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Comprehensive Annual Financial Report

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Comprehensive Annual Financial Report Comprehensive Annual Financial Report City of Mason Mason, Ohio 45040 Year Ended December 31, 2017 CITY OF MASON, OHIO COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2017 Prepared by: Finance Department Joseph Reigelsperger Finance Director i Produced by the City of Mason 6000 Mason-Montgomery Rd. Mason, OH 45040 513-229-8500 www.imaginemason.org ii Table of Contents Page INTRODUCTORY SECTION Letter of Transmittal vii List of Principal Officials xiv City Organizational Chart xv Certificate of Achievement for Excellence in Financial Reporting xvi FINANCIAL SECTION Independent Auditor's Report 1 Management's Discussion and Analysis 3 Basic Financial Statements: Government-wide Financial Statements: Statement of Net Position 14 Statement of Activities 15 Fund Financial Statements: Balance Sheet - Governmental Funds 17 Reconciliation of Total Governmental Fund Balances to Net Position of Governmental Activities 18 Statement of Revenues, Expenditures and Changes in Fund Balance - Governmental Funds 19 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balance of Governmental Funds to the Statement of Activities 20 Statement of Net Position - Proprietary Funds 21 Statement of Revenues, Expenses and Changes in Fund Net Position - Proprietary Funds 22 Statement of Cash Flows - Proprietary Funds 23 Statement of Fiduciary Net Position - Fiduciary Fund 24 Notes to the Basic Financial Statements 25 Required Supplementary Information: Schedule of the City's Proportionate Share of the Net Pension Liability - OPERS 68 Schedule of the City's Proportionate Share of the Net Pension Liability - OPF 69 Schedule of City Contributions - OPERS 70 Schedule of City Contributions - OPF 71 Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual (Non-GAAP Budgetary Basis) - General Fund 72 Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual (Non-GAAP Budgetary Basis) - Safety Fund 74 Notes to the Required Supplementary Information 75 Combining Statements and Individual Fund Schedules: Nonmajor Governmental Funds: Fund Descriptions 79 Combining Balance Sheet 80 Combining Statement of Revenues, Expenditures and Changes in Fund Balance 81 Nonmajor Special Revenue Funds: Fund Descriptions 82 Combining Balance Sheet 84 Combining Statement of Revenues, Expenditures and Changes in Fund Balance 88 iii Table of Contents (Continued) Page Individual Fund Schedules of Revenues, Expenditures and Changes in Fund Balance - Street Construction, Maintenance and Repair Fund 92 State Highway Improvement Fund 93 Street Subdivision Fund 94 Police Officer Training Fund 95 Parks and Recreation Fund 96 Police Crime Prevention Fund 97 Drug Law Enforcement Fund 98 Law Enforcement and Education Fund 99 Indigent Driver Fund 100 Municipal Court Computer Costs Fund 101 Municipal Court Computer Education Fund 102 Municipal Court Improvement Fund 103 Vehicle Immobilization Fee Fund 104 Municipal Court Probation Services Fund 105 Municipal Court Indigent Driver IDAM Fund 106 JW Harris TIF Fund 107 Central Parke TIF Fund 108 Mason Enterprise Parke TIF Fund 109 Tylersville Road TIF Fund 110 I-71 Corridor TIF Fund 111 Everybody's Farm TIF 112 Subdivision Inspection Fund 113 Nonmajor Debt Service Funds: Fund Descriptions 114 Combining Balance Sheet 115 Combining Statement of Revenues, Expenditures and Changes in Fund Balance 116 Individual Fund Schedules of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual (Non-GAAP Budgetary Basis): General Obligation Bond Retirement Fund 117 Special Assessment Bond Retirement Fund 118 Government Center Bond Retirement Fund 119 Nonmajor Capital Project Fund: Fund Description 120 Combining Balance Sheet 121 Combining Statement of Revenues, Expenditures and Changes in Fund Balance 122 Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual (Non-GAAP Budgetary Basis): Ambleside Meadows Improvement Fund 123 Common Ground Parks Construction Fund 124 Other General Funds Fund Descriptions 125 Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual (Non-GAAP Budgetary Basis): General Capital Improvement Fund 126 Employee Medical Insurance Fund 127 City Contributions Fund 128 Unclaimed Monies Fund 129 iv Table of Contents (Continued) Table Page Other Nonmajor Funds: Agency Funds Fund Descriptions 130 Statement of Changes in Assets and Liabilities 131 STATISTICAL SECTION Statistical Section Description Page 134 Net Position by Component 1 136 Changes in Net Position 2 137 Governmental Activities Tax Revenues by Source 3 140 Fund Balances of Governmental Funds 4 141 Changes in Fund Balances of Governmental Funds 5 142 Income Tax Revenue by Payer Type 6 144 Assessed and Estimated Actual Value of Taxable Property 7 145 Property Tax Rates - Direct and Overlapping Governments 8 146 Principal Property Taxpayers 9 147 Property Tax Levies and Collections - Real, Public Utility and Tangible Personal Property 10 148 Special Assessment Billings and Collections 11 149 Ratios of Outstanding Debt by Type 12 150 Ratios of Net General Bonded Debt Outstanding To Assessed Value and Net Bonded Debt Per Capita 13 151 Ratio of Annual Debt Service Expenditures For General Obligation Bonded Debt To Total General Government Expenditures 14 152 Direct and Overlapping Governmental Activities General Obligation Debt 15 153 Legal Debt Margin Information 16 154 Demographic and Economic Statistics 17 155 Principal Employers 18 156 Full-time City of Mason Employee by Function 19 157 Operating Indicators and Capital Position Statistics 20 158 v THIS PAGE INTENTIONALLY LEFT BLANK vi INTRODUCTORY SECTION June 8, 2018 Honorable Mayor, Members of Council, and Citizens of Mason: We are pleased to present the City of Mason introduction, overview, and analysis of the basic Comprehensive Annual Financial Report (CAFR) for financial statements. MD&A complements this the fiscal year ending December 31, 2017. While letter of transmittal and should be read in there are no legal requirements for the preparation conjunction with it. of this report, it represents a commitment by the City of Mason to conform to nationally recognized PROFILE OF THE CITY standards of excellence in financial reporting. Mason is considered one of the most desirable State law requires that each public office file an communities in the Cincinnati region and has annual financial report with the Auditor of State. earned a reputation as a progressive, innovative The financial report must also be in conformity with community. Centrally located in southwest Ohio, generally accepted accounting principles (GAAP). the City is a destination for corporations seeking a The City’s charter requires the City Manager and thriving business environment and for families Finance Director to submit a complete report on the desiring attractive neighborhoods and nationally finances of the municipality at the end of each fiscal ranked schools. year to City Council as well as make the report available to the public. The management of the City With a population of about 33,000, Mason is of Mason, particularly the Finance Director’s Office, located in the southwest quadrant of Warren assumes full responsibility for both the County. More than 36 miles of interstate highways completeness and reliability of the information provide businesses and residents easy access to the contained in this report. The accuracy of the metropolitan centers of both Cincinnati and Dayton presented data and the completeness and fairness which fuel the area's residential growth as well as of its presentation is assured through a business expansion. Mason is strategically located comprehensive framework of internal control that between the Cincinnati region's two most vital is established for this purpose. Since the cost of commerce corridors, Interstates 71 and 75, just internal control should not exceed anticipated north of the I-275 beltway. The City is served by benefits, the objective is to provide reasonable, four direct interchanges - two on I-71 and two on I- rather than absolute, assurance that the financial 75. statements are free of any material misstatements. Several organizations continue to recognize Mason Plattenburg & Associates, Inc. has issued an as a great place to live, work, and play. Recently, unmodified (“clean”) opinion on the City of Mason’s Wallet Hub ranked Mason as one of only two cities financial statements for the year ending December in Ohio in the 98th percentile for livability; including 31, 2017. Their report is located at the front of the affordability, economic health, education, health, financial section of this report. Management’s quality of life, and safety. Consumer website, discussion and analysis (MD&A) immediately Nerdwallet.com, continues to rank Mason among follows the auditor’s report and provides a narrative the best small cities for families. For multiple years, vii SafeWise Security Systems name Mason as one of control. As required by the charter, the City the top 100 safest cities in Ohio. Warren County Manager prepares and submits the annual budget prides itself as “Ohio’s Largest Playground” and and capital program to city council. After a review Mason is the anchor. Mason is home to some of and final recommendation from Council’s Finance the region’s largest attractions including Kings Committee, the budget is legally enacted through Island amusement park, Great Wolf Lodge, the passage of the annual appropriation ordinance. Beach Waterpark, and the
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