State of Oklahoma Comprehensive Annual Financial Report (CAFR)
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OKLAHOMA 2001 Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2001 Frank Keating Governor Prepared by Office of State Finance Tom Daxon, Director Brenda Bolander, State Comptroller 1 ¨ OKLAHOMA The Oklahoma Comprehensive Annual Financial The Office of State Finance would appreciate Report is an annual publication of the Oklahoma credit for any reprint. Office of State Finance and is prepared by the Division of Central Accounting & Reporting. Requests for additional copies, comments or questions may be directed to Shawn Ashley, This publication is issued under authority of the Office of State Finance, 2300 North Lincoln Office of State Finance. Pursuant to 74 O.S. Blvd., Suite 122, Oklahoma City, Oklahoma 1992, Section 3105, 1200 copies have been 73105. prepared and distributed at a cost of $13,600.00. 2 ¨ OKLAHOMA TABLE OF CONTENTS Page INTRODUCTORY SECTION Letter of Transmittal ............................................................................................................................................................. 7 Certificate of Achievement For Excellence in Financial Reporting.................................................................................... 18 Selected Oklahoma State Officials...................................................................................................................................... 19 State Organizational Chart.................................................................................................................................................. 20 FINANCIAL SECTION INDEPENDENT AUDITOR'S REPORT........................................................................................................................... 23 MANAGEMENT’S DISCUSSION AND ANALYSIS ...................................................................................................... 25 BASIC FINANCIAL STATEMENTS GOVERNMENT-WIDE FINANCIAL STATEMENTS Statement of Net Assets ..................................................................................................................................... 44 Statement of Activities....................................................................................................................................... 46 FUND FINANCIAL STATEMENTS Balance Sheet-Governmental Funds .................................................................................................................. 50 Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds...................................................................................... 52 Statement of Net Assets - Proprietary Funds ..................................................................................................... 54 Statement of Revenues, Expenses and Changes in Net Assets - Proprietary Funds ................................................................................................ 55 Statement of Cash Flows - Proprietary Funds.................................................................................................... 56 Statement of Fiduciary Net Assets Fiduciary Funds and Similar Component Units.......................................... 58 Statement of Changes in Fiduciary Net Assets Fiduciary Funds and Similar Component Units................................................................................................. 59 Description of Major Component Units............................................................................................................. 60 Combining Statement of Net Assets - Major Component Units ........................................................................ 61 Combining Statement of Activities - Major Component Units.......................................................................... 62 Combining Condensed Statement of Cash Flows - Major Component Units.................................................... 62 NOTES TO THE FINANCIAL STATEMENTS ....................................................................................................... 63 REQUIRED SUPPLEMENTARY INFORMATION Budgetary Comparison Schedule Budget to Actual (Non-GAAP Budgetary Basis) General Fund............................................................................... 115 Note to Required Supplementary Information - Budgetary Reporting..................................................................... 116 3 ¨ OKLAHOMA COMBINING FINANCIAL STATEMENTS FIDUCIARY FUNDS Combining Statement of Fiduciary Net Assets - Pension Trust Funds .....................................................................120 Combining Statement of Changes in Fiduciary Net Assets - Pension Trust Funds...................................................121 Combining Statement of Assets and Liabilities - Agency Funds ..............................................................................122 Combining Statement of Changes In Assets and Liabilities - Agency Funds ...........................................................123 Description of NonMajor Component Units .............................................................................................................125 Combining Statement of Net Assets - NonMajor Component Units ........................................................................126 Combining Statement of Activities - NonMajor Component Units ..........................................................................127 Combining Condensed Statement of Cash Flows - NonMajor Component Units ....................................................127 OTHER SUPPLEMENTARY INFORMATION – BUDGETARY DETAIL Schedule of Expenditures and Intra-Agency Transfers-Detail Budget to Actual Comparison (Non-GAAP Budgetary Basis) General Fund...........................................................131 STATISTICAL SECTION Cash Receipts and Disbursements.....................................................................................................................................152 Tax Collections .................................................................................................................................................................154 Gross Sales Tax by Industry..............................................................................................................................................156 Bank Deposits ...................................................................................................................................................................157 Assessed Valuations..........................................................................................................................................................158 Non-Agricultural Wage and Salary Employment..............................................................................................................158 State Colleges and Universities - Public............................................................................................................................160 State Colleges and Universities - Private...........................................................................................................................161 School Enrollments ...........................................................................................................................................................162 Economic and Demographic Estimates .............................................................................................................................162 Major Employers by Size ..................................................................................................................................................164 Net General Obligation Bonds and Notes Per Capita........................................................................................................166 Ratio of Annual Debt Service Expenditures for General Obligation Debt to Total General Governmental Expenditures......................................................................................166 Revenue Bond Coverage - Enterprise Fund and Proprietary Component Units................................................................167 4 ¨ OKLAHOMA INTRODUCTORY SECTION 5 ¨ OKLAHOMA INTRODUCTORY SECTION 6 ¨ OKLAHOMA December 29, 2001 To the Honorable Frank Keating, Governor Members of the Legislature, and Citizens of the State of Oklahoma The Office of State Finance is pleased to present the Comprehensive Annual Financial Report (CAFR) for the State of Oklahoma for the fiscal year ended June 30, 2001. This report, presented in three sections: Introductory, Financial, and Statistical, is the primary means of reporting the State government's financial activities. The CAFR has been prepared in conformance with Governmental Accounting Standards Board (GASB) statements 34 and 35. The State has elected early implementation of these new standards. The objective of the new reporting model is to provide a clear picture of the government as a single, unified entity as well as providing traditional fund based financial statements. The Introductory Section contains an overview of the State's economic performance, a review of current initiatives, and summary financial data. The Financial Section contains Management’s Discussion and Analysis, Government Wide Financial Statements, Fund Financial Statements for Governmental Funds, Proprietary Funds, Fiduciary Funds and Similar Component Units, and for Major Component Units. The Financial Section also includes the Notes to the