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Comprehensive Annual Financial Report, FY2012

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Comprehensive Annual Financial Report, FY2012 Howard County, Maryland Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2012 Howard County, Maryland County Executive 3430 Court House Drive Ken Ulman Ellicott City, Maryland 21043 Telephone (410) 313-2195 Fax (410) 313-4433 www.howardcountymd.gov Certain Appointed Officials Lonnie Robbins Chief Administrative Officer County Council Stanley J. Milesky Director of Finance James M. Irvin Jennifer Terrasa Director of Public Works Chairperson Margaret A. Nolan County Solicitor Marsha S. McLaughlin Director of Planning and Zoning Raymond S. Wacks Budget Administrator Craig Glendenning Mary Kay Sigaty County Auditor Vice Chairperson Financial Advisor Public Financial Management, Inc. Two Logan Square, Suite 1600 th 18 and Arch Street Philadelphia, PA 19103 Telephone (215) 567-6100 Calvin Ball Fax (215) 567-4180 Council Member www.pfm.com Bond Counsel McKennon Shelton & Henn LLP 401 East Pratt Street, Suite 2315 Baltimore, Maryland 21202 Telephone (410) 843-3500 Greg Fox Fax (410) 843-3501 Council Member www.mshllp.com Independent Auditor CohnReznick 500 East Pratt Street, Suite 200 Baltimore, Maryland 21202-3100 Telephone (410) 783-4900 Courtney Watson Fax (410) 727-0460 Council Member www.cohnreznick.com Comprehensive Annual Financial Report For the Fiscal Year Ended June 30, 2012 Prepared by the Department of Finance Howard County, Maryland Table of Contents Introductory Section Listing of County Officials County Executive and Council Title Page Table of Contents i Organizational Chart ii Letter of Transmittal iii Certificate of County Auditor xi Combining Balance Sheet – Non-major Capital Projects Funds 85 Certificate of Achievement for Excellence in Financial Reporting xiii Combining Statement of Revenues, Expenditures and Change in Fund Balances – Non-major Capital Project Funds 86 Financial Section Independent Auditors’ Report 1 Internal Service Funds Combining Statement of Net Assets 87 Management’s Discussion and Analysis – Required Supplementary Combining Statement of Revenues, Expenses and Changes 3 Information in Net Assets 88 Combining Statement of Cash Flows 89 Basic Financial Statements Government-wide Financial Statements Fiduciary Funds Statement of Net Assets 15 Combining Statement of Net Assets – Pension and Other Post Statement of Activities 16 Employment Benefits Trust Funds 91 Fund Financial Statements Combining Statement of Changes in Net Assets – Pension and Other Balance Sheet – Governmental Funds 17 Post Employment Benefits Trust Funds 92 Reconciliation of the Balance Sheet of Governmental Funds 18 Combining Statement of Assets and Liabilities – Agency Funds 93 Statement of Revenues, Expenditures and Changes in Combining Statement of Changes in Assets and Liabilities – Fund Balances – Governmental Funds 19 Agency Funds 94 Reconciliation of Revenues, Expenditures and Changes in Fund Balances-Governmental Funds 20 Capital Assets Used in the Operation of Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Schedule by Function and Activity 95 Balances – Budgetary Basis - General Fund 21 Schedule of Changes By Function and Activity 96 Statement of Revenues, Expenditures and Changes in Fund Balance – Budgetary Basis – Agricultural Land Preservation Fund 22 Capital Assets Used in the Operation of Enterprise Funds Statement of Net Assets – Proprietary Funds 23 Schedule of Capital Assets and Depreciation 97 Statement of Revenues, Expenses and Changes in Net Assets – Proprietary Funds 24 Long Term Debt Statement of Cash Flows – Proprietary Funds 25 Schedule of General Long-Term Debt – General County Statement of Fiduciary Net Assets – Pension and Other Post Bonds – Long Term Obligations 99 Employment Benefits Trust Funds and Agency Funds 26 Schedule of Changes in Long-Term Debt – Long Term Obligations 101 Statement of Changes in Fiduciary Net Assets – Pension and Other Schedule of Bonded and Other Long-Term Debt – Enterprise Fund 102 Post Employment Benefits Trust Funds 27 Schedule of Changes in Bonded Long-Term Debt – Enterprise Fund 103 Combining Statement of Net Assets – Component Units 28 Statement of Activities – Component Units 29 Audit Report Notes to the Financial Statements Report on Internal Control Over Financial Reporting and On Notes to Basic Financial Statements – Index 31 Compliance and Other Matters Based On an Audit of Financial Notes to Basic Financial Statements 32 Statements Performed in Accordance with Government Auditing Standards 105 Required Supplementary Information Pension Trust Funds 63 Statistical Section Other Post Employment Benefits Fund 64 Index 109 Net Assets by Category 111 Combining and Individual Fund Statements Changes in Net Assets 112 and Schedules – Supplementary Information Fund Balances, Governmental Funds 114 General Fund Changes in Fund Balances of Governmental Funds 115 Schedules of Revenues and Appropriations from Fund Balances – Assessed and Estimated Actual Value of Taxable Property 116 Budgetary Basis 65 Direct and Overlapping Property Tax Rates 117 Schedule of Expenditures and Encumbrances – Budgetary Basis 67 Principal Property Tax Payers 118 Property Tax Levies and Collections 119 Non-major Governmental Funds Ratios of Outstanding Debt by Type 120 Combining Balance Sheet – Non-major Governmental Funds 73 Ratios for General Bonded Debt Outstanding 121 Combining Statement of Revenues, Expenditures and Changes in Legal Debt Margin 122 Fund Balances – Non-major Governmental Funds 74 Pledged-Revenue Coverage 123 Combining Balance Sheet – Non-major Special Revenue Funds 75 Demographic and Economic Statistics 124 Combining Statement of Revenues, Expenditures and Changes in Principal Employers 125 Fund Balances – Non-major Special Revenue Funds 76 County Government Employees by Function 126 Schedule of Revenues, Expenditures and Changes in Fund Balance – Operating Indicators by Function 127 Budgetary Basis – Non-major Special Revenue Funds Capital Assets Statistics by Function 128 Community Renewal Program Fund 77 Environmental Services Fund 78 Forest Conservation Fund 79 Fire and Rescue Reserve Fund 80 Grants Fund 81 Health Department Fund 82 Recreation Program Fund 83 Speed Enforcement Fund 84 i HOWARD COUNTY GOVERNMENT ORGANIZATIONAL CHART Judicial Executive Legislative Economic Circuit District Orphan's County County Development Court Court Court Executive Council Authority Appeals Boards Board Tax County of Appeals Auditor Appeals Board Department of Department of Department of Personnel Board County Office of Law Planning and Planning Board Finance Administration Zoning Department of Department of Department of Technology Police Inspections, State’s Attorney Recreation and Department Licenses and and Parks Communication Permits Services Department of Department Department Department Department Housing & of of of of Community Fire and Rescue Corrections Citizen Services Public Works Development Sheriff Fire Board Departments under state law partially or wholly funded by County appropriations Department Soil Board Department Cooperative Department Board of Community Conservation of of Extension of of Social College Services Elections Health Services Libraries Education Services ii HOWARD COUNTY DEPARTMENT OF FINANCE 3430 Court House Drive Ellicott City, Maryland 21043 410-313-2195 Stanley J. Milesky, Director FAX 410-313-4433 [email protected] TDD 410-313-2323 January 11, 2013 Honorable County Executive, Honorable Members of the County Council and Citizens of Howard County Ladies and Gentlemen: FORMAL TRANSMITTAL OF THE CAFR The audited Comprehensive Annual Financial Report (CAFR) of Howard County, Maryland (the County) prepared by the Department of Finance for the fiscal year ended June 30, 2012, is hereby submitted in compliance with Howard County Charter, Section 212 and includes the independent auditors’ opinion issued by the independent public accounting firm of CohnReznick LLP, hired by the County Council. The annual report was prepared by the Howard County Department of Finance in cooperation with the finance departments of the County’s 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 anticipated benefits, the objective is to provide reasonable, rather than absolute, assurance that the financial statements are free of any material misstatements. CohnReznick LLP licensed certified public accountants performed an independent audit and issued an unqualified (“clean”) opinion on the County’s financial statements for the fiscal year ended June 30, 2012. The Independent Auditors’ Report is presented as the first element of the Financial Section of this report. Management’s Discussion and Analysis (MD&A) immediately follows the independent auditor’s report and provides a narrative introduction, overview, and analysis to accompany the basic financial statements. MD&A is designed to complement this letter of transmittal and should be read in conjunction with it. PROFILE OF THE GOVERNMENT Howard County, Maryland was formed in 1851 and was named for the fifth Governor of Maryland, Colonel John Eager Howard. Under a home rule charter adopted in 1968, the County’s executive functions are vested in the elected County Executive. The County Council consists of five members elected by district. Located directly between Baltimore, Maryland and Washington, D.C. and at its closest
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