost of internal control should not exceed the anticipated benefits, the objective is to provide reasonable, rather than absolute, assurance that the financial statements are free of any material misstatements.

The financial statements have been prepared in compliance with applicable statutes of the State of Michigan and generally accepted accounting principles (GAAP) as stated in the Government Accounting Standards Board's (GASB) Statements and Interpretations. This CAFR is issued pursuant to the requirements of the GASB. Readers of this report will notice a Statement of Net Position and a Statement of Activities are included. These statements present the financial position of Lapeer County viewed in their entirety. GAAP requires that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of Management's Discussion and Analysis (MD& A). This letter of transmittal is designed to augment the MD& A and should be read in conjunction with it. The MD& A can be found following the report of the independent auditors.

Lapeer County's financial statements have been audited by Stewart, Beauvais & Whipple PC, a firm of licensed certified public accountants. The goal of the independent audit is to provide reasonable assurance that the financial statements of Lapeer County, for the ending fiscal year are free of material misstatement. The independent audit involved examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; assessing the accounting principles used and significant estimates made by management; and evaluating the overall financial statement presentation. The independent auditor concluded, based upon the audit, that there was reasonable basis for rendering an unmodified opinion that Lapeer County's financial statements for the year ended December 31, 2017, are fairly presented in conformity with GAAP. The independent auditor's report is presented as the first component of the financial section of this report.

i

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download