THE CITY of ROCHESTER, NEW YORK Comprehensive Annual Financial Report Year Ended June 30, 2014

THE CITY OF ROCHESTER, NEW YORK Comprehensive Annual Financial Report Year Ended June 30, 2014 Prepared by: Department of Finance Charles A. Benincasa Director of Finance Rosiland R. Brooks Deputy Director of Finance-Accounting ANNUAL FINANCIAL REPORT Year Ended June 30, 2014 TABLE OF CONTENTS INTRODUCTORY SECTION Page Transmittal Letters..................................................................................................................................................... 2 Certificate of Achievement ...................................................................................................................................... 13 List of City Council Officials .................................................................................................................................... 14 Management Chart.................................................................................................................................................. 15 Organization Units and Officials .............................................................................................................................. 16 FINANCIAL SECTION INDEPENDENT AUDITOR’S REPORT ................................................................................................................... 18 REQUIRED SUPPLEMENTAL INFORMATION: Management Discussion and Analysis ................................................................................................................... 21 BASIC FINANCIAL STATEMENTS: Statement of Net Position ....................................................................................................................................... 33 Statement of Activities ............................................................................................................................................ 34 Balance Sheet – Governmental Funds ................................................................................................................... 35 Statement of Revenues, Expenditures and Changes in Fund Balances – Governmental Funds ........................... 36 Reconciliation of Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities ........................................................................................... 37 Statement of Net Position – Proprietary Funds ....................................................................................................... 38 Statement of Revenues, Expenses and Changes in Fund Net Position – Proprietary Funds................................. 39 Statement of Cash Flows – Proprietary Funds ....................................................................................................... 40 Statement of Fiduciary Net Position – Fiduciary Funds .......................................................................................... 41 Statement of Changes in Fiduciary Net Position – Fiduciary Funds ....................................................................... 42 Notes to the Financial Statements .......................................................................................................................... 43 REQUIRED SUPPLEMENTAL INFORMATION: Combining Statement of Revenues, Expenditures and Changes in Fund Equity – Budget and Actual – General, Certain Special Revenue and Enterprise Funds – Non-GAAP Budget Basis ........................................................................................................................................ 69 Notes to Required Supplemental Information ......................................................................................................... 71 Other Post Employment Benefits – Schedule of Funding Progress & Employee Contribution .............................. 72 COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS: Combining Balance Sheet – Nonmajor Governmental Funds ................................................................................ 74 Combining Statement of Revenues, Expenditures and Changes in Fund Balances – Nonmajor Governmental Funds ......................................................................................................................... 75 Statement of Changes in Assets and Liabilities – Agency Funds ..................................................................... 76 ii STATISTICAL SECTION Net Position by Component – Last Ten Fiscal Years ............................................................................................. 78 Changes in Net Position – Last Ten Fiscal Years .................................................................................................. 79 Tax Revenues by Source – Last Ten Fiscal Years.................................................................................................. 81 Fund Balances of Governmental Funds – Last Ten Fiscal Years ........................................................................... 82 Changes in Fund Balances of Governmental Funds – Last Ten Fiscal Years ....................................................... 83 General Governmental Tax Revenues by Source – Last Ten Fiscal Years ............................................................ 84 Assessed Value and Estimated Actual Value of Taxable Real Property – Last Ten Fiscal Years ......................... 85 Property Tax Rates Per Thousand, Direct and Overlapping Governments – Last Ten Fiscal Years .................... 86 Principal Property Taxpayers – Current Fiscal Year and Nine Years Prior ............................................................. 87 Property Tax Levies and Collections – Last Ten Fiscal Years ................................................................................ 88 Ratios of Outstanding Debt by Type – Last Ten Fiscal Years................................................................................. 89 Ratios of General Debt Bonded Outstanding – Last Ten Fiscal Years ................................................................... 90 Direct and Overlapping Debt ................................................................................................................................... 91 Legal Debt Margin Information – Last Ten Fiscal Years ......................................................................................... 92 Demographic Economic Statistics – Last Ten Calendar Years .............................................................................. 94 Principal Private-Sector Employers in the Rochester Area – Current Year and Nine Years Prior .......................... 95 Budgeted Full-time Equivalent City Government Employees by Function – Last Ten Fiscal Years ....................... 96 Operating Indicators by Function – Last Ten Fiscal Years ..................................................................................... 97 Capital Asset Statistics by Function – Last Ten Fiscal Years................................................................................. 98 FEDERAL AWARDS - SINGLE AUDIT REPORTS Independent Auditor’s Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on Audit of Financial Statements Performed in Accordance with Government Auditing Standards....................................................................................................................... 100 Independent Auditor’s Report on Compliance with Requirements that Could Have a Direct and Material Effect on Each Major Program and on Internal Control over Compliance in Accordance with OMB Circular A-133 .............................................................................................................. 102 Schedule of Expenditures of Federal Awards ....................................................................................................... 104 Notes to Schedule of Expenditures of Federal Awards ........................................................................................ 107 Schedule of Findings and Questioned Costs ....................................................................................................... 108 Schedule of Prior Year Findings and Questioned Costs ...................................................................................... 110 NEW YORK STATE TRANSPORTATION ASSISTANCE Report on C ompliance and R eport on Internal Control Over Compliance Over State Transportation Assistance Expended Based on an Audit of Basic Financial Statements Performed in Accordance with Governmental Auditing Standards ........................................................................................................................ 112 Schedule of State Transportation Assistance Expended ...................................................................................... 114 Notes to the Schedule of State Transportation Assistance Expended ................................................................. 115 Schedule of Findings and Questioned Costs ....................................................................................................... 116 iii Introductory Section 1 2 City of Rochester Charles A. Benincasa Department of Finance Director of Finance City Hall Room 109A, 30 Church Street Rochester, New York 14614 www.cityofrochester.gov December 18, 2014 The Mayor The City of Rochester, New York I am pleased to submit the Comprehensive Annual Financial Report of the City of Rochester for the fiscal year ended June 30, 2014. Management assumes full responsibility for

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