South Bend, in Mayor Stephen J
Total Page:16
File Type:pdf, Size:1020Kb
South Bend, IN Mayor Stephen J. Luecke Comprehensive Annual Financial Report Fiscal Year ending December 31, 2010 Prepared By: Department of Administration and Finance Gregg D. Zientara, City Controller SOUTHPOWERING THE NEW BEND. ECONOMY. World-class research at the University of Notre Dame... A national nanoelectronics research institute... Indiana’s first dual-site state-certified tech park… A strong partnership between the city, universities and private sector... It’s all here. No wonder people are talking. Get the latest news about South Bend’s emerging tech economy by subscribing to the South Bend ON e-newsletter. Keep up at www.SouthBendON.com Comprehensive Annual Finance Report City of South Bend, Indiana For the year ending December 31, 2010 Prepared by: Department of Administration & Finance Gregg D. Zientara, City Controller Cover Photo: A view of the downtown South Bend skyline from the East Bank Village depicts the city’s innovative architecture and thriving regional center for business, arts & culture, sports, and entertainment. Featured in the foreground, mounted on a concrete pedestal at the waterfall, is “The Keepers of the Fire,” an abstract expressionistic sculpture that is the work of internationally acclaimed sculptor Mark di Suvero. Installed October 31, 1980, the sculpture name is the English translation of the Indian name “Potawatomi.” The Potawatomi Indians were the original people populating the banks of the St. Joseph River before the Europeans settled in what is now South Bend, Indiana. Photo courtesy of City of South Bend archives. I Introductory Section City of South Bend, Indiana Comprehensive Annual Financial Report For The Year Ending December 31, 2010 Table of Contents I INTRODUCTORY SECTION Table of Contents ...................................................................................................................……1-3 City Officials…………………………………………………………………………………………........... 4 Controller’s Letter of Transmittal .............................................................. ……..…………………5-32 Certificate of Achievement for Excellence in Financial Reporting.................................................. 33 Organization Chart ......................................................................................................................... 34 II FINANCIAL SECTION Independent Auditor's Report on Financial Statements and Supplementary Schedule of Expenditures of Federal Awards ...........................................35-36 Management’s Discussion and Analysis...................................................................................37-60 Basic Financial Statements: Government-Wide Financial Statements: Statement of Net Assets...............................................................................................61-62 Statement of Activities....................................................................................................... 63 Fund Financial Statements: Balance Sheet – Governmental Funds ........................................................................64-65 Statement of Revenues, Expenditures and Other Changes in Fund Balances – Governmental Funds............................................................................... 66 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities....................... 67 Statement of Net Assets – Proprietary Funds..............................................................68-69 Statement of Revenues, Expenses and Other Changes in Fund Net Assets – Proprietary Funds......................................................................... 70 Statement of Cash Flows – Proprietary Funds.............................................................71-72 Statement of Fiduciary Net Assets – Fiduciary Funds ...................................................... 73 Statement of Changes in Fiduciary Net Assets – Fiduciary Funds ................................... 74 Notes to Financial Statements..........................................................................................75-111 Required Supplementary Information: Schedules of Funding Progress............................................................................................. 112 Schedules of Contributions from the Employer and Other Contributing Entities ................... 113 Budgetary Comparison Schedules .................................................................................114-118 Budget/GAAP Reconciliation................................................................................................. 119 III Governmental Funds: Combining and Individual Fund Statements and Schedules: Description – Nonmajor Governmental Funds................................................................120-126 Combining Balance Sheet – Nonmajor Governmental Funds ........................................127-139 Combining Statement of Revenues, Expenditures and Other Changes in Fund Balances – Nonmajor Governmental Funds ............................................................140-152 Schedules of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual .................................................................................153-168 1 City of South Bend, Indiana Comprehensive Annual Financial Report For The Year Ending December 31, 2010 Table of Contents FINANCIAL SECTION (Continued) IV Nonmajor Enterprise Funds: Combining and Individual Fund Statements and Schedules: Description............................................................................................................................. 169 Combining Statement of Net Assets...............................................................................170-171 Combining Statement of Revenues, Expenses and Other Changes in Fund Net Assets.............................................................................................................. 172 Combining Statement of Cash Flows .............................................................................173-174 V Internal Service Funds: Combining and Individual Fund Statements and Schedules: Description............................................................................................................................. 175 Combining Statement of Net Assets...................................................................................... 176 Combining Statement of Revenues, Expenses and Changes in Fund Net Assets.............................................................................................................. 177 Combining Statement of Cash Flows .................................................................................... 178 VI Fiduciary Funds: Combining and Individual Fund Statements and Schedules: Description............................................................................................................................. 179 Combining Statement of Fiduciary Net Assets – Pension Trust Funds ................................. 180 Combining Statement of Changes in Fiduciary Net Assets – Pension Trust Funds.............. 181 Statement of Changes in Assets and Liabilities – Agency Funds.......................................... 182 VII STATISTICAL SECTION Financial Trends ........................................................................................................................ 183 Net Assets by Component – Last Ten Years......................................................................... 184 Changes in Net Assets – Last Ten Years.......................................................................185-187 Fund Balances, Governmental Funds – Last Ten Years....................................................... 188 Changes in Fund Balances, Governmental Funds – Last Ten Years.............................189-190 Revenue Capacity ...................................................................................................................... 191 Property Tax Levies and Collections – Last Ten Years......................................................... 192 Direct and Overlapping Property Tax Rates – Last Ten Years.............................................. 193 Detail of Net Assessed Valuation – For Year 2009 Payable 2010 ........................................ 194 Assessed Value and Actual Value of Taxable Property – Last Ten Years ............................ 195 Net Assessed Value and Estimated Value of Taxable Property – Last Ten Years................ 196 Property Tax Collections – Cash Basis ................................................................................. 197 Principal Real Property Taxpayers – Current and Nine Years Ago ....................................... 198 Ten Largest Taxpayers – Personal Property – December 31, 2010...................................... 199 Local Option Income Tax Revenue – Last Ten Years (EDIT) ............................................... 200 Local Option Income Tax Revenue – Last Ten Years ( COIT) .............................................. 201 Local Option Income Tax Revenue – Last Ten Years (PS LOIT).......................................... 202 Total County Option Income Tax Distributions by Taxing Unit – 2001 - 2010 ....................... 203 Ten Largest Water Customers – December 31, 2010 ........................................................... 204 Ten Largest Sewage Works Customers – December 31, 2010 ............................................ 205 Gasoline Tax Collections – Cash