Report of the Comptroller to the Governor of Vi rginia

Report of the Comptroller to the Governor of Virginia

A Comprehensive Annual Financial Report

For the Fiscal Year Ended June 30, 1999

James S. Gilmore, III

Governor

Ronald L. Tillett

Secretary of Finance

William E. Landsidle

Comptroller

This report was printed on recycled materials.

Table of Contents

Introductory Section Comptroller's Letter of Transmittal to the Governor.............................................................................................. 6 Financial Overview .............................................................................................................................................. 9 Financial Highlights ........................................................................................................................................... 16 Certificate of Achievement for Excellence in Financial Reporting........................................................................ 18 Virginia Economic Outlook ................................................................................................................................ 19 Organization of Executive Branch of Government .............................................................................................. 23 Organization of Government ? Selected Government Officials ? Executive Branch ............................................ 24 Organization of the Department of Accounts...................................................................................................... 25

Financial Section Independent Auditor's Report ............................................................................................................................... 28 General Purpose Financial Statements

Combined Balance Sheet ? All Fund Types, Account Groups, and Discretely Presented Component Units ....................................................................................................................................... 32

Combined Statement of Revenues, Expenditures, and Changes in Fund Balances ? All Governmental Fund Types, Expendable Trust Fund, and Similar Discretely Presented Component Units ....................................................................................................................... 36

Combined Statement of Revenues, Expenditures, and Changes in Fund Balances ? Budget and Actual ? Budgetary Basis ? General and Special Revenue Funds ............................................. 38

Combined Statement of Revenues, Expenses, and Changes in Retained Earnings ? All Proprietary Fund Types, Nonexpendable Trust Fund, and Similar Discretely Presented Component Units ....................................................................................................................... 40

Combined Statement of Cash Flows ? All Proprietary Fund Types, Nonexpendable Trust Fund, and Similar Discretely Presented Component Units.................................................................. 42

Combining Statement of Changes in Plan Net Assets ? Pension Trust Funds .................................................... 46 Combining Statement of Changes in Plan Net Assets ? Investment Trust Funds................................................ 47 Combined Statement of Changes in Fund Balances ? Higher Education Fund

(Discrete Component Unit) ......................................................................................................................... 48 Combined Statement of Current Funds Revenues, Expenditures, and Other Changes ?

Higher Education Fund (Discrete Component Unit) ..................................................................................... 49 Index to the Notes to the Financial Statements .................................................................................................. 51

Notes to the Financial Statements .............................................................................................................. 52 Required Supplementary Information............................................................................................................... 109

Funding Progress for Defined Pension Benefit Plans................................................................................. 110 Claims Development Information.............................................................................................................. 111 Year 2000 Disclosure ............................................................................................................................... 114 Combining and Individual Fund and Account Group Statements and Schedules Special Revenue Funds ................................................................................................................................ 117 Combining Balance Sheet ........................................................................................................................ 118 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances ................................... 120 Combining Schedule of Revenues, Expenditures, and Changes in Fund Balances ?

Budget and Actual ? Budgetary Basis.................................................................................................... 122 Debt Service Funds ....................................................................................................................................... 127

Combining Balance Sheet ........................................................................................................................ 128 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances ................................... 129 Capital Project Funds.................................................................................................................................... 131 Combining Balance Sheet ........................................................................................................................ 132 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances ................................... 133 Enterprise Funds........................................................................................................................................... 135 Combining Balance Sheet ........................................................................................................................ 136 Combining Statement of Revenues, Expenses, and Changes in Retained Earnings................................... 138 Combining Statement of Cash Flows ........................................................................................................ 140 Internal Service Funds .................................................................................................................................. 145 Combining Balance Sheet ........................................................................................................................ 146 Combining Statement of Revenues, Expenses, and Changes in Retained Earnings................................... 148 Combining Statement of Cash Flows ........................................................................................................ 150

2 ? Commonwealth of Virginia

Financial Section (continued) Trust and Agency Funds ............................................................................................................................... 154 Combining Balance Sheet ? All Trust and Agency Funds .......................................................................... 156 Combining Statement of Plan Net Assets ? Pension Trust Funds .............................................................. 158 Combining Statement of Plan Net Assets ? Investment Trust Funds ......................................................... 159 Combining Statement of Changes in Assets and Liabilities ? All Agency Funds......................................... 160 Component Units .......................................................................................................................................... 163 Combining Balance Sheet ? Component Units ? Governmental Funds...................................................... 164 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances ? Component Units ? Governmental Funds .............................................................................................. 165 Combining Balance Sheet ? Component Units ? Proprietary Funds........................................................... 166 Combining Statement of Revenues, Expenses, and Changes in Retained Earnings ? Component Units ? Proprietary Funds ................................................................................................... 168 Combining Statement of Cash Flows ? Component Units ? Proprietary Funds .......................................... 170 Combining Balance Sheet ? Higher Education Fund ................................................................................. 174 Combining Statement of Changes in Fund Balances ? Higher Education Fund.......................................... 178 Combining Statement of Current Funds Revenues, Expenditures, and Other Changes ? Unrestricted ? Higher Education Fund.................................................................................. 182 Combining Statement of Current Funds Revenues, Expenditures, and Other Changes ? Restricted ? Higher Education Fund..................................................................................... 186 General Fixed Assets Account Group Schedules........................................................................................ 189 Schedule of General Fixed Assets by Category and Source....................................................................... 190 Schedule of General Fixed Assets by Function.......................................................................................... 191 Schedule of Changes in General Fixed Assets by Function ....................................................................... 191 Debt Schedules ............................................................................................................................................. 193 Summary Schedule ? Total Debt of the Commonwealth............................................................................ 194 Tax?Supported Debt................................................................................................................................. 195 Debt Not Supported by Taxes ................................................................................................................... 196 Authorized and Unissued Tax?Supported Debt.......................................................................................... 197 Tax?Supported Debt ? Annual Debt Service Requirements ....................................................................... 198 Tax?Supported Debt ? Detail of Long?Term Indebtedness ........................................................................ 200

Statistical Section Ten?Year Schedule of Revenues ? Budgetary Basis ? All Funds by Source ..................................................... 212 Ten?Year Schedule of Expenditures ? Budgetary Basis ? All Funds by Function and Object ............................ 213 Ten?Year Schedule of Revenues ? Budgetary Basis ? General Governmental Revenues by Source................................................................................................................................. 214 Ten?Year Schedule of Expenditures ? Budgetary Basis ? General Governmental Expenditures by Function and Object ................................................................................................................................. 215 Computation of Legal Debt Limit and Margin ................................................................................................... 216 Ratio of General Obligation Bonded Debt Per Capita ....................................................................................... 217 Percentage of Annual Debt Service Expenditures for Governmental Debt to Total Expenditures ? All Governmental Fund Types................................................................................................................... 217 Schedule of Revenue Bond Coverage ? Higher Education Section 9(d) Long?Term Debt (Discrete Component Units)...................................................................................................................... 218 Schedule of Revenue Bond Coverage ? Selected Discrete Component Units.................................................... 220 Schedule of Revenue Bond Coverage ? Other Section 9(d) Long?Term Debt ................................................... 221 Schedule of Bank Deposits .............................................................................................................................. 222 Application of Unclaimed Property Funds ........................................................................................................ 222 Application of Escheat Receipts....................................................................................................................... 223 Schedule of Demographic Statistics................................................................................................................. 223 Schedule of Miscellaneous Statistics ............................................................................................................... 224

Employees of the Department of Accounts ............................................................................................................. 225

Commonwealth of Virginia ? 3

Illustrations

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Figure 5

Figure 6 Figure 7 Figure 8 Figure 9 Figure 10 Figure 11 Figure 12 Figure 13 Figure 14 Figure 15 Figure 16

Figure 17 Figure 18

Figure 19 Figure 20 Figure 21 Figure 22 Figure 23 Figure 24

General Fund Balance ? Budgetary Basis ? Highlighting the Undesignated Fund Balance............................................................................................................... 9

General Fund Balance ? GAAP Basis .................................................................................................... 9 Analysis of General Fund Revenues and Other Financing Sources

(Budgetary Basis)............................................................................................................................. 10 Analysis of General Fund Expenditures by Function and Other Uses

(Budgetary Basis)............................................................................................................................. 10 Analysis of General Fund Balance ? Budgetary Basis versus

Modified Accrual Basis ..................................................................................................................... 11 Total Outstanding Debt ? Primary Government.................................................................................... 12 Total Outstanding Debt ? Component Units ......................................................................................... 12 Average Daily Invested Balance........................................................................................................... 13 Average Yield on Investments.............................................................................................................. 13 Net Earnings on Investments ............................................................................................................... 13 General Fund ? Revenue Dollar ........................................................................................................... 16 General Fund ? Expenditure Dollar ...................................................................................................... 16 All Funds ? Revenue Dollar.................................................................................................................. 17 All Funds ? Expenditure Dollar............................................................................................................. 17 Fiscal Year Unemployment .................................................................................................................. 19 Virginia Job and Real Wage Salary, Year-to-Year Quarterly

Growth Rates, Fiscal Year Quarters ................................................................................................. 19 Fiscal Year Nonagricultural Wage and Salary Employment.................................................................. 20 Fiscal Year Wages and Salaries per Job, FY 99 Annual Rates

Estimated Using the First Three Quarters of FY 99........................................................................... 20 Fiscal Year Personal Income and Wage and Salary Disbursements ..................................................... 21 Virginia Retail Sales ............................................................................................................................ 21 Growth Rate of Retail Sales................................................................................................................. 21 Virginia New Housing Permits Authorized ............................................................................................ 22 Virginia's Largest Export Markets......................................................................................................... 22 Exchange Rates, Virginia's Largest Export Markets.............................................................................. 22

4 ? Commonwealth of Virginia

INTRODUCTORY SECTION

Comptroller's Letter of Transmittal to the Governor Financial Overview Financial Highlights

Certificate of Achievement for Excellence in Financial Reporting Virginia Economic Outlook

Organization of Executive Branch of Government Organization of Government ? Selected Government Officials ? Executive Branch

Organization of the Department of Accounts Commonwealth of Virginia ? 5

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