The Following Document Was Not Prepared by the Office of the State Auditor, but Was Prepared by and Submitted to the Office of the State Auditor by a Private CPA Firm
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The following document was not prepared by the Office of the State Auditor, but was prepared by and submitted to the Office of the State Auditor by a private CPA firm. The document was placed on this web page as it was submitted. The Office of the State Auditor assumes no responsibility for its content or for any errors located in the document. Any questions of accuracy or authenticity concerning this document should be submitted to the CPA firm that prepared the document. The name and address of the CPA firm appears in the document. CITY OF MERIDIAN, MISSISSIPPI COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2007 Prepared by: Department of Finance and Records L.E. Skipper, Director A detail from the architectural facade on Meridian’s historic Threefoot Building is featured on our cover. The 17-story skyscraper, an art deco-style masterpiece completed in 1939, is also featured on the cover of the City of Meridian 2007 Annual Report. (Photo by Kim Gianakos) CITY OF MERIDIAN, MISSISSIPPI Comprehensive Annual Financial Report For the Fiscal Year Ended September 30, 2007 TABLE OF CONTENTS (Page 1 of 4) Page INTRODUCTORY SECTION .................................................................................... 1 Letter of Transmittal .................................................................................................... 3 - 8 GFOA Certificate of Achievement .............................................................................. 9 Organizational Structure .............................................................................................. 10 Listing of City Officials ............................................................................................... 11 FINANCIAL SECTION ............................................................................................... 13 Independent Auditors’ Report .................................................................................. 15 - 16 Management’s Discussion and Analysis .................................................................. 17 - 26 Basic Financial Statements: ...................................................................................... 27 Government-Wide Financial Statements: Statement of Net Assets ......................................................................................... 28 - 29 Statement of Activities ........................................................................................... 30 - 31 Fund Financial Statements: Governmental Funds: Balance Sheet ...................................................................................................... 32 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Assets ................................................................................... 33 Statement of Revenues, Expenditures, and Changes in Fund Balances ............. 34 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities ....... 35 Statement of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual (Budgetary Basis) – General Fund .................................... 36 – 38 Statement of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual (Budgetary Basis) – Special Revenue Fund ..................... 39 Proprietary Funds: Statement of Net Assets ...................................................................................... 40 - 41 Statement of Revenues, Expenses, and Changes in Fund Net Assets ................ 43 Statement of Cash Flows ..................................................................................... 44 - 45 Fiduciary Funds: Statement of Fiduciary Assets and Liabilities ..................................................... 46 Component Units: Statement of Net Assets ...................................................................................... 47 Statement of Activities ........................................................................................ 48 CITY OF MERIDIAN, MISSISSIPPI Comprehensive Annual Financial Report For the Fiscal Year Ended September 30, 2007 TABLE OF CONTENTS (Page 2 of 4) Schedule Page FINANCIAL SECTION (Continued) Notes to Financial Statements ................................................................................... 49 – 92 Required Supplementary Information: ....................................................... 93 Mississippi Municipal Retirement System – Schedule of Funding Progress ....................................................................................... 1 94 Supplementary Information: Combining and Individual Fund Statements and Schedules: ................. 95 Nonmajor Governmental Funds: ........................................................... 96 - 97 Combining Balance Sheet – Nonmajor Capital Projects Funds ............. 2 98 - 99 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances – Nonmajor Capital Projects Funds ........................ 3 100 - 101 Schedules of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual (Budgetary Basis): Debt Service Fund ............................................................................. 4 102 Capital Projects Funds ...................................................................... 5 103 Schedule of General Fund Expenditures by Departments and Divisions ....................................................................................... 6 104 - 105 Nonmajor Enterprise Funds: .................................................................. 107 Combining Statement of Net Assets ....................................................... 7 108 Combining Statement of Revenues, Expenses, and Changes in Fund Net Assets ............................................................................... 8 109 Combining Statement of Cash Flows ..................................................... 9 110 Internal Service Funds: ........................................................................... 111 Combining Statement of Net Assets ....................................................... 10 112 Combining Statement of Revenues, Expenses, and Changes in Fund Net Assets ............................................................................... 11 113 Combining Statement of Cash Flows ..................................................... 12 114 Fiduciary Funds: ...................................................................................... 115 Combining Statement of Fiduciary Assets and Liabilities ..................... 13 116 Combining Statement of Changes in Fiduciary Assets and Liabilities .............................................................................................. 14 117- 119 CITY OF MERIDIAN, MISSISSIPPI Comprehensive Annual Financial Report For the Fiscal Year Ended September 30, 2007 TABLE OF CONTENTS (Page 3 of 4) Schedule Page FINANCIAL SECTION (Continued) Nonmajor Component Units: .................................................................. 121 Combining Statement of Net Assets ....................................................... 15 122 Combining Statement of Activities ......................................................... 16 123 Other Supplementary Information: ....................................................... 125 Schedule Reconciling Original Ad Valorem Tax Rolls to Fund Collections .................................................................................. 17 126 - 127 Schedule of Investments ......................................................................... 18 128 Schedule of Surety Bonds for Municipal Officials ................................. 19 129 Schedule of Changes in Long-Term Debt .............................................. 20 131 Schedule of Long-Term Debt Maturities ................................................ 21 132 - 133 STATISTICAL SECTION ............................................................................... 135 Net Assets by Component ............................................................................... 22 137 Changes in Net Assets ..................................................................................... 23 138 - 139 Governmental Activities Tax Revenues by Source ......................................... 24 140 Fund Balances of Governmental Funds ........................................................... 25 141 Changes in Fund Balances of Governmental Funds ........................................ 26 142 - 143 General Government Tax Revenues by Source ............................................... 27 144 Assessed Value and Estimated Actual Value of Taxable Property ................. 28 145 Property Tax Rates – Direct and Overlapping Governments .......................... 29 146 Principal Property Taxpayers ........................................................................... 30 147 Property Tax Levies and Collections ............................................................... 31 148 Ratios of Outstanding Debt by Type ............................................................... 32 149 Ratios of General Obligation Bonded Debt Outstanding ................................ 33 150 Direct and Overlapping Governmental Activities Debt .................................. 34 151 Legal Debt Margin Information ....................................................................... 35 152 Pledged-Revenue Bond Coverage ..................................................................