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Comprehensive Annual Financial Report for the Year Ending June 30, 2016 City of Provo, Utah

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Comprehensive Annual Financial Report for the Year Ending June 30, 2016 City of Provo, Utah Comprehensive Annual Financial Report For the Year Ending June 30, 2016 City of Provo, Utah Comprehensive Annual Financial Report City of Provo, Utah For the Fiscal year Ended June 30, 2016 Prepared by the Provo City Finance Division PROVO CITY CORPORATION Comprehensive Annual Financial Report Year Ended June 30, 2016 TABLE OF CONTENTS Introductory Section Letter of Transmittal ................................................................................................................................. 1 GFOA Certificate of Achievement ........................................................................................................... 7 Provo City Organizational Chart .............................................................................................................. 8 Elected Staff Positions .............................................................................................................................. 9 Financial Section Independent Auditor’s Report .................................................................................................................. 10 Management’s Discussion and Analysis .................................................................................................. 12 Basic Financial Statements Government-Wide Financial Statements Statement of Net Position............................................................................................ 21 Statement of Activities ................................................................................................ 22 Fund Financial Statements Governmental Funds Financial Statements Balance Sheet ............................................................................................... 23 Reconciliation of the Balance Sheet to the Statement of Net Position ......... 24 Statement of Revenues, Expenditures and Changes in Fund Balances ........ 25 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances to the Statement of Activities ............................ 26 General Fund Budgetary Comparison .......................................................... 27 Proprietary Funds Financial Statements Statement of Net Position ............................................................................. 28 Statement of Revenues, Expenses and Changes in Net Position .................. 30 Statement of Cash Flows .............................................................................. 31 Notes to the Financial Statements .............................................................................................. 33 Required Supplementary Information Schedule of the Proportionate Share of the Net Pension Liability ............................................. 77 Schedule of Pension Contributions ............................................................................................ 78 Notes to the Required Supplementary Information.................................................................... 79 Supplementary Information Other Governmental Funds Combining Balance Sheet .......................................................................................................... 80 Combining Statement of Revenues, Expenditures, and Changes in Fund Balance ................... 81 Comparative Schedules of Revenues, Expenditures and Change in Fund Balance—Budget & Actual Library ........................................................................................................................................ 82 Rental Rehabilitation.................................................................................................................. 83 Community Development Block Grant .................................................................................... 84 Tax Increment ........................................................................................................................... 85 Housing Consortium ................................................................................................................. 86 Special Purpose Grants ............................................................................................................. 87 New Development ..................................................................................................................... 88 Homelessness Prevention .......................................................................................................... 89 Debt Service .............................................................................................................................. 90 Engineering Capital Improvement ............................................................................................ 91 Parks Capital Improvement ....................................................................................................... 92 General Capital Improvement ................................................................................................... 93 Internal Service Funds Combining Statement of Net Position ....................................................................................... 94 Combining Statement of Revenues, Expenses and Changes in Net Position ........................... 95 Combining Statement of Cash Flows ........................................................................................ 96 Statistical Information (unaudited) Statistical Section ..................................................................................................................................... 97 Net Position by Component ...................................................................................................................... 98 Changes in Net Position .......................................................................................................................... 99 Fund Balances of Governmental Funds ................................................................................................... 101 Changes in Fund Balances of Governmental Funds ................................................................................ 102 General Government Tax Revenue by Source ........................................................................................ 103 Assessed Value and Estimated Actual Value of Taxable Property ......................................................... 104 Property Tax Rates-Direct and Overlapping Governments ..................................................................... 105 Principal Property Taxpayers .................................................................................................................. 106 Property Tax Levies and Collections ....................................................................................................... 107 Ratio of Outstanding Debt by Type ......................................................................................................... 108 Ratios of General Bonded Debt Outstanding .......................................................................................... 109 Direct and Overlapping Governmental Activities Debt .......................................................................... 110 Legal Debt Margin ................................................................................................................................... 111 Pledged Revenue Coverage ..................................................................................................................... 112 Demographic and Economic Statistics .................................................................................................... 113 Principal Employers ................................................................................................................................ 114 Full-Time Government Employees by Function ..................................................................................... 115 Operating Indicators by Function ............................................................................................................ 116 Capital Assets by Function ...................................................................................................................... 117 LETTER OF TRANSMITTAL November 17, 2016 To the Honorable Mayor, members of the Municipal Council, and the Citizens of the City of Provo: State law and local ordinance require that all general-purpose local governments publish within six months of the close of each fiscal year a complete set of financial statements presented in conformity with Generally Accepted Accounting Principles (GAAP) and audited in accordance with generally accepted auditing standards by a firm of licensed certified public accountants. In conformance with that requirement, we issue the Comprehensive Annual Financial Report (CAFR) of the City of Provo for the fiscal year ended June 30, 2016. This report consists of management’s representations concerning the finances of the City of Provo. Management assumes full responsibility for the completeness and reliability of all in- formation presented in this report. In order to provide a reasonable basis for making these rep- resentations, management of the City of Provo has established an internal control framework designed to ensure the assets of the government are protected from loss, theft or misuse, and to ensure adequate accounting data is compiled to allow for the preparation of financial statements in conformity with generally accepted accounting principles. The internal control structure
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