The C Omprehensi Ve Annual Financial Report
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The C omprehensive Annual Financial Report For the Fiscal Year July 1, 2003 - June 30, 2004 Office of the COMMISSIONER OF FINANCE I N T· R o D U C T o R y S E C T I o N r CITY OF WHITE PLAINS, NEW YORK r COMPREHENSIVE ANNUAL FINANCIAL REPORT TABLE OF CONTENTS r Year Ended June 30, 2004 r INTRODUCTORY SECTION PAGE r TITLE PAGE ................................................................................................................................... 1 r PRINCIPAL OFFICIALS ................................................................................................................. 2 GFOA CERTIFICATE OF ACHIEVEMENT FOR EXCELLENCE IN FINANCIAL REPORTING .. 3 r ORGANIZATIONAL CHART ........................................................................................................... 4 r LETTER OF TRANSMITTAL FROM COMMISSIONER OF FINANCE ......................................... 5 1 FISCAL PERFORMANCE GOALS ............................................................................................... 13 r FINANCIAL SECTION REPORT OF BENNETT KIELSON STORCH DESANTIS, THE GOVERNMENT SERVICES DIVISION OF ODMD, LLP r[ INDEPENDENT AUDITORS' REPORT .................................................................................... 19 r MANAGEMENT'S DISCUSSION AND ANAL VSIS ...................................................................... 21 BASIC FINANCIAL STATEMENTS Government-wide Financial Statements Statement of Net Assets ................................................................................................. 38 r Statement of Activities .................................................................................................... 40 Fund Financial Statements Balance Sheet - Governmental Funds ........................................................................... 42 r Reconciliation of the Balance Sheet - Governmental Funds to the Statement of Net Assets ..................................................................................................................... 43 Statement of Revenues, Expenditures, and Changes in Fund Balances - r Governmental Funds .................................................................................................... 44 Reconciliation of the Statement of Revenues, Expenditures, and Changes in In Fund Balances - Governmental Funds to the Statement of Activities ...................... 45 r Statement of General Fund Revenues, Expenditures and Changes in Fund Balances - Budget and Actual ....................................................................... 46 Statement of Net Assets - Proprietary Funds ...................................................... ~ .......... 47 Statement of Revenues, Expenses, and Changes in Net Assets - Proprietary Funds .. 48 r Statement of Cash Flows - Proprietary Funds ................................................................ 49 Statement of Fiduciary Net Assets ................................................................................. 51 Statement of Changes in Fiduciary Net Assets .............................................................. 52 rI.- Notes to the Financial Statements .......................................................................................... 53 r r l CITY OF WHITE PLAINS, NEW YORK COMPREHENSIVE ANNUAL FINANCIAL REPORT 1 TABLE OF CONTENTS Year Ended June 30,2004 1 'j I COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND ADDITIONAL SCHEDULES 1 Schedule of Revenues and Other Financing Sources Compared to Budget - General Fund ............................................................................ 84 Schedule of Expenditures and Other Financing Uses Compared to Budget - General Fund ........................................................................... 87 1 Combining and Individual Fund and Component Unit Statements and Schedules Nonmajor Governmental Funds Combining Balance Sheet ........................................................................................... 98 1 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances ...................................................................................... 102 Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Library Fund ............................................................................ 105 Project-Length Schedule - Capital Projects Fund ................................................................ 106 Enterprise Fund Schedule of Revenue and Expenses - Budget and Actual (Budgetary Basis) - Water Fund .............................................................................................................. 112 , Schedule of Revenues and Expenses by Department - Water Fund ........................ 113 1 Internal Service Fund Schedule of Revenue and Expenses - Budget and Actual (Budgetary Basis) - Self-Insurance Fund ................................................................................................. 116 Agency Fund i Statement of Changes in Assets and Liabilities ........................................................ 117 Component Unit - White Plains Parking Authority Schedule of Revenues and Expenses by Facility ..................................................... 120 l rr'1 I I STATISTICAL SECTION (UNAUDITED) t:4'f Revenues By Sources and Expenditures/Expenses by Functions- \ Last Ten Fiscal Years ............................................................................................................ 122 , Property Tax Levies and Collections-Last Ten Fiscal Years .................................................... 123 I Special Assessments Levied and Collected-Last Ten Fiscal years ......................................... 124 Property Tax Rates Per $1,000 of Assessed Valuation-Direct and 1 Overlapping Governments-Last Ten Fiscal Years ............................................................... 125 Computation of Constitutional City Property Tax Limitation ....................................................... 126 Assessed Valuation of Taxable Real Property, Equalization Rate and Full Valuation-Last Ten Fiscal years .................................................................................... 127 Principal Taxpayers 2003 Assessment Roll ............................................................................... 128 1 l r r r CITY OF WHITE PLAINS, NEW YORK COMPREHENSIVE ANNUAL FINANCIAL REPORT r TABLE OF CONTENTS r Year Ended June 30, 2004 PAGE Estimated Value of Building Construction Permits Issued-Last Ten r Fiscal Years ......................................................................................................................... 129 Ratio of Net General Bonded Debt to Assessed Valuation and Net r Outstanding Indebtedness Per Capita-Last Ten Fiscal Years ............................................. 130 Computation of Direct and Overlapping General Obligation Debt and r Legal Net Per Capita Debt-As of June 30, 2004 ..............................................................: ... 131 Ratio of Annual Debt Service for General Obligation Debt to Total r General Government Expenditures-Last Ten Fiscal Years ................................................. 132 Demographic Statistics-Last Ten Fiscal Years ......................................................................... 133 r Miscellaneous Statistics-June 30, 2004 .................................................................................... 134 r t r r r r r r r 1 1 1 1 l 1 1 1 THIS PAGE INTENTIONALLY LEFT BLANK 1 1 1 1 1 1 1 J ~ 1 1 1 r r r r r r r THE COMPREHENSIVE ANNUAL FINANCIAL REPORT r FOR THE CITY OF WHITE PLAINS, r NEW YORK ! PREPARED BY THE OFFICE r OF THE COMMISSIONER OF FINANCE FOR THE r FISCAL YEAR JULY 1, 2003 - JUNE 30, 2004 r rl r r r ~ 1 \ r 1 1 l J l MAYOR JOSEPH M. DELFINO * 1, COMMON COUNCIL I ~ Thomas Roach, President \ Arnold S. Bernstein Benjamin Boykin II Glen Hockley ** Robert Greer* l Rita Z. Malmud FINANCE DEPARTMENT Gina Cuneo Harwood, Commissioner of Finance Rosemary Cucurullo, Chief Accountant Carol Endres, Senior Accountant John Freiberger, Accountant 1 9 INDEPENDENT AUDITOR I Bennett Kielson Storch DeSantis, 9 \ The Government Services Division of ODMD, LLP i * Audit Committee ** For purposes of full disclosure, Glen Hockley was replaced by Lorenzo Delgado, by court order dated July 6, 2004. l 1 ! 2 r r r C'ertificate of' r Achievement for Excellence r in Financial r Reporting Presented to r City of White Plains, r 'New York r For its Comprehensive Annual Financial Repo~' r for the Fiscal Year Ended June 30, 2003 ' . A Certificate of Achievement for Excellence in Financial r Reporting is presented by the GoveIllIrient Finance Officers . Association of the United States and Canada to government units and public employee retirement . r systemS whose comprehensive annual financial , reports (CAFRs) achieve the highest , standards in government accounting , r and financial reporting. r' r President r ~/.~ r Executive Director r 3 r CITY OF WHITE PLAINS VOTERS COMMON -----------ELECT ---------- MAYOR COUNCIL I \ APPOINTS APPOINTS City Court Board of Library Board of Examining Board Building Plan Judge Ethics Trustees Electrical of Motion Picture Review Board Control Operators Conservation Medical Recreation Capital Committee Service Board Board Advisory Projects Board Budget & Mgmt. Officer Advisory Design Review Examining Examining ad. Board Board of of Stationary Plumbers Engineers Housing Human Rights Parking Authority Commission Authority Planning Traffic Urban Renewal Board Commission