Comprehensive Annual Financial Report

More documents

Recommendations

Info

The City’s government-wide financial statements are divided into three categories: Governmental Activities – Most of the City’s basic services including Police, Fire, Economic and Community Development, Parks, Recreation and Community Facilities, Social Services, and general administration are reported here. The majority of these activities are supported by property taxes, other local taxes, and federal and state funding. Business-type Activities – The City’s gas, water, wastewater, stormwater, coliseum, and cemeteries are reported here. Fees are charged to customers to help cover the costs of providing these services. Component Units – Four separate legal entities are included in this report – The City of Richmond School Board, the Richmond Ambulance Authority, the Richmond Behavioral Health Authority and Richmond Redevelopment and Housing Authority. Although legally separate, these “component units” are important because the City is financially accountable for them, and provides operating and capital funding. Fund <strong>Financial</strong> Statements The fund financial statements provide detailed information about the City’s most significant funds and not the City as a whole. Funds are an accounting tool that the City uses to track resources that are segregated for specific activities or objectives. Some funds are required by state law or by bond covenants. Other funds are established to control and manage money for particular purposes or to show that the City is using specific revenue sources such as taxes and grants for their intended purposes. The City has three types of funds: Governmental Funds – The General Fund, Debt Service Fund, Capital Projects Fund and Special Revenue funds are governmental funds. These funds’ statements focus on near-term inflows and outflows of spendable resources as well as balances of spendable resources available at the end of the fiscal year. Additional information is provided at the bottom of these statements that explains the relationship between the long-term focused government-wide statements and the short-term focused governmental fund statements. Proprietary Funds – Services for which the City charges customers a fee are generally reported in proprietary funds. Like the government-wide statements, proprietary funds statements provide both long and short-term financial information. The City maintains two types of proprietary funds: o o Enterprise Funds – Similar to business-type activities included in the government-wide statements, the enterprise fund financial statements provide more detail and additional information, such as cash-flow. Internal Service Funds – The City uses Internal Service Funds to report activities that provide supplies and services for the City’s other programs and activities. Fiduciary Funds – Fiduciary funds are used to account for resources held for the benefit of parties outside the government. These fiduciary activities are excluded from the City’s government-wide financial statements because the City cannot use these assets to finance its operations. The City maintains two Fiduciary Funds: o o Notes to the <strong>Financial</strong> Statements Trust Funds – Provides retirement and disability benefits for all vested full time employees, is a deferred compensation plan created in accordance with the Internal Revenue Code (IRC) Section 457 and a joint healthcare plan between the City and Richmond Public Schools. Agency Funds – Agency Funds are custodial in nature and do not present results of operations or have a measurement focus. The Agency Funds consist of the assets and liabilities of several organizations for which the City serves as fiscal agent, such as the Department of Parks, Recreation and Community Facilities, the Department of Public Works and the Law Department. The notes to the financial statements provide information that is essential for a full understanding of the information provided in the government-wide and fund financial statements. The notes also present certain required supplementary information. 5
GOVERNMENT-WIDE FINANCIAL ANALYSIS Schedule of Net Assets The City’s assets exceeded liabilities by $859.8 million at the close of the most recent fiscal year. This represents a 12.5% increase over the prior year. The following table reflects a summary of the City’s net assets at June 30, 2012 and 2011 (in millions): Table 1 City of Richmond's Schedule of Net Assets as of the Fiscal Years Ended June 30, 2012 and 2011 (In Millions, rounded) Governmental Activities Business-Type Activities Total Primary Government 2012 2011 2012 2011 2012 2011 Current and Other Assets $ 316.3 $ 277.4 $ 252.5 $ 300.5 $ 568.8 $ 577.9 Capital Assets, Net 861.7 809.7 1,124.9 1,061.4 1,986.6 1,871.1 Total Assets 1,178.0 1087.1 1377.4 1361.9 2,555.4 2,449.0 Current and Other Liabilities 160.7 213.4 86.8 76.9 247.5 290.3 Long-Term Debt Outstanding 628.3 556.1 819.8 838.4 1,448.1 1,394.5 Total Liabilities 789.0 769.5 906.6 915.3 1,695.6 1,684.8 Net Assets: Invested in Capital Assets, Net of Related Debt 269.1 234.1 419.5 381.9 688.6 616.0 Restricted 16.5 12.6 -- -- 16.5 12.6 Unrestricted 103.4 70.9 51.3 64.7 154.7 135.6 Total Net Assets, As Restated $ 389.0 $ 317.6 $ 470.8 $ 446.6 $ 859.8 $ 764.2 6
Page 3 and 4: Blank Page
Page 11 and 12: Included among the accolades bestow
Page 13 and 14: After the recession began in Decemb
Page 15: A. No Overlapping Debt The City is
Page 18 and 19: MANAGEMENT REPORT ON RESPONSIBILITY
Page 25: Blank Page
Page 31: OVERVIEW OF THE FINANCIAL STATEMENT
Page 35 and 36: REVENUE For the Fiscal Year ended J
Page 37 and 38: FINANCIAL ANALYSIS OF THE FUND STAT
Page 39 and 40: LONG-TERM DEBT During the fiscal ye
Page 43 and 44: CITY OF RICHMOND, VIRGINIA STATEMEN
Page 47 and 48: EXHIBIT C CITY OF RICHMOND, VIRGINI
Page 49 and 50: EXHIBIT D CITY OF RICHMOND, VIRGINI
Page 51 and 52: EXHIBIT E-1 CITY OF RICHMOND, VIRGI
Page 57 and 58: EXHIBIT F-1 CITY OF RICHMOND, VIRGI
Page 65 and 66: CITY OF RICHMOND, VIRGINIA NOTES TO
Page 83 and 84:
Due To CITY OF RICHMOND, VIRGINIA N
Page 85 and 86:
CITY OF RICHMOND, VIRGINIA NOTES TO
Page 87 and 88:
Page 89 and 90:
Page 91 and 92:
Page 93 and 94:
Page 95 and 96:
Page 97 and 98:
Page 99 and 100:
Page 101 and 102:
Page 103 and 104:
Page 105 and 106:
Page 107 and 108:
Blank Page
Page 109 and 110:
EXHIBIT H-1 CITY OF RICHMOND, VIRGI
Page 111 and 112:
EXHIBIT H-1, Continued CITY OF RICH
Page 113 and 114:
Exhibit H-2 CITY OF RICHMOND, VIRGI
Page 115 and 116:
Blank Page
Page 117 and 118:
Blank Page
Page 119 and 120:
EXHIBIT I-1 Special Revenue CITY OF
Page 121 and 122:
EXHIBIT I-3 CITY OF RICHMOND, VIRGI
Page 123 and 124:
CITY OF RICHMOND, VIRGINIA BUDGETAR
Page 125 and 126:
EXHIBIT J-1 CITY OF RICHMOND, VIRGI
Page 127 and 128:
EXHIBIT J-3 CITY OF RICHMOND, VIRGI
Page 129 and 130:
EXHIBIT K-1 CITY OF RICHMOND, VIRGI
Page 131 and 132:
EXHIBIT K-3 CITY OF RICHMOND, VIRGI
Page 133 and 134:
EXHIBIT L-1 CITY OF RICHMOND, VIRGI
Page 135 and 136:
EXHIBIT L-3 CITY OF RICHMOND, VIRGI
Page 137 and 138:
CITY OF RICHMOND, VIRGINIA MISCELLA
Page 139 and 140:
Monthly Commercial and Industrial B
Page 141 and 142:
CITY INDEBTEDNESS All of the City
Page 143:
Blank Page
Page 149 and 150:
122 CITY OF RICHMOND, VIRGINIA CHAN
Page 151 and 152:
124 CITY OF RICHMOND, VIRGINIA ASSE
Page 153 and 154:
126 CITY OF RICHMOND, VIRGINIA PRIN
Page 155 and 156:
128 CITY OF RICHMOND, VIRGINIA RATI
Page 157 and 158:
CITY OF RICHMOND, VIRGINIA PLEDGED-
Page 159 and 160:
CITY OF RICHMOND, VIRGINIA FULL-TIM
Page 161 and 162:
CAPITAL ASSETS STATISTICS BY FUNCTI
Page 163 and 164:
Blank Page
Page 165 and 166:
Blank Page
show all

Comprehensive Annual Financial Report

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?