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REVISED - ADD OPINION DATE City of Flint, Michigan

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REVISED - ADD OPINION DATE City of Flint, Michigan REVISED - ADD OPINION DATE City of Flint, Michigan Financial Statements Fiscal Year Ended June 30, 2007 City of Flint, Michigan Contents Report Letter ....................................................................................................................................1-2 Management’s Discussion and Analysis ....................................................................................3.1-3.12 Basic Financial Statements Government-wide Financial Statements: Statement of Net Assets .........................................................................................................4-7 Statement of Activities...........................................................................................................8-11 Fund Financial Statements: Governmental Funds: Balance Sheet.................................................................................................................12-13 Reconciliation of the Balance Sheet to the Statement of Net Assets..................................................................................14 Statement of Revenue, Expenditures, and Changes in Fund Balances ...................................................................................15 Reconciliation of the Statement of Revenue, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities..............................................16 Proprietary Funds: Statement of Net Assets................................................................................................17-20 Statement of Revenue, Expenses and Changes in Net Assets......................................................................................21-22 Statement of Cash Flows...............................................................................................23-26 Fiduciary Funds: Statement of Net Assets...................................................................................................27 Statement of Changes in Net Assets ................................................................................28 City of Flint, Michigan Contents (Continued) Basic Financial Statements - (continued) Component Units: Statement of Net Assets................................................................................................29-32 Statement of Activities...................................................................................................33-34 Notes to the Financial Statements...............................................................................................35-83 Required Supplementary Information Pension System Schedules of Funding Progress.................................................................................84-85 Schedule of Revenue, Expenditures, and Changes in Fund Balances – Budget and Actual General Fund ..................................................................86-87 Other Supplemental Information Fund Descriptions..............................................................................................................................88-92 Nonmajor Governmental Funds: Combining Balance Sheet............................................................................................................93-97 Combining Statement of Revenue, Expenditures and Changes in Fund Balances .............................................................................................98-102 Schedules of Revenue, Expenditures, and Changes in Fund Balance – Budget and Actual..................................................................................103-113 Internal Service Funds: Combining Statement of Net Assets .........................................................................................114-117 Combining Statement of Revenue, Expenses, and Changes in Net Assets .................................................................................................118-119 Combining Statement of Cash Flows ........................................................................................120-121 Fiduciary Funds: Combining Statement of Fiduciary Net Assets..........................................................................122-123 Combining Statement of Changes in Fiduciary Net Assets .......................................................124-125 City of Flint, Michigan Contents (Continued) Other Supplemental Information - (continued) Fiduciary Funds: - (continued) Statement of Assets and Liabilities – Agency Funds ……………………………………………126 Schedule of Changes in Assets and Liabilities – Agency Funds………………………………………………………………...…127 Independent Auditor’s Report Honorable Mayor and Members of the City Council City of Flint Flint, Michigan We have audited the accompanying financial statements of the governmental activities, the business-type activities, the aggregate discretely presented component units, each major fund, and the aggregate remaining fund information of the City of Flint, Michigan (City) as of and for the year ended June 30, 2007, which collectively comprise the City’s basic financial statements as listed in the table of contents. These financial statements are the responsibility of the City's management. Our responsibility is to express an opinion on these basic financial statements based on our audit. We did not audit the financial statements of Flint Downtown Development Authority, which represent 68 percent, 66 percent, and 50 percent, respectively, of the assets, net assets, and revenue of the discretely presented component units. Those financial statements were audited by other auditors whose report thereon has been furnished to us, and our opinion, insofar as it relates to the amounts included for Flint Downtown Development Authority, is based on the report of the other auditors. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. The audit of the primary government was conducted in accordance with the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above, present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, the aggregate discretely presented component units, each major fund, and the aggregate remaining fund information of the City of Flint, Michigan as of June 30, 2007, and the respective changes in financial position and the cash flows, where applicable, thereof for the year then ended in conformity with accounting principles generally accepted in the United States of America. 1 Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City of Flint’s basic financial statements. The management’s discussion and analysis, retirement system schedules of funding progress, and the budgetary comparison schedule, as identified in the table of contents are not a required part of the basic financial statements but are supplementary information required by the Governmental Accounting Standards Board. The other supplemental information, as identified in the table of contents, is presented for purposes of additional analysis and is not a required part of the basic financial statements. The combining balance sheets, combining statements of revenue, expenditures and changes in fund balance, and budgetary comparison schedules, have been subjected to the auditing procedures applied in the audit of the basic financial statements, and in our opinion, are fairly presented in relation to the basic financial statements taken as a whole. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the required supplementary information. However, we did not audit the information and express no opinion on it. In accordance with Government Auditing Standards, we have also issued our report dated December 27, 2007 on our consideration of the City of Flint’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements, and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide opinions on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be considered in assessing the results of our audit. December 27, 2007 2 Management’s Discussion and Analysis City of Flint Management’s Discussion and Analysis As management of the City of Flint, we offer readers of the City of Flint’s financial statements this narrative overview and analysis of the financial activities of the City of Flint for the fiscal year ended June 30,
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