Comprehensive Annual Financial Report Fiscal Year Ending December 31, 2019
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2019 Comprehensive Annual Financial Report Fiscal Year Ending December 31, 2019 Dominick Lofino Park 1368 Research Park Drive, Beavercreek OH 45432 www.beavercreekohio.gov CITY OF BEAVERCREEK, OHIO COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2019 Prepared By: DEPARTMENT OF FINANCE i THIS PAGE INTENTIONALLY LEFT BLANK ii City of Beavercreek, Ohio Table of Contents For the Year Ended December 31, 2019 Page INTRODUCTORY SECTION Letter of Transmittal vii Elected Officials xiv 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 10 Statement of Activities 11 Fund Financial Statements: Balance Sheet ‐ Governmental Funds 14 Reconciliation of Total Governmental Fund Balance to Net Position of Governmental Activities 16 Statement of Revenues, Expenditures and Changes in Fund Balance ‐ Governmental Funds 18 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 Fund 21 Statement of Revenues, Expenses and Changes in Fund Net Position ‐ Proprietary Fund 22 Statement of Cash Flows ‐ Proprietary Fund 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 Ohio Public Employees Retirement System ‐ Traditional Plan 74 Schedule of the City's Proportionate Share of the Net Pension Liability Ohio Police and Fire Pension Fund 75 Schedule of City Contributions for Net Pension Liability Ohio Public Employees Retirement System ‐ Traditional Plan 76 Schedule of City Contributions for Net Pension Liability Ohio Police and Fire Pension Fund 77 Schedule of the City's Proportionate Share of the Net OPEB Liability Ohio Public Employees Retirement System ‐ Traditional Plan 78 Schedule of the City's Proportionate Share of the Net OPEB Liability Ohio Police and Fire Pension Fund 79 Schedule of City Contributions for Net OPEB Liability Ohio Public Employees Retirement System ‐ Traditional Plan 80 Schedule of City Contributions for Net OPEB Liability Ohio Police and Fire Pension Fund 81 Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual (Non‐GAAP Budgetary Basis) ‐ General Fund 82 Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual (Non‐GAAP Budgetary Basis) ‐ Police Levy Fund 84 Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual (Non‐GAAP Budgetary Basis) ‐ Street Levy Fund 86 iii City of Beavercreek, Ohio Table of Contents For the Year Ended December 31, 2019 Page Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual (Non‐GAAP Budgetary Basis) ‐ Street Improvement Levy Fund 88 Notes to the Required Supplementary Information 89 Combining Statements and Individual Fund Schedules: Nonmajor Governmental Funds 93 Combining Balance Sheet 94 Combining Statement of Revenues, Expenditures and Changes in Fund Balance 95 Nonmajor Special Revenue Funds Fund Descriptions 96 Combining Balance Sheet 98 Combining Statement of Revenues, Expenditures and Changes in Fund Balance 100 Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual (Non‐GAAP Budgetary Basis): Street Maintenance Fund 102 State Highway Fund 103 Law Enforcement Fund 104 Drug Law Enforcement Fund 105 DUI Enforcement and Education Fund 106 Drug Offenses Forfeiture Fund 107 Federal Forfeiture Fund 108 Youth Activities Fund 109 Crime Prevention Fund 110 Park Levy Fund 111 Police Grants Fund 112 FEMA Fund 113 Nonmajor Debt Service Fund Fund Description 115 Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual (Non‐GAAP Budgetary Basis) ‐ Debt Service Fund 116 Nonmajor Capital Projects Funds Fund Descriptions 117 Combining Balance Sheet 118 Combining Statement of Revenues, Expenditures and Changes in Fund Balance 119 Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual (Non‐GAAP Budgetary Basis): Street Capital Improvement Fund 120 Minor Special Assessment District Projects Fund 121 Committed Park Fund 122 District One Traffic Impact Fund 123 Nonmajor Permanent Fund Fund Description 124 Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual (Non‐GAAP Budgetary Basis): Cemetary Bequest Fund 125 Nonmajor Agency Funds Fund Descriptions 126 Statement of Changes in Assets and Liabilities ‐ Agency Funds 127 iv City of Beavercreek, Ohio Table of Contents For the Year Ended December 31, 2019 Schedule Page STATISTICAL SECTION Statistical Narrative 130 Net Position by Component 1 131 Changes in Net Position 2 132 Fund Balances, Governmental Funds 3 134 Changes in Fund Balances, Governmental Funds 4 136 Assessed Value and Estimated Value of Taxable Property 5 138 Direct and Overlapping Property Tax Rates 6 139 Principal Property Tax Payers 7 140 Property Tax Levies and Collections 8 141 Income Tax by Payer Type and Income Tax Rate 9 142 Principal Income Taxpayers 10 143 Ratios of Outstanding Debt by Type 11 144 Ratios of General Bonded Debt Outstanding 12 145 Direct and Overlapping Governmental Activities Debt 13 146 Legal Debt Margin Information 14 147 Pledged‐Revenue Coverage 15 148 Demographic and Economic Statistics ‐ Greene County 16 149 Major Employers 17 150 Full‐Time Equivalent City Government Employees by Function/Program 18 151 Operating Indicators by Function/Program 19 152 Capital Asset Statistics by Function/Program 20 153 v THIS PAGE INTENTIONALLY LEFT BLANK vi INTRODUCTORY SECTION June 5, 2020 Honorable Mayor Stone, Vice Mayor Adams, Members of City Council and Citizens of Beavercreek, Ohio: The Comprehensive Annual Financial Report (CAFR) of the City of Beavercreek, Ohio, for the year ended December 31, 2019, is hereby submitted. To the best of our knowledge and belief, the enclosed data is accurate inl al material respects and is reported in a manner designed to present fairly the financial position and results of operations of the various funds of the City. All disclosures necessary to enable the reader to gain an understanding of the City’s financial activities have been included. Responsibility for both the accuracy of the data, and the completeness and fairness of the presentation, including all disclosures, rests with management of the City. This CAFR incorporates GASB Statement No. 34 – Basic Financial Statements and Management’s Discussion and Analysis for State and Local Governments. Statement No. 34 was developed to ensure that annual financial reports of State and local governments were easier to understand and more useful to those involved in decisions using governmental financial information. This report represents and reflects upon the City's financial operations and condition to City's residents, its elected officials, management personnel, financial institutions, City bondholders, rating agencies and all other parties interested in the financial affairs of the City. Generally Accepted Accounting Principles require that management provide a narrative introduction, overview and analysis to accompany the basic financial statements in the form of Management Discussion and Analysis (MD&A). This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it. The City’s MD&A can be found immediately following the independent auditor’s report. CITY OF BEAVERCREEK 1368 RESEARCH PARK DRIVE BEAVERCREEK, OHIO 45432 937/427‐5500 FAX 937/427‐5544 vii This report includes all funds of the City. Reflected in this report is the range of services provided by the City of Beavercreek. These include police protection, street construction and maintenance, traffic control, storm drainage improvements and maintenance, park improvements and maintenance, cemetery maintenance, recreational activities, senior center activities, cultural events, land use development regulation, government access cable channel, golf course facilities and operations, and general administration services. At present, the City has no service responsibilities for fire suppression (furnished independently by Beavercreek Township), public water distribution or sanitary sewerage (furnished independently by the Greene County Sanitary Engineering Department), or solid waste collection (furnished entirely by private firms without governmental involvement). ECONOMIC CONDITION AND OUTLOOK The City of Beavercreek continues to grow, as it has since the City’s inception. In 1980, when the City was first incorporated, the population was 31,589, in 1990 it was 33,626, in 2000 it was 37,984. According to the 2010 Census, the City of Beavercreek officially grew to 45,193 people. The most recent US Census estimates, 2018 American Community Survey, puts the City’s population at 46,600. The increased number of residents of Beavercreek has also maintained a higher than average income as compared to other cities in the region, and as the State as a whole. In 2015, the median household income for the City of Beavercreek was $81,379, about 26% higher than Greene County ($60,113) and 39% higher than the State of Ohio ($49,429). The income gap has continued to widen, as shown in the 2018 American Community Survey, with the median household income of the City of Beavercreek at $90,953, about