TOWN OF FOSTER RHODE ISLAND - Home- Rhode Island -Division ... Providence, Rhode Island; was later divided

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  • TOWN OF FOSTER

    RHODE ISLAND

    FOSTER SIDE OF SCITUATE RESERVOIR: BY MICHELE MAY

    COMPREHENSIVE ANNUAL

    FINANCIAL REPORT

    FOR FISCAL YEAR ENDED JUNE 30, 2016

  • TOWN OF FOSTER, RHODE ISLAND

    COMPREHENSIVE ANNUAL FINANCIAL REPORT

    For the Fiscal Year Ending June 30, 2016

    Prepared by: Town Finance Department Kelli M. Russ, Treasurer/Finance Director

  • I N T R O D U C T O R Y S E C T I O N

    THIS SECTION CONTAINS THE FOLLOWING:

    Table of Contents

    Letter of Transmittal

    Certificate of Achievement for Excellence in Financial Reporting

    List of Town Officials

    Town of Foster Organizational Chart

  • TOWN OF FOSTER, RHODE ISLAND COMPREHENSIVE ANNUAL FINANCIAL REPORT

    For the Fiscal Year Ended June 30, 2016

    Table of Contents

    REQUIRED SUPPLEMENTARY INFORMATION (RSI)

    Schedule of Revenue and Expenditures – Budget and Actual – General Fund........................ 65-69 Schedule of Revenues and Expenditures and Changes in Fund Balance

    -Budget and Actual – School Unrestricted Fund ........................................................ 70 Schedule of the Town’s Proportionate Share of the Net Pension Liability

    -Employees’ Retirement System Pension Plan .......................................................... 71 Schedule of the Town’s Proportionate Share of the Net Pension Asset

    -Teachers’ Survivor Benefit Pension Plan ................................................................ 72

    I. INTRODUCTORY SECTION

    LETTER OF TRANSMITTAL ................................................................................ i

    CERTIFICATE OF ACHIEVEMENT FOR EXCELLENCE IN FINANCIAL REPORTING…..…………………………………………………………………………………... xi

    LIST OF TOWN OFFICIALS ................................................................................ xii

    TOWN OF FOSTER ORGANIZATIONAL CHART ..................................................... xiii

    II. FINANCIAL SECTION INDEPENDENT AUDITORS’ REPORT ................................................................... 1-3 REQUIRED SUPPLEMENTARY INFORMATION: Management’s Discussion and Analysis ................................................................... 4-15 BASIC FINANCIAL STATEMENTS

    Government-Wide Financial Statements: Statement of Net Position ...................................................................................... 16 Statement of Activities ......................................................................................... 17 Fund Financial Statements: Balance Sheet – Governmental Funds 18 Reconciliation of the Governmental Funds Balance Sheet to the Government–Wide Statement of Net Position ...................................................................................... 19 Statement of Revenues, Expenditures, and Changes in Fund Balances

    -Governmental Funds ......................................................................................... 20 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures and

    Changes in Fund Balances to Government-Wide Statement of Activities .................................... 21 Statement of Fiduciary Net Position – Fiduciary Funds ................................................... 22 Statement of Changes in Fiduciary Net Position – Fiduciary Funds .................................... 23 Notes to Basic Financial Statements .......................................................................... 24-64

  • TOWN OF FOSTER, RHODE ISLAND COMPREHENSIVE ANNUAL FINANCIAL REPORT

    For the Fiscal Year Ended June 30, 2016

    Table of Contents Schedule of Changes in the Net Pension Liability and Related Ratios

    -General Employees Pension Plan ......................................................................... 73 Schedule of Changes in the Net Pension Liability and Related Ratios

    -Police Officers Pension Plan .............................................................................. 74 Schedule of Town Contributions – Pension Plans ........................................................ 75-76 Schedule of Town Contributions – Other Post-Employment Benefit Plan ............................ 77 Schedule of Funding Progress – Other Post-Employment Benefit Plan ............................... 78 Notes to Required Supplementary Information ............................................................ 79-82

    OTHER SUPPLEMENTARY INFORMATION

    Combining Balance Sheet – Nonmajor Governmental Funds .......................................... 83 Combining Statement of Revenues, Expenditures and Changes in Fund Balances

    -Nonmajor Governmental Funds .......................................................................... 84 Combining Balance Sheet – Town Special Revenue Funds ............................................. 85-86 Combining Statement of Revenues, Expenditures

    and Changes in Fund Balances – Town Special Revenue Funds..................................... 87-88 Combining Balance Sheet – School Special Revenue Funds ............................................ 89-90 Combining Statement of Revenues, Expenditures and

    Changes in Fund Balances – School Special Revenue Funds ........................................ 91-92 Combining Statement of Fiduciary Assets and Liabilities – Agency Funds ........................... 93 Combining Statement of Changes in Fiduciary Assets and Liabilities – Agency Funds ............ 94 Tax Collector’s Annual Report .............................................................................. 95 Schedule of Unrestricted Fund – Fund Balance – Restricted for Education Programs .............. 96 III. STATISTICAL SECTION

    Net Position by Component – Last Ten Fiscal Years – Unaudited..................................... 97 Changes in Net Position – Last Ten Fiscal Years – Unaudited ........................................ 98 Fund Balance – Governmental Funds – Last Ten Fiscal Years –Unaudited ......................... 99 Changes in Fund Balances – Governmental Funds – Last Ten Fiscal Years – Unaudited .......... 100 Assessed Value and Estimated Actual Value of Taxable Property

    -Last Ten Fiscal Years – Unaudited ....................................................................... 101 Direct and Overlapping Property Tax Rates – Last Ten Fiscal Years – Unaudited .................. 102 Principal Property Tax Payers – Current Year and Nine Years Ago – Unaudited .................... 103 Property Tax Levies and Collections – Last Ten Fiscal Years – Unaudited ........................... 104 Ratios of Outstanding Debt by Type – Last Ten Fiscal Years – Unaudited ........................... 105 Ratios of General Bonded Debt Outstanding – Last Ten Fiscal Years – Unaudited ................. 106 Direct and Overlapping Governmental Activities Debt – Unaudited ................................... 107 Legal Debt Margin Information – Last Ten Fiscal Years – Unaudited ................................. 108 Pledged Revenue Coverage – Last Ten Fiscal Years – Unaudited ...................................... 109 Demographic and Economic Statistics – Last Ten Fiscal Years – Unaudited ........................ 110

  • TOWN OF FOSTER, RHODE ISLAND COMPREHENSIVE ANNUAL FINANCIAL REPORT

    For the Fiscal Year Ended June 30, 2016

    Table of Contents Principal Employers – Current Year and Nine Years Ago – Unaudited ............................... 111 Full-Time Equivalent Town Government Employees by Function/Program

    -Last Ten Fiscal Years – Unaudited .......................................................................

    112 Operating Indicators by Function/Program – Last Ten Fiscal Years – Unaudited .................... 113 Capital Asset Statistics by Function/Program – Last Ten Fiscal Years – Unaudited ................. 114 Report on the 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 ................................................... 115-116

  • Town of fosTer rhode Island

    KELLI M. RUSS

    TREASURER/FINANCE DIRECTOR January 27, 2017 To the Honorable President and Members of the Town Council Foster, Rhode Island

    The Comprehensive Annual Financial Report of the Town of Foster, for the fiscal year ended June 30, 2016, is hereby submitted. This report was prepared by the Treasurer’s Department. Responsibility for both the accuracy of the presented data and the completeness and fairness of the presentation, including all disclosures, rests with the Town's management. We believe the information, as presented, is accurate in all material aspects, that it is presented in a manner designed to f