Comprehensive Annual Financial Report

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Comprehensive Annual Financial Report �� For the fiscal year ended December 31 Comprehensive Annual Financial Report City of Bellevue, Washington (This page is intentionally left blank.) City of Bellevue, Washington Comprehensive Annual Financial Report For the Fiscal Year Ended December 31, 2016 Prepared by the Accounting Division, Finance Department (This page is intentionally left blank.) City of Bellevue, Washington COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Year Ended December 31, 2016 TABLE OF CONTENTS INTRODUCTORY SECTION Page GFOA Certificate of Achievement for Excellence in Financial Reporting ................................. i Letter of Transmittal ................................................................................................................. ii City Officials and Administrative Staff ...................................................................................... vii City Hierarchical Organization Chart ........................................................................................ viii Finance Department Organization Chart .................................................................................. ix FINANCIAL SECTION Independent Auditor's Report Management's Discussion and Analysis ................................................................................... 1 Basic Financial Statements: Government‐wide Financial Statements: Statement of Net Position .................................................................................................. 12 Statement of Activities ....................................................................................................... 14 Fund Financial Statements: Balance Sheet – Governmental Funds ............................................................................... 16 Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position ............................................................................................................... 17 Statement of Revenues, Expenditures, and Changes in Fund Balances – Governmental Funds ..................................................................................................... 18 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities ................................. 19 Statement of Fund Net Position – Proprietary Funds ........................................................ 20 Statement of Revenue, Expenses, and Changes in Fund Net Position – Proprietary Funds .......................................................................................................... 24 Statement of Cash Flows – Proprietary Funds ................................................................... 26 Statement of Fiduciary Net Position .................................................................................. 30 Statement of Changes in Fiduciary Net Position ................................................................ 31 Notes to the Basic Financial Statements ............................................................................... 34 Required Supplementary Information: Schedule of Changes in the City’s Net Pension Liability and Related Ratios‐ Firefighters’ Pension Fund ........................................................................................... 84 Schedule of Contributions‐ Firefighters’ Pension Fund ..................................................... 85 Schedule of Investment Returns‐ Firefighters’ Pension Fund ............................................ 86 Schedule of the City’s Proportionate Share of Net Pension Liability ................................. 87 Schedule of City’s Contributions ........................................................................................ 88 Schedule of Funding Progress‐ Other Postemployment Benefits ...................................... 89 Schedule of Contributions from the Employer & Other Contributing Entities – Other Postemployment Benefits .......................................................................................... 89 Schedule of Modified Approach for Reporting Infrastructure Assets ............................... 90 Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual: General Fund ............................................................................................................ 91 Development Services Fund ..................................................................................... 93 Notes to the Required Supplementary Information .......................................................... 94 Combining Individual Fund Statements and Schedules Page Combining Balance Sheet – Nonmajor Governmental Funds ............................................ 97 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances – Nonmajor Governmental Funds .................................................................................... 100 Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual: Human Services Fund ............................................................................................... 103 Land Purchase Revolving Fund ................................................................................. 104 Parks Fees Fund ........................................................................................................ 105 LEOFF1 Medical Reserve Fund ................................................................................. 106 Park Maintenance and Operations Reserve Fund .................................................... 107 Solid Waste Fund ...................................................................................................... 108 Hotel/Motel Tax Fund .............................................................................................. 109 Combining Statement of Net Position – Internal Service Funds ........................................ 113 Combining Statement of Revenues, Expenses, and Changes in Net Position – Internal Service Funds ................................................................................................... 115 Combining Statement of Cash Flows – Internal Service Funds .......................................... 117 Combining Statement of Fiduciary Net Position – Agency Funds ...................................... 123 Combining Statement of Changes in Assets and Liabilities – Agency Funds .................... 125 STATISTICAL SECTION Table Financial Trends: Net Position by Component–Last Ten Fiscal Years ............................................................ 1 130 Changes in Net Position–Last Ten Fiscal Years ................................................................... 2 131 Governmental Activities Tax Revenue by Source–Last Ten Fiscal Years ............................ 3 134 Fund Balances of Governmental Funds–Last Ten Fiscal Years ........................................... 4 135 Changes in Fund Balances of Governmental Funds–Last Ten Fiscal Years ........................ 5 141 General Governmental Tax Revenue by Source–Last Ten Fiscal Years .............................. 6 143 Revenue Capacity: Taxable Sales by Category–Last Ten Fiscal Years ............................................................... 7 144 Sales Tax Rates– Direct and Overlapping Governments–Last Ten Fiscal Years ................. 8 145 Assessed and Estimated Actual Value of Taxable Property–Last Ten Fiscal Years ............ 9 147 Property Tax Rates Direct and Overlapping Governments–Last Ten Fiscal Years ............. 10 148 Principal Property Taxpayers–Current Year and Nine Years Ago ....................................... 11 149 Property Tax Levies and Collections–Last Ten Fiscal Years .............................................. 12 150 Debt Capacity: Ratio of Outstanding Debt by Type–Last Ten Fiscal Years ................................................. 13 151 Ratio of General Bonded Debt Outstanding–Last Ten Fiscal Years ................................... 14 152 Computation of Direct and Overlapping Debt ................................................................... 15 153 Legal Debt Margin Information .......................................................................................... 16 154 Pledged Revenue Coverage–Last Ten Fiscal Years ............................................................. 17 156 Demographic and Economic Information: Demographic Statistics–Last Ten Fiscal Years .................................................................... 18 157 Principal Employers–Current Year and Nine Years Ago ..................................................... 19 158 Operating Information: Full‐Time Equivalent City Government Employees by Function–Last Ten Fiscal Years ..... 20 159 Operating Indicators by Function–Last Ten Fiscal Years .................................................... 21 160 Capital Assets by Function–Last Ten Fiscal Years .............................................................. 22 163 v Introductory Section City of Bellevue, Washington Certificate of Achievement for Excellence in Financial Reporting The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of Bellevue for its Comprehensive Annual Financial Report for the fiscal year ended December 31, 2015. In order to be awarded a Certificate of Achievement, a governmental unit must publish an easily readable and efficiently organized
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