City of Philadelphia Pennsylvania
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Jannetti Mayor Acting Director of Finance Fiscal Year Ended June 30, 2004 Office of the Director of Finance City of Philadelphia Comprehensive Annual Financial Report For the Fiscal Year Ended June 30, 2004 Table of Contents Introductory Section Letter of Transmittal ...................................................................................................1 GFOA Certificate of Achievement ...............................................................................7 Organizational Chart ..................................................................................................8 List of Elected and Appointed Officials ........................................................................9 Financial Section Independent Auditor’s Report ................................................................................11 Management’s Discussion and Analysis.................................................................13 Basic Financial Statements Government Wide Financial Statements Exhibit I Statement of Net Assets....................................................................................28 Exhibit II Statement of Activities .......................................................................................29 Fund Financial Statements Governmental Funds Financial Statements Exhibit III Balance Sheet ............................................................................................30 Exhibit IV Statement of Revenues, Expenditures and Changes in Fund Balances ..........31 Exhibit V Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities ........32 Proprietary Funds Financial Statements Exhibit VI Statement of Fund Net Assets.....................................................................33 Exhibit VII Statement of Revenues, Expenses and Changes in Fund Net Assets ............34 Exhibit VIII Statement of Cash Flows ............................................................................35 Fiduciary Funds Financial Statements Exhibit IX Statement of Net Assets..............................................................................36 Exhibit X Statement of Changes in Net Assets............................................................37 Component Units Financial Statements Exhibit XI Statement of Net Assets..............................................................................38 Exhibit XII Statement of Activities .................................................................................39 Exhibit XIII Notes to the Financial Statements ....................................................................41 Required Supplementary Information Other than Management’s Discussion and Analysis Budgetary Comparison Schedules-Major Funds Exhibit XIV General Fund .............................................................................................102 Exhibit XV HealthChoices Behavioral Health Fund ........................................................103 Exhibit XVI Grants Revenue Fund .................................................................................104 Exhibit XVII Pension Plans – Schedule of Funding Progress..................................................105 Exhibit XVIII Notes to Required Supplementary Information ....................................................106 Other Supplementary Information Schedule I Combining Balance Sheet - Non-Major Governmental Funds .............................110 Schedule II Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Non-Major Governmental Funds .........................................112 - I - City of Philadelphia Comprehensive Annual Financial Report For the Fiscal Year Ended June 30, 2004 Financial Section(Continued) Schedule III Combining Statement of Fiduciary Net Assets – Pension Trust Funds ........................114 Schedule IV Combining Statement of Changes in Fiduciary Net Assets–Pension Trust Funds ........115 Schedule V Combining Statement of Fiduciary Net Assets - Agency Funds ..................................116 Schedule VI Combining Statement of Changes in Fiduciary Net Assets - Agency Funds ................117 Schedule VII Summary Schedule of Investments ..........................................................................118 Schedule VIII City Related Schedule of Bonded Debt Outstanding..................................................119 Schedule IX Budgetary Comparison Schedule - Water Operating Fund.........................................121 Schedule X Budgetary Comparison Schedule - Water Residual Fund ..........................................122 Schedule XI Budgetary Comparison Schedule - County Liquid Fuels Tax Fund .............................123 Schedule XII Budgetary Comparison Schedule - Special Gasoline Tax Fund..................................124 Schedule XIII Budgetary Comparison Schedule - Hotel Room Rental Tax Fund...............................125 Schedule XIV Budgetary Comparison Schedule - Aviation Operating Fund ......................................126 Schedule XV Budgetary Comparison Schedule - Community Development Fund ............................127 Schedule XVI Budgetary Comparison Schedule - Car Rental Tax Fund ...........................................128 Schedule XVII Budgetary Comparison Schedule - General Capital Improvement Funds ....................129 Schedule XVIII Schedule of Budgetary Actual and Estimated Revenues and Obligations – General Fund ..................................................................................130 Schedule XIX Schedule of Budgetary Actual and Estimated Revenues and Obligations – Water Fund .....................................................................................134 Schedule XX Schedule of Budgetary Actual and Estimated Revenues and Obligations – Aviation Fund ..................................................................................135 Statistical Section Table 1 General Governmental Expenditures by Function .....................................................138 Table 2 General Governmental Revenue by Source..............................................................139 Table 3 Assessed and Market Value of Taxable Realty .........................................................140 Table 4 Real Property Taxes Levied and Collected ...............................................................141 Table 5 Tax Rates ..............................................................................................................142 Table 6 City and School District Net Tax Supported Debt and Debt Service Ratios .................143 Table 7 City Related Schedule of Debt Incurring Capacity .....................................................144 Table 8 City Tax Supported Bonded Debt .............................................................................145 Table 9 City and Gas Works Related Annual Debt Service on Long-Term Debt ......................146 Table 10 City and Gas Works Related Schedule of Revenue Bond Rate Covenant Compliance 148 Table 11 Comparative Schedule of Operations - Municipal Pension Fund ................................149 Table 12 Property Values, Authorized Construction and Bank Deposits....................................150 Table 13 Demographic Statistics............................................................................................151 Table 14 Ten Largest Real Estate Assessments.....................................................................152 Table 15 Largest Non-Governmental Employers in Philadelphia ..............................................153 Table 16 Miscellaneous Statistics..........................................................................................154 Front Cover: The National Constitution Center, www.constitutioncenter.org - II - C I T Y O F P H I L A D E L P H I A OFFICE OF THE DIRECTOR OF FINANCE VINCENT J. JANNETTI 1401 John F. Kennedy Blvd. Acting Director of Finance Suite 1330, Municipal Services Building Philadelphia, PA 19102-1693 January 28, 2005 To the Honorable Mayor and Members of City Council of the City of Philadelphia: The Comprehensive Annual Financial Report of the City of Philadelphia for the fiscal year ended June 30, 2004 is hereby submitted. This year the City implemented Government Accounting Standards Board (GASB) Statement #39 - Determining Whether Certain Organizations Are Component Units. The financial statements were prepared in accordance with Generally Accepted Accounting Principles (GAAP) in the United States of America. Responsibility for both the accuracy of the data, and the completeness and fairness of the presentation, including all disclosures, rests with the City. The Comprehensive Annual Financial Report is presented in three sections: Introductory, Financial and Statistical. The Financial section includes Management’s Discussion and Analysis, Basic Financial Statements, Required Supplementary Information and the Combining and Individual Fund Statements. The Statistical section includes selected financial and demographic information, generally presented on a multiyear basis. The Philadelphia Home Rule Charter (Charter)