CITY OF DES MOINES, IOWA STATEMENT OF NET POSITION PROPRIETARY FUNDS June 30, 2017

Transcription

1 CITY OF DES MOINES, IOWA STATEMENT OF NET POSITION PROPRIETARY FUNDS June 30, 2017 BUSINESS-TYPE ACTIVITIES - ENTERPRISE FUNDS PARKING FACILITIES SEWER STORMWATER SYSTEM SYSTEM UTILITY ASSETS Current assets: Unrestricted current assets: Cash and investments $ 5,223,273 $ 29,368,898 $ 34,173,778 Taxes receivable Accounts receivable , ,985 Special assessments receivable ,400 15,694 Due from other funds Due from other governmental units 7,460 70, ,200 Inventory Prepaid items --- 3,786 11,240 Total unrestricted current assets 5,230,758 29,796,758 34,639,897 Restricted current assets: Cash and investments --- 8,806 5,281 Interest receivable --- 5, Total restricted current assets ,914 5,281 Total current assets 5,230,758 29,810,672 34,645,178 Noncurrent assets: Restricted cash and investments --- 4,581,816 6,491,697 Restricted interest receivable ,656 Capital assets Land 11,876,386 1,340,176 1,023,701 Construction in progress 771,396 4,753,870 11,469,831 Buildings 66,111, , Improvements other than buildings 34,861, ,758, ,274,110 Machinery and equipment 1,148,917 7,367,192 4,557,952 Accumulated depreciation (67,545,055) (64,673,384) (23,441,899) Total capital assets, net of accumulated depreciation 47,224, ,120, ,883,695 Total noncurrent assets 47,224, ,702, ,393,048 Total assets $ 52,454,820 $ 175,512,709 $ 183,038,226 DEFERRED OUTFLOW OF RESOURCES Pension related deferred outflows $ 254,551 $ 1,000,738 $ 1,474,472 36

2 BUSINESS-TYPE ACTIVITIES - ENTERPRISE FUNDS GOVERNMENTAL ACTIVITIES MUNICIPAL OTHER TOTAL INTERNAL HOUSING ENTERPRISE ENTERPRISE SERVICE AGENCY FUNDS FUNDS FUNDS $ 1,311,226 $ 10,826,409 $ 80,903,584 $ 11,613, ,266 45, , ,131 13, ,987 88, ,842 4, ,461 1,004 67, , ,312 21, ,603 52,383 1,735,432 11,264,184 82,667,029 11,877, , , , ,735,432 11,264,184 82,686,224 11,877,141 4,339, ,413, , ,388, ,497 15,752, ,995, ,820,330 1,741, ,246, ,846,153 3,466, ,206, ,525,877 14,986,969 29,586,907 35,833,089 (34,264,328) (15,308,423) (205,233,089) (31,291,269) 10,316,443 5,009, ,553,814 4,541,820 14,656,388 5,009, ,984,928 4,541,820 $ 16,391,820 $ 16,273,577 $ 443,671,152 $ 16,418,961 $ 490,999 $ 1,179,688 $ 4,400,448 $ 1,263,850 (continued) 37

3 CITY OF DES MOINES, IOWA STATEMENT OF NET POSITION (CONTINUED) PROPRIETARY FUNDS June 30, 2017 BUSINESS-TYPE ACTIVITIES - ENTERPRISE FUNDS PARKING FACILITIES SEWER STORMWATER SYSTEM SYSTEM UTILITY LIABILITIES Liabilities: Current liabilities: Accounts payable $ 327,552 $ 209,686 $ 282,353 Contracts payable 176, , ,825 Accrued wages payable 48, , ,517 Accrued employee benefits 83, , ,457 Due to other funds 381,974 1,815 1,505 Tenant security deposits Notes payable , Accrued interest payable 9,617 26,979 49,473 Revenue bonds payable --- 2,750,917 3,047,917 General obligation bonds payable 1,885, , ,000 Unearned revenue Total 2,913,005 3,877,584 5,253,047 Current liabilities payable from restricted assets: Revenue bonds payable , ,083 Accrued interest payable ,707 78,178 Total current liabilities payable from restricted assets , ,261 2,913,005 4,166,374 5,608,308 Total current liabilities Noncurrent liabilities: Accrued employee benefits 135, , ,039 Other postemployment benefits 81, , ,420 Net pension liability 634,211 2,374,338 3,754,979 Advance from other funds 2,345, Notes payable , Revenue bonds payable, net --- 9,828,050 31,694,586 General obligation bonds payable, net 3,977,725 12,027,469 8,470,703 Other liabilities Total noncurrent liabilities 7,175,297 25,022,464 44,768,727 Total liabilities 10,088,302 29,188,838 50,377,035 DEFERRED INFLOWS OF RESOURCES Pension related deferred inflows 99, , ,273 NET POSITION Net investment in capital assets 41,361, ,790, ,211,019 Restricted: Public housing program Flood projects ,287,721 Debt retirement --- 1,786,348 2,668,198 Unrestricted 1,160,263 26,368,321 26,369,452 Total net position $ 42,521,600 $ 146,945,240 $ 133,536,390 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 $ 73,320 $ 220,109 $ 1,113,020 $ 1,428, ,043, , , , , , ,374 1,211,772 2,072,812 43,366 1, , , , , , ,798, ,465, ,213 3,333 20,546 17, , ,722 13,255,716 3,731, , , , , ,722 13,899,767 3,731, , ,975 1,826, , , , , ,053 1,986,304 2,958,136 11,707,968 3,185, ,948,655 5,294, , ,522, ,475, , , ,632,454 6,525,043 86,123,985 3,764,158 3,163,812 7,205, ,023,752 7,495,988 65, ,926 1,622, ,026 10,316,443 5,009, ,688,763 4,541,820 4,339, ,339, ,287, ,454, (1,003,334) 4,759,181 57,653,883 5,124,977 $ 13,653,054 $ 9,768,574 $ 346,424,858 $ 9,666,797 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, 2017 Net position of enterprise funds $ 346,424,858 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 activities. (11,372,228) Net position of business-type activities $ 335,052,630 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, 2017 BUSINESS-TYPE ACTIVITIES - ENTERPRISE FUNDS PARKING FACILITIES SEWER STORMWATER SYSTEM SYSTEM UTILITY Operating revenues: Charges for sales and services $ 10,626,608 $ 42,167,332 $ 23,563,897 Operating grants Miscellaneous --- 3,719 1,374,104 Total operating revenues 10,626,608 42,171,051 24,938,001 Operating expenses: Personal services 1,149,469 5,292,745 5,216,634 Contractual services 6,386,546 18,846,203 2,212,252 Commodities 320, , ,933 Depreciation 3,406,088 4,261,165 3,341,818 Other charges 152,663 5,297,918 3,131,876 Total operating expenses 11,414,829 34,066,562 14,159,513 Operating income (loss) (788,221) 8,104,489 10,778,488 Non-operating revenues (expenses): Gain/(loss) on disposal of capital assets (4,870,691) 104,179 9,347 Investment earnings 14, , ,173 Proceeds from damage claims 2, Interest expense and fiscal charges (107,776) (714,308) (1,464,418) Total nonoperating revenues (expenses) (4,961,178) (74,178) (804,898) Income (loss) before capital grants, contributions and transfers (5,749,399) 8,030,311 9,973,590 Capital grants and contributions ,485 4,275,195 Transfers in 2,824, , Transfers out (1,630,968) --- (1,321,149) Change in net position (4,555,477) 9,429,975 12,927,636 Total net position - beginning 47,077, ,515, ,608,754 Total net position - ending $ 42,521,600 $ 146,945,240 $ 133,536,390 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 $ 1,523,489 $ 13,321,387 $ 91,202,713 $ 43,662,704 17,602, ,602, ,564 1,443, ,125,703 13,386, ,248,314 43,662,746 3,514,801 4,981,145 20,154,794 5,318,240 16,474,670 5,340,296 49,259,967 30,412, ,933 1,242,460 5,253,044 1,274, ,444 13,113,926 1,649, ,033,620 9,616, ,710 21,263,882 12,482,438 93,387,224 42,996,078 (2,138,179) 904,513 16,861, , (4,757,165) 64,368 9,047 56,322 1,266, , (16,179) (2,302,681) --- 9,047 40,143 (5,791,064) 64,368 (2,129,132) 944,656 11,070, ,036 1,107,391 1,500 6,230, ,378, (2,952,117) --- (1,021,741) 946,156 17,726, ,036 14,674,795 8,822, ,698,309 8,935,761 $ 13,653,054 $ 9,768,574 $ 346,424,858 $ 9,666,797 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, 2017 Net changes in net position in enterprise funds $ 17,726,549 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 activities. (2,362,649) Change in net position of business-type activities $ 15,363,900 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, 2017 BUSINESS-TYPE ACTIVITIES - CASH FLOWS FROM OPERATING ACTIVITIES SEWER STORMWATER PARKING SYSTEM UTILITY Receipts from customers and users $ 10,637,342 $ 41,996,458 $ 24,911,498 Receipts from interfund services provided Payments to suppliers (7,349,529) (24,409,249) (5,485,560) Payments to employees (1,197,505) (5,220,844) (5,195,949) Receipts from miscellaneous revenue --- 3,719 1,374,104 Proceeds from damage claims 2, Payments for interfund services used Net cash provided (used) by operating activities 2,092,748 12,370,084 15,604,093 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Proceeds from interfund accounts 1,625,767 3,211 2,664 Payments to interfund accounts (1,604,356) Transfers In 2,824, , Transfers Out (1,630,968) --- (1,321,149) Intergovernmental receipts Net cash provided (used) by capital and related financing activities 1,215, ,390 (1,318,485) CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Proceeds from intergovernmental and capital grants ,904,134 Interest paid on capital debt (171,712) (1,235,132) (2,104,423) Principal paid on long-term debt and leases (1,855,000) (3,155,840) (12,350,000) Proceeds from the issuance of Revenue Bonds ,545,000 Proceeds from premium on revenue bonds ,635,594 Proceeds from sale of capital assets , ,260 Acquisition and construction of capital assets (1,932,126) (3,730,769) (10,014,501) Net cash provided (used) by capital and related financing activities (3,958,838) (8,011,817) 2,743,064 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sales and maturities of investments --- $ 11,897,341 $ 10,246,042 Purchase of investments --- (11,868,991) (13,191,942) Interest and dividends received 14, , ,811 Net cash provided (used) by investing activities 14, ,649 (2,274,089) Net increase (decrease) in cash and cash equivalents (635,908) 5,463,306 14,754,583 Cash and cash equivalents, beginning of year 5,859,181 23,914,398 19,424,476 Cash and cash equivalents, end of year $ 5,223,273 $ 29,377,704 $ 34,179,059 46

12 MUNICIPAL OTHER GOVERNMENTAL ACTIVITIES HOUSING ENTERPRISE INTERNAL AGENCY FUNDS TOTALS SERVICE FUNDS $ 19,166,046 $ 13,389,596 $ 110,100,940 $ 33,451, ,215,696 (16,692,534) (6,667,988) (60,604,860) (35,947,912) (3,529,109) (4,880,747) (20,024,154) (5,049,189) ,377, , (256,627) (1,055,597) 1,840,861 30,852,189 2,413, ,631,642 15, (89,701) (1,694,057) (4,775) ,378, (2,952,117) (202) --- (89,701) 363,537 10,023 1,107,391 1,500 4,013, (16,179) (3,527,446) (17,360,840) ,545, ,635, ,184 71,658 (604,051) (255,274) (16,536,721) (908,528) 503,340 (269,953) (8,994,204) (836,870) $ --- $ --- $ 22,143,383 $ (25,060,933) --- 9,047 56,322 1,272, ,047 56,322 (1,645,222) --- (543,210) 1,537,529 20,576,300 1,586,704 6,194,381 9,288,880 64,681,316 10,027,009 $ 5,651,171 $ 10,826,409 $ 85,257,616 $ 11,613,713 (continued) 47

13 CITY OF DES MOINES, IOWA STATEMENT OF CASH FLOWS (CONTINUED) PROPRIETARY FUNDS For the Fiscal Year Ended June 30, 2017 BUSINESS-TYPE ACTIVITIES - Reconciliation of cash and cash equivalents to specific assets on the combined statement of net position: SEWER STORMWATER PARKING SYSTEM UTILITY Unrestricted cash and investments $ 5,223,273 $ 29,368,898 $ 34,173,778 Restricted cash and investments - current --- 8,806 5,281 Restricted cash and investments - noncurrent --- 4,581,816 6,491,697 Less items not meeting the definition of cash equivalents --- (4,581,816) (6,491,697) Cash and cash equivalents, end of year 5,223,273 29,377,704 34,179,059 Reconciliation of operating income (loss) to net cash provided (used) by operating activities: Operating income (loss) $ (788,221) $ 8,104,489 $ 10,778,488 Adjustments to reconcile operating income (loss) to net cash provided (used) by operating activities: Depreciation expense 3,406,088 4,261,165 3,341,818 Proceeds from damage claims 2, (Increase) decrease in accounts and taxes receivable 6,903 (126,081) (89,679) (Increase) decrease in special assessments receivable ,137 3,615 (Increase) decrease in due from other governmental units 3,831 (70,930) 1,433,665 Decrease in inventories (Increase) decrease in prepaid items --- (2,808) (4,206) (Increase) decrease in accounts and contracts payable (490,257) 106, ,707 Increase (decrease) in accrued wages payable (23,652) 31,202 29,977 Increase (decrease) in accrued employee benefits and other postemployment benefits (37,067) 57,553 (108,363) Increase (decrease) in due to other governmental units (Decrease) in other liabilities, self-sufficiency participation and tenant security deposits Increase in unearned revenue (Increase) in deferred outflows (88,128) (381,649) (498,993) (Decrease) in deferred inflows (31,748) (114,885) (188,347) Decrease in net pension liability 132, , ,411 Total adjustments 2,880,969 4,265,595 4,825,605 Net cash provided (used) by operating activities $ 2,092,748 $ 12,370,084 $ 15,604,093 Schedule of noncash investing and financing activities: Increase (decrease) in fair value of investments (1,027) (11,675) 21,477 Schedule of noncash capital and related financing activities: Gain (loss) on disposal of capital assets (4,870,691) 104,179 9,347 Capitalized Interest , ,461 Payments (proceeds) on accounts or contracts payable for acquisition of capital assets --- (261,999) 529,714 Capital assets contributed ,485 1,371,061 The notes to the financial statements are an integral part of this statement. 48

14 GOVERNMENTAL ACTIVITIES MUNICIPAL OTHER HOUSING ENTERPRISE INTERNAL AGENCY FUNDS TOTALS SERVICE FUNDS $ 1,311,226 $ 10,826,409 $ 80,903,584 $ 11,613, , ,339, ,413, (11,073,513) --- 5,651,171 10,826,409 85,257,616 11,613,713 $ (2,138,179) $ 904,513 $ 16,861,090 $ 666,668 1,274, ,444 13,113,926 1,649, , ,489 (25,318) (231,686) 1, ,659 58, ,864 (4,029) 1,364, (41,256) (2,357) 200 (9,171) (11,355) (230,418) 2,661 (492,096) (123,278) ,953 72,006 34,653 (14,834) 23,970 (78,741) 190,285 (37,848) --- (37,848) , , ,529 3,333 8,862 2,861 (254,030) (414,772) (1,637,572) (443,087) (102,557) (143,999) (581,536) (153,433) 371, ,246 2,371, ,633 1,082, ,348 13,991,099 1,746,883 $ (1,055,597) $ 1,840,861 $ 30,852,189 $ 2,413, , (4,757,165) 64, , ,715 (245,285) ,217,