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Comprehensive Annual Financial Report

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Comprehensive Annual Financial Report State of Nevada Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2006 Kathy Augustine State Controller In Memory of Kathy Augustine State Controller The Office of State Controller was created when Nevada became a state in 1864. The Controller is one of Nevada’s six constitutional officers elected statewide to a four-year term. Ms. Augustine was sworn in as Nevada’s first female State Controller on January 4, 1999 and was elected to her second and final term in November of 2002. She served as a member of the State Board of Finance, the Department of Transportation Board of Directors and the Executive Branch Audit Committee. As Chief Fiscal Officer of the State, the Controller is empowered to represent the State in fiscal matters and the position is critical in maintaining a checks-and-balance system in state finances. The Controller ensures compliance with state fiscal and federal revenue laws. The Controller administers the state accounting system in order to provide fair, accurate, consistent, and timely financial reporting in accordance with standards set forth by the Governmental Accounting Standards Board. The office also prepares the Popular and Comprehensive Annual Financial Reports, pays employee salaries, processes claims against the state and administers the State’s debt collection program. Comprehensive Annual Financial Report For the Fiscal Year Ended June 30, 2006 Table of Contents INTRODUCTORY SECTION Letter of Transmittal.................................................................................................................................................................. 1 Constitutional Officers.............................................................................................................................................................. 6 Organizational Chart................................................................................................................................................................... 7 GFOA Certificate of Achievement............................................................................................................................................. 8 One Hundred Years of Las Vegas.............................................................................................................................................. 9 FINANCIAL SECTION Independent Auditor’s Report................................................................................................................................................... 18 Management’s Discussion and Analysis.................................................................................................................................... 20 Basic Financial Statements Government-Wide Financial Statements Statement of Net Assets............................................................................................................................................... 34 Statement of Activities..................................................................................................................................................... 36 Fund Financial Statements Balance Sheet - Governmental Funds............................................................................................................................ 38 Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Assets....................................... 40 Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds............................... ... 42 Reconciliation of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities....................................................................................................................... 44 Statement of Net Assets - Proprietary Funds............................................................................................................... 46 Statement of Revenues, Expenses and Changes in Fund Net Assets - Proprietary Funds.......................................... 48 Statement of Cash Flows - Proprietary Funds............................................................................................................. 50 Statement of Fiduciary Net Assets - Fiduciary Funds............................................................................................. 52 Statement of Changes in Fiduciary Net Assets - Fiduciary Funds............................................................................ 53 Notes to the Financial Statements........................................................................................................................................ 55 Required Supplementary Information Budgetary Comparison Schedule - General Fund and Major Special Revenue Funds............................................. 92 Notes to Required Supplementary Information - Budgetary Reporting...................................................................... 94 Schedule of Funding Progress - Pension Plans............................................................................................................ 95 Schedule of Infrastructure Condition and Maintenance Data.................................................................................... .. 96 Combining Statements and Schedules Nonmajor Governmental Funds Combining Balance Sheet.......................................................................................................................................... ....... 102 Combining Statement of Revenues, Expenditures and Changes in Fund Balances.................................................... 103 Nonmajor Special Revenue Funds Combining Balance Sheet...................................................................................................................................... 104 Combining Statement of Revenues, Expenditures and Changes in Fund Balances.............................................. 108 Other Nonmajor Governmental Funds Combining Balance Sheet...................................................................................................................................... 112 Combining Statement of Revenues, Expenditures and Changes in Fund Balances............................................... 114 State of Nevada Table of Contents (continued) FINANCIAL SECTION (continued) Schedule of Total Uses - Budget and Actual, Non-GAAP Budgetary Basis - All General Fund Budgets..................... 116 Schedule of Total Uses - Budget and Actual, Non-GAAP Budgetary Basis - All Special Revenue Fund Budgets...................... 124 Schedule of Sources - Budget and Actual, Non-GAAP Budgetary Basis - All Nonmajor Special Revenue Fund Budgets..................................................................................................................................... 128 Nonmajor Enterprise Funds Combining Statement of Net Assets........................................................................................................................ 132 Combining Statement of Revenues, Expenses and Changes in Fund Net Assets.................................................... 134 Combining Statement of Cash Flows....................................................................................................................... 136 Internal Service Funds Combining Statement of Net Assets.......................................................................................................................... 140 Combining Statement of Revenues, Expenses and Changes in Fund Net Assets.................................................... 142 Combining Statement of Cash Flows........................................................................................................................ 144 Fiduciary Funds Combining Statement of Fiduciary Net Assets - Pension Trust and Investment Trust Funds..................................... 148 Combining Statement of Changes in Fiduciary Net Assets - Pension Trust and Investment Trust Funds....................... 150 Combining Statement Fiduciary Assets and Liabilites - Agency Funds.................................................................... 152 Combining Statement of Changes in Assets and Liabilities - Agency Funds............................................................ 154 STATISTICAL SECTION Table 1 - Net Assets by Component............................................................................................................................................... 158 Table 2 - Changes in Net Assets............................................................................................................................................ 158 Table 3 - Fund Balances of Governmental Funds......................................................................................................................... 160 Table 4 - Changes in Fund Balances of Governmental Funds.............................................................................................. 160 Table 5 - Taxable Sales by County............................................................................................................................................... 162 Table 6 - Principal Sales Tax Payers by Business Type........................................................................................................ 163 Table 7 - Ratios of Outstanding Debt by Type.................................................................................................................
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