2020 Comprehensive Annual Financial Report
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COUNTY OF BROOME, NEW YORK COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2020 County of Broome, New York Comprehensive Annual Financial Report For the Year Ended December 31, 2020 Jerome Z. Knebel Director Office of Management and Budget (OMB) Gino M. Bucciarelli, Deputy Director of OMB Krista L. Soltis, Treasury Manager Tracy L. Ryan, Senior Financial Analyst County of Broome Comprehensive Annual Financial Report For the Year Ended December 31, 2020 Table of Contents I. Introductory Section Page Letter of Transmittal ................................................................................................................ 3-13 County of Broome Government Organizational Chart ............................................................... 14 County of Broome Officials ....................................................................................................... 15 County of Broome Chairs of Legislative Committees................................................................ 16 County of Broome Department Heads ....................................................................................... 17 County of Broome Office of Management and Budget (OMB) ................................................. 18 II. Financial Section Independent Auditors’ Report ............................................................................................... 23-25 Management’s Discussion and Analysis (Unaudited) .......................................................... 27-46 Basic Financial Statements: Statement of Net Position ................................................................................................. 49 Statement of Activities ................................................................................................. 50-51 Balance Sheet – Governmental Funds .............................................................................. 52 Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position of Governmental Activities ....................................................................... 53 Statement of Revenues, Expenditures, and Changes in Fund Balances (Deficits) – Governmental Funds ...................................................................................................... 54 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances (Deficits) of Governmental Funds to the Statement of Activities .................. 55 Statement of Revenues, Expenditures, and Changes in the Fund Balances – Budget and Actual – General Fund ............................................................................................ 57 Statement of Net Position – Proprietary Funds ................................................................. 58 Statement of Revenues, Expenses, and Changes in Net Position – Proprietary Funds ............................................................................................................................. 59 Statement of Cash Flows – Proprietary Funds ............................................................. 60-61 Statement of Fiduciary Net Position ................................................................................. 62 Statement of Changes in Fiduciary Net Position .............................................................. 63 Combining Statement of Net Position – Discretely Presented Component Units ............ 64 Combining Statement of Activities – Discretely Presented Component Units ................. 65 (Continued) Notes to the Basic Financial Statements .................................................................... 67-138 1. Summary of Significant Accounting Policies ....................................................... 67-92 2. Cash, Cash Equivalents, and Investments ............................................................. 93-96 3. Allowance for Uncollectible Amounts ....................................................................... 96 4. Restricted Assets ........................................................................................................ 97 5. Sales Tax .................................................................................................................... 98 6. Capital Assets ...................................................................................................... 99-102 7. Short-Term Liabilities .............................................................................................. 103 8. Long-Term Liabilities ....................................................................................... 103-113 9. Fund Balance ..................................................................................................... 114-115 10. Employee Retirement Systems and Pensions Plans .......................................... 116-120 11. Other Postemployment Benefits ........................................................................ 120-123 12. Self-Insurance .................................................................................................... 123-126 13. Lease Obligations .............................................................................................. 127-128 14. Interfund Activity .............................................................................................. 129-130 15. Tax Abatements ................................................................................................. 130-132 16. Commitments and Contingencies ...................................................................... 133-134 17. Solid Waste Management .................................................................................. 135-136 18. Deficit Fund Balances / Net Position ................................................................ 136-137 19. Other Restricted Net Position ................................................................................... 137 20. Subsequent Events .................................................................................................... 138 21. Related Party Transactions ....................................................................................... 138 22. Accounting Pronouncements Issues Not Yet Implemented ..................................... 138 Required Supplementary Information: Schedule of Proportionate Share of Net Position Liability ............................................. 141 Schedule of Contributions............................................................................................... 142 Schedule of Changes in the County’s Total OPEB Liability and Related Ratios .... 143-144 Note to the Required Supplementary Information .......................................................... 145 Supplementary Information: Combining Individual Fund Financial Statements and Schedules: Combining Balance Sheet – Nonmajor Governmental Funds ........................................ 155 Combining Statement of Revenues, Expenditures, and Changes Fund Balances (Deficit) – Nonmajor Governmental Funds ................................................................. 156 Schedule of Revenues, Expenditures, and Changes in Fund Balances – Total Budgetary Authority and Actual – County Road Fund ............................................... 157 Schedule of Revenues, Expenditures, and Changes in Fund Balances – Total Budgetary Authority and Actual – County Road Machinery Fund ............................. 158 Schedule of Revenues, Expenditures, and Changes in Fund Balances – Total Budgetary Authority and Actual – Library Fund......................................................... 159 (Continued) Schedule of Revenues, Expenditures, and Changes in Fund Balance (Deficit) – Total Budgetary Authority and Actual – Arena Fund ................................................. 160 Schedule of Revenues, Expenditures, and Changes in Fund Balances (Deficit) – Total Budgetary Authority and Actual – En Joie Golf Course Fund ........................... 161 Combining Statement of Net Position – Nonmajor Business-type Activities ................ 167 Combining Statement of Revenues, Expenses, and Changes in Net Position – Nonmajor Business-type Activities ............................................................ 168 Combining Statement of Cash Flows – Nonmajor Business-type Activities ................. 169 Combining Statement of Net Position – Internal Service Funds .................................... 175 Combining Statement of Revenues, Expenses, and Changes in Net Position – Internal Service Funds ................................................................................ 176 Combining Statement of Cash Flows – Internal Service Funds ..................................... 177 Other Information: Comparative Schedule of Actual Expenditures vs Total Budgetary Authority – General Fund .................................................................................................... 185-189 III. Statistical and Economic Data Section (Unaudited) Tables: 1. Net Position by Components – Last Ten Fiscal Years ................................................ 193 2. Change in Net Position – Last Ten Fiscal Years .................................................. 194-195 3. Program Revenues by Function – Last Ten Fiscal Years ............................................ 196 4. Governmental Fund Balances – Last Ten Fiscal Years ............................................... 197 5. Changes in Fund Balance, Governmental Funds – Last Ten Fiscal Years .................. 198 6. Assessed Value