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City of Dearborn, Michigan C COMPREHENSIVE ANNUAL I T FINANCIAL REPORT Y O F D E A R B O R N M I C H I G A For the Year Ended N June 30, 2018 CI TY OF DEARBORN, MI CHI GAN COMPREHENSI VE ANNUAL FI NANCI AL REPORT For the Year Ended June 30, 2018 MAYOR John B. O’Reilly, Jr. CI TY COUNCI L Council President Susan A. Dabaja Council President Pro-Tem Michael T. Sareini Council Members David Bazzy Robert A. Abraham Erin Byrnes Leslie Herrick Brian O’Donnell James J. O’Connor Finance Director/Treasurer 1 City of Dearborn, Michigan Page I NTRODUCTORY SECTI ON Letter of Transmittal ...................................................................................... i Mission Statement ......................................................................................... ix City of Dearborn Map ..................................................................................... x Organizational Chart ...................................................................................... xi List of Principal Officials ................................................................................. xii FI NANCI AL SECTI ON Independent Auditor’s Report ......................................................................... 1-3 Management’s Discussion & Analysis ............................................................... 4-18 Basic Financial Statements: Government-wide Financial Statements: Statement of Net Position ..................................................................... 19 Statement of Activities ......................................................................... 20-21 Fund Financial Statements Balance Sheet – Governmental Funds .................................................... 22 Reconciliation of Governmental Funds Balance Sheet to the Statement of Net Position ............................................................................... 23 Statement of Revenues, Expenditures, and Changes in Fund Balances – Governmental Funds....................................................................... 24 Reconciliation of Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities .... 25 Statement of Net Position – Proprietary Funds ........................................ 26-27 Statement of Revenues, Expenses, and Changes in Fund Net Position – Proprietary Funds ........................................................................... 28-29 Statement of Cash Flows – Proprietary Funds ......................................... 30-33 Statement of Net Position – Fiduciary Funds ........................................... 34 Statement of Changes in Fiduciary Net Position – Fiduciary Funds ............. 35 Statement of Net Position – Component Units ......................................... 36-37 Statement of Activities – Component Units ............................................. 38-39 Notes to Financial Statements .................................................................... 41-111 Required Supplementary Information: Schedule of Funding Progress: Chapter 21 Policemen’s and Firemen’s Retirement System ....................... 113-115 Chapter 22 General Employees’ Retirement System ................................ 116-119 Chapter 23 Police and Fire Retirement System ........................................ 120-123 Municipal Employees Retirement System of Michigan (MERS) ................... 124-127 Postemployment Healthcare Fund ......................................................... 128-130 Budgetary Comparison Schedule – General Fund .......................................... 132-133 Notes to Required Supplementary Information ............................................. 134 Other Supplementary Information: Description of Nonmajor Funds .................................................................. 137-139 Combining Balance Sheet – Nonmajor Governmental Funds .......................... 140-141 Combining Statement of Revenues, Expenditures, and Changes in Fund Balance – Nonmajor Governmental Funds .............................................. 142-143 Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual: Major Street & Trunkline Fund ......................................................... 144 Local Street Fund ........................................................................... 145 Drug Law Enforcement Fund ............................................................ 146 City of Dearborn, Michigan Page FI NANCI AL SECTI ON (Continued) Library Fund .................................................................................. 147 Community Development Fund ........................................................ 148 Designated Purposes Fund .............................................................. 149 Capital Projects Fund ...................................................................... 150 Combining Statement of Net Position – Internal Service Funds ....................... 152-153 Combining Statement of Revenues, Expenses, and Changes in Fund Net Position – Internal Service Funds .......................................................... 154-155 Combining Statement of Cash Flows – Internal Service Funds ........................ 156-159 Combining Statement of Net Position – Fiduciary Pension & Other Employee Benefits Funds .................................................................................... 160-161 Combining Statement of Changes in Fiduciary Net Position – Fiduciary Pension & Other Employee Benefits Funds .......................................................... 162-163 Combining Statement of Net Position – Fiduciary Agency Funds ..................... 164 Statement of Changes in Assets and Liabilities – Fiduciary Agency Funds ........................................................................ 165 STATI STI CAL AND CONTI NUI NG DI SCLOSURES SECTI ON Statistical and Continuing Disclosures Section Contents ..................................... 167 Net Position by Component – Last Ten Fiscal Years ............................................ 168-169 Changes in Governmental Net Position – Last Ten Fiscal Years ............................ 170-171 Changes in Business-type Net Position – Last Ten Fiscal Years ............................ 172-173 Fund Balances, Governmental Funds – Last Ten Fiscal Years............................... 174-175 Changes in Fund Balances, Governmental Funds – Last Ten Fiscal Years .............. 176-177 Statement of Net Position, Sewer Fund – Last Ten Fiscal Years ........................... 178-179 Percentage of Operating Millage Used to Fund Essential Services – Last Seven Years...................................................................................... 180-181 Revenue Sharing Payments, State of Michigan - Last Ten Fiscal Years ................. 182 History of Sewage System Rates – Last Ten Fiscal Years .................................... 183 Taxable Value and Assessed Value of Taxable Property – Last Ten Fiscal Years ..... 184-185 Direct and Overlapping Property Tax Rates – Last Ten Fiscal Years ...................... 186-187 Principal Property Taxpayers – Next Year, Current Year and Nine Years Previous ... 188 Principal Sewage Utility Customers .................................................................. 189 Property Taxes Levied, Collected and Outstanding – Last Ten Fiscal Years ............ 190-191 Per Capita Debt Statistics – Last Ten Fiscal Years .............................................. 192-193 Ratios of Outstanding Debt – Last Ten Fiscal Years ............................................ 194-195 Ratios of General Bond Debt Outstanding – Last Ten Fiscal Years ........................ 196-197 Computation of Legal Debt Margin – Last Ten Fiscal Years .................................. 198-199 Computation of Direct and Overlapping Bonded Debt – General Obligation Bonds .. 200 Sewage Disposal System Limited Tax Revenue Bonds – Revenue Bond Coverage - Last Ten Fiscal Years ................................................................................ 201 Water Supply System Limited Tax Revenue Bonds – Last Eight Fiscal Years .......... 202 Demographic and Economic Statistics – Last Ten Fiscal Years ............................. 203 Principal Employers – Current Year and Nine Years Previous ............................... 204 Full-Time-Equivalent Government Employees – Last Ten Fiscal Years................... 206-207 Capital Asset Statistics – Last Ten Fiscal Years .................................................. 208-209 Operating Indicators – Last Ten Fiscal Years ..................................................... 210-211 FEDERAL AWARDS SUPPLEMENTAL I NFORMATI ON SECTI ON .......................... 1-9 CITY OF DEARBORN Home Town of Henry Ford JAMES J. O’CONNOR Finance Director/Treasurer DEPARTMENT OF FINANCE ACCOUNTING DIVISION JOHN B. O’REILLY, JR. MAYOR November 15, 2018 Honorable Mayor, John B. O’Reilly Jr., Members of the City Council, and Citizens of the City of Dearborn: The Comprehensive Annual Financial Report (CAFR) of the City of Dearborn, for the fiscal year ended June 30, 2018, is submitted with this letter. The City's Finance Department prepared this report pursuant to requirements of both the City Charter and Michigan law, and also to comply with continuing disclosure requirements for outstanding bonds. This letter is designed to complement the Management Discussion & Analysis (MD&A) as required by Generally Accepted Accounting Principles and the Governmental Accounting Standards Board (GASB) Statement No. 34. This
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