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FY 2015 Comprehensive Annual Financial Report

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FY 2015 Comprehensive Annual Financial Report “We hope for better “It shall rise again from things.” the ashes.”” FOUNDED 1701 INCORPORATED 1806 AREA (Square Miles) 137.9 POPULATION 713,777 City of Detroit, Michigan COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Year Ended June 30, 2015 THIS PAGE LEFT BLANK INTENTIONALLY City of Detroit Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2015 Michael E. Duggan, Mayor City of Detroit, Michigan COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Year Ended June 30, 2015 THIS PAGE LEFT BLANK INTENTIONALLY TABLE OF CONTENTS Page I. INTRODUCTORY SECTION LETTER OF TRANSMITTAL I-1 AUDITOR GENERAL’S LETTER I-6 LIST OF CITY OF DETROIT PRINCIPAL OFFICIALS I-7 CITY OF DETROIT ORGANIZATION CHART I-11 II. FINANCIAL SECTION INDEPENDENT AUDITORS’ REPORT 1 MANAGEMENT’S DISCUSSION AND ANALYSIS (MD&A) (UNAUDITED) 7 BASIC FINANCIAL STATEMENTS: A. GOVERNMENT-WIDE FINANCIAL STATEMENTS: Statement of Net Position 22 Statement of Activities 23 B. FUND FINANCIAL STATEMENTS: Governmental Funds Financial Statements: Balance Sheet 25 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position 26 Statement of Revenues, Expenditures, and Changes in Fund Balances 27 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities 28 Enterprise Funds Financial Statements: Statement of Net Position 29 Statement of Revenues, Expenses, and Changes in Fund Net Position 33 Statement of Cash Flows 35 Fiduciary Funds Financial Statements: Statement of Fiduciary Net Position 39 Statement of Changes in Fiduciary Net Position 40 Discretely Presented Component Units Financial Statements: Combining Statement of Net Position 41 Combining Statement of Activities 43 C. NOTES TO BASIC FINANCIAL STATEMENTS 45 REQUIRED SUPPLEMENTARY INFORMATION: A. BUDGET TO ACTUAL COMPARISON - GENERAL FUND: Notes to Budget to Actual Comparison 123 Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - General Fund 124 B. EMPLOYER CONTRIBUTIONS AND FUNDING PROGRESS: Schedules of Changes in the Plan Net Pension Liability and Related Ratios 128 Schedules of City Contributions Last Ten Fiscal Years 129 Schedules of Actuarial Assumptions Last Ten Fiscal Years 131 Notes to Required Supplementary Information Schedules 135 i TABLE OF CONTENTS Page OTHER SUPPLEMENTARY INFORMATION SECTION: A. COMBINING NON-MAJOR GOVERNMENTAL FUNDS FINANCIAL STATEMENTS: Other Governmental Funds: Combining Balance Sheet 140 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 141 Special Revenue Funds: Combining Balance Sheet 142 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 144 Street Fund: Combining Balance Sheet 146 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 147 Permanent Funds: Combining Balance Sheet 148 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 149 B. OTHER GOVERNMENTAL FUNDS BUDGETARY COMPARISON SCHEDULES: Special Revenue Funds 150 Debt Service Fund 163 Capital Projects Fund 164 C. ENTERPRISE FUNDS: Combining Statement of Net Position 166 Combining Statement of Revenues, Expenses, and Changes in Fund Net Position 168 Combining Statement of Cash Flows 169 D. FIDUCIARY FUNDS: Combining Statement of Fiduciary Net Position 172 Combining Statement of Changes in Fiduciary Net Position 174 E. AGENCY FUNDS: Combining Statement of Assets and Liabilities 176 Combining Statement of Changes in Assets and Liabilities 177 III. STATISTICAL SECTION (UNAUDITED) Description of Statistical Section 179 Schedule 1 - Net Position by Component, Last Ten Fiscal Years 180 Schedule 2 - Changes in Net Position, Last Ten Fiscal Years 182 Schedule 3 - Fund Balances, Governmental Funds, Last Ten Fiscal Years 186 Schedule 4 - Changes in Fund Balances of Governmental Funds, Last Ten Fiscal Years 188 Schedule 5 - Assessed and Actual Value of Taxable Property, Last Ten Fiscal Years 190 Schedule 6 - Direct and Overlapping Property Tax Rates, Last Ten Fiscal Years 192 Schedule 7 - Principal Property Tax Payers, Current Year and Nine Years Ago 194 Schedule 8 - Property Tax Levies and Collections, Last Ten Fiscal Years 196 Schedule 9 - Ratios of Outstanding Debt by Type, Last Ten Fiscal Years 198 Schedule 10 - Ratios of General Bonded Debt Outstanding, Last Ten Fiscal Years 200 Schedule 11 - Direct and Overlapping Governmental Activities Debt as of June 30, 2015 202 Schedule 12 - Legal Debt Margin Information, Last Ten Fiscal Years 203 Schedule 13 - Pledged Revenue Coverage, Last Ten Fiscal Years 205 Schedule 14 - Demographic and Economic Statistics, Last Ten Calendar Years 206 Schedule 15 - Principal Employers, Current Year and Ten Years Ago 207 Schedule 16 - Full-time Equivalent City Government Employees by Function/Program, Last Ten Fiscal Years 209 Schedule 17 - Miscellaneous Operating Indicators by Function/Program, Last Ten Fiscal Years 210 PHOTO CREDITS All photographs courtesy of City of Detroit - Communications and Creative Services Department ii COLEMAN A. YOUNG MUNICIPAL CENTER, SUITE 1100 DETROIT, MICHIGAN 48226 CITY OF DETROIT PHONE 3132241962 OFFICE OF THE CHIEF FINANCIAL OFFICER FAX 3136282717 FINANCE DEPARTMENT ACCOUNTS May 31, 2016 The City of Detroit Honorable Mayor Michael Duggan and The Honorable City Council The management and staff of the Office of the Chief Financial Officer (“OCFO”) are pleased to submit the City of Detroit’s Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June 30, 2015 along with the Independent Auditors’ Report. This report is prepared for the purpose of disclosing the City’s financial condition to its residents, elected officials, and other interested parties. INTRODUCTION TO THE REPORT Responsibility The OCFO prepares the City’s CAFR and is responsible for both the accuracy of the data and the completeness and fairness of the presentation, including all disclosures. We believe the data presented is accurate in all material aspects, that it is presented in a manner designed to fairly set forth the financial position and results of operations of the City’s primary government and component units for which it is financially accountable and that the disclosures necessary to enable the reader to gain an understanding of the City’s financial affairs have been included. Adherence to Generally Accepted Accounting Principles (GAAP) GAAP requires 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). This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it. The City’s MD&A can be found immediately following the report of independent auditors. Independent Audit All local units of government within the State of Michigan must comply with the Uniform Budgeting and Accounting Act, Public Act 2 of 1968, as amended, which requires an annual audit of the financial records and transactions of the City by independent certified public accountants. The primary purpose of the auditing requirements of this act is to maintain the confidence of all interested parties in the integrity of the record keeping and financial reporting of local units of government. PROFILE OF THE GOVERNMENT Detroit is the largest city in the state of Michigan and is the seat of Wayne County. The City covers approximately 140 square miles and accounts for the single largest population in Wayne County. The City is internationally known for automotive manufacturing and trade. Detroit is located on an international waterway, which is linked via the St. Lawrence Seaway to seaports around the world. The City was incorporated in 1806, and is a home rule city under State law. Financial Review Commission Michigan Public Act 181 of 2014, M.C.L. §§ 141.1631, et seq. (“PA 181”), established the Detroit Financial Review Commission (the “Commission”) to monitor the City’s compliance with the bankruptcy Plan of Adjustment and PA 181, and provide oversight of the City’s financial activities. The Commission has broad authority (as of the Effective Date) to obtain and review the City's financial records on an ongoing basis, approve budgets and contracts and conduct financial audits of the City. On December 10, 2014, the Commission became operational. Michigan Public Act 182 of 2014, M.C.L. 117.4s-t, further imposes requirements including that the City adopt a multi-year financial plan and appoint a chief financial officer (“CFO”). I-1 Executive Branch The citizens of Detroit elect the Mayor to a four-year term. The City Charter grants the Mayor broad managerial powers including the authority to appoint department directors, deputy directors, and other executive branch officials. The responsibility to implement most programs, provide services, activities, and manage day-to-day operations is delegated by the Charter to the executive branch. Legislative Branch The legislative branch is comprised of the City Council and its agencies. The nine members of the City Council are also elected to four-year terms. Many significant decisions, including budget appropriations, procurement of goods and services, and certain policy matters must be approved by the City Council. Other Agencies The City Clerk’s Office and the Election Commission are not classified under either of the two branches mentioned above. Services Provided The City Charter calls for the City to provide a wide range of services, the most significant
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