City of Springfield, Massachusetts
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CITY OF SPRINGFIELD, MASSACHUSETTS COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED JUNE 30, 2019 On the cover: Springfield 9/11 Memorial located in the recently renovated Riverfront Park. Construction of the new East Forest Library, located on Surrey Road. City of Springfield, Massachusetts Comprehensive Annual Financial Report For the Year Ended June 30, 2019 Prepared by: The Comptroller’s Office of the City of Springfield, Massachusetts CITY OF SPRINGFIELD, MASSACHUSETTS COMPREHENSIVE ANNUAL FINANCIAL REPORT YEAR ENDED JUNE 30, 2019 TABLE OF CONTENTS Introductory Section ................................................................................................................................................. 1 Letter of Transmittal ................................................................................................................................................ 3 Organizational Chart ............................................................................................................................................. 21 Directory of Officials .............................................................................................................................................. 22 Certificate of Achievement for Excellence in Financial Reporting ........................................................................ 23 Financial Section .................................................................................................................................................... 25 Independent Auditor’s Report ............................................................................................................................... 27 Management’s Discussion and Analysis .............................................................................................................. 31 Basic Financial Statements .................................................................................................................................. 41 Statement of Net Position ................................................................................................................................. 42 Statement of Activities ...................................................................................................................................... 44 Governmental Funds – Balance Sheet ............................................................................................................. 46 Reconciliation of the Governmental Funds Balance Sheet Total Fund Balances to the Statement of Net Position ........................................................................................................................................................... 47 Governmental Funds – Statement of Revenues, Expenditures and Changes in Fund Balances .................... 48 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities ....................................................................................... 49 Proprietary Funds – Statement of Net Position ................................................................................................ 50 Proprietary Funds – Statement of Revenues, Expenses and Changes in Net Position ................................... 51 Proprietary Funds – Statement of Cash Flows ................................................................................................. 52 Fiduciary Funds – Statement of Fiduciary Net Position.................................................................................... 53 Fiduciary Funds – Statement of Changes in Fiduciary Net Position ................................................................ 54 Notes to Basic Financial Statements ................................................................................................................ 55 Required Supplementary Information ................................................................................................................... 97 General Fund Budgetary Comparison Schedule .............................................................................................. 98 Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual ....................... 99 Pension Plan Schedules - Retirement System ............................................................................................... 103 Schedule of Changes in the Net Pension Liability and Related Ratios ...................................................... 104 Schedule of Contributions ........................................................................................................................... 105 Schedule of Investment Returns ................................................................................................................. 106 Pension Plan Schedules - City ....................................................................................................................... 107 Schedule of the City’s Proportionate Share of the Net Pension Liability .................................................... 108 Schedule of the City’s Contributions ........................................................................................................... 109 Schedule of the Special Funding Amounts of the Net Pension Liability ..................................................... 110 Other Postemployment Benefit Plan Schedules ............................................................................................. 111 Schedule of Changes in the City’s Net OPEB Liability and Related Ratios ............................................... 112 Schedule of the City’s Contributions ........................................................................................................... 113 Schedule of Investment Returns ................................................................................................................. 114 Notes to Required Supplementary Information .............................................................................................. 115 Combining and Individual Fund Statements ................................................................................................... 119 Nonmajor Governmental Funds - Combining Balance Sheet ..................................................................... 122 Nonmajor Governmental Funds – Combining Statement of Revenues, Expenditures, and Changes in Fund Balances ......................................................................................................................................... 126 Internal Service Funds – Combining Statement of Net Position ................................................................. 131 Internal Service Funds – Combining Statement of Revenues, Expenses, and Changes in Net Position .. 132 Internal Service Funds – Combining Statement of Cash Flows ................................................................. 133 Agency Fund – Statement of Changes in Assets and Liabilities ................................................................ 135 Statistical Section ................................................................................................................................................. 137 Net Position by Component – Last Ten Years ................................................................................................... 138 Changes in Net Position – Last Ten Years ......................................................................................................... 139 Fund Balances, Governmental Funds – Last Ten Years ................................................................................... 140 Changes in Fund Balances, Governmental Funds – Last Ten Years ................................................................ 141 Assessed Value and Actual Value of Taxable Property by Classification and Tax Rates – Last Ten Years ..... 142 Principal Taxpayers – Current Year and Eight Years Ago ................................................................................. 143 Property Tax Levies and Collections – Last Ten Years ..................................................................................... 144 Ratios of Outstanding Debt by Type – Last Ten Years ...................................................................................... 145 Ratios of Outstanding Debt and General Bonded Debt – Last Ten Years ......................................................... 146 Direct and Overlapping Governmental Activities Debt ....................................................................................... 147 Computation of Legal Debt Margin – Last Ten Years ........................................................................................ 148 Demographic and Economic Statistics – Last Ten Years .................................................................................. 149 Principal Employers – Current Year and Nine Years Ago .................................................................................. 150 Full-time Equivalent City Employees by Function - Last Ten Years .................................................................. 151 Operating Indicators by Function/Program – Last Ten Years ............................................................................ 152 Capital Asset Statistics by Function/Program – Last Ten Years ........................................................................ 153 Free Cash and Stabilization