2019 Annual Report (PDF)
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GovernmentFinance OfficersAssociation Certificate of Achievement for Excellence in Financial Reporting Presented to City of Boca Raton Florida For its Comprehensive Annual Financial Report forthe Fiscal Year Ended September 30, 2018 Executive Director/CEO COMPREHENSIVE ANNUAL FINANCIAL REPORT OF THE CITY OF BOCA RATON, FLORIDA FOR THE FISCAL YEAR ENDED September 30, 2019 Prepared by the Financial Services Department Linda C. Davidson, C.P.A., C.G.F.O., Financial Services Director Patricia White, C.P.A., C.G.F.O., Accounting Manager Alyssa Doerr, C.P.A. Assistant Accounting Manager Stephen Timberlake, M.B.A., Special Projects Manager Shannon Estremera, C.P.A., Process and Compliance Manager Jean-Michel Neault, C.P.A., Compliance Auditor Cormac Conahan, C.T.P., Treasury Manager Leslie Harmon, Pension Manager Carlisha Jenkins, C.P.A., Senior Accountant Ann Harris Wynter, Accountant Judy Fleurimond, Accountant Luciana Teixeira, Accountant Pedro Morales; Assistant Accountant Stephanie Biagini, Office Supervisor II ABOUT THE COVER: The City of Boca Raton opened its new waterfront park Hillsboro El Rio South Park, on Saturday, February 22, 2020 with a ribbon‐cutting ceremony. Attendees of the ceremony were among the first to use the brand‐new playground, basketball courts, pickleball courts and sand beach volleyball area. There were also food trucks, bounce houses and face painting among the fun activities. The park also features a walking, or jogging, path with a fitness station, tennis courts, picnic pavilions, and a soft launch area for canoes, kayaks and paddle boards into the El Rio Canal. The new park adds on to our over 600 acres of natural areas within the City limits, continuing our priority of maintaining green space. The 14‐acre site is located on the south side of SW 18th Street between Dixie Highway and the El Rio Canal. For more information about Hillsboro El Rio South Park, please visit https://www.myboca.us/1523/Hillsboro‐El‐Rio‐Park‐Phase‐2. CITY OF BOCA RATON, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT __________ For the fiscal year ended September 30, 2019 TABLE OF CONTENTS Page # INTRODUCTORY SECTION (Unaudited) Letter of Transmittal……………………………………………………………………………………………………………… i List of Principal Officials………………………………………………………………………………………………………… x Organization Chart………………………………………………………………………………………………………………… xi FINANCIAL SECTION Independent Auditors' Report Management’s Discussion and Analysis (Required Supplemental Information)………………………………………………… 1 Basic Financial Statements: Government-wide Financial Statements: Statement of Net Position…………………………………………………………………………………………………… 16 Statement of Activities……………………………………………………………………………………………………… 18 Fund Financial Statements: Balance Sheet – Governmental Funds……………………………………………………………………………………… 19 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position…………………………… 21 Statement of Revenues, Expenditures, and Changes in Fund Balances, Governmental Funds……………………………… 22 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities……………………………………………………………………… 24 Statement of Net Position, Proprietary Funds……………………………………………………………………………… 25 Statement of Revenues, Expenses and Changes in Net Position, Proprietary Funds………………………………………… 27 Statement of Cash Flows, Proprietary Funds………………………………………………………………………………… 28 Statement of Fiduciary Net Position, Pension Trust Funds………………………………………………………………… 30 Statement of Changes in Fiduciary Net Position, Pension Trust Funds……………………………………………………… 31 Notes to Financial Statements…………………………………………………………………………………………………… 32 Required Supplementary Information: Schedules of Changes in Net Pension Liability and Related Ratios and Schedules of Contributions………………………… 111 Schedule of Changes in Total OPEB Liability and Related Ratios, Other Post Employment Benefits………………………… 122 Schedule of Revenues, Expenditures and Changes in Fund Balance, Budget and Actual, General Fund…………………… 123 Schedule of Revenues, Expenditures and Changes in Fund Balance, Budget and Actual, Community Redevelopment Agency – Mizner Park Revenue Fund………………………………………………………… 126 …………………………………………………………………………………………… Notes to Required Supplementary Information………………………………………………………………………………… 128 Combining and Individual Fund Statements and Schedules (Supplementary Information): Major Governmental Funds: Schedule of Revenues, Expenditures and Changes in Fund Balance, Budget and Actual, Five-Year Capital Improvement Fund……………………………………………………………………………………… 129 Schedule of Revenues, Expenditures, and Changes in Fund Balance, Budget and Actual, Infrastructure Surtax Fund…………………………………………………………………………………………………… 130 Non-Major Governmental Funds: Combining Balance Sheet…………………………………………………………………………………………………… 131 Combining Statement of Revenues, Expenditures and Changes in Fund Balances………………………………………… 132 Non-Major Special Rev enue Funds: Combining Balance Sheet…………………………………………………………………………………………………… 133 Combining Statement of Revenues, Expenditures and Changes in Fund Balances………………………………………… 135 Community Development Block Grant Program Fund, Schedule of Revenues, Expenditures and Changes in Fund Balance, Budget and Actual……………………………………………………………………… 137 TABLE OF CONTENTS Page # FINANCIAL SECTION (continued) Housing Assistance Trust Fund, Schedule of Revenues, Expenditures and Changes in Fund Balance, Budget and Actual……………………………………………………………………… 138 Law Enforcement Trust Fund, Schedule of Revenues, Expenditures and Changes in Fund Balance, Budget and Actual……………………………………………………………………… 139 Transportation Fund, Schedule of Revenues, Expenditures and Changes in Fund Balance, Budget and Actual……………………………………………………………………… 140 Ocean Breeze GBRBPD, Schedule of Revenues, Expenditures and Changes in Fund Balance, Budget and Actual……………………………………………………………………… 141 Community Redevelopment Agency Operating Fund, Schedule of Revenues, Expenditures and Changes in Fund Balance, Budget and Actual……………………………………………………………………… 142 Economic Development Fund, Schedule of Revenues, Expenditures and Changes in Fund Balance, Budget and Actual……………………………………………………………………… 143 Land Proceeds Fund, Schedule of Revenues, Expenditures and Changes in Fund Balance, Budget and Actual……………………………………………………………………… 144 Grant Funds, Schedule of Revenues, Expenditures and Changes in Fund Balance, Budget and Actual……………………………………………………………………… 145 Perpetual Care Fund, Schedule of Revenues, Expenditures and Changes in Fund Balance, Budget and Actual………………………………………………………………………… 146 Non-Major Debt Service Funds: Combining Balance Sheet…………………………………………………………………………………………………… 147 Combining Statement of Revenues, Expenditures and Changes in Fund Balances………………………………………… 148 City Debt Service Fund, Schedule of Revenues, Expenditures and Changes in Fund Balance, Budget and Actual………………………………………………………………………………………… 149 Community Redevelopment Agency Debt Service Fund, Schedule of Revenues, Expenditures and Changes in Fund Balance, Budget and Actual……………………………………………………………………… 150 Non-Major Capital Projects Funds: Combining Balance Sheet…………………………………………………………………………………………………… 151 Combining Statement of Revenues, Expenditures and Changes in Fund Balances………………………………………… 153 Right-of-Way Acquisition Program Fund, Schedule of Revenues, Expenditures and Changes In Fund Balance, Budget and Actual……………………………………………………………………… 155 Park Land Dedication Fund, Schedule of Revenues, Expenditures and Changes in Fund Balance, Budget and Actual……………………………………………………………………… 156 Downtown Land Dedication Fund, Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual……………………………………………………………………… 157 Downtown Infrastructure Fund, Schedule of Revenues, Expenditures and Changes in Fund Balance, Budget and Actual……………………………………………………………………… 158 Non-Major Enterprise Funds: Combining Statement of Net Position……………………………………………………………………………………… 159 Combining Statement of Revenues, Expenses and Changes in Net Position……………………………………………… 160 Combining Statement of Cash Flows……………………………………………………………………………………… 161 Internal Service Funds: Combining Statement of Net Position……………………………………………………………………………………… 163 Combining Statement of Revenues, Expenses and Changes in Net Position……………………………………………… 164 Combining Statement of Cash Flows……………………………………………………………………………………… 165 Pension Trust Funds: Combining Statement of Fiduciary Net Position…………………………………………………………………………… 167 Combining Statement of Changes in Fiduciary Net Position……………………………………………………………… 168 TABLE OF CONTENTS Page # STATISTICAL SECTION (Unaudited) Financial Trends Net Position by Component - Last Ten Fiscal Years……………………………………………………………………… 169 Changes in Net Position - Last Ten Fiscal Years…………………………………………………………………………… 171 Fund Balances of Governmental Funds - Last Ten Fiscal Years…………………………………………………………… 173 Changes in Fund Balances of Governmental Funds - Last Ten Fiscal Years……………………………………………… 175 Revenue Capacity Assessed Value and Estimated Actual Value of Taxable Property - Last Ten Years……………………………………… 177 Property Tax Rates - All Direct and Overlapping Governments - Last Ten Fiscal Years………………………………… 178 Principal Property Taxpayers……………………………………………………………………………………………… 179 Property Tax Levies and Collections - Last Ten Fiscal Years……………………………………………………………… 180 Debt Capacity Ratios of Outstanding Debt by Type - Last Ten Fiscal Years……………………………………………………………… 181 Ratios of General Bonded Debt Outstanding - Last Ten Fiscal Years……………………………………………………… 183 Direct and Overlapping Governmental Activities