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Comprehensive Annual Financial Report City of Muskegon Fiscal Year Ended June 30, 2018

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Comprehensive Annual Financial Report City of Muskegon Fiscal Year Ended June 30, 2018 Comprehensive Annual Financial Report City of Muskegon Fiscal Year Ended June 30, 2018 [This page was intentionally left blank.] CITY OF MUSKEGON, MICHIGAN COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED JUNE 30, 2018 Prepared By FINANCIAL SERVICES DIVISION Elizabeth Lewis James Maurer Finance Director Information Systems Director Kenneth Grant Mike VanderMolen Assistant Finance Director Management Assistant Sarah Petersen City Treasurer [This page was intentionally left blank.] City of Muskegon TABLE OF CONTENTS INTRODUCTORY SECTION Letter of Transmittal .................................................................................................................................. 5 Certificate of Achievement for Excellence in Financial Reporting ......................................................... 11 Organization Chart ................................................................................................................................... 12 List of Principal Officials ......................................................................................................................... 13 FINANCIAL SECTION Independent Auditor’s Report .................................................................................................................. 17 Management’s Discussion and Analysis .................................................................................................. 21 Basic Financial Statements Government-wide Financial Statements Statement of Net Position .................................................................................................................. 34 Statement of Activities ...................................................................................................................... 35 Fund Financial Statements Governmental Funds Balance Sheet ................................................................................................................................. 36 Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position ................................................................................................. 37 Statement of Revenues, Expenditures and Changes in Fund Balances ......................................................................................................................... 38 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances to the Statement of Activities ..................................................................................................................................... 39 Proprietary Funds Statement of Net Position ............................................................................................................... 40 Statement of Revenues, Expenses and Changes in Net Position ................................................... 41 Statement of Cash Flows ................................................................................................................ 42 Fiduciary Funds Statement of Fiduciary Assets and Liabilities ................................................................................ 43 Discretely Presented Component Units Statement of Net Position .................................................................................................................. 44 Statement of Activities ...................................................................................................................... 45 Notes to Financial Statements .............................................................................................................. 46 Required Supplementary Information Budgetary Comparison Schedule—General Fund ................................................................................ 82 Budgetary Comparison Schedule—Major Street and Trunkline Fund ................................................. 87 Schedule of Changes in Net Pension Liability and Related Ratios ...................................................... 88 Pension System Schedule of Contributions .......................................................................................... 89 Retiree Healthcare System Schedule of Changes in the Net OPEB Liability and Related Ratios ............................................................................................. 90 Retiree Healthcare System Schedule of Contributions ......................................................................... 9 1 1 City of Muskegon TABLE OF CONTENTS Other Supplemental Information Other Governmental Funds Description of Other Governmental Funds ....................................................................................... 94 Combining Balance Sheet ................................................................................................................. 96 Combining Statement of Revenues, Expenditures and Changes in Fund Balances ................................................................................................................................ 97 Other Special Revenue Funds Combining Balance Sheet .............................................................................................................. 98 Combining Statement of Revenues, Expenditures and Changes in Fund Balances ............................................................................................................................. 99 Budgetary Comparison Schedule—Other Special Revenue Funds ............................................. 100 Other Capital Projects Funds Combining Balance Sheet ............................................................................................................ 103 Combining Statement of Revenues, Expenditures and Changes in Fund Balances ........................................................................................................................... 104 Internal Service Funds Description of Internal Service Funds ............................................................................................. 105 Combining Statement of Net Position ............................................................................................. 106 Combining Statement of Revenues, Expenses and Changes in Fund Net Position ...................................................................................................... 107 Combining Statement of Cash Flows .............................................................................................. 108 Fiduciary Funds Description of Fiduciary Funds ....................................................................................................... 109 Agency Funds Combining Statement of Assets and Liabilities ........................................................................... 110 Statement of Changes in Assets and Liabilities ........................................................................... 111 Discretely Presented Component Units Description of Discretely Presented Component Units ................................................................... 113 Combining Balance Sheet ............................................................................................................... 114 Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position ................................................................................................... 115 Combining Statement of Revenues, Expenditures and Changes in Fund Balances (Deficits) .......................................................................................................... 116 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances (Deficits) to the Statement of Activities .................................................................................................................................. 117 Schedule of Indebtedness ................................................................................................................... 119 2 City of Muskegon TABLE OF CONTENTS STATISTICAL SECTION Financial Trends Net Assets/Net Position by Component.............................................................................................. 124 Changes in Net Assets/Net Position ................................................................................................... 125 Fund Balances of Governmental Funds .............................................................................................. 127 Changes in Fund Balances of Governmental Funds ........................................................................... 128 Revenue Capacity Governmental Activities Revenues by Source ................................................................................... 129 Taxable, Assessed and Equalized and Estimated Actual Valuation of Property ................................ 130 Principal Property Taxpayers ............................................................................................................. 131 Property Tax Rates – Direct and Overlapping Government Units ..................................................... 132 Property Tax Levies and Collections .................................................................................................. 133 Segmented Data on Income Tax Filers, Rates and Liability .............................................................. 134 Debt Capacity Ratio of Outstanding Debt by Type ...................................................................................................
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