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City (Charter Township) City of Detroit Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2014 Michael E. Duggan, Mayor TABLE OF CONTENTS Page I. INTRODUCTORY SECTION LETTER OF TRANSMITTAL I-1 AUDITOR GENERAL’S LETTER I-9 LIST OF CITY OF DETROIT PRINCIPAL OFFICIALS I-10 CITY OF DETROIT ORGANIZATION CHART I-13 II. FINANCIAL SECTION INDEPENDENT AUDITORS’ REPORT 1 MANAGEMENT’S DISCUSSION AND ANALYSIS (MD&A) (UNAUDITED) 7 BASIC FINANCIAL STATEMENTS: A. GOVERNMENT-WIDE FINANCIAL STATEMENTS: Statement of Net Position 39 Statement of Activities 40 B. FUND FINANCIAL STATEMENTS: Governmental Funds Financial Statements: Balance Sheet 42 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position 43 Statement of Revenues, Expenditures, and Changes in Fund Balances 44 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities 45 Enterprise Funds Financial Statements: Statement of Net Position 46 Statement of Revenues, Expenses, and Changes in Fund Net Position 50 Statement of Cash Flows 52 Fiduciary Funds Financial Statements: Statement of Fiduciary Net Position 56 Statement of Changes in Fiduciary Net Position 57 Discretely Presented Component Units Financial Statements: Combining Statement of Net Position 58 Combining Statement of Activities 60 C. NOTES TO BASIC FINANCIAL STATEMENTS 63 REQUIRED SUPPLEMENTARY INFORMATION: A. BUDGET TO ACTUAL COMPARISON - GENERAL FUND: Notes to Budget to Actual Comparison 161 Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - General Fund 162 B. EMPLOYER CONTRIBUTIONS AND FUNDING PROGRESS: Schedules of Funding Progress and Employer Contributions 166 i TABLE OF CONTENTS Page OTHER SUPPLEMENTARY INFORMATION SECTION: A. COMBINING NON-MAJOR GOVERNMENTAL FUNDS FINANCIAL STATEMENTS: Other Governmental Funds: Combining Balance Sheet 173 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 174 Special Revenue Funds: Combining Balance Sheet 176 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 178 Street Fund: Combining Balance Sheet 180 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 181 Permanent Funds: Combining Balance Sheet 182 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 183 B. OTHER GOVERNMENTAL FUNDS BUDGETARY COMPARISON SCHEDULES: Special Revenue Funds 184 Debt Service Fund 197 Capital Projects Fund 198 C. ENTERPRISE FUNDS: Combining Statement of Net Position 200 Combining Statement of Revenues, Expenses, and Changes in Net Position 202 Combining Statement of Cash Flows 203 D. FIDUCIARY FUNDS: Combining Statement of Fiduciary Net Position 206 Combining Statement of Changes in Fiduciary Net Position 208 E. AGENCY FUNDS: Combining Statement of Assets and Liabilities 209 Combining Statement of Changes in Assets and Liabilities 210 III. STATISTICAL SECTION (UNAUDITED) Description of Statistical Section 213 Schedule 1 - Net Position by Component, Last Ten Fiscal Years 214 Schedule 2 - Changes in Net Position, Last Ten Fiscal Years 216 Schedule 3 - Fund Balances, Governmental Funds, Last Ten Fiscal Years 220 Schedule 4 - Changes in Fund Balances of Governmental Funds, Last Ten Fiscal Years 222 Schedule 5 - Assessed and Actual Value of Taxable Property, Last Ten Fiscal Years 224 Schedule 6 - Direct and Overlapping Property Tax Rates, Last Ten Fiscal Years 226 Schedule 7 - Principal Property Tax Payers, Current Year and Nine Years Ago 228 Schedule 8 - Property Tax Levies and Collections, Last Ten Fiscal Years 230 Schedule 9 - Ratios of Outstanding Debt by Type, Last Ten Fiscal Years 232 Schedule 10 - Ratios of General Bonded Debt Outstanding, Last Ten Fiscal Years 234 Schedule 11 - Direct and Overlapping Governmental Activities Debt as of June 30, 2013 237 Schedule 12 - Legal Debt Margin Information, Last Ten Fiscal Years 238 Schedule 13 - Pledged Revenue Coverage, Last Ten Fiscal Years 240 Schedule 14 - Demographic and Economic Statistics, Last Ten Calendar Years 241 Schedule 15 - Principal Employers, Current Year and Ten Years Ago 242 Schedule 16 - Full-time Equivalent City Government Employees by Function/Program, Last Ten Fiscal Years 244 Schedule 17 - Miscellaneous Operating Indicators by Function/Program, Last Ten Fiscal Years 246 PHOTO CREDITS All photographs courtesy of City of Detroit - Communications and Creative Services Department ii COLEMAN A. YOUNG MUNICIPAL CENTER, SUITE 1100 DETROIT, MICHIGAN 48226 ITY OF ETROIT C D PHONE 3132241962 FFICE OF THE HIEF INANCIAL FFICER O C F O FAX 3136282717 FINANCE DEPARTMENT ACCOUNTS June 17, 2015 The City of Detroit Honorable Mayor Michael Duggan and The Honorable City Council The management and staff of the Office of the Chief Financial Officer are pleased to submit the City of Detroit’s Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June 30, 2014 along with the Independent Auditors’ Report. This report is prepared for the purpose of disclosing the City’s financial condition to its residents, elected officials, and other interested parties. INTRODUCTION TO THE REPORT Responsibility The Office of the Chief Financial Officer prepares the City’s CAFR and is responsible for both, the accuracy of the data and the completeness and fairness of the presentation, including all disclosures. We believe the data presented is accurate in all material aspects, that it is presented in a manner designed to fairly set forth the financial position and results of operations of the City’s primary government and component units for which it is financially accountable and that the disclosures necessary to enable the reader to gain an understanding of the City’s financial affairs have been included. Adherence to Generally Accepted Accounting Principles (GAAP) GAAP requires that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of Management’s Discussion and Analysis (MD&A). This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it. The City’s MD&A can be found immediately following the report of independent auditors. Independent Audit All local units of government within the State of Michigan must comply with the Uniform Budgeting and Accounting Act, Public Act 2 of 1968, as amended, which requires an annual audit of the financial records and transactions of the City by independent certified public accountants. The primary purpose of the auditing requirements of this act is to maintain the confidence of all interested parties in the integrity of the record keeping and financial reporting of local units of government. PROFILE OF THE GOVERNMENT Background and Overviews Detroit is the largest city in the state of Michigan and is the seat of Wayne County. The City covers approximately 140 square miles and accounts for nearly half of the population of Wayne County. The City is internationally known for automotive manufacturing and trade. Detroit is located on an international waterway, which is linked via the St. Lawrence Seaway to seaports around the world. The City was incorporated in 1806, and is a home rule city under State law. The organizational structure of the City is as follows: I-1 Emergency Management In February 2013, a financial review team appointed by the Governor of the State of Michigan determined that a local government financial emergency existed in the City. On March 14, 2013, the Local Emergency Financial Assistance Loan Board appointed Kevyn Orr as the emergency financial manager of the City in accordance with the State of Michigan Public Act 72 of 1990, the Local Government, and School District Fiscal Responsibility Act (“PA 72”). On March 28, 2013, Michigan Public Act 436 of 2012, the Local Financial Stability, and Choice Act (“PA 436”), took effect, and replaced PA 72. PA 436 specified that an emergency financial manager appointed under PA 72 and serving on the effective date of PA 436 would continue to serve under the new act. PA 436 changed the title of the emergency financial manager to emergency manager and expanded the powers of the emergency manager to include the ability to recommend to the Governor that the City file a petition for relief under Chapter 9 of title 11 of the United States Code (the "Bankruptcy Code"). The Emergency Manager (“EM”) delivered a letter to the Governor and the State Treasurer on July 16, 2013, pursuant to Section 18(1) of PA 436 (the “Recommendation Letter”), recommending that the City be authorized to seek relief under Chapter 9 of the Bankruptcy Code. The EM stated in the Recommendation Letter: “Based on the current facts and circumstances, I have concluded that no reasonable alternative to rectifying the City's financial emergency exists other than the confirmation of a plan of adjustment for the City's debts pursuant to Chapter 9 of the Bankruptcy Code because the City cannot adopt a feasible financial plan that can satisfactorily rectify the financial emergency outside of a Chapter 9 process in a timely manner.” On July 18, 2013, the Governor delivered a letter to the EM and the State Treasurer (the "Authorization Letter") authorizing the City to commence a bankruptcy case under Chapter 9 of the Bankruptcy Code. In the Authorization Letter, the Governor agreed with the EM that Chapter 9 offered the only feasible alternative to fix the City's finances and to complete a sustainable restructuring for the benefit of Detroit's approximately 700,000 residents. Based on the EM's Recommendation Letter, the Governor determined that: (a) the City could not meet its obligations to its citizens; (b) the City could not meet its basic obligations to its creditors; (c) the City's failure to meet its obligations to its citizens was the primary cause of its inability to meet its obligations to its creditors; and (d) the only feasible path to ensuring the City will be able to meet its obligations in the future was to have a successful restructuring under the federal bankruptcy process. Upon receiving the Authorization Letter, the EM issued an order directing the commencement of the City's Chapter 9 bankruptcy case.
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