COMPREHENSIVE ANNUAL FINANCIAL REPORT - …

1 WING LAKE BLOOMFIELD, MICHIGANCOMPREHENSIVE ANNUALFINANCIAL REPORTF iscal Year ending September 30, 2017 PREPARED BY: Department of Management & Budget Laurie Van Pelt, Director OAKLAND COUNTY, MICHIGAN COMPREHENSIVE ANNUAL FINANCIAL REPORT Fiscal Year Ended September 30, 2017 (With Independent Auditor s REPORT Thereon) Prepared by: Department of Management and Budget Fiscal Services Division Project Manager Carol Morin Illustrated cover by Pamela Tremble, Graphic Artist for Oakland County County of Oakland Table of Contents September 30, 2017 i I.

2 Introductory Section Supplemental FINANCIAL Information Letter of Transmittal .. 1-17 Organizational Chart .. 18 List of Principal Officials .. 19 Government Finance Officers Association of the United States and Canada Certificate of Achievement for Excellence in FINANCIAL Reporting .. 20 II. FINANCIAL Section REPORT of Independent Auditors .. 21-23 Management s Discussion and Analysis .. 24-44 Basic FINANCIAL Statements Government-wide FINANCIAL Statements Statement of Net Position .. 45-46 Statement of Activities.

3 47-48 Governmental Fund FINANCIAL Statements Balance Sheet .. 49-50 Reconciliation of the Balance Sheet Governmental Funds to the Statement of Net Position .. 51 Statement of Revenues, Expenditures, and Changes in Fund Balances .. 52-53 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances Governmental Funds to the Statement of Activities .. 54 Proprietary Fund FINANCIAL Statements Statement of Net Position .. 55-58 Statement of Revenues, Expenses, and Changes in Net Position.

4 59-60 Statement of Cash 61-65 Fiduciary Fund FINANCIAL Statements Statement of Net Position .. 66 Statement of Changes in Net Position .. 67 Component Unit FINANCIAL Statements Statement of Net Position .. 68 Statement of Activities .. 69 Notes to Basic FINANCIAL Statements 1. Summary of Significant Accounting Policies .. 70-80 2. Legal Compliance Budgets .. 81 3. Deposits and Investments .. 81-91 4. Property Taxes Receivables and Short-term Debt .. 91 5. Allowances for Uncollectible Receivables.

5 92 6. Investment Income Pension and Other Postemployment Trust Funds .. 92 7. Capital Assets .. 93-95 8. Long-term Debt .. 96-102 County of Oakland Table of Contents September 30, 2017 ii II. FINANCIAL Section (continued) 9. Interfund Balances .. 102-104 10. Fund Equities .. 105-107 11. Employee Benefits .. 107 12. Defined Benefit Pension Plan .. 107-113 13. Defined Contribution Plans .. 114 14. Postemployment Benefits .. 115-121 15. Deferred Compensation Plan .. 122 16.

6 Risk Management .. 122-123 17. Leases .. 123-124 18. Commitments and Contingencies .. 124-125 19. Statement of Net Position Reconciliation of Internal .. 125 20. Tax .. 126 21. Accounting and Reporting .. 127 Required Supplementary Information other than Management s Discussion and Analysis Schedule of Changes in Net Pension Liability and Related Ratios Retirement System Primary Government Unaudited .. 128 Schedule of Contributions Retirement System Primary Government Last Ten Fiscal Years Unaudited.

7 129 Schedule of Investment Returns Retirement System Primary Government Last Four Fiscal Years Unaudited .. 130 Schedule of Changes in Net OPEB Liability and Related Ratios OPEB System Primary Government Unaudited .. 131 Schedule of Contributions OPEB System Primary Government Last Ten Fiscal Years Unaudited .. 132 Schedule of Investment Returns OPEB System Primary Government Current Fiscal Year Unaudited .. 133 Budgetary Comparison Schedule Major Governmental Fund.

8 134-139 Note to Required Supplementary Information .. 140 Combining and Individual Fund Statements and Schedules Governmental Funds Balance Sheet By Fund Type .. 141 Statement of Revenues, Expenditures, and Changes in Fund Balances By Fund Type .. 142 Special Revenue Funds Combining Balance Sheet .. 143-146 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances .. 147-150 Schedule of Revenues, Expenditures, and Changes in Fund Balances Budget and Actual .. 151-152 County of Oakland Table of Contents September 30, 2017 iii II.

9 FINANCIAL Section (continued) Debt Service Funds Combining Balance Sheet .. 153 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances .. 154 Capital Projects Funds Combining Balance Sheet .. 155-156 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances .. 157-158 Internal Service Funds Combining Statement of Net Position .. 159-162 Combining Statement of Revenues, Expenses, and Changes in Net Position .. 163-164 Combining Statement of Cash Flows.

10 165-169 Enterprise Funds Combining Statement of Net Position .. 170 Combining Statement of Revenues, Expenses, and Changes in Net Position .. 171 Combining Statement of Cash Flows .. 172-173 Pension (and Other Postemployment Benefits) Trust Funds Combining Statement of Net Position .. 174 Combining Statement of Changes in Net Position .. 175 Other Postemployment Benefits Trust Funds Combining Schedule of Net Position .. 176 Combining Schedule of Changes in Net Position .. 177 Investment Trust Funds Statement of Net Position.