City of White Plains NY CAFR FYE 06-30-2012
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The CCComprehensive AAAnnual FFFinancial RRReport For the Fiscal Year July 1, 2011 – June 30, 2012 Office of the COMMISSIONER OF FINANCE COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE CITY OF WHITE PLAINS, NEW YORK FOR THE FISCAL YEAR JULY 1, 2011 – JUNE 30, 2012 PREPARED BY: THE OFFICE OF THE COMMISSIONER OF FINANCE CITY OF WHITE PLAINS, NEW YORK COMPREHENSIVE ANNUAL FINANCIAL REPORT Year Ended June 30, 2012 TABLE OF CONTENTS Page INTRODUCTORY SECTION Letter of Transmittal .................................................................................................................... 1 GFOA Certificate of Achievement for Excellence in Financial Reporting.................................... 7 Principal Officials ........................................................................................................................ 8 Organizational Chart ................................................................................................................... 9 Fiscal Performance Goals ........................................................................................................ 11 FINANCIAL SECTION Independent Auditor’s Report ................................................................................................... 17 Management’s Discussion and Analysis................................................................................... 19 Basic Financial Statements: Government-wide Financial Statements: Statement of Net Position ................................................................................................ 32 Statement of Activities ..................................................................................................... 34 Fund Financial Statements: Balance Sheet - Governmental Funds ............................................................................ 36 Reconciliation of the Balance Sheet - Governmental Funds to the Statement of Net Position ......................................................................................... 37 Statement of Revenues, Expenditures, and Changes in Fund Balances – Governmental Funds ................................................................................................ 38 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities ..................... 39 Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - General Fund ................................................. 40 Statement of Net Position - Proprietary Funds ................................................................ 41 Statement of Revenues, Expenses and Changes in Net Assets - Proprietary Funds ....................................................................................... 42 Statement of Cash Flows - Proprietary Funds ................................................................. 43 Statement of Assets and Liabilities - Fiduciary Fund ....................................................... 44 Notes to the Financial Statements ....................................................................................... 45 Required Supplementary Information: Schedule of Funding Progress – Other Postemployment Benefits Plan .............................. 75 Combining and Individual Fund Financial Statements and Schedules: Schedule of Revenues and Other Financial Sources Compared to Budget – General Fund .................................................................................................................. 78 Schedule of Expenditures and Other Financing Uses Compared to Budget – General Fund .................................................................................................................. 80 Combining Balance Sheet - Nonmajor Governmental Funds .............................................. 88 Combining Statement of Revenues, Expenditures and Changes in Fund Balances – Nonmajor Governmental Funds ...................................................................................... 92 Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual - Library Fund .................................................................................... 95 CITY OF WHITE PLAINS, NEW YORK COMPREHENSIVE ANNUAL FINANCIAL REPORT Year Ended June 30, 2012 TABLE OF CONTENTS (continued) Page FINANCIAL SECTION - (continued) Combining and Individual Fund Financial Statements and Schedules (continued): Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual - Debt Service Fund .......................................................................... 96 Project-length Schedule - Capital Projects Fund ................................................................. 98 Schedule of Revenues and Expenses by Department - Enterprise Fund .......................... 103 Statement of Changes in Assets and Liabilities - Fiduciary Fund ...................................... 105 STATISTICAL SECTION (UNAUDITED) Financial Trends: Net Position by Component - Last Ten Fiscal Years .......................................................... 108 Changes in Net Position - Last Ten Fiscal Years ............................................................... 110 Fund Balances, Governmental Funds - Last Ten Fiscal Years .......................................... 112 Changes in Fund Balances, Governmental Funds - Last Ten Fiscal Years ....................... 114 Tax Revenues by Source, Governmental Funds - Last Ten Fiscal Years .......................... 116 Revenue Capacity: Assessed Valuation, State Equalization Rate, and Estimated Full Value of Real Property - Last Ten Fiscal Years ................................................................................... 118 Property Tax Rates per $1,000 Assessed Valuation - All Direct and Overlapping Governments - Last Ten Fiscal Years ............................................................................ 119 Principal Taxpayers ............................................................................................................ 120 Property Tax Levies and Collections - Last Ten Fiscal Years ............................................. 121 Constitutional Tax Limit ...................................................................................................... 122 Debt Capacity: Ratios of Outstanding Debt by Type - Last Ten Fiscal Years ............................................. 124 Direct and Overlapping Governmental Activities Debt - Last Ten Fiscal Years .................. 125 Computation of Legal Debt Margin .................................................................................... 126 Demographic and Economic Information - Demographic and Economic Statistics - Last Ten Fiscal Years ......................................... 128 Principal Employers ........................................................................................................... 129 Operating Information: Full-Time Equivalent Employees by Program - Last Ten Fiscal Years ............................... 131 Operating Indicators by Program - Last Ten Fiscal Years .................................................. 132 Capital Asset Statistics by Program - Last Ten Fiscal Years .............................................. 134 CITY OF WHITE PLAINS, NEW YORK COMPREHENSIVE ANNUAL FINANCIAL REPORT Year Ended June 30, 2012 TABLE OF CONTENTS - (continued) Page SINGLE AUDIT SECTION – FEDERAL PROGRAMS: 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 ................................................................................. 137 Report on Compliance with Requirements Applicable to Each Major Program and on Internal Control over Compliance in Accordance with OMB Circular A-133 ...................... 139 Schedule of Expenditures of Federal Awards ......................................................................... 142 Notes to Schedule of Expenditures of Federal Awards .......................................................... 144 Summary Schedule of Prior Audit Findings ............................................................................ 145 Schedule of Findings and Questioned Costs ......................................................................... 146 I N T R O D U C T O R Y S E C T I O N DEPARTMENT OF FINANCE MUNICIPAL BUILDING – 255 MAIN STREET – WHITE PLAINS, NEW YORK 10601 TEL: (914) 422-1235 – Fax: (914) 422-1273 THOMAS M. ROACH MICHAEL A. GENITO MAYOR COMMISSIONER CAROL ENDRES DEPUTY COMMISSIONER November 5, 2012 To the Honorable Mayor, Members of the Common Council and Citizens of the City of White Plains, New York: Section 58 of the City Charter requires that the Commissioner of Finance shall publish an audited annual financial report for the fiscal year ended June 30 no later than the stated meeting of the Common Council in December of the same year. In accordance with that requirement, submitted herewith is the audited Comprehensive Annual Financial Report (CAFR) for the City of White Plains, New York (City) for the fiscal year ended June 30, 2012. Management assumes full responsibility for the completeness and reliability of the information contained in this report, based upon a comprehensive framework of internal control that it has established for this purpose. Because the cost of internal control should not exceed anticipated benefits, the objective is to provide reasonable,