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COMPREHENSIVE ANNUAL FINANCIAL REPORT for the Year Ended December 31, 2007

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COMPREHENSIVE ANNUAL FINANCIAL REPORT for the Year Ended December 31, 2007 COMPREHENSIVE ANNUAL FINANCIAL REPORT for the year ended December 31, 2007 Michael E. Lamb, City Controller CITY OF PITTSBURGH PENNSYLVANIA Photo courtesy of the Pittsburgh Zoo CITY OF PITTSBURGH, PENNSYLVANIA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED DECEMBER 31, 2007 Prepared by: Office ofCity Controller MICHAEL E. LAMB, CONTROLLER CITY OF PITTSBURGH, PENNSYLVANIA COMPREHENSIVE ANNUAL FINANCIAL REPORT YEAR ENDED DECEMBER 31, 2007 TABLE OF CONTENTS Page No. INTRODUCTORY SECTION Letter ofTransmittal 1-1 GFOA Certificate ofAchievement 1-8 Organizational Chart 1-9 Elected City Officials 1-10 FINANCIAL SECTION Independent Auditor's Report Management's Discussion and Analysis Basic Financial Statements: Government-wide Financial Statements: Statement ofNet Assets Statement ofActivities 3 Fund Financial Statements: Balance Sheet - Governmental Funds 4 Reconciliation of the Balance Sheet of Governmental Funds to the Statement ofNet Assets 6 Statement of Revenues, Expenditures, and Changes in Fund Balance ­ Governmental Funds 7 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balance ofGovernmental Funds to the Statement of Activities 8 Statement of Revenues, Expenditures, and Changes in Fund Balance ­ Budget and Actual (Non-GAAP Budgetary Basis) - General Fund 9 Statement of Revenues, Expenditures, and Changes in Fund Balance ­ Budget and Actual (Non-GAAP Budgetary Basis) - Community Development Fund 17 CITY OF PITTSBURGH, PENNSYLVANIA COMPREHENSIVE ANNUAL FINANCIAL REPORT YEAR ENDED DECEMBER 31,2007 TABLE OF CONTENTS (Continued) Page No. Statement ofFiduciary Net Assets - Fiduciary Funds 19 Statement ofChanges in Fiduciary Net Assets - Fiduciary Funds 20 Combining Balance Sheet - Component Units 21 Statement ofActivities Component Units 23 Notes to Financial Statements 24 Required Supplementary Information: Pension Trust Funds: Schedules of Funding Progress - Pensions 95 Schedules of Contributions from Employers and Other Contributing Entities 96 Note to Required Supplementary Pension Schedules 97 Schedule ofFunding Progress - Other Post Employment Benefits 98 Additional Information: Combining and Individual Fund Statements and Schedules: Combining Balance Sheet - Other Governmental Funds 99 Combining Statement of Revenues, Expenditures, and Changes in Fund Balance - Other Governmental Funds 100 Combining Statement ofPlan Net Assets - Pension Trust Funds 101 Combining Statement of Changes in Plan Net Assets - Pension Trust Funds 102 Agency Funds: Statement ofChanges in Assets and Liabilities 103 Capital Projects Fund: Combining Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual (Non-GAAP Budgetary Basis) 104 CITY OF PITTSBURGH, PENNSYLVANIA COMPREHENSIVE ANNUAL FINANCIAL REPORT YEAR ENDED DECEMBER 31, 2007 TABLE OF CONTENTS (Continued) Page No. Budgetary Comparison Statement 105 STATISTICAL SECTION Fund Information: Net Assets by Component - 2002- 2007 106 Changes in Net Assets - Last Six Years 107 Program Revenues by Function/Program - Last Six Years 108 Fund Balances, Governmental Funds - Last Ten Years 109 Changes in Fund Balances, Governmental Funds - Last Ten Years 110 General Fund Tax Revenues by Sources - Last Ten Years 112 Assessed Valuation and Estimated Actual Values ofTaxable Property - Last Ten Years 113 Property Tax Rates - Direct and Overlapping Governments - Last Ten Years 114 Principal Property Taxpayers - Current Year and Nine Years Ago 115 Assessed Value, Tax Rate, Levy, and Collections - Last Ten Years 116 Principal Employers - Current Year and Six Years Ago 117 Net Debt and Remaining Debt Incurring Margin in Accordance with Act No. 52, Approved April 28, 1978 - Local Government Unit Debt Act 118 Legal Debt Margin Information - Last Ten Years 120 Ratio of Net General Obligation Bonded Debt to Assessed Value and Net General Obligation Bonded Debt Per Capita 121 Ratio of Annual Debt Service Expenditures for General Obligation Bonded Debt to Total General Governmental Expenditures 122 Computation ofDirect and Overlapping Debt 123 Revenue Bond Coverage - Pittsburgh Water and Sewer Authority 124 Revenue Bond Coverage - The Stadium Authority ofthe City of Pittsburgh 125 Demographic Statistics 126 CITY OF PITTSBURGH, PENNSYLVANIA COMPREHENSIVE ANNUAL FINANCIAL REPORT YEAR ENDED DECEMBER 31, 2007 TABLE OF CONTENTS (Continued) Property Value, Construction, and Bank Deposits 127 City Employment 128 Full-Time Equivalent Municipal Employees by Function/Program 129 OTHER INFORMATION Salaries and Surety Bonds ofPrincipal Officials 130 Schedule ofBonds and Notes Payable 131 INTRODUCTORY SECTION LETTER OF TRANSMITTAL OFFICE OF CITY CONTROLLER J)enngplbania Phone: 412-255-2055 Michael E. Lamb, Controller Fax: 412-255-8990 April 28, 2008 The Honorable Mayor, Members of City Council, and the Citizens of The City ofPittsburgh, Pennsylvania: I am pleased to submit The Comprehensive Annual Financial Report (CAFR) of the City of Pittsburgh (City) for the year ended December 31, 2007. The City's charter mandates that only a general purpose financial statement be issued by May 1st. This does not include component units, statements mandated under GASB 34, footnotes and the statistical section. This year we are issuing a full CAFR by May I" that meets Government Finance Officers Association standards and that allows the City to get an unqualified opinion from the City's independent auditors. We believe that the enclosed data is accurate in all material respects and is reported in a manner designed to present fairly the fmancial position and results ofoperations ofthe various funds ofthe City. This statement will enable the reader to gain an understanding of the City's financial activities. Responsibility for both the accuracy ofdata, and the completeness and fairness ofthe presentation, rests with the management ofthe City. This report contains all the funds ofthe City. Maher Duessel, Certified Public Accountants, have issued and unqualified ('clean') opinion on the City of Pittsburgh's financial statements for the year ended December 31, 2007. The independent auditor's report is located in front ofthe MD&A. Management's Discussion and Analysis (MD&A) immediately follows the independent auditor's report and provides a narrative introduction, overview, and analysis of the financial statements. The MD&A complements this letter oftransmittal and should be read in conjunction with it. 1-I Profile of the Government The City of Pittsburgh, incorporated in 1816, is located in the south-western part of the State of Pennsylvania. It currently occupies 58.3 square miles and serves a population of 334,563. The City is empowered to levy property taxes on real estate and earned income taxes on residents that live within the boundaries of the city. In addition, the City levies taxes on employees that work within the city and on businesses that operate within the City. Other usage taxes are charged when using certain facilities within the City. See the Revenue section ofthis letter that explains all taxes. The City operates on a strong elected mayor, and a council elected by district, form of government. The mayor is the chief executive of the City and the council has all the legislative authority. The mayor appoints the heads ofthe various departments. The mayor is elected for a four year term and the council members are elected for staggered four year terms with the even numbered districts being elected in one year and the odd numbered districts being elected two years later. The City provides a full range of services, including police, fire, and emergency medical services; construction and maintenance of City property and infrastructure; sanitation services: and recreation and cultural activities. The Water and Sewer Authority, Urban Redevelopment Authority, Stadium Authority and Parking Authority are component units of the City and are shown as such in the financial statements and the footnotes to the CAFR. Council is required to adopt a final operating and capital budget for the next year by the last day of the fiscal year, which is December 31. The annual budget is the basis of the City's financial planning and control. The operating budget is prepared on a departmental basis. The department heads may spend within a budget classification (e.g., salaries, supplies, rentals, miscellaneous) as they see fit. Any transfers between classifications or departments have to be approved by council. The Mayor's Office also prepares a five year plan annually. Most of the strategic and development planning is done by the Urban Redevelopment Authority. FINANCIAL INFORMATION Internal Control: Management of the City is responsible for establishing and maintaining an internal control structure designed to ensure that the assets of the City are protected from loss, theft, or misuse and to ensure that adequate accounting information is compiled to prepare financial statements in accordance with accounting principles generally accepted in the United States of America. The internal control structure is designed to provide reasonable, but not absolute, assurance that these objectives are met. The concept of reasonable assurance recognizes that: (l) the cost ofa control should not exceed the benefits likely to be derived and (2) the evaluation of costs and benefits requires estimates and judgements by management. Budget Control: Budget control is maintained at the line item level on a departmental basis. Activities of the General Fund, the Special Revenue Fund (Community Development
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