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City of Pensacola, Florida

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City of Pensacola, Florida THE CITY OF PENSACOLA, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED SEPTEMBER 30, 2012 Prepared by: Financial Services Department Richard Barker, Jr. Chief Financial Officer ACCOUNTING STAFF Mandy Bills, CPA Laura Picklap, CPA THIS PAGE INTENTIONALLY LEFT BLANK CITY OF PENSACOLA, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT YEAR ENDED SEPTEMBER 30, 2012 TABLE OF CONTENTS I. INTRODUCTORY SECTION Letter of Transmittal 1-17 Government Finance Officer’s Association Certificate of Achievement 18 Organizational Chart 19-20 List of Elected and Appointed Officials 21 II. FINANCIAL SECTION Independent Auditors’ Report 22-23 A. MANAGEMENT’S DISCUSSION AND ANALYSIS (REQUIRED SUPPLEMENTARY INFORMATION) 24-42 B. BASIC FINANCIAL STATEMENTS Government-wide Financial Statements Statement of Net Assets 43-44 Statement of Activities 45-46 Fund Financial Statements Governmental Funds Financial Statements Balance Sheet 47-48 Statement of Revenues, Expenditures, and Changes in Fund Balances 49 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities 50 Statement of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual – General Fund 51 Statement of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual – Housing Assistance Payments Fund 52 Proprietary Funds Financial Statements Statement of Net Assets 53-54 Statement of Revenues, Expenses, and Changes in Fund Net Assets 55 Statement of Cash Flows 56-57 i CITY OF PENSACOLA, FLORIDA TABLE OF CONTENTS (CONTINUED) Fiduciary Funds Financial Statements Statement of Net Assets 58 Statement of Changes in Net Assets 59 Notes to Financial Statements Note I – Summary of Significant Accounting Policies 60-69 Note II – Stewardship, Compliance, and Accountability 69 Note III – Detail Notes on All Funds 70-99 Note IV – Other Information 100-117 Note V – Subsequent Events 118 C. REQUIRED SUPPLEMENTARY INFORMATION (OTHER THAN MD&A) Pension Funds – Schedule of Employer Contributions and Analysis of Funding Progress 119-122 D. COMBINING FINANCIAL STATEMENTS Nonmajor Governmental Funds Balance Sheet 123-126 Statement of Revenues, Expenditures, and Changes in Fund Balances 127-130 Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual – Local Option Sales Tax Fund 131 Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual – Maritime Community Park Construction Fund 132 Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual – Nonmajor Governmental Funds 133-145 Internal Service Funds Statement of Net Assets 146 Statement of Revenues, Expenses, and Changes in Fund Net Assets 147 Statement of Cash Flows 148-149 Fiduciary Funds Statement of Net Assets 150 Statement of Changes in Net Assets 151 ii CITY OF PENSACOLA, FLORIDA TABLE OF CONTENTS (CONTINUED) III. STATISTICAL SECTION Financial Trends Changes in Net Assets 152-153 Net Assets by Component 154 Program Revenues by Function/Program 155 Fund Balances, Governmental Funds 156 Changes in Fund Balances, Governmental Funds 157-158 Revenue Capacity Assessed Value and Estimated Value of Taxable Property 159 Direct and Overlapping Property Tax Rates 160 Principal Property Tax Payers 161 Property Tax Levies and Collections 162 Taxable Sales by Category 163 Direct and Overlapping Sales Tax Rates 164 Sales Tax Revenue Payers by Industry 165 Gas Sold in Mcfs by Type of Customer 166 Gas Rates 167 Debt Capacity Ratios of Outstanding Debt by Type 168 Direct and Overlapping Governmental Activities Debt 169 Pledged-Revenue Coverage 170-171 Demographic and Economic Information Demographic and Economic Statistics 172 Principal Employers 173 Operating Information Operating Indicators by Function/Program 174-175 Capital Asset Statistics by Function/Program 176-177 Full-time-Equivalent City Government Employees by Function/Program 178 iii CITY OF PENSACOLA, FLORIDA TABLE OF CONTENTS (CONTINUED) IV. OTHER AUDIT REPORTS SECTION Independent Auditor’s 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 179-180 Independent Auditor’s Report on Compliance with Requirements Applicable to Each Major Federal Program, State Project and Passenger Facility Charge Program and on Internal Control Over Compliance in Accordance with OMB Circular A-133 181-182 Schedule of Findings and Questioned Costs-Federal Programs and State Projects 183-184 Summary Schedule of Prior Year Audit Findings 185 Schedule of Expenditures of Federal Awards, Passenger Facility Charge 186-187 And State Financial Assistance Management Letter 188-191 Financial Data Schedule 192-193 iv INTRODUCTORY SECTION LETTER OF TRANSMITTAL CERTIFICATE OF ACHIEVEMENT FOR EXCELLENCE IN FINANCIAL REPORTING CITY OF PENSACOLA ORGANIZATIONAL CHART LIST OF ELECTED AND APPOINTED OFFICIALS THIS PAGE INTENTIONALLY LEFT BLANK ASHTON J. HAYWARD, III Mayor America’s First Settlement Established 1559 February 14, 2013 The Honorable P.C. Wu, President And Members of the City Council City of Pensacola Pensacola, Florida Pursuant to applicable Florida Statutes and sound financial management practices, the Comprehensive Annual Financial Report (CAFR) of the City of Pensacola, Florida, for the fiscal year ended September 30, 2012, has been prepared and is submitted herewith. The City of Pensacola's CAFR was prepared by the Financial Services Department. Responsibility for both the accuracy of the presented data and completeness and fairness of the presentation, including all disclosures, rests with the City. City management believes that the report is a fair presentation of the City's financial position and results of operations as measured by the financial activity of its various funds, that presented data is accurate in all material aspects and that all disclosures necessary to enable the reader to gain maximum understanding of the City's financial affairs have been included. This report has been presented in accordance with Generally Accepted Accounting Principles (GAAP). These principles require that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of Management’s Discussion and Analysis (MD&A). The Letter of Transmittal is designed to complement MD&A and should be read in conjunction with it. The City of Pensacola’s MD&A can be found immediately following the report of the independent auditors. Mayor’s Initiatives As the Chief Executive of the City of Pensacola, the Mayor and his staff serve to administer and enforce city ordinances, direct city employees providing services to citizens, and propose and execute the city budget. In addition to these specific duties outlined in the City Charter, the Mayor also performs economic development, community outreach, and public awareness functions. 1 Since taking office after the 2010 election, the Mayor’s Office has focused on creating economic opportunity, improving neighborhoods, fostering a healthier environment, restoring citizen confidence in government, and taking action for the future. Through internal staff reorganization, public outreach, and the introduction of new services like 311 Citizen Support Line, a more accountable, responsive, and efficient City government has been established. The Reporting Entity The financial reporting entity includes all funds of the primary government, as well as all of its component units. Component units are legally separate organizations for which the City is financially accountable and, for financial statement purposes, are either blended with the activities of the City or discretely presented. The criteria used to determine whether an organization should be a part of the City’s reporting entity were those outlined by Governmental Accounting Standards Board Statement No. 14, The Financial Reporting Entity. The Downtown Improvement Board (DIB) and the Community Maritime Park Associates, Inc. (CMPA) have been classified as component units and are discretely presented in the City’s annual financial report as separate columns in the government-wide financial statements. The Community Redevelopment Agency (CRA), an independent agency of the City, also meets the definition of a component unit; however its financial reporting is blended with the City’s financial activity. Form of Government City Council adopted a new charter on November 25, 2009 with a fifty-five percent voter approval. The Council-Manager structure changed to a Mayor-Council form of government effective January 11, 2010; however, until inaugurated in January 2011, the City continued to operate under the Council-Manager structure. With the new structure, there are nine members of council with each member limited to three consecutive four year terms. The Mayor is not a member of Council and does not have voting power but the term is extended to a maximum of three consecutive four year terms of office as opposed to the prior two year term. Every ten years the Charter Review Commission will be established to review the City’s charter. With the new structure, the Mayor replaces the City Manager as the executive head of the City and shall appoint a City Administrator to assist in managing daily operations. The City of Pensacola provides a full range of municipal services including public works, public safety, recreation and cultural activities. In addition, the City’s enterprise
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