CITY OF DES MOINES, IOWA STATEMENT OF NET POSITION PROPRIETARY FUNDS June 30, 2015

Transcription

1 CITY OF DES MOINES, IOWA STATEMENT OF NET POSITION PROPRIETARY FUNDS June 30, 2015 BUSINESS-TYPE ACTIVITIES - ENTERPRISE FUNDS PARKING FACILITIES SEWER STORMWATER SYSTEM SYSTEM UTILITY ASSETS Current assets: Unrestricted current assets: Cash and investments $ 6,854,954 $ 18,462,765 $ 14,239,828 Taxes receivable Accounts receivable 30, , ,978 Special assessments receivable ,487 16,510 Due from other funds Due from other governmental units 11,345 60, ,611 Inventory Prepaid items --- 3,382 8,855 Total unrestricted current assets 6,896,663 18,928,018 14,562,782 Restricted current assets: Cash and investments , ,722 Interest receivable --- 2, Total restricted current assets , ,722 Total current assets 6,896,663 19,166,069 14,886,504 Noncurrent assets: Restricted cash and investments --- 4,312,771 3,705,966 Restricted interest receivable Capital assets Land 12,970,647 1,340, ,553 Construction in progress 2,483,749 5,219,550 6,200,996 Buildings 67,476, , Improvements other than buildings 34,740, ,510, ,632,471 Machinery and equipment 1,148,917 6,742,241 4,416,785 Accumulated depreciation (66,295,300) (57,024,867) (17,122,501) Total capital assets, net of accumulated depreciation 52,525, ,361, ,077,304 Total noncurrent assets 52,525, ,674, ,783,502 Total assets $ 59,422,078 $ 163,840,144 $ 150,670,006 DEFERRED OUTFLOW OF RESOURCES Pension related deferred outflows $ 86,886 $ 329,188 $ 505,532 36

2 BUSINESS-TYPE ACTIVITIES - ENTERPRISE FUNDS GOVERNMENTAL ACTIVITIES MUNICIPAL OTHER TOTAL INTERNAL HOUSING ENTERPRISE ENTERPRISE SERVICE AGENCY FUNDS FUNDS FUNDS $ 1,456,866 $ 8,934,398 $ 49,948,811 $ 12,825, ,446 50, , ,918 89, ,364 86, , ,699 4, , , ,149 97,330 19, ,500 57,373 2,088,485 9,196,331 51,672,279 13,231, , , , ,088,485 9,196,331 52,234,052 13,231,878 6,005, ,024, ,388, ,497 16,772, , ,010, ,621,617 1,474, ,146, ,846,153 3,483, ,213, ,439,904 14,451,342 28,199,189 33,969,088 (31,757,586) (13,990,804) (186,191,058) (30,671,265) 10,644,720 5,541, ,150,640 3,297,823 16,650,425 5,541, ,175,314 3,297,823 $ 18,738,910 $ 14,738,228 $ 407,409,366 $ 16,529,701 $ 272,983 $ 403,230 $ 1,597,819 $ 434,733 (continued) 37

3 CITY OF DES MOINES, IOWA STATEMENT OF NET POSITION (CONTINUED) PROPRIETARY FUNDS June 30, 2015 BUSINESS-TYPE ACTIVITIES - ENTERPRISE FUNDS PARKING FACILITIES SEWER STORMWATER SYSTEM SYSTEM UTILITY LIABILITIES Liabilities: Current liabilities: Accounts payable $ 213,793 $ 194,898 $ 198,220 Contracts payable 320, , ,435 Accrued wages payable 35,881 89, ,081 Accrued employee benefits 89, , ,732 Due to other funds 376, Tenant security deposits Notes payable , Accrued interest payable 15,750 31,202 23,563 Revenue bonds payable --- 2,024,000 2,722,500 General obligation bonds payable 1,825, , ,000 Unearned revenue Total 2,877,345 3,123,536 4,091,531 Current liabilities payable from restricted assets: Revenue bonds payable , ,500 Accrued interest payable ,052 76,221 Total current liabilities payable from restricted assets , ,721 2,877,345 3,353,588 4,415,252 Total current liabilities Noncurrent liabilities: Accrued employee benefits 139, , ,355 Other postemployment benefits 64, , ,560 Net pension liability 411,678 1,553,274 2,449,226 Advance from other funds 3,106, Notes payable , Revenue bonds payable, net ,317,000 23,171,175 General obligation bonds payable, net 7,853,979 12,333,474 9,497,497 Other liabilities Total noncurrent liabilities 11,576,351 31,245,738 35,929,813 Total liabilities 14,453,696 34,599,326 40,345,065 DEFERRED INFLOWS OF RESOURCES Pension related deferred inflows 170, ,241 1,014,272 NET POSITION Net investment in capital assets 42,846, ,559, ,366,149 Restricted: Public housing program Debt retirement --- 1,786,348 3,232,298 Unrestricted 2,038,348 12,581,250 4,217,754 Total net position $ 44,884,784 $ 128,926,765 $ 109,816,201 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 $ 315,750 $ 97,497 $ 1,020,158 $ 964, , , , , , , ,508 1,180,860 1,806,428 19, ,886 78, , , , , ,746, ,390, , ,998 20, , ,179 11,298,879 2,989, , , , , ,179 11,852,652 2,989, , ,728 1,684, , , , , ,983 1,335,353 1,941,733 7,691,264 2,097, ,359,681 6,466, , ,488, ,684, , , ,886,588 5,909,161 86,547,651 2,616,636 2,613,876 6,388,340 98,400,303 5,606, , ,109 3,185, ,656 10,644,720 5,541, ,958,369 3,297,823 6,005, ,005, ,018, (805,403) 2,407,112 20,439,061 7,191,683 $ 15,845,022 $ 7,949,009 $ 307,421,781 $ 10,489,506 39

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6 CITY OF DES MOINES, IOWA RECONCILIATION OF ENTERPRISE FUNDS NET POSITION TO THE STATEMENT OF NET POSITION June 30, 2015 Total enterprise funds net position $ 307,421,781 Amounts reported for enterprise activities in the statement of net position are different because: Internal service funds are used by management to charge the costs of certain services to individual funds. The assets and liabilities of the internal service funds are included in governmental activities in the statement of net position. Net position of business-type activities $ (6,541,666) 300,880,115 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, 2015 BUSINESS-TYPE ACTIVITIES - ENTERPRISE FUNDS PARKING FACILITIES SEWER STORMWATER SYSTEM SYSTEM UTILITY Operating revenues: Charges for sales and services $ 8,887,844 $ 39,205,878 $ 20,573,495 Operating grants Miscellaneous , ,006 Total operating revenues 8,887,844 39,272,255 20,795,501 Operating expenses: Personal services 1,197,519 4,327,693 5,476,433 Contractual services 6,240,235 17,951,062 2,537,964 Commodities 243, , ,299 Depreciation 3,556,141 3,900,224 2,943,002 Other charges 127,849 5,112,246 3,082,625 Total operating expenses 11,365,410 31,619,033 14,289,323 Operating income (loss) (2,477,566) 7,653,222 6,506,178 Non-operating revenues (expenses): Gain/(loss) on disposal of capital assets ,389 (10,463) Investment earnings 4, , ,698 Proceeds from damage claims 7, Other Interest expense and fiscal charges (157,728) (896,545) (997,584) Total nonoperating revenues (expenses) (145,997) (368,379) (823,349) Income (loss) before capital grants, contributions and transfers (2,623,563) 7,284,843 5,682,829 Capital grants and contributions , ,525 Transfers in 3,431, ,000 82,500 Transfers out (797,940) Change in net position 808,110 8,102,911 5,158,914 Total net position - beginning, as restated 44,076, ,823, ,657,287 Total net position - ending $ 44,884,784 $ 128,926,765 $ 109,816,201 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 $ 1,514,642 $ 12,431,530 $ 82,613,389 $ 39,245,890 17,267, ,267, , ,222 23,376 18,782,207 12,528, ,266,176 39,269,266 3,680,567 4,591,808 19,274,020 4,941,722 16,593,097 5,205,439 48,527,797 27,550, ,983 1,198,756 5,676,895 1,713, ,160 13,111,109 1,329, ,480 9,063, ,827 21,987,246 11,913,870 91,174,882 40,423,366 (3,205,039) 614,499 9,091,294 (1,154,100) 180,832 71, ,476 82,318 5,953 13, , , , (29,825) --- (29,825) (17,995) (2,069,852) , ,404 (963,361) 82,665 (3,048,079) 831,903 8,127,933 (1,071,435) 804,361 4,000 1,377, ,954, (797,940) --- (2,243,718) 835,903 12,662,120 (1,071,435) 18,088,740 7,113, ,759,661 11,560,941 $ 15,845,022 $ 7,949,009 $ 307,421,781 $ 10,489,506 43

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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, 2015 Net changes in net position in enterprise funds $ 12,662,120 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 (1,903,385) Change in net position of business-type activities $ 10,758,735 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, 2015 CASH FLOWS FROM OPERATING ACTIVITIES PARKING FACILITIES SEWER STORMWATER SYSTEM SYSTEM UTILITY Receipts from customers and users $ 8,909,418 $ 39,287,800 $ 21,195,058 Receipts from interfund services provided Payments to suppliers (6,462,089) (23,319,426) (5,760,389) Payments to employees (1,202,563) (4,424,593) (5,580,288) Receipts from miscellaneous revenue , ,006 Proceeds from damage claims 7, Payments for interfund services used Net cash provided by (used in) operating activities 1,252,016 11,610,158 10,076,387 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Payments to interfund accounts (374,499) Transfers In 3,431, ,000 82,500 Transfers Out (797,940) Intergovernmental receipts Net cash provided by (used in) capital and related financing activities 3,057, ,000 (715,440) CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Proceeds from intergovernmental and capital grants ,499 Interest paid on capital debt (250,500) (1,626,631) (1,408,682) Principal paid on long-term debt and leases (1,800,000) (2,904,556) (3,577,918) Proceeds from sale of capital assets ,454 12,759 Acquisition and construction of capital assets (2,599,986) (1,931,110) (4,247,458) Net cash provided by (used in) capital and related financing activities (4,650,486) (6,425,843) (9,145,800) CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sales and maturities of investments --- $ 10,383,427 $ 7,319,006 Purchase of investments --- (12,913,881) (7,311,662) Interest and dividends received 4, , ,822 Net cash provided by (used in) investing activities 4,480 (2,021,929) 156,166 Net increase (decrease) in cash and cash equivalents (336,816) 3,602, ,313 Cash and cash equivalents, beginning of year 7,191,770 15,096,130 14,192,237 Cash and cash equivalents, end of year $ 6,854,954 $ 18,698,516 $ 14,563,550 Reconciliation of cash and investments to statement of net position: BUSINESS-TYPE ACTIVITIES Unrestricted cash and investments, current $ 6,854,954 $ 18,462,765 $ 14,239,828 Restricted cash and investments, current , ,722 Restricted cash and investments, non current --- 4,312,771 3,705,966 Less investments --- (4,312,771) (3,705,966) $ 6,854,954 $ 18,698,516 $ 14,563,550 46

12 MUNICIPAL OTHER GOVERNMENTAL ACTIVITIES HOUSING ENTERPRISE INTERNAL AGENCY FUNDS TOTALS SERVICE FUNDS $ 18,607,803 $ 12,628,203 $ 100,628,282 $ 29,833, ,331,015 (16,591,236) (6,308,888) (58,442,028) (33,725,943) (3,804,747) (4,729,983) (19,742,174) (5,126,314) , , , (256,081) (1,788,180) 1,739,991 22,890,372 56, (178,004) (552,503) (19,277) ,954, (797,940) (771) --- (178,004) 2,603,730 (20,048) 804,361 4, , (19,182) (3,304,995) (380,176) (8,662,650) ,644 71, , ,463 (820,492) (405,179) (10,004,225) (540,857) 375,513 (728,819) (20,575,435) (432,394) $ --- $ --- $ 17,702,433 $ (20,225,543) --- 5,953 13, , ,953 13,022 (1,842,308) --- (1,406,714) 846,190 3,076,359 (395,679) 8,869,285 8,088,208 53,437,630 13,221,357 $ 7,462,571 $ 8,934,398 $ 56,513,989 $ 12,825,678 $ 1,456,866 $ 8,934,398 49,948,811 $ 12,825, , ,005, ,024, (8,018,737) --- $ 7,462,571 $ 8,934,398 $ 56,513,989 $ 12,825,678 (continued) 47

13 CITY OF DES MOINES, IOWA STATEMENT OF CASH FLOWS PROPRIETARY FUNDS For the Fiscal Year Ended June 30, 2015 PARKING FACILITIES SEWER STORMWATER SYSTEM SYSTEM UTILITY Reconciliation of operating income (loss) to net cash provided by (used in) operating activities: Operating income (loss) $ (2,477,566) $ 7,653,222 $ 6,506,178 Adjustments to reconcile operating income (loss) to net cash provided by (used in) operating activities: BUSINESS-TYPE ACTIVITIES Depreciation expense 3,556,141 3,900,224 2,943,002 Proceeds from damage claims 7, (Increase) decrease in accounts and taxes receivable 21,574 43,763 39,119 (Increase) decrease in special assessments receivable ,499 8,362 (Increase) decrease in due from other governmental units , ,082 Decrease in inventories (Increase) decrease in prepaid items --- (2,740) (6,937) (Increase) decrease in accounts, contracts payable and other liabilities 149,661 74, ,436 Increase in accrued wages payable 11,284 9,961 40,396 Increase (decrease) in accrued employee benefits and other postemployment benefits 20,252 32,522 61,993 Increase in other liabilities, self-sufficiency participation and tenant security deposits Increase (decrease) in unearned revenue (Increase) decrease in deferred outflows (26,229) (100,327) (144,660) Increase in deferred inflows 170, ,241 1,014,272 (Decrease) in net pension liability (180,835) (682,297) (1,075,856) Total adjustments 3,729,582 3,956,936 3,570,209 Net cash provided by (used in) operating activities $ 1,252,016 $ 11,610,158 $ 10,076,387 Schedule of noncash investing and financing activities: Increase (decrease) in fair value of investments --- 3,441 (39,872) Schedule of noncash capital and related financing activities: Gain (loss) on disposal of capital assets ,389 (10,463) Capiitalized interest , ,864 Payments (proceeds) on contracts payable for acquisition of capital assets ,757 (350,113) Capital assets contributed , ,026 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 $ (3,205,039) $ 614,499 $ 9,091,294 $ (1,154,100) 1,713, ,160 13,111,109 1,329, , , , , ,621 (110,544) --- (1,149) 22, (248,522) (4,213) 344, , (9,179) (7,083) 1,362 15, ,904 (77,353) 27,373 25, ,560 19,394 (41,776) 2,235 75,226 88,428 28, , (1,418) --- (1,418) 6,031 (76,231) 172,972 (174,475) (125,671) 552, ,109 3,185, ,656 (586,540) (1,143,037) (3,668,565) (921,397) 1,416,859 1,125,492 13,799,078 1,210,863 $ (1,788,180) $ 1,739,991 $ 22,890,372 $ 56, (36,431) ,832 71, ,476 82, , (125,356) ,