CITY OF JASPER Jasper, Alabama. Financial Statements and Supplemental Information. September 30, 2015
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1 CITY OF JASPER Jasper, Alabama Financial Statements and Supplemental Information
2 Table of Contents Page(s) INDEPENDENT AUDITORS' REPORT 1 3 MANAGEMENT'S DISCUSSION AND ANALYSIS 4 11 BASIC FINANCIAL STATEMENTS Government-Wide Financial Statements Statement of Net Position 12 Statement of Activities 13 Fund Financial Statements Balance Sheet Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances Governmental Funds 16 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of the Governmental Funds to the Statement of Activities 17 General Fund Statement of Revenues, Expenditures, and Encumbrances Budget to Actual for the Year Ended 18 Statement of Fund Net Position Proprietary Funds 19 Statement of Revenues, Expenses, and Changes in Fund Net Position Proprietary Funds 20 Statement of Cash Flows Proprietary Funds Statement of Net Position Fiduciary Funds 23 NOTES TO BASIC FINANCIAL STATEMENTS REQUIRED SUPPLEMENTARY INFORMATION Schedule of Changes in Net Pension Liability 49 Schedule of Employer Contributions 50 OTHER SUPPLEMENTARY INFORMATION Combining Balance Sheet All Nonmajor Governmental Funds 51 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances All Nonmajor Governmental Funds 52 Combining Balance Sheet Nonmajor Special Revenue Funds Combining Statement of Revenues, Expenditures, and Changes in Fund Balances Nonmajor Special Revenue Funds Combining Balance Sheet Nonmajor Capital Project Funds Combining Statement of Revenue, Expenditures, and Changes in Fund Balances Nonmajor Capital Project Funds Combining Balance Sheet Nonmajor Debt Service Funds 61 Combining Statement of Revenue, Expenditures, and Changes in 62 Fund Balances Nonmajor Debt Service Funds 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 Program and on Internal Control Over Compliance Required by OMB Circular A SUPPLEMENTAL SCHEDULES Schedule of Expenditures of Federal Awards 67 Notes to Schedule of Expenditures of Federal Awards 68 Schedule of Findings and Questioned Costs 69 70
3 JOHN W. KELLUM, III, CPA CHARLES R. WILSON, CPA LORI L. KES, CPA PHILLIP D. EADS, CPA BENJAMIN D. DOUGHTY, CPA LINDY B. EICHELBERGER, CPA JAMES C. BOHANNON, CPA, CFE KELLUM, WILSON & ASSOCIATES, P.C. CertiliedPuMic Accountanb 1799 ELLIOTT BOULEVARD JASPER, ALABAMA PHILLIP D. EADS, CPA, MANAGER (205) FAX (205) BIRMINGHAM OFFICE JOHN W. KELLUM, III, CPA 3825 LORNA ROAD, SUITE 212 HOOVER, ALABAMA (205) CHARLES W. HULLETT, CPA ( ) INDEPENDENT AUDITORS' REPORT To the City Council City of Jasper, Alabama Report on Financial Statements We have audited the accompanying financial statements of the governmental activities, the business-type activities, the aggregate discretely presented component units, each major fund, the aggregate remaining fund information, and the budgetary comparison for the General Fund of the City of Jasper, Alabama (the "City"), as of and for the year ended, 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. 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 Jasper City Board of Education and the Industrial Development Board of the City of Jasper, which represent 1 00 percent of the assets, net position, and revenues of the component unit columns. 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 Jasper City Board of Education and the Industrial Development Board of the City of Jasper, 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. MEMBERS OF AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS - ALABAMA STATE SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
4 An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the 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 aggregate discretely presented component units, each major fund, and the aggregate remaining fund information of the City, as of, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. Change in Accounting Principle As described in Note 10 to the financial statements, during the year ending, the City adopted new accounting guidance, GASB Statement No. 68, Accounting and Financial Reporting for Pensions an amendment of GASB Statement No. 27. Our opinion is not modified with respect to this matter. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management's discussion and analysis, the Schedule of Changes in Net Pension Liability, and the Schedule of Employer Contributions 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 and other auditors have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City s basic financial statements. The combining and individual nonmajor fund financial statements are presented for purposes of additional analysis and are not a required part of the basic financial statements. The schedule of expenditures of federal awards is presented for purposes of additional analysis as required by U.S. Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations, and is also not a required part of the basic financial statements.
5 The combining and individual nonmajor fund financial statements and the Schedule of Expenditures of Federal Awards 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 and individual nonmajor fund financial statements and the Schedule of Expenditures of Federal Awards 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 September 15, 2016, on our consideration of the City's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is 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. Kellum, Wilson & Associates, P.C. September 15, 2016
6 MANAGEMENT S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2015 As management of the City of Jasper, Alabama (the City"), we present this narrative overview and analysis designed to assist readers of the City's financial statements for the fiscal year ended September 30, Our discussion and analysis focuses on significant financial issues, provides an overview of the City's financial activity, identifies changes in the City's financial position, identifies any material deviations from the financial plan (the approved budget), and identifies individual fund issues or concerns. Financial Highlights The assets of the City exceed its liabilities at the close of the fiscal year ended, by $10,405,830 (net position). The portion of net position that may be used to meet the City's ongoing obligations to citizens and creditors (unrestricted net position) reflects a deficit of ($7,447,976). The deficit is primarily the result of the reporting of the OPEB obligation as required by GASB No. 45 and the pension requirements of GASB 68 (Note 9). The City's total net position increased by $355,650 in fiscal The factor that most influenced this increase was the City's success in reducing operational costs, expansion of sales tax revenue, and obtaining grant revenue. The City's total net capital assets increased by $23,947,794 in fiscal This increase was mainly attributable to ongoing construction of the new high school. As of the close of the current fiscal year, the City's governmental funds reported combined fund balances of $34,517,237, a decrease of $21,281,265 from the prior year. Of this amount, ($4,160,631) is available for spending at the City's discretion (unassigned fund balances). The 2014 bond issue funds are to be used to pay the construction liabilities. At the end of the current fiscal year, the unassigned fund balance of the General Fund (the City's primary operating fund) was $935,482. The City's net long-term debt increased by $3,395,883, or 5.70%, primarily from the new 2015 bond issue. Overview of the Financial Statements This discussion and analysis is intended to serve as an introduction to the City's financial statements, which is comprised of the basic financial statements and the notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves
7 MANAGEMENT S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2015 Government-Wide Financial Statements The government-wide financial statements are designed to provide readers with an 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 and liabilities, with the difference between the two reported as net position. This statement combines governmental funds' current financial resources with capital assets and long-term obligations. 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 focused on functions and shows how the City's net position changed during the most recent fiscal year. This is intended to summarize and simplify the user's analysis of revenue and expenses of various governmental services and/or subsidies to various businesstype activities. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods (e.g., uncollected taxes and earned but unused employee leave). Both of the government-wide financial statements distinguish functions of the City that are principally supported by taxes and intergovernmental revenues (governmental activities) from other functions that are intended to typically recover all or a significant portion of the cost of operation, including depreciation, through user fees and charges for services (business-type activities). The governmental activities of the City include general government, public safety, public works, recreation and cultural services, and nondepartmental. The business-type activities of the City reflect private sector type operations and include cemeteries and garbage services. The government-wide financial statements include not only the City itself (known as the primary government), but also the activities of its component units, the Jasper City Board of Education and the Industrial Development Board of the City of Jasper, Alabama. A component unit is a legally separate organization over which the City can exercise influence and/or may be obligated to provide financial subsidies. The focus of the statements is clearly on the primary government and the presentation allows the readers to address the City's relative relationship with the component units. The Board of Education and the Industrial Development Board issue complete financial statements, which may be obtained by contacting the entities directly. Fund Financial Statements Traditional users of governmental financial statements will find the Fund Financial Statements presentation more familiar. The focus is on the City's major funds rather than the City as a whole. 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. Governmental, proprietary, and fiduciary are the three categories of fund types
8 MANAGEMENT S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2015 Fund Financial Statements Continued Governmental Funds The City of Jasper maintains four individual major governmental funds. Information is presented separately in the governmental fund balance sheet and in the governmental fund statement of revenues, expenditures, and changes in fund balances for the General Fund, Walker High Construction Fund, 2014 Bond Issue Fund, and the 2015 Bond Issue Fund. Data from other governmental funds are combined into a single nonmajor governmental funds aggregated presentation. Individual fund data for each of these nonmajor governmental funds is provided in the form of combining statements elsewhere in this report. For management control of expenditures, the City adopts an annual appropriated budget for all funds. A budgetary comparison statement has been provided as required supplementary information for the City's major governmental funds to demonstrate compliance with their budgets. Proprietary Funds The City of Jasper maintains three 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 provide for separate information for the two cemeteries and the garbage services, each of which is considered a major fund of the City. Fiduciary Funds Fiduciary funds are used to account for resources held for the benefit of parties outside the government. Fiduciary funds are not reflected in the government-wide financial statements because the resources of those funds are not available to support City programs. Notes to the Financial Statements The notes to the financial statements 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 concerning budgetary comparisons and the City's progress in funding its obligations to provide pension benefits to its employees. The combining fund statements and schedules are presented immediately following the required supplementary information and the single audit section represents the last section of this report
9 MANAGEMENT S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2015 Condensed Statements of Net Position and 2014 Total Governmental Business-Type Primary Activities Activities Government Current and Other Assets $ 43,541,897 $ 57,597,848 $ 543,957 $ 112,088 $ 44,085,854 $ 57,709,936 Capital Assets (Net) 48,227,691 24,279,897 1,013, ,719 49,241,003 25,183,616 Total Assets 91,769,588 81,877,745 1,557,269 1,015,807 93,326,857 82,893,552 Deferred Outflows of Resources 1,105, ,169 78,193-1,183, ,169 Other Liabilities 9,273,446 2,028, ,293 97,576 9,531,739 2,126,303 Long-Term Liabilities 72,690,535 65,487,565 1,732, ,315 74,422,665 66,121,880 Total Liabilities 81,963,981 67,516,292 1,990, ,891 83,954,404 68,248,183 Deferred Inflows Of Resources 505,221-51, ,365 - Net Position: Net Investment in Capital Assets (13,797,875) (31,135,710) 98, ,307 (13,699,329) (30,753,403) Restricted 31,651,681 47,384, ,651,681 47,384,746 Unrestricted (Deficit) (7,447,976) (1,456,414) (504,651) (98,391) (7,952,627) (1,554,805) Total Net Position $ 10,405,830 $ 14,792,622 $ (406,105) $ 283,916 $ 9,999,725 $ 15,076,538 The City's total assets were $93,326,857 as of. Of this amount, $49,241,003 is accounted for by capital assets, which includes infrastructure. Of the remaining City assets, $42,971,364 is accounted for in cash and cash equivalents, $653,192 in accounts receivable, $24,300 in liens receivable, and the remainder spread among miscellaneous assets. At, the City had outstanding liabilities of $83,954,404, of which $74,422,665 was longterm. Long-term liabilities include warrants and notes payable, compensated absences, accrued landfill closure and post closure care costs, pension liabilities, and the OPEB obligation. Of the total amount outstanding, approximately $3,123,720 was due within one year, with the remainder due at various dates before Included in other liabilities in the above table are $7,815,455 in accounts payable (most of which will be paid from bond funds) and $248,785 in accrued interest payable. The largest portion of the City's net position reflects its investment in capital assets, less any outstanding related debt used to acquire those assets. The City's capital assets are used to provide services to citizens. Consequently, investments in capital assets are not available for future spending. Although the City's investment in 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. The remaining unrestricted net position reflect a deficit of ($7,447,976). This deficit is primarily the result of recording the OPEB obligation of $850,590 and pension liability of $8,074,277 (See Note 10)
10 MANAGEMENT S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2015 Condensed Statement of Activities For the Years Ended and 2014 Total Governmental Business-Type Primary Activities Activities Government Revenues Program Revenues: Charges for Services $ 283,705 $ 845,120 $ 1,713,807 $ 1,649,342 $ 1,997,512 $ 2,494,462 Grants/Contributions 698, , , ,843 General Revenues: Property Taxes 2,960,211 2,945, ,960,211 2,945,256 Sales Taxes 13,776,113 13,138, ,776,113 13,138,586 Other Taxes 2,288,527 1,794, ,288,527 1,794,574 Licenses and Permits 3,437,835 3,467, ,437,835 3,467,658 Other General Revenue 840, ,168 1, , ,402 Total Revenues 24,284,820 23,273,205 1,714,935 1,649,576 25,999,755 24,922,781 Expenses Governmental Activities: General Government 3,034,631 2,023, ,034,631 2,023,044 Public Safety 5,914,277 6,056, ,914,277 6,056,015 Public Works 4,305,441 2,514, ,305,441 2,514,949 Recreation and Cultural 2,589,877 2,807, ,589,877 2,807,895 Nondepartmental 5,731,566 6,780, ,731,566 6,780,705 Interest on Long-Term Debt 2,353,378 1,024, ,353,378 1,024,300 Business-Type Activities: Cemeteries - - 8,755 8,681 8,755 8,681 Garbage Collection - - 1,577,399 1,610,152 1,577,399 1,610,152 Other ,948 15,375 11,948 15,375 Total Expenses 23,929,170 21,206,908 1,598,102 1,634,208 25,527,272 22,841,116 Net Increase (Decrease) 355,650 2,066, ,833 15, ,483 2,081,665 Transfers , ,684 Change in Net Position $ 355,650 $ 2,066,297 $ 116,833 $ 222,052 $ 472,483 $ 2,288,349 Total revenues for the City were $25,999,755 for the year ended. Governmental activities provided $24,284,820 or 92.40%, while $1,714,935 of business-type activities revenue was provided by charges for services and interest income. The governmental activities received $13,776,113, or 52.99% of total revenue, from sales taxes and $3,437,835, or 13.22% of total revenue, from business licenses and permits
11 MANAGEMENT S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2015 Fund Financial Analysis Governmental Funds The General Fund is the chief operating fund of the City. The total general fund balance increased by $168,456 in 2015 to $1,273,439. At the end of the current fiscal year, the unassigned fund balance was $935,482. As a measure of the general fund's liquidity, it may be useful to compare both unassigned fund balance and total fund balance to total fund expenditures. This is very 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. Unassigned fund balance represents approximately 5.38% of total general fund expenditures, while total fund balance represents 7.32% of the total general fund expenditures. Enterprise Funds The City operates the New Prospect Cemetery and the North Oakhill Cemetery. Lots are sold for $250 each at New Prospect and $600 each at North Oakhill. The City normally charges New Prospect $1,000 for each mowing. The cemeteries will generally operate with a small profit each year, largely as a result of interest income from a certificate of deposit owned by North Oakhill Cemetery. This year New Prospect Cemetery recorded loss from operations of $370 and North Oakhill Cemetery recorded income from operations of $26,551. The City also operates a garbage collection service for the citizens of the City. Current year income from operations was $102,273. Budgetary Highlights The following is a brief review of the budgeting changes from the original to the final budget for the General Fund. Certain departments increased repairs and maintenance due to overages. Sales tax revenue was increased due to the passing of an additional one-cent tax. Capital Assets Capital Assets As of and 2014 (Net of Depreciation) Total Governmental Business-Type Primary Activities Activities Government Land $ 1,746,973 $ 1,739,473 $ 122,500 $ 122,500 $ 1,869,473 $ 1,861,973 Construction in Process 31,146,526 8,183, ,146,526 8,183,205 Buildings 4,850,313 5,125, , ,872 5,042,522 5,335,401 Equipment 3,072,174 2,803, , ,347 3,770,777 3,375,261 Infrastructure 7,411,705 6,427, ,411,705 6,427,776 Total $ 48,227,691 $ 24,279,897 $ 1,013,312 $ 903,719 $ 49,241,003 $ 25,183,
12 Capital Assets Continued CITY OF JASPER, ALABAMA MANAGEMENT S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2015 This investment in capital assets includes land, buildings, improvements other than buildings, system improvements (drainage and streets), machinery and equipment, park facilities, roads, highways, and bridges. The total increase in the City's investment in capital assets for the current fiscal year was $25,481,309 (an increase of $25,222,248 for governmental activities and an increase of $259,061 for business-type activities). Major capital asset events during the current fiscal year included the following: Debt Administration Construction of the new high school totaling $22,912,205. Purchase of leaf truck for the public works department in the amount of $152,831. Purchase of a rescue truck and equipment for the fire department totaling $150,000. Development of sidewalks, lighting, and streets in the amount of $1,497,089. As of year-end, the City had $62,940,333 in debt (bonds, notes, etc.) outstanding compared to $59,544,450 at the end of last year, a $3,395,883 increase. Outstanding Debt at Year-End Governmental: 2006-B Bond Issue $ 151,622 $ 241, Bond Issue 201, , Bond Issue 50,050,000 50,760, C Bond Issue 55,215 72, Bond Issue 2,135,000 2,835, Bond Issue 1,004,793 1,237, Bond Issue 4,294,776 - Deferred Amounts 4,132,302 3,607,431 Business-Type: Bank Loans 194, , Bond Issue 485, Bond Issue 201, , B Bond Issue 33,378 53,225 Total Debt $ 62,940,333 $ 59,544,450 The City issued a general obligation warrant during 2014 in the amount of $50,760,000 to construct a new high school for the Jasper City Board of Education. In 2015, the City issued warrants in the amount of $4,780,000 for additional construction and a garbage truck (Business-Type). Current year activity consists of the proceeds of the new issuance and payment of principal on all others
13 MANAGEMENT S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2015 Economic Factors The City of Jasper is largely dependent upon its sales tax revenue for growth in income. In periods of economic decline, the City is faced with increasing taxes, licenses, or user charges as a means to increase revenue or reducing expenses in the form of reductions in services or employee reductions. Financial Contact The City's financial statements are designed to present users (citizens, taxpayers, customers, investors, and creditors) with a general overview of the City's finances and to demonstrate the City's accountability. If you have questions about the report or need additional financial information, contact the City Clerk on the second floor of City Hall, 400 West 19th Street, Post Office Box 1589, Jasper, Alabama
14 Statement of Net Position ASSETS Governmental Activities Primary Government Business-Type Activities Total Jasper City Board of Education Component Units Industrial Development Board of the City of Jasper, Alabama Cash and Cash Equivalents $ 42,108,687 $ 862,677 $ 42,971,364 $ 4,055,110 $ 1,994,546 Investments ,049,150 - Due from Primary Government ,031,461 Receivables, Net 556,282 96, ,192 2,577,490 24,859 Liens Receivable 24,300-24, Internal Balances 449,468 (430,806) 18, Inventories and Prepaids 403,160 15, ,336 46,420 - Capital Assets, Net - Nondepreciable 32,893, ,500 33,015,999 2,795,549 - Depreciable 15,334, ,812 16,225,004 10,929,394 4,345,712 TOTAL ASSETS 91,769,588 1,557,269 93,326,857 27,453,113 7,396,578 DEFERRED OUTFLOWS OF RESOURCES Deferred Charge on Refunding 404, , Contributions to Pension Plan 700,764 78, ,957 1,745,547 - TOTAL DEFERRED OUTFLOWS OF RESOURCES 1,105,444 78,193 1,183,637 1,745,547 - LIABILITIES Accounts Payable 7,763,006 52,449 7,815,455 1,769,231 3,375 Due to Component Unit 1,031,461-1,031, Deposit - 92,941 92, Deferred Revenue 230, , ,097 46,589 - Accrued Interest Payable 248, , NONCURRENT LIABILITIES Due Within One Year 2,971, ,174 3,123, , ,160 Due in More Than One Year 61,644, ,591 62,407, ,773 - Net Pension Obligation 8,074, ,365 8,891,642 21,302,000 - TOTAL LIABILITIES 81,963,981 1,990,423 83,954,404 23,523, ,535 DEFERRED INFLOWS OF RESOURCES Unavailable Revenue ,610,353 - Pension Deferrals 505,221 51, ,365 1,746,000 - TOTAL DEFERRED INFLOWS OF RESOURCES 505,221 51, ,365 3,356,353 - NET POSITION Invested in Capital Assets (13,797,875) 98,546 (13,699,329) 13,724,943 4,345,712 Restricted for: Capital Projects 31,651,681-31,651,681 4,452,280 - Other Purposes ,026,845 - Unrestricted (7,447,976) (504,651) (7,952,627) (17,885,294) 2,466,331 TOTAL NET POSITION $ 10,405,830 $ (406,105) $ 9,999,725 $ 2,318,774 $ 6,812,043 The notes to the financial statements are an integral part of this statement
15 Statement of Activities Expenses Charges for Services Net (Expenses) Revenues and Changes in Net Position Program Revenues Primary Government Component Units Program Grants and Contributions Capital Grants and Contributions Governmental Activities Business-Type Activities Total Jasper City Board of Education Industrial Development Board of the City of Jasper, Alabama FUNCTIONS PRIMARY GOVERNMENT Governmental Activities General Government $ (3,034,631) $ 58,969 $ - $ 87,879 $ (2,887,783) $ - $ (2,887,783) $ - $ - Public Safety (5,914,277) 8,285 76,080 - (5,829,912) - (5,829,912) - - Public Works (4,305,441) ,122 (3,771,319) - (3,771,319) - - Recreation and Cultural Services (2,589,877) 216, (2,373,426) - (2,373,426) - - Nondepartmental (5,731,566) (5,731,566) - (5,731,566) - - Interest on Long-Term Debt (2,353,378) (2,353,378) - (2,353,378) - - Total Governmental Activities (23,929,170) 283,705 76, ,001 (22,947,384) - (22,947,384) - - Business-Type Activities Cemeteries (8,755) 34, ,181 26, Garbage Collection (1,577,399) 1,678, , , Interest on Long-term Debt (11,948) (11,948) (11,948) - - Total Business-Type Activities (1,598,102) 1,713, , , TOTAL PRIMARY GOVERNMENT $ (25,527,272) $ 1,997,512 $ 76,080 $ 622,001 (22,947,384) 115,705 (22,831,679) - - COMPONENT UNITS Jasper City Board of Education $ (26,963,293) $ 2,319,995 $ 15,528,797 $ 867,276 (8,247,225) Industrial Development Board (672,534) 115, (557,364) TOTAL COMPONENT UNITS $ (27,635,827) $ 2,435,165 $ 15,528,797 $ 867,276 GENERAL REVENUES Sales and Use Taxes 13,776,113-13,776,113 6,142,087 - Property Tax 2,960,211-2,960,211 1,602,644 - Licenses and Permits 3,437,835-3,437, ,000 Other Taxes 2,288,527-2,288, , ,686 Investment Earnings 2, ,704 27, Other General Revenues 837, , ,725 - Gain on Disposal of Assets ,237 Transfers Total General Revenues and Transfers 23,303,034 1,128 23,304,162 8,716, ,493 Changes in Net Position 355, , , , ,129 NET POSITION BEGINNING OF YEAR AS RESTATED 10,050,180 (522,938) 9,527,242 1,849,545 6,464,914 NET POSITION END OF YEAR $ 10,405,830 $ (406,105) $ 9,999,725 $ 2,318,774 $ 6,812,043 The notes to the financial statements are an integral part of this statement
16 Balance Sheet Governmental Funds Walker High Construction Fund 2014 Bond Issue 2015 Bond Issue Other Governmental Funds Total Governmental Funds General Fund ASSETS Cash and Cash Equivalents $ 1,779,858 $ 1,465,230 $ 30,422,804 $ - $ 8,440,794 $ 42,108,686 Receivable, Net 425, , ,282 Liens Receivable 24, ,300 Due from Other Funds 477, , ,479 Inventories and Prepaids 337,957 38, , ,161 TOTAL ASSETS $ 3,045,205 $ 1,503,760 $ 30,422,804 $ - $ 9,009,139 $ 43,980,908 LIABILITIES AND FUND BALANCES Major Funds LIABILITIES Accounts Payable $ 1,493,063 $ 6,561,343 $ - $ - $ 740,061 $ 8,794,467 Due to Other Funds 48, , ,011 Deferred Revenue 230, ,194 TOTAL LIABILITIES 1,771,767 6,561, ,130,562 9,463,672 FUND BALANCES Unreserved Nonspendable Fund Balance 337,957 38, , ,161 Restricted Fund Balance ,422,804-1,228,877 31,651,681 Committed Fund Balance ,168,326 1,168,326 Assigned Fund Balance 5,454,700 5,454,700 Unassigned Fund Balance 935,482 (5,096,113) (4,160,631) TOTAL FUND BALANCES 1,273,439 (5,057,583) 30,422,804-7,878,577 34,517,237 TOTAL LIABILITIES AND FUND BALANCES $ 3,045,206 $ 1,503,760 $ 30,422,804 $ - $ 9,009,139 $ 43,980,909 The notes to the financial statements are an integral part of this statement
17 Balance Sheet Continued Fund Balances Total Governmental Funds $ 34,517,237 Amounts reported for governmental activities in the Statement of Net Position are different because: Capital assets used in governmental activities are not current financial resources and therefore are not reported in the governmental funds balance sheet. Governmental Capital Assets $ 74,751,598 Less Accumulated Depreciation (26,523,907) 48,227,691 Deferred outflows of resources related to pensions are not reported in the funds 700,764 Long-term liabilities, including bonds payable, are not due and payable in the current period and therefore are not reported in the governmental funds balance sheet. Governmental Bonds Payable and Loans Payable (62,025,566) Current Year Accrued Interest (248,785) Accrued Landfill Closure and Post Closure Costs (160,002) Net Pension Obligation (8,074,277) Compensated Absences (1,580,099) OPEB Obligation (850,590) (72,939,319) Deferred inflows of resources related to pensions are not reported in the funds (505,221) Advance bond refunding gains and losses cannot be expensed, but must be deferred and amortized over the remaining life of the old debt or the life of the new debt, whichever is shorter. Advance Refunding Call Premium 404, ,678 Net Position of Governmental Activities $ 10,405,830 The notes to the financial statements are an integral part of this statement
18 Statement of Revenues, Expenditures, and Changes in Fund Balances Governmental Funds For the Year Ended General Fund Walker High Construction Fund Major Funds 2014 Bond Issue 2015 Bond Issue Other Governmental Funds Total Governmental Funds REVENUES Taxes $ 17,992,816 $ - $ - $ - $ 795,277 $ 18,788,093 Interest 1, ,377 Licenses and Permits 3,398, ,195 3,437,835 Fines and Forfeitures 324, , ,133 Intergovernmental 81,342-31, , ,757 Charges and Fees 283, ,705 Rental Income 33, ,460 Grant Proceeds and Donations , ,081 Miscellaneous 11, , ,377 TOTAL REVENUES 22,126, ,644-2,125,507 24,284,818 EXPENDITURES Current General Government 1,769,958 38,530-97,400 1,096,098 3,001,986 Public Safety 5,735, ,940 5,853,720 Public Works 2,392, ,867 2,444,475 Recreation and Cultural Services 2,147, ,152 2,269,798 Nondepartmental 2,737, ,737,024 Intergovernmental 2,601, ,000 2,651,900 Debt Service Principal ,000-1,107,118 1,817,118 Interest and Other Charges - - 2,336, ,917 2,455,173 Capital Outlay 14,380 22,912, ,945,980 26,872,565 TOTAL EXPENDITURES 17,399,296 22,950,735 3,046,256 97,400 6,610,072 50,103,759 EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES 4,727,681 (22,950,045) (3,014,612) (97,400) (4,484,565) (25,818,941) OTHER FINANCING SOURCES (USES) Proceeds of Long-Term Debt ,537,676-4,537,676 Transfers In 156,775 17,000,000 3,046,256-10,581,885 30,784,916 Transfers Out (4,716,000) - (17,000,000) (4,440,276) (4,628,640) (30,784,916) TOTAL OTHER FINANCING SOURCES (USES) (4,559,225) 17,000,000 (13,953,744) 97,400 5,953,245 4,537,676 NET CHANGE IN FUND BALANCES 168,456 (5,950,045) (16,968,356) - 1,468,680 (21,281,265) FUND BALANCES BEGINNING OF YEAR 1,104, ,462 47,391,160-6,409,897 55,798,502 FUND BALANCES END OF YEAR $ 1,273,439 $ (5,057,583) $ 30,422,804 $ - $ 7,878,577 $ 34,517,237 The notes to the financial statements are an integral part of this statement
19 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances to the Statement of Activities NET CHANGE IN FUND BALANCES TOTAL GOVERNMENTAL FUNDS $ (21,281,265) 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 is depreciated over their estimated useful lives. Expenditures for Capital Assets $ 25,222,248 Depreciation (1,274,454) Amortization of Bond Discount 149,109 Advanced and Current Refundings (26,489) Contributions to pension plan in current fiscal year are not included on the Statement of Activities $ 24,070, ,764 Some expenses reported in the Statement of Activities differ from amounts reported as expenditures in governmental funds. Compensated Absences 377,568 Change in OPEB Obligations (134,719) Accrued Interest (20,825) Pension Expense (609,060) Accrued Closure and Post Closure Costs (26,667) (413,703) Bond proceeds provide current financial resources to governmental funds, but issuing debt increases longterm liabilities in the Statement of Net Position. Repayment of bond principal is an expenditure in the governmental funds, but the repayment reduces longterm liabilities in the Statement of Net Position. This is the amount by which proceeds exceed repayments. Bond and Loan Proceeds (4,537,677) Principal Payments 1,817,117 (2,720,560) 21,636,915 CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES $ 355,650 The notes to the financial statements are an integral part of this statement
20 Statement of Revenues, Expenditures, and Encumbrances Budget to Actual General Fund For the Year Ended Variance With Final Budget Budgeted Amounts Actual Positive Original Final Amounts (Negative) REVENUES Taxes $ 17,324,000 $ 17,836,875 $ 17,992,816 $ 155,941 Interest , Licenses and Permits 3,254,900 3,340,900 3,398,640 57,740 Fines and Forfeitures 350, , ,078 (65,922) Intergovernmental 161,500 86,500 81,342 (5,158) Charges and Fees 259, , ,705 9,405 Rental Income 34,500 34,500 33,460 (1,040) Grant Proceeds and Donations Miscellaneous 25,000 25,000 11,367 (13,633) TOTAL REVENUES 21,410,000 21,988,875 22,126, ,102 EXPENDITURES Current General Government 1,757,270 1,798,470 1,769,958 28,512 Public Safety 5,638,555 5,682,205 5,735,780 (53,575) Public Works 2,367,860 2,343,177 2,392,608 (49,431) Recreation and Cultural Services 2,123,715 2,188,762 2,147,646 41,116 Nondepartmental 2,463,500 2,675,650 2,737,024 (61,374) Intergovernmental 2,553,000 2,593,000 2,601,900 (8,900) Capital Outlay 1,100 14,476 14, TOTAL EXPENDITURES 16,905,000 17,295,740 17,399,296 (103,556) Excess of Revenues Over Expenditures 4,505,000 4,693,135 4,727,681 34,546 OTHER FINANCING SOURCES (USES) Transfers In 165, , ,775 (8,225) Transfers Out (4,565,000) (4,720,825) (4,716,000) 4,825 TOTAL OTHER FINANCING SOURCES (USES) (4,400,000) (4,555,825) (4,559,225) (3,400) NET CHANGE IN FUND BALANCE 105, , ,456 31,146 FUND BALANCE BEGINNING 1,104,983 1,104,983 1,104,983 - FUND BALANCE ENDING $ 1,209,983 $ 1,242,293 $ 1,273,439 $ 31,146 The notes to the financial statements are an integral part of this statement
21 Statement of Net Position Proprietary Funds Proprietary Funds New North Total Prospect Oakhill Garbage Business-Type Cemetery Cemetery Collection Activities ASSETS Current Assets Cash and Cash Equivalents $ 247,310 $ 58,725 $ 556,642 $ 862,677 Accounts Receivable, Net ,910 96,910 Inventory ,176 15,176 Total Current Assets 247,310 58, , ,763 Noncurrent Assets Capital Assets Land 122, ,500 Equipment and Improvements 30, ,427 2,818,389 3,026, , ,427 2,818,389 3,148,964 Less: Accumulated Depreciation (30,648) (57,522) (2,047,482) (2,135,652) Total Noncurrent Assets 122, , ,907 1,013,312 TOTAL ASSETS 369, ,630 1,439,635 1,988,075 DEFERRED OUTFLOWS OF RESOURCES Contributions to Pension Plan ,193 78,193 LIABILITIES Current Liabilities Accounts Payable ,449 52,449 Deposit ,941 92,941 Due to Other Funds - 17, , ,806-17, , ,196 Noncurrent Liabilities Due Within One Year Bonds Payable - 21, , ,174 Due in More Than One Year Deferred Revenue 112, ,903 Net Pension Obligation , ,365 Bonds Payable - 11, , ,591 TOTAL LIABILITIES 112,903 50,445 2,257,881 2,421,229 DEFERRED INFLOWS OF RESOURCES Pension Deferrals ,144 51,144 NET POSITION Investment in Capital Assets 122,500 86,527 (110,481) 98,546 Unrestricted 134,407 41,658 (680,716) (504,651) TOTAL NET POSITION $ 256,907 $ 128,185 $ (791,197) $ (406,105) The notes to the financial statements are an integral part of this statement
22 Statement of Revenues, Expenses, and Changes in Fund Net Position Proprietary Funds For the Year Ended Proprietary Funds New North Total Prospect Oakhill Garbage Business-Type Cemetery Cemetery Collection Activities OPERATING REVENUES Sales of Lots $ - $ 34,200 $ - $ 34,200 Collection Fees - - 1,678,871 1,678,871 Annual Upkeep Miscellaneous TOTAL OPERATING REVENUES ,200 1,679,672 1,714,608 OPERATING EXPENSES Personnel , ,439 Vehicle Expenses , ,643 Repairs and Maintenance , ,951 Depreciation 1,088 7, , ,468 Other , ,986 Supplies ,826 72,826 Utilities ,841 32,841 TOTAL OPERATING EXPENSES 1,106 7,649 1,577,399 1,586,153 OPERATING INCOME (LOSS) (370) 26, , ,454 NONOPERATING REVENUES (EXPENSES) Interest Expense - (1,930) (10,018) (11,948) Interest Income Transfers In Transfers Out TOTAL NONOPERATING REVENUES (EXPENSES) - (1,930) (9,691) (11,621) CHANGE IN NET POSITION (370) 24,621 92, ,833 NET POSITION BEGINNING OF YEAR AS RESTATED 257, ,564 (883,779) (522,938) NET POSITION END OF YEAR $ 256,907 $ 128,185 $ (791,197) $ (406,105) The notes to the financial statements are an integral part of this statement
23 Statement of Cash Flows Proprietary Funds For the Year Ended Proprietary Funds New North Total Prospect Oakhill Garbage Business-Type Cemetery Cemetery Collection Activities CASH FLOWS FROM OPERATING ACTIVITIES Cash Receipts from Citizens $ - $ 34,200 $ 1,703,026 $ 1,737,226 Cash Receipts for Annual Upkeep Cash Paid to Employees for Services - - (873,722) (873,722) Cash Paid to Suppliers (18) (54) (548,205) (548,277) Repayments to Other Funds - - (238,788) (238,788) Advances Received from Other Funds - 17,067-17,067 NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES ,213 42,311 94,242 CASH FLOWS FROM INVESTING ACTIVITIES Cash Received from Interest Earnings NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Principal Payments on Long-Term Debt - (19,847) (72,024) (91,871) Proceeds from Long-Term Borrowings , ,224 Purchase of Capital Assets - - (259,061) (259,061) Cash Paid for Interest Expense - (1,931) (10,018) (11,949) NET CASH PROVIDED (USED) BY CAPITAL AND RELATED FINANCING ACTIVITIES - (21,778) 144, ,343 NET INCREASE (DECREASE) IN CASH , , ,912 CASH AND CASH EQUIVALENTS BEGINNING OF YEAR 246,592 29, , ,765 CASH AND CASH EQUIVALENTS END OF YEAR $ 247,310 $ 58,725 $ 556,642 $ 862,677 The notes to the financial statements are an integral part of this statement
24 Statement of Cash Flows Continued Proprietary Funds For the Year Ended Proprietary Funds New North Total Prospect Oakhill Garbage Business-Type Cemetery Cemetery Collection Activities RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES Operating Income (Loss) $ (370) $ 26,551 $ 102,273 $ 128,454 Adjustments to Reconcile Operating Income (Loss) to Net Cash Provided (Used) by Operating Activities Depreciation and Amortization 1,088 7, , ,467 Pension Expense ,656 61,656 Change in Accounts Receivable - - 5,417 5,417 Change in Inventory - - 1,348 1,348 Change in Deferred Outflows and Inflows - - (78,193) (78,193) Change in Accounts Payable ,876 29,876 Change in Customer Deposits ,938 17,938 Due to Other Funds - 17,067 (238,788) (221,721) NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES $ 718 $ 51,213 $ 42,311 $ 94,242 The notes to the financial statements are an integral part of this statement
25 Statement of Net Position Fiduciary Funds Private Purpose Trust ASSETS Cash and Cash Equivalents $ 25,527 Accounts Receivable - TOTAL ASSETS 25,527 LIABILITIES Due to Other Funds 18,663 NET POSITION Held in Trusts for Individual $ 6,864 The notes to the financial statements are an integral part of this statement
26 Notes to Financial Statements NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Reporting Entity The City of Jasper, Alabama (the "City'), operates under a Mayor-Council form of government. The City's major operations include police and fire protection, parks, library and recreation, public works, and general administrative services. In addition, the City owns and operates two cemeteries. The City's financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP') as applied to governmental units. The Governmental Accounting Standards Board ("GASB") is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The GASB periodically updates its codification of the existing Governmental Accounting and Financial Reporting Standards which, along with subsequent GASB pronouncements (Statements and Interpretations), constitutes the ultimate authority on GAAP for state and local governmental units. The more significant accounting policies established by GAAP and used by the City are discussed below. As required by GAAP, these financial statements present the City and its component units, legally separate entities for which the City is considered to be financially accountable. The City has no blended component units. On the other hand, the City does have two discretely presented component units. The Jasper City Board of Education has a September 30 year-end, and the Industrial Development Board of the City of Jasper, Alabama, has a December 31 year-end. Jasper City Board of Education Five members of the Board of Education are appointed by the City and the Board of Education as an agency of the State of Alabama under the general supervision and financial jurisdiction of the Alabama State Department of Education. The City is obligated in some manner for the debt of the Board of Education and the City levies a sales tax specifically for operations of the Board of Education. Complete financial statements for the Jasper City Board of Education may be obtained at the following administrative office: Jasper City Board of Education, th Street West, P.O. Box 500, Jasper, Alabama Industrial Development Board of the City of Jasper, Alabama The Industrial Development Board members are appointed by the City and the City is obligated in some manner for the debt of the Industrial Development Board. Complete financial statements for the Industrial Development Board may be obtained at the following administrative office: Industrial Development Board, P.O. Box 972, Jasper, Alabama Related Organizations The City is also responsible for appointing a voting majority of the boards of other organizations, but the City's financial accountability for these organizations does not extend beyond making the appointments, or the financial resources and obligations of these organizations are immaterial. The City appointed a voting majority of the following boards: Jasper Water Works and Sewer Board, Inc., City of Jasper Library Board, City of Jasper Housing Authority, City of Jasper Board of Zoning Adjustments, City of Jasper Housing Authority, and City of Jasper Medical and Public Building Authority. These organizations are related organizations, which have not been included in the reporting entity
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