CITY OF DES MOINES, IOWA STATEMENT OF NET POSITION PROPRIETARY FUNDS June 30, 2016

Transcription

1 CITY OF DES MOINES, IOWA STATEMENT OF NET POSITION PROPRIETARY FUNDS June 30, 2016 ASSETS BUSINESS-TYPE ACTIVITIES - ENTERPRISE FUNDS PARKING FACILITIES SEWER STORMWATER SYSTEM SYSTEM UTILITY Current assets: Unrestricted current assets: Cash and investments $ 5,859,181 $ 23,911,323 $ 19,419,675 Taxes receivable Accounts receivable 6, ,643 80,306 Special assessments receivable ,537 19,309 Due from other funds 1,629,409 1,416 1,159 Due from other governmental units 11, ,702,865 Inventory Prepaid items ,034 Total unrestricted current assets 7,506,809 24,166,897 21,230,348 Restricted current assets: Cash and investments --- 3,075 4,801 Interest receivable --- 1, Total restricted current assets --- 4,206 4,801 Total current assets 7,506,809 24,171,103 21,235,149 Noncurrent assets: Restricted cash and investments --- 4,598,491 3,567,274 Restricted interest receivable ,817 Capital assets Land 11,876,386 1,340,176 1,023,701 Construction in progress 5,654,549 5,467,436 4,246,944 Buildings 64,449, , Improvements other than buildings 34,703, ,523, ,516,219 Machinery and equipment 1,148,917 6,921,744 4,614,700 Accumulated depreciation (64,263,856) (60,934,995) (20,230,875) Total capital assets, net of accumulated depreciation 53,568, ,891, ,170,689 Total noncurrent assets 53,568, ,490, ,755,780 Total assets $ 61,075,524 $ 169,661,350 $ 157,990,929 DEFERRED OUTFLOW OF RESOURCES Pension related deferred outflows $ 166,423 $ 619,089 $ 975,479 36

2 BUSINESS-TYPE ACTIVITIES - ENTERPRISE FUNDS GOVERNMENTAL ACTIVITIES MUNICIPAL OTHER TOTAL INTERNAL HOUSING ENTERPRISE ENTERPRISE SERVICE AGENCY FUNDS FUNDS FUNDS $ 1,703,097 $ 9,288,880 $ 60,182,156 $ 10,027, ,629 48, , ,445 12, , , ,631,984 15, , ,005, , , ,056 19, ,432 41,028 2,129,299 9,726,167 64,759,520 10,254, , , , ,129,299 9,726,167 64,768,527 10,254,296 4,491, ,657, , ,388, ,497 15,752, ,368, ,296,208 1,474, ,792, ,846,153 3,483, ,073, ,464,984 14,998,278 29,148,623 36,034,431 (33,008,953) (14,495,075) (192,933,754) (30,989,946) 10,986,803 5,584, ,202,525 5,044,485 15,478,087 5,584, ,877,391 5,044,485 $ 17,607,386 $ 15,310,729 $ 421,645,918 $ 15,298,781 $ 499,494 $ 764,916 $ 3,025,401 $ 820,763 (continued) 37

3 CITY OF DES MOINES, IOWA STATEMENT OF NET POSITION (CONTINUED) PROPRIETARY FUNDS June 30, 2016 LIABILITIES BUSINESS-TYPE ACTIVITIES - ENTERPRISE FUNDS PARKING FACILITIES SEWER STORMWATER SYSTEM SYSTEM UTILITY Liabilities: Current liabilities: Accounts payable $ 394,489 $ 103,474 $ 162,646 Contracts payable 599, , ,111 Accrued wages payable 72, , ,540 Accrued employee benefits 102, , ,496 Due to other funds 1,607, Tenant security deposits Notes payable , Accrued interest payable 12,708 35,764 22,788 Revenue bonds payable --- 2,646,417 2,814,167 General obligation bonds payable 1,855, , ,000 Unearned revenue Total 4,644,577 3,883,474 4,345,748 Current liabilities payable from restricted assets: Revenue bonds payable , ,833 Accrued interest payable ,685 68,963 Total current liabilities payable from restricted assets Total current liabilities , ,796 4,644,577 4,163,742 4,670,544 Noncurrent liabilities: Accrued employee benefits 163, , ,714 Other postemployment benefits 72, , ,069 Net pension liability 501,652 1,894,658 2,968,568 Advance from other funds 2,727, Notes payable , Revenue bonds payable, net ,146,251 19,990,642 General obligation bonds payable, net 5,923,570 12,141,210 9,027,497 Other liabilities Total noncurrent liabilities 9,389,076 28,107,178 32,899,490 Total liabilities 14,033,653 32,270,920 37,570,034 DEFERRED INFLOWS OF RESOURCES Pension related deferred inflows 131, , ,620 NET POSITION Net investment in capital assets 45,790, ,126, ,246,501 Restricted: Public housing program Debt retirement --- 1,786,348 3,232,298 Unrestricted 1,286,932 19,602,859 13,129,955 Total net position $ 47,077,077 $ 137,515,265 $ 120,608,754 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 $ 303,738 $ 217,447 $ 1,181,794 $ 1,306, ,199, , , , , , ,426 1,289,070 1,927,154 81, ,689,212 4, , , , , ,460, ,425, , ,684 14, , ,752 14,332,199 3,431, , , , , ,752 14,937,263 3,431, , ,750 1,854, , , , , ,643 1,614,806 2,356,890 9,336,574 2,544, ,039,430 5,766, , ,136, ,092, , , ,169,402 6,003,550 78,568,696 3,078,898 3,001,050 6,630,302 93,505,959 6,510, , ,925 2,467, ,459 10,986,803 5,584, ,734,069 5,044,485 4,491, ,491, ,018, (803,292) 3,237,856 36,454,310 3,891,276 $ 14,674,795 $ 8,822,418 $ 328,698,309 $ 8,935,761 39

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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, 2016 Net changes in net position in enterprise funds $ 328,698,309 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 (9,009,579) Change in net position of business-type activities $ 319,688,730 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, 2016 BUSINESS-TYPE ACTIVITIES - ENTERPRISE FUNDS PARKING FACILITIES SEWER STORMWATER SYSTEM SYSTEM UTILITY Operating revenues: Charges for sales and services $ 10,632,984 $ 40,206,960 $ 21,859,585 Operating grants Miscellaneous , ,653 Total operating revenues 10,632,984 40,227,829 22,141,238 Operating expenses: Personal services 1,254,676 4,424,228 5,963,689 Contractual services 6,973,528 18,294,002 2,627,318 Commodities 266, , ,694 Depreciation 3,686,632 4,066,215 3,209,388 Other charges 153,068 5,125,870 2,931,932 Total operating expenses 12,333,996 32,239,701 15,002,021 Operating income (loss) (1,701,012) 7,988,128 7,139,217 Non-operating revenues (expenses): Gain/(loss) on disposal of capital assets 599,361 10,971 10,358 Investment earnings 14, , ,279 Proceeds from damage claims 1,428 1,512 1,371 Interest expense and fiscal charges (135,963) (843,664) (1,008,772) Total nonoperating revenues (expenses) 479,305 (353,315) (741,764) Income (loss) before capital grants, contributions and transfers (1,221,707) 7,634,813 6,397,453 Capital grants and contributions ,943 6,003,845 Transfers in 3,414, , Transfers out --- (50,000) (1,608,745) Change in net position 2,192,293 8,588,500 10,792,553 Total net position - beginning 44,884, ,926, ,816,201 Total net position - ending $ 47,077,077 $ 137,515,265 $ 120,608,754 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 $ 1,441,062 $ 12,957,148 $ 87,097,739 $ 40,881,415 17,821, ,821, , ,507 2,394 19,262,710 13,033, ,297,894 40,883,809 3,493,113 4,856,818 19,992,524 5,125,456 16,126,163 5,341,133 49,362,144 30,092, ,201 1,157,373 5,262,982 1,505, ,863 13,399,640 1,408, ,089 8,967, ,229 21,124,818 12,179,104 92,879,640 42,525,890 (1,862,108) 854,029 12,418,254 (1,642,081) 70,635 (61,046) 630,279 80,515 5,367 26, , ,000 64,311 7, (9,086) (1,997,485) ,002 16,380 (523,392) 88,336 (1,786,106) 870,409 11,894,862 (1,553,745) 615,879 3,000 6,963, ,076, (1,658,745) --- (1,170,227) 873,409 21,276,528 (1,553,745) 15,845,022 7,949, ,421,781 10,489,506 $ 14,674,795 $ 8,822,418 $ 328,698,309 $ 8,935,761 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, 2016 Net changes in net position in enterprise funds $ 21,276,528 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 (2,467,913) Change in net position of business-type activities $ 18,808,615 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, 2016 BUSINESS-TYPE ACTIVITIES - CASH FLOWS FROM OPERATING ACTIVITIES SEWER STORMWATER PARKING SYSTEM UTILITY Receipts from customers and users $ 10,656,474 $ 40,415,651 $ 20,371,204 Receipts from interfund services provided Payments to suppliers (6,933,357) (23,838,277) (5,862,699) Payments to employees (1,200,960) (4,388,935) (5,894,853) Receipts from miscellaneous revenue , ,653 Proceeds from damage claims 1,428 1,512 1,371 Payments for interfund services used Net cash provided (used) by operating activities 2,523,585 12,210,820 8,896,676 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Proceeds from interfund accounts 847, Payments to interfund accounts (1,625,767) (1,416) (1,159) Transfers In 3,414, ,744 - Transfers Out --- (50,000) (1,608,745) Intergovernmental receipts Net cash provided (used) by capital and related financing activities 2,636, ,328 (1,609,904) CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Proceeds from intergovernmental and capital grants --- 9,062 5,726,966 Interest paid on capital debt (214,414) (1,370,275) (1,307,939) Principal paid on long-term debt and leases (1,825,000) (2,472,130) (3,435,000) Proceeds from sale of capital assets 4,246,986 2,843,708 3,719,430 Acquisition and construction of capital assets (8,377,557) (6,809,946) (7,505,689) Net cash (used) by capital and related financing activities (6,169,985) (7,799,581) (2,802,232) 46

12 MUNICIPAL OTHER GOVERNMENTAL ACTIVITIES HOUSING ENTERPRISE INTERNAL AGENCY FUNDS TOTALS SERVICE FUNDS $ 19,526,688 $ 12,857,979 $ 103,827,996 $ 30,370, ,604,238 (16,138,132) (6,270,672) (59,043,137) (35,476,963) (3,501,002) (4,957,425) (19,943,175) (5,065,790) , ,000 64,311 7, (192,244) (112,446) 1,689,882 25,208, , , (320,251) (1,948,593) 28, ,076, (1,658,745) (31) - (320,251) 1,317,321 28, ,879 3,000 6,354, (9,086) (2,901,714) (7,732,130) ,403 37,965 10,997,492 94,120 (1,926,393) (1,073,540) (25,693,125) (3,169,189) (1,161,111) (1,041,661) (18,974,570) (3,075,069) (continued) 47

13 CITY OF DES MOINES, IOWA STATEMENT OF CASH FLOWS (CONTINUED) PROPRIETARY FUNDS For the Fiscal Year Ended June 30, 2016 BUSINESS-TYPE ACTIVITIES - CASH FLOWS FROM INVESTING ACTIVITIES SEWER STORMWATER PARKING SYSTEM UTILITY Proceeds from sales and maturities of investments --- $ 14,183,451 $ 9,895,927 Purchase of investments --- (14,468,451) (9,729,916) Interest and dividends received 14, , ,375 Net cash provided (used) by investing activities 14, , ,386 Net increase (decrease) in cash and cash equivalents (995,773) 5,215,882 4,860,926 Cash and cash equivalents, beginning of year 6,854,954 18,698,516 14,563,550 Cash and cash equivalents, end of year $ 5,859,181 $ 23,914,398 $ 19,424,476 Reconciliation of operating income (loss) to net cash provided (used) by operating activities: Operating income (loss) $ (1,701,012) $ 7,988,128 $ 7,139,217 Adjustments to reconcile operating income (loss) to net cash provided (used) by operating activities: Depreciation expense 3,686,632 4,066,215 3,209,388 Proceeds from damage claims 1,428 1,512 1,371 (Increase) decrease in accounts and taxes receivable 23, , ,672 (Increase) decrease in special assessments receivable --- (26,050) (2,799) (Increase) decrease in due from other governmental units 54 60,672 (1,593,254) Decrease in inventories (Increase) decrease in prepaid items --- 2,404 1,821 (Increase) decrease in accounts and contracts payable 459,331 (91,423) (35,574) Increase (decrease) in accrued wages payable 36,705 58,076 87,459 Increase in accrued employee benefits and other postemployment benefits 45,841 74, ,632 Increase (decrease) in due to other governmental units (Decrease) in other liabilities, self-sufficiency participation and tenant security deposits Increase (decrease) in unearned revenue (Increase) decrease in deferred outflows (79,537) (289,901) (469,947) Increase in deferred inflows (39,267) (148,987) (226,652) Decrease in net pension liability 89, , ,342 Total adjustments 4,224,597 4,222,692 1,757,459 Net cash provided (used) by operating activities $ 2,523,585 $ 12,210,820 $ 8,896,676 Schedule of noncash investing and financing activities: Increase (decrease) in fair value of investments 1,349 (720) (27,319) Schedule of noncash capital and related financing activities: Gain (loss) on disposal of capital assets 599,361 10,971 10,358 Capitalized Interest , ,601 Payments on contracts payable for acquisition of capital assets ,785 48,676 Capital assets contributed , ,878 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 $ --- $ --- $ 24,079,378 $ (24,198,367) --- 5,367 26, , ,367 26, , (1,268,190) 354,482 8,167,327 (2,798,669) 7,462,571 8,934,398 56,513,989 12,825,678 $ 6,194,381 $ 9,288,880 $ 64,681,316 $ 10,027,009 $ (1,862,108) $ 854,029 $ 12,418,254 $ (1,642,081) 1,505, ,863 13,399,640 1,408, ,000 64,311 7,821 2,381 (148,085) 159,473 96, (31,282) (60,131) ,993 4,213 (1,325,322) (36,726) 43 (200) 4,068 16,345 (12,012) 119, , ,686 26,108 37, ,053 57,905 35,021 (10,599) 303, ,719 61, , (2,385) --- (2,385) --- (314) --- (314) (5,596) (226,511) (361,686) (1,427,582) (386,030) (121,960) (181,184) (718,050) (195,197) 279, ,157 1,645, ,269 1,749, ,853 12,790,263 1,890,083 $ (112,446) $ 1,689,882 $ 25,208,517 $ 248, (61,046) (87,736) ,690 80, , , ,