BEDFORD COUNTY TENNESSEE .comprehensive annual financial report bedford county, tennessee for the

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  • COMPREHENSIVE ANNUAL FINANCIAL REPORT

    BEDFORD COUNTY, TENNESSEE FOR THE YEAR ENDED JUNE 30, 2016

    DIVISION OF LOCAL GOVERNMENT AUDIT

  • COMPREHENSIVE ANNUAL FINANCIAL REPORT

    BEDFORD COUNTY, TENNESSEE

    FOR THE YEAR ENDED JUNE 30, 2016

    COMPTROLLER OF THE TREASURY JUSTIN P. WILSON

    DIVISION OF LOCAL GOVERNMENT AUDIT JAMES R. ARNETTE

    Director

    JEFF BAILEY, CPA, CGFM, CFE Audit Manager

    SHERRIE GILL, CFE KENT WHITE, CPA, CGFM, CFE JACOB KENNEDY, CISA Auditor 4 State Auditors

    ROBERT DANIEL, CPA Finance Director

    Bedford County, Tennessee

    This financial report is available at www.comptroller.tn.gov

    2

  • Exhibit Page(s)

    Summary of Audit Findings 7

    INTRODUCTORY SECTION 8

    Letter of Transmittal 9-13GFOA Certificate of Achievement for FY15 Report 14Organization Chart 15Bedford County Officials 16-17

    FINANCIAL SECTION 18

    Independent Auditor's Report 19-22Management's Discussion and Analysis 23-34BASIC FINANCIAL STATEMENTS: 35

    Government-wide Financial Statements:Statement of Net Position A 36-38Statement of Activities B 39-40

    Fund Financial Statements:Governmental Funds:

    Balance Sheet C-1 41-42Reconciliation of the Balance Sheet of Governmental Funds

    to the Statement of Net Position C-2 43Statement of Revenues, Expenditures, and Changes in

    Fund Balances C-3 44-45Reconciliation of the Statement of Revenues, Expenditures,

    and Changes in Fund Balances of Governmental Fundsto the Statement of Activities C-4 46

    Statements of Revenues, Expenditures, and Changes in FundBalances Actual (Budgetary Basis) and Budget:

    General Fund C-5 47-49Highway/Public Works Fund C-6 50

    Fiduciary Funds:Statement of Fiduciary Assets and Liabilities D 51

    Index and Notes to the Financial Statements 52-108REQUIRED SUPPLEMENTARY INFORMATION: 109

    Schedule of Changes in Net Pension Liability (Asset) and Related Ratios Based on Participation in the Public Employee Pension Planof TCRS Primary Government E-1 110

    Schedule of Contributions Based on Participation in the Public EmployeePension Plan of TCRS Primary Government E-2 111

    Schedule of Contributions Based on Participation in the TeacherRetirement Plan of TCRS Discretely Presented BedfordCounty School Department E-3 112

    BEDFORD COUNTY, TENNESSEETABLE OF CONTENTS

    3

  • Exhibit Page(s)

    Schedule of Contributions Based on Participation in the TeacherLegacy Plan of TCRS Discretely Presented BedfordCounty School Department E-4 113

    Schedule of Proportionate Share of the Net Pension Asset in theTeacher Plan of TCRS - Discretely Presented BedfordCounty School Department E-5 114

    Schedule of Proportionate Share of the Net Pension Asset in theTeacher Legacy Plan of TCRS - Discretely Presented BedfordCounty School Department E-6 115

    Schedule of Funding Progress Other Postemployment BenefitsPlans Primary Government and Discretely Presented BedfordCounty School Department E-7 116

    Notes to the Required Supplementary Information 117COMBINING AND INDIVIDUAL FUND FINANCIAL

    STATEMENTS AND SCHEDULES: 118Nonmajor Governmental Funds: 119

    Combining Balance Sheet F-1 120Combining Statement of Revenues, Expenditures, and Changes

    in Fund Balances F-2 121Schedule of Revenues, Expenditures, and Changes in Fund

    Balance Actual and Budget:Drug Control Fund F-3 122

    Major Governmental Fund: 123Schedule of Revenues, Expenditures, and Changes in Fund

    Balance Actual and Budget:General Debt Service Fund G 124

    Fiduciary Funds: 125Combining Statement of Fiduciary Assets and Liabilities H-1 126Combining Statement of Changes in Assets and Liabilities

    All Agency Funds H-2 127Component Unit:

    Discretely Presented Bedford County School Department: 128Statement of Activities I-1 129Balance Sheet Governmental Funds I-2 130Reconciliation of the Balance Sheet of Governmental Funds

    to the Statement of Net Position I-3 131Statement of Revenues, Expenditures, and Changes in Fund

    Balances Governmental Funds I-4 132Reconciliation of the Statement of Revenues, Expenditures,

    and Changes in Fund Balances of Governmental Fundsto the Statement of Activities I-5 133

    Combining Balance Sheet Nonmajor Governmental Funds I-6 134Combining Statement of Revenues, Expenditures, and

    Changes in Fund Balances Nonmajor Governmental Funds I-7 135Schedules of Revenues, Expenditures, and Changes in Fund

    Balances Actual (Budgetary Basis) and Budget:General Purpose School Fund I-8 136-137School Federal Projects Fund I-9 138Central Cafeteria Fund I-10 139Extended School Program Fund I-11 140

    4

  • Exhibit Page(s)

    Miscellaneous Schedules: 141Schedule of Changes in Long-term Notes, Other Loans, and Bonds J-1 142Schedule of Long-term Debt Requirements by Year J-2 143Schedule of Transfers Primary Government and Discretely

    Presented Bedford County School Department J-3 144Schedule of Salaries and Official Bonds of Principal Officials

    Primary Government and Discretely Presented Bedford CountySchool Department J-4 145

    Schedule of Detailed Revenues All Governmental Fund Types J-5 146-151Schedule of Detailed Revenues All Governmental Fund Types

    Discretely Presented Bedford County School Department J-6 152-155Schedule of Detailed Expenditures All Governmental Fund Types J-7 156-178Schedule of Detailed Expenditures All Governmental Fund Types

    Discretely Presented Bedford County School Department J-8 179-191Schedule of Detailed Receipts, Disbursements, and Changes in

    Cash Balance City Agency Fund J-9 192

    STATISTICAL SECTION Table 193

    Financial Trends:Net Position by Component 1 194Changes in Net Position 2 195-196Governmental Activities Tax Revenues by Source 3 197Fund Balances of Governmental Funds 4 198Changes in Fund Balances of Governmental Funds Primary Government 5 199-200Changes in Fund Balances of Governmental Funds School Department 6 201

    Revenue Capacity:Governmental Tax Revenues by Source 7 202Assessed Value and Estimated Value of Taxable Property 8 203Property Tax Rates Direct and Overlapping Governments 9 204Principal Property Taxpayers 10 205Property Tax Levies and Collections 11 206

    Debt Capacity:Ratios of Outstanding Debt by Type 12 207Ratios of General Bonded Debt Outstanding 13 208Direct and Overlapping Governmental Activities Debt 14 209Legal Debt Margin Information 15 210Pledged-Revenue Coverage 16 211

    Demographic and Economic Information:Demographic and Economic Statistics 17 212Principal Employers 18 213

    Operating Information:Full-time Equivalent Employees by Function 19 214Operating Indicators by Function 20 215-216Capital Assets Statistics by Function 21 217

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  • Page(s)

    SINGLE AUDIT SECTION 218

    Auditor's Report on Internal Control Over Financial Reporting and onCompliance and Other Matters Based on an Audit of FinancialStatements Performed in Accordance With GovernmentAuditing Standards 219-220

    Auditor's Report on Compliance for Every Major Program; Report onInternal Control Over Compliance; and Report on the Schedule ofExpenditures of Federal Awards Required by Uniform Guidance 221-223

    Schedule of Expenditures of Federal Awards and State Grants 224-225Summary Schedule of Prior-year Findings 226Schedule of Findings and Questioned Costs 227-229Management's Corrective Action Plan 230

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  • Summary of Audit Findings Comprehensive Annual Financial Report

    Bedford County, Tennessee For the Year Ended June 30, 2016

    Scope We have audited the basic financial statements of Bedford County as of and for the year ended June 30, 2016.

    Results Our report on Bedford Countys financial statements is unmodified. Our audit resulted in no findings.

    7

  • INTRODUCTORY SECTION

    8

  • BEDFORD COUNTY, TENNESSEE

    Letter of Transmittal

    October 4, 2016

    To the Honorable Eugene Ray, County Mayor, Board of County Commissioners, and Citizens of Bedford County, Tennessee The Comprehensive Annual Financial Report of Bedford County, Tennessee, for the year ended June 30, 2016, is hereby submitted as required by state statutes. These statutes require that all local governments publish a complete set of financial statements presented in conformity with generally accepted accounting principles (GAAP) and audited in accordance with generally accepted auditing standards by the State of Tennessees Comptroller of the Treasury, Division of Local Government Audit, or by independent public accountants within six months of the close of each fiscal year. Pursuant to that requirement, we hereby issue the comprehensive annual financial report of Bedford County, Tennessee. This report was prepared by the countys Finance Department in conjunction with the above state agency. Management assumes full responsibility for the completeness and reliability of all the information contained in this report based upon a comprehensive internal control framework that it has established for this purpose. Because the cost of internal control should not exceed anticipated benefits, the objective is to provide reasonable, rather than absolute, assurance that the financial statements are free of any material misstatements. The State of Tennessees Comptroller of the Treasury, Division of Local Government Audit has issued an unmodified (clean) opinion on the financial statements of Bedford County, Tennessee, for the fiscal year ended June 30, 2016. The independent auditors report is presented at the front of the financial section of this report. Managements Discussion and Analysis (MD&A) immediately follows the report of the independent auditors report and provides a narrative introdu