CAMPBELL, RAPPOLD & YURASITS LLP Certified Public Accountants 1033 South Cedar Crest Boulevard Allentown, PA 18103
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1 NORTHAMPTON BOROUGH MUNICIPAL AUTHORITY - WATER PROJECT Financial Statements, Independent Auditor's Report and Supplementary Information March 31, 2017 and 2016 CAMPBELL, RAPPOLD & YURASITS LLP Certified Public Accountants 1033 South Cedar Crest Boulevard Allentown, PA 18103
2 NORTHAMPTON BOROUGH MUNICIPAL AUTHORITY- WATER PROJECT TABLE OF CONTENTS Page(s) Independent Auditor's Report 1-2 Management s Discussion and Analysis 3-5 Financial Statements Statements of Net Position 6-7 Statements of Revenues, Expenses and Changes in Net Position 8 Statements of Cash Flows 9 Notes of Financial Statements Required Supplementary Information Schedule of Employer Contributions - Retirement Plans 32 Schedule of Changes in Net Pension Liability and Related Ratios - Defined Benefit Pension Plan 33 Schedule of Changes in Net Pension Liability and Related Ratios - Defined Contribution Pension Plan 34 Notes to the Required Supplementary Schedules - Defined Benefit Pension Plan 35 Schedule of Funding Progress - Postemployment Healthcare Plan 36 Schedule of Employer Contributions - Postemployment Healthcare Plan and Notes to the Required Supplementary Information 37 Other Supplementary Information Schedules of Operations and Maintenance Expenses 40-41
3 INDEPENDENT AUDITOR'S REPORT To the Board of Directors Northampton Borough Municipal Authority Water Project Northampton, Pennsylvania Report on the Financial Statements We have audited the accompanying statements of net position, related statements of revenues, expenses and changes in net position, and cash flows of the Northampton Borough Municipal Authority Water Project ( the Authority ), as of and for the years ended March 31, 2017 and 2016, and the related notes to the financial statements, which collectively comprise the Authority's basic financial statements as listed in the table of contents. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express opinions on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. 1
4 Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the Northampton Borough Municipal Authority Water Project, as of March 31, 2017 and 2016, and the respective changes in financial position and, where applicable, cash flows thereof for the years then ended in accordance with accounting principles generally accepted in the United States of America. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the Management s Discussion and Analysis on pages 3-5 and Schedules of Employer Contributions and Schedules of Changes in Net Pension Liability and Related Ratios for the Defined Benefit and Defined Contribution Pension Plans and Schedule of Funding Progress and Schedule of Employer Contributions of the Post Employment Healthcare Plan on pages be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Supplementary Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Northampton Borough Municipal Authority Water Project s basic financial statements. The Schedule of Operations and Maintenance Expenses is presented for purposes of additional analysis and are not a required part of the basic financial statements. The Schedule of Operations and Maintenance Expense is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the schedule of operation and maintenance expenses are fairly stated, in all material respects, in relation to the basic financial statements as a whole. June 13,
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8 NORTHAMPTON BOROUGH MUNICIPAL AUTHORITY - WATER PROJECT STATEMENTS OF NET POSITION AS OF MARCH 31, 2017 AND ASSETS Utility Plant In Service $ 75,165,198 $ 74,157,668 Less: Accumulated Depreciation (26,622,568) (25,270,419) Utility Plant, Net 48,542,630 48,887,249 Restricted Assets Construction Fund 30,002 74,882 Debt Service Reserve Fund 1,926,318 1,917,362 Debt Service Fund 847,346 1,196,785 Bond Redemption Fund 3,952,723 3,374,204 Emergency Repair Fund 379, ,705 Total Restricted Assets (Note 2) 7,135,566 6,938,938 Current Assets Cash and Cash Equivalents 1,087, ,663 Accounts Receivable - Customers (Net of Allowance for Uncollectible Accounts of $9,039 in 2017 and $7,889 in 2016) 414, ,400 Unbilled Water Service 779, ,000 Inventory - Materials and Supplies 494, ,333 Other Receivables 26,394 29,979 Total Current Assets 2,801,709 2,446,375 Deferred Outflows of Resources Prepaid Expenses 99,419 96,171 Unamortized Discount 263, ,680 Change in Assumptions (Note 6) 76,606 - Net Difference Between Projected and Actual Earnings On Pension Plan Investments (Note 5) (Note 6) 258, Total Deferred Outflows of Resources 697, ,103 Net Pension Asset (Note 6) - 62,940 Total Assets $ 59,177,228 $ 58,713,605 The accompanying notes are an integral part of these financial statements. 6
9 NORTHAMPTON BOROUGH MUNICIPAL AUTHORITY - WATER PROJECT STATEMENTS OF NET POSITION AS OF MARCH 31, 2017 AND 2016 LIABILITIES AND NET POSITION Liabilities Long-Term Debt, Net of Current Portion 23,010,000 24,020,000 Current Liabilities Current Portion of Long-Term Debt (Note 4) 1,010, ,000 Accounts Payable 228, ,479 Accrued Payroll 30,466 25,792 Accrued Interest Expense 303, ,993 Accrued Vacation Pay 125, ,360 Accrued Sick Pay 119, ,946 Other 31,156 29,018 Total Current Liabilities 1,848,275 1,814,588 Deferred Inflows of Resources Differences Between Expected and Actual Experience (Note 6) 62,078 93,118 Net Difference Between Projected and Actual Earnings On Pension Plan Investments (Note 6) - 17,224 Deferred Revenue 37,850 - Total Deferred Inflows of Resources 99, ,342 Net Pension Liability (Note 5) (Note 6) 505,150 1,276 Net OPEB Obligation (Note 8) 498, ,120 Total Liabilities 25,961,854 26,393,326 Net Position Contributions in Aid of Construction 11,187,927 11,187,927 Reserved for Construction 30,002 74,882 Reserved for Water Revenue Bond Retirement 6,726,387 6,488,351 Reserved for Emergency Repairs 379, ,705 Unreserved 14,891,881 14,193,414 Total Net Position 33,215,374 32,320,279 Total Liabilities and Net Position $ 59,177,228 $ 58,713,605 The accompanying notes are an integral part of these financial statements. 7
10 NORTHAMPTON BOROUGH MUNICIPAL AUTHORITY - WATER PROJECT STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION FOR THE YEARS ENDED MARCH 31, 2017 AND 2016 OPERATING REVENUES Total for the Year Total for the Year Ended March 31, Ended March 31, Metered Sales $ 6,299,249 $ 5,995,358 Tapping, Capacity and Meter Sales 73,360 64,520 Public Fire Protection 127, ,250 Customers' Penalties 92,488 93,780 Rental Income 19,545 20,309 Miscellaneous 138,414 70,432 Total Operating Revenues 6,751,034 6,371,649 OPERATING EXPENSES Operation 3,419,022 3,063,863 Maintenance 424, ,347 Depreciation 1,397,071 1,545,250 Total Operating Expenses 5,241,021 5,088,460 OPERATING INCOME 1,510,013 1,283,189 NONOPERATING INCOME Developer Contributions 188,565 77,992 Earnings on Investments and Cash Equivalents 39,471 26,719 Total Nonoperating Income, Net 228, ,711 INCOME BEFORE DEBT SERVICE EXPENSE 1,738,049 1,387,900 Debt Service Expense Interest on Term Debt, Net 824, ,122 Amortization of Debt Expense, Bond Discount 18,385 16,768 Total Debt Service Expense 842, ,890 NET INCOME 895, ,010 NET POSITION, BEGINNING OF YEAR 32,320,279 31,796,269 NET POSITION, END OF YEAR $ 33,215,374 $ 32,320,279 The accompanying notes are an integral part of these financial statements. 8
11 NORTHAMPTON BOROUGH MUNICIPAL AUTHORITY - WATER PROJECT STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED MARCH 31, 2017 AND 2016 Total for the Year Total for the Year Ended March 31, Ended March 31, CASH FLOWS FROM OPERATING ACTIVITIES Cash Received from Customers $ 6,545,080 $ 6,101,662 Cash Payments to Suppliers for Goods and Services (1,992,244) (1,564,894) Cash Payments to Employees for Services (1,994,466) (1,772,770) Other Operating Receipts 161,544 63,085 Net Cash Provided by Operating Activities 2,719,914 2,827,083 CASH FLOWS FROM NONCAPITAL ACTIVITIES Increase (Decrease) in Restricted Assets 196,628 (412,102) Cash Provided (Used) by Noncapital Activities 196,628 (412,102) CASH FLOWS FROM FINANCING ACTIVITIES Acquisition and Construction of Utility Plant, and Dispositions, Net (1,052,452) (1,060,473) Developer Contributions 188,565 77,992 Principal Paid on Term Debt (953,385) (536,768) Interest Paid on Term Debt, Net (824,569) (847,122) Cash Used by Financing Activities (2,641,841) (2,366,371) CASH FLOWS FROM INVESTING ACTIVITIES Earning on investments and Cash and Cash Equivalents 39,471 26,719 Cash Provided by Investing Activities 39,471 26,719 Increase in Cash and Cash Equivalents 314,172 75,329 Cash and Cash Equivalents, April 1 773, ,334 Cash and Cash Equivalents, March 31 $ 1,087,835 $ 773,663 RECONCILIATION OF OPERATING INCOME TO NET CASH PROVIDED BY OPERATING INCOME Operating income $ 1,510,013 $ 1,283,189 Adjustments to Reconcile Operating Income to Net Cash Provided by Operating Activities: Depreciation 1,397,071 1,545,250 Amortization and Change in Unamortized Debt Expense 18,385 16,768 Pension Expense (209,063) (36,698) Changes in Assets and Liabilities: Increase in Accounts Receivable - Customers (49,966) (11,452) Increase in Unbilled Water Service (58,000) (30,000) (Increase) Decrease in Materials and Supplies 63,219 (51,487) Increase in Prepaid Expenses (3,248) (86,307) (Increase) Decrease in Other Receivables 3,585 (27,656) Increase (Decrease) in Accounts Payable (23,530) 230,486 Increase (Decrease) in Accrued Payroll 4,674 (46,871) Decrease in Accrued Interest Expense (9,843) (6,540) Increase (Decrease) in Accrued Vacation Pay (5,854) 2,020 Decrease in Accrued Sick Pay (8,898) (5,566) Increase in Other Liabilities 2,138 14,120 Increase in Deferred Revenue 37,850 - Increase in OPEB Obligation 51,381 37,827 Net Cash Provided by Operating Activities $ 2,719,914 $ 2,827,083 The accompanying notes are an integral part of these financial statements. 9
12 NOTES TO FINANCIAL STATEMENTS MARCH 31, 2017 AND Summary of Significant Accounting Policies The Northampton Borough Municipal Authority Water Project (the Authority ), through its Water Project, supplies water to residential, commercial, and industrial customers in Northampton County (Borough of Northampton, North Catasauqua Borough and Allen Township) and Lehigh County (Coplay Borough, Whitehall Township and North Whitehall Township). The accompanying financial statements include the accounts and funds of all Authority operations based on Governmental Accounting Standards Board (GASB) criteria for determining the scope of the reporting entity as presented below. The accounting policies and accompanying financial statements of the Authority conform to Generally Accepted Accounting Principles (GAAP) as applicable to governmental units. The GASB is the accepted standard-setting body establishing governmental accounting and financial reporting principles. Proprietary funds apply Financial Accounting Standards Board (FASB) pronouncements, unless those pronouncements conflict with or contradict GASB pronouncements, in which case, GASB prevails. Principles Determining the Scope of the Reporting Entity In evaluating how to define the Authority, for financial reporting purposes, management has considered all potential component units. The decision to include a potential component unit in the financial reporting entity was made by applying the criteria as set forth in GASB. The basis, but not the only criteria for including a potential component unit within the financial reporting entity is the significance of the potential component unit's operational or financial relationship with the Authority. The Authority's basic financial statements do not include any component units since the criteria for inclusion as set forth in GASB has not been met. However, the financial statements of the Authority have been included in a separate report of the Borough of Northampton in accordance with criteria specified by GASB. Measurement Focus, Basis of Accounting, and Financial Statement Presentation The financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. All activities of the Authority are accounted for within a single proprietary fund which accounts for all revenues, and expenses related to treatment, transportation and distribution of water to its customers. Proprietary funds distinguish operating revenues and expenses from non-operating items. Operating revenues and expenses generally result from providing services and producing and delivering goods. The principal operating revenue of the Authority is the charge of fees for water consumption in the service area of the Authority. Operating expenses include the cost of sales and services, administrative expense, and depreciation on capital assets. Revenues and expenses not meeting this definition are reported as non-operating revenues and expenses. 10
13 NOTES TO FINANCIAL STATEMENTS MARCH 31, 2017 AND Summary of Significant Accounting Policies (Continued) Utility Plant Costs of additions to the utility plant and replacement of property are capitalized. The Authority defines capital assets as assets with an individual or aggregate cost of more than $1,000, estimated useful life in excess of one year, or repairing or renovating the asset is $1,000 or more and prolongs the life of the asset. Costs of depreciable property retired or replaced are removed from utility plant accounts and such costs, plus removal costs, less salvage, are charged to accumulated depreciation. All expenditures for maintenance and repairs of property are charged to operations as incurred. The utility plant asset activity for the fiscal year ended March 31, 2017 were as follows: Beginning Ending Balance Additions Retirements Balance Utility Plant Assets Not Being Depreciated Land $ 769,980 $ - $ - $ 769,980 Total Utility Plant Assets Not Being Depreciated 769, ,980 Utility Plant Assets Being Depreciated Storage and Distribution System 43,887, ,100 (44,922) 44,603,555 Operating Plant and Equipment 23,682,067 38,225-23,720,292 General Structures and Equipment 5,818, ,127-6,071,371 Total Utility Plant Assets Being Depreciated 73,387,688 1,052,452 (44,922) 74,395,218 Less Accumulated Depreciation (25,270,419) (1,397,071) 44,922 (26,622,568) Utility Plant Assets, Net $ 48,887,249 $ (344,619) $ - $ 48,542,630 Depreciation of the utility plant is calculated on the straight-line method using a half year convention over the following estimated useful lives of the asset: Storage and Distribution System Operating Plant and Equipment General Structures and Equipment 17 to 110 years 60 to 125 years 10 to 45 years Depreciation charged to expense was $1,397,071 and $1,545,250 in the years ended March 31, 2017 and 2016, respectively. Contributions in Aid of Construction, Tapping Fees, and Developers Contributions The Authority is recording tapping fees paid by customers as operating revenues and connection and extension fees as non operating revenue. 11
14 NOTES TO FINANCIAL STATEMENTS MARCH 31, 2017 AND Summary of Significant Accounting Policies (Continued) Deferred Charges Debt expense incurred in connection with the issuance of the Water Revenue Bonds is amortized over the term of the bonds, based on the principal amounts of the bonds outstanding. Cash Flows For the purposes of the statement of cash flows, the Authority considers all highly liquid unrestricted investments with a maturity of three months or less when purchased to be cash equivalents. Cash and Investments Statutes allow the Authority to invest in direct obligations of the U.S. Government, obligations of the Commonwealth of Pennsylvania, savings accounts or time deposits of institutions insured by the Federal Deposit Insurance Corporation (FDIC) and deposits in excess of FDIC amounts if collateralized by the depository. Management Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain amounts and disclosures. Accordingly, actual results could differ from those estimated. Deferred Compensation Plan The Authority offers its employees a deferred compensation plan created in accordance with Internal Revenue Code Section 457. The Plan, available to all Authority employees, permits them to defer a portion of their salary until future years. The deferred compensation is not available to employees until termination, retirement, death or unforeseeable emergency. The Authority does not record the value of plan assets and the related trust liability on its balance sheet because, under currently enacted law, the Authority has no ownership of the amounts deferred by employees or related income on those amounts. Inventory Inventory consists of materials and supplies held for the Authority s use in relation to treatment, transportation and distribution of water and are carried at weighted average, cost on a first-in first-out basis. Accounts Receivable Accounts Receivable largely represent amounts due from customers for water services. Accounts receivable as of March 31, 2017 and 2016 are shown net of an allowance for uncollectible accounts of $9,039 and $7,889, respectively. Allowance balances are deemed adequate as estimated by management. 12
15 NOTES TO FINANCIAL STATEMENTS MARCH 31, 2017 AND Summary of Significant Accounting Policies (Continued) Deferred Outflows of Resources The Authority reports decreases in net assets that relate to future periods as deferred outflows of resources in a separate section of the statements of net position. Deferred outflows of resources reported in the financial statements include prepaid expenses, unamortized discount and deferred outflows of resources related to the net differences between the projected and actual earnings and change in assumption on pension plan investments. Prepaid expenses will be recognized in the subsequent fiscal year. The deferred amount related to the net differences between the projected and actual earnings and change in assumption on the pension plan investments fund will be amortized over a five year period as part of pension expense. Deferred Inflows of Resources The Authority's statements of net position report a separate section for deferred inflows of resources. This separate financial statement element reflects an increase in net assets that applies to future periods. Deferred inflows of resources are reported on the Authority's statements include deferred revenue and differences between expected and actual experience pension amounts included in determining pension expense. Deferred revenue will be recognized in the subsequent fiscal year. The deferred amount related to the differences between expected and actual experience will be amortized over a five year period as part of pension expense. Defining Operating Revenues and Expenses The Authority distinguishes between operating and nonoperating revenues and expenses. Operating revenues and expenses of the Authority's water services consist of charges for services (including connection and tapping fees and fire protection) and the costs of providing those services, including depreciation and excluding interest. All other revenues and expenses are reported as nonoperating. 2. Restricted Assets Under the terms of the Trust Indenture entered into in connection with the issuance of Water Revenue Bonds, and the Supplemental Trust Indentures entered into in connection with the subsequent issuance of Water Revenue Bonds, the Authority is required to maintain a Debt Service Reserve Fund, a Debt Service Fund, and an Emergency Repair Fund. The Trust Indenture specifies, among other things, the manner in which moneys shall flow between such funds and the procedures to be utilized in making disbursements there from. The Authority is required to maintain a minimum amount of $1,926,318 in the Debt Service Reserve Fund. The assets of the Debt Service Reserve Fund and the Debt Service Fund are restricted for the payment of principal and interest on the bonds. The assets of the Emergency Repair Fund are restricted for the payment of expenses incurred as a result of unforeseen events. The assets of the Construction Fund are restricted for the payment of capital improvements. The balances of these funds are shown as reservations of fund equity/retained earnings in the accompanying financial statements. 13
16 NOTES TO FINANCIAL STATEMENTS MARCH 31, 2017 AND Restricted Assets (Continued) Restricted assets are stated at fair value, with unrealized gains and losses recorded as earnings on investments on the Authority s statements of revenues, expenses and changes in retained earnings. Restricted assets are comprised of the following at March 31, 2017: Cost Market Construction Fund: Money market $ 30,002 $ 30,002 Debt Service Reserve Fund: Money market $ 1,926,318 $ 1,926,318 Debt Service Fund: Money market $ 847,346 $ 847,346 Bond Redemption Fund Money market $ 3,952,723 $ 3,952,723 Emergency Repair Fund: Money market $ 379,177 $ 379,177 A portion of the Water Revenue Bonds, Series of 2004, was advance-refunded (defeased) through the use of proceeds from the 2013 Bonds. These proceeds were deposited in an irrevocable escrow fund. The escrow agent transfers funds from the Escrow Fund to the Debt Service Fund for interest and principal payments. 3. Cash and Investments The Pennsylvania Legislature enacted a specific provision of the Municipal Authorities Act (the Act ) to cover the investment of authorities funds. The Act authorizes specific types of investments for authorities, including U.S. Government securities and bank accounts such as savings accounts, time deposits, or shared accounts. Bank accounts must, however, either be insured by the Federal Deposit Insurance Corporation (FDIC), or, any balances exceeding the FDIC s coverage amount must be collateralized by the Authority and depository institutions. Shares of an investment company can also be purchased provided that the only investments of that company are those specifically mentioned in 53 P.S. Section D (U.S. Government securities, Treasury bills, FDIC-insured bank accounts, Commonwealth of Pennsylvania obligations and other obligations of political subdivisions of the Commonwealth of Pennsylvania). 14
17 NOTES TO FINANCIAL STATEMENTS MARCH 31, 2017 AND Cash and Investments (Continued) The deposit and investment policy of the Authority adheres to state statutes. Deposits by the Authority are either maintained in demand deposits or invested in certificates of deposit. The Authority invests in two basic types of federal securities: Obligations backed by the full faith and credit of the United States Government; and, short-term obligations of the United States Government or its agencies or instrumentalities (which may or may not be backed by the full faith and credit of the United States Government). At March 31, 2017, the carrying amount of the Authority s bank deposits totaled $8,223,401 and the corresponding bank balances were $8,415,773, of which $6,199,318 was insured by the Federal Deposit Insurance Corporation ( FDIC ); the uninsured bank balance was $2,216,455 of which $1,186,256 is not collateralized and $1,030,199 is collateralized as described below. The uninsured and uncollateralized bank deposits in the amount of $1,655,878 are invested in a Federated Treasury Obligations Fund. Under Act No. 72 of the 1972 Session of the Pennsylvania General Assembly (the Act of 72 ), financial institutions were granted the authority to secure the deposits of the public bodies by pledging a pool of assets, as defined in the Act of 72, to cover all public funds deposited in excess of the FDIC limits. The uninsured bank balances (as defined by Statement No. 3 of the GASB) of the Authority in the amount of $1,030,199, were collateralized by this pool of assets maintained by the Authority s depository institutions. 4. Long-term Debt During May, 2012, the Authority authorized the issuance of $9,995,000 of Water Revenue Bonds (the 2012 Bonds ) bearing interest at rates ranging from 1.625% to 3.800% per year. The purpose of the bonds was to advance refund a portion of the 2004 Water Revenue Bonds. During January, 2013, the Authority authorized the issuance of $16,385,000 of Water Revenue Bonds (the 2013 Bonds ) bearing interest at rates ranging from 0.60% to 4.00% per year. The purpose of the Bonds was to refund the remaining balances of the 2003, 2004, and 2007 Water Revenue Bonds. Liabilities under these term debt instruments are as follows: Total Principal Unamortized Current Long-term Outstanding Discount Portion Debt 2012 Bonds $ 9,995,000 $ (175,481) $ - $ 9,819, Bonds 14,025,000 (87,815) (1,010,000) $ 12,927,185 Total $ 24,020,000 $ (263,296) $ (1,010,000) $ 22,746,704 15
18 NOTES TO FINANCIAL STATEMENTS MARCH 31, 2017 AND Long-term Debt (Continued) Scheduled principal maturities over the next five fiscal years and thereafter, without regard to bond discount amortization and deferred refunding charges, are as follows: March 31, 2018 March 31, 2019 March 31, 2020 March 31, 2021 March 31, 2022 March 31, March 31, March 31, $ 1,010,000 1,055,000 1,095,000 1,135,000 1,180,000 6,745,000 8,120,000 3,680,000 Total $ 24,020,000 The following is the debt service requirement through maturity for each of the above issues for principal, interest and total principal and interest as of March 31, 2017: 2012 Bonds Principal Interest Total March 31, 2018 $ 45,000 $ 358,167 $ 403,167 March 31, , , ,408 March 31, , , ,564 March 31, , , ,608 March 31, , , ,359 March 31, , , ,791 March 31, , , ,141 March 31, , , ,491 March 31, , , ,759 March 31, , , ,944 March 31, , , ,129 March 31, , ,818 1,065,818 March 31, ,620, ,065 1,910,065 March 31, ,680, ,315 1,912,315 March 31, ,740, ,377 1,911,377 March 31, ,805, ,545 1,910,545 March 31, ,875,000 35,625 1,910,625 Total $ 9,995,000 $ 5,039,106 $ 15,034,106 16
19 NOTES TO FINANCIAL STATEMENTS MARCH 31, 2017 AND Long-term Debt (Continued) 2013 Bonds Principal Interest Total March 31, 2018 $ 965,000 $ 449,529 $ 1,414,529 March 31, ,010, ,579 1,417,579 March 31, ,050, ,379 1,416,379 March 31, ,090, ,579 1,413,579 March 31, ,135, ,079 1,414,079 March 31, ,185, ,679 1,417,679 March 31, ,255, ,154 1,445,154 March 31, ,290, ,881 1,444,881 March 31, ,335, ,912 1,455,912 March 31, ,420,000 84,220 1,504,220 March 31, ,460,000 44,975 1,504,975 March 31, ,000 12, ,450 Total $ 14,025,000 $ 2,666,416 $ 16,691,416 17
20 NOTES TO FINANCIAL STATEMENTS MARCH 31, 2017 AND Defined Contribution Pension Plan (Cash Balance Plan) Plan Description The Northampton Borough Municipal Authority (CB Plan) pension plan is a single-employer cash balance pension plan controlled by the provisions of Resolution No. 2 adopted pursuant to Act 15 of The plan participates in the Pennsylvania Municipal Retirement System (PMRS), which is an agent multiple-employer public employment retirement system that acts as a common investment and administrative agent for participating municipal pension plans. PMRS issue a separate Comprehensive Annual Financial Report (CAFR). The CAFR is available on the PMRS website. A copy can be obtained by contacting the PMRS accounting office. The plan provides retirement, disability and death benefits for all new eligible full-time employees hired after April 1, 2006 and their beneficiaries. Cost-of-living allowances are provided at the discretion of the plan. All new full time employees are eligible to participate. Employees hired prior to adoption of the CB Plan are covered under the Defined Benefit Pension Plan. At December 31, 2015, the date of the most recent Statement of Plan Net Asset, participants in the Plan were as follows: Active Plan Members 8 Retirees and Beneficiaries Currently Receiving Benefits - Terminated Plan Members Entitled to but not yet Receiving Benefits - 8 Funding Policy The plan requires contributions by the Authority in an amount equal to 4% of the employee s compensation as defined by the plan. The Authority will match one-half of the employee contribution, not to exceed a total contribution by the Authority of 6%. Net Pension Liability The Authority's net pension liability was measured as of December 31, 2015, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of that date. The total pension liability in the December 31, 2015 actuarial valuation was determined using the following actuarial assumptions, applied to all periods in the measurement: Inflation - 3.0% Salary Increases - Age related scale with merit and inflation component COLA Increases - 3.0% for those eligible for a COLA Investment Return % compounded annually, net of expenses 18
21 NOTES TO FINANCIAL STATEMENTS MARCH 31, 2017 AND Defined Contribution Pension Plan (Cash Balance Plan) (Continued) The actuarial assumptions used in this report are as follows. These assumptions are based on the PMRS Experience Study for the period covering January 1, 2009 through December 31, 2013 issued by the actuary in July 2015 as well as subsequent Board approved assumption changes. In addition, mortality rates were based on males with the RP 2000 non-annuitant table projected 15 year and then set back 5 years. The long-term expected rate of return on pension plan investments was determined using a building-block method in which best estimate ranges of expected future real rates of return are developed for each major asset class, for the portfolio as a whole and at levels of probability or confidence. There are four steps to the method: 1) Expected future real rates are based primarily on the 20 year historic nominal rates of return as reflected by applicable return indexes and may be adjusted for specific asset classes, 2) The nominal rates of return by asset class are adjusted by a constant rate of expected future annual inflation rate of 3% to produce real rates of return, 3) The real rates of return are further adjusted by weighting each asset class using the PMRS portfolio target asset allocations, 4) These weighted real rates of return are then subjected to a probability simulation to understand the likelihood of success in achieving various portfolio return levels. Based on the most recent asset allocation study conducted by Dahab Associates, the minimum acceptable confidence level for the Board has been determined to be 70%. Based on the four part analysis, the Board established the System's Long-Term Expected Rate of Return at 7.5%. Best estimates of arithmetic real rates of return for each major asset class included in the pension plan's target asset allocation as of December 31, 2015 are summarized in the following table: Asset Class Target Nominal Long-Term Asset Rate of Expected Real Allocation Return Rate of Return Domestic Equity Large Cap 25% 9.9% 6.9% Small Cap 15% 9.8% 6.8% International Equity Developed Markets 15% 7.0% 4.0% Emerging Markets 10% 10.6% 7.6% Real Estate 20% 10.1% 7.1% Fixed Income 15% 5.4% 2.4% Total Portfolio 100% 52.8% 34.8% 19
22 NOTES TO FINANCIAL STATEMENTS MARCH 31, 2017 AND Defined Contribution Pension Plan (Cash Balance Plan) (Continued) Discount Rate The discount rate used to measure the total pension asset was 5.50%. The PMRS Board establishes the Regular Interest Rate on the basis of expected stable and consistent earnings on investments to be applied to the accounts of the Authority and includes the accounts of plan participants and plan retirees each year. The Board may adjust the Regular Interest Rate derived from the formula due to a variety of qualitative factors such as the desire to minimize Regular Interest Rate volatility. The projection of cash flows for the Authority to determine if any adjustment to the discount rate required using the following assumptions: 1) member contributions will be made at the current contribution rate, 2) participant plan sponsor contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate, and 3) the System's Long-Term Expected Rate of Return will be used in the depletion testing of projected cash flows. Changes in Net Position Liability The following table shows the changes in net pension liability recognized over the measurement period: Increase/(Decrease) Total Pension Plan Net Pension Liability Fiduciary Net Liability (a) Position (b) (a)-(b) Balance at December 31, 2014 $ 88,889 $ 87,613 $ 1,276 Changes for the year: Service Cost 19,489-19,489 Interest 5,266-5,266 Changes in Benefit Terms Differences Between Expected and Actual Experience 1-1 Changes in Assumptions Contributions - Employer - 11,693 (11,693) Contributions - PMRS Assessment (140) Contributions - Member - 7,796 (7,796) PMRS Investment Income - 5,211 (5,211) Market Value Investment Income - (7,053) 7,053 Transfers 5,139 5,139 - Benefit Payments PMRS Administrative Expense - (140) 140 Additional Administrative Expenses - (217) 217 Balance at December 31, 2015 $ 118,784 $ 110,182 $ 8,602 20
23 NOTES TO FINANCIAL STATEMENTS MARCH 31, 2017 AND Defined Contribution Pension Plan (Cash Balance Plan) (Continued) Sensitivity of the Net Pension (Asset) Liability to Changes in the Discount Rate The following presents the net pension liability calculated using the discount rate of 5.50%, as well as what the net pension (asset) liability would be if it were calculated using a discount rate that is 1 percentage point lower (4.50%) or 1 percentage point higher (6.50%) than the current rate: Current 1% Decrease Discount Rate 1% Increase 4.50% 5.50% 6.50% Total Pension Liability $ 142,540 $ 118,784 $ 95,027 Plan Fiduciary Net Position 110, , ,182 Net Pension (Asset) Liability $ 32,358 $ 8,602 $ (15,155) Plan Fiduciary Net Position Detailed information about the Plan's fiduciary net position is available in the separately issued Northampton Borough Municipal Authority financial report. Pension Expense, Deferred Outflows of Resources, and Deferred Inflows of Resources For the year end December 31, 2016, the Authority recognized pension expense of $19,760. At December 31, 2016, the Authority reported deferred outflows of resources and deferred inflows of resources related to pension from the following sources: Deferred Outflows of Resources Deferred Inflows of Resources Differences Between Expected and Actual Experience $ - $ - Changes in Assumptions - - Net Difference Between Projected and Actual Earnings on Pension Plan Investments 4,399 - Total $ 4,399 $ - Amounts reported as deferred outflows of resources and deferred inflows of resources will be recognized in pension expense as follows: Years Ended December 31, 2017 $ 1, , ,409 21
24 NOTES TO FINANCIAL STATEMENTS MARCH 31, 2017 AND Defined Benefit Pension Plan Plan Description The Northampton Borough Municipal Authority pension plan is a single-employer defined benefit pension plan controlled by the provisions of Resolution No. 2 adopted pursuant to Act 15 of The plan provides retirement, disability and death benefits to plan members and their beneficiaries. Cost of living allowances are provided at the discretion of the plan. The plan participates in the Pennsylvania Municipal Retirement System (PMRS), which is an agent multiple-employer public employee retirement system that acts as a common investment and administrative agent for participating municipal pension plans. PMRS issues a separate Comprehensive Annual Financial Report (CAFR). The CAFR is available on the PMRS Website. A copy can be obtained by contacting the PMRS accounting office. At December 31, 2015, the date of the most recent Statement of Plan Net Asset, participants in the Plan were as follows: Active Plan Members 21 Retirees and Beneficiaries Currently Receiving Benefits 22 Terminated Plan Members Entitled to but not yet Receiving Benefits 1 44 Funding Policy Act 205, of the Commonwealth of Pennsylvania, requires that annual contributions be based upon the plan s minimum municipal obligation (MMO). The MMO is based upon the plan s biennial actuarial valuation. The most recent actuarial valuation was performed January 1, In accordance with the plan s governing resolution, members are not required to contribute any of their compensation to the plan. The plan did not receive an allocation of state aid from the General Municipal Pension System Aid Program which must be used for pension funding, for the plan year ended December 31, Any funding requirements established by the MMO in excess of aid must be paid by the municipality in accordance with Act 205. Administrative Costs, including the investment manager, custodial trustee, and actuarial services are charged to the plan and funded through investment earnings. Net Pension Liability The Authority's net pension asset was measured as of December 31, 2015, and the total pension asset used to calculate the net pension asset was determined by an actuarial valuation as of that date. The total pension asset in the December 31, 2015 actuarial valuation was determined using the following actuarial assumptions, applied to all periods in the measurement: Inflation - 3.0% Salary Increases - Age related scale with merit and inflation component COLA Increases - 3.0% for those eligible for a COLA Investment Return % compounded annually, net of expenses 22
25 NOTES TO FINANCIAL STATEMENTS MARCH 31, 2017 AND Defined Benefit Pension Plan (Continued) Net Pension Liability (Continued) The actuarial assumptions used in this report are as follows. These assumptions are based on the PMRS Experience Study for the period covering January 1, 2009 through December 31, 2013 issued by the actuary in July 2015 as well as subsequent Board approved assumption changes. In addition, mortality rates were based on males with the RP 2000 non-annuitant table projected 15 year and then set back 5 years. The long-term expected rate of return on pension plan investments was determined using a building-block method in which best estimate ranges of expected future real rates of return are developed for each major asset class, for the portfolio as a whole and at levels of probability or confidence. There are four steps to the method: 1) Expected future real rates are based primarily on the 20 year historic nominal rates of return as reflected by applicable return indexes and may be adjusted for specific asset classes, 2) The nominal rates of return by asset class are adjusted by a constant rate of expected future annual inflation rate of 3% to produce real rates of return, 3) The real rates of return are further adjusted by weighting each asset class using the PMRS portfolio target asset allocations, 4) These weighted real rates of return are then subjected to a probability simulation to understand the likelihood of success in achieving various portfolio return levels. Based on the most recent asset allocation study conducted by Dahab Associates, the minimum acceptable confidence level for the Board has been determined to be 70%. Based on the four part analysis, the Board established the System's Long-Term Expected Rate of Return at 7.5%. Best estimates of arithmetic real rates of return for each major asset class included in the pension plan's target asset allocation as of December 31, 2015 are summarized in the following table: Asset Class Target Nominal Long-Term Asset Rate of Expected Real Allocation Return Rate of Return Domestic Equity Large Cap 25% 9.9% 6.9% Small Cap 15% 9.8% 6.8% International Equity Developed Markets 15% 7.0% 4.0% Emerging Markets 10% 10.6% 7.6% Real Estate 20% 10.1% 7.1% Fixed Income 15% 5.4% 2.4% Total Portfolio 100% 52.8% 34.8% 23
26 NOTES TO FINANCIAL STATEMENTS MARCH 31, 2017 AND Defined Benefit Pension Plan (Continued) Discount Rate The discount rate used to measure the total pension asset was 5.50%. The PMRS Board establishes the Regular Interest Rate on the basis of expected stable and consistent earnings on investments to be applied to the accounts of the Authority and includes the accounts of plan participants and plan retirees each year. The Board may adjust the Regular interest Rate derived from the formula due to a variety of qualitative factors such as the desire to minimize Regular Interest Rate volatility. The projection of cash flows for the Authority to determine if any adjustment to the discount rate required using the following assumptions: 1) member contributions will be made at the current contribution rate, 2) participant plan sponsor contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate, and 3) the System's Long-Term Expected Rate of Return will be used in the depletion testing of projected cash flows. Changes in Net Position Liability The following table shows the changes in net pension asset recognized over the measurement period: Increase/(Decrease) Total Pension Plan Net Pension Liability Fiduciary Net Liability (a) Position (b) (a)-(b) Balance at December 31, 2014 $ 7,854,030 $ 7,916,970 $ (62,940) Changes for the year: Service Cost 111, ,081 Interest 427, ,507 Changes in Benefit Terms Differences Between Expected and Actual Experience Changes in Assumptions 127, ,676 Contributions - Employer - 145,809 (145,809) Contributions- PMRS Assessment (880) Contributions - Member PMRS Investment Income - 420,297 (420,297) Market Value Investment Income - (441,809) 441,809 Benefit Payments (389,733) (389,733) - PMRS Administrative Expense - (880) 880 Additional Administrative Expenses - (17,521) 17,521 Balance at December 31, 2015 $ 8,130,561 $ 7,634,013 $ 496,548 24
27 NOTES TO FINANCIAL STATEMENTS MARCH 31, 2017 AND Defined Benefit Pension Plan (Continued) Sensitivity of the Net Pension (Asset) Liability to Changes in the Discount Rate The following presents the net pension liability calculated using the discount rate of 5.50%, as well as what the net pension (asset) liability would be if it were calculated using a discount rate that is 1 percentage point lower (4.50%) or 1 percentage point higher (6.50%) than the current rate: Current 1% Decrease Discount Rate 1% Increase 4.50% 5.50% 6.50% Total Pension Liability $ 9,050,330 $ 8,130,561 $ 7,331,084 Plan Fiduciary Net Position 7,634,013 7,634,013 7,634,013 Net Pension (Asset) Liability $ 1,416,317 $ 496,548 $ (302,929) Plan Fiduciary Net Position Detailed information about the Plan's fiduciary net position is available in the separately issued Northampton Borough Municipal Authority financial report. Pension Expense, Deferred Outflows of Resources, and Deferred Inflows of Resources For the year end December 31, 2016, the Authority recognized pension expense of $114,007. At December 31, 2016, the Borough reported deferred outflows of resources and deferred inflows of resources related to pension from the following sources: Deferred Outflows of Resources Deferred Inflows of Resources Differences Between Expected and Actual Experience $ - $ 62,078 Changes in Assumptions 76,606 - Net Difference Between Projected and Actual Earnings on Pension Plan Investments 253,603 - Total $ 330,209 $ 62,078 Amounts reported as deferred outflows of resources and deferred inflows of resources will be recognized in pension expense as follows: Years Ended December 31, 2017 $ 77, , ,897 25
28 NOTES TO FINANCIAL STATEMENTS MARCH 31, 2017 AND Exchange of Services with the Borough of Northampton Effective, October 17, 1985, the Authority entered in to an agreement, as amended, with the Borough of Northampton to exchange certain services. The original Exchange of Services Agreement dated October 17, 1985 has been replaced by a Memorandum of Understanding regarding Agreement of Payment for services between the Borough of Northampton and Northampton Borough Municipal Authority dated January 16, Beginning January 1, 2014, payments due between the Authority and the Borough shall be paid semi-annually. The billing periods are January 1 to June 30 and July 1 to December 31 with payments due July 15 and January 15, respectively. The Authority is primarily providing water service to the Borough and the Borough is providing sewer service to the Authority and its water treatment plant for waste water treatment attributable to Authority water users. The Authority is accounting for this arrangement in its operating revenue and expenses by valuing the services received at fair value of the services rendered. The value of such services rendered by the Borough to the Authority was $69,624 and $74,664 for the years ended December 31, 2016 and 2015, respectively. In addition, the Authority provided services valued at $75,937 and $64,468 to the Borough for the years ended December 31, 2016 and 2015, respectively. 8. Postretirement Healthcare Plan Plan Description The Authority administers a single-employer defined benefit healthcare plan. The Northampton Borough Municipal Authority Postemployment Healthcare Plan. The plan provides the payment of healthcare benefits premiums (medical and prescription not including life insurance, cancer, dental or vision) to eligible retirees and their eligible spouses through the Authority s group health insurance plan, which covers both active and retired members. Employees hired subsequent to April 1, 2006 are not entitled to employer paid coverage. The plan does not issue a publicly available report. Funding Policy The contribution requirements of the plan members and the Authority are established and may be amended by the Authority. Currently, the Authority contributes 100% of the cost of currentyear premiums for eligible retired plan members and their eligible spouses. The required contribution is based on projected pay-as-you-go financing requirements. The Authority contributed $135,582 and $147,623 to the Plan for fiscal years ended March 31, 2017 and 2016, respectively. 26
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