Comprehensive Annual Financial Report

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Schedule of Activities The City’s total revenue (excluding transfers) increased over the prior year by $36.2 million (3.6%) to $1,028.3 billion. The total cost of all programs decreased by $90.2 million (8.8%) to $932.7 million. The following table shows the revenue and expenses of the governmental activities for the fiscal years ended June 30, 2012 and 2011 (in millions): Table 2 City of Richmond's Schedule of Activities For the Fiscal Years Ended June 30, 2012 and 2011 (In Millions, rounded) Revenues: 2012 2011 2012 2011 2012 2011 Program Revenues: Charges for Services $ 152.6 $ 85.6 $ 270.4 $ 298.1 $ 423.0 $ 383.7 Operating Grants and Contributions 149.5 154.2 15.1 15.0 164.6 169.2 Capital Grants and Contributions 8.4 7.3 -- -- 8.4 7.3 General Revenues: Governmental Business-Type Total Activities Activities Primary Government Property Taxes 258.8 255.6 -- -- 258.8 255.6 Intergovernmental -- -- -- -- -- -- Other Taxes 168.1 172.9 -- -- 168.1 172.9 Investment Income .1 .2 1.7 .9 1.8 1.1 Miscellaneous 2.0 1.1 1.6 1.2 3.6 2.3 Total Revenues 739.5 676.9 288.8 315.2 1,028.3 992.1 Expenses: Primary Government: General Government 126.3 135.6 -- -- 126.3 135.6 Public Safety and Judiciary 182.7 178.1 -- -- 182.7 178.1 Highway, Street, Sanitation, and Refuse 86.1 104.1 -- -- 86.1 104.1 Human Services 84.6 95.3 -- -- 84.6 95.3 Culture and Recreation 24.3 28.5 -- -- 24.3 28.5 Education 155.2 173.2 -- -- 155.2 173.2 Transportation 12.1 11.6 -- -- 12.1 11.6 Interest and Fiscal Charges 18.6 21.4 -- -- 18.6 21.4 Business-type Activities -- -- 241.5 275.1 241.5 275.1 Total Expenses 689.9 747.8 241.5 275.1 931.4 1,022.9 Increase (Decrease) in Net Assets Before Transfers 49.6 (70.9) 47.3 40.1 96.9 (30.8) Transfers 23.1 21.5 (23.1) (21.5) -- -- Extraordinary Item - Disaster Costs, Net (1.3) -- -- -- (1.3) -- Changes in Net Assets 71.4 (49.4) 24.2 18.6 95.6 (30.8) Net Assets, Beginning of Year, As Restated 317.6 367.0 446.6 428.0 764.2 795.0 Net Assets, End of Year $ 389.0 $ 317.6 $ 470.8 $ 446.6 $ 859.8 $ 764.2 7
REVENUE For the Fiscal Year ended June 30, 2012, revenue from governmental activities totaled $762.6 million (including transfers), an increase of $64.2 million, or 9.2% over fiscal year 2011. This increase in revenue is due primarily to the collection of one time revenue sources due to the City, such as, the advance repayment from RMA ($62.1 million) and funds held in trust by RRHA ($2.1 million) relating to the proceeds from the sale of the Miller and Rhoads building. General property taxes, the City’s largest revenue source, were $258.8 million, an increase of 1.3% from the previous year. Included in these taxes are real and personal property levies, which were payable in January, June, and May of the fiscal year. This revenue increase is primarily due to the City’s comprehensive tax compliance program thus resulting in a decrease in allowance for doubtful accounts. The personal property tax rate was $3.70 per $100 of assessed value (100% of fair market value). The real estate tax rate was $1.20 per $100 of assessed value (100% of fair market value) during the fiscal year. The real estate and personal property tax rates were last changed in 2008 and 1992, respectively. The “Other Taxes” revenue category, which includes taxes on general sales, utility purchases, hotel rooms, restaurant meals, and amusements totaled $168.1 million. This total represents a $4.8 million decrease over the previous year, or 2.8%. Business-type activities produced total revenue of $288.8 million, a decrease of $26.4 million from fiscal year 2011. This decrease is largely due in part to lower collections from charges for services for gas. The revenue produced during the year for gas was $128.3 million, a decrease of $34.3 million from fiscal year 2011. The largest business-type source of revenue is charges for services (program revenue). Primary Government Sources of Revenue June 30, 2012 Other Taxes 16.5% Miscellaneous 0.3% Charges for Services 41.2% Property Taxes 25.2% Capital Grants and Contributions 0.8% Operating Grants and Contributions 16.0% 8
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CITY OF RICHMOND, VIRGINIA NOTES TO
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EXHIBIT H-1 CITY OF RICHMOND, VIRGI
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EXHIBIT H-1, Continued CITY OF RICH
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Exhibit H-2 CITY OF RICHMOND, VIRGI
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EXHIBIT I-1 Special Revenue CITY OF
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EXHIBIT I-3 CITY OF RICHMOND, VIRGI
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CITY OF RICHMOND, VIRGINIA BUDGETAR
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EXHIBIT J-1 CITY OF RICHMOND, VIRGI
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EXHIBIT J-3 CITY OF RICHMOND, VIRGI
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EXHIBIT K-1 CITY OF RICHMOND, VIRGI
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EXHIBIT K-3 CITY OF RICHMOND, VIRGI
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EXHIBIT L-1 CITY OF RICHMOND, VIRGI
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EXHIBIT L-3 CITY OF RICHMOND, VIRGI
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CITY OF RICHMOND, VIRGINIA MISCELLA
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Monthly Commercial and Industrial B
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CITY INDEBTEDNESS All of the City
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122 CITY OF RICHMOND, VIRGINIA CHAN
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128 CITY OF RICHMOND, VIRGINIA RATI
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CITY OF RICHMOND, VIRGINIA PLEDGED-
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CITY OF RICHMOND, VIRGINIA FULL-TIM
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CAPITAL ASSETS STATISTICS BY FUNCTI
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Comprehensive Annual Financial Report

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