Maricopa County Community College District June 30, 2016
Total Page：16
File Type：pdf, Size：1020Kb
Maricopa County Community College District Phoenix, Arizona Chandler-Gilbert Estrella Mountain GateWay Glendale Mesa Paradise Valley Phoenix Rio Salado Scottsdale South Mountain Scottsdale Community College Comprehensive Annual Financial Report Fiscal Year Ended June 30, 2016 Comprehensive Annual Financial Report Fiscal Year Ended June 30, 2016 Maricopa County Community College District Phoenix, Arizona Prepared by Division of Business Services Maricopa County Community College District Comprehensive Annual Financial Report Fiscal Year Ended June 30, 2016 Table of Contents Introductory Section Message from the Chancellor .............................................................................................................................................. 1 Letter of Transmittal............................................................................................................................................................ 2 Certificate of Achievement for Excellence in Financial Reporting ................................................................................... 10 Organizational Chart ......................................................................................................................................................... 11 Principal Officers .............................................................................................................................................................. 12 Vision, Mission, and Statement of Values ........................................................................................................................ 13 Financial Section Independent Auditors’ Report ........................................................................................................................................... 15 Management’s Discussion and Analysis ........................................................................................................................... 18 Basic Financial Statements: Statement of Net Position – Primary Government .................................................................................................... 26 Statement of Financial Position – Component Unit ................................................................................................... 27 Statement of Revenues, Expenses, and Changes in Net Position – Primary Government ......................................... 28 Statement of Activities – Component Unit ................................................................................................................ 29 Statement of Cash Flows – Primary Government ...................................................................................................... 30 Notes to Financial Statements .................................................................................................................................... 32 Required Supplemental Information: Schedule of the District’s Proportionate Share of the Net Pension Liability .............................................................. 58 Schedule of District Pension Contribution ................................................................................................................. 59 Notes to Pension Plan Schedules ................................................................................................................................ 60 Supplemental Information: Schedule of Revenues, Expenses, and Changes in Net Position by College/Center ................................................... 61 Notes to Supplemental Information ............................................................................................................................ 63 Statistical Section Financial Trends: Schedule of Net Position by Component – Last Ten Fiscal Years ............................................................................. 64 Schedule of Expenses by Identifiable Activity – Last Ten Fiscal Years .................................................................... 65 Schedule of Expenses by Use – Last Ten Fiscal Years .............................................................................................. 66 Schedule of Revenues by Source – Last Ten Fiscal Years......................................................................................... 67 Schedule of Other Changes in Net Position – Last Ten Fiscal Years ........................................................................ 68 Revenue Capacity: Assessed Value and Estimated Market Value of Taxable Property – Last Ten Fiscal Years ..................................... 69 Property Tax Rates, Direct and Overlapping Governments – Last Ten Fiscal Years ................................................ 70 Principal Taxpayers – Current Year and Nine Years Ago ......................................................................................... 71 Property Tax Levies and Collections – Last Ten Fiscal Years ................................................................................... 72 Historic Tuition and Fees – Last Ten Fiscal Years .................................................................................................... 73 Debt Capacity: Schedule of Ratios of Outstanding Debt – Last Ten Fiscal Years ............................................................................. 74 Revenue Bond Coverage – Last Ten Fiscal Years ..................................................................................................... 75 Computation of Legal Debt Margin – Last Ten Fiscal Years .................................................................................... 76 Demographic and Economic Information: Schedule of Demographic and Economic Statistics – Last Ten Fiscal Years ............................................................ 77 Top 10 Employers in Maricopa County – Current Year and Nine Years Ago ........................................................... 78 Operating Information: Employee Statistics – Last Ten Fiscal Years ............................................................................................................. 79 Enrollment and Degree Statistics – Last Ten Fiscal Years ........................................................................................ 80 Student Enrollment Demographic Statistics – Last Ten Fiscal Years ........................................................................ 81 Schedule of Capital Asset Information – Last Ten Fiscal Years ................................................................................ 82 Introductory Section March 16, 2017 To the Citizens of Maricopa County: I am pleased to submit the Comprehensive Annual Financial Report for the fiscal year ended June 30, 2016. During a year of dynamic change at the Maricopa Community College District, the Governing Board has continued its prudent exercise of its fiduciary responsibilities, maintained its commitment to affordable tuition, and held the line on property taxes. Our financial management team continued the District’s strong strategic and long-term financial planning processes and maintained our strong financial position, even with the complete elimination of state support. The Maricopa County Community College District recently refinanced $191 million in General Obligation Bonds, saving Maricopa County taxpayers over $20 million in property taxes over the next nine years. The District’s triple A bond rating by all three national, independent rating agencies was affirmed. This important financial industry endorsement reflects and confirms our financial stability and sound stewardship of taxpayer resources. We have maintained this highest rating from all three agencies since it was first earned in 2007, and are one of very few higher education institutions in the country with a triple A rating from all three. Already the largest provider of skilled workforce training in Arizona, we are building stronger business and industry partnerships focused on the workforce needs of the next decade. Through a new Industry Leadership Council, specific Business and Industry Leadership Teams, and Career and Technical Education Advisory Councils, the Maricopa Colleges are matching curriculum and learning outcomes to industry employment projections in key areas of advanced manufacturing, allied health services, advanced business and customer services, environmental technology, and information systems. Steadfast in our mission to serve all students with quality, affordable higher education, we will continue to explore innovative ideas and approaches that promote our students’ success in the most cost-effective manner possible. Respectfully, Dr. Maria Harper-Marinick Chancellor Chandler-Gilbert | Estrella Mountain | GateWay | Glendale | Mesa | Paradise Valley Phoenix | Rio Salado | Scottsdale | South Mountain Business Services Division March 16, 2017 To the Residents of the Maricopa County Community College District: We are pleased to provide you with the Comprehensive Annual Financial Report (CAFR) of the Maricopa County Community College District (MCCCD; the District) for the fiscal year ended June 30, 2016 (FY 2016). Responsibility for both the accuracy of the data and the completeness and fairness of the presentation, including all disclosures, rests with the District. To the best of our knowledge and belief, the enclosed data are accurate in all material respects and are reported in a manner designed to present fairly the financial position and results of operations of the District. Disclosures necessary