CITY OF DES MOINES, IOWA STATEMENT OF NET POSITION PROPRIETARY FUNDS June 30, 2018

Transcription

1 CITY OF DES MOINES, IOWA STATEMENT OF NET POSITION PROPRIETARY FUNDS June 30, 2018 ASSETS PARKING FACILITIES SEWER STORMWATER SYSTEM SYSTEM UTILITY Current assets: Unrestricted current assets: Cash and investments $ 3,421,882 $ 23,736,565 $ 18,467,420 Taxes receivable Accounts receivable 9, Due from other funds Due from other governmental units 4, , ,110 Inventory Prepaid items 3,031 21,894 25,339 Total unrestricted current assets 3,438,974 24,141,894 18,767,247 Restricted current assets: Cash and investments Interest receivable Total restricted current assets Total current assets 3,438,974 24,142,115 18,767,247 Noncurrent assets: Restricted cash and investments --- 2,471,059 3,255,640 Restricted interest receivable ,018 Capital assets Land 14,145,778 1,507,707 1,123,701 Construction in progress 1,010,915 12,085,613 17,036,449 Buildings 90,234, , Improvements other than buildings 34,861, ,550, ,638,761 Machinery and equipment 1,066,396 7,502,416 6,232,423 Accumulated depreciation (71,636,278) (68,923,528) (26,203,023) Total capital assets, net of accumulated depreciation BUSINESS-TYPE ACTIVITIES - ENTERPRISE FUNDS 69,682, ,296, ,828,311 Total noncurrent assets 69,682, ,767, ,100,969 Total assets $ 73,121,843 $ 175,909,849 $ 176,868,216 DEFERRED OUTFLOW OF RESOURCES Other postemployment benefits related deferred outflows 7,771 43,849 21,647 Pension related deferred outflows 316,965 1,275,144 1,877,417 Total deferred outflow of resources $ 324,736 $ 1,318,993 $ 1,899,064 36

2 BUSINESS-TYPE ACTIVITIES - ENTERPRISE FUNDS GOVERNMENTAL ACTIVITIES MUNICIPAL OTHER TOTAL INTERNAL HOUSING ENTERPRISE ENTERPRISE SERVICE AGENCY FUNDS FUNDS FUNDS $ 2,998,802 $ 4,519,670 $ 53,144,339 $ 12,535, ,453 47, , ,688 21, ,492 91,544 1,013, ,199 67, , , ,214 39,185 3,373,962 4,921,991 54,644,068 13,141, ,373,962 4,921,991 54,644,289 13,141,483 2,853, ,579, , ,388, ,497 18,289, ,132, ,291,882 1,741, ,841, ,858,605 3,466, ,375, ,525,877 16,305,019 32,632,131 37,011,682 (35,530,407) (13,314,970) (215,608,206) (32,131,900) 9,534,368 8,320, ,663,119 4,879,782 12,387,567 8,320, ,260,035 4,879,782 $ 15,761,529 $ 13,242,887 $ 454,904,324 $ 18,021,265 18,872 27, ,337 33, ,068 1,464,374 5,483,968 1,568,126 $ 568,940 $ 1,491,572 $ 5,603,305 $ 1,601,429 (continued) 37

3 CITY OF DES MOINES, IOWA STATEMENT OF NET POSITION (CONTINUED) PROPRIETARY FUNDS June 30, 2018 BUSINESS-TYPE ACTIVITIES - ENTERPRISE FUNDS PARKING FACILITIES SEWER STORMWATER SYSTEM SYSTEM UTILITY LIABILITIES Current liabilities: Accounts payable $ 586,787 $ 339,420 $ 392,326 Contracts payable 49,438 2,120,772 1,965,180 Accrued wages payable 46, , ,388 Accrued employee benefits 110, , ,433 Due to other funds 384,499 1,815 1,505 Tenant security deposits Notes payable , Accrued interest payable 84,408 29,248 20,413 Revenue bonds payable --- 2,353,628 2,156,795 General obligation bonds payable 1,920,000 1,505, ,000 Unearned revenue Total 3,182,037 6,937,735 5,687,040 Current liabilities payable from restricted assets: Revenue bonds payable , ,205 Accrued interest payable ,541 65,509 Total current liabilities payable from restricted assets Total current liabilities , ,714 3,182,037 7,178,648 6,105,754 Noncurrent liabilities: Accrued employee benefits 177, , ,157 Other postemployment benefits 198,251 1,118, ,269 Net pension liability 669,818 2,503,184 3,966,215 Advance from other funds 1,960, Revenue bonds payable, net --- 7,039,167 18,571,234 General obligation bonds payable, net 2,011,681 10,470,137 7,949,896 Capital lease payable 22,534, Other liabilities Total noncurrent liabilities 27,553,015 21,617,464 31,653,771 Total liabilities $ 30,735,052 $ 28,796,112 $ 37,759,525 DEFERRED INFLOWS OF RESOURCES Other postemployment benefits related deferred inflows 7,188 40,559 20,023 Pension related deferred inflows 148, , ,624 Total deferred inflows of resources $ 155,654 $ 593,774 $ 907,647 NET POSITION Net investment in capital assets 43,216, ,938, ,755,531 Restricted: Public housing program Flood projects Debt retirement --- 1,786,348 2,668,198 Unrestricted (660,334) 17,114,603 10,676,379 Total net position $ 42,555,873 $ 147,838,956 $ 140,100,108 The notes to the financial statements are an integral part of this statement. 38

4 GOVERNMENTAL BUSINESS-TYPE ACTIVITIES - ENTERPRISE FUNDS ACTIVITIES MUNICIPAL OTHER TOTAL INTERNAL HOUSING ENTERPRISE ENTERPRISE SERVICE AGENCY FUNDS FUNDS FUNDS $ 91,516 $ 479,090 $ 1,889,139 $ 1,097, ,135, , , , , , ,962 1,250,045 1,889,896 53, , , , , , ,510, ,910, , ,712 9, , ,653 17,330,205 3,205, , , , , ,653 17,989,832 3,205, , ,352 1,885, , , ,876 3,044, ,645 2,077,247 3,119,635 12,336,099 3,357, ,734,868 4,695, ,610, ,431, ,534, , , ,038,499 6,963,731 90,826,480 4,571,461 $ 3,636,239 $ 7,889,384 $ 108,816,312 $ 7,777,034 17,456 25, ,383 30, , ,046 2,396, ,633 $ 123,109 $ 726,203 $ 2,506,387 $ 787,438 9,534,368 8,320, ,765,007 4,879,782 3,135, ,135, ,454, (98,667) (2,202,024) 24,829,957 6,178,440 $ 12,571,121 $ 6,118,872 $ 349,184,930 $ 11,058,222 39

5 CITY OF

6 CITY OF DES MOINES, IOWA RECONCILIATION OF THE ENTERPRISE FUNDS NET POSITION TO THE STATEMENT OF NET POSITION For the Fiscal Year Ended June 30, 2018 Net position of enterprise funds $ 349,184,930 Amounts reported for proprietary activities in the statement of activities are different because: Internal service funds are used by management to charge the costs of various activities internally to individual funds. The net expense of certain activities of internal service funds is reported with business-type (14,114,711) Net position of business-type activities $ 335,070,219 The notes to the financial statements are an integral part of this statement. 41

7 CITY OF DES MOINES, IOWA STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET POSITION PROPRIETARY FUNDS For the Fiscal Year Ended June 30, 2018 BUSINESS-TYPE ACTIVITIES - ENTERPRISE FUNDS PARKING FACILITIES SEWER STORMWATER SYSTEM SYSTEM UTILITY Operating revenues: Charges for sales and services $ 11,048,191 $ 43,837,461 $ 24,251,019 Operating grants Miscellaneous ,942 6,982 Total operating revenues 11,048,191 43,851,403 24,258,001 Operating expenses: Personal services 1,242,157 4,955,388 6,236,027 Contractual services 8,121,407 20,042,488 2,334,748 Commodities 187, , ,515 Depreciation 4,173,745 4,445,579 3,585,464 Other charges 179,046 5,386,389 3,176,559 Total operating expenses 13,903,378 35,301,763 15,661,313 Operating income (loss) (2,855,187) 8,549,640 8,596,688 Non-operating revenues (expenses): Gain/(loss) on disposal of capital assets 5,022 41,889 (69,584) Investment earnings 13, ,145 1,195,088 Proceeds from damage claims Interest expense and fiscal charges (760,583) (774,108) (1,520,483) Total nonoperating revenues (expenses) (741,778) (71,074) (394,979) Income (loss) before capital grants, contributions and transfers (3,596,965) 8,478,566 8,201,709 Capital grants and contributions ,186 3,177,112 Transfers in 7,329,392 1,025, ,859 Transfers out (3,590,000) (8,742,000) (4,970,783) Change in net position 142,427 1,696,504 6,889,897 Total net position - beginning, as restated 42,413, ,142, ,210,211 Total net position - ending $ 42,555,873 $ 147,838,956 $ 140,100,108 The notes to the financial statements are an integral part of this statement. 42

8 GOVERNMENTAL BUSINESS-TYPE ACTIVITIES - ENTERPRISE FUNDS ACTIVITIES MUNICIPAL OTHER TOTAL INTERNAL HOUSING ENTERPRISE ENTERPRISE SERVICE AGENCY FUNDS FUNDS FUNDS $ 1,440,612 $ 13,061,681 $ 93,638,964 $ 46,763,904 19,009, ,009, ,222 96,146 25,860 20,449,953 13,136, ,744,451 46,789,764 3,684,727 5,303,625 21,421,924 5,621,613 17,246,425 5,565,565 53,310,633 31,842, ,471 1,413,928 5,308,720 1,266, ,680 14,393,547 1,820, ,376,114 10,118, ,396 22,197,231 13,594, ,658,140 44,941,451 (1,747,278) (457,552) 12,086,311 1,848, , ,930 74,513 41,828 91,680 2,002, ,423 4,062 22, (34,974) (3,090,148) , ,732 (922,271) 97,458 (1,705,450) (213,820) 11,164,040 1,945, ,772 3,500 5,022, ,837, (3,000,000) (20,302,783) --- (797,678) (3,210,320) 4,720,830 1,945,771 13,368,799 9,329, ,464,100 9,112,451 $ 12,571,121 $ 6,118,872 $ 349,184,930 $ 11,058,222 43

9 CITY OF

10 CITY OF DES MOINES, IOWA RECONCILIATION OF THE CHANGE IN NET POSITION OF ENTERPRISE FUNDS TO THE STATEMENT OF ACTIVITIES For the Fiscal Year Ended June 30, 2018 Net changes in net position in enterprise funds $ 4,720,830 Amounts reported for proprietary activities in the statement of activities are different because: Internal service funds are used by management to charge the costs of various activities internally to individual funds. The net expense of certain activities of internal service funds is reported with business-type (2,599,674) Change in net position of business-type activities $ 2,121,156 The notes to the financial statements are an integral part of this statement. 45

11 CITY OF DES MOINES, IOWA STATEMENT OF CASH FLOWS PROPRIETARY FUNDS For the Fiscal Year Ended June 30, 2018 BUSINESS-TYPE ACTIVITIES - CASH FLOWS FROM OPERATING ACTIVITIES SEWER STORMWATER PARKING SYSTEM UTILITY Receipts from customers and users $ 11,041,615 $ 43,892,042 $ 24,431,410 Receipts from interfund services provided Payments to suppliers (8,355,062) (25,789,170) (5,743,948) Payments to employees (1,149,761) (4,798,829) (6,156,374) Receipts from miscellaneous revenue ,982 Proceeds from damage claims Payments for interfund services used Net cash provided (used) by operating activities 1,537,431 13,304,043 12,538,070 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Payments to interfund accounts (384,498) Proceeds from interfund accounts 2, Transfers In 7,329,392 1,025, ,859 Transfers Out (3,590,000) (8,742,000) (4,970,783) Intergovernmental receipts Net cash provided (used) by capital and related financing activities 3,357,419 (7,716,248) (4,488,924) CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Proceeds from intergovernmental and capital grants ,259,727 Interest paid on capital debt (731,836) (1,057,220) (2,341,371) Principal paid on long-term debt and leases (1,885,000) (3,274,687) (13,675,000) Proceeds from sale of capital assets 5,022 54, ,132 Acquisition and construction of capital assets (4,097,571) (9,728,239) (14,555,056) Net cash provided by (used) by capital and related financing activities (6,709,385) (14,005,723) (28,192,568) CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sales and maturities of investments $ --- $ 14,581,670 $ 18,521,393 Purchase of investments --- (12,451,342) (15,289,944) Interest and dividends received 13, ,461 1,200,334 Net cash provided by investing activities 13,144 2,776,789 4,431,783 Net increase (decrease) in cash and cash equivalents (1,801,391) (5,641,139) (15,711,639) Cash and cash equivalents, beginning of year 5,223,273 29,377,704 34,179,059 Cash and cash equivalents, end of year $ 3,421,882 $ 23,736,565 $ 18,467,420 46

12 MUNICIPAL OTHER GOVERNMENTAL ACTIVITIES HOUSING ENTERPRISE INTERNAL AGENCY FUNDS TOTALS SERVICE FUNDS $ 20,497,203 $ 13,169,024 $ 113,031,294 $ 37,925, ,833,978 (17,134,845) (7,109,169) (64,132,194) (37,548,631) (3,627,124) (5,164,782) (20,896,870) (5,626,556) , ,423 4,062 22, (292,732) (264,766) 898,496 28,013,274 3,314, (214,861) (599,359) (318,449) ,525 9, ,837, (3,000,000) (20,302,783) (3,214,861) (12,062,614) (308,393) 907,772 3,500 3,170, (34,974) (4,165,401) (18,834,687) , ,017 77,335 (484,004) (4,275,020) (33,139,890) (2,161,713) 423,768 (4,082,054) (52,565,962) (2,084,378) $ --- $ --- $ 33,103,063 $ (27,741,286) ,828 91,680 1,993, ,828 91,680 7,355, ,830 (6,306,739) (29,260,078) 921,512 5,651,171 10,826,409 85,257,616 11,613,713 $ 5,852,001 $ 4,519,670 $ 55,997,538 $ 12,535,225 (continued) 47

13 CITY OF DES MOINES, IOWA STATEMENT OF CASH FLOWS (CONTINUED) PROPRIETARY FUNDS For the Fiscal Year Ended June 30, 2018 BUSINESS-TYPE ACTIVITIES - SEWER STORMWATER PARKING SYSTEM UTILITY Reconciliation of cash and cash equivalents to specific assets on the combined statement of net position: Unrestricted cash and investments $ 3,421,882 $ 23,736,565 $ 18,467,420 Restricted cash and investments - noncurrent --- 2,471,059 3,255,640 Less items not meeting the definition of cash equivalents --- (2,471,059) (3,255,640) Cash and cash equivalents, end of year 3,421,882 23,736,565 18,467,420 Reconciliation of operating income (loss) to net cash provided (used) by operating activities: Operating income (loss) $ (2,855,187) $ 8,549,640 $ 8,596,688 Adjustments to reconcile operating income (loss) to net cash provided (used) by operating activities: Depreciation expense 4,173,745 4,445,579 3,585,464 Proceeds from damage claims (Increase) decrease in accounts and taxes receivable (9,476) 339, ,607 (Increase) decrease in special assessments receivable ,400 15,694 (Increase) decrease in due from other governmental units 2,900 (312,022) (4,910) (Increase) in inventories (Increase) decrease in prepaid items (3,031) (18,108) (14,099) Increase (decrease) in accounts and contracts payable 132, , ,973 Increase (decrease) in accrued wages payable (2,166) 18,102 5,871 Increase (decrease) in accrued employee benefits and other postemployment benefits 75, ,461 (21,236) Increase (decrease) in due to other governmental units Increase in other liabilities, self-sufficiency participation and tenant security deposits Increase (decrease) in unearned revenue (Increase) decrease in deferred outflows (70,185) (318,255) (424,592) Increase (decrease) in deferred inflows 56, , ,374 (Increase) decrease in net pension liability 35, , ,236 Total adjustments 4,392,618 4,754,403 3,941,382 Net cash provided (used) by operating activities $ 1,537,431 $ 13,304,043 $ 12,538,070 Schedule of noncash investing and financing activities: Increase (decrease) in fair value of investments (6) 19,571 (4,608) Schedule of noncash capital and related financing activities: Gain (loss) on disposal of capital assets 5,022 41,889 (69,584) Payments on accounts or contracts payable for acquisition of capital assets --- 1,972,142 1,246,355 Capital lease 22,534, Capital assets contributed , ,385 The notes to the financial statements are an integral part of this statement. 48

14 MUNICIPAL OTHER GOVERNMENTAL ACTIVITIES HOUSING ENTERPRISE INTERNAL AGENCY FUNDS TOTALS SERVICE FUNDS $ 2,998,802 $ 4,519,670 $ 53,144,339 $ 12,535,225 2,853, ,579, (5,726,699) --- 5,852,001 4,519,670 55,997,538 12,535,225 $ (1,747,278) $ (457,552) $ 12,086,311 $ 1,848,313 1,266, ,680 14,393,547 1,820, ,423 4,062 22,945 (1,881) 64, ,443 (13,149) --- (32,557) (3,463) ,350 3,079 (281,603) (24,684) 21, (13,661) 13,198 18, , ,298 (330,968) 15,096 (4,231) 32,672 (4,817) 42,507 46, ,900 (102,039) 10, , , , ,499 (3,333) (1,834) (17,358) (167,876) (311,884) (1,292,792) (337,579) 148, , , ,412 90, , , ,080 1,482,512 1,356,048 15,926,963 1,465,970 $ (264,766) $ 898,496 $ 28,013,274 $ 3,314, , , ,930 74, ,218, ,534, ,851,