TOWN OF OCEAN CITY, MARYLAND COMPREHENSIVE …

[Pages:151]TOWN OF OCEAN CITY, MARYLAND COMPREHENSIVE ANNUAL FINANCIAL REPORT

FOR THE FISCAL YEAR ENDED JUNE 30, 2018

(cover photo by Chris Parypa)

After a rainfall, Ocean City's iconic boardwalk ferris wheel stands tall above its surroundings as the sun rises, giving way to a sunny day.

Note: the picture is used courtesy of the photographer and cannot be reproduced for any reason. Please visit the photographer's webpage:

(facing page) Ocean City Police Department's Mounted Unit pose during the Open House at the Bay Point Equestrian Center in Ocean Pines hosted by the Ocean City Police Department. L to R: Corporal Charles "Chip" Green riding Benson; PFC Jessica Johnson riding Scout; Officer Corwin "Corey" Vincent riding Tucker; and PFC Joseph Laughlin riding Trevor.

Town of Ocean City, Maryland

Comprehensive Annual Financial Report

For the Fiscal Year Ended June 30, 2018

Prepared by: Finance Department

Douglas R. Miller

City Manager

Charles Bireley, CPA

Finance Director

Town of Ocean City, Maryland Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2018

TABLE OF CONTENTS

Page INTRODUCTORY SECTION

Letter of Transmittal ..................................................................................................................1 GFOA Certificate of Achievement ............................................................................................8 Organizational Chart ..................................................................................................................9 List of Principal Officials and Directors ..................................................................................10

FINANCIAL SECTION Report of Independent Public Accountants .............................................................................12 Management's Discussion and Analysis..................................................................................15 Basic Financial Statements: Government-wide Financial Statements: Statement of Net Position ............................................................................................33 Statement of Activities.................................................................................................34 Fund Financial Statements: Balance Sheet ? Governmental Funds .........................................................................36 Statement of Revenues, Expenditures, and Changes in Fund Balances ? Governmental Funds ..................................................................37 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities .................38 Statement of Revenues, Expenditures, and Changes in Fund Balances ? Budget and Actual ? General Fund ............................................39 Statement of Net Position ? Proprietary Funds............................................................40 Statement of Revenues, Expenses, and Changes in Fund Net Position ? Proprietary Funds..................................................................42 Statement of Cash Flows ? Proprietary Funds .............................................................44 Statement of Net Position ? Fiduciary Funds ..............................................................48 Statement of Changes in Net Position ? Fiduciary Funds............................................49 Notes to the Financial Statements ......................................................................................50 Required Supplementary Information: Pension Trust Funds: Schedule of Changes in Net Pension Liability and Related Ratios ? General Employees Pension Plan ..........................................................................86 Schedule of Changes in Net Pension Liability and Related Ratios ? Public Safety Employees Pension Plan..................................................................88 Schedule of Employer Contributions ? General Employees Pension Plan...........................................................................................................90 Schedule of Employer Contributions ? Public Safety Employees

Pension Plan...........................................................................................................92

Other Post-Employment Benefits (OPEB) Trust Fund:

Schedule of Changes in Net Other Post-Employment Benefits

Liability and Related Ratios...................................................................................95

Schedule of Employer Contributions ? Other Post-Employment

Benefits Trust .........................................................................................................96

Page Combining and Individual Fund Statements and Schedules:

Combining Statement of Net Position ? Nonmajor Enterprise Funds .............................100 Combining Statement of Revenues, Expenses, and Changes in

Fund Net Position ? Nonmajor Enterprise Funds ......................................................101 Combining Statement of Cash Flows ? Nonmajor Enterprise Funds ..............................102 Combining Statement of Net Position ? Internal Service Funds .....................................106 Combining Statement of Revenues, Expenses, and Changes in

Fund Net Position ? Internal Service Funds ..............................................................107 Combining Statement of Cash Flows ? Internal Service Funds ......................................108 Combining Statement of Net Position ? Fiduciary Funds ? Pension Trust Funds ..........114 Combining Statement of Changes in

Fiduciary Net Position ? Pension Trust Funds...........................................................115

STATISTICAL SECTION Financial Trends: Net Position by Component .............................................................................................118 Changes in Net Position...................................................................................................120 Fund Balances of Governmental Funds ...........................................................................124 Changes in Fund Balances of Governmental Funds ........................................................126 Revenue Capacity: Tax Revenues by Source, Governmental Funds ..............................................................128 Assessed Value and Estimated Actual Values of Taxable Property ................................129 Property Tax Levies and Collections ...............................................................................130 Principal Property Taxpayers ...........................................................................................131 Property Tax Rates ? Direct and Overlapping Governments...........................................132 Debt Capacity: Ratios of Outstanding Debt by Type................................................................................133 Ratios of General Obligation Bonds Outstanding............................................................134 Direct and Overlapping Governmental Activities Debt...................................................135 Legal Debt Margin Calculation........................................................................................136

Schedule of Legal Debt Margin .......................................................................................136

Demographic and Economic Information:

Demographic and Economic Statistics ............................................................................137

Principal Employers .........................................................................................................138

Operating Information:

Full-Time Government Employees by Function/Program ...............................................139

Operating Indicators by Function/Program ......................................................................140

Capital Asset Statistics by Function/Program..................................................................142

INTRODUCTORY SECTION

LOCATION MAP LETTER OF TRANSMITTAL GFOA CERTIFICATE OF ACHIEVEMENT ORGANIZATIONAL CHART LIST OF PRINCIPAL OFFICIALS AND DIRECTORS

Location Map

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