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City of Grand Forks, North Dakota

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City of Grand Forks, North Dakota of the City of Grand Forks, North Dakota For the Year Ended December 31, 2019 Prepared by THE DEPARTMENT OF FINANCE AND ADMINISTRATIVE SERVICES MAUREEN STORSTAD, DIRECTOR CANDICE STJERN, ASSISTANT DIRECTOR (Member of Government Finance Officers Association Of the United States & Canada) CITY OF GRAND FORKS, NORTH DAKOTA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED DECEMBER 31, 2019 TABLE OF CONTENTS INTRODUCTORY SECTION Title Page Table of Contents i - iii Letter of Transmittal I - IX GFOA Certificate of Achievement For Excellence in Financial Reporting X Organizational Chart XI List of Elected and Appointed City Officials XII FINANCIAL SECTION Exhibit Page Independent Auditor's Report 1-3 Management Discussion and Analysis 4-18 Basic Financial Statements: Government-wide Financial Statements: Statement of Net Position 1 20 Statement of Activities 2 21 Fund Financial Statements: Balance Sheet - Governmental Funds 3 22 Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position 23 Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds 4 24 Reconciliation of Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities 25 Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual - General Fund 5 26 Statement of Net Position - Proprietary Funds 6 28 Statement of Revenues, Expenses, and Changes in Fund Net Position - Proprietary Funds 7 30 Statement of Cash Flows - Proprietary Funds 8 32 Statement of Fiduciary Net Position - Fiduciary Funds 9 34 Statement of Changes in Fiduciary Net Position - Fiduciary Funds 10 35 Notes to the Financial Statements 37-90 Required Supplementary Information: Schedule of Funding Progress - Single Employer Plan 91 Schedule of Funding Progress - Public Employees Retirement System 92-94 i Combining and Individual Fund Statements and Schedules: Combining Balance Sheet - Nonmajor Governmental Funds A-1 95 Combining Statement of Revenues, Expenditures and Changes in Fund Balance - Nonmajor Governmental Funds A-2 96 Combining Balance Sheet - Nonmajor Special Revenue Funds B-1 100 Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Nonmajor Special Revenue Funds B-2 104 Combining Schedule of Revenues, Expenditures and Changes in Fund Balances-Budget and Actual-Nonmajor Special Revenue Funds B-3 110 Combining Balance Sheet - Nonmajor Debt Service Funds C-1 125 Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Nonmajor Debt Service Funds C-2 126 Combining Balance Sheet - Nonmajor Capital Project Funds D-1 128 Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Nonmajor Capital Project Funds D-2 130 Combining Statement of Net Position - Nonmajor Proprietary Funds E-1 134 Combining Statement of Revenues, Expenses and Changes in Net Position - Nonmajor Proprietary Funds E-2 136 Combining Statement of Cash Flows - Nonmajor Proprietary Funds E-3 138 Combining Statement of Net Position - Internal Service Funds F-1 142 Combining Statement of Revenues, Expenses and Changes in Net Position - Internal Service Funds F-2 143 Combining Statement of Cash Flows - Internal Service Funds F-3 144 Statement of Changes in Net Position - Pension Trust Fund G-1 147 Capital Assets Used in the Operation of Governmental Funds: Schedule by Source H-1 150 Schedule by Function and Activity H-2 151 Schedule of Changes by Function and Activity H-3 152 Supporting Schedules: Schedule Schedule of Cash, Cash Equivalents and Investments J-1 154 Summary of Debt Statistics J-2 155 Debt Statement as of December 31, 2019 J-3 156 Summary of Debt Service Requirements to Maturity J-4 158 Debt Service Requirements to Maturity - General Obligation and Tax Increment Bonds J-5 159 Debt Service Requirements to Maturity - Revenue Bonds J-6a 160 Debt Service Requirements to Maturity - Sales Tax Revenue Bonds J-6b 161 Debt Service Requirements to Maturity - Refunding Improvement Bonds J-7 162 Summary of Individual Bonds and Temporary Warrants J-8 164 Schedule of Insurance in Force as of December 31, 2019 J-9 168 ii STATISTICAL SECTION Table Financal Trends: Net Position by Component Unit, Last Ten Fiscal Years 1 173 Changes in Net Position, Last Ten Fiscal Years 2 174 Program Revenue by Function, Last Ten Fiscal Years 3 176 Government-wide Expenses by Function, Last Ten Fiscal Years 4 177 Fund Balances, Governmental, Last Ten Fiscal Years 5 178 Changes in Fund Balances, Governmental Funds, Last Ten Fiscal Years 6 179 Revenue Capacity: Tax Revenue by Source, Governmental Funds, Last Ten Fiscal Years 7 180 Assessed and Estimated Market Value of Taxable Property, Last Ten 8 182 Fiscal Years Property Tax Levy and Collections, Last Ten Fiscal Years 9 184 Direct and Overlapping Property Tax Rates, Last Ten Fiscal Years 10 186 Principal Property Tax Payers, Current Year and Nine Years Ago 11 187 Construction Value and Number of Permits 11A 188 Debt Capacity: Ratio of Outstanding Debt by Type, Last Ten Fiscal Years 12 189 Ratio of Net General Obligation Bonded Debt to Assessed Value and Net 13 190 Bonded Debt Per Capita, Last Ten Fiscal Years Direct and Overlapping Governmental Activities Debt as of Dec. 31, 2019 14 191 Legal Debt Margin Information, Last Ten Fiscal Years 15 192 Computation of Legal Debt Margin 15A 193 Pledged Revenue Coverage- Water Revenue Bonds, Last Ten Fiscal Years 16 194 Pledged Revenue Coverage- Wastewater Revenue Bonds, Last Ten Fiscal Years 17 195 Pledged Revenue Coverage-Special Assessment Bonds, Last Ten Fiscal Years 18 196 Demographic and Economic Information: Demographic Statistics, Last Ten Fiscal Years 19 197 Principal Employers, Current Year and Nine Years Ago 20 198 Operating Information: Full-time Equivalent City Employees by Function/Program 21 199 Operating Indicators by Function/Program 22 200 Capital Asset Statistics by Function/Program 23 202 iii This page left blank for notes. iv 255 N. 4TH STREET FINANCE & ADMINISTRATIVE PO BOX 5200 SERVICES GRAND FORKS, ND 701.746.2620 58206-5200 FAX# 701.787.3740 July 10, 2020 To the Honorable Mayor, Members of the City Council, and Citizens of the City of Grand Forks, North Dakota: We are pleased to submit the Comprehensive Annual Financial Report (CAFR) for the City of Grand Forks for the fiscal year ended December 31, 2019. This report satisfies audit and financial reporting requirements pursuant to North Dakota Century Code 54-10-14. The report is prepared by the City’s Finance and Administrative Services Office in conformity with the generally accepted accounting principles (GAAP) as prescribed by the Governmental Accounting Standards Board (GASB) and audited in accordance with auditing standards generally accepted in the United States of America and Government Auditing Standards as published by the Comptroller General of the United States, by a firm of licensed certified public accountants. This report consists of management’s representation concerning the finances of the City of Grand Forks (the City). Consequently, the management assumes full responsibility for the completeness and reliability for all the information presented in this report. To provide a reasonable basis for making these representations, management of the City has established a comprehensive framework of internal controls designed both to protect the government’s assets from loss, theft, or misuse and to compile sufficient reliable information for the preparation of these financial statements in conformity with GAAP. Because the cost of internal controls should not outweigh their benefits, the City’s comprehensive framework of internal controls has been designed to provide reasonable rather than absolute assurance that the financial statements will be free from material misstatement. As management, we assert, to the best of our knowledge and belief, these financial statements are complete and reliable in all material respects. Brady, Martz and Associates, P.C., Certified Public Accountants have audited the financial statements. The goal of the independent audit was to provide reasonable assurance that the financial statements of the City for the fiscal year ended December 31, 2019 are free from material misstatement. The independent audit involved examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; assessing the accounting principles used and significant estimates made by management; and evaluating the overall financial statement presentation. The requirement has been complied with and the independent auditors have issued an unmodified (“clean”) opinion on the City of Grand Forks’ financial statements for the year ended December 31, 2019. The independent auditor’s report is located at the front of the financial section of this report. Management’s discussion and analysis (MD&A) immediately follows the independent auditor’s report and provides a narrative introduction, overview, and analysis of the basic financial statements. MD&A complement this letter of transmittal and should be read in conjunction. The independent audit of the financial statements of the City of Grand Forks was part of a broader, federally mandated “Single Audit” designed to meet the special needs of federal grantor agencies. The standards governing Single Audit engagements require the independent auditor to report not I only on the fair presentation of the financial statements, but also on the City’s internal controls and compliance with legal requirements,
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