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City of Lorain, Ohio City of Lorain, Ohio Comprehensive Annual Financial Report For the Year Ended December 31, 2002 City of Lorain, Ohio Comprehensive Annual Financial Report For the Year Ended December 31, 2002 Ronald L. Mantini Lorain City Auditor City of Lorain, Ohio Comprehensive Annual Financial Report For the Year Ended December 31, 2002 Table of Contents Page Title Page………….………………...…………………...…………..…………………………………….i Table of Contents….…………………………………………...………………...………………………..ii INTRODUCTORY SECTION Letter of Transmittal….…………………….……………………………………………………………..v GFOA Certificate of Achievement for Excellence in Financial Reporting..……...……………………xix List of City Officials……………………………………………………….……………………..……xx Map of the City of Lorain with Council Wards…...………….…………………………………………xxi Organizational Chart……………….…………………………………………………………………….xxii FINANCIAL SECTION Report of Independent Accountants………………..………………………………………………………....1 General Purpose Financial Statements Combined Balance Sheet – All Fund Types and Account Groups……………………………………………4 Combined Statement of Revenues, Expenditures and Changes in Fund Balances – All Government Fund Types……………………….……………………………………8 Combined Statement of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual (Budget Basis) – All Government Fund Types…….……………...10 Combined Statement of Revenues, Expenses and Changes in Fund Equity – All Proprietary Fund Types……………………………………………………………….15 Combined Statement of Revenues, Expenses and Changes in Fund Equity – Budget and Actual (Budget Basis) – All Proprietary Fund Types…………………..…..………………..16 Combined Statement of Cash Flows – All Proprietary Fund Types…………………………………………18 Notes to the General Purpose Financial Statements…………………………………………………………20 Combining, Individual Fund and Account Group Statements and Schedules Governmental Funds General Fund: Description of Fund……………………………….……………………………………………………..52 Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual (Budget Basis)………….……………………………………….53 Special Revenue Funds: Description of Funds….………………………………………….………………………………………58 Combining Balance Sheet………………………………………………………………………………..60 Combining Statement of Revenues, Expenditures and Changes in Fund Balances…………………………………………………………………….…64 Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual (Budget Basis) Streets Fund….……..…………………………………….………………………………………..68 Permissive License Fund……………..………………….…………………………………...……69 Health Services Fund…………………………………….…………………………………….…..70 Community Development Fund………...…..…………….………………………………………..71 Litter Control Fund………………………………………...………………………………………72 Police Levy Fund……………………………………………………………………………..……73 ii City of Lorain, Ohio Comprehensive Annual Financial Report For the Year Ended December 31, 2002 Table of Contents Special Revenue Funds (continued): Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual (Budget Basis) Mandatory Drug Fund.….....….……………………………………………………………………..74 Police Pension Fund…………………………………………………………………………………75 Fire Pension Fund…………………..……….………………………………………………………76 Indigent Drivers Fund…………..………….………………………………………………………..77 Park Land …………………………………………………...………………………………………78 Cemetery Fund …………...………………………………...…………………………………….…79 Law Enforcement Fund ……….….…………………………...…………………………………....80 Municipal Court Computer Fund ….………………………………...……………………………..81 Legal Research Fund ……..…..…....…………………………………………………………….…82 Municipal Court Security……..….………………………………………………………………….83 Debt Service Funds: Description of Funds………………………………………………………………………………………84 Combining Balance Sheet………………..………………………………………………………………..85 Combining Statement of Revenues, Expenditures and Changes in Fund Balances…………....……………………………………………………………86 Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual (Budget Basis) General Obligation Bond Retirement Fund………….………………….…………………………….87 Special Assessment Bond Retirement Fund.……………...……………………………………….….88 Capital Projects Funds: Description of Funds .………….…………………………………………………………………………90 Combining Balance Sheet.…..….………….……………………………………………………………..91 Combining Statement of Revenues, Expenditures and Changes in Fund Balances………...……………………………………………………………………92 Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual (Budget Basis) Capital Improvements Fund……..……..………………………………………………………………..93 General Sewer Fund……………..……..………………………………………………………………..94 Riverfront Urban Renewal Fund ..………………………………………………………………………95 Municipal Court Improvements Fund …..……..………………………………………………………..96 Proprietary Funds Enterprise Funds: Description of Funds ....….……………………………..……………………………………………….….97 Combining Balance Sheet…....…………………………………………………………………………..…98 Combining Statement of Revenues, Expenses and Changes in Fund Equity….…………..………………………………………………………………….100 Schedule of Revenues, Expenses and Changes in Fund Equity – Budget and Actual (Budget Basis) Water Works Fund..…….………………………………………………………………………………101 Water Pollution Control Fund…...…….…………….………………………………………………….102 Combining Statement of Cash Flows…….………..………………………………………………….…104 ii City of Lorain, Ohio Comprehensive Annual Financial Report For the Year Ended December 31, 2002 Table of Contents Internal Service Funds Description of Funds..……………………………………………………………………………………..107 Combining Balance Sheet.……….………………………………………………………………………..108 Combining Statement of Revenues, Expenses and Changes in Retained Earnings`..……..…………………………………………………………………….109 Schedule of Revenues, Expenses, and Changes in Fund Equity – Budget and Actual (Budget Basis) Garage Fund…………………….……………………………………………………………………...108 Hospitalization Fund .…………..….…………………………………………………………………..110 Combining Statement of Cash Flows………………………………………………………………………112 Fiduciary Funds Agency Funds: Description of Funds…..………………………………………………………………………………..115 Combining Balance Sheet…..………………………………………………………………………..…116 Combining Statement of Changes in Assets and Liabilities – All Agency Funds……..……………………………………………………………….118 General Fixed Assets Account Group Description of Account Group…………..……...…………………………………………...……………121 Schedule of General Fixed Assets – By Function……..………………………………………………………………………………………122 Schedule of Changes in General Fixed Assets - By Function…………..…………………………………………………………………………………123 Schedule of General Fixed Assets – By Source…….…………..……………………………………………………………………………..124 STATISTICAL SECTION Governmental Fund Revenues by Source – Last Ten Years……………………………………………….S1 Governmental Fund Expenditures by Function – Last Ten Years…………………………………………S3 Assessed and Estimated Actual Values of Taxable Property – Last Ten Years ………………..……………………………….………………...……S5 Property Tax Levies and Collections – Last Ten Years .….....………………….………………………....S6 Property Tax Rates – Direct and Overlapping Governments – Last Ten Years…………………………………………………….……….……………S7 Special Assessment Collections – Last Ten Years…………………………………………….…………..S8 Ratio of Annual Debt Service Expenditures for General Obligation Bonded Debt to Total Governmental Fund Expenditures – Last Ten Years…..……….…………….….S9 Ratio of Net General Obligation Bonded Debt to Assessed Value and Net General Obligation Bonded Debt Per Capita – Last Ten Years…………………………….………….S10 Computation of Direct and Overlapping General Obligation Bonded Debt….……………….………….S11 Schedule of Enterprise Revenue Bond Coverage…………………………….………………………..…S12 Legal Debt Margin……………………………………………….…………….……………….………...S13 Property Value, Construction and Bank Deposits – Last Ten Years………….……………………….....S14 Ten Largest Real Property Taxpayers………………………….….………..……..………………….......S15 Ten Largest Personal Property Taxpayers…….....……………………………………….…….……..…..S16 Ten Largest Employers in the City…………..………...………………………………….…….…..…….S17 Demographic Statistics – Last Ten Years…...……………………….………………….…….………….S18 Miscellaneous Information…………………..…………………...…………………………….…………S19 ii INTRODUCTORY SECTION The introductory section contains information to familiarize readers with the Comprehensive Annual Financial Report (CAFR) and the City of Lorain. A description of the City, the reporting entity, and the operation of City services is included. Other topics range from financial summaries and highlights to city awards. Key elected and appointed officials are listed along with the City’s organizational chart. This section is intended to provide users with an overview of the report and the City of Lorain. May 30, 2003 Citizens of Lorain Lorain, Ohio It is with great satisfaction, I submit this Comprehensive Annual Financial Report (CAFR) for the City of Lorain, Ohio, for the year ended December 31, 2002. This CAFR was prepared by the Lorain City Auditor’s office. Management is accountable for the accuracy of the data and the entirety and fairness of the material presented, including all disclosures. We consider the information contained herein to be precise in all aspects relating to the City’s financial activities and statistical data. This report was designed in a manner so that the reader may obtain a thorough and optimal understanding of the City’s financial affairs, basic operations and general composition. Copies will be made available to all interested parties. The Comprehensive Annual Financial Report is presented in three sections: 1. The Introductory Section; which contains a Letter of Transmittal, the Certificate of Achievement, an Award for Outstanding Achievement, a list of the City’s principal officials and department heads, a map of the voting wards of the City of Lorain with the respective council members noted,
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