CITY OF DES MOINES, IOWA
BALANCE SHEET
GOVERNMENTAL FUNDS
June 30, 2013
DEBT TAX
GENERAL SERVICE INCREMENT ASSETS
Cash and investments $ 13,823,153 $ 577,744 $ ---Taxes receivable 57,403,960 30,488,253 29,508,337
Accounts receivable 4,908,406 ---
---Loans receivable, net of allowance for doubtful
accounts --- ---
---Accrued interest receivable 32,037 --- ---Due from other funds 3,014,105 --- 489,381 Due from other governmental units 1,127,242 --- ---Advance to other funds 7,494,157 --- ---Special assessment receivables 21,396 ---
---Inventory --- ---
---Prepaid items 715,804 ---
---Total assets $ 88,540,260 $ 31,065,997 $ 29,997,718
LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES (DEFICITS)
Liabilities:
Accounts payable $ 2,928,164 $ --- $
---Contracts payable --- ---
---Accrued wages payable 2,565,063 --- ---Accrued employee benefits --- --- ---Due to other funds 98,465 489,381 1,106,126 Due to other governmental units 135,332 --- ---Good faith, security deposits 1,125,660 ---
---Unearned revenue 2,940 ---
---Total liabilities 6,855,624 489,381 1,106,126 Deferred inflows of resources:
Unavailable revenue - property taxes 55,416,901 30,160,832 29,316,838 Unavailable revenue - intergovernmental --- --- ---Unavailable revenue - special assessments --- --- ---Total deferred inflows of resources 55,416,901 30,160,832 29,316,838 Fund balances (deficits):
Nonspendable 8,209,961 ---
---Restricted 750,000 415,784
---Committed 250,000 ---
---Unassigned 17,057,774 --- (425,246)
Total fund balances (deficits) 26,267,735 415,784 (425,246) Total liabilities, deferred inflows of resources
25
BENEFIT OTHER TOTAL
TAX CAPITAL GOVERNMENTAL GOVERNMENTAL ACCOUNTS PROJECTS FUNDS FUNDS
27
CITY OF DES MOINES, IOWA
RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET
TO THE STATEMENT OF NET POSITION
June 30, 2013
Total governmental fund balances $ 69,373,234 Amounts reported for governmental activities in the statement of
net position are different because:
945,041,402
6,922,157
33,247,906
Capital assets, net of accumulated depreciation 4,841,459 Other current assets 11,409,975 Other current liabilities (3,250,100) Noncurrent liabilities (478,236) 12,523,098 Internal service funds allocated to business-type activities 3,750,160
Unamortized premium cost (12,784,690) Unamortized discount 164,007 Accrued employee benefits (28,415,659) Other accrued post retirement benefits (4,240,832) Accrued interest payable (1,357,918) Notes payable (4,188,987) Section 108 loans payable (8,500,000) General obligation bonds payable (325,770,000) Other liabilities, claims and judgments (40,129,642) Revenue bonds payable, net of discount of $257,094 (33,247,906) (458,471,627) Net position of governmental activities $ 612,386,330
The notes to the financial statements are an integral part of this statement.
Long-term liabilities including bonds payable, are not due and payable in the current period and, therefore, are not reported in the funds. Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the funds.
Other long-term assets are not available to pay for current-period expenditures and, therefore, are deferred inflows of resources in the governmental funds balance sheet.
Internal service funds are used by management to charge the costs of certain services to individual funds. The assets and liabilities of the internal service funds are included in governmental activities in the statement of net position.
CITY OF DES MOINES, IOWA
STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES (DEFICITS)
GOVERNMENTAL FUNDS
For the Fiscal Year Ended June 30, 2013
DEBT TAX GENERAL SERVICE INCREMENT Revenues:
Taxes $ 58,721,984 $ 30,044,536 $ 28,860,621 Franchise fees 13,063,992 --- ---Licenses and permits 3,380,366 --- ---Fines and forfeitures 5,562,993 --- ---Charges for sales and services 16,936,738 --- ---Use of money and property 1,306,936 92,201 12,277 Miscellaneous 16,924,722 310,710 ---Intergovernmental 1,797,411 3,196,634 ---Total revenue 117,695,142 33,644,081 28,872,898 Expenditures: Current: Public safety 92,490,031 --- ---Public works 8,613,275 --- ---Health and social services 376,392 --- ---Culture and recreation 20,215,110 --- ---Community and economic development 5,294,635 --- 10,048,844 General government 14,826,046 --- ---Capital outlay 186,944 --- ---Debt service:
Principal retirement --- 53,086,268 659,433 Interest and fiscal charges --- 17,387,622 439,749 Total expenditures 142,002,433 70,473,890 11,148,026
Excess (deficiency) of revenues over
expenditures (24,307,291) (36,829,809) 17,724,872 Other financing sources (uses):
29
BENEFIT OTHER TOTAL TAX CAPITAL GOVERNMENTAL GOVERNMENTAL ACCOUNTS PROJECTS FUNDS FUNDS
CITY OF DES MOINES, IOWA
RECONCILIATION OF THE CHANGE IN FUND BALANCES OF
GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
For the Fiscal Year Ended June 30, 2013
Net change in fund balances: Total governmental funds $ (61,267,031)
Capital outlay 56,199,325 Depreciation (32,573,588) 23,625,737 (1,695,537) 524,758 164,840 (1,005,939)
Current period payments (1,490,000) Amortization of discount on receivable 9,831
(1,480,169)
1,980,487 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 allocated over their estimated useful lives and reported as depreciation expense. The following is the detail of the amount by which depreciation exceeded capital outlays in the current period.
The net effect of various miscellaneous transactions involving capital assets (i.e., sales, trade-ins, donations and disposals) is to increase/decrease net position:
Revenues in the statement of activities that do not provide current financial resources are not reported as revenues in the funds.
Gain from sale of capital assets Proceeds from the sale of capital assets Capital assets contributed by private sources
31
Amortization of premium 2,833,975 Other long-term debt issued (1,880,000) Repayment of long-term debt principal 53,745,701
Interest 81,644
Write-off of issuance costs (2,926,891) Amortization of discount on general obligation bonds (22,479) Amortization of discount on revenue bonds (9,831) 51,822,119 (2,560,160) (792,208) 330,000 (3,022,368) 3,325,157 Change in internal service fund allocations to business-type activities (51,218) Change in net position of governmental activities $ 13,926,775
The notes to the financial statements are an integral part of this statement.
Claims and judgments
The issuance of long-term debt (e.g. bonds, loan, leases) provides current financial resources to governmental funds, while the repayment of the principal of long-term debt consumes the current financial resources of governmental funds. Neither transaction, however, has any effect on net position. Also, governmental funds report the effect of premiums, discounts, and similar items when debt is first issued, whereas these amounts are deferred and amortized in the statement of activities. In the statement of activities, interest is accrued on outstanding bonds, whereas in the governmental funds an interest expenditure is reported when due. The following is the detail of the net effect of these differences in the treatment of long-term debt and related items.
Some expenses reported in the statement of activities do not require the use of current financial resources and, therefore, are not reported as expenditures in governmental
Internal service funds are used by management to charge the costs of various activities internally to individual funds. The net income of certain activities of internal service funds is reported with governmental activities.
Accrued employee benefits