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CAFR 2017 Printer Friendly City of Houston, Texas Comprehensive Annual Financial Report For the Fiscal Year Ended June 30, 2017 Chris B. Brown, City Controller In Memoriam This report was produced in memory of former Houston City Council Member Peter Hoyt Brown. Our city is a better place because Peter cared for it and all its citizens. OFFICE OF THE CITY CONTROLLER – 114 YEARS OF HOUSTON HISTORY CITY OF HOUSTON, TEXAS CompreheNsive ANNual FiNaNcial Report for the fiscal year eNded JuNe 30, 2017 Prepared by: Chris B. BrowN, City CoNtroller Carl Medley, Deputy City CoNtroller CITY OF HOUSTON, TEXAS COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Year Ended June 30, 2017 Page Part I - Introductory Section Office of the City Controller ii City Controller ii Organization Chart for the Office of the City Controller iii Elected Officials iv Organization Chart for City Government v Transmittal Letter vii Certificate of Achievement for Excellence in Financial Reporting xiv Part II - Financial Section Independent Auditor's Report 1 Management's Discussion and Analysis - (unaudited) 5 Basic Financial Statements: Government-wide Financial Statements: Statement of Net Position 16 Statement of Activities 18 Fund Financial Statements: Balance Sheet - Governmental Funds 20 Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds 22 Reconciliation of the Statement of Revenues, Expenditures, and Change in Fund Balance of Governmental Funds to the Statement of Activities 24 Statement of Net Position - Proprietary Funds 26 Statement of Revenues, Expenses and Changes in Fund Net Position - Proprietary Funds 30 Statement of Cash Flows - Proprietary Funds 32 Statement of Fiduciary Net Position 36 Statement of Changes in Fiduciary Net Position 37 Notes to the Basic Financial Statements 39 (See this section for Table of Content of the Notes) Required Supplementary Information (unaudited): Required Supplementary Information - General Operating Fund - Budgeted & Actual (unaudited) 127 Required Supplementary Information (Reconciliation) - General Fund Budget vs. GAAP (unaudited) 131 Required Notes to the Supplementary Information (unaudited) 132 Required Pension System Supplementary Information (unaudited) 133 Required Other Post Employment Benefits Supplementary Information (unaudited) 134 Individual Fund Statements and Schedules Governmental Funds 135 General Fund Balance Sheet 136 Statement of Revenues, Expenditures and Changes in Fund Balance 137 Debt Service Fund Balance Sheet 138 Schedule of Revenues, Expenditures and Changes in Fund Balance: Budget vs. Actual 139 Capital Projects Fund Balance Sheet 140 Statement of Revenues, Expenditures and Changes in Fund Balance 141 Grants Fund Balance Sheet 142 Statement of Revenues, Expenditures and Changes in Fund Balance 143 CITY OF HOUSTON, TEXAS COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Year Ended June 30, 2017 Page Nonmajor Governmental Funds Combining Balance Sheet 144 Combining Statement of Revenues, Expenditures and Changes in Fund Balances 146 Schedule of Budgeted and Actual Revenues and Expenditures: Asset Forfeiture Fund 148 Auto Dealers Fund 149 Bayou Greenway 2020 150 Building Inspection Fund 151 Cable Television Fund 152 Child Safety Fund 153 Contractor Responsibility Fund 154 Dedicated Drainage & Street Renewal Fund 155 Digital Houston WIFI Fund 156 Essential Public Health Services Fund 157 Health Special Fund 158 Historic Preservation Fund 159 Houston Emergency Center Fund 160 Houston Transtar Fund 161 Juvenile Case Manager Fee Fund 162 Laboratory Services Fund 163 Municipal Courts Technology Fee Fund 164 Parking Management Operating Fund 165 Parks Golf Special Fund 166 Parks Special Fund 167 Planning & Development Special Fund 168 Police Special Services Fund 169 Recycling Revenue Fund 170 Special Waste Fund 171 Supplemental Environmental Project Fund 172 Swimming Pool Safety Fund 173 Enterprise Funds 175 Airport System Statement of Net Position 176 Statement of Revenues, Expenses and Changes in Net Position 178 Statement of Cash Flows 179 Convention & Entertainment Statement of Net Position 180 Statement of Revenues, Expenses and Changes in Net Position 182 Statement of Cash Flows 183 Combined Utility System Statement of Net Position 186 Statement of Revenues, Expenses and Changes in Net Position 188 Statement of Cash Flows 189 Internal Service Funds 191 Combining Statement of Net Position 192 Combining Statement of Revenues, Expenses and Changes in Net Position 193 Combining Statement of Cash Flows 194 Fiduciary Funds 195 Pension Trust Funds Combining Statement of Plan Net Position 196 Combining Statement of Changes in Plan Net Position 198 Agency Funds Combining Statement of Changes in Assets and Liabilities 200 CITY OF HOUSTON, TEXAS COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Year Ended June 30, 2017 Page Discretely Presented Component Units 201 Governmental Combining Statement of Net Position 202 Combining Statement of Activities 208 Business Type Combining Statement of Net Position 215 Combining Statement of Activities 216 Combining Statement of Cash flows 218 Part III - Statistical Section (unaudited) Net Position By Component 220 Changes in Net Position 222 Fund Balances - Governmental Funds 224 General Fund Budget 226 Continuing Debt Disclosure Information 227 Changes in Fund Balances of Governmental Funds 230 Tax Revenue by Source - Governmental Funds 232 Assessed Value and Estimated Value of Taxable Property 233 Direct and Overlapping Property Tax Rates 234 Principal Property Taxpayers 236 Tax Supported Debt Service Funds 237 Ratios of Outstanding Debt by Type 238 Ratios of General Bonded Debt Outstanding 239 Computation of Direct and Overlapping Debt 240 Ad Valorem Tax Levies and Collections 241 Computation of Legal Debt Margin 244 Pledged-Revenue Coverage 246 Demographic and Economic Statistics 247 Principal Employers 248 Employment Statistics 250 City of Houston Employment Information 252 Operating Indicators by Function 254 Capital Asset Statistics by Function 255 Increases/Decreases to Net Position of Pension Plans 256 Principal and Interest Payable from Ad Valorem Taxes 257 Voter-Authorized Obligations 258 Sales and Use Tax and Franchise Charges and Fees 259 Convention and Entertainment Facilities Fund Revenues and Expenses 260 Convention and Entertainment Facilities Statistics 262 Combined Utility System Fund Revenues and Expenses 268 Combined Utility System Revenue Bond Coverage 270 Combined Utility System Statistics 271 Revenues and Expenses of the Water and Sewer System 283 Airport System Fund Revenues and Expenses 284 Airport System Statistics 286 Surety Bond and Insurance Coverage 296 Salaries of Elected Officials 298 Schedule of Credits 299 CITY OF HOUSTON, TEXAS 2017 CITY OF HOUSTON Comprehensive Annual Financial Report Office of the City Controller Houston City Controller Chris B. Brown is the second highest elected official in Houston City Government (the “City”) and its Chief Financial Officer. The Office of the Houston City Controller superintends the fiscal affairs of the City. This includes conducting audits, managing investments and debt, preparing financial statements and providing leadership on policy issues pertaining to the City’s financial health. Controller Brown thus serves as an independently elected “financial watchdog” over City government’s fiscal affairs. The Treasury Division is responsible for managing the City’s $3.5 billion investment portfolio in accordance with state law and the City’s investment policy. Fitch has awarded the City’s general investment its highest portfolio rating, AAA. The Treasury Division is also responsible for overseeing a debt program of approximately $10.2 billion. The City has multiple general obligation commercial paper programs with total authorization of $725 million. The current issuance capacity of the commercial paper programs is $725 million which is supported by credit facilities or lines of credit. Additionally, the City has an appropriation facility supported by a forward bond purchase agreement in the amount of $200 million. The City has seven auction-rate security issues, six series of variable rate demand obligation bonds, two SIFMA indexed notes, and three interest rate swaps with a total notional amount of $902 million and credit agreements totaling $ 2.1 billion. The City’s general obligation debt is rated Aa3 by Moody’s; AA- by Standard and Poor’s; and AA by Fitch Ratings. The Audit Division adheres to recognized professional auditing standards (Government Auditing Standards and International Standards as issued by the Institute of Internal Auditors). During Fiscal Year 2017, the Audit Division engaged in 23 Audits and Special Projects that produced 11 Audit Reports as posted on the Controller’s website. The audits and projects performed focused on risk assessment, contract compliance, performance and efficiency, process reviews, ongoing monitoring, consideration of fraud, waste or abuse, and quality assurance. These efforts resulted in city-wide policy and procedure changes, improved processes, and millions in potential recoveries. The Audit Division also provided updates to the City Controller regarding compliance efforts, fraud, waste or abuse reports and quality assurance results. In the most recent peer review, the Association of Local Government Auditors (ALGA) concluded “the internal quality control system of the Office of the City Controller’s Audit Division within the City of Houston was suitably designed and operating effectively to provide reasonable assurance of conformance
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