City of Charleston
Total Page:16
File Type:pdf, Size:1020Kb
RFP # 16-092 Audited Financial Statements City of Charleston Year Ended June 30, 2017 CITY OF CHARLESTON, WEST VIRGINIA TABLE OF CONTENTS AUDITED FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2017 Page(s) City Officials. 5 Independent Auditor's Report. 6 - 7 Management's Discussion and Analysis . 8 - 20 Basic Financial Statements: Government-wide Financial Statements: Statement of Net Position. 23 - 25 Statement of Activities . 26 Fund Financial Statements: Balance Sheet - Governmental Funds. 28 Reconciliation of the Balance Sheet - Governmental Funds to the Statement of Net Position. 29 - 30 Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds . 31 - 32 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities. 33 - 34 Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual (Budgetary Basis) - General Fund . 35 - 37 Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Coal Severance Tax Fund . 38 Statement of Net Position - Proprietary Funds. 40 - 41 Statement of Revenues, Expenses and Changes in Fund Net Position - Proprietary Funds. 42 Statement of Cash Flows - Proprietary Funds. 43 - 44 Statement of Fiduciary Net Position - Fiduciary Funds. 46 Statement of Changes in Fiduciary Net Position - Fiduciary Funds . 47 Notes to the Financial Statements. 48 - 101 Required Supplementary Information: Employer Defined Benefit Plans: Schedules of Changes In the Net Pension Liability and Related Ratios . 103 - 104 Schedules of Investment Returns . 105 Schedule of Contributions Multiyear . 105 Notes to Schedules . 106 2 CITY OF CHARLESTON, WEST VIRGINIA TABLE OF CONTENTS (continued) AUDITED FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2017 Page(s) Other Post-Employment Benefits: Schedule of Funding Progress . 107 Schedule of Employer Contributions . 107 Public Employees Retirement System: Schedule of the Government's Proportionate Share of the Net Pension Liability . 108 Schedule of Government Contributions . 109 Municipal Police Officers and Firefighters Retirement System: Schedule of the Government's Proportionate Share of the Net Pension Liability . 110 Schedule of Government Contributions . 111 Supplementary Information: Combining Financial Statements and Schedules: Combining Balance Sheet - Nonmajor Governmental Funds. 114 Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Nonmajor Governmental Funds. 115 Combining Balance Sheet - Nonmajor Special Revenue Funds. 118 - 119 Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Nonmajor Special Revenue Funds. 120 - 122 Combining Balance Sheet - Nonmajor Capital Projects Funds. 124 Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Nonmajor Capital Projects Funds. 125 Balance Sheet - Nonmajor Debt Service Fund. 127 Statement of Revenues, Expenditures and Changes in Fund Balance - Nonmajor Debt Service Fund. 128 Balance Sheet - Nonmajor Permanent Fund. 130 Statement of Revenues, Expenditures and Changes in Fund Balance - Nonmajor Permanent Fund. 131 Statement of Fiduciary Net Position - Fiduciary Funds. 133 Statement of Changes in Fiduciary Net Position - Fiduciary Funds. 134 Combining Statement of Fiduciary Net Assets - Agency Funds. 136 Combining Statement of Changes in Assets and Liabilities - Agency Funds . 137 3 CITY OF CHARLESTON, WEST VIRGINIA TABLE OF CONTENTS (continued) AUDITED FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2017 Page(s) Independent Auditor's Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Governmental Auditing Standards . 138 - 139 Independent Auditor's Report on Compliance for Each Major Program and on Internal Control over Compliance Required by Uniform Guidance. .. 140 - 141 Schedule of Expenditures of Federal Awards. .. 142 Notes to the Schedule of Expenditures of Federal Awards . .. 143 Schedule of Findings and Questioned Costs . .. 144 - 147 Summary Schedule of Prior Audit Findings . .. 148 - 150 Corrective Action Plan . .. 151 4 CITY OF CHARLESTON, WEST VIRGINIA CITY OFFICIALS For the Fiscal Year Ended June 30, 2017 OFFICE NAME TERM Elective Mayor: Danny Jones 06/21/15 - 01/07/2019 Treasurer: Victor Grigoraci 06/21/15 - 01/07/2019 Municipal Judge: Anne Charnock 06/21/15 - 01/07/2019 Council Members At Large Becky Ceperley Ward 8 Cubert Smith At Large Mary Jean Davis Ward 9 Mary Beth Hoover At Large Karen Ireland Ward 10 Keeley Steele At Large J. Thomas Lane Ward 11 Shannon Snodgrass At Large Andy Richardson Ward 12 Susie Salisbury At Large Jerry L. Ware Ward 13 Brent Burton Ward 1 Bernard Slater Ward 14 Courtney Persinger Ward 2 Bobby Haas Ward 15 Samuel Minardi Ward 3 Chuck Overstreet Ward 16 Bobby Reishman Ward 4 Rev. James Ealy Ward 17 John Miller, Jr. Ward 5 Jeanine Faegre Ward 18 Rick Burka Ward 6 Edward Talkington Ward 19 Jack Harrison Ward 7 Archie Chestnut Ward 20 Mike Clowser Appointive City Manager: David Molgaard Mayor Assistants: Rod Blackstone Beverly Page Finance Director: Joseph Estep City Clerk: JB Akers City Collector: Tonya Cotton Attorney: Paul Ellis City Engineer: Chris Knox Economic & Community Development City Auditor: Tia C. Robertson, M.A.F.M. Director: Brian King 5 INDEPENDENT AUDITOR’S REPORT To the Honorable Mayor and Council of the City of Charleston Charleston, West Virginia Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities, the business-type activities, the discretely presented component units, each major fund, and the aggregate remaining fund information of the City of Charleston, West Virginia (the City), as of and for the year ended June 30, 2017, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements as listed in the table of contents. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We did not audit the financial statements of the Charleston Urban Renewal Authority (CURA) and the Charleston Convention and Visitor’s Bureau (CVB), which represents 9 percent of the assets, 17 percent of the net position, and 10 percent of the revenues of the discretely presented component units. Those statements were audited by other auditors whose reports have been furnished to us, and in our opinion, insofar as it relates to the amounts included for the CURA and CVB, is based solely on the reports of the other auditors. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that.