City of Monroe Monroe, Louisiana
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City of Monroe Monroe, Louisiana COMPREHENSIVE ANNUAL FINANCIAL REPORT For The Year Ended April 30, 2019 Honorable James Mayo Mrs. Gretchen Ezemack Mayor Chairwoman Prepared by the Department of Administration - Accounting Division Mrs. Stacey Rowell, CPA Director of Administration This page left intentionally blank. City of Monroe Monroe, Louisiana Table of Contents Statement Page INTRODUCTORY SECTION Transmittal Letter 1-12 Principal Officials 13 Organizational Chart 14 Department Heads 14 FINANCIAL SECTION Independent Auditor's Report 16-18 Required Supplementary Information Management's Discussion and Analysis (MD&A) 20-30 Basic Financial Statements Government-wide Financial Statements (GWFS) 31 Statement of Net Position A 32-33 Statement of Activities B 34-35 Fund Financial Statements (FFS) 37 Governmental Funds: Balance Sheet C 38 Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position D 39 Statement of Revenues, Expenditures, and Changes in Fund Balances E 40 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances to the Statement of Activities F 41 Proprietary Funds: Statement of Fund Net Position G 42 Statement of Revenues, Expenses and Changes in Fund Net Position H 43 Statement of Cash Flows I 44 Fiduciary Funds: Statement of Net Position J 45 Statement of Changes in Net Position K 46 Discretely Presented Component Units: Combining Statement of Net Position L 47 Combining Statement of Activities M 48 Notes to the Financial Statements Index 49 Notes 50-100 (continued) City of Monroe Monroe, Louisiana Table of Contents Exhibit Page Required Supplementary Information Schedule of Changes in the Total OPEB Liability and Related Ratios 1-1 102 Schedule of Proportionate Share of Net Pension Liability 1-2 103 Schedule of Employer Contributions to Pension Plans 1-3 104 Notes to Required Supplementary Information for Pensions 105 Budgetary Comparison Information Budgetary Comparison Schedules 106 General Fund 107-109 Capital Infrastructure 110 Notes to the Budgetary Comparison Schedules 111-112 Supplementary Information Nonmajor Governmental Funds - by Fund Type Combining Balance Sheet 113 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 114 Nonmajor Special Revenue Funds 115-116 Combining Balance Sheet 118-124 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 126-132 Schedule of Revenues and Expenditures, and Changes in Fund Balance - Budget (GAAP Basis) and Actual Fire Department Insurance 8-1 133 Community Development Block Grant 8-2 134 Fire and Police Capital Tax 8-3 135 Emergency Shelter 8-4 136 CDBG Home 8-5 137 CDBG Loan 8-6 138 Bond Forfeiture 8-7 139 Dare Program 8-8 140 Delta Fest 8-9 141 Diversion Program 8-10 142 Equitable Share Federal Seizure 8-11 143 Drug Seizure Local/State 8-12 144 Police Salary Sales Tax 8-13 145 Fire Salary Sales Tax 8-14 146 Justice Assistance Grant 8-15 147 Downtown Economic Development 8-16 148 Administrative Economic Development 8-17 149 Home Program Loans 8-18 150 Repairs and Maintenance 8-19 151 (continued) City of Monroe Monroe, Louisiana Table of Contents Supplementary Information (Cont'd) Exhibit Page Schedule of Revenues and Expenditures, and Changes in Fund Balance - Budget (GAAP Basis) and Actual Capital 5-20 152 Demolition :-2i 153 Employees' Benefits !-22 154 Downtown River Market !-23 155 MFD K-9 Donations !-24 156 Southside Economic Development District !-25 157 Nonmajor Debt Service Funds 159 Combining Balance Sheet 9 160 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 10 161 Nonmajor Capital Projects Funds 163 Combining Balance Sheet 11 164-167 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Deficits) 12 168-171 Nonmajor Enterprise Funds 173 Combining Statement of Net Position 13 174 Combining Statement of Revenues, Expenses and Changes in Fund Net Position 14 175 Combining Statement of Cash Flows 15 176-177 Internal Service Funds 179 Combining Statement of Net Position 16 180 Combining Statement of Revenues, Expenses and Changes in Fund Net Position 17 181 Combining Statement of Cash Flows 18 182 Pension Trust Funds 183 Combining Statement of Net Position 19 184 Combining Statement of Changes in Fiduciary Net Position 20 185 Agency Funds 187 Combining Statement of Fiduciary Assets and Liabilities 21 188 Combining Schedule of Changes in Assets and Liabilities 22 189-190 OTHER MISCFLLANFOUS SCHEDULES Schedule of Long Term Obligations 23 191 Schedule of Compensation Paid Council Members 24 192 Schedule of Compensation, Benefits, and Other Payments to Agency Head or Chief Executive Officer 25 193 (continued) City of Monroe Monroe, Louisiana Table of Contents STATISTICAL SECTION Table Pase Net Position by Component 1 196 Changes in Net Position 2 197-199 Fund Balances of Governmental Funds 3 200 Changes in Fund Balances of Governmental Funds 4 201-202 Governmental Activities Tax Revenue by Source 5 203 Assessed Value of Taxable Property 6 204 Property Tax Rates and Tax Levies- Direct and Overlapping Governments 7 205 Principal Property Taxpayers 8 206 Property Tax Levies and Collections 9 207 Sales Tax Revenues 10 208 Direct and Overlapping Sales Tax Rates 11 209 Ratios of Outstanding Debt by Type 12 210 Ration of General Bonded Debt Outstanding 13 211 Direct and Overlapping Governmental Activities Debt 14 212 Legal Debt Margin Information 15 213 Pledged-Revenue Coverage - Water and Sewer 16 214 Demographic and Economic Statistics 17 215 Principal Employers 18 216 Full-time Equivalent City Government Employees by Function 19 217 Operating Indicators by Function 20 218 Capital Asset Statistics by Function 21 219 (concluded) City of Monroe Monroe, Louisiana INTRODUCTORY SECTION DIVIDER City of Monroe Monroe, Louisiana This page intentionally left blank. DIVIDER City of Monroe, Louisiana Mayor-Council Government James E. "Jamie" 3»Liyo Stacey Rowell, CPA ^^avor Director of Admimstration October 31, 2019 The Citizens, The Honorable Mayor, And Members of the City Council City of Monroe RE: Financial Statement Letter of Transmittal Fiscal Year Ended April 30, 2019 Dear Citizens, Mayor, and Council Members: Pursuant to Louisiana State Statutes, I hereby issue the Comprehensive Annual Financial Report (CAFR) for the government of the City of Monroe for the fiscal year ended April 30, 2019. The Accounting Division of the Administration Department prepared this report in accordance with Generally Accepted Accounting Principles (GAAP). We believe the data, as presented, is accurate in all material respects; that it is presented in a manner designed to set forth fairly the financial position and results of operations of the City of Monroe as measured by the financial activities of its various funds and the entity-wide presentation; and that disclosures necessary to enable readers to gain an understanding of City of Monroe financial affairs have been included. Responsibility for the accuracy of the presented data and the completeness and fairness of the presentation, including all disclosures, rests with the local government. The City of Monroe financial statements have been audited by Allen, Green & Williamson, LLP, a firm of licensed certified public accountants. The goal of the independent audit was to provide reasonable assurance that the financial statements are free of material misstatement. The independent audit involved examining, on a test basis, evidence supporting the amounts and the disclosures in the financial statements; assessing the accounting principles used and significant estimates made by management; and evaluating the overall financial statement presentation. The independent auditor concluded, based upon the audit, that there was a reasonable basis for rendering an unmodified opinion that the Government of the City of Monroe, Louisiana, financial statements for the fiscal year ended April 30, 2019, are fairly presented in conformity with GAAP. The independent auditor's report is presented as the first document of the financial section of this report. The City of Monroe is required to undergo an annual single audit in conformance with the provisions of the Single Audit Act of 1996 and the U.S. Office of Management and Budget 2CFR Part 200 (Uniform Guidance). Information related to this single audit, including the Schedule of Expenditures of Federal Awards, findings and recommendations, and the auditor's reports on the internal control structure and compliance with applicable laws and regulations are available in the City's separately issued Single Audit Report. GAAP requires that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of Management's Discussion and Analysis (MD&A). This letter of transmittal is designed to complement the MD&A and should be read in conjunction. 1 PROFILE OF THE GOVERNMENT POPULATION 47,877 (2013) MEDIAN VALUE OF HOUSING UNITS $143.2K The first residents of what is now Monroe were the Ouachita Indians who inhabited the area around 1350 BC. The site later attracted a transitory population of traders, trappers, and hunters, but few permanent inhabitants. The first non-native settlers to Ouachita Parish were likely remnants of LaSalle's 1680 expedition to Louisiana. By the time these settlers arrived AMEAN TRAVEL in the 17th century, little was left of the TIME TO WORK Ouachita Indians who had inhabited the 14.3 min. area for generations. In 1782, the Governor of New Orleans sent Don Juan (Jean) Filhiol to establish a post along the Ouachita River. By 1790, this trading post, called Ft. Miro, had evolved into a community of 49 families. LAND AREA IN SQUARE MILES In 1803, the United States purchased the 29.21 Louisiana Territory from France, and for the first time, Ft. Miro was under U.S. authority. Ouachita Parish was established March 31, 1807, with Ft. Miro as the parish seat. In 1819, the town's name was changed from Ft. Miro to Monroe. BACHELOR'S DEGREE OR HIGHER Monroe is the eighth-largest city in the U.S.