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The Natural State ARKANSAS The Natural State Comprehensive Annual Financial Report Fiscal Year Ended June 30, 2017 ARKANSAS Comprehensive Annual Financial Report Fiscal Year Ended June 30, 2017 Asa Hutchinson Governor Larry W. Walther Director Department of Finance and Administration Prepared By The Department of Finance and Administration Office of Accounting The requirements of state agencies to print annual reports such as the State of Arkansas’s Comprehensive Annual Financial Report were reduced by Ark. Code Ann. § 25-1-203. The report is available in electronic format at http://www.dfa.arkansas.gov/offices/accounting/pages/CAFR.aspx. The photograph of Governor Asa Hutchinson is courtesy of the Governor’s Office. Governor Asa Hutchinson STATE OF ARKANSAS ASA HUTCHINSON GOVERNOR December 22, 2017 To the People of Arkansas and the Honorable Members of the Arkansas General Assembly: I am pleased to submit the Fiscal Year 2017 Arkansas Comprehensive Annual Financial Report (CAFR). This annual publication demonstrates my commitment to accurate and timely financial reporting. The financial statements and accompanying disclosures provide detailed information of the State of Arkansas's financial status, accounting methods and economic data to the public. The Fiscal Year 2017 CAFR goes beyond generally accepted accounting principles to highlight important statistical information of the state. For these efforts, I am pleased to report that the 2016 CAFR received the Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting. Arkansas has received this prestigious award nineteen times for its transparency in reporting. I appreciate the work performed by all state employees who have maintained financial records. Using this information, the Department of Finance and Administration team has worked over the last several months to complete this fiscal year 2017 report for your review. 500 WOODLANE STREET, SUITE 250 · LITTLE ROCK, AR 72201 TELEPHONE (501) 682-2345 www.governor.arkansas.gov Acknowledgments The Comprehensive Annual Financial Report was prepared by the Department of Finance and Administration Office of Accounting: Larry W. Walther Director Paul S. Louthian, CPA Deputy Director/State Comptroller Financial Reporting Staff: Brenda Horner, CPA, CGFM Assistant Administrator of Office of Accounting Gary Puls, CPA – CAFR Accounting Manager Dan Brassart, CPA – SEFA Accounting Manager Gerald Plafcan, CPA, CFE, CGFM, MBA – Technical Accounting Manager David Paes, CPA – CAFR Coordinator Rhonda Harris, CPA – CAFR Coordinator Jessica Primm, CPA, MBA – CAFR Coordinator Ed Niday, CPA – CAFR Coordinator Kate Hickey, CPA – CAFR Coordinator Becky Salewski Lisa Marts, CPA, MAFM John Joyner Jason Hogland George Williams, CPA Tommy Leitmeyer Marilyn Cook, CPA Josh Loy, CPA Sandra Sherman, CPA, CGFM Linda Hensley Kathy Crawford Special appreciation is given to all personnel throughout the State whose extra effort to contribute accurate, timely financial data for their agencies made this report possible. COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED JUNE 30, 2017 TABLE OF CONTENTS Page Introductory Section Letter of Transmittal i GFOA – Certificate of Achievement for Excellence in Financial Reporting ix Organizational Chart x Principal Officials xi Financial Section Independent Auditor’s Report 1 Management’s Discussion and Analysis 5 Basic Financial Statements Government-Wide Financial Statements Statement of Net Position 16 Discretely Presented Component Units Consolidated Statement of Financial Position 18 Statement of Activities 20 Discretely Presented Component Units Consolidated Statement of Activities 22 Fund Financial Statements Governmental Fund Financial Statements Balance Sheet 24 Reconciliation of the Governmental Fund Balance Sheet to the Statement of Net Position 25 Statement of Revenues, Expenditures and Changes in Fund Balance 26 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balance of the Governmental Fund to the Statement of Activities 27 Proprietary Fund Financial Statements Statement of Net Position 28 Statement of Revenues, Expenses and Changes in Fund Net Position 30 Statement of Cash Flows 31 Fiduciary Fund Financial Statements Statement of Fiduciary Net Position 33 Statement of Changes in Fiduciary Net Position 34 Notes to the Financial Statements – Table of Contents 35 Required Supplementary Information Pension Funds Schedules 149 Schedule of Expenditures – Budget and Actual – General Fund 161 Notes to Schedule of Expenditures – Budget and Actual – General Fund 162 Ten-Year Claims Development Information – Employee Benefits Division – Public School Employee Health and Life Benefit Plan 164 Ten-Year Claims Development Information – Workers’ Compensation Commission – Death and Permanent Total Disability Trust Fund 166 Ten-Year Claims Development Information – Workers’ Compensation Commission – Second Injury Trust Fund 168 Other Postemployment Benefits – Schedule of Funding Progress 170 Page Combining Financial Statements Non-major Enterprise Funds 171 Combining Statement of Net Position 172 Combining Statement of Revenues, Expenses and Changes in Fund Net Position 174 Combining Statement of Cash Flows 175 Fiduciary Funds 176 Combining Statement of Fiduciary Net Position – Pension Trust Funds 177 Combining Statement of Changes in Fiduciary Net Position – Pension Trust Funds 178 Combining Statement of Fiduciary Net Position – Agency Funds 179 Combining Statement of Changes in Assets and Liabilities – Agency Funds 180 Statistical Section Statistical Section 183 Financial Trends Schedule 1 Net Position by Component 184 Schedule 2 Changes in Net Position 186 Schedule 3 Fund Balances, Governmental Fund 190 Schedule 4 Changes in Fund Balance, Governmental Fund 192 Revenue Capacity Information Schedule 5 Revenue Base – Sales and Use Tax Collections by Industry 194 Schedule 6 Revenue Payers 196 Debt Capacity Information Schedule 7 Ratios of Outstanding Debt by Type 197 Schedule 8 Pledged Revenue Bond Coverage 198 Demographic and Economic Information Schedule 9 Demographic and Economic Indicators 200 Schedule 10 Principal Employers 201 Schedule 11 State Employees by Function 202 Operating Information Schedule 12 Operating Indicators by Function 204 Schedule 13 Capital Asset Statistics by Function 208 Other Information Schedule 14 Miscellaneous Statistics 209 Introductory Section OFFICE OF THE DIRECTOR STATE OF ARKANSAS 1509 West Seventh Street, Suite 401 Post Office Box 3278 Department of Finance Little Rock, Arkansas 72203-3278 Phone: (501) 682-2242 and Administration Fax: (501) 682-1029 www.arkansas.gov/dfa December 22, 2017 The Honorable Asa Hutchinson, Governor The Honorable Members of the Arkansas General Assembly The Citizens of Arkansas In accordance with the requirements set forth in Arkansas Code of 1987 Annotated (ACA) § 19-4-517, it is my pleasure to transmit to you the Comprehensive Annual Financial Report (CAFR) of the State of Arkansas (the State) for the fiscal year ended June 30, 2017. This report has been prepared by the Department of Finance and Administration (DFA) in conformance with Generally Accepted Accounting Principles (GAAP) for governments as promulgated by the Governmental Accounting Standards Board (GASB). The accuracy of agency level data that supports these financial statements is the responsibility of agency management. The completeness and fairness of the presentation, including all disclosures, rests with DFA. To the best of our knowledge and belief, the enclosed data are accurate in all material respects and are reported in a manner designed to present fairly the financial position of the State. All disclosures necessary to enable the reader to gain an understanding of the State’s financial activities have been included. The management of the State is responsible for establishing and maintaining an internal control structure designed to ensure that the assets of the State are protected from loss, theft, or misuse, and that adequate accounting data is compiled to allow the preparation of the financial statements. The internal control structure has been designed to provide reasonable, but not absolute, assurance regarding the reliability of financial records for preparing financial statements and maintaining accountability for the safeguarding of public assets. The concept of reasonable assurance recognizes that the cost of a control should not exceed the benefits likely to be derived and that the valuation of costs and benefits require estimates and judgments by management. Arkansas Legislative Audit performed the audit for the fiscal year ended June 30, 2017. Auditing standards generally accepted in the United States of America were used by the auditors in conducting the engagement. The auditors’ report on the basic financial statements is included in the financial section of this report. The Management’s Discussion and Analysis (MD&A) introduces the basic financial statements and provides an analytical overview of the government’s financial activities. This letter of transmittal complements the MD&A and should be read in conjunction with it. The State’s MD&A can be found in the financial section immediately following the report of the independent auditor. PROFILE OF THE GOVERNMENT Originally part of the Louisiana Purchase of 1803, Arkansas was organized into a territory in 1819 with the same northern, eastern, and southern borders it shares today. In 1836, Arkansas became the 25th state of the United States of America with
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