City of Sartell Stearns and Benton Counties, Minnesota. Financial Statements. December 31, 2018

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1 Stearns and Benton Counties, Minnesota Financial Statements December 31, 2018

2 Table of Contents Elected Officials and Administration 1 Independent Auditor's Report 2 Management's Discussion and Analysis 5 Basic Financial Statements Government-Wide Financial Statements Statement of Net Position 16 Statement of Activities 17 Fund Financial Statements Balance Sheet Governmental Funds 18 Reconciliation of the Balance Sheet to the Statement of Net Position Governmental Funds 20 Reconciliation of the Statement of Net Position Business-Type Activities 21 Statement of Revenues, Expenditures, and Changes in Fund Balances Governmental Funds 22 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances to the Statement of Activities Governmental Funds 24 Reconciliation of the Revenues, Expenses, and Changes in Net Position Business-Type Activities 25 Statement of Revenues, Expenditures, and Changes in Fund Balances Budget and Actual General Fund 26 Statement of Net Position Proprietary Funds 27 Statement of Revenues, Expenses, and Changes in Fund Net Position Proprietary Funds 28 Statement of Cash Flows Proprietary Funds 29 Notes to Financial Statements 31 Required Supplementary Information Schedule of City's Proportionate Share of Net Pension Liability General Employees Retirement Fund 68 Schedule of City's Proportionate Share of Net Pension Liability Public Employees Police and Fire Retirement Fund 68 Schedule of City Contributions General Employees Retirement Fund 69 Schedule of City Contributions Public Employees Police and Fire Retirement Fund 69 Schedule of Employer Contributions and Non-Employer Contributing Entities Fire Relief Association 70

3 Table of Contents Required Supplementary Information Schedule of Changes in the Net Pension Liability and Related Ratios Fire Relief Association 71 Notes to Required Supplementary Information 72 Supplementary Information Schedule of Revenues, Expenditures, and Changes in Fund Balances Budget and Actual General Fund 77 Combining Balance Sheet Nonmajor Governmental Funds 80 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances Nonmajor Governmental Funds 90 Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards 101 Minnesota Legal Compliance 103 Schedule of Findings and Responses on Internal Control 104

4 Elected Officials and Administration December 31, 2018 Elected Officials Position Term Expires Sarah Jane Nicoll Mayor December 31, 2018 Pat Lynch Council Member December 31, 2018 David Peterson Council Member December 31, 2018 Mike Chisum Council Member December 31, 2020 Ryan Fitzthum Council Member December 31, 2020 Administration Mary Degiovanni Heidi Ostlie City Administrator Finance Director 1

5 Independent Auditor's Report Honorable Mayor and Members of the City Council Sartell, Minnesota Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the, Minnesota, as of and for the year ended December 31, 2018, and the related notes to financial statements, which collectively comprise the City'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 audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. 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 City'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 City'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. 2

6 Opinions In our opinion, the financial statements referred to in the first paragraph present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the, Minnesota, as of and for the year ended December 31, 2018, and the respective changes in financial position and, where applicable, cash flows thereof, and the budgetary comparison for the General Fund for the year 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, which follows this report letter, and Required Supplementary Information as listed in the Table of Contents 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 (GASB), 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 Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the 's basic financial statements. The combining and individual nonmajor fund financial statements are presented for purposes of additional analysis and are not a required part of the basic financial statements. The combining and individual nonmajor fund financial statements are the responsibility of management and were 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 combining and individual nonmajor fund financial statements are fairly stated, in all material respects, in relation to the basic financial statements as a whole. 3

7 Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated April 8, 2019, on our consideration of the 's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the City's internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the 's internal control over financial reporting and compliance. St. Cloud, Minnesota April 8,

8 Management's Discussion and Analysis As management of the (the "City"), we offer readers of the City's financial statements this narrative overview and analysis of the financial activities of the City for the year ended December 31, FINANCIAL HIGHLIGHTS The assets and deferred outflows of the City exceeded its liabilities and deferred inflows at the close of the most recent year by $106,605,894 (net position). Of this amount, $7,816,122 (unrestricted net position) may be used to meet the government's ongoing obligations to citizens and creditors. The City's total net position increased by $1,623,135. As of the close of the current year, the City's governmental funds reported combined ending fund balances of $25,329,352, an increase of $4,026,118. Of the total amount of fund balances, $125,367 are nonspendable; $16,280,943 are restricted; $5,692,691 are committed; and $3,230,351 are unassigned. At the end of the current year, unassigned fund balance for the General Fund was $4,169,799, or 59.60% of General Fund expenditures for 2018 and 58.60% of budgeted 2019 General Fund expenditures and transfers. This is within the City's financial policy guidelines for maintenance of operating reserves. The City issued $28,635,000 in General Obligation bonds in Of that total $17,580,000 was new debt and the remaining $11,055,000 were refunding bonds. OVERVIEW OF THE FINANCIAL STATEMENTS This discussion and analysis is intended to serve as an introduction to the City's basic financial statements. The City's basic financial statements comprise three components: 1) government-wide financial statements, 2) fund financial statements and 3) notes to financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves. Government-Wide Financial Statements The government-wide financial statements are designed to provide readers with a broader overview of the City's finances, in a manner similar to a private-sector business. The Statement of Net Position presents information on all of the City's assets, deferred outflows, liabilities, and deferred inflows, with the difference reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the City is improving or deteriorating. The Statement of Activities presents information showing how the government's net position changed during the most recent year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods (e.g., uncollected taxes and earned but unused vacation leave). 5

9 Management's Discussion and Analysis Government-Wide Financial Statements (Continued) Both of the government-wide financial statements distinguish functions of the City that are principally supported by taxes and intergovernmental revenues (governmental activities) from other functions that are intended to recover all or a significant portion of their costs through user fees and charges (businesstype activities). The governmental activities of the City include general government, public safety, public works, economic development, interest on long-term debt and culture and recreation. The business-type activities of the City include the water, sewer and storm water utilities. The government-wide financial statements can be found on pages of this report. Fund Financial Statements A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The City, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds of the City can be divided into two categories: governmental funds and proprietary funds. Governmental Funds Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the year. Such information may be useful in evaluating a government's near-term financing requirements. Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the government's near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. The City maintains 58 individual governmental funds. Information is presented separately in the governmental fund Balance Sheet and in the governmental fund Statement of Revenues, Expenditures and Changes in Fund Balances for the General Fund, G.O. Improvement Bonds, Series 2010A (closed at December 31, 2018), Pinecone Road Project Fund, and Public Safety Facility Project Fund, each of which are considered to be major funds. Data from the other governmental funds are combined into a single, aggregated presentation. Individual fund data for each of these nonmajor governmental funds is provided in the form of combining statements elsewhere in this report. The City adopts an annual appropriated budget for its General Fund. A budgetary comparison statement has been provided for the General Fund to demonstrate compliance with this budget. The basic governmental fund financial statements can be found on pages of this report. 6

10 Management's Discussion and Analysis Proprietary Funds The City maintains one type of proprietary fund. Enterprise funds are used to report the same functions presented as business-type activities in the government-wide financial statements. The City uses enterprise funds to account for its water, sewer, and storm water operations. Proprietary funds provide the same type of information as the government-wide financial statements, only in more detail. The proprietary fund financial statements provide separate information for the water, sewer, and storm water operations, all of which are considered to be major funds of the City. The basic proprietary fund financial statements can be found on pages of this report. Notes to Financial Statements The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The notes to financial statements can be found on pages of this report. Required Supplementary and Other Information The required supplementary information and combining statements referred to earlier in connection with nonmajor governmental funds can be found on pages of this report. GOVERNMENT-WIDE FINANCIAL ANALYSIS As noted earlier, net position may serve over time as a useful indicator of a government's financial position. In the case of the City, net position was $106,605,894 at the close of the most recent year. By far the largest portion of the City's net position reflects its investment in capital assets (e.g., land, buildings, machinery, infrastructure, and equipment), less any related debt used to acquire those assets that is still outstanding. The City uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. Although the City's investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. 7

11 Management's Discussion and Analysis Net Position Governmental Activities Business-Type Activities Total Current and Other Assets $ 28,613,533 $ 23,687,826 $ 7,343,025 $ 6,614,129 $ 35,956,558 $ 30,301,955 Capital Assets 72,991,434 66,843,594 82,552,587 77,131, ,544, ,974,685 Total Assets $ 101,604,967 $ 90,531,420 $ 89,895,612 $ 83,745,220 $ 191,500,579 $ 174,276,640 Deferred Outflows of Resources $ 2,511,763 $ 3,162,001 $ 82,337 $ 123,630 $ 2,594,100 $ 3,285,631 Long-Term Liabilities $ 48,614,618 $ 35,691,371 $ 23,586,402 $ 21,714,749 $ 72,201,020 $ 57,406,120 Other Liabilities 9,348,715 9,417,450 2,884,045 2,496,554 12,232,760 11,914,004 Total Liabilities $ 57,963,333 $ 45,108,821 $ 26,470,447 $ 24,211,303 $ 84,433,780 $ 69,320,124 Deferred Inflows of Resources $ 2,964,241 $ 3,183,304 $ 90,764 $ 76,084 $ 3,055,005 $ 3,259,388 Net Position Investment in Capital Assets $ 42,709,539 $ 40,813,014 $ 57,105,393 $ 53,823,458 $ 93,340,281 89,187,462 Restricted for: Debt Service 4,580,002 7,358, ,580,002 7,358,819 Capital Project Funds 75,237 35, ,237 35,541 Parks 190, , , ,893 Sales Tax 398, , , ,689 Other Special Revenue 205, , , ,979 Unrestricted (4,969,874) (3,703,639) 6,311,345 5,758,005 7,816,122 7,503,376 Total Net Position $ 43,189,156 $ 45,401,296 $ 63,416,738 $ 59,581,463 $ 106,605,894 $ 104,982,759 Of the City's net position, $93,340,281 is invested in capital assets, $4,580,002 is restricted for debt service, $75,237 is restricted for capital acquisition, $190,674 is restricted as parkland dedication, $398,201 for purposes defined by the local area sales tax, and $205,377 is restricted as other special revenue funds. The balance of unrestricted net position $7,816,122 may be used to meet the government's ongoing obligations to citizens and creditors. 8

12 Management's Discussion and Analysis Governmental Activities Governmental activities decreased the City's net position by $2,212,140. Governmental Activities Business-Type Activities Total REVENUES Program Revenues: Charges for services $ 2,211,903 $ 2,874,171 $ 5,923,318 $ 10,802,646 $ 8,135,221 $ 13,676,817 Operating Grants and Contributions 335, , , ,793 Capital Grants and Contributions 2,660,051 5,267, ,182 2,660,051 5,664,932 General Revenues: Property Taxes 6,254,525 5,794, ,254,525 5,794,826 Sales tax 1,293,189 1,241, ,293,189 1,241,230 Tax Increment 159, , , ,234 Intergovernmental 234, ,740 2, , ,896 Investment Income 346, , ,388 27, , ,781 Gain on Sale of Asset 76,418 37, ,418 37,822 Total Revenues 13,571,577 15,942,463 6,053,539 11,227,868 19,625,116 27,170,331 EXPENSES Governmental Activities: General Government 800, , , ,860 Public Safety 3,585,039 3,353, ,585,039 3,353,366 Public Works 4,596,629 4,547, ,596,629 4,547,478 Parks and Recreation 1,566,999 1,098, ,566,999 1,098,854 Community/Economic Development 313, , , ,365 Interest on Long-Term Debt 1,482, , ,482, ,115 Business-Type Activities: Water - - 2,588,882 2,510,708 2,588,882 2,510,708 Sewer - - 2,525,782 2,599,386 2,525,782 2,599,386 Stormwater , , , ,232 Total Expenses 12,346,207 11,007,038 5,655,774 5,629,326 18,001,981 16,636,364 Increase in Net Position before Transfers 1,225,370 4,935, ,765 5,598,542 1,623,135 10,533,967 Transfers (3,437,510) (515,525) 3,437, , Increase (Decrease) in Net Position (2,212,140) 4,419,900 3,835,275 6,114,067 1,623,135 10,533,967 NET POSITION Beginning 45,401,296 41,223,633 59,581,463 53,467, ,982,759 94,691,029 Special Item (Note 12) - (242,237) (242,237) Beginning, Restated 45,401,296 40,981,396 59,581,463 53,467, ,982,759 94,448,792 Ending $ 43,189,156 $ 45,401,296 $ 63,416,738 $ 59,581,463 $ 106,605,894 $ 104,982,759 9

13 Management's Discussion and Analysis Expenses and Program Revenues - Governmental Activities $5,000,000 Revenues Expenses $4,000,000 $3,000,000 $2,000,000 $1,000,000 $- General Government Public Safety Public Works Community/Economic Development Parks and Recreation Interest on Long-Term Debt 10

14 Management's Discussion and Analysis Business-Type Activities Business-type activities increased the City's net position by $3,835,

15 Management's Discussion and Analysis FINANCIAL ANALYSIS OF THE GOVERNMENT'S FUNDS As noted earlier, the City uses fund accounting to ensure and demonstrate compliance with financerelated legal requirements. Governmental Funds The focus of the City's governmental funds is to provide information on near-term inflows, outflows and balances of spendable resources. Such information is useful in assessing the City's financing requirements. In particular, unreserved fund balance may serve as a useful measure of a government's net resources available for spending at the end of the year. As of the end of the current year, the City's governmental funds reported combined ending fund balances of $25,329,352, an increase of $4,026,118 in comparison with the prior year. Of the total amount of fund balance, $3,230,351 constitutes unassigned fund balance, which is available for spending at the government's discretion. The General Fund is the chief operating fund of the City. At the end of the current year, unassigned fund balance of the General Fund was $4,169,799 and $125,367 was nonspendable as prepaid items. This General Fund reserve is held for operating cash since the City receives its major revenue sources only twice per year in the form of property taxes and assessments. The fund balance of the City's General Fund increased by $143,380 during the current year. The debt service funds have a total fund balance of $3,778,730 and that entire amount is restricted for the payment of debt service, representing a total debt service fund balance decrease of $1,744,041 compared to prior year. Proprietary Funds The City's proprietary funds provide the same type of information found in the government-wide financial statements, but in more detail. The unrestricted net position in the respective proprietary funds are water utility $1,977,059, sewer utility $379,539, and stormwater utility $411,491. GENERAL FUND BUDGETARY HIGHLIGHTS The City's revenues in 2018 were higher than projected primarily due to an increase in Police Aid, increased interest earnings, and reimbursements for the City s officer on the Violent Offender s Task Force/Gang Strike Force in 2018 that either weren't budgeted or were budgeted conservatively. The City's operations were under budget for expenditures as well in 2018 largely due to the timing of filling budgeted staff positions during the year. The fund balance of the City's General Fund increased by $143,380 in

16 Management's Discussion and Analysis CAPITAL ASSETS AND DEBT ADMINISTRATION Capital Assets The City's investment in capital assets for its governmental and business type activities as of December 31, 2018 amounted to $155,544,021 (net of accumulated depreciation). This investment in capital assets includes land, buildings, improvements, machinery and equipment, furniture and office equipment, infrastructure and construction in progress. The total increase in the City's investment in capital assets for the current year was $11,569,336, or about 8.04%. The increase is a result of added infrastructure from new development, less ongoing depreciation of existing assets. Governmental Activities Business-Type Activities Total Land $ 12,470,822 $ 11,083,786 $ 1,278,594 $ 1,255,387 $ 13,749,416 $ 12,339,173 Right of Ways and Easements 1,443,452 1,443, ,443,452 1,443,452 Sewer Rights ,359,318 15,046,507 18,359,318 15,046,507 Buildings 18,730,209 18,378,890 16,127,082 16,127,082 34,857,291 34,505,972 Infrastructure-Improvements Other than Buildings 79,624,677 74,478,254 78,420,311 77,211, ,044, ,689,974 Machinery and Equipment 7,641,633 6,526, , ,967 8,350,600 7,235,855 Construction in Progress 6,813,315 4,723,032 4,216, ,902 11,029,928 5,687,934 Total $ 126,724,108 $ 116,634,302 $ 119,110,885 $ 111,314,565 $ 245,834,993 $ 227,948,867 Additional information on the City's capital assets can be found in Note 5 on pages of this report. Long-Term Debt At the end of the current year, the City had total bonded debt outstanding of $58,170,000 (excluding premiums), all of which comprises debt backed by the full faith and credit of the city. The City also had principal outstanding on notes payable of $14,487,091 representing the City's share of expenses related to sewer conveyance infrastructure and upgrade and expansion of the St. Cloud Wastewater Treatment Plant and Nutrient Recovery and Reuse Project (NR2). Governmental Activities Business-Type Activities Total G.O. Bonds $ 48,387,934 $ 35,758,448 $ - $ - $ 48,387,934 $ 35,758,448 G.O. Revenue ,865,000 12,440,000 11,865,000 12,440,000 Notes Payable 1,200,000 1,600,000 13,287,091 10,867,633 14,487,091 12,467,633 Total $ 49,587,934 $ 37,358,448 $ 25,152,091 $ 23,307,633 $ 74,740,025 $ 60,666,081 The City's total bonded debt increased by $12,054,486, or about 25.01%, during the current year due to issuance of general obligation bonds, refunding bonds, and regular debt principal payments during Additional information on the City's long-term debt can be found in Note 6 on pages

17 Management's Discussion and Analysis ECONOMIC FACTORS AND NEXT YEAR'S BUDGETS AND RATES The 2018 annual average unemployment rate for the St. Cloud metropolitan area was 3.05%, which is slightly higher than the Minnesota average of 2.9% and significantly lower than the 3.9% national average for The City increased general fund reserves during 2018 through conservative budgeting and keeping overall expenditures under budget. The City increased its tax levy and tax rate for 2018, but continues to have one of the lowest city tax rates in the area. REQUESTS FOR INFORMATION The financial report is designed to provide a general overview of the City's finances for all those with an interest in the government's finances. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to the Finance Director at 125 Pinecone Road North, Sartell, Minnesota

18 BASIC FINANCIAL STATEMENTS 15

19 Statement of Net Position December 31, 2018 Governmental Activities Business-Type Activities Total Assets Assets Cash and investments $ 23,380,390 $ 7,672,590 $ 31,052,980 Taxes receivable - delinquent 34,002-34,002 Special assessments receivable Deferred 1,619,477 54,562 1,674,039 Interest receivable 51,865 19,255 71,120 Accounts receivable 159,303 1,145,446 1,304,749 Internal balances 1,576,250 (1,576,250) - Due from other governments 1,514,599-1,514,599 Prepaid items 125,367 27, ,789 Net pension asset 152, ,280 Capital assets not being depreciated Land 12,470,822 1,278,594 13,749,416 Rights of ways and easements 1,443,452-1,443,452 Construction in progress 6,813,315 4,216,613 11,029,928 Capital assets, net of accumulated depreciation Buildings 15,064,254 11,029,566 26,093,820 Infrastructure 33,385,792-33,385,792 Sewer and water improvements - 48,662,783 48,662,783 Sewer rights - 16,989,617 16,989,617 Machinery and equipment 3,813, ,414 4,189,213 Total assets 101,604,967 89,895, ,500,579 Deferred Outflows of Resources Deferred gain on refunding of bonds 10,616-10,616 Deferred outflows of resources related to pensions 2,501,147 82,337 2,583,484 Total deferred outflows of resources 2,511,763 82,337 2,594,100 Total assets and deferred outflows of resources $ 104,116,730 $ 89,977,949 $ 194,094,679 Liabilities Accounts and contracts payable $ 932,177 $ 107,159 $ 1,039,336 Due to other governments 34, , ,592 Salaries and benefits payable 24,904 5,318 30,222 Unearned revenue 3,975,404-3,975,404 Interest payable 757, , ,880 Compensated absences payable Payable within one year 9,268 2,786 12,054 Payable after one year 176,095 52, ,012 Bond principal payable (net) Payable within one year 3,215,000 1,215,000 4,430,000 Payable after one year 45,183,550 10,945,103 56,128,653 Notes payable Payable within one year 400,000 1,068,272 1,468,272 Payable after one year 800,000 12,218,819 13,018,819 Net pension liability 2,454, ,563 2,824,536 Total liabilities 57,963,333 26,470,447 84,433,780 Deferred Inflows of Resources Deferred inflows of resources related to pensions 2,964,241 90,764 3,055,005 Net Position Net investment in capital assets 42,709,539 57,105,393 93,340,281 Restricted for Debt service 4,580,002-4,580,002 Capital project funds 75,237-75,237 Parks 190, ,674 Sales tax 398, ,201 Other special revenue funds 205, ,377 Unrestricted (4,969,874) 6,311,345 7,816,122 Total net position 43,189,156 63,416, ,605,894 Total liabilities, deferred inflows of resources, and net position $ 104,116,730 $ 89,977,949 $ 194,094,679 See notes to financial statements. 16

20 17 Statement of Activities Year Ended December 31, 2018 Net (Expense) Revenues Program Revenue and Changes in Net Position Functions/Programs Expenses Charges for Services Operating Grants and Contributions Capital Grants and Contributions Governmental Activities Business-Type Activities Total Governmental activities General government $ 800,808 $ 59,788 $ - $ - $ (741,020) $ - $ (741,020) Public safety 3,585, , ,708 - (2,255,428) - (2,255,428) Public works 4,596, ,547 3,000 2,548,870 (1,261,212) - (1,261,212) Community and economic development 313,939 13, (300,815) - (300,815) Parks and recreation 1,566, , ,181 (1,097,193) - (1,097,193) Interest on long-term debt 1,482, (1,482,793) - (1,482,793) Total governmental activities 12,346,207 2,211, ,792 2,660,051 (7,138,461) - (7,138,461) Business-type activities Water 2,588,882 2,569, (19,557) (19,557) Sewer 2,525,782 2,854, , ,365 Stormwater 541, , (41,264) (41,264) Total business-type activities 5,655,774 5,923, , ,544 Total governmental and business-type activities $ 18,001,981 $ 8,135,221 $ 335,792 $ 2,660,051 (7,138,461) 267,544 (6,870,917) General revenues Property taxes 6,254,525-6,254,525 Sales tax 1,293,189-1,293,189 Tax increments 159, ,023 Intergovernmental 234,194 2, ,027 Unrestricted investment earnings 346, , ,870 Gain on sale of asset 76,418-76,418 Transfers (3,437,510) 3,437,510 - Total general revenues and transfers 4,926,321 3,567,731 8,494,052 Change in net position (2,212,140) 3,835,275 1,623,135 Net position - beginning 45,401,296 59,581, ,982,759 Net position - ending $ 43,189,156 $ 63,416,738 $ 106,605,894 See notes to financial statements.

21 Balance Sheet - Governmental Funds December 31, 2018 Capital Project General Fund (101, 102) Pinecone Road Project 2017 (433) Assets Cash and investments $ 3,734,793 $ 11,991 Taxes receivable - delinquent 27,541 - Special assessments receivable Deferred - - Interest receivable 8,113 (274) Accounts receivable 11,638 - Due from other governments 160, ,000 Prepaid items 125,367 - Due from other funds - - Advances due from other funds 491,250 - Total assets $ 4,559,610 $ 811,717 Liabilities Accounts and contracts payable $ 67,845 $ 281,390 Due to other governments 34, Salaries and benefits payable 24,904 - Unearned revenue 109,998 - Due to other funds - - Advances due to other funds - - Total liabilities 236, ,865 Deferred Inflows of Resources Unavailable revenue - property taxes 27,541 - Unavailable revenue - special assessments - - Total deferred inflows of resources 27,541 - Fund Balances Nonspendable 125,367 - Restricted - 529,852 Committed - - Unassigned 4,169,799 - Total fund balances 4,295, ,852 Total liabilities, deferred inflows of resources, and fund balances $ 4,559,610 $ 811,717 See notes to financial statements. 18

22 Capital Project Public Safety Facility (436) Other Governmental Funds Total Governmental Funds $ 7,560,871 $ 17,126,743 $ 28,434,398-6,461 34,002-1,674,039 1,674,039 22,798 32,184 62, , , ,691 1,514, , , ,374-2,006,840 2,498,090 $ 7,583,669 $ 21,973,997 $ 34,928,993 $ 22,031 $ 560,931 $ 932, , ,904-3,865,406 3,975, , ,374-2,498,090 2,498,090 22,031 7,350,801 7,891,600-6,461 34,002-1,674,039 1,674,039-1,680,500 1,708, ,367 7,561,638 8,189,453 16,280,943-5,692,691 5,692,691 - (939,448) 3,230,351 7,561,638 12,942,696 25,329,352 $ 7,583,669 $ 21,973,997 $ 34,928,993 19

23 Reconciliation of the Balance Sheet to the Statement of Net Position - Governmental Funds December 31, 2018 Total fund balances - governmental funds $ 25,329,352 Amounts reported for governmental activities in the Statement of Net Position are different because: Capital assets used in governmental activities are not current financial resources and, therefore, are not reported as assets in governmental funds. Cost of capital assets 126,724,108 Less accumulated depreciation (53,732,674) Long-term liabilities, including bonds payable, are not due and payable in the current period and, therefore, are not reported as liabilities in the funds. Long-term liabilities at year-end consist of: Bond principal payable (46,305,000) Notes payable (1,200,000) Compensated absences payable (185,363) Net pension liability (2,454,973) Unamortized gain on bond refunding 10,616 Bond premium (2,093,550) Deferred outflows of resources and deferred inflows of resources are created as a result of various differences related to pensions that are not recognized in the governmental funds. Deferred inflows of resources related to pensions (2,964,241) Deferred outflows of resources related to pensions 2,501,147 Fire Relief Association net pension asset created through contributions to a defined benefit pension plan which is not recognized in the governmental funds. 152,280 Governmental funds do not report a liability for accrued interest until due and payable. (757,331) Delinquent receivables will be collected in subsequent years, but are not available soon enough to pay for the current period's expenditures and, therefore, are deferred in the funds. Property taxes 34,002 Revenues in the Statement of Activities that do not provide current financial resources are not reported as revenues in the funds. Deferred special assessments 1,619,477 Certain funds are proprietary in nature and, therefore, need to be reported in the business-type activities in the Statement of Net Position. Sewer Capacity Fund (622,648) Water Capacity Fund (935,203) Trunk Water Fund (583,518) Trunk Stormwater Fund (683,393) Trunk Sanitary Sewer Fund (663,932) Total net position - governmental activities $ 43,189,156 See notes to financial statements. 20

24 Reconciliation of the Statement of Net Position - Business-Type Activities December 31, 2018 Total fund net position - proprietary funds $ 59,873,482 Amounts reported for business-type activities in the Statement of Net Position are different because Sewer Capacity Special Revenue Fund is proprietary in nature and relates to the sewer access charges for the Sanitary Sewer Fund. Therefore, it is included as a business-type activity. 622,648 Water Capacity Special Revenue Fund is proprietary in nature and relates to the water access charges for the Water Fund. Therefore, it is included as a business-type activity. 935,203 Trunk Water Special Revenue Fund is proprietary in nature and relates to water and sewer trunk improvements for the applicable funds. Therefore, it is included as a business-type activity. 583,518 Trunk Stormwater Special Revenue Fund is proprietary in nature and relates to the trunk charges for the Stormwater Fund. Therefore, it is included as a business-type activity. 683,393 Trunk Sanitary Sewer Special Revenue Fund is proprietary in nature and relates to the trunk charges for the Sewer Fund. Therefore, it is included as a business-type activity. 663,932 Trunk Water, Trunk Stormwater, and Trunk Sanitary Sewer Special Revenue Funds recorded delinquent and deferred special assessments receivables. In the governmental fund statements, delinquent and deferred special assessments are not available in the current period and, therefore, are deferred in the funds. This revenue is recognized when earned as a business-type activity. 54,562 Total net position - business-type activities $ 63,416,738 See notes to financial statements. 21

25 Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds Year Ended December 31, 2018 Revenues Taxes General Fund (101, 102) Debt Service G.O. Improvement Bonds, Series 2010A (325) Capital Project Pinecone Road Project 2017 (433) Property taxes $ 5,049,998 $ - $ - Sales Tax increment Special assessments ,016 Licenses and permits 703, Intergovernmental 569, , ,000 Charges for services 513, Fines and forfeitures 63, Miscellaneous Investment income 51,180 1,437 18,111 Contributions and donations 3, Refunds and reimbursements 18, Miscellaneous 6, Total revenues 6,979, ,375 1,767,127 Expenditures Current General government 658, Public safety 3,385, Public works 1,196,472-97,052 Community and economic development 218, Parks and recreation 780, Debt service Principal - 3,810,000 - Interest and other charges - 120,953 72,113 Capital outlay General government Public safety 11, Public works - - 5,993,290 Park and recreation Total expenditures 6,251,649 3,930,953 6,162,455 Excess of revenues over (under) expenditures 728,061 (3,124,578) (4,395,328) Other Financing Sources (Uses) Sale of property Issuance of debt - - 4,855,000 Bond premium ,408 Transfers in 110,807 2,983,435 - Transfers out (695,500) (2,035) - Total other financing sources (uses) (584,681) 2,981,400 5,203,408 Net change in fund balances 143,380 (143,178) 808,080 Fund Balances Beginning of year 4,151, ,178 (278,228) End of year $ 4,295,166 $ - $ 529,852 See notes to financial statements. 22

26 Capital Project Public Safety Facility (436) Other Governmental Funds Total Governmental Funds $ - $ 1,197,488 $ 6,247,486-1,293,189 1,293, , , ,374 1,408, ,314 1,313, ,010 2,355,921-1,330,405 1,843,437-7,095 70, , , ,955-59,098 62,932-3,532 21,703-8,290 15, ,584 5,540,461 15,214,257-5, ,829 8,904 22,999 3,417, ,436 1,404,960-96, , , ,232-5,270,000 9,080, , ,024 1,245,821-88,030 88,030 2,194, ,600 2,536,623-5,185,598 11,178, , ,572 2,341,933 12,873,755 31,560,745 (2,221,349) (7,333,294) (16,346,488) - 76,406 76,418 9,340,000 6,040,000 20,235, , ,050 1,197,445-2,674,252 5,768,494 - (6,207,216) (6,904,751) 9,782,987 2,989,492 20,372,606 7,561,638 (4,343,802) 4,026,118-17,286,498 21,303,234 $ 7,561,638 $ 12,942,696 $ 25,329,352 23

27 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances to the Statement of Activities - Governmental Funds Year Ended December 31, 2018 Net change in fund balances - governmental funds Amounts reported for governmental activities in the Statement of Activities are different because: $ 4,026,118 Capital outlay is reported in governmental funds as expenditures. However, in the Statement of Activities, the cost of those assets is allocated over the estimated useful lives as depreciation expense. Capital outlay 14,441,115 Depreciation expense (4,110,906) Remaining book value of disposed assets (29,734) Transferred from enterprise funds 82,988 Transferred to enterprise funds (4,235,623) Compensated absences are recognized as paid in the governmental funds but recognized as the expense is incurred in the Statement of Activities. (24,431) Governmental funds recognized pension contributions as expenditures at the time of payment whereas the Statement of Activities factors in items related to pensions on a full accrual perspective. 22,505 Principal payments on long-term debt are recognized as expenditures in the governmental funds but as an increase in the net position in the Statement of Activities. 9,080,000 Interest on long-term debt in the Statement of Activities differs from the amount reported in the governmental funds because interest is recognized as an expenditure in the funds when it is due and thus requires use of current financial resources. In the Statement of Activities, however, interest expense is recognized as the interest accrues, regardless of when it is due. (359,931) The issuance of long-term debt provides current financial resources to governmental funds and has no effect on net position. Some of the outstanding debts were refunded during the year. These amounts are reported in the governmental funds as a source of funds. These amounts are not shown as revenues in the Statement of Activities, but rather constitute long-term liabilities in the Statement of Net Position. (20,235,000) The governmental funds report the effect of bond premiums, discounts and similar items when debt is first issued, whereas these amounts are deferred and amortized in the Statement of Activities. Premium on new bond issuances (1,197,445) Amortization of gain on bond refunding (9,798) Amortization of bond premiums 132,757 Delinquent receivables will be collected this year, but are not available soon enough to pay for the current period's expenditures and, therefore, are not revenues in the funds. Special assessments delinquent (1,863) Property taxes delinquent 7,039 Revenues in the Statement of Activities that do not provide current financial resources are not reported as revenues in the funds. Special assessments deferred (644,105) Certain funds are proprietary in nature and, therefore, current year activities are reported in in the business-type activities. Sewer Capacity Fund 299,849 Water Capacity Fund 288,134 Trunk Water Fund 30,924 Trunk Stormwater Fund 293,108 Trunk Sanitary Sewer Fund (67,841) Change in net position - governmental activities $ (2,212,140) See notes to financial statements. 24

28 Reconciliation of the Revenues, Expenses, and Changes in Net Position - Business-Type Activities Year Ended December 31, 2018 Total change in net position - proprietary funds $ 4,679,449 Amounts reported for governmental activities in the Statement of Activities are different because: Recognized current year activity from the Sewer Capacity Special Revenue Fund with the business-type activities. (299,849) Recognized current year activity from the Water Capacity Special Revenue Fund with the business-type activities. (288,134) Recognized current year activity from the Trunk Water Special Revenue Fund with the business-type activities. (30,924) Recognized current year activity from the Trunk Stormwater Special Revenue Fund with the business-type activities. (293,108) Recognized current year activity from the Trunk Sanitary Sewer Special Revenue Fund with the business-type activities. 67,841 Expenses were recorded for capital assets contributed to governmental activities. 82,988 Capital assets transferred to governmental activities. (82,988) Capital contributions were recorded for capital assets contributed from governmental activities. (4,235,623) Capital assets transferred from governmental activities. 4,235,623 Change in net position - business-type activities $ 3,835,275 See notes to financial statements. 25

29 Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual - General Fund Year Ended December 31, 2018 Revenues Taxes Amounts Variance with Original and Actual Final Budget - Final Amounts Over (Under) Property taxes $ 5,102,882 $ 5,049,998 $ (52,884) Licenses and permits 604, ,227 98,727 Intergovernmental revenue 437, , ,515 Charges for services 494, ,032 18,414 Fines and forfeitures 62,500 63,522 1,022 Miscellaneous 26,500 79,958 53,458 Total revenues 6,728,458 6,979, ,252 Expenditures Current General government 647, ,957 11,906 Public safety 3,407,664 3,385,419 (22,245) Public works 1,180,660 1,196,472 15,812 Community and economic development 246, ,243 (28,257) Park and recreation 790, ,833 (9,517) Capital outlay Public safety 28,725 11,725 (17,000) Public works 1,000 - (1,000) Total expenditures 6,301,950 6,251,649 (50,301) Excess of revenues over expenditures 426, , ,553 Other Financing Sources (Uses) Sale of capital asset Transfers in 267, ,807 (156,685) Transfers out (694,000) (695,500) (1,500) Total other financing sources (uses) (426,508) (584,681) (158,173) Net change in fund balances $ - 143,380 $ 143,380 Fund Balances Beginning of year 4,151,786 End of year $ 4,295,166 See notes to financial statements. 26

30 Statement of Net Position - Proprietary Funds December 31, 2018 Water (319, 320, 328, 339, 601) Sewer (315, 326, 331, 602) Stormwater (603) Total Assets Current assets Cash and investments $ 2,098,298 $ 215,961 $ 304,323 $ 2,618,582 Interest receivable 7, ,299 Accounts receivable 420, , ,669 1,145,446 Prepaid expenses 11,623 15,799-27,422 Total current assets 2,537, , ,611 3,799,749 Noncurrent assets Capital assets Land 1,148,901 91,486 38,207 1,278,594 Construction in progress 1,329,114 1,408,480 1,479,019 4,216,613 Sewer rights - 18,359,318-18,359,318 Buildings 16,127, ,127,082 Improvements 26,118,146 30,138,357 22,163,808 78,420,311 Machinery and equipment 202, ,789 5, ,967 Total capital assets 44,925,421 50,499,430 23,686, ,110,885 Less accumulated depreciation (16,104,513) (13,532,954) (6,920,831) (36,558,298) Net capital assets 28,820,908 36,966,476 16,765,203 82,552,587 Total assets 31,358,720 37,801,802 17,191,814 86,352,336 Deferred Outflows of Resources Deferred outflows related to pensions 69,018 13,319-82,337 Total assets and deferred outflows of resources $ 31,427,738 $ 37,815,121 $ 17,191,814 $ 86,434,673 Liabilities Current liabilities Accounts and contracts payable $ 41,738 $ 50,281 $ 15,120 $ 107,139 Salaries and benefits payable 4, ,318 Interest payable 148,572 27, ,549 Due to other governments 2, , ,961 Long-term liabilities due within one year 867,326 1,418,732-2,286,058 Total current liabilities 1,064,725 1,804,180 15,120 2,884,025 Noncurrent liabilities Compensated absences 46,511 9,192-55,703 Notes payable - 13,287,091-13,287,091 Bonds payable 9,285,000 2,580,000-11,865,000 Premium or discount on bonds payable 295, ,103 Net pension liability 309,780 59, ,563 Less amount due within one year (867,326) (1,418,732) - (2,286,058) Total noncurrent liabilities 9,069,068 14,517,334-23,586,402 Total liabilities 10,133,793 16,321,514 15,120 26,470,427 Deferred Inflows of Resources Deferred inflows related to pensions 76,081 14,683-90,764 Net Position Net investment in capital assets 19,240,805 21,099,385 16,765,203 57,105,393 Unrestricted 1,977, , ,491 2,768,089 Total net position 21,217,864 21,478,924 17,176,694 59,873,482 Total liabilities, deferred inflows of resources, and net position $ 31,427,738 $ 37,815,121 $ 17,191,814 $ 86,434,673 See notes to financial statements. 27

31 Statement of Revenues, Expenses, and Changes in Fund Net Position - Proprietary Funds Year Ended December 31, 2018 Water (319, 320, 328, 339, 601) Sewer (315, 326, 331, 602) Stormwater (603) Total Operating revenues Charges for services $ 2,014,786 $ 2,314,378 $ 443,174 $ 4,772,338 Misc operating revenues Total operating revenues 2,015,602 2,314, ,174 4,773,154 Operating expenses Salaries and benefits 506, , ,581 Supplies and maintenance 364, ,531 47, ,807 Utilities and telephone 188,632 47, ,599 Professional services 89,869 32,570 9, ,833 Sewer treatment - 738, ,908 Depreciation 943, , ,415 2,374,824 Other services and charges 222,031 55,376 4, ,064 Total operating expenses 2,315,708 2,191, ,385 5,012,616 Operating income (loss) (300,106) 122,855 (62,211) (239,462) Nonoperating revenues (expenses) Investment income 48,525 (929) 3,319 50,915 Intergovernmental 2, ,833 Refunds and reimbursements 24, , ,448 Interest expense (356,162) (277,003) - (633,165) Total nonoperating revenues (expenses) (280,739) (175,549) 3,319 (452,969) Loss before capital contributions and transfers (580,845) (52,694) (58,892) (692,431) Capital contributions 1,340,470 1,371,738 1,523,415 4,235,623 Transfers in 909, ,000-1,654,578 Transfers out (184,581) (184,581) (149,159) (518,321) Change in net position 1,484,622 1,879,463 1,315,364 4,679,449 Net position Beginning of year 19,733,242 19,599,461 15,861,330 55,194,033 End of year $ 21,217,864 $ 21,478,924 $ 17,176,694 $ 59,873,482 See notes to financial statements. 28

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