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  • 1050 Royal Palm Beach Blvd. Royal Palm Beach, FL 33411 For the FISCAL YEAR ENDED September 30, 2015

  • i

    COMPREHENSIVE ANNUAL FINANCIAL REPORT

    VILLAGE OF ROYAL PALM BEACH, FLORIDA

    Fiscal year ended September 30, 2015

    Prepared by the Finance Department

  • VILLAGE OF ROYAL PALM BEACH, FLORIDA

    COMPREHENSIVE ANNUAL FINANCIAL REPORT

    SEPTEMBER 30, 2015

    TABLE OF CONTENTS

    ii

    Page INTRODUCTORY SECTION Number

    Title Page .................................................................................................................................................................... i

    Table of Contents ......................................................................................................................................................ii

    Letter of Transmittal.................................................................................................................................................v Certificate of Achievement.....................................................................................................................................xi

    Distinguished Budget Presentation Award ........................................................................................................xii Village of Royal Palm Beach Organizational Chart ..........................................................................................xiii

    List of Principal Officials ......................................................................................................................................xiv

    FINANCIAL SECTION

    Independent Auditor's Report................................................................................................................................ 1

    Management’s Discussion and Analysis ............................................................................................................... 4 Basic Financial Statements

    Government-wide Financial Statements Statement of Net Position............................................................................................................................... 11

    Statement of Activities .................................................................................................................................... 12 Fund Financial Statements

    Balance Sheet - Governmental Funds ........................................................................................................... 14 Reconciliation of Total Governmental Fund Balances

    to Net Position of Governmental Activities ............................................................................................. 15

    Statement of Revenue, Expenditures, and Changes in Fund Balances - Governmental Funds...................................................................................................... 16

    Reconciliation of the Statement of Revenue, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities............................................ 17

    Statement of Net Position - Enterprise Funds ............................................................................................. 18 Statement of Revenue, Expenses, and Changes in Net Position -

    Enterprise Funds .......................................................................................................................................... 19 Statement of Cash Flows - Enterprise Funds............................................................................................... 20

    Statement of Fiduciary Net Position - Fiduciary Funds............................................................................. 21

    Statement of Changes in Fiduciary Net Position - Fiduciary Funds ........................................................ 22 Notes to Financial Statements ........................................................................................................................... 23

    Supplementary Financial Information

    Required Supplementary Information Budgetary Comparison Schedule - General Fund ...................................................................................... 54

    Notes to Budgetary Comparison Schedule.................................................................................................. 59 Florida Retirement System

    Schedules of Changes in the Net Pension Liability and Related Ratios..................................................60 Schedules of the Village’s Proportionate Share of the Net Pension Liability.........................................62 Schedule of Village Contributions ..........................................................................................................64 Schedule of Investment Returns..............................................................................................................65

  • VILLAGE OF ROYAL PALM BEACH, FLORIDA

    COMPREHENSIVE ANNUAL FINANCIAL REPORT

    SEPTEMBER 30, 2015

    TABLE OF CONTENTS

    iii

    FINANCIAL SECTION (Continued)

    Supplementary Financial Information (Continued) Combining Fund Financial Statements

    Nonmajor Governmental Funds

    Combining Balance Sheet ............................................................................................................................... 66 Combining Statement of Revenue, Expenditures, and Changes in Fund Balances ............................... 67

    Fiduciary Funds Combining Statement of Fiduciary Net Position ........................................................................................ 68

    Combining Statement of Changes in Fiduciary Net Position.................................................................... 69

    STATISTICAL SECTION

    Financial Trends Net Position by Component .............................................................................................................................. 70

    Changes in Net Position..................................................................................................................................... 71 Fund Balances of Governmental Funds........................................................................................................... 73

    Changes in Fund Balances of Governmental Funds ...................................................................................... 74 General Governmental Tax Revenues by Source ........................................................................................... 75

    Assessed Value and Estimated Actual Value of Taxable Property .............................................................. 76

    Revenue Capacity

    Direct and Overlapping Property Tax Rates ................................................................................................... 77 Principal Property Taxpayers............................................................................................................................ 78

    Property Tax Levies and Collections................................................................................................................ 79 Utility Service Tax Revenues By Source .......................................................................................................... 80

    Principal Utility Service Taxpayers .................................................................................................................. 81

    Debt Capacity

    Ratios of Outstanding Debt by Type................................................................................................................ 82 Ratios of Net General Bonded Debt Outstanding .......................................................................................... 83

    Direct and Overlapping Governmental Activities Debt ................................................................................ 84

    Demographic and Economic Information

    Demographic and Economic Statistics ............................................................................................................. 85 Principal Employers ........................................................................................................................................... 86

    Operating Information Village Government Employees by Function ................................................................................................. 87

    Operating Indicators by Function..................................................................................................................... 88 Capital Asset Statistics by Function.................................................................................................................. 89

  • VILLAGE OF ROYAL PALM BEACH, FLORIDA

    COMPREHENSIVE ANNUAL FINANCIAL REPORT

    SEPTEMBER 30, 2015

    TABLE OF CONTENTS

    iv

    COMPLIANCE REPORTS

    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 .............................................. 90

    Management Letter ................................................................................................................................................ 92 Independent Accountant’s Report on Investment Compliance ....................................................................... 94

  • INTRODUCTORY SECTION

  • V i l l a g e o f R o

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