City of Philadelphia P E N N S Y L V a N I A
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City of Philadelphia P E N N S Y L V A N I A Founded 1682 Love Park Comprehensive Annual Financial Report Fiscal Year Ended June 30, 2012 City of Philadelphia P E N N S Y L V A N I A Comprehensive Annual Financial Report Fiscal Year Ended June 30, 2012 Michael Nutter Mayor Prepared by: Office of the Director of Finance Rob Dubow Director of Finance Joseph Oswald Accounting Director Office of the Director of Finance • 1330 MSB • Philadelphia, PA 19102 City of Philadelphia Comprehensive Annual Financial Report For the Fiscal Year Ended June 30, 2012 Table of Contents Introductory Section Letter of Transmittal .................................................................................................................. 1 GFOA Certificate of Achievement ............................................................................................ 5 Organizational Chart ................................................................................................................. 6 List of Elected and Appointed Officials ..................................................................................... 7 Financial Section Independent Auditor’s Report .............................................................................................. 9 Management’s Discussion and Analysis ............................................................................. 11 Basic Financial Statements Government Wide Financial Statements Exhibit I Statement of Net Assets ................................................................................................. 26 Exhibit II Statement of Activities .................................................................................................... 27 Fund Financial Statements Governmental Funds Financial Statements Exhibit III Balance Sheet .......................................................................................................... 28 Exhibit IV Statement of Revenues, Expenditures and Changes in Fund Balances ................. 29 Exhibit V Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities ............... 30 Proprietary Funds Financial Statements Exhibit VI Statement of Fund Net Assets ................................................................................. 31 Exhibit VII Statement of Revenues, Expenses and Changes in Fund Net Assets .................... 32 Exhibit VIII Statement of Cash Flows ......................................................................................... 33 Fiduciary Funds Financial Statements Exhibit IX Statement of Net Assets ........................................................................................... 34 Exhibit X Statement of Changes in Net Assets ....................................................................... 35 Component Units Financial Statements Exhibit XI Statement of Net Assets ........................................................................................... 36 Exhibit XII Statement of Activities .............................................................................................. 37 Exhibit XIII Notes to the Financial Statements ................................................................................ 39 Required Supplementary Information Other than Management’s Discussion and Analysis Budgetary Comparison Schedules-Major Funds Exhibit XIV General Fund ............................................................................................................ 114 Exhibit XV HealthChoices Behavioral Health Fund ................................................................... 115 Exhibit XVI Grants Revenue Fund .............................................................................................. 116 Exhibit XVII Pension Plans and Other Post Employment Benefits – Schedule of Funding Progress .................................................................................... 117 Exhibit XVIII Notes to Required Supplementary Information ............................................................... 118 - I - City of Philadelphia Comprehensive Annual Financial Report For the Fiscal Year Ended June 30, 2012 Financial Section(Continued) Other Supplementary Information Schedule I Combining Balance Sheet - Non-Major Governmental Funds ....................................... 122 Schedule II Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Non-Major Governmental Funds ................................................... 124 Schedule III Combining Statement of Fiduciary Net Assets – Pension Trust Funds .......................... 126 Schedule IV Combining Statement of Changes in Fiduciary Net Assets–Pension Trust Funds ........ 127 Schedule V Combining Statement of Fiduciary Net Assets - Agency Funds ..................................... 128 Schedule VI Statement of Changes in Fiduciary Net Assets - Agency Funds .................................... 129 Schedule VII City Related Schedule of Bonded Debt Outstanding ...................................................... 130 Schedule VIII Budgetary Comparison Schedule - Water Operating Fund ............................................ 132 Schedule IX Budgetary Comparison Schedule - Water Residual Fund .............................................. 133 Schedule X Budgetary Comparison Schedule - County Liquid Fuels Tax Fund ................................ 134 Schedule XI Budgetary Comparison Schedule - Special Gasoline Tax Fund .................................... 135 Schedule XII Budgetary Comparison Schedule - Hotel Room Rental Tax Fund ................................. 136 Schedule XIII Budgetary Comparison Schedule - Aviation Operating Fund ......................................... 137 Schedule XIV Budgetary Comparison Schedule - Community Development Fund .............................. 138 Schedule XV Budgetary Comparison Schedule - Car Rental Tax Fund .............................................. 139 Schedule XVI Budgetary Comparison Schedule - Housing Trust Fund ................................................ 140 Schedule XVII Budgetary Comparison Schedule - General Capital Improvement Funds ...................... 141 Schedule XVIII Budgetary Comparison Schedule - Acute Care Hospital Assessment Fund..…………..142 Schedule XIX Budgetary Comparison Schedule - Parks & Recreation Program Facilities Fund..........143 Schedule XX Schedule of Budgetary Actual and Estimated Revenues and Obligations – General Fund ......................................................................................... 144 Schedule XXI Schedule of Budgetary Actual and Estimated Revenues and Obligations – Water Operating Fund...........................................................................147 Schedule XXII Schedule of Budgetary Actual and Estimated Revenues and Obligations – Aviation Operating Fund. ....................................................................... 148 Statistical Section Table 1 Net Assets by Component .............................................................................................. 150 Table 2 Changes in Net Assets ................................................................................................... 151 Table 3 Fund Balances-Governmental Funds ............................................................................. 153 Table 4 Changes in Fund Balances-Governmental Funds .......................................................... 154 Table 5 Comparative Schedule of Operations-Municipal Pension Fund ..................................... 155 Table 6 Wage and Earnings Tax Taxable Income ....................................................................... 156 Table 7 Direct and Overlapping Tax Rates .................................................................................. 157 Table 8 Principal Wage and Earnings Tax Remitters .................................................................. 159 Table 9 Assessed Value and Estimated Value of Taxable Property ........................................... 160 Table 10 Principal Property Tax Payers ........................................................................................ 161 Table 11 Real Property Taxes Levied and Collected .................................................................... 162 Table 12 Ratios of Outstanding Debt by Type ............................................................................... 163 Table 13 Ratios of General Bonded Debt Outstanding ................................................................. 164 Table 14 Direct and Overlapping Governmental Activities Debt .................................................... 165 Table 15 Legal Debt Margin Information ........................................................................................ 166 Table 16 Pledged Revenue Coverage ........................................................................................... 167 Table 17 Demographic and Economic Statistics ........................................................................... 168 Table 18 Principal Employers ........................................................................................................ 169 Table 19 Full Time Employees by Function ................................................................................... 170 Table 20 Operating Indicators by Function .................................................................................... 171 Table 21 Capital Assets Statistics by Function .............................................................................