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City of Yonkers, New York CITY OF YONKERS, NEW YORK COMPREHENSIVE ANNUAL FINANCIAL REPORT Fiscal Year Ended June 30, 2019 CITY OF YONKERS, NEW YORK COMPREHENSIVE ANNUAL FINANCIAL REPORT Fiscal Year Ended June 30, 2019 Prepared by the Office of Finance and Management Services City of Yonkers, New York Comprehensive Annual Financial Report Fiscal Year Ended June 30, 2019 Table of Contents Page No. INTRODUCTORY SECTION I Principal Officials Organization Chart ii Letter of Transmittal iii Certificate of Achievement for Excellence in Financial Reporting xii FINANCIAL SECTION I Independent Auditors' Report 1 Management's Discussion and Analysis 4 Basic Financial Statements Government-Wide Financial Statements Statement of Net Position 15 Statement of Activities 16 Fund Financial Statements Balance Sheet - Governmental Funds 18 Reconciliation of Governmental Funds Balance Sheet to the Government-Wide Statement of Net Position 20 Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds 21 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities 23 Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - General, Education and Education Special Aid Funds 24 Statement of Assets and Liabilities - Fiduciary Fund 27 Notes to Financial Statements 28 Required Supplementary Information Other Post Employment Benefits Schedule of Changes in the City's Total OPEB Liability and Related Ratios 71 New York State Teachers' Retirement System Schedule of the City's Proportionate Share of the Net Pension Liability (Asset) 72 Schedule of Contributions 73 New York State and Local Employees' Retirement System Schedule of the City's Proportionate Share of the Net Pension Liability 74 Schedule of Contributions 75 New York State and Local Police and Fire Retirement System Schedule of the City's Proportionate Share of the Net Pension Liability 76 Schedule of Contributions 77 City of Yonkers, New York Comprehensive Annual Financial Report Fiscal Year Ended June 30, 2019 Table of Contents (Continued) Page No. Combining and Individual Fund Financial Statements and Schedules Major Governmental Funds General Fund Comparative Balance Sheet 78 Comparative Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual 79 Schedule of Revenues and Other Financing Sources Compared to Budget 81 Schedule of Expenditures and Other Financing Uses Compared to Budget 83 Special Revenue Funds Education Fund Comparative Balance Sheet 88 Comparative Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual 89 Education Special Aid Fund Comparative Balance Sheet 91 Comparative Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual 92 Community Development Fund Combining Balance Sheet - Sub Funds 94 Combining Schedule of Revenues, Expenditures and Changes in Fund Balances - Sub Funds 96 City Capital Projects Fund Comparative Balance Sheet 98 Comparative Statement of Revenues, Expenditures and Changes in Fund Balance 99 Education Capital Projects Fund Comparative Balance Sheet 100 Comparative Statement of Revenues, Expenditures and Changes in Fund Balance 101 Debt Service Fund Combining Balance Sheet - Sub Funds 102 Combining Schedule of Revenues, Expenditures and Changes in Fund Balances - Sub Funds 103 Comparative Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - City 104 Comparative Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Education 106 Non-Major Governmental Funds Special Revenue Funds Combining Balance Sheet 108 Combining Statement of Revenues, Expenditures and Changes in Fund Balances 110 Sewer Fund Comparative Balance Sheet 112 Comparative Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual 113 City of Yonkers, New York Comprehensive Annual Financial Report Fiscal Year Ended June 30, 2019 Table of Contents (Continued) Page No. Water Fund Comparative Balance Sheet 115 Comparative Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual 116 Public Library Fund Comparative Balance Sheet 118 Comparative Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual 119 School Lunch Fund Comparative Balance Sheet 121 Comparative Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual 122 City Grants Fund Comparative Balance Sheet 124 Comparative Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual 125 Special Purpose Fund Comparative Balance Sheet 127 Comparative Statement of Revenues, Expenditures and Changes in Fund Balance 128 Statement of Changes in Assets and Liabilities - Fiduciary Fund 129 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 130 Changes in Net Position - Last Ten Fiscal Years 132 Fund Balances of Governmental Funds - Last Ten Fiscal Years 134 Changes in Fund Balances of Governmental Funds - Last Ten Fiscal Years 136 Revenue Capacity Assessed Value and Estimated Actual Value of Taxable Property - Last Ten Fiscal Years 138 Direct and Overlapping Property Tax Rates, Per $1,000 of Assessed Valuation - Last Ten Fiscal Years 140 Principal Taxpayers - Current Year and Nine Years Ago 141 Property Tax Levies and Collections - Last Ten Fiscal Years 142 Computation of Constitutional Tax Margin 143 City of Yonkers, New York Comprehensive Annual Financial Report Fiscal Year Ended June 30, 2019 Table of Contents (Concluded) Page No. Debt Capacity Ratios of Outstanding Debt by Type - Last Ten Fiscal Years 144 Ratios of Net General Bonded Debt Outstanding - Last Ten Fiscal Years 146 Direct and Overlapping Governmental Activities Debt 147 Legal Debt Margin Information - Last Ten Fiscal Years 148 Demographic and Economic Information Demographic Statistics - Last Ten Fiscal Years 150 Principal Employers - Current Year and Nine Years Ago 151 Operating Information Full-Time Equivalent City Government Employees by Department - Last Ten Fiscal Years 152 Operating Indicators by Function/Program - Last Ten Fiscal Years 154 Capital Asset Statistics by Function/Program - Last Ten Fiscal Years 156 Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive annual financial reports for the relevant year. FEDERAL AWARDS I Federal Programs 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 158 Report on Compliance for Each Major Federal Program and Report on Internal Control Over Compliance Required by the Uniform Guidance 160 Schedule of Expenditures of Federal Awards 162 Notes to Schedule of Expenditures of Federal Awards 164 Schedule of Findings and Questioned Costs 165 Summary Schedule of Prior Audit Findings 167 INTRODUCTORY SECTION THE CITY OF YONKERS GOVERNMENT EXECUTIVE BRANCH MIKE SPANO MAYOR LEGISLATIVE BRANCH CITY COUNCIL MEMBERS Mike Khader, City Council President MICHAEL SABATINO, Majority Leader MIKE BREEN, Minority Leader SHANAE WILLIAMS ANTHONY MERANTE CORAZON PINEDA ISAAC JOHN RUBBO ADMINISTRATIVE OFFICERS JIM CAVANAUGH First Deputy Mayor STEVE LEVY Second Deputy Mayor DENISE EGIZIACO Chief of Staff JOHN LISZEWSKI Commissioner of Finance and Management Services ELIZABETH JANOCHA Deputy Commissioner of Finance and Management Services MATTHEW GALLAGHER Corporation Counsel City of Yonkers Organizational Chart ELECTORATE I T I CITY COUNCIL INSPECTOR MAYOR _ _ r- LEG ISLA TIVE BRANCH -, GENERAL EXECUTIVE BRANCH I DEPUTY MAYOR CITY CLERK/ ELECTIONS I I I I FINANCE AND CORPORATION HUMAN MANAGEMENT COUNSEL RESOURCES SERVICES I I I DEPARTMENT OF PLANNING AND POLICE INFORMATION DEVELOPM ENT DEPARTMENT TECHNOLOGY I I I FIRE DEPARTMENT OF ENGINEERING DEPARTMENT PUBLIC WORKS I I l DEPARTMENT OF PARKS CONSTITUENT HOUSING AND DEPARTMENT SERVICES BUILDINGS I I l VETERANS HUMAN RIGHTS LIBRARY SERVICES I MUSEUM ii John A. Liszewski DEPARTMENT OF FINANCE AND MANAGEMENT SERVICES Commissioner of Finance One Larkin Center Third Floor Yonkers, NY 10701 Tel. 914.377.6168 Fax 914.376.8218 December 9, 2019 To the Honorable Mayor, Members of the City Council and Citizens of the City of Yonkers, New York The Comprehensive Annual Financial Report ("CAFR") for the City of Yonkers, New York ("City") for the fiscal year ended June 30, 2019 is herewith submitted. The New York State Comptroller's Office and Section C4 - 9 of the City Charter requires the City to submit an annual report of the financial records and transactions presented in conformity with generally accepted accounting principles ("GAAP") and audited in accordance with generally accepted auditing standards by a firm of licensed certified public accountants. This CAFR is issued pursuant to these requirements. This report consists of management's representations concerning the finances of the City. Consequently, management assumes full responsibility for the completeness and reliability of the information presented in this report. To provide a reasonable basis for making these representations,
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