Comprehensive Annual Financial Report FY 2016

Government-Wide Financial Statements Governmental Business-Type Activities Activities

Deferred Outflows of Resources Unamortized Bond Refunding Charges

$

226,280 19,108

4,051,634 $

Pension Deferrals

3,626

Current Year Pension Contributions Accumulated Decrease in Fair Value of Hedging Derivatives Subtotal Deferred Outflows of Resources

8,560,781

1,624,893

566,943

$9,373,112

5,680,153 $

Deferred Inflows of Resources Prepaid Taxes

$

127,823 13,402

$

Prepaid Assessments

Pension Deferrals

5,729,319 5,870,544

1,087,463 $1,087,463

Subtotal Deferred Inflows of Resources

$

Unearned Revenues Prepaid Privilege License Fees Prepaid Business Permit Fees

$

18,604

$

2,100

Prepaid Rents

720,559 327,229

Promotional Fees in Advance

Grant Revenues

2,650,999

Other unearned contributions

319,627

Subtotal Unearned Revenues

$

2,991,330

1,047,788 $

8. Long-Term Liabilities Long-term debt and other long-term obligations are reported as liabilities in the applicable governmental activities, business- type activities, or proprietary fund-type statement of net position in the government-wide financial statements, and proprietary fund-types in the fund financial statements. Bond premiums and discounts and losses on extinguishment of debt are unearned and amortized over the life of the bonds using the effective interest method. These latter amounts are now classified as Deferred Outflows of Resources. Bond issuance costs are expensed in the reporting period in which they are incurred. In the fund financial statements, governmental fund types recognize bond premiums and discounts, as well as bond issuance costs during the current period. The face amount of debt issued is reported as an “Other Financing Source”. Premiums received on debt issuances are reported as “Other Financing Sources” while discounts on debt issuances are reported as “Other Financing Uses”. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures as “Fees and Other”. 9. Fund Equity In the governmental fund financial statements, the fund balances are composed of five classifications designed to disclose the spending hierarchy of constraints placed on how fund balance can be spent. The City reports nonspendable funds, restricted, committed, assigned and unassigned fund balances. Fund balances are further segregated into the following classifications: Nonspendable Fund Balance - This classification includes amounts that cannot be spent because they are either not in spendable form or legally or contractually required to be maintained intact. Amounts that cannot be spent due to form, include inventories, prepaid amounts, long-term amounts of loans and notes receivable funds permanently held for cemetery care and property held for resale, unless future property sale proceeds are restricted, committed or assigned.

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