City of Escanaba, Michigan. Fiscal Year Ended June 30, Financial Statements and Single Audit Act Compliance
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1 City of Escanaba, Michigan Fiscal Year Ended June 30, 2016 Financial Statements and Single Audit Act Compliance
2 Table of Contents List of Elected and Appointed Officials 1 Independent Auditors Report 2-4 Page Management s Discussion and Analysis 6-14 Basic Financial Statements Government-wide Financial Statements: Statement of Net Position 17 Statement of Activities Fund Financial Statements: Balance Sheet Governmental Funds 21 Reconciliation of Fund Balances for Governmental Funds to Net Position of Governmental Activities 22 Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds 23 Reconciliation of Net Changes in Fund Balances of Governmental Funds to Change in Net Position of Governmental Activities 24 Statement of Revenues, Expenditures and Changes in Fund Balance Budget and Actual - General Fund Statement of Revenues, Expenditures and Changes in Fund Balance Budget and Actual - E.D.A. Revolving Loan Fund 28 Statement of Net Position Proprietary Funds Statement of Revenues, Expenses and Change in Fund Net Position Proprietary Funds Statement of Cash Flows Proprietary Funds Statement of Fiduciary Net Position - Fiduciary Funds 37 Statement of Changes in Fiduciary Net Position - Fiduciary Funds 38 Notes to the Financial Statements Required Supplementary Information MERS Agent Multiple-Employer Defined Benefit Pension Plan Public Safety Officer Retirement System Combining Fund Financial Statements Nonmajor Governmental Funds: Combining Balance Sheet Combining Statement of Revenues, Expenditures and Changes in Fund Balances Internal Service Funds: Combining Statement of Net Position Combining Statement of Revenues, Expenses, and Changes in Fund Net Position Combining Statement of Cash Flows 87-90
3 Table of Contents Single Audit Section Independent Auditors Report on the Schedule of Expenditures of Federal Awards Required by the Uniform Guidance 92 Schedule of Expenditures of Federal Awards 94 Notes to Schedule of Expenditures of Federal Awards Independent Auditors 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 Independent Auditors Report on Compliance for Each Major Federal Program and on Internal Control over Compliance Required by the Uniform Guidance Schedule of Findings and Questioned Costs Summary Schedule of Prior Audit Findings 106 Corrective Action Plan
4 List of Elected and Appointed Officials Elected Officials Mayor Mayor Pro Tem Council Member Council Member Council Member Marc Tall Ronald Beauchamp Patricia Baribeau Ralph Blasier Michael Sattem Appointed Officials City Manager Clerk Treasurer Planning Director/Zoning Administrator Director of Public Safety Director of DPW Electric Superintendent Assessor WWTP/WTP Superintendent Harbormaster Recreation Director Library Director Controller Attorney James O'Toole Robert Richards Robert Valentine James O'Toole Robert LaMarche Bill Farell Mike Furmanski Vacant Jeff Lampi Larry Gravatt Kim Peterson Carolyn Stacey Melissa Becotte Ralph Peterson 1
5 Rehmann Robson 902 South Huron Cheboygan, MI Ph: Fx: rehmann.com INDEPENDENT AUDITORS' REPORT December 29, 2016 City Council City of Escanaba Escanaba, Michigan Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities, the businesstype activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of the City of Escanaba, Michigan (the City ), as of and for the year ended June 30, 2016, and the related notes to the 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. Independent Auditors' Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We did not audit the financial statements of the Escanaba Housing Commission (the "Commission") discretely presented component unit, which is a major component unit, and therefore its own opinion unit. Those statements were audited by other auditors whose report has been furnished to us, and our opinion, insofar as it relates to the amounts included for the Commission, is based solely on the report of the other auditors. 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. Rehmann is an independent member of Nexia International. CPAs & Consultants Wealth Advisors Corporate Investigators 2
6 An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors' 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. Opinions In our opinion, based on our audit and the report of other auditors, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of the City, as of June 30, 2016, and the respective changes in financial position and, where applicable, cash flows thereof and the budgetary comparison for the General Fund and the E.D.A. Revolving Loan special revenue fund for the year then ended in conformity with accounting principles generally accepted in the United States of America. Restatement of Beginning Fund Balance/Net Position As described in Note 18 to the financial statements, the beginning fund balance/net position of the governmental activities, business-type activities, the General Fund and the enterprise funds including the Electric Utility Fund, Waste Water Utility Fund, Water Utility Fund and the Marina Fund were restated to correct errors presented in the prior year financial statements. Our opinion is not modified with respect to this matter. Required Supplementary Information Accounting principles generally accepted in the United States of America require that the Management's Discussion and Analysis and the schedules for the pension plans, 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, 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. 3
7 Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City's basic financial statements. The combining fund financial statements are presented for purposes of additional analysis and are not a required part of the basic financial statements. The combining fund financial statements are the responsibility of management and were derived from and relate 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 fund financial statements are fairly stated in all material respects in relation to the basic financial statements as a whole. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated month xx, 2016, on our consideration of the City's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is 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 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 City's internal control over financial reporting and compliance. ~,~LLC 4
8 MANAGEMENT'S DISCUSSION AND ANALYSIS 5
9 Management's Discussion and Analysis These financial statements are the responsibility of the City of Escanaba, Michigan (the "City") Government's management. We offer readers this narrative overview and analysis for the fiscal year ended June 30, We encourage readers to consider the information presented here in conjunction with additional information that is furnished in the financial statements and notes to the financial statements. Financial Highlights Total net position $ 54,665,177 Change in total net position (City operations) 580,704 Change in total net position (Prior period adjustments) 1,288,204 Fund balances, governmental funds 13,768,947 Change in fund balances, governmental funds (794,950) Unassigned fund balance, general fund 3,613,382 Change in fund balance, general fund 51,848 Bonded debt outstanding 5,910,000 Change in bonded debt (470,000) 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 the 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 broad 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, liabilities, and deferred outflows/inflows, with the residual 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 City s net position changed during the most recent fiscal 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., earned but unused vacation leave). 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 (business-type activities). The governmental activities of the City include general government, public safety, Highways, streets and public works, sanitation, community services, recreation and culture, community and economic development and other expenditures. The business-type activities of the City include electric, sewage disposal, water distribution and marina operations. The government-wide financial statements include not only the City itself (known as the primary government), but also a legally separate component unit the Escanaba Housing Commission for which the City is financially accountable. Financial information for this component unit is reported separately from the financial information presented for the primary government itself. 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 three categories: governmental funds, proprietary funds, and fiduciary funds. 6
10 Management's Discussion and Analysis 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 fiscal 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. Following both the governmental fund balance sheet and the governmental fund statement of revenue, expenditures and changes in fund balances are reconciliations to facilitate this comparison between governmental funds and governmental activities. Information for each of the City's individual major governmental funds and the aggregate nonmajor governmental funds are presented separately in the governmental funds balance sheet and in the governmental funds statement of revenues, expenditures, and changes in fund balances. The general fund and the E.D.A Revolving Loan fund are considered to be the City's major governmental 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 and special revenue funds. statement has been provided herein to demonstrate compliance with the General Fund budget. A budgetary comparison Proprietary funds. The City maintains two different types of proprietary funds. 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 electric, sewage disposal, water distribution and marina operations. Internal service funds are an accounting device used to accumulate and allocate costs internally among the City s various functions. The City uses internal service funds to account for its public building financing, motor vehicle and equipment usage, office equipment, self-insured general liability and property coverage, self-insured worker's compensation and self-insured unemployment compensation. In the government-wide financial statements, internal service fund activity is included with the governmental activities. 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 electric utility, sewage disposal utility, water utility and marina funds, each of which are considered to be major funds of the City. Fiduciary funds. Fiduciary funds are used to account for resources held for the benefit of parties outside the City. Fiduciary funds are not reflected in the government-wide financial statements because the resources of those funds are not available to support the City s own programs. The accounting used for fiduciary funds is much like that used for proprietary funds. Notes to the 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. Other Information. In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information. Required supplementary information includes this management's discussion and analysis and the schedules for the City's pension. 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, assets and deferred outflows of resources exceeded liabilities and deferred inflows by approximately $54,664,000 at the close of the most recent fiscal year. 7
11 Management's Discussion and Analysis By far the largest portion of the City s net position (76 percent) reflects its investment in capital assets (e.g., land, infrastructure, buildings, equipment, and vehicles); 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. An additional portion of the City s net position (21 percent) represents resources that are subject to external restrictions on how they may be used. The remaining balance of unrestricted net position (3 percent) may be used to meet the City s ongoing obligations to citizens and creditors. Net Position Governmental Activities Business-type Activities Total Assets Current and other assets $ 16,757,883 $ 17,989,990 $ 22,212,002 $ 20,063,305 $ 38,969,885 $ 38,053,295 Capital assets, net 21,977,036 22,552,880 25,545,507 25,704,145 47,522,543 48,257,025 38,734,919 40,542,870 47,757,509 45,767,450 86,492,428 86,310,320 Deferred outflows of resources 3,729,654 3,004, ,222 2,431,526 4,697,876 5,436,078 Liabilities Long-term liabilities 697, ,351 6,144,395 6,380,000 6,841,922 7,017,351 Other liabilities 20,276,381 22,284,443 6,448,654 8,143,303 26,725,035 30,427,746 20,973,908 22,921,794 12,593,049 14,523,303 33,566,957 37,445,097 Deferred inflows of resources 2,943, ,828 14,643-2,958, ,828 Net position Net investment in capital assets 21,977,036 21,224,165 19,635,507 19,044,351 41,612,543 40,268,516 Restricted 7,461,389 8,377,815 1,438, ,263 8,899,620 8,759,078 Unrestricted (deficit) (10,891,287) (9,193,180) 15,044,301 14,250,059 4,153,014 5,056,879 Total net position $ 18,547,138 $ 20,408,800 $ 36,118,039 $ 33,675,673 $ 54,665,177 $ 54,084,473 The City s net position increased by approximately $581,000 during the current fiscal year. The overall increase in net position resulted primarily from insurance proceeds approximately $2,003,000 received in the current fiscal year related to damage loss reported in the previous fiscal period within the Electric Utility Fund. This was offset by amounts reimbursed to the granting agency of approximately $1,160,000 in relation to the termination of the E.D.A. Revolving Loan Fund program as discussed in Note 13 to the financial statements. 8
12 Management's Discussion and Analysis Change in Net position Governmental Activities Business-type Activities Total Program revenues Charges for services $ 1,321,456 $ 1,333,570 $ 17,583,349 $ 21,120,542 $ 18,904,805 $ 22,454,112 Operating grants and contributions 533,289 1,281,768 2,066,272-2,599,561 1,281,768 Capital grants and contributions 274, , , ,177 General revenues Property taxes 5,557,168 5,320, ,557,168 5,320,982 State shared revenue 1,296,901 1,309, ,296,901 1,309,892 Unrestricted grants and contributions 908, , , ,947 Investment earnings 640,576 52, , ,748 1,250, ,726 Loss on impairment (2,914,256) - (2,914,256) State grant , ,064 Miscellaneous (125,659) - (125,659) Total revenues 10,532,551 9,869,314 20,259,782 18,640,439 30,792,333 28,509,753 Expenses: General government 1,362, , ,362, ,082 Public safety 5,161,234 6,961, ,161,234 6,961,283 Highways, streets and public works 2,297,903 2,219, ,297,903 2,219,466 Sanitation 683, , , ,738 Community services 21, , , ,899 Recreation and culture 1,783,608 1,101, ,783,608 1,101,273 Community and economic development 357, , , ,593 Other functions 3,000 2, ,000 2,718 Interest 33,254 37, ,254 37,974 Electric utility ,512,844 18,757,827 13,512,844 18,757,827 Waste water utility - - 1,496,607 1,438,048 1,496,607 1,438,048 Water utility - - 2,078,417 2,009,181 2,078,417 2,009,181 Marina , , , ,973 Total expenses 11,704,263 12,864,026 17,346,892 22,455,029 29,051,155 35,319,055 Continued 9
13 Management's Discussion and Analysis Change in Net Position (concluded) Governmental Activities Business-type Activities Total Change in net position, before transfers $ (1,171,712) $ (2,994,712) $ 2,912,890 $ (3,814,590) $ 1,741,178 $ (6,809,302) Transfers 470, ,391 (470,524) (459,624) - (46,233) Change in net position before special item (701,188) (2,581,321) 2,442,366 (4,274,214) 1,741,178 (6,855,535) Special item: Repayment of grant funds (1,160,474) (1,160,474) - Change in net position (1,861,662) (2,581,321) 2,442,366 (4,274,214) 580,704 (6,855,535) Net position: Beginning of year 20,408,800 25,267,410 33,675,673 34,384,394 54,084,473 59,651,804 Restatement - (2,277,289) - 3,565,493-1,288,204 20,408,800 22,990,121 33,675,673 37,949,887 54,084,473 60,940,008 End of year $ 18,547,138 $ 20,408,800 $ 36,118,039 $ 33,675,673 $ 54,665,177 $ 54,084,473 Concluded Governmental Activities. Governmental activities decreased the City s net position by approximately $1,862,000. Key elements of this decrease are a special item related to the City's repayment of the Department of Commerce related to the termination of the E.D.A. Revolving Loan Fund of approximately $1,160,474. The following chart presents revenues of governmental activities for the fiscal year: Governmental Activities - Revenues by Source Charges for services 12.5% Operating grants and contributions (restricted) 5.1% Capital grants and contributions 2.6% Property tax and special assessments 52.8% State shared revenue 12.3% Unrestricted grants and contributions 8.6% Unrestricted investment earnings 6.1% Total governmental activities revenue increased by approximately $663,000 or 6.7% compared to prior year. The increase is primarily due to increases in investing activity of approximately $588,000. Total expenses for governmental activities decreased approximately $1,160,000 or -9.0% from the previous fiscal year. The reduction is largely attributable to decreases in public safety and community and economic development expenses, with offsetting increases in recreation and culture and sanitation expenses. 10
14 Management's Discussion and Analysis The following chart presents expenses of the governmental activities for the fiscal year: Governmental Activities - Expenditures by Function Community services 0.2% Recreation and culture 15.2% Community and economic development 3.1% Interest on long-term debt 0.3% General government 11.6% Sanitation 5.8% Other functions 0.1% Highways, streets and Public works 19.6% Public safety 44.1% Business-type Activities. Net position of the business-type activities increased by approximately $2,441,000 during the fiscal year as a result of operations. The increase was mainly attributable to an accrued receivable for approximately $2,000,000 from an insurance claim that was received in fiscal In 2014, the City experienced a lightning strike at the Power Plant Substation. This caused significant damage to the substation and power outages throughout the City. After putting together all the costs associated with the repairs and losses, we were able to get an insurance settlement in In addition the prior year's ending net position of business-type activities was increased by approximately $3,600,000 as the result of an adjustment to the prior year ending net position as further described in the notes to the financial statements. Financial Analysis of the City's Funds As noted earlier, the City uses fund accounting to ensure and demonstrate compliance with finance related 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, unassigned fund balance may serve as a useful measure of a government s net resources available for spending at the end of the fiscal year. As of the end of the current fiscal year, the City s governmental funds reported combined ending fund balances of approximately $13,769,000, a decrease of approximately $580,000 from prior year. The City experienced a decrease of fund balance of approximately $795,000 related to current year activity changes partially offset by an adjustment to the prior year's ending fund balance of approximately $215,000, as further described in the Note 18 to the financial statements. In addition, the E.D.A. revolving loan fund experienced a decrease in fund balance of approximately $1,160,000 due to the grant program being terminated and the required liability accrued related to the return of grant funds. General Fund Budgetary Highlights During the year, General Fund revenues were higher than budgetary estimates by approximately $131,000 while expenditures were lower than budgetary estimates by approximately $68,000. However, General Fund net transfers from other funds were approximately $400 more than budgeted. This resulted in an increase in the fund balance of approximately $51,848 compared to a budgeted decrease of approximately $148,
15 Management's Discussion and Analysis Proprietary funds. The City s proprietary funds provide the same type of information found in the government-wide financial statements business-type activities, but in more detail. Unrestricted net position of the enterprise funds at the end of the year amounted to approximately $15,043,000 and the net investment in capital assets was approximately $19,636,000. In addition enterprise funds reported restricted net position of approximately $1,438,000 related to Electric Utility Fund surcharges revenues collected that are required to be used for energy optimization and renewable energy purposes. The changes in enterprise fund net positions were as follows: Electric utility activities increased the City's net position by approximately $2,322,000 primarily due to the insurance proceeds that were received and changes in the net pension liability. Waste water utility activities increased the City's net position by approximately $10,000. This was due to a reduction in the net pension liability. Water utility activities increased the City's net position by approximately $124,000 due to an increase in water rates. The City is making an effort to boost the net position for upcoming capital projects. Marina activities negatively impacted the City's net position by approximately $16,000 primarily due to the fact that we had budgeted for use of net position. Capital Asset and Debt Administration Capital assets. The City s investment in capital assets for its governmental and business-type activities as of June 30, 2016 amounted to approximately $41,613,000 (net of accumulated depreciation). This investment in capital assets includes land, land improvements, buildings and improvements, transmission and distribution systems, machinery and equipment, vehicles, and infrastructure including park facilities, roads, highways, and bridges. Major capital asset events during the current fiscal year included the following: Construction of a new electric substation New roof on the Wastewater Headworks building Refurbishing the vactor truck Purchase of a new sewer camera Ongoing utility meter replacement Electric pole replacement and distribution system upgrades Purchase of a new backhoe Capital Assets (Net of Depreciation, Where Applicable) Governmental Activities Business-type Activities Total Land $ 1,324,569 $ 1,144,422 $ 56,953 $ 56,953 $ 1,381,522 $ 1,201,375 Construction in progress - - 1,465,385 1,547,985 1,465,385 1,547,985 Land improvements 3,608,463 3,761, , ,381 4,377,388 4,549,620 Infrastructure 10,403,394 10,737, ,403,394 10,737,874 Buildings and improvements 4,955,174 5,144,488 12,250,242 13,119,498 17,205,416 18,263,986 Transmission and distribution system ,926,649 10,098,041 10,926,649 10,098,041 Machinery, vehicles and equipment 1,477,338 1,542,066 77,353 93,287 1,554,691 1,635,353 Parking lot 208, , , ,791 Total capital assets, net $ 21,977,036 $ 22,552,880 $ 25,545,507 $ 25,704,145 $ 47,522,543 $ 48,257,025 Additional information on the City s capital assets can be found in the notes to the financial statements. 12
16 Management's Discussion and Analysis Long-term debt. At the end of the current fiscal year, the City had bonds related to various construction projects at the Water plant with a balance of $5,730,000 and a bond for a project at the Wastewater plant with a balance of $180,000. The City has pledged its full faith and credit towards the above obligations. General Obligations and Other Long Term Debt Governmental Activities Business-type Activities Total Waste water utility fund revenue bonds $ - $ - $ 180,000 $ 235,000 $ 180,000 $ 235,000 Water utility fund revenue bonds - - 3,185,000 3,465,000 3,185,000 3,465,000 Water utility fund capital improvement bonds - - 2,545,000 2,680,000 2,545,000 2,680,000 Compensated absences 697, , , , , ,954 Total $ 697,527 $ 637,351 $ 6,144,395 $ 6,621,603 $ 6,841,922 $ 7,258,954 Additional information on the City s long-term debt can be found in the notes to the financial statement. Economic Factors and Next Year s Budgets and Rates The following factors were considered in preparing the City s budget for the fiscal year: The unemployment rate for Michigan is currently 4.7% and the national average rate is 4.9%. Water rates increased 3.0% to cover additional operational costs. The City needs to prepare for upcoming system upgrades. We plan to continue to increase the fund balance in an effort to reduce the need for future bonding. Electric rates increased 5.0% to cover additional operational costs and costs associated with purchasing power. The local, state and national economies continue to slowly improve. The City's taxable values continue to rise slowly but still have not reached the values from prior to the recession. New construction projects within the City have started to increase. The tax collection rate for the year was 95.7% of billed taxes. The County tax revolving fund reimburses the City for delinquent real property taxes in April each year following the March settlement. For the 2015 tax year, the operating millage of mills remained the same as the 2014 tax year to enable the same level of service to taxpayers provided by the General Fund. The City Band millage remained at.13 mills. The Library millage remained at.84 mills. The Public Safety Pension millage remained at 2.0 mills. Overall, the 2015 tax rates remained the same as Sewer rates increased 3.0% to cover additional operational costs. Upgrades to the Wastewater plant will be needed soon. We hope to be able to pay for some or all of the those upgrades without the use of loans or bonds. Wage rates increased 2.0% for all Teamster employees per their labor contracts with the City. The City's non-union employees also received a 2.0% rate increase effective July 1,
17 Management's Discussion and Analysis The City offers its full-time employees hired prior to 7/1/2005 a defined benefit retirement pension through the Municipal Employees' Retirement System of Michigan (MERS). Based on the latest annual actuarial valuation report from MERS dated December 31, 2015, the City's plan is 59% funded, down from the 63% reported for the previous year. Employees all fulltime and part-time employees hired 7/1/2005 or later are provided with a MERS defined contribution plan. The City contributes a mandatory 4% of wages and will match the employee up to an additional 3%. Public Safety officers hired prior to 7/1/14 participate in the Act 345 pension. Based on the latest annual actuarial valuation report date June 30, 2015, the plan is 83.55%, up from the 84.03% reported the previous year. Public Safety officers hired 7/1/14 or later are provided with a defined contribution plan through ICMA. The City contributes a mandatory 10% of wages and the employee contributes a mandatory 6% of wages with the option to contribute as much as they like. Requests for Information This financial report is designed to provide a general overview of the City s finances for all those with an interest in the City s finances. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to the City Controller, 410 Ludington Street, P.O. Box 948, Escanaba, MI or by calling (906)
18 BASIC FINANCIAL STATEMENTS 15
19 GOVERNMENT-WIDE FINANCIAL STATEMENTS 16
20 Statement of Net Position June 30, 2016 Assets Primary Government Governmental Business-type Component Activities Activities Total Unit Cash and investments $ 14,867,688 $ 16,359,912 $ 31,227,600 $ 659,833 Receivables, net 1,842,529 4,718,438 6,560,967 1,779 Internal balances (739,686) 739, Inventory 137, , ,265 - Prepaid items 650,296 10, ,053 42,284 Capital assets not being depreciated 1,324,569 1,522,338 2,846, ,247 Capital assets being depreciated, net 20,652,467 24,023,169 44,675,636 1,541,810 Total assets 38,734,919 47,757,509 86,492,428 2,626,953 Deferred outflows of resources-pensions 3,729, ,222 4,697,876 - Liabilities Accounts payable and accrued liabilities 1,989,692 1,631,797 3,621, ,995 Unearned revenue 184,114 3, ,547 - Long-term liabilities: Compensated absences, due within one year 172,006 58, ,062 11,206 Compensated absences, due in more than one year 525, , , Due within one year - 485, ,000 - Due in more than one year - 5,425,000 5,425,000 - Net pension liability 18,102,575 4,813,424 22,915,999 - Total liabilities 20,973,908 12,593,049 33,566, ,514 Deferred infows of resources-pensions 2,943,527 14,643 2,958,170 - Net position Investment in capital assets 21,977,036 19,635,507 41,612,543 1,923,057 Restricted 7,461,389 1,438,231 8,899,620 - Unrestricted (deficit) (10,891,287) 15,044,301 4,153, ,382 Total net position $ 18,547,138 $ 36,118,039 $ 54,665,177 $ 2,495,439 The accompanying notes are an integral part of these financial statements. 17
21 Statement of Activities For the Year Ended June 30, 2016 Program Revenues Functions / Programs Operating Capital Net Charges Grants and Grants and Revenue Expenses for Services Contributions Contributions (Expense) Primary government Governmental activities: General government $ 1,362,955 $ 204,886 $ 144,021 $ - $ (1,014,048) Public safety 5,161, , (4,417,172) Highways, streets and public works 2,297,903 20, , ,223 (1,771,877) Sanitation 683, , (458,337) Community services 21, (21,193) Recreation and culture 1,783, ,833 27,304 - (1,639,471) Community and economic development 357,927 10,000 9, ,702 (216,241) Other functions 3, (3,000) Interest on long-term debt 33, (33,254) Total governmental activities 11,704,263 1,321, , ,925 (9,574,593) Business-type activities: Electric utility 13,512,844 13,824,095 2,003,270-2,314,521 Waste water utility 1,496,607 1,406, (90,135) Water utility 2,078,417 2,111,074 63,002-95,659 Marina 259, , (17,316) Total business-type activities 17,346,892 17,583,349 2,066,272-2,302,729 Total primary government $ 29,051,155 $ 18,904,805 $ 2,599,561 $ 274,925 $ (7,271,864) Component unit Escanaba Housing Commission $ 1,025,949 $ 552,171 $ 232,089 $ 107,562 $ (134,127) Continued 18
22 Statement of Activities For the Year Ended June 30, 2016 Primary Government Governmental Business-type Component Activities Activities Total Unit Change in net position Net revenue (expense) $ (9,574,593) $ 2,302,729 $ (7,271,864) $ (134,127) General revenues: Property taxes 5,557,168-5,557,168 - State shared revenues 1,296,901-1,296,901 - Unrestricted grants and contributions 908, , ,893 Investment earnings 640, ,161 1,250,737 9,783 Transfers - internal activities 470,524 (470,524) - - Special item Repayment of grant program funds (1,160,474) - (1,160,474) - Total general revenues, transfers and special item 7,712, ,637 7,852, ,676 Change in net position (1,861,662) 2,442, ,704 15,549 Net position, beginning of year, as restated 20,408,800 33,675,673 54,084,473 2,479,890 Net position, end of year $ 18,547,138 $ 36,118,039 $ 54,665,177 $ 2,495,439 Concluded The accompanying notes are an integral part of these financial statements. 19
23 FUND FINANCIAL STATEMENTS 20
24 Balance Sheet Governmental Funds June 30, 2016 Revolving Loan Nonmajor Total General Revolving Loan Governmental Governmental Fund Fund Funds Funds Assets Cash and investments $ 3,607,800 $ 1,538,609 $ 7,892,688 $ 13,039,097 Accounts receivable, net 154,099-34, ,949 Special assessment receivable 3, ,006 Loans receivable , ,569 Accrued interest receivable 78,426 9, , ,975 Other receivables 50, ,368 Due from other funds 96, ,972 Due from other governmental units 268, , ,240 Inventory 137, ,056 Prepaid items 203,117-21, ,039 Advances to other funds 189, , ,977 Total assets $ 4,790,234 $ 1,548,392 $ 9,402,622 $ 15,741,248 Liabilities Accounts payable $ 277,720 $ 2,664 $ 59,274 $ 339,658 Accrued liabilities 256, ,501 Due to other governmental units 1,178 1,160, ,161,772 Due to other funds ,206 32,206 Unearned revenue 111,617-70, ,164 Total liabilities 647,016 1,163, ,147 1,972,301 Fund balances Nonspendable 529,836-2,054,439 2,584,275 Restricted - 385,254 5,339,070 5,724,324 Committed - - 1,847,040 1,847,040 Unassigned (deficit) 3,613,382 - (74) 3,613,308 Total fund balances 4,143, ,254 9,240,475 13,768,947 Total liabilities and fund balances $ 4,790,234 $ 1,548,392 $ 9,402,622 $ 15,741,248 The accompanying notes are an integral part of these basic financial statements. 21
25 Reconciliation Fund Balances for Governmental Funds to Net Position of Governmental Activities June 30, 2016 Fund balances - total governmental funds $ 13,768,947 Amounts reported for governmental activities in the statement of net position are different because: Capital assets used in governmental activities are not financial resources, and therefore are not reported in the funds. Capital assets not being depreciated 1,324,569 Capital assets being depreciated, net 20,652,467 Capital assets accounted for in governmental activities internal service funds, net (5,208,994) Internal service funds are used by management to charge the costs of certain employee benefits, building rental costs and equipment usage to individual funds. The assets and liabilities of internal service funds are included in governmental activities. Net position of governmental activities accounted for in internal service funds 5,999,041 Certain pension-related amounts, such as the net pension liability and deferred amounts are not due and payable in the current period or do not represent current financial resources and therefore are not reported in the funds. Net pension liability (18,102,575) Deferred inflows related to the net pension liability (2,943,527) Deferred outflows related to the net pension liability 3,729,654 Long-term liabilities are not due and payable in the current period and therefore are not reported in the funds. Compensated absences (697,527) Compensated absences accounted for in internal service funds 25,083 Net position of governmental activities $ 18,547,138 The accompanying notes are an integral part of these basic financial statements. 22
26 Statement of Revenues, Expenditures and Changes in Fund Balances Governmental Funds For the Year Ended June 30, 2016 E.D.A. Nonmajor Total General Revolving Loan Governmental Governmental Fund Fund Funds Funds Revenues Taxes $ 5,207,293 $ - $ 349,875 $ 5,557,168 Intergovernmental 1,399,242-1,396,432 2,795,674 Charges for services 175, ,518 1,162,940 Fines and fees 172, , ,089 Investment earnings 201,205 32, , ,820 Other revenues 52,215-31,889 84,104 Total revenues 7,208,351 32,509 3,216,935 10,457,795 Expenditures Current: General government 915,488 1, ,323 Public safety 4,319, ,389 5,251,199 Highway, streets & public works 472,285-1,145,041 1,617,326 Sanitation 683, ,189 Community services 21, ,193 Recreation and culture 807, ,983 1,354,490 Community and economic development 1, , ,310 Other functions 3, ,000 Total expenditures 7,224,152 1,835 3,219,043 10,445,030 Revenues over (under) expenditures (15,801) 30,674 (2,108) 12,765 Other financing sources (uses) Transfers in 785, ,924 1,442,142 Transfers out (717,569) - (371,814) (1,089,383) Total other financing sources (uses) 67, , ,759 Change in fund balances before special item 51,848 30, , ,524 Special item Repayment of grant program funds - (1,160,474) - (1,160,474) Net change in fund balances 51,848 (1,129,800) 283,002 (794,950) Fund balances, beginning of year, as restated 4,091,370 1,515,054 8,957,473 14,563,897 Fund balances, end of year $ 4,143,218 $ 385,254 $ 9,240,475 $ 13,768,947 The accompanying notes are an integral part of these basic financial statements. 23
27 Reconciliation Net Changes in Fund Balances of Governmental Funds to Change in Net Position of Governmental Activities For the Year Ended June 30, 2016 Net change in fund balances - total governmental funds $ (794,950) Amounts reported for governmental activities in the statement of activities are different because: Governmental funds report capital outlays as expenditures. However, in the statement of activities, the cost of those assets are allocated over their estimated useful lives and reported as depreciation expense. Capital outlay 549,832 Depreciation expense (905,809) Internal service funds are used by management to charge the costs of certain equipment maintenance to individual funds. The net increase (decrease) in the net position of the internal service funds is reported with governmental activities. Net operating loss from governmental internal service funds (155,995) Nonoperating income from governmental internal service funds 41,502 Transfers in from governmental internal service funds 117,765 Some expenses reported in the statement of activities do not require the use of current financial resources and therefore are not reported as expenditures in governmental funds. Change in net pension liabilities and related deferrals (678,914) Change in accrual of compensated absences (35,093) Change in net position of governmental activities $ (1,861,662) The accompanying notes are an integral part of these basic financial statements. 24
28 Statement of Revenues, Expenditures and Changes in Fund Balance Budget and Actual - General Fund For the Year Ended June 30, 2016 Revenues Actual Over Original Final (Under) Final Budget Budget Actual Budget Taxes $ 5,189,250 $ 5,189,250 $ 5,207,293 $ 18,043 Intergovernmental 1,437,000 1,437,000 1,399,242 (37,758) Charges for services 313, , ,422 (137,978) Other revenues 137, , , ,044 Total revenues 7,077,000 7,077,000 7,208, ,351 Expenditures Current: General government: City Council 30,020 30,020 27,730 (2,290) City Manager 67,192 67,192 59,317 (7,875) Elections 18,815 19,815 20, City Controller 109, , ,715 (1,606) Auditors 8,625 8,625 8,625 - Assessors 256, , ,808 (19,976) Attorneys 26,000 26,000 25,500 (500) City Clerk 135, , ,742 (5,456) Human Resources 76,961 76,961 75,814 (1,147) Board of Review 2,450 2,450 1,877 (573) City Treasurer 28,204 28,204 24,369 (3,835) Billing 39,612 39,612 31,489 (8,123) City Hall and Grounds 81,252 81,252 81,252 - Contingent Fund , ,654 Less: overhead to utilities (69,099) (69,099) (50,000) 19,099 Total general government 811, , ,488 85,153 Public safety Public Safety 4,245,329 4,278,329 4,233,145 (45,184) Community Preservation 70,016 70,016 63,971 (6,045) Crossing Guards 25,000 25,000 22,694 (2,306) Total public safety 4,340,345 4,373,345 4,319,810 (53,535) Highway, streets & public works Care of Trees & Shrubs 77,764 80,264 74,756 (5,508) Sidewalks 7,000 7,000 6,898 (102) Engineer 275, , ,941 (48,330) Street Lighting 162, , ,744 (756) Alley Paving 7,719 7, (6,773) Total highway, streets & public works 530, , ,285 (61,469) Continued 25
29 Statement of Revenues, Expenditures and Changes in Fund Balance Budget and Actual - General Fund For the Year Ended June 30, 2016 Expenditures (Continued) Actual Over Original Final (Under) Final Budget Budget Actual Budget Sanitation Solid Waste Collection $ 398,702 $ 413,702 $ 408,085 $ (5,617) Composting 56,896 56,896 49,752 (7,144) Snowplowing for garbage collection 19,070 19,070 5,053 (14,017) Sanitary Landfill 222, , ,188 (1,812) Total sanitation 696, , ,078 (28,590) Community services Community Promotional 5,148 5,348 5,045 (303) Community Services 16,148 16,148 16,148 - Total community services 21,296 21,496 21,193 (303) Recreation and culture Civic center 58,424 58,424 58, Celebration Flags 3,090 3,090 2,742 (348) Fourth of July 20,620 20,620 17,513 (3,107) Recreation Admin 432, , ,801 (10,283) Parks 196, , ,074 17,099 Band 40,035 40,035 39,225 (810) Historical Museum (26) Tourism Promotion 11,650 16,850 16,490 (360) Boat launches 15,132 15,132 11,538 (3,594) Total recreation and culture 778, , ,507 (953) Community and economic development Planning Commission 9,800 9,800 1,791 (8,009) Other functions Insurance & Bonds 3,000 3,000 3,000 - Total Expenditures 7,190,958 7,291,858 7,224,152 (67,706) Revenues over (under) expenditures (113,958) (214,858) (15,801) 199,057 Continued 26
30 Statement of Revenues, Expenditures and Changes in Fund Balance Budget and Actual - General Fund For the Year Ended June 30, 2016 Actual Over Original Final (Under) Final Budget Budget Actual Budget Other financing sources (uses) Transfers in $ 788,324 $ 788,324 $ 785,218 $ (3,106) Transfers out (721,100) (721,100) (717,569) 3,531 Total other financing sources (uses) 67,224 67,224 67, Net change in fund balance (46,734) (147,634) 51, ,482 Fund balance, beginning of year, as restated 4,091,370 4,091,370 4,091,370 - Fund balance, end of year $ 4,044,636 $ 3,943,736 $ 4,143,218 $ 199,482 Concluded The accompanying notes are an integral part of these basic financial statements. 27
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