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2009 Comprehensive Annual Financial Report

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2009 Comprehensive Annual Financial Report THE CITY OF PENSACOLA, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED SEPTEMBER 30, 2009 Prepared by: Financial Services Department Richard Barker, Jr. Director of Finance ACCOUNTING STAFF Pamela Childers, CPA, CGFO Amber McClure, CPA Laura Picklap, CPA CITY OF PENSACOLA, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT YEAR ENDED SEPTEMBER 30, 2009 TABLE OF CONTENTS I. INTRODUCTORY SECTION Letter of Transmittal 1-12 Government Finance Officer’s Association Certificate of Achievement 13 Organizational Chart 14 List of Elected and Appointed Officials 15-16 II. FINANCIAL SECTION Independent Auditors’ Report 17-18 A. MANAGEMENT’S DISCUSSION AND ANALYSIS (REQUIRED SUPPLEMENTARY INFORMATION) 19-37 B. BASIC FINANCIAL STATEMENTS Government-wide Financial Statements Statement of Net Assets 38-39 Statement of Activities 40-41 Fund Financial Statements Governmental Funds Financial Statements Balance Sheet 42-43 Statement of Revenues, Expenditures, and Changes in Fund Balances 44 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities 45 Statement of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual – General Fund 46 Statement of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual – Housing Assistance Payments Fund 47 Proprietary Funds Financial Statements Statement of Net Assets 48-49 Statement of Revenues, Expenses, and Changes in Fund Net Assets 50 Statement of Cash Flows 51-52 i CITY OF PENSACOLA, FLORIDA TABLE OF CONTENTS (CONTINUED) Fiduciary Funds Financial Statements Statement of Net Assets 53 Statement of Changes in Net Assets 54 Notes to Financial Statements Note I – Summary of Significant Accounting Policies 55-64 Note II – Stewardship, Compliance, and Accountability 64 Note III – Detail Notes on All Funds 65-81 Note IV – Other Information 81-94 Note V – Subsequent Events 95-96 C. REQUIRED SUPPLEMENTARY INFORMATION (OTHER THAN MD&A) Pension Funds – Schedule of Employer Contributions and Analysis of Funding Progress 97-100 D. COMBINING FINANCIAL STATEMENTS Nonmajor Governmental Funds Balance Sheet 101-104 Statement of Revenues, Expenditures, and Changes in Fund Balances 105-108 Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual – Local Option Sales Tax Fund 109 Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual – Nonmajor Governmental Funds 110-122 Internal Service Funds Statement of Net Assets 123 Statement of Revenues, Expenses, and Changes in Fund Net Assets 124 Statement of Cash Flows 125-126 Fiduciary Funds Statement of Net Assets 127 Statement of Changes in Net Assets 128 ii CITY OF PENSACOLA, FLORIDA TABLE OF CONTENTS (CONTINUED) III. STATISTICAL SECTION Financial Trends Changes in Net Assets 129-130 Net Assets by Component 131 Program Revenues by Function/Program 132 Fund Balances, Governmental Funds 133 Changes in Fund Balances, Governmental Funds 134 Revenue Capacity Assessed Value and Estimated Value of Taxable Property 135 Direct and Overlapping Property Tax Rates 136 Principal Property Tax Payers 137 Property Tax Levies and Collections 138 Taxable Sales by Category 139 Direct and Overlapping Sales Tax Rates 140 Sales Tax Revenue Payers by Industry 141 Gas Sold in Mcfs by Type of Customer 142 Gas Rates 143 Debt Capacity Ratios of Outstanding Debt by Type 144 Direct and Overlapping Governmental Activities Debt 145 Pledged-Revenue Coverage 146-147 Demographic and Economic Information Demographic and Economic Statistics 148 Principal Employers 149 Operating Information Operating Indicators by Function/Program 150-151 Capital Asset Statistics by Function/Program 152-153 Full-time-Equivalent City Government Employees by Function/Program 154 iii CITY OF PENSACOLA, FLORIDA TABLE OF CONTENTS (CONTINUED) IV. OTHER AUDIT REPORTS SECTION Independent Auditor’s 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 155-156 Independent Auditor’s Report on Compliance with Requirements Applicable to Each Major Federal Program, State Project and Passenger Facility Charge Program and on Internal Control Over Compliance in Accordance with OMB Circular A-133 157-158 Schedule of Findings and Questioned Costs-Federal Programs and State Projects 159-160 Summary Schedule of Prior Year Audit Findings 161 Schedule of Expenditures of Federal Awards, Passenger Facility Charge 162-163 And State Financial Assistance Management Letter 164-166 Financial Data Schedule 167-168 iv INTRODUCTORY SECTION LETTER OF TRANSMITTAL CERTIFICATE OF ACHIEVEMENT FOR EXCELLENCE IN FINANCIAL REPORTING CITY OF PENSACOLA ORGANIZATIONAL CHART LIST OF ELECTED AND APPOINTED OFFICIALS February 15, 2010 The Honorable Michael C. Wiggins, Mayor And Members of the City Council City of Pensacola Pensacola, Florida Pursuant to applicable Florida Statutes and sound financial management practices, the Comprehensive Annual Financial Report (CAFR) of the City of Pensacola, Florida, for the fiscal year ended September 30, 2009, has been prepared and is submitted herewith. The City of Pensacola's CAFR was prepared by the Financial Services Department. Responsibility for both the accuracy of the presented data and completeness and fairness of the presentation, including all disclosures, rests with the City. City management believes that the report is a fair presentation of the City's financial position and results of operations as measured by the financial activity of its various funds, that presented data is accurate in all material aspects and that all disclosures necessary to enable the reader to gain maximum understanding of the City's financial affairs have been included. This report has been presented in accordance with Generally Accepted Accounting Principles (GAAP). These principles require 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). The Letter of Transmittal is designed to complement MD&A and should be read in conjunction with it. The City of Pensacola’s MD&A can be found immediately following the report of the independent auditors. The Reporting Entity The financial reporting entity includes all funds of the primary government, as well as all of its component units. Component units are legally separate organizations for which the City is financially accountable and, for financial statement purposes, are either blended with the activities of the City or discretely presented. The criteria used to determine whether an organization should be a part of the City’s reporting entity were those outlined by Governmental Accounting Standards Board Statement No. 14, The Financial Reporting Entity. 1 The Downtown Improvement Board has been classified as a component unit and is discretely presented in the City’s annual financial report as a separate column in the government-wide financial statements. The Community Redevelopment Agency, an independent agency of the City, also meets the definition of a component unit; however its financial reporting is blended with the City’s financial activity. Form of Government The City operates under a Council-Manager form of government. The City Council consists of ten members. Members of the City Council serve for two-year terms. Seven members of the City Council are elected from single-member districts and the other three members, including the Mayor, are elected at-large. The City Council is the legislative and governing body of the City. The City Manager is appointed by the City Council and is responsible for implementing the policies and legislative actions of the City Council. The City of Pensacola provides a full range of municipal services including public works, public safety, health and social services, recreation and cultural activities. In addition, the City’s enterprise activities include a gas utility, sanitation collection system, seaport, and regional airport. On November 24, 2009 a referendum to change the City’s charter received fifty-five percent voter approval. The Council-Manager structure changed to a Mayor-Council form of government effective January 11, 2010. The Mayor and Council will be seated with the November 2010 election. With the new structure, the Mayor will not be a member of Council, will not have voting power and has a four year term of office as opposed to a two year term. Members of Council are limited to three consecutive four year terms. Every ten years the Charter Review Commission will be established to review the City’s charter. City Council adopted the new charter on November 25, 2009. In November 2008 the County Commission and City Council passed a resolution to support the establishment of a Consolidated Study Commission of which they appointed 25 members tasked to study, debate and generate a consolidated plan for referendum. The plan proposes the consolidation of the City of Pensacola, Escambia County and Town of Century. The Town of Century voted a year ago to pull its support. The Escambia County Commissioners voted at their January 2010 meeting to send a letter to the Northwest Florida Legislative Delegation saying Commissioners do not support the current draft thereby delaying the referendum to the November 2012 ballot. The Mayor of the City of Pensacola sent notification to the Delegation that at the January 25, 2010 Pensacola
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