2018 Comprehensive Annual Financial Report
Total Page:16
File Type:pdf, Size:1020Kb
Comprehensive Annual Financial Report For the Year Ending December 31, 2018 City of Springfield, Ohio Comprehensive Annual Financial Report For the Year Ended December 31, 2018 PREPARED BY: FINANCE DEPARTMENT MARK B. BECKDAHL FINANCE DIRECTOR -104- INTRODUCTION SECTION - 1 - - 2 - -104- CITY OF SPRINGFIELD, OHIO Comprehensive Annual Financial Report For the Year Ended December 31, 2018 Exhibit No. Page No. INTRODUCTORY SECTION Table of Contents ................................................................................................................................... 3 Letter of Transmittal ................................................................................................................................ 7 GFOA Certificate of Achievement ........................................................................................................ 12 Organizational Chart ............................................................................................................................. 13 List of City Officials ............................................................................................................................... 14 Finance Department Management Staff .............................................................................................. 15 FINANCIAL SECTION Independent Auditors’ Report ............................................................................................................... 19 Management’s Discussion and Analysis .............................................................................................. 23 Basic Financial Statements: Government-wide Financial Statements: Statement of Net Position ........................................................................................................ 35 Statement of Activities ............................................................................................................. 37 Fund Financial Statements: Balance Sheet – Governmental Funds ................................................................................... 38 Reconciliation of Total Governmental Fund Balances to Net Position of Governmental Activities .............................................................................. 39 Statement of Revenues, Expenditures and Changes in Fund Balances – Governmental Funds ............................................................................... 40 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities ................................................................................................... 41 Statement of Net Position – Proprietary Funds ....................................................................... 42 Statement of Revenues, Expenses and Changes in Fund Net Position – Proprietary Funds ............................................................................... 43 Statement of Cash Flows – Proprietary Funds ........................................................................ 44 Statement of Fiduciary Assets and Liabilities – Agency Funds ............................................... 45 Notes to the Basic Financial Statements: 1. Summary of Significant Accounting Policies ....................................................................... 47 2. Pooled Cash, Cash Equivalents and Investments .............................................................. 53 3. Income Taxes ...................................................................................................................... 58 4. Property Taxes .................................................................................................................... 59 5. Receivables ......................................................................................................................... 60 6. Capital Assets ...................................................................................................................... 61 7. Significant Commitments and Encumbrances ..................................................................... 63 8. Defined Benefit Pension Plans ............................................................................................ 63 9. Defined Benefit Other Postemployment Benefits (OPEB) Plans ........................................ 72 10. Leases ............................................................................................................................... 82 11. Long-Term Debt and Other Obligations ............................................................................ 83 - 3 - CITY OF SPRINGFIELD, OHIO Comprehensive Annual Financial Report For the Year Ended December 31, 2018 Continued Exhibit No. Page No. FINANCIAL SECTION (continued) Notes to the Basic Financial Statements (continued): 12. Interfund Transactions ...................................................................................................... 91 13. Accountability .................................................................................................................... 91 14. Fund Balances .................................................................................................................. 92 15. Risk Management ............................................................................................................. 93 16. Contingent Liabilities ......................................................................................................... 94 17. Tax Abatements ................................................................................................................ 94 18. Endowments ..................................................................................................................... 96 19. Change in Accounting Principles ...................................................................................... 96 20. Subsequent Events ........................................................................................................... 97 Required Supplementary Information: Schedules of City’s Proportionate Share of the Net Pension Liabilities .............................................................................................................. 101 Schedules of City Pension Contributions .............................................................................. 103 Schedules of City’s Proportionate Share of the Net OPEB Liabilities ................................................................................................................. 105 Schedules of City OPEB Contributions ................................................................................. 107 Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual – Budget (Non-GAAP) Basis – General Fund ........................................................................................................ 109 Notes to the Required Supplementary Information ............................................................... 110 Supplementary Information: Major Governmental Funds: Detailed Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual – Budget (Non-GAAP) Basis – General Fund – Major Fund ......................................................... A-1 115 Detailed Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual – Budget (Non-GAAP) Basis – Permanent Improvement Fund – Major Fund .............................. A-2 119 Nonmajor Governmental Funds: Combining Balance Sheet – Nonmajor Governmental Funds (By Fund Type) ......................................................................................... B-1 120 Combining Statement of Revenues, Expenditures and Changes in Fund Balances – Nonmajor Governmental Funds (By Fund Type) ......... B-2 121 Combining Balance Sheet – Nonmajor Governmental Funds ..................... B-3 122 Combining Statement of Revenues, Expenditures and Changes in Fund Balances – Nonmajor Governmental Funds ................................... B-4 132 Detailed Schedules of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual – Budget (Non-GAAP) Basis – Nonmajor Special Revenue Funds ........................................................... B-5 142 Detailed Schedules of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual – Budget (Non-GAAP) Basis – Nonmajor Debt Service Funds ................................................................. B-6 165 - 4 - CITY OF SPRINGFIELD, OHIO Comprehensive Annual Financial Report For the Year Ended December 31, 2018 Continued Exhibit No. Page No. FINANCIAL SECTION (continued) Supplementary Information (continued): Nonmajor Governmental Funds (continued): Detailed Schedules of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual – Budget (Non-GAAP) Basis – Nonmajor Capital Projects Funds ............................................................ B-7 167 Detailed Schedules of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual – Budget (Non-GAAP) Basis – Nonmajor Permanent Funds .................................................................... B-8 171 Internal Service Funds: Combining Statement of Net Position .......................................................... C-1 173 Combining Statement of Revenues, Expenses and Changes in Fund Net Position .....................................................................................C-2 174 Combining Statement of Cash Flows ..........................................................