City of Oakland California
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CITY OF OAKLAND CALIFORNIA COMPREHENSIVE ANNUAL FINANCIAL REPORT FISCAL YEAR ENDED JUNE 30, 2005 PREPARED BY THE FINANCE AND MANAGEMENT AGENCY WILLIAM E. NOLAND, DIRECTOR LARAE BROWN, CONTROLLER COMPREHENSIVE ANNUAL FINANCIAL REPORT FISCAL YEAR ENDED JUNE 30, 2005 TABLE OF CONTENTS Page INTRODUCTORY SECTION Letter of Transmittal................................................................................................................. i GFOA Certificate of Achievement........................................................................................... viii Organizational Chart................................................................................................................. ix List of Elected and Appointed Officials................................................................................... x Project Team............................................................................................................................. xi FINANCIAL SECTION Independent Auditor’s Report ............................................................................................ 1 Management’s Discussion and Analysis ............................................................................ 3 BASIC FINANCIAL STATEMENTS: Government-wide Financial Statements: Statement of Net Assets.......................................................................................... 18 Statement of Activities ........................................................................................... 19 Fund Financial Statements: Balance Sheet – Governmental Funds.................................................................... 20 Reconciliation of Governmental Funds Balance Sheet to the Statement of Net Assets for Governmental Activities...................................... 21 Statement of Revenues, Expenditures and Changes in Fund Balances – Governmental Funds…..…………………………...........................………… 22 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities of Governmental Activities................................................................................... 23 Statement of Net Assets – Proprietary Funds......................................................... 24 Statement of Revenues, Expenses and Changes in Fund Net Assets – Proprietary Funds ........................................................................ 25 Statement of Cash Flows – Proprietary Funds ....................................................... 26 Statement of Fiduciary Net Assets – Fiduciary Funds ........................................... 27 Statement of Changes in Fiduciary Net Assets – Fiduciary Funds ........................ 28 Page Notes to Basic Financial Statements: (1) Organization and Definition of Reporting Entity................................................ 30 (2) Summary of Significant Accounting Policies ..................................................... 32 (3) Cash and Investments and Restricted Cash and Investments.............................. 42 (4) Interfund Receivables, Payables and Transfers................................................... 57 (5) Memorandums of Understanding ........................................................................ 59 (6) Notes and Loans Receivable................................................................................ 60 (7) Capital Assets...................................................................................................... 61 (8) Property Held for Resale ..................................................................................... 67 (9) Accounts Payable and Accrued Liabilities Payable ............................................ 68 (10) Deferred Revenue................................................................................................ 69 (11) Tax and Revenue Anticipation Notes Payable .................................................... 70 (12) Long-Term Obligations....................................................................................... 71 (13) General Fund Unreserved Fund Balance............................................................. 86 (14) Self-Insurance...................................................................................................... 87 (15) Joint Venture........................................................................................................ 90 (16) Pension Plans....................................................................................................... 93 (17) Postemployment Benefits Other Than Pension Benefits..................................... 97 (18) Commitments and Contingent Liabilities............................................................ 97 (19) Deficit Fund Balances/Net Assets ....................................................................... 100 (20) Subsequent Events............................................................................................... 101 REQUIRED SUPPLEMENTARY INFORMATION: Schedule of Funding Progress – PERS Actuarial Valuation............................................................................................ 102 Budgetary Data................................................................................................................... 103 Budgetary Comparison Schedule – General Fund ............................................................. 105 Reconciliation of Operations on Modified Accrual Basis to Budgetary Basis .................. 106 Page COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES: Combining Balance Sheet –Nonmajor Governmental Funds............................................. 108 Combining Statement of Revenues, Expenditures and Changes in Fund Balances – Nonmajor Governmental Funds ................................................................................... 109 Combining Balance Sheet – Nonmajor Governmental Funds – Special Revenue Funds.. 110 Combining Statement of Revenues, Expenditures and Changes in Fund Balances – Nonmajor Governmental Funds – Special Revenue Funds.......................................... 111 Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual – Special Revenue Funds.................................................................................. 112 Combining Balance Sheet – Nonmajor Governmental Funds –Debt Service Funds......... 114 Combining Statement of Revenues, Expenditures and Changes in Fund Balances – Nonmajor Governmental Funds – Debt Service Funds................................................ 115 Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual – Debt Service Funds........................................................................................ 116 Combining Balance Sheet – Nonmajor Governmental Funds – Capital Projects .............. 118 Combining Statement of Revenues, Expenditures and Changes in Fund Balances – Nonmajor Governmental Funds – Capital Projects...................................................... 119 Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual – Capital Projects .............................................................................................. 120 Combining Statement of Net Assets – Internal Service Funds .......................................... 121 Combining Statement of Revenues, Expenses and Changes in Fund Net Assets – Internal Service Funds.................................................................................................. 122 Combining Statement of Cash Flows – Internal Service Funds......................................... 123 Combining Statement of Fiduciary Net Assets – Pension Trust Funds ............................. 124 Combining Statement of Changes in Fiduciary Net Assets – Pension Trust Funds........... 125 Table Page STATISTICAL SECTION Governmental Revenues by Source........................................................................... 1 126 Governmental Expenditures ...................................................................................... 2 127 Property Tax Levies and Collections......................................................................... 3 129 Assessed Value of Property....................................................................................... 4 130 Property Tax Rates .................................................................................................... 5 131 Principal Property Taxpayers .................................................................................... 6 132 Special Assessment Billings and Collections............................................................ 7 133 Computation of Legal Debt Margin .......................................................................... 8 134 Percentage of Net General Obligation Bonded Debt to Assessed Value and Net Bonded Debt Per Capita .............................................................. 9 135 Percentage of Annual Debt Service Expenditures to Total General Governmental Expenditures................................................................... 10 136 Direct and Overlapping Bonded Debt ....................................................................... 11 137 Revenue Bond Coverage: Port of Oakland.................................................................................................... 12 138 OMERS Revenue Bond....................................................................................... 12 138 Economic