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Comprehensive Annual Financial Report for the Year Ending June 30, 2015 City of Provo, Utah

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Comprehensive Annual Financial Report for the Year Ending June 30, 2015 City of Provo, Utah Comprehensive Annual Financial Report For the Year Ending June 30, 2015 City of Provo, Utah Comprehensive Annual Financial Report City of Provo, Utah For the Fiscal year Ended June 30, 2015 Prepared by the Provo City Finance Division PROVO CITY CORPORATION Comprehensive Annual Financial Report Year Ended June 30, 2015 TABLE OF CONTENTS Introductory Section Letter of Transmittal ................................................................................................................................. 1 GFOA Certificate of Achievement ........................................................................................................... 7 Provo City Organizational Chart .............................................................................................................. 8 Elected Staff Positions .............................................................................................................................. 9 Financial Section Independent Auditor’s Report .................................................................................................................. 10 Management’s Discussion and Analysis .................................................................................................. 12 Basic Financial Statements Government-Wide Financial Statements Statement of Net Position............................................................................................ 21 Statement of Activities ................................................................................................ 22 Fund Financial Statements Governmental Funds Financial Statements Balance Sheet ............................................................................................... 23 Reconciliation of the Balance Sheet to the Statement of Net Position ......... 24 Statement of Revenues, Expenditures and Changes in Fund Balances ........ 25 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances to the Statement of Activities ............................ 26 General Fund Budgetary Comparison .......................................................... 27 Housing Consortium Budgetary Comparison ............................................... 28 Proprietary Funds Financial Statements Statement of Net Position ............................................................................. 29 Statement of Revenues, Expenses and Changes in Net Position .................. 31 Statement of Cash Flows .............................................................................. 32 Notes to the Financial Statements .............................................................................................. 36 Required Supplementary Information Schedule of Funding Progress .................................................................................................... 79 Schedule of the Proportionate Share of the Net Pension Liability ............................................. 80 Schedule of Pension Contributions ............................................................................................ 81 Schedule of Changes in the Net Pension Liability and Related Ratios ...................................... 82 Supplementary Information Other Governmental Funds Combining Balance Sheet .......................................................................................................... 83 Combining Statement of Revenues, Expenditures, and Changes in Fund Balance ................... 84 Comparative Schedules of Revenues, Expenditures and Change in Fund Balance—Budget & Actual Library ........................................................................................................................................ 85 Rental Rehabilitation.................................................................................................................. 86 Community Development Block Grant .................................................................................... 87 Tax Increment ........................................................................................................................... 88 Special Purpose Grants ............................................................................................................. 89 New Development ..................................................................................................................... 90 Homelessness Prevention .......................................................................................................... 91 Debt Service .............................................................................................................................. 92 Engineering Capital Improvement ............................................................................................ 93 Parks Capital Improvement ....................................................................................................... 94 General Capital Improvement ................................................................................................... 95 Internal Service Funds Statement of Net Position .......................................................................................................... 96 Combining Statement of Revenues, Expenses and Changes in Net Position ........................... 97 Combining Statement of Cash Flows ........................................................................................ 98 Statistical Information (unaudited) Statistical Section ..................................................................................................................................... 100 Net Position by Component ...................................................................................................................... 101 Changes in Net Position .......................................................................................................................... 102 Fund Balances of Governmental Funds ................................................................................................... 104 Changes in Fund Balances of Governmental Funds ................................................................................ 105 General Government Tax Revenue by Source ........................................................................................ 106 Assessed Value and Estimated Actual Value of Taxable Property ......................................................... 107 Property Tax Rates-Direct and Overlapping Governments ..................................................................... 108 Principal Property Taxpayers .................................................................................................................. 109 Property Tax Levies and Collections ....................................................................................................... 110 Ratio of Outstanding Debt by Type ......................................................................................................... 111 Ratios of General Bonded Debt Outstanding .......................................................................................... 112 Direct and Overlapping Governmental Activities Debt .......................................................................... 113 Legal Debt Margin ................................................................................................................................... 114 Pledged Revenue Coverage ..................................................................................................................... 115 Demographic and Economic Statistics .................................................................................................... 116 Principal Employers ................................................................................................................................ 117 Full-Time Government Employees by Function ..................................................................................... 118 Operating Indicators by Function ............................................................................................................ 119 Capital Assets by Function ...................................................................................................................... 120 LETTER OF TRANSMITTAL November 23, 2015 To the Honorable Mayor, members of the Municipal Council, and the Citizens of the City of Provo: State law and local ordinance require that all general-purpose local governments publish with- in six months of the close of each fiscal year a complete set of financial statements presented in conformity with Generally Accepted Accounting Principles (GAAP) and audited in accord- ance with generally accepted auditing standards by a firm of licensed certified public account- ants. In conformance with that requirement, we issue the Comprehensive Annual Financial Report (CAFR) of the City of Provo for the fiscal year ended June 30, 2015. This report consists of management’s representations concerning the finances of the City of Provo. Management assumes full responsibility for the completeness and reliability of all in- formation presented in this report. In order to provide a reasonable basis for making these representations, management of the City of Provo has established an internal control frame- work designed to ensure the assets of the government are protected from loss, theft or misuse, and to ensure adequate accounting data is compiled to allow for the preparation of financial statements
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