Charles County Maryland
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CHARLES COUNTY MARYLAND COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Fiscal Year Ended June 30, 2020 This page left intentionally blank CHARLES COUNTY, MARYLAND COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Fiscal Year Ended June 30, 2020 Prepared by: Department of Fiscal and Administrative Services Charles County, Maryland Jenifer M. Ellin Director of Fiscal & Administrative Services William G. DeAtley Chief of Accounting Joan T. Thorp, CPA Assistant Chief of Accounting Mark Belton County Administrator www. charlescountymd.gov The County Commissioners of Charles County, Maryland Table of Contents Contents Introductory Section ...................................................................................................................... 1 Letter of Transmittal .................................................................................................................. 3 Government Finance Officers Certificate of Achievement .................................................... 13 Listing of Elected and Appointed Officials .............................................................................. 14 Organizational Chart ................................................................................................................. 15 Charles County Location Map .................................................................................................. 16 Mission and Vision Statements ................................................................................................ 17 Financial Section ........................................................................................................................... 19 Report of Independent Public Accountants ........................................................................... 21 Management’s Discussion and Analysis (MD&A) .................................................................. 24 Basic Financial Statements .......................................................................................................37 Government-wide Financial Statements ............................................................................ 38 Statement of Net Position ............................................................................................... 38 Statement of Activities .................................................................................................... 40 Fund Financial Statements .................................................................................................. 42 Governmental Fund Financial Statements ..................................................................... 42 Balance Sheet ............................................................................................................... 42 Reconciliation of Total Governmental Fund Balance to Net Position of Governmental Activities .............................................................................................. 43 Statement of Revenues, Expenditures, and Changes in Fund Balance .................... 44 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balance of Governmental Funds to the Statement of Activities .............................. 45 Proprietary Fund Financial Statements .............................................................................. 46 Statement of Net Position ........................................................................................... 46 Statement of Revenues, Expenses, and Changes in Net Position ............................ 47 Statement of Cash Flows ............................................................................................. 48 Fiduciary Fund Financial Statements .................................................................................. 50 Statement of Fiduciary Net Position ............................................................................... 50 Statement of Changes in Fiduciary Net Position ............................................................ 51 Component Unit Financial Statements............................................................................... 53 Combining Statement of Net Position ............................................................................ 53 Combining Statement of Activities ................................................................................. 54 Index: Notes of the F/S ........................................................................................................ 57 Notes to the Financial Statements ..................................................................................... 59 Required Supplementary Information ................................................................................... 117 Schedule of Revenues, Expenditures, and Changes in Fund Balance: Budgetary (Non- GAAP) to Actual - General Fund ......................................................................................... 118 Schedule of County's Retirement Plan Employer Contributions ..................................... 119 Schedule of Changes in County's Retirement Plan Net Pension Liability & Related Ratios .............................................................................................................................................. 120 Schedule of Sheriff's Office Retirement Plan Employer Contributions ............................ 121 Schedule of Changes in Sheriff's Office Retirement Net Pension Liability & Related Ratios ................................................................................................................................... 122 Schedule of the OPEB Plan Employer Contributions ........................................................ 123 Schedule of Changes in the County’s Proportionate Share of the Net OPEB Liability & Related Ratios ..................................................................................................................... 124 Schedule of Changes in the County’s LOSAP Plan Pension Liability................................ 125 Schedules and Combining Statements .................................................................................. 127 General Fund ....................................................................................................................... 129 Schedule of Revenues, Expenditures, and Changes in Fund Balance Budgetary (Non- GAAP) Basis to Actual - General Fund ............................................................................130 Schedule of Expenditures and Other Financing Uses – Budgetary (Non-GAAP) Basis to Actual - General Fund....................................................................................................... 134 Special Revenue Funds ....................................................................................................... 137 Combining Balance Sheet ............................................................................................... 138 Combining Statement of Revenues, Expenses and Changes in Net Position ............. 141 Enterprise Funds ................................................................................................................. 144 Combining Statement of Net Position ........................................................................... 146 Combining Statement of Revenues, Expenses and Changes in Net Position ............. 147 Combining Statement of Cash Flows ............................................................................. 148 Fiduciary & Trust Funds ....................................................................................................... 151 Combining Statement of Fiduciary Net Position ........................................................... 152 Combining Statement of Changes in Fiduciary Net Position ....................................... 153 Statistical Section ....................................................................................................................... 155 Financial Trend Information ................................................................................... 156 Table 1 Net Position by Component ............................................................................... 156 Table 2 Changes in Net Position ...................................................................................... 158 Table 3 Fund Balances of Governmental Funds ............................................................. 162 Table 4 Changes in Fund Balances of Governmental Funds .......................................... 164 Revenue Capacity Information .............................................................................. 166 Table 5 Assessed Value and Estimated Actual Value of Taxable Property ................... 166 Table 6 Property Tax Rates for Direct and Overlapping Governments ........................ 167 Table 7 Principal Taxpayers ............................................................................................. 168 Table 8 Property Tax Levies and Collections .................................................................. 169 Debt Capacity Information ..................................................................................... 170 Table 9 Ratios of Outstanding Debt by Type ................................................................. 170 Table 10 Ratios of General Bonded Debt Outstanding .................................................... 171 Table 11 Direct and Overlapping Debt: Governmental Activities ................................... 172 Table 12 Legal Debt Margin