I I 11. Comprehensive Annual Financial Report. north carolina. city of dunn. Prepared by City of Dunn Finance Department

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1 C I I 11 orth carolia city of d Comprehesive Aal Fiacial Report For the Fiscal Year Eded Je 30, 2017 Prepared by City of D Fiace Departmet

2 CITY OF DUNN COMPREHENSIVE ANNUAL FINANCIAL REPORT TABLE OF CONTENTS JUNE 30, 2017 EXHIBIT PAGE INTRODUCTORY SECTION Letter of Trasmittal Certificate of Achievemet for Excellece i Fiacial Reportig Orgaizatioal Chart City Cocil Members FINANCIAL SECTION Idepedet Aditors' Report Maagemet's Discssio ad Aalysis Basic Fiacial Statemets: Govermet-wide Fiacial Statemets: Statemet of Net Positio Statemet of Activities Fd Fiacial Statemets: Balace Sheets - Govermetal Fds Recociliatio of the Balace Sheet - Govermetal Fds to the Statemet of Net Positio Statemet of Revees, Expeditres, ad Chages i Fd Balaces - Govermetal Fds Recociliatio of the Statemet of Revees, Expeditres, ad Chages i Fd Balaces - Govermetal Fds to the Statemet of Activities Statemet of Revees, Expeditres, ad Chages i Fd Balaces - Bdget ad Actal - Geeral Fd Statemet of Net Positio - Proprietary Fd

3 11 [1 Fl r I [ I I l 11 I l lj LJ CITY OF DUNN COMPREHENSIVE ANNUAL FINANCIAL REPORT TABLE OF CONTENTS JUNE 30, 2017 Statemet of Revees, Expeses, ad Chages i Fd Net Positio - Proprietary Fd Statemet of Cash Flows - Proprietary Fd Notes to the Basic Fiacial Statemets SUPPLEMENTARY STATEMENTS AND SCHEDULES REQUIRED SUPPLEMENTAL FINANCIAL DATA Law Eforcemet Officers' Special Separatio Allowace - Schedle of Chages i Total Pesio Liability Law Eforcemet Officers' Special Separatio Allowace - Schedle of Total Pesio Liability as a Percetage of Covered Payroll Other Postemploymet Beefits Allowace - Schedle of Fdig Progress Other Postemploymet Beefits Allowace - Schedle of Employer Cotribtios Other Postemploymet Beefits Allowace - Notes to the Reqired Schedles Schedle of the Proporatioate Share the Net Pesio Liability - Local Govermet Employees' Retiremet System Schedle of Cotribtios - Local Govermet Employees' Retiremet System INDIVIDUAL FUND FINANCIAL STATEMENTS AND SCHEDULES Statemet of Revees, Expeditres, ad Chages i Fd Balaces - Aal Bdget ad Actal - Geeral Fd Combiig Balace Sheet - Nomajor Govermetal Fds Combiig Statemet of Revees, Expeditres ad Chages i Fd Balace - Nomajor Govermetal Fds Schedle of Revees, Expeditres, ad Chages i Fd Balace - Bdget ad Actal - Tart Park Reovatios - Capital Project Fd EXHIBIT PAGE

4 CITY OF DUNN COMPREHENSIVE ANNUAL FINANCIAL REPORT TABLE OF CONTENTS JUNE 30, 2017 TABLE PAGE OTHER SCHEDULES Schedle of Revees, Expeditres, ad Chages i Fd Balace - Bdget ad Actal - D City Hall ad Harett Traiig School - Capital Project Fd 82 Schedle of Revees ad Expeditres Bdget ad Actal - Water ad Sewer Fd 83 Schedle of Revees, Expeditres Bdget ad Actal - Stormwater Fd 86 Schedle of Ad Valorem Taxes Receivable Aalysis of Crret Tax Levy - City Wide Levy STATISTICAL SECTION Net Positio by Compoet Chages i Net Positio Govermetal Activities Tax Revees by Sorce Fd Balaces of Govermetal Fds - Last Te Fiscal Years Chages i Fd Balace of Govermetal Fds Assessed Vale ad Estimated Actal Vale of Taxable Property Property Tax Rates - Direct ad Overlappig Govermets Pricipal Property Taxpayers Property Tax Levies ad Collectios Ratios of Otstadig Debt by Type Ratios of Geeral Boded Debt Otstadig Direct ad Overlappig Govermetal Activities Debt Legal Debt Margi Iformatio Demographic ad Ecoomic Statistics g

5 fl 11 [l R 11 [ l l l II [I fl 11 l l 11 l I Pricipal Employers CITY OF DUNN COMPREHENSIVE ANNUAL FINANCIAL REPORT TABLE OF CONTENTS JUNE 30, 2017 Fll-time Eqivalet Tow Govermet Employees by Fctio Operatig Idicators by Fctio COMPLIANCE SECTION Capital Asset Statistics by Fctio Idepedet Aditors' Report o Iteral Cotrol over Fiacial Reportig ad o Compliace ad Other Matters Based o a Adit of Fiacial Statemets Performed i Accordace with Govermet Aditig Stadards Schedle of Fidigs ad Resposes Corrective Actio Pla Smmary Schedle of Prior Years' Fidigs Schedle of Expeditres of Federal ad State Awards 5 TABLE PAGE

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12 Govermet Fiace Officers Associatio Certificate of Achievemet for Excellece i Fiacial Reportig Preseted to City of D North Carolia For its Comprehesive Aal Fiacial Report for the Fiscal Year Eded Je 30, 2016 Exective Director/CEO r-f

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17 f l fl! l I l R 11 fl l l IJ l l I l Li lj Li compariso for the Geeral Fd for the year the eded i accordace with accotig priciples geerally accepted i the Uited States of America. Other Matters Reqired Spplemetary Iformatio Accotig priciples geerally accepted i the Uited States of America reqire that the Maagemet's Discssio ad Aalysis o pages 20 throgh 28, the Law Eforcemet Officers' Special Separatio Allowace schedles of the Chages i Total Pesio Liability ad Total Pesio Liability as a Percetage of Covered Payroll, ad the Other Postemploymet Beefits' Schedles of Fdig Progress ad Schedles of Employer Cotribtios o pages 67 throgh 70, ad the Local Govermet Employees' Retiremet System's Schedles of the Proportioate Share of the Net Pesio Liability (Asset) ad Cotribtios o pages 71 ad 72, be preseted to spplemet the basic fiacial statemets. Sch iformatio, althogh ot a part of the basic fiacial statemets, is reqired by the Govermetal Accotig Stadards Board who cosiders it to be a essetial part of fiacial reportig for placig the basic fiacial statemets i a appropriate operatioal, ecoomic, or historical cotext. We ad the other aditors have applied certai limited procedres to the reqired spplemetary iformatio i accordace with aditig stadards geerally accepted i the Uited States of America, which cosisted of iqiries of maagemet abot the methods of preparig the iformatio ad comparig the iformatio for cosistecy with maagemet's resposes to or iqiries, the basic fiacial statemets, ad other kowledge we obtaied drig or adit of the basic fiacial statemets. We do ot express a opiio or provide ay assrace o the iformatio becase the limited procedres do ot provide -s with sfficiet evidece to express a opiio or provide ay assrace. Spplemetary ad Other Iformatio Or adit was codcted for the prpose of formig opiios o the fiacial statemets that collectively comprise the City of D, North Carolia's basic fiacial statemets. The itrodctory iformatio, combiig ad idividal fd statemets, bdgetary schedles, other schedles, statistical sectio ad Schedle of Expeditres of Federal ad State Awards are preseted for prposes of additioal aalysis ad are ot a reqired part of the basic fiacial statemets. The combiig ad idividal fd statemets, bdgetary schedles, other schedles, ad the Schedle of Expeditres of Federal ad State Awards are the resposibility of maagemet ad were derived from ad relate directly to the derlyig accotig ad other records sed to prepare the basic fiacial statemets. Sch iformatio has bee sbjected to the aditig procedres applied i the adit of the basic fiacial statemets ad certai additioal procedres, icldig comparig ad recocilig sch iformatio directly to the derlyig accotig ad' other records sed to prepare the basic fiacial statemets or to the basic fiacial statemets themselves, ad other additioal procedres i accordace with aditig stadards geerally accepted i the Uited States of America. I or opiio, based o or adit ad the procedres performed as described above, the combiig ad idividal fd statemets, bdgetary schedles, other schedles, ad the Schedle of Expeditres of Federal ad State Awards are fairly stated, i all material respects, i relatio to the basic fiacial statemets as a whole. The itrodctory iformatio ad the statistical sectios have ot bee sbjected to the aditig procedres applied i the adit of basic fiacial statemets, ad accordigly, we do ot express a opiio or provide assrace o them. Other Reportig Reqired by Govermet Aditig Stadards I accordace with Govermet Aditig Stadards, we have also issed or report dated October 24, 2017 o or cosideratio of the City of D's iteral cotrol over fiacial reportig ad o or tests of its compliace with certai provisios of laws, reglatios, cotracts, ad grat agreemets ad other matters. The prpose of the report is to describe the scope of or testig of iteral cotrol over fiacial reportig ad compliace 17

18 ad the reslts of that testig, ad ot to provide a opiio o iteral cotrol over fiacial reportig or o compliace. That report is a itegral part of a adit performed i accordace with Govermet Aditig Stadards i cosiderig the City of D's iteral cotrol over fiacial reportig ad compliace. PElWAY MILLS & PEARSON, PA Certified Pblic Accotats Zeblo, North Carolia October 24,

19 11 H fl fl l I 11 IJ l I IJ 19 MANAGEMENT'S DISCUSSION AND ANALYSIS

20 Maagemet Discssio ad Aalysis City of D, North Carolia Maagemet's Discssio ad Aalysis City of D, North Carolia As maagemet of the City of D, we offer readers of the City of D's fiacial statemets this arrative overview ad aalysis of the fiacial activities of the City of D for the fiscal year eded Je 30, We ecorage readers to read the iformatio preseted here i cojctio with additioal iformatio that we have frished i the city's fiacial statemets, which follow this arrative. Fiacial Highlights The assets ad deferred otflows of resorces of the City of D exceeded its liabilities ad deferred iflows of resorces at the close of the fiscal year by $32,750,380 (et positio). The govermet's total et positio icreased by $657,142 primarily de to a decrease i geeral fd expeditres ad a icrease i property ad sales tax. As of the close of the crret fiscal year, the City of D's govermetal fds reported combied edig fd balaces of $4,059,932 a icrease of $199,037 i compariso with the prior year. Approximately 45% of this total amot, or $1,817,101 is o spedable or restricted. At the ed of the crret fiscal year, assiged fd balace for the Geeral Fd was $2,069,164 or percet of total Geeral Fd expeditres for the fiscal year. The City of D's total debt decreased by $1,029,334 (7.59%) drig the crret fiscal year. The City of D crretly has a A+ bod ratig with Stadard ad Poors, ad a ratig of A3 with Moody's Ivestmet Service. Overview of the Fiacial Statemets This discssio ad aalysis are iteded to serve as a itrodctio to the City of D's basic fiacial statemets. The City's basic fiacial statemets cosist of three compoets; 1) govermet-wide fiacial statemets, 2) fd fiacial statemets, ad 3) otes to the fiacial statemets (see Figre 1 ). The basic fiacial statemets preset two differet views of the City throgh the se of govermet-wide statemets ad fd fiacial statemets. I additio to the basic fiacial statemets, this report cotais other spplemetal iformatio that will ehace the reader's derstadig of the fiacial coditio of the City of D. 20

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26 Maagemet Discssio ad Aalysis City of D, North Carolia Govermetal activities: Govermetal activities icreased the City's et positio by $452,991. Key elemets of this icrease are as follows: Icrease i property ad sales taxes No icrease i expeditres Bsiess-type activities: Bsiess-type activities icreased the City of D's et positio by $204, 151. Key elemets of this icrease are as follows: Decrease i Expeditres Fiacial Aalysis of the City of D's Fds As oted earlier, the City of D ses fd accotig to esre ad demostrate compliace with fiace-related legal reqiremets. Govermetal Fds - The focs of the City of D's govermetal fds is to provide iformatio o ear-term iflows, otflows, ad balaces of sable resorces. Sch iformatio is sefl i assessig the City of D's fiacig reqiremets. Specifically, assiged fd balace ca be a sefl measre of a govermet's et resorces available for spedig at the ed of the fiscal year. The Geeral Fd is the chief operatig fd of the City of D. At the ed of the crret fiscal year, City of D's fd balace available i the Geeral Fd was $2,069,164 while total fd balace reached $3,984,265. The City crretly has a available fd balace of 20.52% of Geeral Fd expeditres, while total fd balace represets 39.52%. At Je 30, 2017, the govermetal fds of the City of D reported a combied fd balace of $4,059,932. Geeral Fd Bdgetary Highlights - Drig the fiscal year, the City of D revised the bdget o several occasios. Geerally, bdget amedmets fall ito oe of three categories: 1) amedmets made to adjst the estimates that are sed to prepare the origial bdget ordiace oce exact iformatio is available; 2) amedmets made to recogize ew fdig amots from exteral sorces, sch as Federal ad State grats; ad 3) icreases i appropriatios that become ecessary to maitai services. The City made oly mior chages to its' Geeral Fd revee estimates i order to recogize icrease i grat receipts. Proprietary Fds - The City of D's proprietary fds provide the same type of iformatio fod i the govermet-wide statemets bt i more detail. Urestricted et positio of the Water ad Sewer Fd at the ed of the fiscal year amoted to $2,882,223. The Water ad Sewer fd experieced a icrease i et positio of $183,390. Factors cocerig the fiaces of this fd have already bee addressed i the discssio of the City's bsiess-type activities. Urestricted et positio of the Stormwater Fd amoted to $75, 192. Capital Asset ad Debt Admiistratio Capital assets - The City's ivestmet i capital assets for its govermetal ad bsiess-type activities as of Je 30, 2017, totals $37,743,684 (et of accmlated depreciatio). These assets iclde bildigs, roads ad bridges, lad, machiery ad eqipmet, park facilities ad vehicles. Major capital asset trasactios drig the year iclde the followig additios (there were o sigificat demolitios or disposals): Prchase of a ew police cars 26

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37 11 ll R [I f l OPERA TING REVENUES Charges for services Water ad sewer taps Other operatig revees Total operatig revees OPERATING EXPENSES Water ad sewer admiistratio Water ad sewer operatios Water spply, pmp ad filterig Sewage treatmet plat operatios Stormwater operatios Depreciatio ad amortizatio Total operatig expeses Operatig icome (loss) City of D Statemet of Revees, Expeses, ad Chages i Fd Net Positio Proprietary Fds For the Year Eded Je 30, 2017 Major Fd Water ad Sewer Fd $ 4,592,575 12, ,020 4,771, , , , , ,979 4,582, ,383 No-Major Stormwater Fd $ 78,953 78,953 58,192 58,192 20,761 Exhibit 8 Total $ 4,671,528 12, ,020 4,850, , , , ,810 58, ,979 4,640, , l I 11 ll Li Li NONOPERATING REVENUES (EXPENSES) Ivestmet earigs Tower site retal Iterest ad other charges Total ooperatig revee (expeses) Chage i et positio Total et positio, begiig Total et positio, edig The otes to the fiacial statemets are a itegral part of this statemet ,967 67,503 (164,463) {5,993) 183,390 22,930,537 $ 23,113,927 20,761 54,431 $ 75,192 90,967 67,503 {164,463) {5,993) 204,151 22,984,968 $ 23,189,119

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39 fl R [l l l l ) Li City of D Statemet of Cash Flows Proprietary Fds For the Fiscal Year Eded Je 30, 2017 Recociliatio of operatig icome to et cash provided by operatig activities Operatig icome Adjstmets to recocile operatig icome to et cash provided by operatig activities: Depreciatio Chages i assets ad liabilities: (Icrease) decrease i accots receivable (Icrease) decrease i accots receivable - other (Icrease) decrease i ivetory (Icrease) decrease i deferred otflows of resorses-pesios Icrease (decrease) i et pesio liablity Icrease (decrease) i deferred iflows of resorses-pesios Icrease (decrease) i accots payable ad accred liabilities Icrease (decrease) i cstomer deposits Icrease (decrease) i accred vacatio pay Icrease (decrease) i accred other postemploymet beefits Total adjstmets $ Major Fd Water ad Sewer Fd 189,383 $ 785,979 (29,143) 8,031 (35,962) (279,224) 324,113 (28,939) 5,543 5,184 (6,057) 138, ,858 No-Major Stormwater Fd 20,761 (720) (14,400) (15,120) Net cash provided by operatig activities $ 1,077,241 $ 5,641 Nocash ivestig, capital, ad fiacig activities: Noe. The otes to the fiacial statemets are a itegral part of this statemet. 39 $ Exhibit 9 (cotied) Total 210, ,979 (29,863) 8,031 (35,962) (279,224) 324,113 (28,939) (8,857) 5,184 (6,057) 138, ,738 $ 1,082,882

40 City of D, North Carolia Notes to the Fiacial Statemets For the Fiscal Year Eded Je 30, 2017 The City of D, North Carolia (the City) is located i the easter part of the state ad has a 2016 poplatio of approximately 9,647. The City is govered by a elected mayor ad a six-member cocil. The City's major operatios iclde police protectio, saitary services, parks ad recreatio, water ad sewer systems, ad geeral admiistratio services. I. Smmary of Sigificat Accotig Policies The accotig policies of the City of D ad its discretely preseted compoet it coform to geerally accepted accotig priciples as applicable to govermets. The followig is a smmary of the more sigificat accotig policies: A. Reportig Etity The City of D is a micipal corporatio which is govered by a elected mayor ad a six-member cocil. As reqired by geerally accepted accotig priciples, these fiacial statemets preset the fiacial activity of the City ad its compoet it, a legally separate etity for which the City is accotable. The discretely preseted compoet it preseted below is reported i a separate colm i the City's fiacial statemets i order to emphasize that it is legally separate from the City. City of D ABC Board The members of the ABC Board's goverig board are appoited by the City. I additio, the ABC Board is reqired by State statte to distribte its srplses to the Geeral Fd of the City. The ABC Board, which has a Je 30 year-ed, is preseted as if it were a proprietary fd (discrete presetatio). Complete fiacial statemets for the ABC Board may be obtaied from the etity's admiistrative offices at City of D ABC Board, P.O. Box 70, D, North Carolia Basis of Presetatio Govermet-wide Statemets: The statemet of et positio ad the statemet of activities display iformatio abot the primary govermet ad its compoet it. These statemets iclde the fiacial activities of the overall govermet. Elimiatios have bee made to miimize the doble cotig of iteral activities. lterfd services provided ad sed are ot elimiated i the process of cosolidatio. These statemets distigish betwee the govermetal ad bsiess-type activities of the City. Govermetal activities geerally are fiaced throgh taxes, itergovermetal revees, ad other o-exchage trasactios. Bsiess-type activities are fiaced i whole or i part by fees charged to exteral parties. The statemet of activities presets a compariso betwee direct expeses ad program revees for the differet bsiess-type activities of the City ad for each fctio of the City's govermetal activities. Direct expeses are those that are specifically associated with a program or fctio ad, therefore, are clearly idetifiable to a particlar fctio. Idirect expese allocatios that have bee made i the fds have bee reversed for the statemet of activities. Program revees iclde (a) fees ad charges paid by the recipiets of goods or services offered by the programs ad (b) grats ad cotribtios that are restricted to meetig the operatioal or capital reqiremets of a particlar program. Revees that are ot classified as program revees, icldig all taxes, are preseted as geeral revees. Fd Fiacial Statemets: The fd fiacial statemets provide iformatio abot the City's fds. Separate statemets for each fd category - govermetal ad proprietary - are preseted. The emphasis of fd fiacial statemets is o major govermetal ad eterprise fds, each displayed i a separate colm. All remaiig govermetal ad eterprise fds are aggregated ad reported as omajor fds. Proprietary fd operatig revees, sch as charges for services, reslt from exchage trasactios associated with the pricipal activity of the fd. Exchage trasactios are those i which each party receives ad gives p essetially eqal vales. No-operatig revees, sch as sbsidies ad ivestmet earigs, reslt from o-exchage trasactios or acillary activities. 40

41 fl fl fl ll fi fl I I l l II 11 lj IJ LI IJ Li City of D, North Carolia Notes to the Fiacial Statemets For the Fiscal Year Eded Je 30, 2017 The City reports the followig major govermetal fds: Geeral Fd. The Geeral Fd is the geeral operatig fd of the City. The Geeral Fd accots for all fiacial resorces except those that are reqired to be accoted for i aother fd. The primary revee sorces are ad valorem taxes, State grats, ad varios other taxes ad liceses. The primary expeditres are for pblic safety, street maiteace ad costrctio, ad saitatio services. The City reports the followig o-major govermetal fds: Tart Park Reovatios Capital Project Fd. This fd is sed to accot for improvemets to Tart Park. D City Hall ad Harett Traiig School Capital Project Fd. This fd is sed to accot for improvemets to City Hall ad Harett Traiig School. The City reports the followig major eterprise fd: Water ad Sewer Fd. This fd is sed to accot for the City's water ad sewer operatios. The City reports the followig o major eterprise fd: Stormwater Fd. This fd is sed to accot for the City's stormwater maagemet. C. Measremet Focs ad Basis of Accotig I accordace with North Carolia Geeral Stattes, all fds of the City are maitaied drig the year sig the modified accral basis of accotig. Govermet-wide ad Proprietary Fd Fiacial Statemets. The govermet-wide ad proprietary fd fiacial statemets are reported sig the ecoomic resorces measremet focs. The govermetwide ad proprietary fd fiacial statemets are reported sig the accral basis of accotig. Revees are recorded whe eared ad expeses are recorded at the time liabilities are icrred, regardless of whe the related cash flows take place. No-exchage trasactios, i which the City gives (or receives) vale withot directly receivig (or givig) eqal vale i exchage, iclde property taxes, grats, ad doatios. O a accral basis, revee from property taxes is recogized i the fiscal year for which the taxes are levied. Revee from grats ad doatios is recogized i the fiscal year i which all eligibility reqiremets have bee satisfied. Govermetal Fd Fiacial Statemets. Govermetal fds are reported sig the crret fiacial resorces measremet focs ad the modified accral basis of accotig. Uder this method, revees are recogized whe measrable ad available. Expeditres are recorded whe the related fd liability is icrred, except for pricipal ad iterest o geeral log-term debt, claims ad jdgmets, ad compesated abseces, which are recogized as expeditres to the extet they have matred. Geeral capital asset acqisitios are reported as expeditres i govermetal fds. Proceeds of geeral log-term debt ad acqisitios der capital leases are reported as other fiacig sorces. The City cosiders all revees available if they are collected withi 90 days after year-ed, except for property taxes. Ad valorem taxes receivable are ot accred as revee becase the amot is ot ssceptible to accral. At Je 30, taxes receivable for property other tha motor vehicles are materially past de ad are ot cosidered to be a available resorce to fiace the operatios of the crret year. Also, as of September 1, 2013, State law altered the procedres for the assessmet ad collectio of property taxes o registered motor vehicles i North Carolia. Effective with this chage i the law, the State of North Carolia is resposible for billig ad collectig the property taxes o registered motor vehicles o behalf of all micipalities ad special tax districts. Property taxes are de whe vehicles are registered. The billed taxes are applicable to the fiscal year i which they are received. Ucollected taxes that were billed i periods prior to September 1, 2013 ad for limited registratio plates are show as a receivable i these fiacial statemets ad are offset by deferred iflows of resorces. Sales taxes ad certai itergovermetal revees, sch as the tilities frachise tax, collected ad held by the State at year-ed o behalf of the City are recogized as revee. Sales taxes are cosidered a 41

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43 f l rt Ii ll l I IJ I J Li Li City of D, North Carolia Notes to the Fiacial Statemets For the Fiscal Year Eded Je 30, 2017 restricted assets) with a matrity of three moths or less whe prchased to be cash ad cash eqivalets. 3. Restricted Assets Cstomer deposits held by the City before ay services are spplied are restricted to the service for which the deposit was collected. Drg tax fds are classified as restricted cash becase they ca oly be sed for pblic safety. Powell Bill fds are also classified as restricted cash becase they ca be expeded oly for the prposes of maitaiig, repairig, costrctig, recostrctig or wideig of local streets per G.S throgh City of D Restricted Cash Go\ermetal Acti1,1ties Geeral Fd Streets - Powell Bill Pblic Safety - Drg Forfeitre USDA reser\e Cltre ad recreatio - Harett Traiig School Total Go\ermetal Acti..,;ties Bsiess-type Acti1,1ties Water ad Sewer Fd Cstomer Deposits Total Bsiess-type Acti1,1ties Total Restricted Cash 4. Ad Valorem Taxes Receivable $270,962 70,811 94,813 75, , , ,572 $650,825 I accordace with State law [G.S ad G.S (a)], the City levies ad valorem taxes o property other tha motor vehicles o Jly 1, the begiig of the fiscal year. The taxes are de o September 1 (lie date); however, iterest does ot accre til the followig Jaary 6. These taxes are based o the assessed vales as of Jaary 1. As allowed by State law, the City has established a schedle of discots that apply to taxes that are paid prior to the de date. I the City's Geeral Fd, ad valorem tax revees are reported et of sch discots. 5. Allowaces for Dobtfl Accots All receivables that historically experiece collectible accots are show et of a allowace for dobtfl accots. This amot is estimated by aalyzig the percetage of receivables that were writte off i prior years. 6. Ivetory ad Prepaid Items The ivetories of the City ad the ABC Board are valed at cost (first-i, first-ot), which approximates market. The City's Geeral Fd ivetory cosists of expedable spplies that are recorded as expeditres as sed rather tha whe prchased. The ivetories of the City's eterprise fds ad those of the City of D ABC Board cosist of materials ad spplies held for sbseqet se. The cost of these ivetories is expesed whe held for resale rather tha whe prchased. Certai paymets to vedors reflect costs applicable to ftre accotig periods ad are recorded as prepaid items i both govermet-wide ad fd fiacial statemets ad expesed as the items are sed. 43

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45 fl )l R Il I I l I l IJ Li Li IJ City of D, North Carolia Notes to the Fiacial Statemets For the Fiscal Year Eded Je 30, 2017 premims or discot. Bod issace costs, except for prepaid israce cost, are expesed i the reportig period i which they are icrred. Prepaid israce costs are expesed over the life of the debt. I fd fiacial statemets, govermetal fd types recogize bod premims ad discots, as well as bod issace costs, drig the crret period. The face amot of debt issed is reported as other fiacig sorces. Premims received o debt issaces are reported as other fiacig sorces while discots o debt issaces are reported as other fiacig ses. Issace costs, whether or ot withheld from the actal debt proceeds received, are reported as debt service expeditres. 10. Compesated Abseces The vacatio policies of the City provide for the accmlatio of p to thirty (30) days eared vacatio leave with sch leave beig flly vested whe eared. For the City's govermet-wide ad proprietary fds, a expese ad liability for compesated abseces ad the salary-related paymets are recorded as the leave is eared. The City has assmed a first-i, first-ot method of sig compesated time. The portio of that time that is estimated to be sed i the ext fiscal year has bee desigated as a crret liability i the govermet-wide fiacial statemets. The City's sick leave policies provide for a limited accmlatio of eared sick leave. Sick leave does ot vest, bt ay sed sick leave accmlated at the time of retiremet may be sed i the determiatio of legth of service for retiremet beefit prposes. Sice the City has o obligatio for the accmlated sick leave til it is actally take, o accral for sick leave has bee made. 11. Net Positio/Fd Balaces Net Positio Net positio i govermet-wide ad proprietary fd fiacial statemets is classified as et ivestmet i capital assets; restricted; ad restricted. Restricted et positio represets costraits o resorces that are either exterally imposed by creditors, grators, cotribtors, or laws or reglatios of other govermets or imposed by law throgh State statte. Fd Balaces. I the govermetal fd fiacial statemets, fd balace is composed of five classificatios desiged to disclose the hierarchy of costraits placed o how fd balace ca be spet. The govermetal fd types classify fd balaces as follows: Nospedable Fd Balace - This classificatio icldes amots that caot be spet becase they are either (a) ot i spedable form or (b) legally or cotractally reqired to be maitaied itact. Ivetories - portio of fd balace that is ot a available resorce becase it represets the year-ed balace of edig ivetories, which are ot spedable resorces. Restricted Fd Balace - This classificatio icldes amots that are restricted to specific prposes exterally imposed by creditors or imposed by law. Restricted for Stabilizatio by State statte - portio of fd balace that is restricted by State Statte [G.S (a)]. Restricted for Trasportatio - Powell Bill portio of fd balace that is restricted by revee sorce for street costrctio ad maiteace expeditres. This amot represets the balace of the total expeded Powell Bill fds. Restricted for Pblic Safety - portio of fd balace that is restricted by revee sorce for certai drg eforcemet expeditres. Restricted for USDA Loa Reserves - portio of fd balace reserved as reqired by loa agreemets with USDA 45

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47 l l R I J lj 11 } ( 11 l I City of D, North Carolia Notes to the Fiacial Statemets For the Fiscal Year Eded Je 30, 2017 collateralized with secrities held by the State Treasrer's aget i the ame of the State Treasrer. Sice the State Treasrer is actig i a fidciary capacity for the City ad the ABC Board, these deposits are cosidered to be held by the City's ad the ABC Board's agets i their ames. The amot of the pledged collateral is based o a approved averagig method for o-iterest bearig deposits ad the actal crret balace for iterest-bearig deposits. Depositories sig the Poolig Method report to the State Treasrer the adeqacy of their pooled collateral coverig isred deposits. The State Treasrer does ot cofirm this iformatio with the City, the ABC Board or the escrow aget. Becase of the iability to measre the exact amots of collateral pledged for the City ad the ABC Board der the Poolig Method, the potetial exists for der-collaterizatio, ad this risk may icrease i periods of high cash flows. However, the State Treasrer of North Carolia eforces strict stadards of fiacial stability for each depository that collateralizes pblic deposits der the Poolig Method. The City ad the ABC Board have o policy regardig cstodial credit risk. At Je 30, 2017, the City's deposits had a carryig amot of $3,290,027 ad a bak balace of $3,416,357. Of the bak balace, $500,000 was covered by federal depository israce ad the remaider of $2,916,357 was covered by collateral held der the Poolig Method. The carryig amot of deposits for the ABC Board was $262,183 ad the bak balace was $369,977. At Je 30, 2017, the bak balaces exceeded federal depository israce coverage. The remaiig bak balace of $119,977 was covered by collateral held der the Poolig Method. At Je 30, 2017, the City's petty cash fd totaled $1, Ivestmets At Je 30, 2017, the City's ivestmet balaces were as follows: Ivestmets by Type Valatio Book Matrity Ratig Measreme Vale at t Method 6/30/2017 NC Capital Maagemet Trst- Amortized $1,114,487 N/A AAAm Govermet Portfolio Cost NC Capital Maagemet Trst- Fair Vale $1,043,668 N/A Urated Term Portfolio Level 1 First Citizes Bak Ivestmet Fair Vale $286,651 N/A NIA Note Level 1 Total: $2,444,806 The City ad the ABC Board have o policy regardig credit risk. 3. Receivables a. Notes Receivable Geeral Fd The City has fiaced the reovatio of Harett Traiig School. The School will be sed to hose apartmets for ret to the pblic. Harett Traiig School, LLC will repay the city aally over a 20 year period. The origial amot of the otes receivable was $3,100,000, ad repaymet to the City is depedet o the profitability performace measres of Harett Traiig School. No cash was received from activities related to this trasactio drig fiscal year Note Receivable-aal paymets vary thr Agst 2034 $3, Water ad Sewer Fd The City has fiaced the costrctio of a water lie to the Eastover Saitary District. Eastover Saitary District will repay the city mothly over a 20 year period. The origial amot of the ote receivable was $2,604,

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49 fl fl I l R 11 fl 11 l] I l lj IJ 4. Capital Assets Primary Govermet Govermetal activities: Capital assets ot beig depreciated Lad Costrctio i Progress Total capital assets ot beig depreciated Capital assets beig depreciated Bildigs Other improvemets Eqipmet Vehicles ad motorized eqipmet Other Total capital assets beig depreciated Less accmlated depreciatio for Bildigs Other improvemets Eqipmet Vehicles ad motorized eqipmet Other Accmlated depreciatio Total capital assets, depreciated, et Govermetal activity capital assets, et City of D, North Carolia Notes to the Fiacial Statemets For the Fiscal Year Eded Je 30, 2017 Begiig Balaces $ 1,624,003 3,113,228 4,737,231 3,204,248 7,196,002 1,798,523 2,041, ,585 14,708,685 2,132, ,490 1,618,276 1,520, ,636 6,415,702 8,292,983 $ 13,030,214 Icreases $ 204, ,510 3,326, , ,577 3,969, , ,437 77, ,589 $ 679,597 Depreciatio expese was charged to fctios/programs of the primary govermet as follows: Geeral govermet $ 118,818 Pblic safety Trasportatio 187, ,508 Evirometal protectio Cltral ad recreatioal Library 22, ,493 7,081 $ 679,597 Decreases $ 3,279,777 3,279,777 71,662 71,662 70,354 $ 70,354 Edig Balaces $ 1,624,003 37,961 1,661,964 6,530,341 7,196,002 2,052,593 2,359, ,585 18,606,763 2,323, ,927 1,695,547 1,668, ,636 7,024,945 11,581,818 $ 13,243,782 Begiig Balaces Icreases Decreases Edig Balaces Bsiess-type activities: Capital assets ot beig depreciated Lad $ 181,746 $ - $ - $ 181,746 Tot a I capital assets ot beig depreciated 181, ,746 Capital assets beig depreciated Bildigs Eqipmet Plat distribtio systems Vehicles Other Assets Total capital assets beig depreciated Less accmlated depreciatio for: Bildigs Eqipmet Plat distribtio systems Vehicles other Assets Accmlated Depreciatio Capital assets, depreciated, et Bsiess-type activities capital asset --.,..,..""'=-.,.., ,--' , ,258 43,380, , ,407 45,812, , ,037 18,994, , ,956 20,810,810 $ 25,001,736 $ 25,183, ,503 10,346 62, ,399 18,364 64, ,895 11,223 10, ,979 $ 852, ,604 43,443, , ,407 45,914, , ,533 19,676, , ,957 21,596, ,318,156 $ 2 4,499,902

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52 City of D, North Carolia Notes to the Fiacial Statemets For the Fiscal Year Eded Je 30, 2017 $353,417 reported as deferred otflows of resorces related to pesios resltig from City cotribtios sbseqet to the measremet date will be recogized as a icrease of the et pesio asset i the year eded Je 30, Other amots reported as deferred iflows of resorces related to pesios will be recogized i pesio expese as follows: Year eded Je 30: 2018 $ 125, , , ,857 $ 886,945 Actarial Assmptios. The total pesio liability i the December 31, 2015 actarial valatio was determied sig the followig actarial assmptios, applied to all periods iclded i the measremet: Iflatio Salary icreases lm.estmet rate of retr 3.0 percet 3.50 to percet, icldig iflatio ad prodcti\aty factor 7.25 percet, et of pesio pla im.estmet expese, icldig iflatio The pla crretly ses mortality tables that vary by age, geder, employee grop (i.e. geeral, law eforcemet officer) ad health stats (i.e. disabled ad healthy). The crret mortality rates are based o pblished tables ad based o stdies that cover sigificat portios of the U.S. poplatio. The healthy mortality rates also cotai a provisio to reflect ftre mortality improvemets. The actarial assmptios sed i the December 31, 2015 valatio were based o the reslts of a actarial experiece stdy for the period Jaary 1, 2010 t rogh December 31, Ftre ad hoc COLA amots are ot cosidered to be sbstatively atomatic ad are therefore ot iclded i the measremet. The projected log-term ivestmet retrs ad iflatio assmptios are developed throgh review of crret ad historical capital markets data, sell-side ivestmet research, cosltat whitepapers, ad historical performace of ivestmet strategies. Fixed icome retr projectios reflect crret yields across the U.S. Treasry yield crve ad market expectatios of forward yields projected ad iterpolated for mltiple teors ad over mltiple year horizos. Global pblic eqity retr projectios are established throgh aalysis of the eqity risk premim ad the fixed icome retr projectios. Other asset categories ad strategies' retr projectios reflect the foregoig ad historical data aalysis. These projectios are combied to prodce the log-term expected rate of retr by weightig the expected ftre real rates of retr by the target asset allocatio percetage ad by addig expected iflatio. The target allocatio ad best estimates of arithmetic real rates of retr for each major asset class as of Je 30, 2014 are smmarized i the followig table: Log-Term Expected Asset Class Target Allocatio Real Rate of Retr Fixed Icome 29.0% 1.4% Global Eqity 42.0% 5.3% Real Estate 8.0% 4.3% Alteratives 8.0% 8.9% Credit 7.0% 6.0% Iflatio Protectio 6.0% 4.0% Total 100% 52

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64 City of D, North Carolia Notes to the Fiacial Statemets For the Fiscal Year Eded Je 30, Ecmbraces The otstadig ecmbraces are amots eeded to pay ay commitmets related to prchase orders ad cotracts that remaied performed at year-ed. Geeral Fd Water ad Sewer Fd $98,000 $30, lterfd Activity The followig trasfers were made drig the fiscal year edig Je 30, 2017: Geeral Fd Trasferred $75,000 to the Harett Traiig School Capital Project Fd Trasfers are sed to move restricted revees to fiace varios programs that the govermet mst accot for i other fds i accordace with bdgetary athorizatios, icldig amots providig matchig fds for varios grat programs. IV. Commitmets The City has leased varios pieces of office eqipmet throgh varios agreemets ad estimated commitmets for the years eded Je 30, 2017 ad 2018 are $14,000 ad $14,000, respectively. The City has leased bildig space to Johso-Lee-Harett Commity Actio, Ic. The lease calls for mothly lease paymets i the amot of $1,463. The lease is for a te year period edig March The amot collected for fiscal year eded Je 30, 2017 is $17,556. Ftre paymets for the remaiig lease term are $48,279. The leased assets have o et vale as the property was doated to the City. The City has etered ito a agreemet with Cetral Carolia Commity College for the College to operate the D Erichmet Ceter. The Ceter provides leisre ad recreatioal activities to seior citizes of the City. The City will reimbrse the College the salary ad beefits of two fll time employees. Drig the fiscal year which eded Je 30, 2017 the City paid Cetral Carolia Commity College $39,778 for these services. V. Related Orgaizatio The six-member board of the City of D Hosig Athority is appoited by the City Cocil of the City of D. The City is accotable for the Hosig Athority becase it appoits the goverig board; however, the City is ot fiacially accotable for the Hosig Athority. The City of D is also disclosed as a related orgaizatio i the otes to the fiacial statemets for the City of D Hosig Athority. VI. Smmary Disclosre of Sigificat Cotigecies Federal ad State Assisted Programs The City has received proceeds from several federal ad State grats. Periodic adits of these grats are reqired ad certai costs may be qestioed as ot beig appropriate expeditres der the grat agreemets. Sch adits cold reslt i the refd of grat moeys to the grator agecies. Maagemet believes that ay reqired refds will be immaterial. No provisio has bee made i the accompayig fiacial statemets for the refd of grat moeys. VII. Sbseqet Evets The City has evalated evets from the date of the balace sheet throgh the date the report is available to be issed which is the date of the idepedet aditors' report. The City has ot evalated sbseqet evets after that date. There were o sbseqet evets drig this period that reqired disclosre. VIII. Chage i Accotig Priciple The City implemeted Govermetal Accotig Stadards Board (GASB) No. Statemet 73, Accotig ad Fiacial Reportig for Pesios ad Related Assets That Are Not withi the Scope of GASB 68, ad Amedmets to Certai Provisios of GASB Statemets 67 ad 68, i the fiscal year edig Je 30, 64

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69 11 11 I I fl f J l l l l li Actarial Valatio Date 12/31/ /31/ /31/ /31/ /31/ /31/2015 Actarial Vale of Assets (a) $ - City of D Other Postemploymet Beefits Reqired Spplemetary Iformatio Schedle of Fdig Progress Actarial Accred Liability (AAL) Ufded Projected Uit AAL Fded Credit (UAAL) Ratio (b) (b-a) (a/b} $ 4,764,850 $4,764,850 0% 5,875,173 5,875,173 0% 5,678,696 5,678,696 0% 5,626,119 5,626,119 0% 6,295,072 6,295,072 0% 7,622,436 7,622,436 0% UAAL as a Covered % of Covered Payroll Payroll ( C) ((b-a)/c) $4,603, % 4,564, % 4,705, % 4,789, % 5,019, % 4,273, % Li 69

70 City of D Other Postemploymet Beefits Reqired Spplemetary Iformatio Schedle of Employer Cotribtios Year Eded Je Aal Reqired Cotribtio $ 406,380 $ 406,380 $ 514,357 $ 481,838 $ 484,454 $ 521,133 $ 648,584 $ 648,584 Percetage Cotribted 0.00% 35.50% 29.88% 32.80% 21.58% 21.97% 21.70% 27.19% Notes to the Reqired Schedles: The iformatio preseted i the reqired spplemetary schedles was determied as part of the followig actarial valatio: Valatio date: Actarial cost method: Amortizatio method: Remaiig amortizatio period: Asset valatio method: 12/31/2015 Projected it credit Level percet of pay, ope 30 years Market vale Actarial assmptios: Ivestmet rate of retr* Medical cost tred rate Pre-Medicare tred rate Post-Medicare tred rate Year of Ultimate tred rate *Icldes iflatio at 4.00% 7.75% % 5.75% % % 70

71 - - - City of D City of D's Proportioate Share of Net Pesio Liability (Asset) Reqired Spplemetary Iformatio Last For Years* Local Govermet Employees' Retiremet System D's proportio of the et pesio liability (asset) (%) % % D's proportio of the et pesio liability (asset) ($) $1,579,017 $ 378,602 D's covered-employee payroll $4,687,189 $5,117,775 D's proportioate share of the et pesio liability (asset) as a percetage of its covered-employee 33.69% 7.40% Pla fidciary et positio as a percetage of the total pesio liability** 91.47% 98.09% % % $ (537,494) $1,083,640 $5,353,179 $5,324,921 (10.04%) 20.35% % 95.35% * The amots preseted for each fiscal year were determied as of the prior fiscal year edig Je 30. ** This will be the same percetage for all participat employers i the LGERS pla. Schedle is iteted to show iformatio for te years, additioal years will be displayed as it becomes available 71

72 City of D City of D's Cotribtios Reqired Spplemetary Iformatio Last For Fiscal Years Local Govermet Employees' Retiremet System Cotractally reqired cotribtio $ 353,417 $ 323,409 Cotribtios i relatio to the cotractally reqired cotribtio 353, ,409 Cotribtio deficecy (excess) $ - $ - D's covered-employee payroll $4,761,067 $4,687,189 Cotribtios as a percetage of covered-employee payroll 7.42% 6.90% $ 354,647 $ 358, , ,846 $ - $ $5,117,775 $5,353, % 6.70% Schedle is iteted to show iformatio for te years, additioal years will be displayed as it becomes available 72

73 I fl INDIVIDUAL FUND FINANCIAL STATEMENTS AND SCHEDULES This sectio cotais additioal iformatio o the Govermetal ad Proprietary Fds (bdget to actal compariso). I l l I 11 l 1 lj 73

74 Revees: Ad valorem taxes: Taxes Pealties ad iterest Total Other taxes ad liceses: OMV licese Total City of D Geeral Fd Schedle of Revees, Expeditres, ad Chages i Fd Balaces - Aal Bdget ad Actal For the Fiscal Year Eded Je 30, 2017 Bdget Actal $ 4,267,355 17,386 $ 4,' a.,3 0_0_ 4,284,741 37,369 36,000 37,369 Variace Positive (Negative) $ 35,441 1,369 Urestricted itergovermetal: Local optio sales taxes Utility sales tax Beer ad wie tax ABC profit distribtio Solid waste disposal tax Total Restricted itergovermetal: Powell Bill allocatio ABC law eforcemet Cotrolled sbstace tax N. C. Departmet of Trasportatio Harett Coty BOE School Resorce Officer USDA grat-vehicles/eqipmet Goveror's Highway Safety Grat EPA-Browsfield Grat FEMA-Hrricae Matthew Rral Ceter Grat Seior Ceter Total Permits ad fees: Permits ad fees Total 1,954, ,912 43, ,000 6,442 2,873,500 2,868, ,535 8,000 41,872 14,373 58,210 54,000 95, , ,425 25,000 18, , , , , ,541 (4,629) 51,138 35,841 74

75 fl [ l ll 11 I I l I l l 11 lj Li Sales ad services: Cemetery lots Cemetery opeig/closig fee Recreatio departmet, cocessios, etry fees Retals Garbage ad recyclig collectio Total Ivestmet earigs City of D Geeral Fd Schedle of Revees, Expeditres, ad Chages i Fd Balaces - Aal Bdget ad Actal For the Fiscal Year Eded Je 30, 2017 Other revees D Area Torism-Dowtow Revitalizatio D Area Torism-I95 Area Light Reimbrsemet Miscellaeos Special assessmets Doatios ad gifts Parks ad recreatio pledges Harett Health Cotractal Paymet Total Total revees Expeditres: Geeral Govermet Goverig Body Salaries ad employee beefits Other operatig expeditres Total Admiistratio Salaries ad employee beefits Other operatig expeditres Total Fiace Salaries ad employee beefits other operatig expeditres Total 75 Bdget 1,099,000 11, ,000 9,886,200 68, , ,700 Actal 84, ,325 75,159 22, ,216 1,112,743 7,968 20,000 22,000 87,899 3, , , ,511 10,024,782 19,802 37,658 57, , , , ,583 87, ,639 Variace Positive (Negative) ( cotied) 13,743 (3,832) 9, ,582 11,040 4,747 3,061

76 (cotied) City of D Geeral Fd Schedle of Revees, Expeditres, ad Chages i Fd Balaces - Aal Bdget ad Actal For the Fiscal Year Eded Je 30, 2017 Bdget Actal Variace Positive (Negative) No-Departmetal Other operatig expeditres Total 780, , ,854 3,146 Bildig ispector Salaries ad employee beefits Other operatig expeditres Total 386, ,012 85, ,886 10,914 Plaig ad zoig Salaries ad employee beefits Other operatig expeditres Total 267,000 65, , ,110 2,890 Total geeral govermet 2,182,200 2,146,402 35,798 Pblic safety: Police: Salaries ad employee beefits Other operatig expeditres Capital otlay Total 3,291,300 2,614, , ,539 3,229,232 62,068 Police athletic leage Doatio Total 125, , ,000 Total pblic safety 3,416,300 3,354,232 62,068 76

77 [l City of D Geeral Fd Schedle of Revees, Expeditres, ad Chages i Fd Balaces - Aal Bdget ad Actal For the Fiscal Year Eded Je 30, 2017 Bdget Actal Variace Positive (Negative) (cotied) 17 Ii f ( I] ll 11 lj lj IJ Trasportatio: Streets Salaries ad employee beefits Other operatig expeditres Capital otlay Total Powell Bill - street repairs ad costrctio Salaries ad employee beefits Other operatig expeditres Total Total trasportatio Evirometal protectio Saitatio Salaries ad employee beefits Other operatig expeditres Capital otlay Total evirometal protectio Cltre ad recreatio: Parks ad recreatio Salaries ad employee beefits Other operatig expeditres Capital otlay Total Seior ceter operatios Salaries ad employee beefits Other operatig expeditres Total Total cltre ad recreatio 77 1,449, ,800 1,650, , ,900 45, , , , ,339 1,435,679 32, , ,652 1,569,331 84, , , , , ,965 73, ,684 3,631 39,916 43, ,231 14,021 67,148 81,169 27,995 63,216 1,453 64,669

78 (cotied) City of D Geeral Fd Statemet of Revees, Expeditres, ad Chages i Fd Balaces - Aal Bdget ad Actal For the Fiscal Year Eded Je 30, 2017 Bdget Actal Variace Positive (Negative) Library Salaries ad employee beefits Other operatig expeditres Total library 257, ,381 55, ,154 29,946 Debt service Pricipal retiremet Iterest ad other charges 865, ,114 Total debt service 1,100,900 1,099,654 1,246 Total expeditres 10,384,200 10,081, ,891 Revees over (der) expeditres (498,000) (56,527) 441,473 Other fiacig sorces (ses): Sale of fixed assets Trasfer to Harett Traiig School Capital Project Istallmet prchase proceeds Appropriated Fd Balace 11,500 (75,000) 442, ,500 7,669 (75,000) 434,000 (3,831) (8,000) (119,500) Total 498, ,669 (131,331) Revees ad other fiacig sorces over expeditres ad other fiacig ses $ 310,142 $ 310,142 Fd balaces, begiig Chage i reserve for ivetories Fd balaces, edig 3,671,268 2,855 $ 3,984,265 78

79 fl fl City of D Combiig Balace Sheet Nomajor Govermetal Fds Je 30, 2017 Tart Park Reovatios Capital Project Fd D City Hall ad Harett Traiig School Capital Project Fd Total Nomajor Govermetal Fds fl fl Assets Restricted cash ad ivestmets Total assets $ $ $ 75,667 $ 75,667 $ 75,667 $ 75,667 Liabilities ad Fd Balaces l l l j I l IJ IJ Fd balaces Restricted Assiged Total fd balaces Total liabilities ad fd balaces $ $ 79 $ 75,667 75,667 $ 75,667 $ 75,667 75,667 $ 75,667

80 City of D Combiig Statemet of Revees, Expeditres ad Chages i Fd Balace Nomajor Govermetal Fds Je 30, 2017 Tart Park Reovatios Capital Project Fd D City Hall ad Harett Traiig School Capital Project Fd Total Nomajor Govermetal Fds Expeditres Geeral govermet Capital otlay $ $ 19, ,549 $ 19, ,549 Total expeditres 186, ,105 Revees over (der) expeses (186,105) (186,105) other fiacig sorces (ses): Trasfer from Geeral Fd Total other fiacig sorces (ses) 75,000 75,000 75,000 75,000 Excess (deficiecy) of revees ad other fiacig sorces over expeditres (111,105) (111,105) Fd balace, begiig $ 186,772 $ 186,772 Fd balace, edig $ 75,667 80