2004-2005 Cafr
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The C omprehensi ve Annual Financial Report For the Fiscal Year July 1, 2004 - June 30, 2005 Office of the COMMISSIONER OF FINANCE r CITY OF WHITE PLAINS, NEW YORK COMPREHENSIVE ANNUAL FINANCIAL REPORT r Year Ended June 30, 2005 r TABLE OF CONTENTS r INTRODUCTORY SECTION PAGE r Letter of Transmittal... ............................ ...................... ..... ..................................... .................................... 1 Title Page..................... .............................................................................................................................. 7 Principal Officials........................................................................................................................................ 8 GFOA Certificate of Achievement for Excellence in Financial Reporting .................................................. 9 r Organizational Chart .................................................................................................................................. 10 Fiscal Performance Goals .......................................................................................................................... 11 r FINANCIAL SECTION Independent Auditor's Report .................................................................................................................... 17 r Management's Discussion and Analysis .................................................................................................... 19 Basic Financial Statements Government-wide Financial Statements: r Statement of Net Assets .................................................................................................................... 31 Statement of Activities ....................................................................................................................... 34 Fund Financial Statements: Balance Sheet - Governmental Funds ............................................................................................... 36 r Reconciliation of the Balance Sheet - Governmental Funds to the Statement of Net Assets ........................................................................................................................................ 37 Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds ....................................................................................................................... 38 r Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities ........................................... 39 Statement of Revenues, Expenditures and Changes in r Fund Balances - Budget and Actual - General Fund ....................................................................... 40 Statement of Net Assets - Proprietary Funds .................................................................................... 41 Statement of Revenues, Expenses, and Changes in Net Assets - Proprietary Funds ...................... 42 Statement of Cash Flows - Proprietary Funds ................................................................................... 43 r Statement of Fiduciary Net Assets - Fiduciary Funds ...................................................................... 44 Statement of Changes in Fiduciary Net Assets - Fiduciary Funds ................................................... 45 Notes to the Financial Statements ........................................................................................................ 47 r Combining and Individual Fund Financial Statements and Schedules: Schedule of Revenues and Other Financing Sources Compared to Budget - General Fund ..................................................................................................... 72 Schedule of Expenditures and Other Financing Uses r Compa'red to Budget - General Fund ..................................................................................................... 74 Combining Balance Sheet - Nonmajor Governmental Funds ................................................................. 84 Combining Statement of Revenues, Expenditures, and r Changes in Fund Balances - Nonmajor Governmental Funds ............................................................ 88 r r r CITY OF WHITE PLAINS, NEW YORK , COMPREHENSIVE ANNUAL FINANCIAL REPORT Year Ended June 30, 2005 1 Combining and Individual Fund Financial Statements and Schedules (continued): Schedule of Revenues. Expenditures and Changes in Fund Balance - Budget and Actual - Library Fund ............................................................................................................ 91 1 Schedule of Revenues. Expenditures and Changes in Fund Balance - Budget and Actual-Debt Service Fund ................................................................................. 92 Project-length Schedule - Capital Projects Fund ....................................................................................... 94 Schedule of Revenue and Expenses - Budget and Actual (Budgetary Basis) - 1 Enterprise Fund ...................................................................................................................................... 100 Schedule of Revenues and Expenses by Department - Enterprise Fund ................................................ 101 Schedule of Revenue and Expenses - Budget and Actual (Budgetary Basis) - 1 Internal Service Fund ........................................................................................................1 04 Combining Statement of Changes in Net Assets - Fiduciary Funds ........................................................ 106 Statement of Changes in Assets and Liabilities - Fiduciary Funds ......................................................... 107 1 STATISTICAL SECTION (UNAUDITED) 1 Revenues by Sources and Expenditures/Expenses by Functions ............................................................. 109 Property Tax Levies and Collections .......................................................................................................... 110 Special Assessments Levied and Collected ............................................................................................... 111 Property Tax Rates Per $1,000 of Assessed Valuation-Direct and 1 Overlapping Governments ........................................................................................................................ 112 Computation of Constitutional City Property Tax Limitation ........................................................................ 113 Assessed Valuation of Taxable Real Property, Equalization Rate and Full Valuation ............................... 114 Principal Taxpayers 2004 Assessment Roll ................................................................................................ 115 1 Estimated Value of Building Construction Permits Issue ........................................................................... 116 Ratio of Net General Bonded Debt to Assessed Valuation and Net Outstanding Indebtedness Per Capita ..................................................................................................... 117 1 Computation of Direct and Overlapping General Obligation Debt and Legal Net Per Capita Debt-As of June 30, 2005 ...................................................................................... 118 Ratio of Annual Debt Service for General Obligation Debt to Total General Government Expenditures .......................................................................................................... 119 1 Demographic Statistics ................................................................................................................................ 120 Miscellaneous Statistics-June 30, 2005 ...................................................................................................... 121 1 1 1 1 1 1 1 l r r r THE CITY OF WHITE PLAINS MUNICIPAL BUILDING r Department of Finance 255 Main Street, Room 102 • White Plains, New York 10601 (914) 422-1235 • FAX (914) 422-1236 r http://www.cityofwhiteplains.com r Joseph M. Delfino, Mayor Gina Cuneo Harwood, Com issioner TO THE HONORABLE MAYOR, MEMBERS OF THE COMMON COUNCIL AND CITIZENS OF ~HE CITY r OF WHITE PLAINS, NEW YORK ' The Comprehensive Annual Financial Report (CAFR) of the City of White Plains for the fiscal y ar ended June 30, 2005 is hereby submitted in accordance with Section 58 of the City's Charter. r The financial statements included in this report have been prepared by the City's Department of inance in conformity with generally accepted accounting principles (GAAP) for governmental units as promulgated by the Governmental Accounting Standards Board (GASB). The City has responsibility for the accu~cy of the r data presented, including all disclosures. We believe that the financial and other information included in this report is accurate in all material respects and that the respective financial statements present fairly the financial position, changes in financial position and cash flows, where applicable, of the City and its r component units. J The City's basic financial statements have been audited by Bennett Kielson Storch DeS ntis, the Governmental Services Division of O'Connor Davies Munns & Dobbins, LLP, a firm of cert· ed public r accountants. The auditors' report, which precedes the financial statements in this CAFR, expresses their unqualified opinion that the City's financial statements are fairly presented in all material