Comprehensive Annual Financial Report Year Ended June 30, 2001
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CITY AND COUNTY OF SAN FRANCISCO, CALIFORNIA Comprehensive Annual Financial Report Year ended June 30, 2001 Prepared by: Office of the Controller Edward Harrington Controller CITY AND COUNTY OF SAN FRANCISCO COMPREHENSIVE ANNUAL FINANCIAL REPORT YEAR ENDED JUNE 30, 2001 TABLE OF CONTENTS Page INTRODUCTORY SECTION Controller’s Letter of Transmittal ................................................................................................... i Certificate of Achievement - Government Finance Officers Association ...................................... ix Certificate of Award - California Society of Municipal Finance Officers ........................................ x Organization Chart ........................................................................................................................ xi List of Principal Officials ................................................................................................................ xii FINANCIAL SECTION Independent Auditors’ Report........................................................................................................ 1 Management Discussion and Analysis.......................................................................................... 3 Basic Financial Statements: Government-wide Financial Statements: Statement of Net Assets...................................................................................................... 18 Statement of Activities .........................................................................................................20 Fund Financial Statements: Balance Sheet - Governmental Funds ................................................................................ 21 Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Assets .................................................................................................................. 22 Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds ...................................................................................................... 23 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities .......................... 24 Budgetary Comparison Statement - General Fund ............................................................. 25 Statement of Net Assets - Proprietary Funds...................................................................... 28 Statement of Revenues, Expenses, and Changes in Fund Net Assets - Proprietary Funds ........................................................................................................... 30 Statement of Cash Flows - Proprietary Funds..................................................................... 31 Statement of Fiduciary Net Assets - Fiduciary Funds ......................................................... 33 Statement of Changes in Fiduciary Net Assets - Fiduciary Funds ...................................... 34 Notes to General Purpose Financial Statements: (1) The Financial Reporting Entity ............................................................................... 35 (2) Summary of Significant Accounting Policies .......................................................... 36 (3) Reconciliation of Government-wide and Fund Financial Statements..................... 51 (4) Budgetary Results Reconciled to Results in Accordance with Generally Accepted Accounting Principles............................................................. 55 (5) Deposits and Investments ...................................................................................... 56 (6) Property Taxes ....................................................................................................... 62 CITY AND COUNTY OF SAN FRANCISCO COMPREHENSIVE ANNUAL FINANCIAL REPORT YEAR ENDED JUNE 30, 2001 TABLE OF CONTENTS (Continued) Page (7) Capital Assets......................................................................................................... 63 (8) Bonds, Loans, Capital Leases and Other Payables ............................................... 67 (9) Employee Benefit Programs................................................................................... 78 (10) San Francisco County Transportation Authority..................................................... 81 (11) Detail Information for Enterprise Funds.................................................................. 82 (12) San Francisco Redevelopment Agency.................................................................. 91 (13) Treasure Island Development Authority ................................................................. 92 (14) Interfund Receivables, Payables and Transfers..................................................... 94 (15) Commitments and Contingent Liabilities ................................................................ 95 (16) Risk Management................................................................................................... 97 (17) Subsequent Events ................................................................................................ 100 Required Supplementary Information: Employees’ Retirement System - Analysis of Funding Progress ..................................... 104 California Public Employees’ Retirement Systems - Analysis of Funding Progress ........ 104 Combining Financial statements and supplemental information: Combining Balance Sheet - Nonmajor Governmental Funds .......................................... 110 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - Nonmajor Governmental Funds ................................................................ 111 Combining Balance Sheet - Nonmajor Governmental Funds - Special Revenue............ 112 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - Nonmajor Governmental Funds - Special Revenue.................................. 115 Combining Schedule or Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual - Budget Basis - Special Revenue Funds ................... 118 Schedule of Expenditures by Department - Budget and Actual - Budget Basis............... 129 Combining Balance Sheet - Nonmajor Governmental Funds - Debt Service .................. 134 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - Nonmajor Governmental Funds - Debt Service ........................................ 135 Combining Balance Sheet - Nonmajor Governmental Funds - Capital Project ............... 136 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - Nonmajor Governmental Funds - Capital Project ..................................... 138 Combining Statement of Net Assets - Internal Service Funds......................................... 142 Combining Statement of Revenues, Expenses and Changes in Fund Net Assets - Internal Service Funds................................................................................................. 143 Combining Statement of Cash Flows - Internal Service Funds........................................ 144 Combining Statement of Fiduciary Net Assets - Fiduciary Funds.................................... 146 Combining Statement of Changes in Fiduciary Net Assets - Fiduciary Funds................. 147 Combining Statement of Changes in Assets and Liabilities - Agency Funds................... 148 CITY AND COUNTY OF SAN FRANCISCO COMPREHENSIVE ANNUAL FINANCIAL REPORT YEAR ENDED JUNE 30, 2001 TABLE OF CONTENTS (Continued) Page Capital Assets Used in the Operations of Governmental Funds: Schedule by Source .................................................................................................... 151 Schedule by Function .................................................................................................. 151 Schedule of Changes by Function............................................................................... 151 STATISTICAL SECTION General Governmental Revenues by Source - Last Ten Fiscal Years..................................... 153 General Governmental Revenues by Source - Constant Dollar Value - Last Ten Fiscal Years ......................................................................................................................... 154 General Governmental Expenditures by Function - Last Ten Fiscal Years ............................. 155 General Governmental Expenditures by Function - Constant Dollar Value Last Ten Fiscal Years.......................................................................................................... 156 Property Tax Levies and Collections - Last Ten Fiscal Years.................................................. 157 Assessed Value of Taxable Property - Last Ten Fiscal Years ................................................. 158 Property Tax Rates - Direct and Overlapping Governments - Last Ten Fiscal Years.............. 159 Ratio of Net General Obligation Bonded Debt to Net Assessed Value and Net General Obligation Bonded Debt per Capita - Last Ten Fiscal Years .......................... 160 Computation of Legal Debt Margin........................................................................................... 161 Per Capita Direct Debt.............................................................................................................. 162 Ratio of Annual Debt Service Expenditures for General Bonded Debt to Total General Governmental Expenditures - Last Ten Fiscal Years ..................................