City of White Plains, NY CAFR FYE June 30, 2010
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COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE CITY OF WHITE PLAINS, NEW YORK FOR THE FISCAL YEAR JULY 1, 2009 - JUNE 30, 2010 PREPARED BY: THE OFFICE OF THE COMMISSIONER OF FINANCE CITY OF WHITE PLAINS, NEW YORK COMPREHENSIVE ANNUAL FINANCIAL REPORT Year Ended June 30,2010 TABLE OF CONTENTS PAGE INTRODUCTORY SECTION - Letter of Transmittal . 1 GFOA Certificate of Achievement for Excellence in Financial Reporting ................ 9 Principal Officials ......................................................... 10 Organizational Chart . 11 Fiscal Performance Goals .................................................. 12 FINANCIAL SECTION Independent Auditor's Report ................................................ 19 Management's Discussion and Analysis ........................................ 21 Basic Financial Statements: Government-wide Financial Statements: Statement of Net Assets ............................................... 36 Statement of Activities ................................................. 38 Fund Financial Statements: Balance Sheet - Governmental Funds ..................................... 40 Reconciliation of the Balance Sheet - Governmental Funds to the Statement of Net Assets ............................................ 41 Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds ...................................... 42 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities .......... 43 Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - General Fund ........................ 44 Statement of Net Assets - Proprietary Funds ...............................A5 Statement of Revenues, Expenses and Changes in Net Assets - Proprietary Funds ... ; ...................................... 46 Statement of Cash Flows - Proprietary Funds ............................... 47 Statement of Changes in Fiduciary Net Assets - Fiduciary Fund ................. 48 Notes to Financial Statements ........................................... 49 Combining and Individual Fund Financial Statements and Schedules: Schedule of Revenues and Other Financial Sources Compared to Budget - General Fund .............................................. 80 Schedule of Expenditures and Other Financing Uses Compared to Budget - General Fund .............................................. 82 Combining Balance Sheet - Nonmajor Governmental Funds ............... ; ...... 92 Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Nonmajor Governmental Funds .......................... 96 Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Library Fund ................................ 99 CITY OF WHITE PLAINS. NEW YORK COMPREHENSIVE ANNUAL FINANCIAL REPORT Year Ended June 30. 2010 TABLE OF CONTENTS - (continued) PAGE FINANCIAL SECTION - (continued) Combined and Individual Fund Financial Statements and Schedules (continued): Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Debt Service Fund ........................... 100 Project-length Schedule - Capital Projects Fund .............................. 102 Schedule of Revenue and Expenses - Budget and Actual (Budgetary Basis) - Enterprise Fund ..................................... 108 Schedule of Revenues and Expenses by Department - Enterprise Fund . 109 Schedule of Revenues and Expenses - Budget and Actual (Budgetary Basis) -Internal Service Fund ................................. 112 Statement of Changes in Assets and Liabilities - Fiduciary Fund .................. 114 STATISTICAL SECTION (UNAUDITED) Financial Trends: Net Assets by Component - Last Eight Fiscal Years ........................... 117 Changes in Net Assets - Last Eight Fiscal Years .............................. 118 Fund Balances, Governmental Funds - Last Eight Fiscal Years .................. 120 Changes in Fund Balances, Governmental Funds - Last Eight Fiscal Years ......... 122 Tax Revenues by Source, Governmental Funds - Last Eight Fiscal Years .......... 124 Revenue Capacity: Assessed Valuation, State Equalization Rate, and Estimated Full Value of Real Property - Last Ten Fiscal Years ......................... 126 Property Tax Rates per $1,000 Assessed Valuation - All Direct and Overlapping Governments - Last Ten Fiscal Years .................................... 127 Principal Taxpayers .................................................... 128 Property Tax Levies and Collections - Last Ten Fiscal Years .................... 129 Constitutional Tax Limit ......................... 130 Debt Capacity: Ratios of Outstanding Debt by Type - Last Eight Fiscal Years .................... 132 Direct and Overlapping Governmental Activities Debt - Last Eight Fiscal Years ...... 133 Computation of Legal Debt Margin ........................................ 134 Demographic and Economic Information - Demographic and Economic Statistics - Last Ten Fiscal Years ................... 136 Operating Information: Principal Employers .................................................... 138 Full-Time Equivalent Employees by Program - Last Ten Fiscal Years .............. 139 Operating Indicators by Program - Last Ten Fiscal Years ....................... 140 Capital Asset Statistics by Program - Last Ten Fiscal Years ..................... 141 CITY OF WHITE PLAINS, NEW YORK COMPREHENSIVE ANNUAL FINANCIAL REPORT Year Ended June 30,2010 TABLE OF CONTENTS - (continued) PAGE SINGLE AUDIT SECTION: Federal Programs: Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an audit of Financial Statements Performed in Accordance with Government Auditing Standards ........................... 143 Report on Compliance with Requirements Applicable to Each Major Program and on Internal Control over Compliance in Accordance with OMB Circular A-133 . .. ... 145 Schedule of Expenditures of Federal Awards. .148 Notes to Schedule of Expenditures of Federal Awards. 150 Schedule of Findings and Questioned Costs .................................. 151 Summary Schedule of Prior Audit Findings ................................... 153 INTRODUCTORY SECTION DEPARTMENT OF FINANCE MUNICIPAL BUILDING. 255 MAIN STREET. WHITE PLAINS, NEW YORK 10601 TEL: (914) 422-1233 • Fax: (914) 422-1273 ADAM T. BRADLEY MICHAELA. GENITO MAYOR COMMISSIONER ROSEMARY CUCURULLO DEPUTY COMMISSIONER TO THE HONORABLE MAYOR, MEMBERS OF THE COMMON COUNCIL AND CITIZENS OF THE CITY OF WHITE PLAINS, NEW YORK In accordance with Section 58 of the City's Charter, submitted herewith is the Comprehensive Annual Financial Report (CAFR) for the City of White Plains for the fiscal year ended June 30, 2010. The financial statements included in this report have been prepared by the City's Department of Finance. The City has responsibility for the accuracy of the data presented, including all disclosures. We believe that the financial and other information included in this report is accurate in all material respects and that the respective financial statements present fairly the financial position of the City and its component units. Management assumes full responsibility for the completeness and reliability of the information contained in this report based upon a comprehensive framework of internal control that it has established for this purpose. Because the cost of internal control should not exceed the anticipated benefits, the objective is to provide reasonable, rather than absolute, assurance that the financial statements are free of any material misstatements. The City's basic financial statements have been audited by O'Connor Davies Munns & Dobbins, LLP, a firm of licensed certified public accountants. The independent auditor's report, which can be found at the front of the financial section of this report, expresses their unqualified opinion that the City's financial statements for the year ended June 30, 2010 are fairly presented in all material aspects in accordance with generally accepted accounting principles (GAAP). This report has also been prepared and organized to meet the requirements of the Government Finance Officers Association's Certificate of Achievement for Excellence in Financial Reporting program. In accordance with its' guidelines, the report is presented with four major sections; Introductory Section, Financial Section, Statistical Section, and Federal Awards Section. The independent audit of the financial statements of the City of White Plains was part of a broader, federally mandated "Single Audit", conducted in conformity with the provisions of the federal Office of Management and Budget (OMB) Circular A-133, Audits of States, Local Governments and Non-Profit Organizations. Information related to this Single Audit, including a schedule of federal financial assistance, the independent auditors' report on internal controls and compliance with applicable laws and regulations, schedule of findings, and related corrective action plans, is included in this report following the statistical section. 1 In addition, the Governmental Accounting Standards Board (GASB) requires the City's management to provide a narrative introduction, overview and analysis of the basic financial statements in the form of Management's Discussion and Analysis (MD&A). This letter of transmittal complements the MD&A and should be read in conjunction with it. The City's MD&A is included in the financial section of this CAFR immediately following the independent auditor's report.