CITY OF TALLAHASSEE, FLORIDA

[Pages:190]CITY OF TALLAHASSEE, FLORIDA

COMPREHENSIVE ANNUAL FINANCIAL REPORT

For The Fiscal Year Ended September 30, 2010

PREPARED BY: Department of Management and Administration

Accounting Services Division

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CITY OF TALLAHASSEE, FLORIDA

CITY COMMISSION

JOHN MARKS, Mayor

MARK MUSTIAN, Pro Tem DEBBIE LIGHTSEY, Commissioner

ANDREW GILLUM, Commissioner GIL ZIFFER, Commissioner

CITY MANAGER

Anita Favors Thompson

CITY AUDITOR

Sam M. McCall, CPA

CITY ATTORNEY

James R. English

CITY TREASURER-CLERK

Gary Herndon, CPA

DIRECTOR OF MANAGEMENT AND ADMINISTRATION

Raoul A. Lavin

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CITY OF TALLAHASSEE, FLORIDA

COMPREHENSIVE ANNUAL FINANCIAL REP ORT FISCAL YEAR ENDED SEPTEMBER 30, 2010

TABLE OF CONT ENTS

PA G E

I. INTRODUCTORY SECTION

Letter of Transmittal .............................................................................................................. 3 Government Finance Officer's Association Certificate of Achievement .............................. 6 Organiz ational Chart .............................................................................................................. 7 List of Elected and Appointed Officials and Directors.......................................................... 8 List of Accounting Services Division Staff ........................................................................... 9

II. FINANCIAL SECTION

Independent Auditors' Report................................................................................................ 13 A. M ANAGEME NT'S DI SCUSSION AND ANALYSIS ................................................................ 15

B. BASIC FINANCI AL STATEMENTS:

Government-wide Financial Statements: Statement of Net Assets........................................................................................... 28 Statement of Activities............................................................................................. 30

Fund F inancial Statem ents: Governmental Funds Financial Statements:

Balance Sheet ...................................................................................................... 34 Reconciliation of the Government Funds Balance Sheet to the

Statem ent of Net Ass ets ................................................................................... 35 Statement of Revenues, Expenditures and C hanges in Fund Balance ................ 36 Reconciliation of Revenues, E xpenditures, and Changes

In Fund Balances of Governmental Funds to the Statement of Activities...... 37 Proprietary F unds Financial Statements:

Statem ent of Net Ass ets ...................................................................................... 38 Statement of Revenues, Expenses, and Changes in Fund Net Assets ................ 40 Statement of Cash Flows .................................................................................... 42

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CITY O F TALLAH ASSE E, FL ORIDA

TABLE OF CONTENTS (Con tin ued )

F id uciary Fu n ds Finan cial S tatements:

PAGE

S tatem ent of N et A ss ets .......................................................................................

44

S tatem ent of Changes in N et A ssets ....................................................................

45

N otes to Fin an cial Statemen ts :

N ote I ? Sum mary of Significant A ccounting Policies ......................................

48

N ote II ? R econciliation of Governm ent-w ide and Fund Financial Statements .

59

N ote III ? Stew ards hip, Compliance, and A ccountability ..................................

60

N ote IV ? D etailed N otes (All F unds) ................................................................

61

N ote V ? O ther Information ................................................................................

80

C . REQ UI RE D S UP PLE M EN TA RY IN FOR M A TIO N ( O TH ER T HA N M D &A ):

Budgetary Comparis on Schedule - G eneral Fund ...........................................................

92

N ote to Required Supplem entary Inform ation.................................................................

93

S chedule of Funding P rogress .........................................................................................

94

S chedule of Em ployer Contributions ...............................................................................

94

S chedule of Funding P rogress - O P EB ............................................................................

95

S chedule of Em ployer Contributions - OP EB .................................................................

95

D . C OMBIN IN G FI NA N C IAL S TA TEM EN TS:

N onm ajor G overn m en tal Fu nd s: Balance S heet........................................................................................................... 100 S tatem ent of Revenues, Expenditures, and Changes in F und Balance .................... 102

Non m ajor En terp rise Fun ds :

Statement of N et A ssets .......................................................................................... 104 Statement of Revenues, E xpenses, and Changes in F und N et A ss ets .................... 105 Statement of Cash F low s ........................................................................................ 106

In tern al Service F un ds :

Statement of N et A ssets .......................................................................................... 110 Statement of Revenues, E xpenses, and Changes in F und N et A ss ets .................... 112 Statement of Cash F low s ........................................................................................ 114

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CITY OF TALLAHASSEE, FLORIDA TABLE OF CONTENTS (Continued)

PA GE Capital Assets Used in the Operation of Governmental Funds:

Schedule by Function and Activity .......................... ......... ......... ................. ......... ......... ......... .. 11 7 Schedule of Ch ang es by Function an d Activity ....... ......... ......... ................. ......... ......... ........... 11 8 E. SUPPLEMENTARY INFORMATION: Cap ital Bond s, Series 200 1 ....... ......... .......................... ......... ......... .......................... ......... ......... .. 12 0 Cap ital Bond s, Series 200 4 ....... ......... .......................... ......... ......... .......................... ......... ......... .. 12 1 Cap ital Bond s, Series 200 8 ....... ......... .......................... ......... ......... .......................... ......... ......... .. 12 2 Cap ital Bond s, Series 200 9 ....... ......... .......................... ......... ......... .......................... ......... ......... .. 12 3 Electric Energy System Refunding Revenue Bonds, Series 1998A ............................................ 124 Energy System Refunding Revenue Bonds, Series 2001............................................................. 125 Energy System Revenue Bonds, Series 2005 .............................................................................. 126 Energy System Revenue Bonds, Series 2007 .............................................................................. 127 Energy System Revenue Bonds, Series 2010 .............................................................................. 128 Energy System Revenue Bonds, Series 2010A ........................................................................... 129 Consolidated Utility System Revenue Bonds, Series 2001.......................................................... 130 Consolidated Utility System Refunding Revenue Bonds, Series 2005........................................ 131 Consolidated Utility System Revenue Bonds, Series 2007.......................................................... 132 Consolidated Utility System Revenue Bonds, Series 2010A ...................................................... 133 Consolidated Utility System Revenue Bonds, Series 2010B ...................................................... 134 Airport System Revenue Refunding Bonds, Series 2004 ............................................................ 135

III. STATISTICAL SECTION Net Assets by Component .................................................................................................................. 139 Changes in Net Assets........................................................................................................................ 140 Fund Balances, Governmental Funds ................................................................................................ 143 Changes in Fund Balances, Governmental Funds.............................................................................. 144 Assessed Value and Estimated Actual Value of Taxable Property.................................................... 145 Direct and Overlapping Property Tax Rates ...................................................................................... 146 Principal Property Taxpayers............................................................................................................. 147 Property Tax Levies and Collections ................................................................................................. 148

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C ITY O F TA LLA HA SSEE , FLO R ID A

TABLE OF CO NTENTS (Con tin ued )

PAGE

A ssess ed V alu ation s, M illage, an d Tax es ...................... ........................................................ 1 4 9 R atios of Outstan ding D eb t by Ty pe ........ ............................................................................. 15 0 R atios of Gen eral B on ded D ebt O utstan d ing......................................................................... 15 1 D ir ect an d O v erlapp in g G o vern men tal A ctiv ities D ebt......................................................... 1 5 2 Legal D ebt M arg in ......................................................... ........................................................ 15 3 Pled ged- R even ue C ov erag e - Energ y R ev en ue B o nd s .. ........................................................ 15 4 Pled g ed- R ev en ue C ov erag e - A ir p or t R ev en ue B o n ds .. ........................................................ 1 5 5 Pled g ed- R ev en ue C ov erag e - C o ns o lid ated Utility R even u e B o n d s ..................................... 1 5 6 D emo g rap h ics an d Eco n o m ic S tatis tics ......................... ........................................................ 1 5 7 Pr in cip al Em p loy ers .................................. ...................................................................... ....... 1 5 8 Fu ll-time Eq uiv alen t C ity G o v ern m en t E mp lo yees b y Fu n ction /Pr o gr am ........................... 1 5 9 O peratin g I n dicato rs b y Fu n ctio n /Pr o gr am ................... ........................................................ 1 6 0 C ap ital A ss et Statistics b y F un ction /P ro g ram ....................................................................... 1 6 1 M iscellan eo u s S tatis tical D ata ............................................................................................... 1 6 2 Sch ed u le o f In su ran ce in F o rce .............................................................................................. 1 6 3

IV . SIN GLE AU D IT

In d ep end en t A u dito rs ' R ep o rt on In tern al C o n tr o l O ver F inan cial R ep o rting an d on C om p lian ce an d O th er M atters B as ed o n an A u dit o f Fin an cial Statemen ts Perfo rm ed in A cco rd an ce w ith G o vern m en t Au d itin g S tan d a rd s ................. 16 7

In d ep end en t A u dito rs ' R ep o rt on C om p lian ce w ith R eq u ir emen ts th at co u ld h ave a D irect an d M aterial Ef fect on E ach M ajor F ed eral P r og ram an d S tate Pro ject and o n In tern al C o n tro l O v er C o m p lian ce in A cco rd an ce w ith OM B C ircu lar A- 1 33 an d C h apter 1 0.5 50 Ru les o f th e Au d ito r G en er al .. ........................................................ 16 9

Sch ed u le o f E x pen d itu res o f F eder al A w ard s and State F in an cial As sistan ce ...................... 17 1 Schedule of Findings and Q uestioned Costs ? Federal A wards

an d State F in an cial A ssistan ce ............. ..................... ........................................................ 17 4

Su m mar y Sch ed u le o f Prior A u dit F ind in gs .......................................................................... 17 7 In d ep end en t A u dito rs ' R ep o rt on C om p lian ce w ith R eq u ir emen ts Ap p licab le

to the Pas sen ger F acility C h arg e P ro g ram an d o n Intern al C o ntr ol Ov er C o mp liance .... 17 9

Sch ed u le o f E x pen d itu res o f P assen g er Facility C h arges ...................................................... 18 1 M anagem en t Letter ................................................................................................................ 183

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INTRODUCTORY SECTION

Letter of Transmittal Government Finance Officers Association Certificate of Achievement

Organizational Chart List of Elected and Appointed Officials and Directors

List of Accounting Services Division Staff

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