2020 Annual Financial Report

COMPREHENSIVE ANNUAL FINANCIAL REPORT YEAR ENDED JUNE 30, 2020 5400 Ox Road, Fairfax Station, VA 22039 www.novaparks.com NORTHERN VIRGINIA REGIONAL PARK AUTHORITY COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED JUNE 30, 2020 NORTHERN VIRGINIA REGIONAL PARK AUTHORITY TABLE OF CONTENTS FOR THE YEAR ENDED JUNE 30, 2020 Page INTRODUCTORY SECTION Letter of TransmittalîDirector of Finance and Budget i-vi Certificate of Achievement for Excellence in Financial Reporting vii Directory of Member Information ix Organization Chart xi FINANCIAL SECTION Independent Auditors’ Report 1-3 Management’s Discussion and Analysis 5-20 Basic Financial Statements Exhibit 1 Statement of Net Position 23 Exhibit 2 Statement of Activities 24-25 Exhibit 3 Balance SheetîGovernmental Funds 27 Exhibit 4 Reconciliation of the Balance Sheet of the Governmental Funds to the Statement of Net Position 28 Exhibit 5 Statement of Revenues, Expenditures and Changes in Fund BalancesîGovernmental Funds 29 Exhibit 6 Reconciliation of the Statement of Revenues, Expenditures, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities 30 Exhibit 7 Statement of Revenues, Expenditures and Changes in Fund BalancesîBudget and ActualîGeneral Fund 31 Exhibit 8 Statement of Net PositionîProprietary Funds 32 Exhibit 9 Statement of Revenues, Expenses and Changes in Net PositionîProprietary Funds 33 Exhibit 10 Statement of Cash FlowsîProprietary Funds 34 Exhibit 11 Statement of Fiduciary Net PositionîFiduciary Funds 35 Exhibit 12 Statement of Changes in Fiduciary Net Positionî Fiduciary Funds 36 Notes to Financial Statements 37-77 Required Supplementary Information Exhibit 13 Schedule of Changes in the Net Pension Liability and Related Ratios 81 Exhibit 14 Schedule of Employer Contributions - Pension 82-83 Exhibit 15 Schedule of Investment Returns - Pension 84 Exhibit 16 Schedule of Changes in the Net OPEB Liability and Related Ratios (Explicit Rate Plan) 85 Exhibit 17 Schedule of Employer Contributions – OPEB (Explicit Rate Plan) 86-87 Exhibit 18 Schedule of Investment Returns – OPEB (Explicit Rate Plan) 88 Exhibit 19 Schedule of Changes in Total OPEB Liability and Related Ratios (Implicit Rate Plan) 89 NORTHERN VIRGINIA REGIONAL PARK AUTHORITY TABLE OF CONTENTS FOR THE YEAR ENDED JUNE 30, 2020 Page FINANCIAL SECTION (CONTINUED) Other Supplementary Information Exhibit 20 Combining Balance SheetîNonmajor Governmental Funds 93 Exhibit 21 Combining Statement of Revenues, Expenditures and Changes in Fund BalancesîNonmajor Governmental Funds 94 Supporting Schedules General Fund Schedule 1 Schedule of ExpendituresîBudget and Actual 97 Capital Projects Fund Schedule 2 Schedule of RevenuesîBudget and Actual 98 Schedule 3 Schedule of Expenditures and EncumbrancesîBudget and Actual 99-100 Schedule 4 Schedule of Revenues, Expenditures and Changes in Fund BalanceîBudget and ActualîRestricted License Fee Fund 101 Temple Hall Endowment FundîPermanent Fund Schedule 5 Schedule of RevenuesîBudget and Actual 102 Schedule 6 Schedule of Expenditures and EncumbrancesîBudget and Actual 103 Regional Parks Fund Schedule 7 Schedule of Revenues and ExpensesîBudget and Actual 104-106 Schedule of Revenues and ExpensesîBudget and Actualîby Facility: Schedule 8 Administrative Department 107 Schedule 9 Aldie Mill 108 Schedule 10 Algonkian Regional Golf Course 109 Schedule 11 Algonkian Regional Park 110 Schedule 12 The Woodlands of Algonkian 111 Schedule 13 Algonkian Regional Park Cottages 112 Schedule 14 Atlantis Water Park 113 Schedule 15 Beaverdam Reservoir 114 Schedule 16 Blue Ridge Regional Park 115 Schedule 17 Brambleton Regional Park 116 Schedule 18 Bull Run Light Show 117 Schedule 19 Bull Run Regional Park 118 Schedule 20 Bull Run Shooting Center 119 Schedule 21 Bull Run Marina 120 Schedule 22 Bull Run Special Events Center 121 NORTHERN VIRGINIA REGIONAL PARK AUTHORITY TABLE OF CONTENTS FOR THE YEAR ENDED JUNE 30, 2020 Page FINANCIAL SECTION (CONTINUED) Other Supplementary Information: (Continued) Supporting Schedules (Continued) Schedule of Revenues and ExpensesîBudget and Actualîby Facility: (Continued) Schedule 23 Cameron Run Regional Park 122 Schedule 24 Cameron Run Regional Catering 123 Schedule 25 The Winter Village at Cameron Run 124 Schedule 26 Carlyle House Historic Park 125 Schedule 27 Fountainhead Regional Park 126 Schedule 28 Great Waves Water Park 127 Schedule 29 Hemlock Overlook Regional Park 128 Schedule 30 The Atrium at Meadowlark Botanical Gardens 129 Schedule 31 Meadowlark Botanical Gardens 130 Schedule 32 Meadowlark Light Show 131 Schedule 33 Mt. Zion & Gilbert’s Corner 132 Schedule 34 Occoquan Regional Park 133 Schedule 35 Occoquan Brickmaker Catering 134 Schedule 36 Occoquan Riverview 135 Schedule 37 Ocean Dunes Water Park 136 Schedule 38 Pohick Bay Golf Course 137 Schedule 39 Pohick Bay Marina 138 Schedule 40 Pohick Bay Regional Park 139 Schedule 41 Pirate’s Cove Water Park 140 Schedule 42 Potomac Overlook Regional Park 141 Schedule 43 Rust Sanctuary Regional Park 142 Schedule 44 Sandy Run Regional Park 143 Schedule 45 Temple Hall Corn Maize 144 Schedule 46 Temple Hall Farm 145 Schedule 47 Upper Potomac Properties 146 Schedule 48 Upton Hill Regional Park 147 Schedule 49 Volcano Island Water Park 148 Schedule 50 Washington and Old Dominion Railroad Regional Park 149 Schedule 51 White’s Ford 150 NORTHERN VIRGINIA REGIONAL PARK AUTHORITY TABLE OF CONTENTS FOR THE YEAR ENDED JUNE 30, 2020 Page STATISICAL SECTION Table 1 Net Position by ComponentîLast Ten Fiscal Years 153 Table 2 Changes in Net PositionîLast Ten Fiscal Years 154-156 Table 3 Program Revenues by Function/ProgramîLast Ten Fiscal Years 157 Table 4 Fund Balances Governmental FundsîLast Ten Fiscal Years 158 Table 5 Changes in Fund Balances Governmental FundsîLast Ten Fiscal Years 159 Table 6 Charges for Services by SourceîRegional Parks FundîLast Ten Fiscal Years 160 Table 7 Outstanding Debt by TypeîLast Ten Fiscal Years 161 Table 8 Pledged Revenue Coverage 162 Table 9 Full-time equivalent Authority Government Employees by Function/ ProgramsîLast Ten Fiscal Years 163 Table 10 Capital Asset Statistics by Function/ProgramîLast Ten Fiscal Years 164 Table 11 Part-time Labor Hours by Function/ProgramîLast Ten Fiscal Years 165 Table 12 Operating Indicators by Function/ProgramîLast Ten Fiscal Years 166 Table 13 Population of Participating JurisdictionsîPrior Ten Fiscal Years 167 Table 14 Personal Income of Participating JurisdictionsîPrior Ten Fiscal Years 168 Table 15 Per Capita Personal Income of Participating JurisdictionsîPrior Ten Fiscal Years 169 Table 16 Principal Employers by JurisdictionsîLast Year and Ten Years Ago 170-172 Table 17 Unemployment Rate of Participating JurisdictionsîPrior Ten Fiscal Years 173 COMPLIANCE SECTION Independent Auditors’ 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 175-176 November 9, 2020 Members of the Park Authority Board Northern Virginia Regional Park Authority Fairfax Station, Virginia 22039 We are pleased to submit to you the Comprehensive Annual Financial Report (CAFR) of the Northern Virginia Regional Park Authority (the Authority) for the fiscal year ended June 30, 2020, in accordance with the Code of Virginia. The financial statements included in this report conform to accounting principles generally accepted in the United States of America (GAAP) as promulgated by the Governmental Accounting Standards Board (GASB). Responsibility for the accuracy of the data and the completeness and fairness of the presentation including all disclosures rests with management. To the best of our knowledge and belief, the enclosed data are accurate in all material respects and are reported in a manner that presents fairly the financial position of the governmental activities and business-type activities, each major fund, and the aggregate remaining fund information of the Authority, as of June 30, 2020, and the respective changes in financial position and cash flows, where applicable. All necessary disclosures have been included to enable the reader to gain the maximum understanding of the Authority’s finances. While the letter of transmittal is addressed to the governing board of the Authority, we believe the CAFR is management’s report to the citizens of the six supporting member jurisdictions that provide support to the Authority in the form of operating and capital appropriations, other stakeholders, creditors and other interested parties. In addition to complying with legal requirements, this letter of transmittal, management’s discussion and analysis (MD&A), the financial statements, supplemental data and the statistical tables have been prepared to provide full financial disclosure. The following subjects are discussed in this letter and incorporate the impacts of the global Coronavirus pandemic: • About Northern Virginia Regional Park Authority • Economic Condition and Outlook • Major Initiatives and Accomplishments • Financial Information • Independent Audit • Awards • Acknowledgements ŝ ABOUT NORTHERN VIRGINIA REGIONAL PARK AUTHORITY The Authority is an agency that plays a vital role in the region, conserving our environment and historic resources, and providing open spaces, parks and programs that bring families and our community together. The Coronavirus global pandemic impacted the Authority in many ways, closing our parks for several weeks, creating the increased need for sanitation and safety

Load more