City of Grand Forks Organizational Chart
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COMPREHENSIVE ANNUAL FINANCIAL REPORT City of Grand Forks, ND For the year ended December 31, 2012 Top Photo: Sorlie Bridge in downtown Grand Forks which is listed on the National Register of Historic Places as one of the few remaining bridges in this style in the U.S., Photo source: Tuey (http://www.flickr.com/photos/tuey/). Permissions under Creative Commons CC-BY-2.0. Middle Photo: Townsquare in downtown Grand Forks on a busy Saturday morning Farmers Market. Townsquare is also host to a variety of community events throughout the year including concerts, craft shows, and is even available for private rental for events. Photo Source: Greater Grand Forks Convention and Visitors Bureau. Bottom Photo: Concert at the Alerus Center, a City-owned events center which hosts a variety of events including: concerts, tradeshows, conventions, community festivals, sporting events and serves as the home of University of North Dakota Football. Photo Source: Alerus Center. of the City of Grand Forks, North Dakota For the Year Ended December 31, 2012 Prepared by THE DEPARTMENT OF FINANCE AND ADMINISTRATIVE SERVICES MAUREEN STORSTAD, DIRECTOR CANDICE STJERN, ASSISTANT DIRECTOR (Member of Government Finance Officers Association Of the United States & Canada) CITY OF GRAND FORKS, NORTH DAKOTA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED DECEMBER 31, 2012 TABLE OF CONTENTS INTRODUCTORY SECTION Title Page Table of Contents i - iv Letter of Transmittal I - VIII GFOA Certificate of Achievement For Excellence in Financial Reporting IX Organizational Chart X List of Elected and Appointed City Officials XI FINANCIAL SECTION Exhibit Page Independent Auditor's Report 1-3 Management Discussion and Analysis 4-18 Basic Financial Statements: Government-wide Financial Statements: Statement of Net Position 1 20 Statement of Activities 2 21 Fund Financial Statements: Balance Sheet - Governmental Funds 3 22 Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position 23 Statement of Revenues, Expenditures, and changes in Fund Balances - Governmental Funds 4 24 Reconciliation of Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities 25 Statement of Revenues, Expenditures, and changes in Fund Balances - Budget and Actual - General Fund 5 26 Statement of Revenues, Expenditures, and changes in Fund Balances - Budget and Actual - Community Development Fund 5A 28 Statement of Net Position - Proprietary Funds 6 30 Statement of Revenues, Expenses, and changes in Fund Net Position - Proprietary Funds 7 32 Statement of Cash Flows - Proprietary Funds 8 34 Statement of Fiduciary Net Position - Fiduciary Funds 9 36 Statement of Changes in Fiduciary Net Position - Fiduciary Funds 10 37 Notes to the Financial Statements 39-76 i Required Supplementary Information: Exhibit Page Schedule of Funding Progress - Public Employees Retirement System 77 Combining and Individual Fund Statements and Schedules: Combining Balance Sheet - Nonmajor Governmental Funds A-1 79 Combining Statement of Revenues, Expenditures and Changes Fund Balance - Nonmajor Governmental Funds A-2 80 Combining Balance Sheet - Nonmajor Special Revenue Funds B-1 84 Combining Statement of Revenues, Expenditures and Changes in Fund Balance - Nonmajor Special Revenue Funds B-2 88 Combining Schedule of Revenues, Expenditures and Changes in Fund Balance-Budget and Actual-Nonmajor Special Revenue Funds B-3 94 Combining Balance Sheet - Nonmajor Debt Service Funds C-1 107 Combining Statement of Revenues, Expenditures and Changes in Fund Balance - Nonmajor Debt Service Funds C-2 108 Combining Balance Sheet - Nonmajor Capital Project Funds D-1 110 Combining Statement of Revenues, Expenditures and Changes in Fund Balance - Nonmajor Capital Project Funds D-2 112 Combining Statement of Net Position - Nonmajor Proprietary Funds E-1 116 Combining Statement of Revenues, Expenditures and Changes in Net Position - Nonmajor Proprietary Funds E-2 118 Combining Statement of Cash Flows - Nonmajor Proprietary Funds E-3 120 Combining Statement of Net Position - Internal Service Funds F-1 124 Combining Statement of Revenues, Expenditures and Changes in Net Position - Internal Service Funds F-2 125 Combining Statement of Cash Flows - Internal Service Funds F-3 126 Combining Statement of Assets & Liabilities - Agency Funds G-1 129 Combining Statement of Changes in Assets & Liabilities - Agency Funds G-2 130 Statement of Changes in Net Position - Pension Trust Fund G-3 132 Capital Assets Used in the Operation of Governmental Funds: 133 Schedule by Source H-1 134 Schedule by Function and Activity H-2 135 Schedule of Changes by Function and Activity H-3 136 Supporting Schedules: Schedule 137 Schedule of Cash, Cash Equivalents and Investments J-1 138 Summary of Debt Statistics J-2 139 Debt Statement as of December 31, 2012 J-3 140 Summary of Debt Service Requirements to Maturity J-4 142 Debt Service Requirements to Maturity - General Obligation and Tax Increment Bonds J-5 143 ii Schedule Page Debt Service Requirements to Maturity - Revenue Bonds J-6a 144 Debt Service Requirements to Maturity - Sales Tax Revenue Bonds J-6b 145 Debt Service Requirements to Maturity - Refunding Improvement Bonds J-7 146 Debt Service Requirements to Maturity - Special Project Bonds and Temporary Warrants J-8 147 Debt Service Requirements to Maturity - Industrial Development Revenue Notes J-9 148 Schedule of Insurance in Force as of December 31, 2012 J-10 152 STATISTICAL SECTION Table 155 Financal Trends: Net Position by Component Unit, Last Six Fiscal Years 1 157 Changes in Net Position, Last Five Fiscal Years 2 158 Program Revenue by Function, Last Five Fiscal Years 3 160 Government-wide Expenses by Function, Last Five Fiscal Years 4 161 Fund Balances, Governmental, Last Ten Fiscal Years 5 162 Changes in Fund Balances, Governental Funds, Last Ten Fiscal Years 6 163 Revenue Capacity: Tax Revenue by Source, Governmental Funds, Last Ten Fiscal Years 7 164 Assessed and Estimated Marker Value of Taxable Property, Last Ten 8 166 Fiscal Years Property Tax Levy and Collections, Last Ten Fiscal Years 9 168 Direct and Overlapping Property Tax Rates, Last Ten Fiscal Years 10 170 Principal Property Tax Payers, Current Year and Nine Years Ago 11 171 Property Value and Construction Permits 11A 172 Debt Capacity: Ratio of Outstanding Debt by Type, Last Ten Fiscal Years 12 173 Ratio of Net General Bonded Debt to Assessed Value and Net Bonded 13 174 Debt Per Capita, Last Ten Fiscal Years Direct and Overlapping Governmental Activities Debt as of Dec. 31, 2012 14 175 Legal Debt Margin Information, Last Ten Fiscal Years 15 176 Computation of Legal Debt Margin 15A 177 Pledged Revenue Coverage- Water Revenue Bonds, Last Ten Fiscal Years 16 178 Pledged Revenue Coverage- Sewer Revenue Bonds, Last Ten Fiscal Years 17 179 Pledged Revenue Coverage-Special Assessment Bonds, Last Ten Fiscal Years 18 180 Demographic and Economic Information: Demographic Statistics, Last Ten Fiscal Years 19 181 Principal Employers, Current Year and Nine Years Ago 20 182 iii Table Page Operating Information: Full-time Equivalent City Employees by Function/Program 21 183 Operating Indicators by Function/Program 22 184 Capital Asset Statistics by Function/Program 23 186 Pension Trust Fund - Analysis of Funding Progress 24 188 Pension Trust Fund - Revenues by Source and Expenses 25 189 by Type iv FINANCE AND ADMINISTRATIVE SERVICES City of Grand Forks • • (701) 746-2620 255 North Fourth Street P.O. Box 5200 Grand Forks, ND 58206-5200 Fax# (701) 787-3740 June 7, 2013 To the Honorable Mayor, Members of the City Council, and Citizens of the City of Grand Forks, North Dakota: State statute and City Charter require an annual audit of the books of account, financial records, and transactions of all administrative departments. The Comprehensive Annual Financial Report of the City of Grand Forks, North Dakota for the fiscal year ended December 31, 2012, prepared to fulfill this requirement, is hereby submitted. The report is prepared by the City’s Finance and Administrative Services Office in conformity with the generally accepted accounting principles (GAAP) as prescribed by the Governmental Accounting Standards Board (GASB) and audited in accordance with auditing standards generally accepted in the United States of America by a firm of licensed certified public accountants. This report consists of management’s representation concerning the finances of the City of Grand Forks (the City). Consequently, the management assumes full responsibility for the completeness and reliability for all the information presented in this report. To provide a reasonable basis for making these representations, management of the City has established a comprehensive framework of internal controls designed both to protect the government’s assets from loss, theft, or misuse and to compile sufficient reliable information for the preparation of these financial statements in conformity with GAAP. Because the cost of internal controls should not outweigh their benefits, the City’s comprehensive framework of internal controls has been designed to provide reasonable rather than absolute assurance that the financial statements will be free from material misstatement. As management, we assert, to the best of our knowledge and belief, these financial statements are complete and reliable in all material respects. Brady, Martz and Associates, P.C., Certified Public Accountants have audited the financial statements. The goal of the independent