TOWN OF OCEAN CITY, MARYLAND COMPREHENSIVE …

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

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