2010 Comprehensive Annual Financial Report I Whatcom County W a S H I N G T O N
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Comprehensive Annual Financial Report For Fiscal Year Ending December 31, 2010 Whatcom County W A S H I N G T O N Comprehensive Annual Financial Report Whatcom County Washington Fiscal Year Ending December 31, 2010 This Report Prepared and Published by the Whatcom County Administrative Services Department Finance Office September 2011 CONTACT INFORMATION Brad Bennett, Finance Manager Kristin Frank, Finance Associate Manager Phone (360) 676-6734 Fax (360) 738-4553 E-mail [email protected] Online http://www.co.whatcom.wa.us Photo on Cover: Twin Sisters Mountain by Perry Rice Copyright © 2011, Whatcom County, Bellingham Whatcom County W A S H I N G T O N TABLE OF CONTENTS Introductory Section Letter of Transmittal . .1 Elected Officials . .8 Organizational Chart . .9 Financial Section Management Discussion and Analysis . .11 Basic Financial Statements . 21 Statement of Net Assets . 21 Statement of Activities. 22 Balance Sheet, Governmental Funds . 23 Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Assets . 24 Statement of Revenues, Expenditures and Changes in Fund Balance, Governmental Funds . 25 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities . 26 Statement of Net Assets, Proprietary Funds . 27 Statement of Revenues, Expenses and Changes in Fund Net Assets, Proprietary Funds . 28 Statement of Cash Flows, Proprietary Funds . 29 Statement of Fiduciary Net Assets, Fiduciary Funds . 30 Statement of Changes in Fiduciary Net Assets, Fiduciary Funds . 31 Notes to the Financial Statements. 33 Note 1 Summary of Significant Accounting Policies . .35 Note 2 Stewardship, Compliance, and Accountability . .41 Note 3 Deposits and Investment . .41 Note 4 Property Taxes . .45 Note 5 Capital Assets and Depreciation . .47 Note 6 Pension Plans. .48 Note 7 Risk Management . .60 Note 8 Long-Term Debt and Capital Leases. .63 2010 Comprehensive Annual Financial Report i Whatcom County W A S H I N G T O N Note 9 Contingencies . .67 Note 10 Commitments . .67 Note 11 Interfund Balances and Transfers . .67 Note 12 Joint Ventures . .68 Note 13 Other Postemployment Benefit (OPEB) Plans. .69 Note 14 Postclosure Care Cost. .71 Note 15 Other Disclosures . .71 Required Supplemental Information . .73 General Fund . 73 Road Fund . 74 Notes to Budgetary Comparison Schedule . 75 LEOFF I Retiree Medical Benefits. 76 Supplemental Information . 77 Non-Major Funds Definitions. 77 Governmental Funds . 83 Combining Balance Sheet - Non-Major Funds . 83 Combining Statement of Revenues, Expenditures and Changes in Fund Balance - Non-Major Funds . 84 Special Revenue Funds. 85 Combining Balance Sheet - Non-Major Funds . 85 Combining Statement of Revenues, Expenditures and Changes in Fund Balance - Non-Major Funds . 91 Election Reserve. 97 Veterans’ Relief. 98 Treasurer’s O & M . 99 Whatcom County Jail. 100 REET Technology . 101 Low-Income Housing . 102 Homeless Housing . 103 Stormwater . 104 Chemical Dependency/Mental Health. 105 Countywide Emergency Medical Services . 106 Whatcom County Trial Court Improvement. 107 LEOFF I Healthcare . 108 Solid Waste . 109 Convention Center . 110 Victim/Witness Assistance . 111 Community Development . 112 Whatcom County Drug . 113 Auditor’s O & M . 114 Emergency Management . 115 Flood Control Zone District. ..