City of Atlanta, Georgia Notes to Financial Statements
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THE CITY OF ATLANTA, GEORGIA COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Year Ended June 30, 2015 Kasim Reed Mayor J. Anthony Beard Chief Financial Officer CITY OF ATLANTA, GEORGIA Comprehensive Annual Financial Report For the Year Ended June 30, 2015 TABLE OF CONTENTS INTRODUCTORY SECTION (Unaudited) Page Letter of Transmittal ……………………………….....……………………..….……...………….….… i GFOA Certificate of Achievement …………………….…….……………………...…………..………..….…vii List of Elected and Appointed Officials …….……………...………….…………..………….………………..viii Organizational Chart ………...…………….………………………..………..………...………………….…......xi FINANCIAL SECTION Independent Auditors’ Report ……………...…...………….…………....…..………………………..…… 1 Management’s Discussion and Analysis (Unaudited) ………...……….……………………..………………….………………………..4 Basic Financial Statements: Government-wide Financial Statements: Statement of Net Position ..............................................................................................................................21 Statement of Activities …....................................................................................................................................23 Fund Financial Statements: Balance Sheet - Governmental Funds ……..……………..….…………………..………………………….…….…...….....25 Reconciliation of Governmental Funds’ Balance Sheet to the Government-Wide Statement of Net Position ..…..….………… ………………….....…..…….….…………..……..… 26 Statement of Revenues, Expenditures and Changes in Fund Balances – Governmental Funds ........................................................................................................................ 27 Reconciliation of the Governmental Funds’ Statement of Revenues, Expenditures and Changes in Fund Balances to the Government-Wide Statement of Activities ……….……...... 28 Statement of Net Position – Proprietary Funds ………..…….…...……..…………………….……... 29 Statement of Revenues, Expenses, and Changes in Fund Net Position – Proprietary Funds ………………………………………………….………………………………………31 Statement of Cash Flows – Proprietary Funds ..…………………..………….…….…….……............ 32 Statement of Fiduciary Net Position – Fiduciary Funds …………..…….….………………..….………...34 Statement of Changes in Fiduciary Net Position – Fiduciary Funds ……..…………..…....….….…………35 Component Units’ Financial Statements: Statement of Net Position …………………….………………….……..…………...……..………….…37 Statement of Activities ……………………....……….……………...……....……...…...…………..……………39 Notes to Financial Statements …..…….…..…….…………..……………….…………………….……...……...……40 CITY OF ATLANTA, GEORGIA Comprehensive Annual Financial Report For the Year Ended June 30, 2015 TABLE OF CONTENTS Required Supplementary Information (Unaudited): Schedule of Funding Progress for Other Post-Employment Benefits…………...…………..…………… 124 Schedule of Employer Net Position Liability - General Employees, Firefighters, and Police Pension Plans …………………...……………………………..…………………………….. 125 Schedule of Changes in Net Pension Liability-General Employees' Pension Plan……………...………126 Schedule of Changes in Net Pension Liability-Firefighters' Pension Plan…………………………..127 Schedule of Changes in Net Pension Liability-Police Officers' Pension Plan……………………..128 Schedule of Employer Contributions ………………………..………………………..………………………..……129 Schedule of Investment Returns………………………………………………………………..………………130 Note to Required Supplementary Information ………………………………………………..……………………..131 Statement of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual – General Fund ………………………………………………..……………….………………..133 Statement of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual – Municipal Option Sales Tax (MOST) Fund ……………………………………………………………….………………..134 Combining and Individual Fund Statements and Schedule: Combining Balance Sheet - Nonmajor Governmental Funds …………………………………………………………..…………………137 Combining Statement of Revenues, Expenditures and Changes in Fund Balance - Nonmajor Governmental Funds …………………………………………………………………………..……………………139 Combining Balance Sheet - Nonmajor Governmental Funds - Tax Allocations Districts ……………………..…………………………………..…..……………………..…………………….141 Combining Statement of Revenues, Expenditures and Changes in Fund Balance - Nonmajor Governmental Funds - Tax Allocation Districts ………………………..……………………………….…………………………………142 Combining Balance Sheet - Nonmajor Governmental Funds Other Special Revenue Funds ……………………………………………………………………...…………………………………….143 Combining Statement of Revenues, Expenditures and Changes in Fund Balance - Nonmajor Governmental Funds - Other Special Revenue Funds ……………………………………...…………………………………………………………144 Combining Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual: Nonmajor Special Revenue Funds …………………………………………………………...…………………………145 Bond Sinking Fund …………………………………………………………………..…………………………163 Combining Statement of Net Position - Nonmajor Proprietary Funds …………………………….……………164 Combining Statement of Revenues, Expenditures and Changes in Fund Net Position - Nonmajor Proprietry Funds ……………………………………………….....………..……………………………………………165 Combining Statement of Cash Flows - Nonmajor Propietary Funds …………..……………………...………………166 Combining Statement of Net Position - Internal Service Funds …………………………………….………………….167 Combining Statement of Revenues, Expenditures and Changes in Fund Net Position - Internal Service Funds ……………..…………………………………...……..………………………..…………168 Combining Statement of Cash Flows - Internal Service Funds ………….…………..………………...……………169 Combining Statement of Plan Net Position - Pension Trust Funds ……………..……………..…………………………...………………..170 Combining Statement of Changes in Plan: Net Position - Pension Trust Funds …………………………………………...……………………………………….………171 Statement of Changes in Assets and Liabilities - Agency Fund ……..…………………………..……………………….……………..172 CITY OF ATLANTA, GEORGIA Comprehensive Annual Financial Report For the Year Ended June 30, 2015 TABLE OF CONTENTS STATISTICAL SECTION (Unaudited) Net Position by Component …………………………………………………………………………….. 175 Changes in Net Position ……………………………………………………………………………….. 176 Program Revenues by Function/Program …………………….…………………………………………………………177 Fund Balances, Governmental Funds ...……………...……………………………………………………………….178 Changes in Fund Balances, Governmental Funds …………………………………………………………………….179 Assessed and Estimated Actual Value of Taxable Property ………………….……………………………………….180 Direct and Overlapping Property Tax Rates ………………………………….………………………………………………………………………..181 Principal Property Tax Payers ……………………….…………………………………………………………..182 Property Tax Levies and Collections ..………………………………………………………………………………………………………….183 Table Sales by Category ………………………….…………………………………………………………………………………………………..184 Direct and Overlapping Sales Tax Rates ……………….……………………………………………………………………...…………...…………………………………………………………………..185 Principal Sales Tax Remitters ……………………...…………….……………………………………………………………………...…………...…………………………………………………………………..186 Ratio of Outstanding Debt by Type ..…………………………………………………………..…………………………………187 Ratio of General Bonded Debt Outstanding …………………………………………………...…………………………………….188 Direct and Overlapping Governmental Activities Debt ……………………………………………………………………………………189 Legal Debt Margin Information ………………………………………………………………….………………………………………………………..190 Schedule of Revenue Bond Coverage- Department of Aviation …………………………………………………………………………….191 Schedule of Revenue Bond Coverage – Department of Watershed Management ………………………….…………………………..192 Demographic and Economic Statistics ………………………………………………………………………………………………..193 Principal Employers …………………………………………………………………………………………………………………….194 Full-time Equivalent City Government Employees by Function/Program ..……………………………..………………………………………………………………….195 Operating Indicators by Function/Program …………………………………………………………………………………………..196 Capital Asset Statistics by Function/Program ………………………………………………………………………………………………………197 Introductory Section CITY OF ATLANTA Kasim Reed J. Anthony Beard MAYOR 55 TRINITY AVENUE, S.W. CHIEF FINANCIAL OFFICER ATLANTA, GEORGIA 30303-0300 TEL (404) 330-6100 December 18, 2015 The Honorable Ceasar C. Mitchell, President Members of City Council Atlanta City Council 55 Trinity Avenue Atlanta, GA 30303 Dear President Mitchell and Members of the Atlanta City Council: The Finance Department is pleased to present the Comprehensive Annual Financial Report (“CAFR”) of the City of Atlanta, Georgia (the “City”) for the fiscal year ended June 30, 2015. State law requires that all general-purpose local governments publish, within six months of the close of each fiscal year, a complete set of audited financial statements, presented in conformity with generally accepted accounting principles in the United States of America (“GAAP”). The law further requires that these statements be audited in accordance with generally accepted auditing standards by a firm of licensed certified public accountants. The CAFR has been prepared by the City in accordance with those principles and standards. GAAP requires that management provide a narrative introduction, overview and analysis to accompany the basic financial statements in the form of a Management Discussion & Analysis (“MD&A”). This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it. The MD&A can be found immediately following the report of the independent auditor. Responsibility for the accuracy and completeness of the data and, the fairness of the presentation, including all disclosures rests with management. We believe that the data, as presented, is accurate in all material respects, presents fairly the City’s