Comprehensive Annual Financial Report For the Year Ending June 30, 2013 City of Provo, Utah Comprehensive Annual Financial Report City of Provo, Utah For the Fiscal Year Ended June 30, 2013 Prepared by the Provo City Finance Division PROVO CITY CORPORATION COMPREHENSIVE ANNUAL FINANCIAL REPORT YEAR ENDED JUNE 30, 2013 TABLE OF CONTENTS Introductory Section Letter of Transmittal .................................................................................................................................................................1 GFOA Certificate of Achievement ...........................................................................................................................................8 Provo City Organizational Chart ..............................................................................................................................................9 Elected and Staff Positions ..................................................................................................................................................... 10 Financial Section Independent Auditors’ Report ................................................................................................................................................ 11 Management’s Discussion and Analysis ................................................................................................................................ 13 Basic Financial Statements Government-Wide Financial Statements Statement of Net Position .......................................................................................................................... 23 Statement of Activities ............................................................................................................................... 24 Fund Financial Statements Governmental Funds Financial Statements Balance Sheet............................................................................................................................... 25 Reconciliation of the Balance Sheet to the Statement of Net Position ........................................ 26 Statement of Revenues, Expenditures and Changes in Fund Balances ........................................ 27 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances to the Statement of Activities ....................................................................................... 28 General Fund Budgetary Comparison ......................................................................................... 29 Housing Consortium Budgetary Comparison .............................................................................. 30 Proprietary Fund Financial Statements Statement of Net Position ............................................................................................................ 31 Statement of Revenues, Expenses and Changes in Net Position ................................................. 33 Statement of Cash Flows ............................................................................................................. 35 Notes to the Financial Statements ............................................................................................................................ 38 Supplementary Information Schedule of Funding Progress .................................................................................................................................. 79 Other Governmental Funds Combining Balance Sheet ........................................................................................................................................ 80 Combining Statement of Revenues, Expenditures, and Changes in Fund Balance .................................................. 82 Comparative Schedules of Revenues, Expenditures and Change in Fund Balance—Budget & Actual Library ...................................................................................................................................................................... 85 Arts Council ............................................................................................................................................................. 86 Winterfest ................................................................................................................................................................. 87 Commercial Rehab ................................................................................................................................................... 88 Business Development ............................................................................................................................................. 89 Rental Rehab ............................................................................................................................................................ 90 Community Development Block Grant .................................................................................................................... 91 Tax Increment .......................................................................................................................................................... 92 Housing Rehabilitation ............................................................................................................................................. 93 CNRCC .................................................................................................................................................................... 94 New Development .................................................................................................................................................... 95 Homebuyer Assistance ............................................................................................................................................. 96 Special Purpose Grants ............................................................................................................................................. 97 Boulder’s Grant ........................................................................................................................................................ 98 Debt Service ............................................................................................................................................................. 99 Engineering Capital Improvement ......................................................................................................................... 100 Parks Capital Improvement .................................................................................................................................... 101 Economic/Community Investment ......................................................................................................................... 102 Economic Development ......................................................................................................................................... 103 General Capital Improvement ................................................................................................................................ 104 Internal Service Funds Statement of Net Position ....................................................................................................................................... 105 Combining Statement of Revenues, Expenses, and Changes in Net Position ....................................................... 106 Combining Statement of Cash Flows ..................................................................................................................... 107 Statistical Information Net Position by Component .................................................................................................................................................. 109 Changes in Net Position ....................................................................................................................................................... 110 Fund Balances of Governmental Funds ................................................................................................................................ 112 Changes in Fund Balances of Governmental Funds ............................................................................................................. 113 General Government Tax Revenue by Source...................................................................................................................... 114 Assessed Value and Estimated Actual Value of Taxable Property....................................................................................... 115 Property Tax Rates—Direct and Overlapping Governments ............................................................................................... 116 Principal Property Taxpayers ............................................................................................................................................... 117 Property Tax Levies and Collections .................................................................................................................................... 118 Ratio of Outstanding Debt by Type ...................................................................................................................................... 119 Ratios of General Bonded Debt Outstanding........................................................................................................................ 120 Direct and Overlapping