The Maryland-National Capital Park and Planning Commission
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{Gt TuGjG {Gt TuGjG wGGwGj wGGwGj Comprehensive Annual Financial Report ComprehensiveFor the Fiscal Year Annual Ended Financial June 30, Report 2009 For the Fiscal Year Ended June 30, 2009 COMPREHENSIVE ANNUAL FINANCIAL REPORT AND ANNUAL REPORT of THE MARYLAND-NATIONAL CAPITAL PARK AND PLANNING COMMISSION For the Fiscal Year Ended June 30, 2009 Commissioners Samuel J. Parker, Jr., Chairman of the Commission Royce Hanson, Vice-Chairman of the Commission Joe Alfandre Sarah A. Cavitt Jesse Clark Jean B. Cryor Amy Presley John M. Robinson John H. Squire Sylvester J. Vaughns Officers Oscar Rodriguez, Executive Director Patricia Colihan Barney, Secretary-Treasurer Adrian R. Gardner, General Counsel Department Directors Rollin Stanley, Montgomery County Director of Planning Mary Bradford, Montgomery County Director of Parks Fern V. Piret, Prince George’s County Director of Planning Ronnie Gathers, Prince George’s County Director of Parks and Recreation Oscar Rodriguez, Department of Human Resources and Management Patricia Colihan Barney, Department of Finance Adrian R. Gardner, Legal Department Prepared by the Department of Finance Patricia Colihan Barney, Secretary-Treasurer Finance Managers Barbara Walsh, Accounting Chip S. Bennett, Administration Nancy J. Keogh, Purchasing Abinet Belachew, Internal Audit Al Warfield, Investments and Treasury Operations Joe Bistany, Information Technology i TABLE OF CONTENTS Page List of Officials i PART I - INTRODUCTORY SECTION Letter of Transmittal 2 Certificate of Achievement 5 Commission Background 7 Organization Chart 8 Program Highlights 10 PART IIA - FINANCIAL SECTION Independent Auditor’s Report 21 A. MANAGEMENT’S DISCUSSION AND ANALYSIS 24 B. BASIC FINANCIAL STATEMENTS Exhibits Government-Wide Financial Statements 1 Statement of Net Assets 43 2 Statement of Activities 44 Fund Financial Statements Governmental Funds Financial Statements 3 Balance Sheet 45 4 Statement of Revenues, Expenditures and Changes in Fund Balances 46 5 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities 47 6 Statement of Revenues, Expenditures/Encumbrances and Changes in Fund Balance – Budget (Non-GAAP Budgetary Basis) and Actual – General Fund 48 Proprietary Funds Financial Statements 7 Statement of Net Assets 49 8 Statement of Revenues, Expenses and Changes in Fund Net Assets 50 9 Statement of Cash Flows 51 Fiduciary Funds Financial Statements 10 Statement of Net Assets 53 11 Statement of Changes in Net Assets 54 Notes to Financial Statements 55 C. REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF FUNDING PROGRESS Defined Benefit Pension Plan 101 Other Post Employment Benefits 102 ii Page PART IIB - FINANCIAL SECTION, continued D. COMBINING STATEMENTS AND SCHEDULES Schedules Nonmajor Governmental Funds 1 Combining Balance Sheet 105 2 Combining Statement of Revenues, Expenditures and Changes in Fund Balances 106 3 Combining Schedule of Revenues, Expenditures/Encumbrances, and Changes in Fund Balance – Budget (Non – GAAP Budgetary Basis) and Actual – Special Revenue Funds 107 Enterprise Funds 4 Schedule of Net Assets 109 5 Schedule of Revenues, Expenses and Changes in Fund Net Assets 110 6 Schedule of Cash Flows 111 Internal Service Funds 7 Combining Statement of Net Assets 113 8 Combining Statement of Revenues, Expenses and Changes in Fund Net Assets 114 9 Combining Statement of Cash Flows 115 Fiduciary Fund Types 10 Combining Statements of Net Assets 117 11 Combining Statements of Changes in Net Assets 118 118 12 Combining Statement of Changes in Assets and Liabilities – Agency Fund 119 PART III - STATISTICAL SECTION Tables T-1 Net Assets by Category Entity-wide Basis - Last Eight Fiscal Years 122 T-2 Change in Net Assets Entity-wide Basis – Last Eight Fiscal Years 123 T-3 Government Wide Revenues Entity-wide Basis – Last Eight Fiscal Years 124 T-4 Fund Balances of Governmental Funds – Last Ten Fiscal Years 125 T-5 Changes in Fund Balances of Governmental Funds – Last Ten Fiscal Years 126 T-6 Assessed and Estimated Actual Value of Taxable Property – Last Ten Fiscal Years 127 T-7 Property Tax Rates – Direct and Overlapping Governments – Last Ten Fiscal Years 128 T-8 Principal Taxpayers – Current Fiscal Year and Nine Years Ago 129 T-9 Property Tax Levies and Collections – Last Ten Fiscal Years 130 T-10 Ratios of Outstanding Debt by Type – Last Ten Fiscal Years 131 T-11 Ratio of Net General Obligation Bonded Debt to Assessed Value and Net General Obligation Bonded Debt Per Capita – Last Ten Fiscal Years 132 T-12 Direct and Overlapping Governmental Activities Debt 133 T-13 Computation of Legal Debt Margin – Park Acquisition and Development Bonds – Last Ten Fiscal Years 134 T-14 Pledged Revenue Coverage – Last Ten Fiscal Years 135 T-15 Demographic Statistics – Last Ten Fiscal Years 136 T-16 Total Government Employees by Function – Last Ten Fiscal Years 137 T-17 Operating Indicators by Function – Last Ten Fiscal Years 139 139 T-18 Capital Asset Statistics by Function – Last Five Fiscal Years 141 T-19 Principal Employers – Current Fiscal and Nine Years Ago 142 T-20 Supplemental Enterprise Information 143 Acknowledgments 144 Photo Index 145 iii Ƈ PART I Ƈ INTRODUCTORY SECTION Re-enactors are dedicated to adding a sense of authenticity to celebrations such as Emancipation Day at Oakley Cabin. 1 MN THE IMARYL~ND-NATIONAL CAPITAL PARK AND PLANNING COMMISSION pp 6611 Kenilworth Avenue • Riverdale, Maryland 20737 tw.t C November 4, 2009 Commissioners: The Comprehensive Annual Financial Report of The Maryland-National Capital Park and Planning Commission (''the Commission") for the fiscal year ended June 30, 2009 is hereby submitted. This Report was prepared by the Commission's Finance Department, in accordance with the provisions of Article 28, Sections 2-113 and 7-107, of the Annotated Code of Maryland. Responsibility for the completeness and reliability of all the information presented, including all disclosures, rests with the Commission. We assert that to the best of our knowledge and belief, the data, as presented, is accurate in all material respects and is reported in a manner designed to present fairly the financial position and changes in financial position of the governmental activities, business-type activities and various funds of the Commission in accordance with accounting principles generally accepted in the United States of America (GAAP). All disclosures necessary to enable the reader to gain an understanding of the Commission's financial activities have been included. To provide a reasonable basis for making these representations, management of the Commission has established an internal control structure designed to ensure that the assets of the Commission are protected from loss, theft or misuse and to ensure that adequate accounting data are compiled to allow for the preparation of financial statements in conformity with GAAP. The internal control structure is designed to provide reasonable, but not absolute, assurance that these objectives are met. The concept of reasonable assurance recognizes that: (1) the cost of a control should not exceed the benefits likely to be derived, and (2) the evaluation of costs and benefits requires business judgment by management. State statutes require an annual audit by independent certified public accountants. The Commission selected the accounting firm of Clifton Gunderson LLP. The goal of the independent audit was to provide reasonable assurance that the financial statements of the Commission for the fiscal year ended June 30, 2009 are free of material misstatement. The independent audit involved examining, on a test basis, evidence supporting the amounts and 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 auditors concluded, based upon the audit, that there was a reasonable basis for rendering an unqualified opinion that the Commission's financial statements for the fiscal year ended June 30, 2009 are fairly presented in conformance with GAAP. The independent auditor's report is presented as the first component of the Financial Section of this Report. The Commission is also required to undergo an annual single audit in conformity with the provisions of the Single Audit Act of 1996, as revised and U.S. Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. This audit is issued separately. The Commission is also required to file a Uniform Financial Report with the Maryland State Department of Legislative Services by January 1 of each year. Management's discussion and analysis (MD&A) immediately follows the independent auditor's report and provides a narrative introduction, overview and analysis of the basic financial statements. MD&A complement this letter of transmittal, and should be read in conjunction with it. The Commission The Commission is a body corporate of the State of Maryland established by the Maryland General Assembly in 1927. The Commission is a bi-county agency serving both Montgomery and Prince George's Counties. It is empowered to acquire, develop, maintain and administer a regional system of parks in the defined Metropolitan District in Montgomery and Prince George's Counties, and to prepare and administer a general plan for the physical development of a defined Regional District for the two Counties. The Commission also conducts the recreation program