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HomeMy WebLinkAboutCAFR-June-30-2019Government Auditing Standards Pension Obligation Costs Floodwall Restoration Better Utilizing Investments to Leverage Development (BUILD) Grant. Tax Increment Financing District (TIF). Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting Presented to City of Paducah K entucky For its Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2018 Executive Director/CEO Management’s Responsibility for the Financial Statements Auditor’s Responsibility Government Auditing Standards Opinions Other Matters Required Supplementary Information Other Information Code of Federal Regulations Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards Government Auditing Standards Government Auditing Standards Government Auditing Standards Basic Financial Statements—and Management’s Discussion and Analysis—for State and Local Governments Accounting and Financial Reporting for PensionsAccounting and Financial Reporting for Postemployment Benefits other than Pensions (OPEB Fund Balance Reporting and Governmental Fund Type Definitions Nonspendable fund balance Restricted fund balance Committed fund balance Assigned fund balance Unassigned fund balance FUND FINANCIAL STATEMENTS Amounts reported for governmental activities in the Statement of Net Position are different because: Amounts reported for governmental activities in the Statement of Activities are different because: Government-wide Financial Statements Fund Financial Statements Fund Financial Statements Revenues – Exchange and Non-Exchange Transactions Unearned revenue Allocation of Indirect Expenses Government-wide Statement Fund Financial Statements Government-wide Statement deferred outflows of resources, deferred inflows of resources, Deferred charge on refunding Deferred pension contributions Changes in proportion and differences between employer contributions and proportionate share of contributions Differences between expected and actual experience Change of assumptions Difference between projected and actuarial earnings Pension related deferred outflows Changes in proportion and differences between employer contributions and proportionate share of contributions Differences between expected and actual experience Difference between projected and actuarial earnings Pension related deferred inflows Deferred OPEB contributions Change of assumptions OPEB related deferred outflows Differences between expected and actual experience Change of assumptions Difference between projected and actuarial earnings Changes in proportion and differences between employer contributions and proportionate share of contributions OPEB related deferred inflows Unavailable revenues – property taxes Deferred pension contributions Changes in proportion and differences between employer contributions and proportionate share of contributions Differences between expected and actual experience Change of assumptions Difference between projected and actuarial earnings Pension related deferred outflows Differences between expected and actual experience Changes in proportion and differences between employer contributions and proportionate share of contributions Difference between projected and actuarial earnings Pension related deferred inflows Deferred OPEB contributions Change of assumptions OPEB related deferred outflows Differences between expected and actual experience Change of assumptions Difference between projected and actuarial earnings Changes in proportion and differences between employer contributions and proportionate share of contributions OPEB related deferred inflows Fund Financial Statements unavailable revenue, Government-wide Statements Fund Statements program revenues general revenues Fund Accounting Requirements Revenue Restrictions Debt Restrictions and Covenants City Policy Pension Trust Policy Pension Trust Policy Private Purpose Trust Governmental Activities Business-type Activities General Obligation Bonds General Obligation Bonds Notes Payable Notes Payable Changes in Long-Term Liabilities General obligation bonds Total bonds payable Notes payable Total notes payable Changes in Long-Term Liabilities Changes in Long-Term Liabilities Less Annual Debt Service Requirements Plan description - Benefits provided Non-hazardous members: Non-hazardous members: Hazardous members: Plan Funding Non-hazardous Hazardous Actuarial assumptions - Discount rate Sensitivity of CERS proportionate share of net pension liability to changes in the discount rate CERS Pension plan fiduciary net position Basis of Accounting Administration Administrative Costs Valuation of Investments Plan Administration Plan Description Membership Information: Benefits provided: Funding policy: Changes in PFPF and AEPF’s Net Pension Liability is as follows PFPF AEPF Actuarial assumption Post-retirement mortality Rate of return Discount Rate Sensitivity of the net pension liability to changes in the discount rate Plan description – Benefits provided – Contributions – Actuarial assumptions Discount rate CERS Sensitivity of the City’s proportionate share of the collective net OPEB liability to changes in the healthcare cost trend rates – Certain Asset Retirement Obligations Certain Disclosures Related to Debt, including Direct Borrowings and Direct Placement Fiduciary Activities Leases Accounting for Interest Costs Incurred before the End of a Construction Period Majority Equity Interests – an amendment of GASB Statements No 14 and No. 61 Conduit Debt Obligations CERS Nonhazardous CERS Hazardous CERS Nonhazardous CERS Hazardous Changes of Benefit Terms: Methods and assumptions used in the actuarially determined contributions: CERS Nonhazardous CERS Hazardous CERS Nonhazardous CERS Hazardous Changes of Benefit Terms: Changes of assumptions: NONMAJOR GOVERNMENTAL FUNDS NONMAJOR PROPRIETARY FUNDS INTERNAL SERVICE FUNDS FIDUCIARY FUNDS STATISTICAL SECTION This part of the City of Paducah's comprehensive annual financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information say about the City's overall financial health. (accrual basis of accounting) Pages 1 of 2Governmental activities:Business-type activities:Governmental activities:Business-type activities:(accrual basis of accounting) Pages 2 of 2Governmental activitiesBusiness-type activitiesGovernmental activities:Business-type activities:Governmental activities:Business-type activities:(accrual basis of accounting) (modified accrual basis of accounting) Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities.(modified accrual basis of accounting) Governmental ActivitiesBusiness-type Activities Code of Federal Regulations Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Award GOVERNMENT AUDITING STANDARDS Government Auditing Standards deficiency in internal control material weakness significant deficiency Government Auditing Standards Government Auditing Standards OMB Compliance Supplement Management’s Responsibility Auditor’s Responsibility Government Auditing Standards Code of Federal Regulations Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards Opinion on Each Major Federal Program deficiency in internal control over compliance material weakness in internal control over compliance significant deficiency in internal control over compliance Government Auditing Standards Government Auditing Standards U.S. Code of Federal Regulations Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Award Condition: Status: Condition: Status: