Rhode Island Infrastructure Bank - RIIB Island Infrastructure...¢  RHODE ISLAND INFRASTRUCTURE BANK

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  • Rhode Island Infrastructure Bank (A Component Unit of the State of Rhode Island and Providence Plantations)

    COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Fiscal Year Ended June 30, 2016

  • Table of Contents

    INTRODUCTORY SECTION:

    Letter of Transmittal i-vi List of Principal Officials, Bank Staff and Technical Advisors vii Organization Chart viii Certificate of Achievement for Excellence in Financial Reporting ix

    FINANCIAL SECTION:

    Independent Auditor’s Report 1-2 Required supplementary information:

    Management’s discussion and analysis (unaudited) 3-11 Basic financial statements:

    Statement of net position 12 Statement of revenues, expenses and changes in net position 13 Statement of cash flows 14 Notes to financial statements 15-38

    Supplementary information:

    Combining schedule of net position 39 Combining schedule of revenues, expenses and changes in net position 40

    STATISTICAL SECTION: Net position by component – last ten fiscal years 41 Changes in net position – last ten fiscal years 42 Operating revenue components – last ten fiscal years 43 Operating expenses components – last ten fiscal years 44 Ten largest payors/borrowers – current year and nine years ago 45 Bond issuances – last ten fiscal years 46 Debt schedule – last ten fiscal years 47 Loan agreements – last ten fiscal years 48 Schedule of full-time employees by program and Bank – last ten fiscal years 49 State of Rhode Island Demographics – last ten years 50 Schedule of total net debt, Rhode Island resident population, and debt per

    capita – last ten fiscal years 51 Employment sectors – Rhode Island establishment employment – current year

    and nine years ago 52 REPORT IN ACCORDANCE WITH GOVERNMENT AUDITING Independent auditor’s report on internal control over financial reporting

    and on compliance and other matters based on an audit of financial statements performed in accordance with Government Auditing Standards 53-54

  • RHODE ISLAND INFRASTRUCTURE

    BANK

    INTRODUCTORY SECTION

    This section contains the following:

    Letter of Transmittal

    List of Principal Officers, Bank Staff and Technical Advisors

    Organizational Chart

    Certificate of Achievement for Excellence in Financial Reporting

  • RHODE ISLAND INFRASTRUCTURE BANK (A Component Unit of the State of Rhode Island and Providence Plantations)

    List of Principal Officers, Bank Staff and Technical Advisors

    June 30, 2016

    Board of Directors

    Merrill W. Sherman, Chair Scott D. Lajoie, Vice Chair Seth Magaziner, Treasurer Joshua Celeste, Secretary Lisa Ferrara, Assistant Secretary

    Bank Staff

    Jeffrey R. Diehl, Executive Director and Chief Executive Officer Michael P. Larocque, Deputy Director and Chief Financial Officer Michael Baer, Senior Advisor to Executive Director Robin Hedges, Clean Water SRF Program Manager Anna M. Coelho Cortes, Drinking Water SRF Program Manager Michael P. Pagliaro, Senior Accountant Helen Terra, Municipal Road and Bridge Program Manager/ Compliance Manager Ryan Mulcahey, Program Analyst Marcelina Jackson, Administrative Assistant

    Technical Advisors

    R I Department of Environmental Management R I Department of Health R I Department of Transportation R I Office of Energy Resources Harrington & Vitale LTD, Legal Counsel Nixon Peabody, Bond Counsel First Southwest Company, a division of Hilltop Securities Inc., Financial Advisor RSM, LLP, Independent Auditors U S Bank & Trust, Trustee

    vii

  • FIVE MEMBER BOARD OF

    DIRECTORS

    EXECUTIVE SENIOR ADVISOR DIRECTOR TO THE

    CEO EXECUTIVE DIRECTOR

    DEPUTY DIRECTOR/CFO

    CLEAN WATER DRINKING WATER SENIOR MUNICIPAL ROAD & PROGRAM PROGRAM PROGRAM ACCOUNTANT BRIDGE PROGRAM/ ANALYST MANAGER MANAGER COMPLIANCE

    MANAGER

    ADMINISTRATIVE ASSISTANT

    RHODE ISLAND INFRASTRUCTURE BANK (A Component Unit of the State of Rhode Island and Providence Plantations)

    Organizational Chart

    viii

  • E057108 Typewritten Text x

    E057108 Typewritten Text ix

  • RHODE ISLAND INFRASTRUCTURE

    BANK

    FINANCIAL SECTION

    This section contains the following:

    Independent Auditor’s Report

    Management’s Discussion and Analysis

    Basic Financial Statements

    Supplementary Information

  • Independent Auditor's Report Board of Directors Rhode Island Infrastructure Bank Providence, Rhode Island Report on the Financial Statements We have audited the accompanying financial statements of Rhode Island Infrastructure Bank (the “Bank”), a component unit of the State of Rhode Island and Providence Plantations, which comprise the statement of net position as of June 30, 2016, the related statements of revenues, expenses and changes in net position, and cash flows for the year then ended, and the related notes to the financial statements. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Bank’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Rhode Island Infrastructure Bank as of June 30, 2016, and the changes in financial position, and, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.

  • 2

    Other Matters Required Supplementary Information

    Accounting principles generally accepted in the United States of America require that management’s discussion and analysis on pages 3 through 11 be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audits of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information

    Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Bank's basic financial statements. The introductory section, combining financial statements, schedule of Municipal Road and Bridge Revolving Fund – outstanding loan balances by Community, schedule of travel and entertainment expenses, State required supplementary schedules, and statistical section, are presented for purposes of additional analysis and are not a required part of the basic financial statements. The combining financial statements, schedule of Municipal Road and Bridge Revolving Fund – outstanding loan balances by community, schedule of travel and entertainment expenses, and State required supplementa