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Comprehensive Annual Financial Report

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Comprehensive Annual Financial Report Comprehensive Annual Financial Report For Fiscal Year Ended September 30, 2017 Prepared by The Genesee County Controller’s Office Genesee County, Michigan Contents Introductory Section List of Principal Officials i Letter of Transmittal ii-x Organization Chart xi Certificate of Achievement for Excellence in Financial Reporting xii Financial Section Report Letter 1-3 Management's Discussion and Analysis 4-13 Basic Financial Statements Government-wide Financial Statements: Statement of Net Position 14-15 Statement of Activities 16-17 Fund Financial Statements: Governmental Funds: Balance Sheet 18-19 Reconciliation of the Balance Sheet to the Statement of Net Position 20 Statement of Revenue, Expenditures, and Changes in Fund Balances 21 Reconciliation of the Statement of Revenue, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities 22 Proprietary Funds: Statement of Net Position 23 Statement of Revenue, Expenses, and Changes in Net Position 24 Statement of Cash Flows 25-26 Fiduciary Funds: Statement of Fiduciary Net Position 27 Statement of Changes in Fiduciary Net Position 28 Component Units: Statement of Net Position 29-30 Statement of Activities 31-32 Notes to Financial Statements 33-93 Genesee County, Michigan Contents (Continued) Required Supplemental Information 94 Budgetary Comparison Schedule - General Fund 95-96 Budgetary Comparison Schedule - Major Special Revenue Funds 97-99 Schedule of Changes in the County Net Pension Liability and Related Ratios 100 Schedule of County Contributions 101 OPEB System Schedule 102 Schedule of Changes in the County Net OPEB Liability and Related Ratios 103 Schedule of OPEB Contributions 104 Note to Required Supplemental Information 105-106 Other Supplemental Information 107 Nonmajor Governmental Funds: Fund Descriptions 108-109 Combining Balance Sheet 110-114 Combining Statement of Revenue, Expenditures, and Changes in Fund Balances 115-119 Nonmajor Enterprise Funds: Fund Descriptions 120 Combining Statement of Net Position 121 Combining Statement of Revenue, Expenses, and Changes in Net Position 122 Combining Statement of Cash Flows 123 Internal Service Funds: Fund Descriptions 124-125 Combining Statement of Net Position 126 Combining Statement of Revenue, Expenses, and Changes in Net Position 127 Combining Statement of Cash Flows 128-129 Fiduciary Funds: Fund Descriptions 130 Combining Statement of Fiduciary Net Position 131 Combining Statement of Changes in Fiduciary Net Position 132 Statement of Changes in Assets and Liabilities 133 Genesee County, Michigan Contents (Continued) Other Supplemental Information (Continued) Component Units: Brownfield Authority Fund Based Balance Sheet 134 Brownfield Authority Fund Based Schedule of Revenue and Expenditures 135 Drain Special Assessment Fund Based Balance Sheet 136 Drain Special Assessment Fund Based Schedule of Revenue and Expenditures 137 Economic Development Corporation Fund Based Balance Sheet 138 Economic Development Corporation Fund Based Schedule of Revenue and Expenditures 139 Nonmajor Governmental Funds - Budgetary Comparison 140-155 Statistical Section 156 Financial Trend Information: 157 Net Position by Component 158 Changes in Governmental Net Position 159 Changes in Business-type Net Position 160 Fund Balances - Governmental Funds 161 Changes in Fund Balances - Governmental Funds 162 Revenue Capacity Information: Taxable Value by Property Type and Actual Value 163 Direct and Overlapping Property Tax Rates 164 Principal Property Taxpayers 165 Property Tax Levies and Collections 166 Debt Capacity Information: Ratios of Outstanding Debt 167 Ratios of General Bonded Debt Outstanding 168 Direct and Overlapping Governmental Activities Debt 169 Legal Debt Margin 170 Pledged-revenue Coverage 171 Demographic and Economic Information: Demographic and Economic Statistics 172 Principal Employers 173 Operating Information: Full-time Equivalent Government Employees 174 Operating Indicators 175-176 Capital Asset Statistics 177-178 COMPREHENSIVE ANNUAL FINANCIAL REPORT GENESEE COUNTY, MICHIGAN September 30, 2017 Board of Commissioners Mark Young, Chairperson of the Board Prepared by: Controller: Independent Auditors: Controller’s Office Nerahoo Hemraj Plante & Moran, PLLC i GENESEE COUNTY CONTROLLER’S OFFICE 1101 Beach Street, 3rd Floor. Flint, Michigan 48502 Phone: (810) 257-3040. Fax (810) 257-3560 The Board of County Commissioners Genesee County March 12, 2018 Flint, MI The Comprehensive Annual Financial Report of Genesee County for the fiscal period ended September 30, 2017 is submitted herein. Responsibility for both the accuracy of the presented data and the completeness and fairness of this presentation, including all disclosures, rests with the Genesee County Board of County Commissioners. We believe the data as 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 County as measured by the financial activity of its various funds, and that all disclosures necessary to enable the reader to gain the maximum understanding of the County's financial activity have been included. A more detailed statement of management's responsibility for the financial statements is included in the Financial Section of this report, following the Auditor's opinion. In addition, the report provides 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. State Statutes require an annual audit by independent certified public accountants. The accounting firm of Plante & Moran, PLLC, was selected and approved by the Genesee County Board of County Commissioners. In addition to meeting the requirements set forth in State statutes, the audit is designed to meet the requirements of the Federal Single Audit Act of 1984 and related OMB Circular A-133. Plante & Moran, PLLC, has issued an unmodified ("clean") opinion on Genesee County's financial statements for the fiscal year ended September 30, 2017. That report on the basic financial statements and combining and individual fund statements and schedules is included in the financial section of this report. The auditor’s report related specifically to the single audit is not included in this report, but is issued as a separate report. THE REPORTING ENTITY AND ITS SERVICES The funds and entities related to Genesee County included in this Comprehensive Annual Financial Report are considered to be within the overall responsibility of the Genesee County Board of County Commissioners. The criteria used in determining the reporting entity are consistent with the Governmental Accounting Standards Board Codification Section 2100. Based on these criteria, the various funds and account groups shown in the Table of Contents are included in this report. Also included in this report are the Genesee County Building Authority, Genesee County Employees Retirement System, Genesee County Road Commission, Water and Waste Services, Economic Development Corporation, Drains, Genesee County Land Bank Authority, Brownfield Authority, and Storm Water Management System, which are presented as component units of Genesee County Government. ii Background Genesee County is geographically located in the southeast region of Michigan's Lower Peninsula, approximately 60 miles northwest of Detroit. It is the fifth largest county in the State of Michigan with a population of 408,615 based on the 2016 Census estimate. The dominant city of the County is Flint, which has a population estimate of 97,386 as of 2016. Further information regarding the description of the County and its operations is included in Note 1 to the Financial Statements. Organization of Government Unit The government structure of Genesee County is based upon the State Constitution and the general laws of the State of Michigan. The County's legislative body and its administrative body for many functions is the Board of County Commissioners. The Board consists of nine commissioners elected by direct vote from single member districts. In addition to the nine members of the Board of Commissioners, there are twenty-two other elected officials serving the County as judicial, administrative, or staff officers. An organizational chart depicting the County structure is shown on the page following this transmittal letter. The County has assets totaling $256.6 million for governmental and business-type activities and net deficit of $53.0 million. Services Provided The County is responsible for the management and financing of over 250 municipal services to its citizens. These services are separated into seven major program areas. These areas are: legislative, administration of justice, law enforcement and community protection, human services, community enrichment and development, management and planning, and general support. Approximately 95 percent of these services are mandated by State law and the Board is responsible for determining the funding level needed to maintain these functions at a serviceable level. The remaining 5 percent are discretionary. The resources and expenditure data regarding these services are discussed in the following sections of this letter. ECONOMIC CONDITION AND OUTLOOK HIGHER EDUCATION Our institutions of higher learning continue to play a significant role in the economic condition of Genesee County. Genesee County's
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