2017 Comprehensive Annual Financial Report
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2017 Comprehensive Annual Financial Report Fiscal year ending December 31, 2017 CITY OF BEAVERCREEK, OHIO COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2017 Prepared By: DEPARTMENT OF FINANCE i THIS PAGE INTENTIONALLY LEFT BLANK ii City of Beavercreek, Ohio Table of Contents For the Year Ended December 31, 2017 Page INTRODUCTORY SECTION Letter of Transmittal vii Elected Officials xiv Organizational Chart xv Certificate of Achievement for Excellence in Financial Reporting xvi FINANCIAL SECTION Independent Auditor's Report 1 Management's Discussion and Analysis 3 Basic Financial Statements: Government-wide Financial Statements: Statement of Net Position 11 Statement of Activities 12 Fund Financial Statements: Balance Sheet - Governmental Funds 14 Reconciliation of Total Governmental Fund Balance to Net Position of Governmental Activities 17 Statement of Revenues, Expenditures and Changes in Fund Balance - Governmental Funds 18 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balance of Governmental Funds to the Statement of Activities 20 Statement of Net Position - Proprietary Fund 21 Statement of Revenues, Expenses and Changes in Fund Net Position - Proprietary Fund 22 Statement of Cash Flows - Proprietary Fund 23 Statement of Fiduciary Net Position - Fiduciary Fund 24 Notes to the Basic Financial Statements 25 Required Supplementary Information: Schedule of the City's Proportionate Share of the Net Pension Liability Ohio Public Employees Retirement System - Traditional Plan 68 Schedule of the City's Proportionate Share of the Net Pension Liability Ohio Police and Fire Pension Fund 69 Schedule of City Contributions Ohio Public Employees Retirement System - Traditional Plan 70 Schedule of City Contributions Ohio Police and Fire Pension Fund 71 Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual (Non-GAAP Budgetary Basis) - General Fund 72 Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual (Non-GAAP Budgetary Basis) - Police Levy Fund 74 Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual (Non-GAAP Budgetary Basis) - Street Levy Fund 76 Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual (Non-GAAP Budgetary Basis) - Street Maintenance Fund 78 Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual (Non-GAAP Budgetary Basis) - Street Improvement Levy Fund 79 Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual (Non-GAAP Budgetary Basis) - Park Levy Fund 80 Notes to the Required Supplementary Information 81 Combining Statements and Individual Fund Schedules: Nonmajor Governmental Funds 84 Combining Balance Sheet 85 Combining Statement of Revenues, Expenditures and Changes in Fund Balance 86 iii City of Beavercreek, Ohio Table of Contents For the Year Ended December 31, 2017 Page Nonmajor Special Revenue Funds Fund Descriptions 87 Combining Balance Sheet 88 Combining Statement of Revenues, Expenditures and Changes in Fund Balance 90 Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual (Non-GAAP Budgetary Basis): State Highway Fund 92 Law Enforcement Fund 93 Drug Law Enforcement Fund 94 DUI Enforcement and Education Fund 95 Drug Offenses Forfeiture Fund 96 Federal Forfeiture Fund 97 Youth Activities Fund 98 Crime Prevention Fund 99 Police Grants Fund 100 Nonmajor Debt Service Fund Fund Description 101 Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual (Non-GAAP Budgetary Basis) - Debt Service Fund 102 Nonmajor Capital Projects Funds Fund Descriptions 103 Combining Balance Sheet 104 Combining Statement of Revenues, Expenditures and Changes in Fund Balance 105 Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual (Non-GAAP Budgetary Basis): Street Capital Improvement Fund 106 Minor Special Assessment District Projects Fund 107 Committed Park Fund 108 District One Traffic Impact Fund 109 Nonmajor Permanent Fund Fund Description 110 Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual (Non-GAAP Budgetary Basis): Cemetary Bequest Fund 111 Nonmajor Agency Funds Fund Descriptions 113 Statement of Changes in Assets and Liabilities - Agency Funds 114 iv City of Beavercreek, Ohio Table of Contents For the Year Ended December 31, 2017 Schedule Page STATISTICAL SECTION Statistical Narrative 117 Net Position by Component 1 119 Changes in Net Position 2 120 Fund Balances, Governmental Funds 3 122 Changes in Fund Balances, Governmental Funds 4 124 Assessed Value and Estimated Value of Taxable Property 5 126 Direct and Overlapping Property Tax Rates 6 127 Principal Property Tax Payers 7 128 Property Tax Levies and Collections 8 129 Income Tax by Payer Type and Income Tax Rate 9 130 Principal Income Taxpayers 10 131 Ratios of Outstanding Debt by Type 11 132 Ratios of General Bonded Debt Outstanding 12 133 Direct and Overlapping Governmental Activities Debt 13 134 Legal Debt Margin Information 14 135 Pledged-Revenue Coverage 15 136 Demographic and Economic Statistics - Greene County 16 137 Major Employers 17 138 Full-Time Equivalent City Government Employees by Function/Program 18 139 Operating Indicators by Function/Program 19 140 Capital Asset Statistics by Function/Program 20 141 v THIS PAGE INTENTIONALLY LEFT BLANK vi INTRODUCTORY SECTION June 4, 2018 Honorable Mayor Stone, Vice Mayor Vann, Members of City Council and Citizens of Beavercreek, Ohio: The Comprehensive Annual Financial Report (CAFR) of the City of Beavercreek, Ohio, for the year ended December 31, 2017, is hereby submitted. To the best of our knowledge and belief, the enclosed data is accurate in all material respects and is reported in a manner designed to present fairly the financial position and results of operations of the various funds of the City. All disclosures necessary to enable the reader to gain an understanding of the City’s financial activities have been included. Responsibility for both the accuracy of the data, and the completeness and fairness of the presentation, including all disclosures, rests with management of the City. This CAFR incorporates GASB Statement No. 34 – Basic Financial Statements and Management’s Discussion and Analysis for State and Local Governments. Statement No. 34 was developed to ensure that annual financial reports of State and local governments were easier to understand and more useful to those involved in decisions using governmental financial information. This report represents and reflects upon the City's financial operations and condition to City's residents, its elected officials, management personnel, financial institutions, City bondholders, rating agencies and all other parties interested in the financial affairs of the City. Generally Accepted Accounting Principles require that management provide a narrative introduction, overview and analysis to accompany the basic financial statements in the form of Management Discussion and Analysis (MD&A). This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it. The City’s MD&A can be found immediately following the independent auditor’s report. CITY OF BEAVERCREEK 1368 RESEARCH PARK DRIVE BEAVERCREEK, OHIO 45432 937/427‐5500 FAX 937/427‐5544 vii This report includes all funds of the City. Reflected in this report is the range of services provided by the City of Beavercreek. These include police protection, street construction and maintenance, traffic control, storm drainage improvements and maintenance, park improvements and maintenance, cemetery maintenance, recreational activities, senior center activities, cultural events, land use development regulation, government access cable channel, golf course facilities and operations, and general administration services. At present, the City has no service responsibilities for fire suppression (furnished independently by Beavercreek Township), public water distribution or sanitary sewerage (furnished independently by the Greene County Sanitary Engineering Department), or solid waste collection (furnished entirely by private firms without governmental involvement). ECONOMIC CONDITION AND OUTLOOK In 2017, economic development in the City continued to gain momentum, most notably in the new commercial construction section. Commercial construction valuation in 2017 topped the $100 million dollar (m) mark, up from $36m in 2016 and $71m in 2015. Commercial projects like HarborChase, a luxury assisted living and memory care community valued at $20.8m, the Beavercreek Senior Apartments project valued at $17.5m, the Home 2 Suites Hotel valued at $10.5m, Beavercreek Alzheimer’s Care Center valued at $10.0m and Tru Hotel by Hilton with an estimated valuation of $7.8m. Continued new growth and a recent interest in redevelopment projects for the City have created a thriving and vibrant economy that looks to continue this trend into the future. Redevelopment of the City’s “non-traditional” downtown area located at and around the intersection of Dayton-Xenia Road and North Fairfield Road, has been of particular interest. The tear down of three older buildings made way for the construction of an AAA Service center and a three-tenant upscale retail building at the southwest corner of the intersection which resulted in a vast improvement to this part of the City. With significant infrastructure improvements being made, along with grants secured by the City’s Engineering Department,