City of New Rochelle, New York Comprehensive Annual Financial Report
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CITY OF NEW ROCHELLE, NEW YORK CO MPREHENSIVE ANNUAL FINANCIAL REPORT Year Ended December 31, 2012 CITY OF NEW ROCHELLE, NEW YORK COMPREHENSIVE ANNUAL FINANCIAL REPORT Year Ended December 31,2012 Prepared by ,he Department of Finance I-Ioward Rattner Commissioner City of New Rochelle, New York Comprehensive Annual Financial Report Fiscal Year Ended December 31,2012 Table of Contents Page INTRODUCTORY SECTION I Principal Officials i Organization Chart ii Letter of Transmittal iii Certificate of Achievement for Excellence in Financial Reporting ix FINANCIAL SECTION I Independent Auditors' Report 1 Management's Discussion and Analysis 3 Basic Financial Statements Government-Wide Financial Statements Statement of Net Position 18 Statement of Activities 19 Fund Financial Statements Balance Sheet - Governmental Funds 21 Reconciliation of Governmental Funds Balance Sheet to the Government-Wide Statement of Net Assets 23 Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds 24 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities 26 Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - General Fund 27 Proprietary Funds Statement of Net Position 28 Statement of Revenues, Expenses and Changes in Net Position 30 Statement of Cash Flows 32 Statement of Assets and Liabilities - Fiduciary Fund 34 Notes to Financial Statements 35 Required Supplementary Information - Other Post Employment Benefits- Schedule of Funding Progress - Last Three Fiscal Years 67 Combining and Individual Fund Financial Statements and Schedules Major Governmental Funds General Fund Comparative Balance Sheet 68 Comparative Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual 69 Schedule of Revenues and Other Financing Sources Compared to Budget 71 Schedule of Expenditures and Other Financing Uses Compared to Budget 75 City of New Rochelle, New York Comprehensive Annual Financial Report Fiscal Year Ended December 31, 2012 Table of Contents (Continued) Page Capital Projects Fund Comparative Balance Sheet 78 Comparative Statement of Revenues, Expenditures and Changes in Fund Balance 79 Project-Length Schedule 80 Debt Service Fund Comparative Balance Sheet 82 Comparative Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual 83 Non-Major Governmental Funds Combining Balance Sheet 85 Combining Statement of Revenues, Expenditures and Changes in Fund Balances 87 Community Development Fund Comparative Balance Sheet 89 Comparative Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual 90 Section 8 Housing Assistance Fund Comparative Balance Sheet 92 Comparative Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual 93 Special Purpose Fund Comparative Balance Sheet 95 Comparative Statement of Revenues, Expenditures and Changes in Fund Balance 96 Enterprise Funds Parking Facilities Fund Comparative Statement of Net Position 97 Comparative Statement of Revenues, Expenses and Changes in NetPosWon 98 Comparative Statement of Cash Flows 99 Municipal Marina Fund Comparative Statement of Net Position 100 Comparative Statement of Revenues, Expenses and Changes in Net Position 101 Comparative Statement of Cash Flows 102 Railroad Station Fund Comparative Statement of Net Position 103 Comparative Statement of Revenues, Expenses and Changes in Net Position 104 Comparative Statement of Cash Flows 105 Internal Service Funds Combining Statement of Net Position 106 Combining Statement of Revenues, Expenses and Changes in Net Position 108 Combining Statement of Cash Flows 110 City of New Rochelle, New York Comprehensive Annual Financial Report Fiscal Year Ended December 31, 2012 Table of Contents (Continued) Page Workers' Compensation Benefits Fund Comparative Statement of Net Position 112 Comparative Statement of Revenues, Expenses and Changes in Net Position 113 Comparative Statement of Cash Flows 114 General Liability Claims Fund Comparative Statement of Net Position 115 Comparative Statement of Revenues, Expenses and Changes in Net Position 116 Comparative Statement of Cash Flows 117 Central Garage Fund Comparative Statement of Net Position 118 Comparative Statement of Revenues, Expenses and Changes in Net Position 119 Comparative Statement of Cash Flows 120 Schedule of Changes in Assets and Liabilities - Fiduciary Fund 121 STATISTICAL SECTION (Unaudited) This part of the City's comprehensive annual financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures and required supplementary information reveals about the City's overall financial health. This section includes the following schedules: Financial Trends Net Position by Component - Last Ten Fiscal Years 122 Changes in Net Position - Last Ten Fiscal Years 124 Fund Balances of Governmental Funds - Last Ten Fiscal Years 128 Changes in Fund Balances of Governmental Funds - Last Ten Fiscal Years 130 Revenue Capacity Assessed Value and Estimated Actual Value of Taxable Property - Last Ten Fiscal Years 132 Direct and Overlapping Property Tax Rates, Per $1,000 of Assessed Valuation Last Ten Fiscal Years 134 Principal Taxpayers - Current Year and Nine Years Ago 135 Property Tax Levies and Collections - Last Ten Fiscal Years 136 Debt Capacity Ratios of Outstanding Debt by Type - Last Ten Fiscal Years 137 Ratios of General Bonded Debt Outstanding - Last Ten Fiscal years 139 Direct and Overlapping Governmental Activities Debt 141 Legal Debt Margin Information - Last Ten Fiscal Years 142 City of New Rochelle, New York Comprehensive Annual Financial Report Fiscal Year Ended December 31,2012 Table of Contents (Concluded) Page Demographic and Economic Information Demographic Statistics - Last Ten Fiscal Years 144 Principal Employers - Current Year and Nine Years Ago 145 Operating Information Full-Time Equivalent City Government Employees by Function - Last Ten Fiscal Years 146 Operating Indicators by Function/Program - Last Ten Fiscal Years 148 Capital Asset Statistics by Function/Program - Last Ten Fiscal Years 152 Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive annual financial reports for the relevant year. FEDERAL I ----AWARDS Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards 154 Report on Compliance for Each Major Federal Program and on Internal Control Over Compliance 156 Schedule of Expenditures of Federal Awards 158 Notes to Schedule of Expenditures of Federal Awards 160 Summary Schedule of Prior Audit Findings 161 Schedule of Findings and Questioned Costs 162 INTRODUCTORY SECTION (This page intentionally left blank) CITY OF NEW ROCHELLE, NEW YORK MAYOR AND MEMBERS OF CITY COUNCIL Noam Bramson · Mayor (2015) Barry R. Fertel · Councilman (2015) Ivar Hyden · Councilman (2015) Shari B. Rackman · Councilwoman (2015) Jared R. Rice · Councilman (2015) Albert A. Tarantino Jr. · Councilman (2015) Louis J. Trangucci · Councilman (2015) CITY OFFICIALS Charles B. Strome III City Manager Howard Rattner Commissioner of Finance Kathleen Gill Corporation Counsel Alexander Tergis Commissioner of Public Works Luiz Aragon Commissioner of Development Patrick J. Carroll Police Commissioner Louis Dimeglio Fire Chief City Organization Chart City of New Rochelle, NY The Electorate I City Youth ~ Mayor City Court I Court Council Member Clerk Council Member Commissions ~ I Council Member Clerk to Council Member I Vital r~ the Council Boards Council Member Statistics I ~ Council Member ~ ICommittees ILicenses rY Elections I I I City Manager Parks and Office for Youth Bureau I Recreation the Aging Marina Department of Personnel & Affirmative I Law Civil Service Action / E.E.O I I Department of Department of Fire Police Department of Finance Public Works Department Department Development & Administrative Services Refuse Fire Police Accounting Engineering Disposal Emergency Services BUildings I- Housing BUdget I--- l- Treasury Operations I-- Purchasing Traffic Streets and Services Highways I- Code Staff Parking Community Tax & Revenue Enforcement Services Development Administration I---- - I--- MuniciPal~ Buildings Sewers and Garage Planning Transportation Drains Staff Criminal Investigations Refuse Services Assessments '---- I- Special Projects f-- Collection Economic - Real Property Forestry Development Administrative Services f-- Information Systems I--- II Department ofFinance 515 North Avenue Telephone (914)654-2063 New Rochelle, NY 10801 Fax (914) 654-2344 Howard Rattner Commissioner City ofNew Rochelle New York June 7,2013 To the Honorable Mayor and Members of the City Council of the City of New Rochelle, NY: .submitted herewith is the Comprehensive Annual Financial Report of the City of New Rochelle, New York ("City") for the fiscal year ended December 31,2012. The report is submitted pursuant to the requirements of Sections 47.02 and 117 of the City Charter and prepared in compliance with both the Governmental Accounting Standards Board Statement No. 34 - Basic Financial Statements and Management's Discussion and Analysis for State and Local Governments and Statement No. 54 - Fund Balance Reporting and Governmental Fund Type Definitions. This report consists of management's representations concerning the finances of the City.