Comprehensive Annual Financial Report - …

1 Prince William County, VirginiaDepartment of FinanceComprehensive Annual Financial ReportFor the Year Ended June 30, 2017FY2017 Davis Ford Rd. Fire of Prince William, Virginia Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2017 BOARD OF COUNTY SUPERVISORS* Corey A. Stewart, Chairman (at large) Jeanine M. Lawson, Vice Chairman, Brentsville District Martin E. Nohe, Coles District Pete K. Candland, Gainesville District John D. Jenkins, Neabsco District Ruth M. Anderson, Occoquan District Maureen S.

2 Caddigan, Potomac District Frank J. Principi, Woodbridge District COUNTY EXECUTIVE Christopher E. Martino DIRECTOR OF FINANCE Michelle L. Attreed Prepared by the Department of Finance *As of June 30, 2017dThis Report Prepared By: Department of Finance One County Complex Court Prince William, Virginia 22192 9201 (703) 792 6700 DIRECTOR OF FINANCE Michelle L. Attreed DEPUTY FINANCE DIRECTOR Timothy M. Leclerc FINANCE DEPARTMENT STAFF Rene L. Gapasin, Financial Reporting & Control Division Chief Steve Ferlotti, Tax Administration Division Chief Adam Manne, Purchasing Division Chief Allison C.

3 Lindner, Real Estate Assessments Division Chief Lillie Jo Krest, Treasury Management Division Chief Lori Gray, Risk Management Division Chief Gary Presler, Payroll & Disbursement Division Chief Esther Caesar, Accounting Manager Eileen K. Leonard Emely Romero Irasela Madonia Helen A. Hutchings Bogart Janice Gardner Christina Campbell Lisa R. Murray Thomas Rogers Mandy M. McGee Sharon A. Bagford Mona Ibrahim Snead Donna McElhattan Sharon Gill Damita Hargrove d TABLE OF CONTENTS Introductory Section (Unaudited) Letter of Transmittal.

4 1 Certificate of Achievement for Excellence in Financial Reporting .. 14 Organization of Prince William County Government .. 15 Prince William County Organization 16 Financial Section Report of Independent Auditor .. 17 Management s Discussion and 20 Basic Financial Statements Government Wide Financial Statements: Exhibit 1 Statement of Net Position .. 37 Exhibit 2 Statement of Activities .. 38 Fund Financial Statements: Governmental Fund Financial Statements Exhibit 3 Balance Sheet.

5 40 Exhibit 4 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net 41 Exhibit 5 Statement of Revenues, Expenditures and Changes in Fund Balances .. 42 Exhibit 6 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balance of Governmental Funds to the Statement of Activities .. 43 Proprietary Fund Financial Statements Exhibit 7 Statement of Fund Net Position .. 44 Exhibit 8 Statement of Revenues, Expenses, and Changes in Fund Net Position.

6 45 Exhibit 9 Statement of Cash Flows .. 46 Fiduciary Fund Financial Statements Exhibit 10 Statement of Fiduciary Net Position .. 47 Exhibit 11 Statement of Changes in Fiduciary Net Position .. 48 TABLE OF CONTENTS (cont d) Component Unit Financial Statements Exhibit 12 Combining Statement of Net Position .. 49 Exhibit 13 Combining Statement of Activities .. 50 Notes to Financial Statements Note 1 Summary of Significant Accounting Policies .. 52 Note 2 Cash and Investments.

7 73 Note 3 Property Taxes Receivable .. 85 Note 4 Unearned Revenue/Deferred Inflow of Resources .. 86 Note 5 Investment in Direct Financing Leases/Accounts Receivable .. 87 Note 6 Due From and To Other Governmental Units .. 89 Note 7 Inter fund Receivables, Payables and Transfers .. 90 Note 8 Receivables/Payables with Component Units .. 92 Note 9 Capital Assets .. 93 Note 10 Long Term Debt .. 99 Note 11 Fund Balances/Net Position .. 106 Note 12 Landfill/Closure and Post Closure Care Cost.

8 108 Note 13 Defined Benefit Pension Plans .. 109 Note 14 Other Post Employment Benefit Plans .. 136 Note 15 Other Post Employment Benefits (OPEB) Master Trust Fund .. 148 Note 16 Self Insurance .. 156 Note 17 Interjurisdictional Agreement .. 157 Note 18 Related Organizations .. 158 Note 19 Joint Ventures .. 159 Note 20 Commitments and Contingencies .. 161 Note 21 Subsequent Events .. 161 Required Supplementary Information (Unaudited) Schedule 1 Schedule of Budgetary Revenues, Budgetary Expenditures and Changes in Budgetary Fund Balance Budget and Actual General Fund.

9 163 Schedule 2 Schedule of Budgetary Revenues, Budgetary Expenditures and Changes in Budgetary Fund Balance Budget and Actual Special Revenue Fund Fire & Rescue Levy .. 168 Schedule 3A Changes in Net Pension Liability and Related Ratios Post Employment Benefit Plans VRS .. 169 Schedule 3B Schedule of County Contribution Post Employment Benefit Plans 170 Schedule 4A Changes in Net Pension Liability and Related Ratios Post Employment Benefit Plans Prince William County Supplemental Plan for Police Officers and Uniformed Fire and Rescue Personnel.

10 171 TABLE OF CONTENTS (cont d) Schedule 4B Schedule of County Contribution Post Employment Benefit Plans Prince William County Supplemental Plan for Police Officers and Uniformed Fire and Rescue Personnel .. 172 Schedule 5A Changes in Net Pension Liability and Related Ratios Post Employment Benefit Plans Prince William County Volunteer Fire and Rescue Personnel Length of Service Award Program .. 173 Schedule 5B Schedule of County Contribution Post Employment Benefit Plans Prince William County Volunteer Fire and Rescue Personnel Length of Service Award Program.