City of Genoa, Illinois Comprehensive Annual Financial Report For the Fiscal Year Ended April 30, 2018 CITY OF GENOA, ILLINOIS COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Year Ended April 30, 2018 Prepared By: City of Genoa, Illinois Department of Finance CITY OF GENOA, ILLINOIS TABLE OF CONTENTS Page(s) INTRODUCTORY SECTION Letter of Transmittal ..................................................................................................... i-vii Certificate of Achievement for Excellence in Financial Reporting .............................. viii Principal Officials ......................................................................................................... ix Organizational Chart ..................................................................................................... x FINANCIAL SECTION INDEPENDENT AUDITOR’S REPORT .................................................................... 1-3 GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS Management’s Discussion and Analysis .................................................................. MD&A 1-12 Basic Financial Statements Government-Wide Financial Statements Statement of Net Position ............................................................................... 4-5 Statement of Activities ................................................................................... 6-7 Fund Financial Statements Governmental Funds Balance Sheet ............................................................................................. 8 Reconciliation of Fund Balances of Governmental Funds to the Governmental Activities in the Statement of Net Position ................ 9 Statement of Revenues, Expenditures, and Changes in Fund Balances .... 10 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances to the Governmental Activities in the Statement of Activities .................................................. 11 CITY OF GENOA, ILLINOIS TABLE OF CONTENTS (Continued) Page(s) FINANCIAL SECTION (Continued) GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS (Continued) Basic Financial Statements (Continued) Fund Financial Statements (Continued) Proprietary Funds Statement of Net Position .......................................................................... 12 Statement of Revenues, Expenses, and Changes in Net Position .............. 13 Statement of Cash Flows ........................................................................... 14 Fiduciary Funds Statement of Fiduciary Net Position .......................................................... 15 Statement of Changes in Fiduciary Net Position ....................................... 16 Notes to Financial Statements ............................................................................. 17-50 Required Supplementary Information Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual General Fund .................................................................................................. 51 CDAP Loan Fund ........................................................................................... 52 Schedule of Employer Contributions Illinois Municipal Retirement Fund ............................................................... 53 Police Pension Fund ....................................................................................... 54 Schedule of Changes in the Employer’s Net Pension Liability and Related Ratios Illinois Municipal Retirement Fund ............................................................... 55 Police Pension Fund ....................................................................................... 56 Schedule of Investment Returns Police Pension Fund ....................................................................................... 57 Notes to Required Supplementary Information .................................................. 58 CITY OF GENOA, ILLINOIS TABLE OF CONTENTS (Continued) Page(s) FINANCIAL SECTION (Continued) COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND SCHEDULES MAJOR GOVERNMENTAL FUNDS General Fund Comparative Balance Sheet by Account ........................................................ 59 Comparative Schedule of Revenues, Expenditures, and Changes in Fund Balance by Account .......................................................... 60 Schedule of Revenues - Budget and Actual ................................................... 61-62 Schedule of Detailed Expenditures - Budget and Actual ............................... 63-67 Refuse Disposal Account Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual ............................................................... 68 Utility Tax Fund Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual ............................................................... 69 NONMAJOR GOVERNMENTAL FUNDS Combining Balance Sheet ................................................................................... 70-71 Combining Schedule of Revenues, Expenditures, and Changes in Fund Balances ................................................................................ 72-73 Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Road and Bridge Fund .................................................................................... 74 Motor Fuel Tax Fund ...................................................................................... 75 Developers Contributions Fund ...................................................................... 76 River Bend Special Service Area (SSA) Fund ............................................... 77 Derby Estate Special Service Area (SSA) Fund ............................................. 78 Oak Creek Estates Special Service Area (SSA) Fund .................................... 79 Debt Service Fund .......................................................................................... 80 MAJOR PROPRIETARY FUNDS Water and Sewer Fund by Subaccount Combining Schedule of Net Position ............................................................. 81 Combining Schedule of Revenues, Expenses, and Changes in Net Position ............................................................................... 82 Combining Schedule of Cash Flows .............................................................. 83 CITY OF GENOA, ILLINOIS TABLE OF CONTENTS (Continued) Page(s) FINANCIAL SECTION (Continued) COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS AND SCHEDULES (Continued) MAJOR PROPRIETARY FUNDS (Continued) Water and Sewer Fund Water and Sewer Operating Subaccount Schedule of Revenues, Expenses, and Changes in Net Position - Budget and Actual ......................................... 84 Schedule of Operating Expenses - Budget and Actual .............................. 85-87 Water Improvement Subaccount Schedule of Revenues, Expenses, and Changes in Net Position - Budget and Actual ......................................... 88 Sewer Equipment Replacement Subaccount Schedule of Revenues, Expenses, and Changes in Net Position - Budget and Actual ......................................... 89 INTERNAL SERVICE FUND Schedule of Revenues, Expenses, and Changes in Net Position - Budget and Actual Equipment Replacement Fund ....................................................................... 90 FIDUCIARY FUNDS Schedule of Changes in Plan Net Position - Budget and Actual Police Pension Fund ....................................................................................... 91 Schedule of Changes in Assets and Liabilities - Escrow Deposit Fund .............. 92 CAPITAL ASSETS USED IN THE OPERATION OF GOVERNMENTAL ACTIVITIES Schedule of General Capital Assets and Accumulated Depreciation.................. 93 LONG-TERM DEBT PAYABLE BY GOVERNMENTAL FUNDS Schedule of General Long-Term Debt ................................................................ 94 INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARD ................................................................. 95-96 CITY OF GENOA, ILLINOIS TABLE OF CONTENTS (Continued) Page(s) STATISTICAL SECTION Financial Trends Net Position by Component ..................................................................................... 97-98 Change in Net Position ............................................................................................ 99-102 Fund Balances of Governmental Funds ................................................................... 103-104 Changes in Fund Balances of Governmental Funds ................................................ 105-106 Revenue Capacity Assessed Value and Estimated Actual Value of Taxable Property .......................... 107 Property Tax Rates - Direct and Overlapping Governments ................................... 108 Principal Property Taxpayers ................................................................................... 109 Property Tax Levies and Collections ....................................................................... 110 Taxable Revenues .................................................................................................... 111 Taxable Retail Sales by Category ............................................................................ 112 Debt Capacity Ratios of Outstanding Debt by Type .......................................................................