FINANCIAL STATEMENTS and SUPPLEMENTAL DATA June 30, 2008
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CITY OF TRENTON COUNTY OF MERCER FINANCIAL STATEMENTS AND SUPPLEMENTAL DATA June 30, 2008 CITY OF TRENTON COUNTY OF MERCER TABLE OF CONTENTS EXHIBIT TITLE PAGE INTRODUCTORY SECTION 1-15 INDEPENDENT AUDITORS' REPORTS Independent Auditors' Report 16-17 Independent Auditors' Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards 18-19 FINANCIAL STATEMENTS Combined Statements of Assets, Liabilities, Reserves and Fund Balance - All Fund Types and Account Group - Statutory Basis 20-21 Combined Statement of Revenues, Expenditures and Changes in Fund Balance - Statutory Basis - Current and Utility Operating Funds 22-23 Combined Statement of Revenues, Expenditures and Changes in Fund Balance - Statutory Basis - Budget and Actual - Current Fund... 24 Combined Statement of Revenues, Expenditures and Changes in Fund Balance - Statutory Basis - Budget and Actual - Utility Operating Funds 25 NOTES TO FINANCIAL STATEMENTS 26-41 SUPPLEMENTAL SCHEDULES Current Fund A Statements of Assets, Liabilities, Reserves and Fund Balance - Statutory Basis 42 A-1 Statements of Revenues, Expenditures and Changes in Fund Balance - Statutory Basis 43 A-2 Statement of Revenues and Other Credits to Income 44..49 A-3 Statement of Expenditures 50-5 5 A-4 Schedule of Current Cash - Treasurer 56 A-5 Schedule of Investments 57 57 A-S Schedule for Petty Cash A-6 Schedule of Amount Due to State of New Jersey for Senior Citizen and Veteran Deductions 58 59-65 A-7 Schedule of Federal and State Grants Receivable 66 A-8 Schedule of Taxes Receivable and Analysis of Property Tax Levy A-9 Schedule of Tax Title Liens 67 68 A-b Schedule of Property Acquired by Taxes CITY OF TRENTON COUNTY OF MERCER TABLE OF CONTENTS EXHIBIT TITLE PAGE Trust Fund 69 B Statements of Assets, Liabilities, Reserves and Fund Balance - Statutory Basis B-i Schedule of Cash - Treasurer 70 B-2 Schedule of Investments 71 B-3 Dog License Fund - Schedule of Reserve for Dog Fund Expenditurn 72 B-4 Employees' US Savings Bond Account - Schedule of Employees' Deposits 73 B-5 Workers' Compensation Insurance Fund - Schedule of Reserve for Workers' Compensation 74 B-6 Unemployment Compensation Insurance Fund - Schedule of Reserve For Unemployment Compensation 75 B-7 Comprehensive Liability Insurance Fund - Schedule of Reserve for Comprehensive Liability Insurance 76 B-8 Special Law Enforcement Fund - Schedule of Reserve for Special Law Enforcement 77 Community Development Block Grant Fund 78 BA Statements of Assets, Liabilities and Reserves - Statutory Basis BA-i Schedule of Cash 79 80 BA-2 Schedule of Federal Grants Receivable 81 BA-3 Schedule of Other Federal Grants Receivable General Capital Fund Balance Statutory Basis 82 C Statements of Assets, Liabilities, Reserves and Fund - 83 C-I Statement of Changes in Fund Balance 84 C-2 Schedule of Cash - Treasurer 85 C-3 Schedule of Investments 86 C-4 Analysis of Cash and Investments 87 C-5 Schedule of Interfund Accounts Receivable. 88 C-6 Schedule of Grants Receivable without Reserve 89 C-6A Schedule of Loans Receivable with Reserve 90 C-7 Schedule of Deferred Charges to Future Tax - Funded 91 C-8 Schedule of Deferred Charges to Future Tax - Unfunded 92 C-9 Schedule of Serial Bonds Issued and Outstanding Thousands) 93-95 C-9A Schedule of Serial Bonds Issued and Outstanding (in 96 C- 10 Schedule of Bond Anticipation Notes C-li Schedule of Improvement Authorizations 97 Issued 98 C-12 Schedule of Bonds and Notes Authorized But Not 99 C-13 Schedule of Loans Payable 100 C- 14 Reserve for Encumbrances CITY OF TRENTON COUNTY OF MERCER TABLE OF CONTENTS EXHIBIT TITLE PAGE Water Utility Funds Basis 101 D Statements of Assets, Liabilities, Reserves and Fund Balance - Statutory 102 D-1 Statements of Revenues, Expenditures and Changes in Fund Balance D-2 Statement of Revenues and Other Credits to Income - Water Utility Operating FuncL 103 D-3 Statement of Expenditures and Other Charges to Income - Water Utility Operating Fund. 104 105-106 D-4 Schedule of Serial Bonds - Water Utility Capital Fund D-4A Schedule of Serial Bonds - Wastewater/Infrastructure - Water Utility Capital Fund. 107-1 12 113-118 D-5 Schedule of Bond Anticipation Notes - Water Utility Capital Fund 119-120 D-6 Schedule of Improvement Authorizations - Water Utility Capital Fund. Issued Water D-7 Schedule of Bonds and Notes Authorized but Not - Utility Capital Fund 121 Capital Fund 122 D-8 Schedule of Capital Improvement Fund - Water Utility 123 D-9 Schedule of Changes in Fund Balance - Water Utility Capital Fund. Capital Fund. 124 D- 10 Schedule of Serial Bonds - Qualified - Water Utility Qualified Maturities Schedule - Water D- 1 OA Schedule of Serial Bonds - - Utility Capital Fund. 125-126 127 D- 11 Schedule of Cash - Treasurer D-l2 Schedule of Investments 128 129 D- 13 Schedule of Reserve for Encumbrances 130 D-14 Schedule of Cash and Investments Parking Utility Funds Balances 131 E Statements of Assets, Liabilities, Reserves and Fund in Fund Balance Parking E-1 Statements of Revenues, Expenditures and Changes - 132 Utility Operating Fund. Capital Fund. 133 E-1A Statement of Changes in Fund Balance - Parking Utility Parking E-2 Statement of Revenues and Other Credits to Income - Utility Operating Fund. 134 Charges to Income Parking E-3 Statement of Expenditures and Other - 135 Utility Operating Fund. Utility Capital Fund 136 E-4 Schedule of Improvement Authorizations - Parking Utility Capital Fund. 137 E-5 Schedule of Bond Anticipation Notes - Parking Not Issued 138 E-6 Schedule of Bonds and Notes Authorized But 139 E-7 Schedule of Qualified Serial Bonds CITY OF TRENTON COUNTY OF MERCER TABLE OF CONTENTS EXHIBIT TITLE PAGE Sewer Utility Funds F Statements of Assets, Liabilities, Reserves and Fund Balances .140 F-i Statements of Revenues, Expenditures and Changes in Fund Balance - Sewer Utility Operating Fund. 141 F-2 Statement of Changes in Fund Balance - Sewer Utility Capital Fund 142 F-3 Statement of Revenues - Sewer Utility Operating Fund 143 F-4 Statement of Expenditures and Other Charges to Income - Sewer Utility Operating Fund. .144 F-S Schedule of Improvement Authorizations - Sewer Utility Capital Fund 145 F-6 Schedule of Bonds and Notes Authorized But Not Issued - Sewer Utility Capital 146 F-7 Schedule of Capital Improvement Fund - Sewer Utility Capital Fund 147 F-8 Schedule of Bond Anticipation Notes - Sewer Utility Capital Fund 148-149 F-9 Schedule of Qualified Serial Bonds 150 General Fixed Assets Account Group G Statements of General Fixed Assets 151 SUPPLEMENTARY INFORMATION Independent Auditors' Report on Compliance with Requirements Applicable to Each Major Program and on Internal Control over Compliance in Accordance with 0MB Circular A-133 152-154 Schedule of Expenditures of Federal Awards 155-159 Schedule of Expenditures of State Awards 160-164 Note to Schedules of Expenditures of Federal and State Awards 165 Schedule of Findings and Questioned Costs 166-172 FINDINGS AND RECOMMENDATIONS 173-179 Schedules Officials in Office and Surety Bonds 180-181 2 Schedule of Tax Rate, Tax Levy and Tax Collections 182 3 Schedule of Supplementary Data 183-184 INTRODUCTORY SECTION CITY OF TRENTON COUNTY OF MERCER The comprehensive Annual Financial Report for the City of Trenton (the "City") for the fiscal year ended June 30, 2008, is submitted herewith. New Jersey statutes require that the City annually issues a report on its financial position and activity. An independent Registered Municipal Accountant must audit the report. Responsibility for both the accuracy of the data and the completeness and fairness of the presentation, including all disclosures, rests with the management of the City of Trenton. To the best of our knowledge and belief, the enclosed data are accurate in all material respects. All disclosures necessary to enable the reader to gain an understanding of the activities of the City have been included. The Comprehensive Annual Financial Report is presented in four sections: an introductory section, a financial section, a statistical section and general comments and recommendations. The introductory section, which is unaudited, includes this transmittal and general information about the City. The financial section includes the general purpose financial statement and the combined and individual fund and account group financial statements with schedules, as well as the independent auditor's report on these statements and schedules. The statistical section, which is unaudited, includes selected financial and demographic information. General Description The City was first settled in 1680 and incorporated as a City in 1792. It is located in the west- central portion of the State of New Jersey on the Delaware River and is the Capitol City of the State. Governmental Structure The form of government in the City is the Mayor-Council Plan C of the Optional Municipal Charter Law of 1950, N.J.S.A. 40:69A-55 (Laws of New Jersey 1950, Chapter 210). The City Council consists of seven members, three of whom are elected at large and four of whom are elected by wards. Members of the City Council are elected for a term of four years at a regular municipal election. The legislative power of the City is exercised by the City Council, except as otherwise provided by general law. The Mayor is elected by the voters of the City at a regular municipal election and serves for a term of four years. The Mayor is the chief executive and administrative officer of the City. Governmental Services The City provides standard municipal services through specified departments and funded by general revenues including: police and fire protection; construction and maintenance of streets and bridges; trash collection and disposal; recreation programs and facilities; supervision of health programs; acquisition and maintenance of City real and personal property; maintenance of building codes and regulation of licenses and permits; maintenance of records; collection of taxes and revenues; purchase of supplies and equipment; and maintenance of a Judicial system.