CITY OF PROVIDENCE, RHODE ISLAND ... City of Providence, Rhode Island's financial statements for the

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  • CITY OF PROVIDENCE, RHODE ISLAND TABLE OF CONTENTS JUNE 30, 2017

    Introductory Section Page City Officials i Table of Organization ii Letter of Transmittal iii-viii Certificate of Achievement for Excellence in Financial Reporting ix

    Financial Section Independent Auditors’ Report 1-3 Management’s Discussion and Analysis 4-12

    Basic Financial Statements

    Exhibit Government-Wide Financial Statements: I Statement of Net Position 13 II Statement of Activities 14 Fund Financial Statements: Governmental Funds: III Balance Sheet 15-16 IV Statement of Revenues, Expenditures and Changes in Fund Balances 17-18 Proprietary Funds: V Statement of Net Position 19 VI Statement of Revenues, Expenses and Changes in Fund Net Position 20 VII Statement of Cash Flows 21 Fiduciary Funds: VIII Statement of Fiduciary Net Position 22 IX Statement of Changes in Fiduciary Net Position 23 Notes to the Financial Statements 24-65

    Required Supplementary Information General Fund:

    RSI-1 Schedule of Revenues and Other Financing Sources - Budget and Actual 66-67 RSI-2 Schedule of Expenditures and Other Financing Uses - Budget and Actual 68-70 School Fund: RSI-3 Schedule of Revenues and Expenditures - Budget and Actual 71 Pension Fund: RSI-4 Schedule of Changes in Net Pension Liability and Related Ratios 72 RSI-5 Schedule of Employer Contributions 73 RSI-6 Schedule of Investment Returns 74 RSI-7 Schedule of the City’s Proportionate Share of the Net Pension Liability -

    Employees Retirement System - Teachers 75 RSI-8 Schedule of the City’s Contributions - Employees Retirement System - Teachers 76

  • Exhibit Page Supplemental, Combining and Individual Fund Statements and Schedules Nonmajor Governmental Funds: A-1 Combining Balance Sheet 77 A-2 Combining Statement of Revenues, Expenditures and Changes in Fund

    Balances 78 Agency Funds: B-1 Statement of Changes in Assets and Liabilities 79 Other Schedule: C-1 Schedule of Property Taxes Receivable 80-82 Annual Supplemental Transparency Report D-1 Annual Supplemental Transparency Report (MTP2) 83-85 D-2 Combining Schedule of Reportable Government Services with Reconciliation to MTP2 - Municipal 86 D-3 Combining Schedule of Reportable Government Services with Reconciliation to MTP2 - Education Department 87 Notes to Annual Supplemental Transparency Report (MTP2) 88-89

    Statistical Section Schedule Financial Trends: 1 Net Position by Component 90 2 Changes in Net Position 91-92 3 Fund Balances, Governmental Funds 93 4 Changes in Fund Balances, Governmental Funds 94 Revenue Capacity: 5 Tax Revenues by Source 95 6 Assessed Value and Estimated Actual Value of Taxable Property 96 7 Principal Property Taxpayers 97 8 Property Tax Levies and Collections 98 Debt Capacity: 9 Ratios of Net General Bonded Debt Outstanding by Type 99 10 Direct Governmental Activities Debt 100 11-12 Legal Debt Margin Information and Continuing Disclosure Ratios 101-102 13 Pledged-Revenue Coverage 103 Demographic and Economic Statistics: 14 Demographic and Economic Statistics 104 15 Principal Employers 105 Operating Information: 16 Full-Time Equivalent Employees by Functional Program 106 17 Operating Indicators by Function/Program 107 18 Capital Asset Statistics by Function/Program 108

  • Introductory Section

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    i

    City Officials As of June 30, 2017

    Mayor Jorge O. Elorza

    City Council

    Ward 1 – Seth Yurdin Ward 6 – Michael J. Correia Ward 11 – Mary Kay Harris Ward 2 – Samuel D. Zurier Ward 7 – John J. Igliozzi Ward 12 – Terrence M. Hassett Ward 3 – vacant Ward 8 – Wilbur W. Jennings, Jr. Ward 13 – Brian Principe Ward 4 – Nicholas A. Narducci, Jr. Ward 9 – Carmen Castillo Ward 14 – David A. Salvatore Ward 5 – Jo-Ann Ryan Ward 10 – Luis A. Aponte Ward 15 – Sabina Matos

    Department Directors General Manager of Water Supply Richard A. Caruolo Commissioner of Public Safety & Acting Fire Chief Steven M. Pare Chief of Police Department Col. Hugh T. Clements, Jr Chief of Staff Nicole Pollock City Clerk Lori L. Hagen City Controller J. Michael D’Antuono, CPA City Solicitor Jeffrey Dana, Esq City Treasurer James J. Lombardi, III Chief Operating Officer vacant Director of Arts, Culture, and Tourism Stephanie P. Fortunato Director of Emergency Management Kevin Kugel Director of Finance Lawrence J. Mancini Director of Information Technology James A. Silveria Director of Inspections and Standards Jeffrey L. Lykins, RA Director of Public Property Alan R. Sepe Director of Personnel Sybil F. Bailey Director of Planning and Development Bonnie Nickerson, AICP Director of Public Works Michael D. Borg Director of Telecommunications Carolyn Arias Internal Auditor Matthew M. Clarkin, Jr Recorder of Deeds John A. Murphy, Acting Registrar of Vital Statistics Heather Kilkenny Superintendent of Parks and Recreation Wendy Nilsson Superintendent of Schools Christopher N. Maher Tax Assessor David L. Quinn II Tax Collector John A. Murphy City Engineer William C. Bombard, P.E.

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    Executive Administration  Organizational Chart 

    Mayor

    School Superintendent  Solicitor  Chief of Staff

    Chief Policy Officer

    Sustainability

    Healthy Communities

    Partnerships and  Development

    Providence Talks

    Workforce Development 

    Intergovernmental  Affairs

    Deputy Chiefs of Staff

    Community Relations

    Advance 

    Center for City Services

    Boards and  Commissions

    Canvassers

    Human Relations  Commission 

    Chief Communications  Officer 

    Communicatios Office

    Public Information  Officers 

    Planning  and  Development

    Planning

    Providence Business  Loan Fund

    Providence  Redevelopment Agency

    Inspections and  Standards

    Arts, Culture and  Tourism

    Economic Development

    Chief Operating Officer

    Administration

    Finance

    Human Resources

    Tac Collector

    Tax Assesor

    Licensing 

    Information Technology

    Operations 

    Public Works

    Parks and Recreation

    Water Supply Board

    Public Properties

    Purchasing

    Chief Innovation Officer 

    Public Safety  Commissioner 

    Police 

    Fire

    Providence Emergency  Management Agency

    Telecommunications

    People of  Providence  

    ii

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    iii   

    December 29, 2017 Providence City Council Providence City Hall 25 Dorrance Street Providence, Rhode Island 02903 Honorable Members: Rhode Island state law requires that all general purpose, local governments publish a complete set of audited financial statements within six months of the close of each fiscal year. This report fulfills that requirement for the fiscal year (FY17) that ended June 30, 2017. Management assumes full responsibility for the completeness and reliability of the information contained in this report, based upon a comprehensive framework of internal controls established for this purpose. Because the cost of internal controls 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. Accountants and advisers from BlumShapiro have issued an unmodified (“clean”) opinion on the City of Providence, Rhode Island's financial statements for the year ending June 30, 2017. A copy of their independent auditor's report is located at the front of the financial section of the report. Management’s discussion and analysis (MD&A) immediately follow the independent auditor's report and provide a narrative introduction, overview and analysis of the basic financial statements. The MD&A is intended to complement this letter of transmittal and should be read in conjunction with it. Profile of the Government

    The capital city of Providence was founded in 1636 and incorporated in 1831. It occupies a total land area of 18.1 square miles and an additional 1.9 square miles of water, is located at the head of Narragansett Bay on the Providence River, and is the major population, financial, educational, governmental and industrial center of Rhode Island. Situated on the Boston-Washington Interstate 95 corridor, with proximity to multi-billion dollar markets and multi-million population centers, residents and businesses have ready access to all major forms of transportation, including AMTRAK, Providence & Worcester Railroad, T.F. Green International Airport, the Port of Providence and Interstates 95 and 195. Providence has the largest population of Rhode Island’s 39 cities and towns with 178,036 residents (2010 Census,) up 2.5 percent from 173,618 in 2000 (2000 Census). The demographic profile for the city is as follows: Caucasians 49.8 percent; Hispanics 38.1 percent; African Americans 16.0 percent; Asians 6.4 percent; and Native Americans 1.4 percent.

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    iv   

    The City has a Mayor-Council form of government with a Home Rule Charter (adopted 1980, effective January 3, 1983). City government is responsible for providing such services as: general government, community development, administrative services, public safety, sanit