Fiscal Year 2012-13 Brought Exciting News in Economic Development
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City of Denton Comprehensive Annual Financial Report Fiscal Year Ending September 30, 2013 Denton, Texas Denton Municipal Electric’s Engineering and Operations Building VISION “Destination Denton” Denton is an identifiable and memorable destination and a community of opportunities. We achieve this by providing high quality of life through excellence in education, entertainment, and employment; neighborhood vitality and sustainability; environmental and financial stewardship; and superior public facilities and services. MISSION “Dedicated to Quality Service” The City of Denton will foster an environment that will deliver extraordinary quality service and products through stakeholder, peer group, and citizen collaboration; leadership and innovation; and sustainable and efficient use of resources. VALUES “We Care” We care about our people, our community, and our work. We do this with integrity, respect, and fairness. + CITY OF DENTON, TEXAS COMPREHENSIVE ANNUAL FINANCIAL REPORT For the fiscal year ended September 30, 2013 CITY MANAGER George C. Campbell ASSISTANT CITY MANAGER AND CHIEF FINANCIAL OFFICER Bryan Langley Prepared by: Chuck Springer Director of Finance Antonio Puente Harvey Jarvis Assistant Director of Finance Controller Kevin Ann Mullen, CPA Cody Wood Assistant Controller Assistant Controller David Wilson Diane Chang, CPA Electric Accounting Manager Senior Grants Accountant Kurt Breyfogle Randall Mahaffey, CIA Senior Utilities Accountant Senior Accountant Ed Lane, CPA Cindy Liang, CPA Accountant III Accountant III Lori Allen Mary Billings Accounting Technician Electric Analyst Nancy Towle Mike Halsema Budget Manager Senior Financial Analyst Caroline Finley Treasury Administrator City of Denton, Texas Comprehensive Annual Financial Report For Year Ended September 30, 2013 TABLE OF CONTENTS Page INTRODUCTORY SECTION (UNAUDITED): Transmittal Letter ................................................................................................................................................. i Organizational Chart ........................................................................................................................................ viii Certificate of Achievement ................................................................................................................................. ix List of Principal Officials..................................................................................................................................... x FINANCIAL SECTION: Independent Auditor’s Report.............................................................................................................................. 1 Management’s Discussion and Analysis ............................................................................................................. 5 Basic Financial Statements: Government-wide Financial Statements: Statement of Net Position ..................................................................................................................... 15 Statement of Activities .......................................................................................................................... 16 Fund Financial Statements: Governmental Fund Financial Statements: Balance Sheet ................................................................................................................................. 18 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position .... 19 Statement of Revenues, Expenditures and Changes in Fund Balances .......................................... 20 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities .............................................................. 21 Statement of Revenues, Expenditures and Changes in Fund Balance – Budget to Actual General Fund............................................................................................................................... 23 Proprietary Fund Financial Statements: Statement of Net Position ............................................................................................................... 24 Statement of Revenues, Expenses and Changes in Fund Net Position .......................................... 28 Statement of Cash Flows ................................................................................................................ 30 Fiduciary Fund Financial Statements: Statement of Assets and Liabilities ................................................................................................ 32 Notes to Basic Financial Statements ........................................................................................................... 33 Required Supplementary Information: Schedule of TMRS Funding Progress and Contributions – Last Three Fiscal Years ................................. 67 Schedule of Denton’s Firemen’s Relief and Retirement Plan Funding Progress and Contributions – Last Three Valuation Years ................................................................................. 67 Schedule of Other Post Employment Benefits Funding Progress and Contributions Last Three Valuation Years .................................................................................................................. 68 Combining and Individual Fund Financial Statements and Schedules: Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget to Actual: Debt Service Fund ................................................................................................................................ 69 Combining Balance Sheet – Nonmajor Governmental Funds..................................................................... 72 Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds ............................................................................................................ 74 Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget to Actual: Recreation....................................................................................................................................... 76 Police Confiscation ........................................................................................................................ 77 Tourist and Convention .................................................................................................................. 78 Street Improvement Fund ............................................................................................................... 79 Gas Well Revenues Fund ............................................................................................................... 80 Citizens’ Park Trust ........................................................................................................................ 81 City of Denton, Texas Comprehensive Annual Financial Report For Year Ended September 30, 2013 TABLE OF CONTENTS (Continued) Page FINANCIAL SECTION (continued): Combining and Individual Fund Financial Statements and Schedules (continued): Combining Statement of Net Position – Internal Service Funds ................................................................. 84 Combining Statement of Revenues, Expenses and Changes in Fund Net Position - Internal Service Funds .......................................................................................................................... 86 Combining Statement of Cash Flows – Internal Service Funds .................................................................. 88 Combining Statement of Assets and Liabilities – Agency Funds ............................................................... 90 Combining Statement of Changes in Assets and Liabilities – Agency Funds ............................................ 91 Capital Assets Used in the Operation of Governmental Funds: Comparative Schedules by Source .............................................................................................................. 93 Schedule by Function and Activity ............................................................................................................. 94 Schedule of Changes by Function and Activity .......................................................................................... 95 STATISTICAL SECTION (UNAUDITED): Table 1 Net Position by Component ...................................................................................................................... 98 2 Changes in Net Position .......................................................................................................................... 100 3 Fund Balances of Governmental Funds .................................................................................................. 104 4 Changes in Fund Balances of Governmental Funds ................................................................................ 106 5 Assessed Value and Estimated Actual Value of Taxable Property ......................................................... 108 6 Property Tax Rates (Per $100 of Assessed Value) – Direct and Overlapping Governments .................. 109 7 Principal Property Taxpayers .................................................................................................................. 111 8 Property Tax Levies and Collections ...................................................................................................... 112 9 Ratio of