HomeMy WebLinkAbout2009-2010.AuditReportCITY OF CAPE GIRARDEAU, MISSOURI
Cape Girardeau, Missouri
For the Year Ended June 30, 2010
ANNUAL FINANCIAL REPORT
BEUSSINK, HEY, ROE,
SEABAUGH & STRODER, L.L.C.
Certified Public Accountants
CITY OF CAPE GIRARDEAU, MISSOURI
TABLE OF CONTENTS
FINANCIAL SECTION Page No•
INDEPENDENT AUDITORS' REPORT 1-2
REQUIRED SUPPLEMENTARY INFORMATION
MANAGEMENT'S DISCUSSION AND ANALYSIS 3-18
BASIC FINANCIAL STATEMENTS
GOVERNMENT -WIDE FINANCIAL STATEMENTS
STATEMENT OF NET ASSETS 19-20
STATEMENT OF ACTIVITIES 21-22
FUND FINANCIAL STATEMENTS
GOVERNMENTAL FUNDS FINANCIAL STATEMENTS
BALANCE SHEET 23-24
RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL
FUNDS TO THE STATEMENT OF NET ASSETS 25
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCES 26
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES 27
PROPRIETORY FUNDS FINANCIAL STATEMENTS
STATEMENT OF NET ASSETS 28-29
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN
FUND NET ASSETS 30
STATEMENT OF CASH FLOWS 31-32
FIDUCIARY FUNDS FINANCIAL STATEMENTS
STATEMENT OF NET ASSETS 33
NOTES TO BASIC FINANCIAL STATEMENTS 34-76
REQUIRED SUPPLEMENTAL INFORMATION
STATEMENT.OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES - BUDGET AND
ACTUAL - GENERAL 77
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES - BUDGET AND
ACTUAL - AIRPORT 78
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES - BUDGET AND
ACTUAL - PARK & RECREATION 79
NOTES TO BUDGETARY COMPARISON SCHEDULES 80-83
SCHEDULE OF FUNDING PROGRESS 84
SUPPLEMENTAL INFORMATION
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES - BUDGET AND
ACTUAL - VISION 2000 85
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES - BUDGET AND
ACTUAL - CONVENTION AND TOURISM 86
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES - BUDGET AND
ACTUAL - DOWNTOWN BUSINESS DISTRICT 87
STATEMENT OF REVENUES, EXPENDITURES, AND
. CHANGES IN FUND BALANCES - BUDGET AND
ACTUAL - HEALTH
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES - BUDGET AND
ACTUAL - MOTOR FUEL TAX 89
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES - BUDGET AND
ACTUAL - CAPITAL IMPROVEMENT SALES TAX -
FLOOD CONTROL 90
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES - BUDGET AND
ACTUAL - CAPITAL IMPROVEMENT SALES TAX -
WATER SYSTEM IMPROVEMENTS 91
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES - BUDGET AND
ACTUAL - TRANSPORTATION SALES TAX
TRUST FUND
m
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES - BUDGET AND
ACTUAL - CAPITAL IMPROVEMENT SALES TAX -
SEWER SYSTEM IMPROVEMENTS 93
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES - BUDGET AND
ACTUAL - TRANSPORTATION SALES TAX TRUST FUND II 94
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES - BUDGET AND
ACTUAL - FIRE SALES TAX
95
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES - BUDGET AND
ACTUAL - PUBLIC SAFETY TRUST 96
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES - BUDGET AND
ACTUAL - DEBT SERVICE
97
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES - BUDGET AND
ACTUAL - GENERAL CAPITAL IMPROVEMENTS 98
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES - BUDGET AND
ACTUAL - STREET IMPROVEMENTS 99
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES - BUDGET AND
ACTUAL - PARK IMPROVEMENTS 100
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES - BUDGET AND
ACTUAL - COMMUNITY DEVELOPMENT BLOCK
GRANT PROJECTS 101
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGE IN FUND BALANCES — BUDGET AND
ACTUAL — TRANSPORTATION SALES TAX TRUST
FUND III 102
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES — BUDGET AND
ACTUAL — PARK STORM WATER SALES TAX 103
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES — BUDGET AND
ACTUAL — PARK STORM WATER SALES TAX — CAPITAL 104
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES — BUDGET AND
ACTUAL — HOUSING DEVELOPMENT GRANTS 105
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES — BUDGET AND
ACTUAL — SEWER
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES - BUDGET AND
ACTUAL - WATER 107
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES - BUDGET AND
ACTUAL - SOLID WASTE
[toy.]
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES — BUDGET AND
ACTUAL — GOLF COURSE 109
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES — BUDGET AND
ACTUAL — SOFTBALL COMPLEX 110
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES— BUDGET AND
ACTUAL — MANAGEMENT INFORMATION SYSTEMS 111
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES — BUDGET AND
ACTUAL — FLEET MANAGEMENT 112
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES - BUDGET AND
ACTUAL — FRINGE BENEFITS 113
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES - BUDGET AND
ACTUAL - RISK MANAGEMENT
114
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES - BUDGET AND
ACTUAL - EQUIPMENT REPLACEMENT 115
ANNUAL FEDERAL FINANCIAL COMPLIANCE SECTION
REPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE
TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER
COMPLIANCE IN ACCORDANCE WITH OMB CIRCULAR A-133 116-117
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 A UDITING STANDARDS 118-119
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS 120-122
NOTES TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS 123
SCHEDULE OF FINDINGS AND QUESTIONED COSTS 124-126
SUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS 127
BEUSSINK, HEY, ROE, SEABAUGH & STRODER, L.L.C.
Certified Public Accountants
4018 Sycamore 16 So. Silver Springs Road 105 So. Hope
Cairo, Illinois 62914 Cape Girardeau, Missouri 63703 Jackson, Missouri 63755
Telephone (618) 734-3300 Telephone (573) 334-7971 Telephone (573) 243-3991
Facsimile (618) 734-3303 Facsimile (573) 334-8875 Facsimile (573) 243-3186
INDEPENDENT AUDITORS' REPORT
Honorable Mayor and Members of the City Council
City of Cape Girardeau, Missouri
We have audited the accompanying financial statements of the governmental activities, the
business -type activities, each major fund, and the aggregate remaining fund information of the
City of Cape Girardeau, Missouri (the City), as of and for the year ended June 30, 2010, which
collectively comprise the City's basic financial statements as listed in the table of contents.
These financial statements are the responsibility of the City's management. Our responsibility is
to express opinions 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 of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinions.
In our opinion, the financial statements referred to above present fairly, in all material respects,
the respective financial position of the governmental activities, the business -type activities, each
major fund, and the aggregate remaining fund information of the City of Cape Girardeau,
Missouri as of June 30, 2010, and the respective changes in financial position, and cash flows,
where applicable, thereof for the year then ended in conformity with accounting principles
generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated
December 28, 2010, on our consideration of the City's internal control over financial reporting
and on our tests of its compliance with certain provisions of laws, regulations, contracts, and
grant agreements and other matters. The purpose of that report is to describe the scope of our
testing of internal control over financial reporting and compliance and the results of that testing,
and not.to provide an opinion on the internal control over financial reporting or on compliance.
That report is an integral part of an audit performed in accordance with Government Auditing
Standards and should be considered in assessing the results of our audit.
1
Accounting principles generally accepted in the United States of America require that the
management's discussion and analysis and budgetary comparison information on pages 3
through 18 and 77 through 84 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 audit 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.
Our audit was conducted for the purpose of forming opinions on the financial statements that
collectively comprise the City of Cape Girardeau, Missouri's financial statements as a whole.
The combining and individual nonmajor fund financial statements are presented for purposes of
additional analysis and are not a required part of the financial statements. The accompanying
schedule of expenditures of federal awards is presented for purposes of additional analysis as
required by U.S. Office of Management and Budget Circular A-133, Audits of States, Local
Governments, and Non -Profit Organizations, and is also not a required part of the financial
statements. The combining and individual nonmajor fund financial statements and the schedule
of expenditures of federal awards are the responsibility of management and were derived from
and relate directly to the underlying accounting and other records used to prepare the financial
statements. The information has been subjected to the auditing procedures applied in the audit of
the financial statements and certain additional procedures, including comparing and reconciling
such information directly to the underlying accounting and other records used to prepare the
financial statements or to the financial statements themselves, and other additional procedures in
accordance with auditing standards generally accepted in the United States of America. In our
opinion, the information is fairly stated in all material respects in relation to the financial
statements as a whole. The introductory and statistical sections have not been subjected to the
auditing procedures applied in the audit of the basic financial statements and, accordingly, we do
not express an opinion or provide any assurance on it.
BEUSSINK, HEY, ROE, SEABAUGH & STRODER, L.L.C.
40,
Cape Girardeau, Missouri
December 28, 2010
2
REQUIRED SUPPLEMENTARY INFORMATION
CITY OF CAPE GIRARDEAU, MISSOURI
Management's Discussion and Analysis
The discussion and analysis of the City of Cape
Girardeau's financial performance provides an
overall review of the City's financial activities
for the fiscal year ended June 30, 2010. The
intent of this discussion and analysis is to look at
the City's financial performance as a whole.
Readers should also review the basic financial
statements and related notes to those statements
to enhance their understanding of the City's
financial performance.
Financial Highlights
o The assets of the City of Cape Girardeau
exceeded its liabilities at the close of the most
recent fiscal year by $231,392,223 (net
assets). Of this amount, $27,076,606
(unrestricted net assets) may be used to meet
the City's ongoing obligations to citizens and
creditors.
o As of the close of the current fiscal year, the
City of Cape Girardeau's governmental funds
reported combined ending fund balances of
$27,452,356. Approximately 44.7 percent of
this total amount, $12,283,807 is available for
spending at the government's discretion
(unreserved fund balance).
o At the end of the current fiscal year, the
unreserved fund balance for the general fund
was $944,751 or 4.1 percent of total general
fund expenditures and transfers.
o At the end of the current fiscal year, general
fund balance reserved for emergencies was
$3,331,396 or 14.3 percent of total general
fund expenditures and transfers. This fund
balance had been reduced by $386,630 in
previous years pursuant to an emergency
declared as a result of a severe ice storm. The
city charter requires that reductions of the
fund balance reserved for emergencies as a
result of a declared emergency should be
replenished at least 10% annually.
o The City of Cape Girardeau's fixed assets
increased $20,417,215 during the year. Net
fixed asset additions of $30,807,817 were
made during the year. Depreciation for the
current fiscal year reduced fixed assets by
$10,390,602.
3
o The City of Cape Girardeau's total long-term
debt decreased by $5,497,402 (7.1 percent)
during the current fiscal year. During the year
the City issued special obligation bonds
totaling $1,290,031 (net of premium) to
purchase six trash trucks that allowed the
City to convert to an automated trash pickup
system and received a $1,000,000 allocation
of revenue bonds through the state revolving
loan program to complete construction of a
water transmission main to it water plant
from a new well field. Only $577,294 of the
$1,000,000 allocation was used during the
year. As a result, only $577,294 was reflected
as outstanding debt at the end of the year.
Regularly scheduled principal payments and
amortization of bond premiums / discounts
resulted in outstanding long-term debt being
reduced by $7,364,727.
Overview of the Financial Statements
This discussion and analysis are intended to
serve as an introduction to the City of Cape
Girardeau's basic financial statements.
The City of Cape Girardeau's basic financial
statements are comprised of three components:
1) government -wide financial statements, 2) fund
financial statements, and 3) notes to the financial
statements. This report also contains other
supplementary information in addition to the
basic financial statements themselves.
Government -wide financial statements.
The government -wide financial statements are
designed to provide readers with a broad
overview of the City of Cape Girardeau's
finances, in a manner similar to a private -sector
business.
The statement of net assets presents information
on all the City's assets and liabilities, with the
difference between the two reported as net
assets. Over time, increases or decreases in net
assets may serve as a useful indicator of whether
the financial position of the City is improving or
deteriorating.
The statement of activities presents information
showing how the City's net assets changed
during the most recent fiscal year. All changes
in the net assets are reported as soon as the
underlying event giving rise to the change
occurs, regardless of the timing of the related
CITY OF CAPE GIRARDEAU, MISSOURI
cash flows. Thus, revenues and expenses are
Both the governmental fund balance sheet and
reported in the statement for some items that will
the governmental fund statement of revenues,
only result in cash flows in future fiscal periods
expenditures, and changes in fund balances
(e.g., uncollected taxes and earned but unused
provide a reconciliation to facilitate this
vacation leave).
comparison between governmental funds and
governmental activities.
Both of the government -wide financial
statements distinguish functions of the City of
Cape Girardeau that are principally supported by
taxes and intergovernmental revenues
(governmental activities) from other functions
that are intended to recover all or a significant
portion of their costs through user fees and
charges (business -type activities). The
governmental activities of the City of Cape
Girardeau include administrative services,
development services, parks and recreation,
public safety, and public works. The business -
type activities of the City include sewer, water,
and solid waste utilities and golf course and
softball complex operations. The government -
wide financial statements can be found on pages
19 to 22 of this report.
Fund financial statements. A fund is a
grouping of related accounts that is used to
maintain control over resources that have been
segregated for specific activities or objectives.
The City of Cape Girardeau, like other state and
local governments, uses fund accounting to
ensure and demonstrate compliance with
finance -related legal requirements. All of the
funds of the City can be divided into three
categories: governmental funds, proprietary
funds, and fiduciary funds.
Governmental Funds. Governmental funds are
used to account for essentially the same
functions reported as governmental activities in
the government -wide financial statements.
However, unlike the government -wide financial
statement, governmental fund financial
statements focus on near-term inflows and
outflows of spendable resources, as well as on
balances of spendable resources available at the
end of the fiscal year. Such information may be
useful in evaluating a government's near-term
financing requirements.
Because the focus of the governmental funds is
narrower than that of the government -wide
financial statements, it is useful to compare the
information presented for governmental funds
with similar information presented for
governmental activities in the government -wide
financial statements. By doing so, readers may
better understand the long-term impact of the
government's near term financing decisions.
M
The City of Cape Girardeau maintains 29
individual governmental funds. Information is
presented separately in the governmental fund
balance sheet and in the governmental fund
statement of revenues, expenditures, and changes
in fund balances for the general, airport, parks
and recreation, transportation trust III, and parks
projects from parks sales tax funds, which are
considered, or have been designated, to be major
funds of the City. Data from the other
governmental funds are combined into a single,
aggregated presentation.
The City of Cape Girardeau adopts annual
appropriated budgets for all its governmental
funds, excluding the following capital project
funds which have project length budgets: water
system improvements, storm water
improvements from parks / storm water sales tax
and park improvements from parks / storm water
sales tax. Budgetary comparison statements have
been provided for all major governmental funds
as part of the financial statements to demonstrate
compliance with this budget. Budgetary
comparison statements for the remaining
governmental funds are present as supplemental
information.
The basic governmental fund financial
statements can be found on pages 23 to 27 of this
report.
Proprietary funds. The City of Cape Girardeau
maintains two types of proprietary funds.
Enterprise funds are used to report the same
functions presented as business -type activities in
the government -wide financial statements. The
City used enterprise funds to account for its
sewer, water, and solid waste utilities and its golf
course and softball complex operations. Internal
service funds are an accounting device used to
accumulate and allocate costs internally among
the City's various functions. The City uses
internal service funds to account for operation of
its management information systems, fleet
management, self-insured employee benefits and
workmen's compensation programs, and its
internal equipment leasing program.
Proprietary funds provide the same type of
information as the government -wide financial
statements, only in more detail. The proprietary
CITY OF CAPE GIRARDEAU, MISSOURI
fund financial statements provide separate
information for the sewer, water, and solid waste
utilities and golf course and softball complex
operations. All of these are considered, or have
been designated, to be major funds of the City.
The internal service funds are combined into a
single, aggregated presentation in the proprietary
fund financial statements.
The basic proprietary fund financial statements
can be found on pages 28 to 32 of this report.
Budgetary comparison statements for all the
proprietary funds are present as supplemental
information.
Notes to the Financial Statements. The notes
provide additional information that is essential to
a full understanding of the data provided in the
government -wide and fund financial statements.
The notes to the financial statements can be
found beginning on page 34 of this report.
Government -wide Financial Analysis
As noted earlier, net assets may serve over time
as a useful indicator of a government's financial
position. The City of Cape Girardeau, assets
exceeded liabilities by $231,392,223, an increase
of $8,920,730 (4.0%). The City's $195,266,351
net investment in capital assets (land, buildings,
machinery, and equipment less related
outstanding debt used to acquire those assets)
makes up 84.4% of the City's net assets.
This net investment increased $12,421,280
(6.8%) during the current fiscal year. The City
uses these capital assets to provide services to
citizens; consequently, these assets are not
available for future spending.
Although the City's investment in its capital
assets is reported net of related debt, it should be
noted that the resources needed to repay this debt
must be provided from other sources, since the
capital assets themselves cannot be used to
liquidate these liabilities.
An additional portion of the City's net assets (3.9
percent) represent resources that are subject to
external restrictions on how they may be used.
The portion of the City's net assets subject to
external restrictions was $128,209 (1.4%) more
than the previous year. The remaining balance of
net assets ($27,076,606) is unrestricted and may
be used to meet the City's ongoing obligations to
citizens and creditors. This reflects a $3,628,759
(11.8%) decrease over the previous year.
At the end of the current fiscal year, the City is
able to report positive balances in all three
categories of net assets, both for the government
as a whole, as well as for its separate
governmental and business -type activities. The
same situation was true of the prior year.
City of Cape Girardeau's Net Assets
5
Governmental
Business -type
Activity
Activities
Total
2010
2009
2010
2009
2010
2009
Current and other assets
36,770,324
51,979,663
13,906,388
14,556,300
50,676,712 .
66,535,963
Capital assets
163,523,667
149,105,969
98,463,847
92,464,329
261,987,514
241,570,298
Total assets
200,293,991
201,085,632
112,370,235
107,020,629
312,664,226
308,106,261
Long-term liabilities outstanding
40,981,943
44,169,722
24,916,665
25,970,177
65,898,608
70,139,899
Other liabilities
9,924,574
9,474,965
5,448,821
6,019,904
15,373,395
15,494,869
Total liabilities
50,906,517
53,644,687
30,365,486
31,990,081
81,272,003
85,634,768
Net assets:
Invested in capital assets,
Net of related debt
124,536,400
119,771,644
70,729,951
63,073,427
195,266,351
182,845,071
Restricted
4,683,514
4,622,706
4,365,752
4,298,351
9,049,266
8,921,057
Unrestricted
20,167,560
23,046,595
6,909,046
7,658,770
27,076,606
30,705,365
Total net assets
149,387,474
147,440,945
82,004,749
75,030,548
231,392,223
222,471,493
5
CITY OF CAPE GIRARDEAU, MISSOURI
Governmental activities. Governmental activities increased the City of Cape Girardeau's net assets by $2,872,043
(compared to $4,078,269 in the previous fiscal year). This amount combined with the use of $2,879,035 (12.5%) of
the previous year's unrestricted net assets funded all of the $4,764,756 (4.0%) increase in net investments in capital
assets during the fiscal year.
Activity in the following revenue and expense items should be noted for the current fiscal year:
0
City of Cape Girardeau's Change in Net Assets
Governmental
Business -type
activities
activities
Total
2010
2009
2010
2009
2010
2009
Revenues:
Program revenue:
Charges for service
4,811,586
3,809,396
12,666,105
12,690,661
17,477,691
16,500,057
Operating grants and
contributions
1,141,534
.1,611,839
15,451
149,306
1,156,985
1,761,145
Capital grants and
contributions
3,983,379
1,667,933
536,030
519,341
4,519,409
2,187,274
General revenues:
Property taxes
1,954,791
1,944,680
-
-
1,954,791
1,944,680
Sales taxes
23,776,186
21;981,847
-
-
23,776,186.
21,981,847
Other taxes
8,224,566
7,990,413
-
-
8,224,566
7,990,413
Other
1,225,489
1,666,740
559,385
743,332
1,784,874
2,410,072
Total revenues
45,117,531
40,672,848
13,776,971
14,102,640
58,894,502
54,775,488
Expenses:
Administrative
6,049,429
5,559,436
-
-
6,049,429
5,559,436
Capital Improvements
225,344
632,998
-
-
225,344
632,998
Development Services
2,395,163
2,580,985
-
-
2,395,163
2,580,985
Interest and other costs
1,861,055
1,388,445
-
-
1,861,055
1,388,445
Parks and Recreation
4,002,531
3,908,389
-
-
4,002,531
3,908,389
Public Safety
12,583,410
12,512,216
-
-
12,583,410
12,512,216
Public Works
6,731,851
6,181,277
-
-
6,731,851
6,181,277
Sewer
-
-
5,858,412
5,495,680
5,858,412
5,495,680
Water
-
-
5,979,806
5,759,009
5,979,806
5,759,009
Solid Waste
-
-
3,202,022
3,146,307
3,202,022
3,146,307
Golf Course
-
-
508,639
522,990
508,639
522,990
Softball Complex
-
-
616,020
507,154
616,020
507,154
Total expenses
33,848,783
32,763,746
16,164,899
15,431,140
50,013,682
48,194,956
Increase in net assets
before transfers
11,268,748
7,909,102
(2,387,928)
(1,328,500)
8,880,820
6,580,602
Transfers
(8,396,705)
(3,830,833)
8,396,705
3,830,833
-
-
Increase in net assets
2,872,043
4,078,269
6,008,777
2,502,333
8,880,820
6,580,602
Net assets -beginning of year
147,440,945
143,378,443
75,030,549
72,528,216
222,471,494
215,906,659
Prior period adjustments
(925,514)
(15,767)
965,423
-
39,909
(15,767)
Net assets -end of year
149,387,474
147,440,945
82,004,749.
75,030,549
231,392,223
222,471,494
0
CITY OF CAPE GIRARDEAU, MISSOURI
Revenues from governmental activities
Charges for service increased $1,002,190 (26.3%) over the previous year. During the year internal charges,
court fines, airport special event revenues, and net margin on fuel sales increased $180,657 (18.6%), $49,906
(6.3%), $432,097 (1298.5%) and 102,929 (51.7%), respectively, from revenues earned in the previous year.
Also included in this year's service charges was revenue from Cape Splash which began operations at end of
May 1020. Significant decreases from the previous year were: (1) development related user fees were down
$92,400 (36.0%) and (2) Osage Centre rentals were down $21,400 (23.4%).
Internal staff expense charged to capital projects increased significantly this year reflecting progress made on
projects funded by the transportation and parks / stormwater sales taxes during the year. The increase in court
fines reflect a 2.9% increases in traffic cases handled during the year. During the current year the City hosted
the "Blue Angels" at its air show which was supported by significant ticket sales and sponsorship revenue. In
the previous year the City had a scaled down air show at the City's Fourth of July celebration that was
supported only by sponsorship revenue. The net revenue from this year's air show was $10,436 compared to a
net loss of $19,722 in the previous year. The increase in the net margin in fuel sales at the airport reflected a
49.9% increase in the number of gallons of fuel sold at the airport during the past year.
During the previous year, building permit and plan review fees associated with two large hospital expansion
projects and one elderly apartment complex and inspection fees associated with a large residential subdivision
caused significant increases in development related users fees. Similar activity did not reoccur during the
current year. Rentals of rooms at the Osage Centre declined this year. Part of this decline could have resulted
from the remodeling project that took place during the year.
Operating grants and contributions were $470,305 (29.2%) less than the previous year. During the previous year
the City received $365,082 in payments from FEMA and SEMA for the reimbursement of costs associated -with
various natural disaster events and intergovernmental revenue from the County totaling $84,558 to upgrade the
HVAC system at the Common Pleas Courthouse. No revenues were received from these grants in the current
year. This year the City received $76,064 from a Department of the Interior Preserve America Grant to market
the City's Downtown Historic District. No revenues were received from this grant in the previous year. During
the current year the City received $353,451 in payments from various neighborhood improvement grants,
$414,959 from various police operating grants and $97,795 from a SAFER grant to cover the portion of the
personnel costs of three additional firefighters. During the previous year payments from these sources were
$473,121, 375,536 and $116,638, respectively.
Capital grants and contributions increased $2,315,446 (138.8%) over the previous year. In the current year
$992,889 of donated assets and infrastructure were recorded. This was $226,207 (32.5%) more than the
previous year. Benefiting property owners were charged $35,541 for a portion of this year's infrastructure
costs. This was $2,210 (31.1%0) more than the previous year. This year grants totaling $1,395,260, $577,294,
and $261,964 were received respectively for airport capital projects, water system improvements, and public
safety equipment. In the previous year grant totaling $90,075, $0, and $3,212 were received for these projects
respectively. The remaining grant and contribution revenue received was $790,431 which was $54,202 (6.4%)
less than the previous year.
• Property tax revenue was $10,111 (0.5%) more than the previous year. Final adjusted assessed value of real
estate increased $10,120,678 (2.4%) over the previous year. New construction and annexed property accounted
for $5,797,290 and $206,470 of this increase, respectively. Final adjusted assessed value of personal property
decreased $5,321,727 (5.2%) over the previous year. State law required the City to decrease its levy rate by .9%
during the current year.
7
CITY OF CAPE GIRARDEAU, MISSOURI
Revenues from governmental activities (continued)
Sales tax revenue was 52.7% of the total revenue during the current year vs. 53.9% in the previous
year. This year's revenue, which included the first full year of a new parks / storm water sales tax that went into
effect October 1, 2008, was $1,794,339 (8.2%) more than the previous year. Excluding the effects of the new
tax, sales tax. revenue would have increased $304,224 (1.6%) over the previous year. From fiscal year ending
June 30, 2007 through fiscal year ending June 30, 2009 sale tax revenue had annual growth rates of 2.8%,.6%,
and (1.6%), respectively
• Other taxes increased $234,153 (2.9%) from the previous year. Franchise taxes, motor fuel taxes, liquor license
grew $274,159 (7.7%),$13,693 (1.0%), and $3,612 (5.6%) respectively. Convention and tourism taxes,
business licenses, and other taxes decreased $43,292 (2.5%), $7,248 (.6%), and $6,771 (4.2%) respectively.
Ameren paid 72.4% of the total franchise tax collected during the year based on its electricity and natural gas
revenues. During the current year Ameren paid $62,925 (2.2%) less than the previous year. Payments received
on natural gas sales declined $140,709 (14.7%) from the previous year as a result of natural gas rates being
approximately 17.5% lower during the current year. Payments received on electricity sales only. increased
$77,784 (4.2%) despite rates that were approximately 10% higher than the previous year. It appeared that mild
summer temperatures accounted for a majority of the less than expected revenue growth.
During the current year the City received payments in lieu of franchise taxes from its water and sewer funds
totaling $447,304. This was $304,356 (212.9%) greater than the previous year. In the current year the water and
sewer funds paid 5% of their gross receipts. In the previous year water paid 2.5% of its gross receipts. No
payment was made by the sewer fund in the previous year.
Franchise tax paid during the current year by the City's telecommunication and cable TV service providers
increased $30,656 (14.1%) and $2,072 (.6%), respectively, from the previous year.
The decrease in the convention and tourism taxes was comprised of a $28,110 (2.5%) increase in restaurant
taxes from the previous year which was more than offset by a significant $71,402 (12.0%) decrease in hotel /
motel taxes from the previous year.
• Other revenue decreased $441,251 (26.59%) over the previous year. Investment earnings, which account for
91.4% of other revenue, decreased $447,679 (28.5%).
Expenses from governmental activities
Administrative expenses totaled $6,049,429 this year which was $489,993 (8.8%) more than the previous year.
Excluding personnel costs, the most significant cost item included in this category is the City's support of the
"River Campus Project". This is a joint City/University project. The City agreed to make payments from its
convention and tourism taxes to pay principal and interest on bonds issued by the University to fund $8.9
million of construction costs related to a campus, performance center, and museum on property that oversees
the Mississippi River. The campus began operating in the fall of 2007. The total cost of the project exceeded
$60 million. The city's payments to Southeast Missouri State University decreased $68,342 (5.7%) to .
$1,131,426 this year.
CITY OF CAPE GIRARDEAU, MISSOURI
Expenses from governmental activities (continued)
Current revenues collected from the hotel, motel, and restaurant taxes not used for the operation of the
Convention Visitors Bureau are committed to payoff the "River Campus" bonds. Unspent hotel, motel, and
restaurant taxes collected before November 2004 are used to fund various tourism related projects. During the
current year the City spent $184,706 on such projects, an increase of $95,382 (106.8%0) from the previous year.
At the end of the current year there was still $400,343 available for expenditure on future tourism related
projects.
The current year includes the following significant changes in administrative costs: (1) amounts spent on
declared natural disaster weather events declined $172,891 to $130,176 (2) amount spent on the annual air show
increased $401,940 to $457,249 (3) amount spent on Preserve America Grant related expenditures increased
$89,434 to $90,086.
• Capital improvements expenses totaled $225,344 this year which was $407,654 (64.4%) less than the previous
year. These costs represent street and other capital projects that did not meet the City's $5,000 capitalization
threshold (the amount at which the expenditure would be recorded as a capital asset).
• Development services expenses totaled $2,395,163 this year which was $185,822 (7.2%) less than the previous
year. During the current fiscal year the City made economic development payments totaling $165,169 as
reimbursements on development agreements entered into in previous fiscal years. These payments were
$21,322 (14.8%) more than were made in the previous year.
During the previous year the City recognized $250,000 in costs associated with a grant that was passed through
to a local developer. The developer used the money to purchase an old school building in the City from the
public school system. No similar costs were included in the current year. Other significant changes in the
current year's development service costs were personnel costs decreased $67,739 (4.1%) and neighborhood
improvement projects costs increased $130,766 (54.5%).
Interest and other costs totaled $1,861,055 this year which was $472,610 (34.0%) more than the previous year.
In March 2009 the City issued $19,885,000 of bonds to finance various park and storm water projects. Interest
and other costs incurred on these bonds increased $650,174 from the previous year to $836,500. In June 2009
the City entered into a $125,000 note payable to finance a portion of the cost of land for a new downtown
parking lot. Interest and other costs incurred on these bonds increased $5,853 from the previous year to $5,868.
Scheduled principal and interest payments were made on all remaining debt during the year.
• Parks and recreation expenses totaled $4,002,531 this year which was $94,142 (2.4%) more than the previous
year. This year's expenditures include $38,622 in equipment and vehicle purchases that did not meet the City's
$5,000 capitalization threshold. In the previous year this amount was $253,008. All of these expenditures were
funded by a new sales tax that went into effect October 1, 2008.
This year's expenditures include $143,282 in operating expenses from Cape Splash. This new family aquatic
park opened Memorial Day weekend and was constructed using the parks / storm water sales tax.
This year's expenditures also include additional depreciation and personnel costs. Depreciation expense
increased $107,812 (27.60%) over the previous year. This mainly resulted from equipment purchases and
facility construction funded by the parks / storm water sales tax. Personnel costs, excluding Cape Splash,
included in this years expenses totaled $2,386,779 which was $75,121 (3.2%) greater than the previous year.
6
CITY OF CAPE GIRARDEAU, MISSOURI
Expenses from governmental activities (continued)
Public safety expenses totaled $12,583,410 this year which was $71,194 (0.6%) more than the previous year.
Personnel costs totaled $10,220,156 during the current year. This was $59,439 (.6%) less than the previous year.
Personnel costs include 3 fire fighter positions that were partially funded by a grant. Associated grant revenue
totaling $97,796 is included in the City's operating grant and contribution revenue for the current year.
Public safety expenses include $252,578 for communication, rescue, and other equipment. These costs were
totally funded by three grants whose revenue is reflected in the City's capital grant and contribution revenue for
the current year. During the previous year public safety expenses included $68,168 for putting flashing beacons
at school sites throughout the City. The costs were funded through a "Safe Routes to School" grant. Associated
grant revenue totaling $70,462 wad included in the City's capital grant and contribution revenue for that year.
Public works expenses totaled $6,731,851 this year which was $550,574 (8.9%) more than the previous year.
Included in this year's expenses is depreciation expense totaling $4,475,895 which was $532,538 (13.5%) more
than the previous year and personnel costs totaling $1,064,708 which was $59,850 (5.3%) less than the previous
year.
The current year includes the following significant changes in public works expenditures: (1) amounts spent on
fleet maintenance declined $53,128 (22.3%) to $184,969 (2) internal lease charges for equipment increased
$42,146 (26.4%) to $202,026 (3) amount spent on street maintenance and snow removal supplies increased
$71,599 (59.6%) to $191,730.
The illustration above makes it clear that all the governmental activities and business -type activities of the City
with the exception of water and solid waste required a subsidy by taxpayers. General revenues in these
activities, which include transfers from special revenue sales taxes, were sufficient to provide adequate
subsidies for both the governmental and business -type activities.
10
CITY OF CAPE GIRARDEAU, MISSOURI
Revenues by Source —
Governmental Activities
Revenues for governmental activities
Operating
Charge for
grants Capital grants
Service
2.51/6 8.8%
10 6%
Property taxes
Other
�' 4.4%
2.8%
ertaxes
18.2
Sales taxes_
52.7%
The above chart summarizes the sources of
revenue from government activities. The three
main sources of revenue and their share of total
governmental revenues are sales tax (52.7%),
other taxes (18.2%) and charges for services
(10.6%).
The City's general sales tax represents 36.7
percent of the total sales tax revenue and,45.0
percent of the total general fund revenues. The
remaining sales taxes are for parks, storm water,
transportation, sewer, water, and public safety
projects.
The general fund accounts for 63.4% and 56.4%
of the other tax and service charge revenue
respectively. This represents 26.9% and 14.0%
of the total general fund revenues respectively.
Business -type activities. Business -type activities
increased the City of Cape Girardeau's net assets
by $6,008,777 (compared to $2,502,333 in the
previous fiscal year). Excluding transfers from
government activities, business -type net assets
decreased $2,387,928 and $1,328,500,
respectively, during the last two years. These
decreases were offset by transfers from
governmental activities totaling $8,396,705 and
$3,830,833, respectively, during the past two years.
Transfers of sales tax revenue for bond payments
totaling $1,750,307 and operating subsidy transfers
from the general and parks / storm water sales tax
funds totaling $879,323 make up 20.8% and 10.5%
of this year's total transfers, respectively. Last year
these transfers totaled $2,210,261 and $670,851,
respectively and represented 57.7% and 17.5% of
11
that year's transfers. Transfers of water system
improvements to the water fund increased
$1,861,702 from the previous year to $2,696,528 this
year. Park and stormwater system improvements
totaling $2,552,677 and $273,158 were transferred to
the sewer, golf, and softball complex funds this year.
The net change in assets before transfers and general
revenues in the sewer, water, solid waste, golf, and
softball operations totaled $(2,424,206), $107,013,
208,590, $(401,639), and $(437,070), respectively,
this year. This compares to $(2,155,036), $402,981,
233,186, $(203,158), and $(349,806), respectively, in
the previous year.
Financial Analysis of the City's Funds
As noted earlier, the City of Cape Girardeau uses
fund accounting to ensure and demonstrate
compliance with finance -related legal requirements.
Governmental funds. The focus of the City's
governmental funds is to provide information on
near-term inflows, outflows, and balances of
spendable resources. Such information is useful in
assessing the City's financing requirements. In
particular, unreserved fund balance may serve as a
useful measure of the City's net resources available
for spending at the end of a fiscal year.
As of June 30, 2010, the City's governmental funds
reported combined ending fund balances of
$27,452,356, a decrease of $15,412,423 (36.0%)
from the prior year. Unreserved fund balances,
which are available for spending at the City's
discretion, account for $12,283,807 (44.7%) of the
total fund balances.
CITY OF CAPE GIRARDEAU, MISSOURI
The remainder of the fund balances are reserved
to indicate that they are not available for new
spending because they have already been
committed 1) to meet the City's Charter required
emergency reserves ($4,163,333), 2) to fund
purchase orders open at the end of the year
($9,365,628), 3) to set aside fund balance not
currently available for expenditure equal to long-
term loans due from other City funds ($996,954),
4) to pay debt service ($243,939), and 5)
restricted to a specific use ($398,696).
The general fund is the chief operating fund of
the City. At the end of fiscal year ending June
30, 2010, unreserved fund balance of the general
fund was $944,751 while total fund balance was
$5,520,348. As a measure of the general fund's
liquidity, it may be useful to compare both
unreserved fund balance and total fund balance
to total fund expenditures. Unreserved fund
balance represents only 4.1 percent of total
general fund expenditures including transfers.
However, included in the reserved fund balance
is $3,331,396, which had been reserved to meet
the City Charter's emergency reserve
requirement. This amount represents 14.3
percent of total general fund expenditures
including transfers and could be used if an
emergency was declared by the City Council.
The Governmental Funds Statement of Revenue,
Expenditures, and Changes in Fund Balance shows
that the total fund balance of the City of Cape
Girardeau's general fund increased by $575,278
during the current fiscal year. However, the
General Fund Statement of Revenues,
Expenditures, and Changes of Fund Balance
prepared on a budget basis shows a current fiscal
year increase of $617,724. Differences between the
amounts reflected in the two statements can be
found in the Notes to Budgetary Comparison
Schedules found on pages 78 - 81.
The original adopted general fund budget for the
fiscal year ending June 30, 2010 had a surplus of
revenues over expenditures of $336,436. The
actual general fund results increased fund
balances by $617,724. Significant deviations
from this budget are detailed below:
o Sales tax revenue was $84,776 (1.55°/x)
more than the previous year, which was
$84,776 (.98%) more than projected for the
adopted budget. The adopted budget projected
revenues that were I% below actual fiscal year
ending June 30, 2008 revenues. Actual revenue
12
for fiscal year ending June 30, 2009 declined
1.56% from than the previous year.
o Franchise tax revenue was $274,159
(7.7%) more than the previous year. The main
factor leading to this increase was a $304,356
(212.9%) increase in revenues collected from
the water and sewer funds for payments in lieu
of taxes. During the current year both funds'
payments were based on 5% of their gross
receipts. In the previous year the water fund
paid the payment in lieu of taxes based on 2.5%
of its gross receipts. No payment was made by
the sewer fund in the previous year.
During the current year Ameren, the City's
provider of natural gas and electricity, paid
$62,925 (2.2%) less franchise tax than the
previous year. Payments received on natural gas
sales declined $140,709 (14.7%) from the
previous year as a result of natural gas rates
being approximately 17.5% lower during the
current year. Payments received on electricity
sales only increased $77,784 (4.2%) despite
rates that were approximately 10% higher than
the previous year. Mild summer temperatures
accounted for a majority of the less than
expected revenue growth from electricity sales.
Franchise tax paid during the current year
by the City's telecommunication and cable TV
service providers increased $30,656 (14.1%)
and $2,072 (.6%), respectively, from the
previous year.
Franchise tax revenue was $7,538 (.2%)
more than projected for the adopted budget.
Franchise taxes from telecommunications and
City's water and sewer exceeded their budgets
by $68,128 (38.0%) and $12,629 (2.9%).
Franchise taxes from electric and natural gas
utilities and cable TV fell short of meeting their
by $61,974 (2.2%) and $11,245 (3.0%).
o Real estate and personal property tax
revenue increased $9,111 (.6%) over the
previous year and was $17,813 (1.1 %) less
projected for the budget.
The final assessed values for real estate
grew 2.4% while the final assessed values for
,personal property declined 5.2% from the
previous year. The adopted budget for the fiscal
year ending June 30, 2010 had assumed 1.0%
and 0.0% assessed value growth respectively.
CITY OF CAPE GIRARDEAU, MISSOURI
o Business license revenue declined
ending June 30, 2010 had assumed revenue
$7,248 (.6%) over the previous year but
levels equal to calendar year 2008.
still exceeded the projected budget by
$31,243 (2.8%). The adopted budget for
o During the current fiscal year expenditures
fiscal year ending June 30, 2010 had
were $39,751 (.2%) more than original budget.
projected revenue that was 3.6% less than.
Debt service and capital expenditures were less
fiscal year ending June 30, 2008 actual.
than their original budgets by $12,025 (6.4%)
and $5,747 (5.0%). Current operating
o Other license and permit revenue was
expenditures were $57,523 (.3%) more than the
$19,252 (8.1 %) lower this year than the
original budget.
previous year which was $7,919 (3.8%)
more than projected for the budget. Permit
o Transfers to other funds for operating
revenue associated with the local hospitals'
subsidies were $23,890 (.6%) less than original
expansion projects that occurred in the
budget while transfers for capital expenditures
previous year caused that year's results to
exceeded their original budgets by $262,323
be better than the current year.
(3279.0%). Additional transfers for park
projects, neighborhood redevelopment, and a
o Intergovernmental revenue exceeded
downtown parking lot accounted for $242,014
revenue projected for the budget by
of the additional transfers.
$360,943 (61.2%). This year's
intergovernmental revenue included
Proprietary funds. The City of Cape Girardeau's
$263,702 in revenues from various public
enterprise funds are all presented as major funds for
safety capital grants and $89,064 in disaster
purposes of this report. As a result, all statements
relief payments from state and federal
related to the enterprise funds are presented at the
agencies to make repairs to streets and
government -wide level. The City does have Internal
other items damaged during the previous
Service funds, which are reported in total on the
year's natural disasters.
Proprietary Fund Statement and consolidated with
other governmental activities on the government -
o Service charges were $73,371 (22.4%)
wide statements.
less than the previous year and were
$41,966 (14.1%) less than projected in the
General Fund Budgetary Highlights
budget. During the previous year the City
received significant development and plan
Total expenditures and transfers on the final amended
review fees from one residential
budget were $827,638 (3.6%) more than the original
development and three commercial
adopted budget. The changes that were appropriated
developments and as result that year's
by the City Council can be summarized as follows:
results were significantly better than the
o $134,500 to cover costs associated with flash
current year.
flooding, river flooding and winter storm events
o Internal charges were $186,682
that occurred during the previous year which
(17.1 %) greater than the previous year
are included in the current year's contingent
which was $128,778 (11.2%) more than
expenses. These costs were funded by disaster
projected in the budget. During the year the
relief payments from state and federal agencies.
City made better than anticipated progress
on completion of its major capital projects.
o $46,000 to cover additional personnel costs
This resulted in more internal salaries
and various other operating costs included the
being charged to these projects than had
current year's parks and recreation expenses.
been anticipated by the budget.
o $38,650 to cover additional election costs and
o Fines and forfeits revenue was $49,906
various other operating costs included the
(6.3%) greater than the previous year
current year's administrative expenses.
which was $43,110 (5.4%) more than
projected in the budget. There was a 2.9%
o $15,000 to cover an economic development
increase in traffic violation cases during the
payment that inadvertently left out of the
years. The adopted budget for fiscal year
13
CITY OF CAPE GIRARDEAU, MISSOURI
original budget. This payment is included
in the current year's development services
expenses.
$253,788 to cover additional grant and
donation funded operating expenses
included in current public safety expenses.
The additional operating expenses were
funded by previous years' unspent donation
revenue and unexpected grants received
during the current year.
o $6,000 to cover interfund interest costs
included in the current years interest
expense.
o $100,000 to cover costs of grant funded
communication equipment included in
public safety capital expenses. The
additional costs were funded by unexpected
grants received during the current year.
o $13,000 to cover cost of the roof
replacement of the Lorimier Cemetery
Mausoleum. This cost is included in parks
and recreation capital expenses
o $80,000 general fund transfers to the
airport and parks and recreation fund to
cover the costs of projected operating
deficits. Only $18,547 of this appropriation
was actually used.
o $54,000 general fund transfer to the
community development block grant fund
to cover a portion of the local cost of a new
downtown parking lot.
o $32,000 general fund transfer to the
housing development grant fund to cover
additional local match portion of various
neighborhood improvement grants.
o $44,000 general fund transfer to the
equipment replacement fund to transfer
estimated proceeds of assets sales:
14
o $10,000 general fund transfer to the public
safety trust fund to cover the cost of the
increased estimated amount that could be
available to be transferred based on projected
sales tax revenue.
Unused appropriations of development services
($113,000) were transferred to administrative in
current operating expenses.
Excess general fund revenues and unrestricted fund
balances were used to fund all appropriations that
did not have an identified funding source.
During the year departments may transfer budget
appropriations between various expense types
within their department.
Capital Assets and Debt Administration
Capital Assets. The City of Cape Girardeau's
investment in capital assets for its governmental
and business -type activities as of June 30, 2010,
amounts to $261,987,514 (net of accumulated
depreciation). This investment in capital assets
includes all land, buildings and system
improvements, machinery and equipment, and
infrastructure owned by the City.
City Capital Assets
CITY OF CAPE GIRARDEAU, MISSOURI
o $33,290 in costs was also incurred during
the year on street projects not included on
the transportation sales tax list of projects.
o Construction costs totaling $3,022,646 on
water system projects were incurred this
year. Major water system improvements
included the installation of a new raw
water line, the addition of water main
extensions and continuation of the two-
inch water main replacement program.
o Construction costs totaling $805,826 were
incurred for other improvements. These
projects included, traffic signal upgrades;
parking lot improvements in the
downtown area, and trail construction.
Major capital asset events during the current
fiscal year included the following:
o Construction costs totaling $7,321,719 on
approved transportation sales tax projects
were incurred this year. This tax was
originally approved to complete a specific
list of street projects, which also included
amounts for street repair and overlay,
sidewalk construction and repair, and
street light installation and upgrades.
$33,290 in costs was also incurred during
the year on street projects not included on
the transportation sales tax list of projects.
15
o Major improvements to the Airport's Airfield,
South Ramp and Taxiway amounted to
$1,419,857 in construction costs. These were
primarily funded by an American
Reinvestment and Recovery Act grant and
State Entitlement money.
o Police and fire station improvements in the
amount of $149,857 were made possible by
the passage of a Fire Sales Tax.
o In April 2008 voters approved a %2 cent sales
tax to pay for storm water and park
improvement projects. $270,362 and
$12,675,297 were spent respectively during
the current year on these projects.
Additional information about the City's capital assets
can be found in note D to the financial statements.
City of Cape Girardeau's Capital Assets
(net of depreciation)
Governmental
Business -type
Activity
Activities
Total
2010
2009
2010 2009
2010
2009
Land
5,375,506
5,370,111
161,990 161,990
5,537,496
5,532,101
Buildings and
system
improvements
18,493,406
12,253,179
2,089,527 2,204,432
20,582,933
14,457,611
Improvements
other than
buildings
11,666,628
9,890,277
86,516,462 85,769,063
98,183,090
95,659,340
Equipment
6,082,188
5,902,960
5,049,330 3,058,396
11,131,518
8,961,356
Infrastructure
115,973,947
107,513,636
- -
115,973,947
107,513,636
Construction
in progress
5,931,992
8,175,806
4,646,538 1,270,448
10,578,530
9,446,254
Total
163.523.667
149.105.969
98.463.847 92.464.329
261.987.514
241.570.298
o $33,290 in costs was also incurred during
the year on street projects not included on
the transportation sales tax list of projects.
o Construction costs totaling $3,022,646 on
water system projects were incurred this
year. Major water system improvements
included the installation of a new raw
water line, the addition of water main
extensions and continuation of the two-
inch water main replacement program.
o Construction costs totaling $805,826 were
incurred for other improvements. These
projects included, traffic signal upgrades;
parking lot improvements in the
downtown area, and trail construction.
Major capital asset events during the current
fiscal year included the following:
o Construction costs totaling $7,321,719 on
approved transportation sales tax projects
were incurred this year. This tax was
originally approved to complete a specific
list of street projects, which also included
amounts for street repair and overlay,
sidewalk construction and repair, and
street light installation and upgrades.
$33,290 in costs was also incurred during
the year on street projects not included on
the transportation sales tax list of projects.
15
o Major improvements to the Airport's Airfield,
South Ramp and Taxiway amounted to
$1,419,857 in construction costs. These were
primarily funded by an American
Reinvestment and Recovery Act grant and
State Entitlement money.
o Police and fire station improvements in the
amount of $149,857 were made possible by
the passage of a Fire Sales Tax.
o In April 2008 voters approved a %2 cent sales
tax to pay for storm water and park
improvement projects. $270,362 and
$12,675,297 were spent respectively during
the current year on these projects.
Additional information about the City's capital assets
can be found in note D to the financial statements.
CITY OF CAPE GIRARDEAU, MISSOURI
City of Cape Girardeau's Outstanding Debt
Year ended 2010
Long-term debt. At the end of the fiscal year,
the City of Cape Girardeau had total debt
outstanding of $71,454,932. Bonded debt
outstanding totaling $42,133,838 is secured by
revenues of the sewer and water funds and
capital improvement sales taxes. The repayment
of the remaining debt is subject to annual
appropriations.
The City's total debt decreased by $5,497,403
(-7.1%) during the year. During the year the City
received a $1,000,000 ARRA direct loan
commitment from the State of Missouri to be
used to complete the new raw water transmission
main. At the end of the current year the City had
used $577,294 of the $1,000,000 commitment.
Regularly scheduled principal payments and
amortization of bond premiums / discounts
resulted in outstanding long-term debt being
reduced by $6,074,697.
More information about the City's outstanding
debt can be found in note E to the financial
statements.
Economic Factors and the Next Year's Budget
Commercial and residential development reflects
the national economy. Values of commercial and
residential permits issued during the year were
44.3% and 34.7%, respectively, below the
previous year's values and were 19.2% and 70.2
16
respectively below, fiscal year ending June 30, 2007
values.
Commercial and residential permits valued at $26.7
million and $8.1 million were issued this year.
Commercial and residential permits valued at $47.9
million and $12.4 million were issued in the previous
year. Only 34 single family residence building
permits totaling $5,222,898 were issued during the
current year compared to 33 totaling $6,892,992 in
the previous year. Commercial permits during the
previous year included major projects at the two City
hospitals and the construction of a senior citizen's
apartment complex. No similar commercial projects
were constructed this year.
Local employment continues to be stronger that state
and national employment. The Cape Girardeau
County unadjusted unemployment rate was only
7.3% in October 2010.This compares favorably with
the statewide and national unadjusted unemployment
rates which were of 9.4% and 9.6% respectively. The
unemployment rates were 6.5%, 8.9% and 9.6% for
the county, state, and nation, respectively, for the
previous October. City construction projects related
to its transportation sales tax and parks and
stormwater sales provide significant support to local
construction employment.
During the previous year Thortigate Ltd., a high-end
men's clothing manufacturer, ceased operations at its
Cape Girardeau plant. As a result 310 jobs were lost.
Governmental
Business -type
Activity
Activities
Total
2010
2009
2010
2009
2010
2009
Notes payable
737,605
1,317,125
930,125
457,875
1,667,730
1,775,000
Special
obligation
bonds
5,661,524
6,471,913
1,289,046
184,577
6,950,570
6,656,490
Revenue bonds
16,362,923
17,455,594
25,770,915
29,107,986
42,133,838
46,563,580
Certificates of
participation
2,100,173
2,235,209
-
-
2,100,173
2,235,209
General
obligation
bonds
-
-
-
-
-
-
Leasehold
revenue bonds
18,602,621
19,722,056
-
-
18,602,621
19,722,056
43,464,846
47,201,897
27,990,086
29,750,438
71,454,932
76,952,335
Long-term debt. At the end of the fiscal year,
the City of Cape Girardeau had total debt
outstanding of $71,454,932. Bonded debt
outstanding totaling $42,133,838 is secured by
revenues of the sewer and water funds and
capital improvement sales taxes. The repayment
of the remaining debt is subject to annual
appropriations.
The City's total debt decreased by $5,497,403
(-7.1%) during the year. During the year the City
received a $1,000,000 ARRA direct loan
commitment from the State of Missouri to be
used to complete the new raw water transmission
main. At the end of the current year the City had
used $577,294 of the $1,000,000 commitment.
Regularly scheduled principal payments and
amortization of bond premiums / discounts
resulted in outstanding long-term debt being
reduced by $6,074,697.
More information about the City's outstanding
debt can be found in note E to the financial
statements.
Economic Factors and the Next Year's Budget
Commercial and residential development reflects
the national economy. Values of commercial and
residential permits issued during the year were
44.3% and 34.7%, respectively, below the
previous year's values and were 19.2% and 70.2
16
respectively below, fiscal year ending June 30, 2007
values.
Commercial and residential permits valued at $26.7
million and $8.1 million were issued this year.
Commercial and residential permits valued at $47.9
million and $12.4 million were issued in the previous
year. Only 34 single family residence building
permits totaling $5,222,898 were issued during the
current year compared to 33 totaling $6,892,992 in
the previous year. Commercial permits during the
previous year included major projects at the two City
hospitals and the construction of a senior citizen's
apartment complex. No similar commercial projects
were constructed this year.
Local employment continues to be stronger that state
and national employment. The Cape Girardeau
County unadjusted unemployment rate was only
7.3% in October 2010.This compares favorably with
the statewide and national unadjusted unemployment
rates which were of 9.4% and 9.6% respectively. The
unemployment rates were 6.5%, 8.9% and 9.6% for
the county, state, and nation, respectively, for the
previous October. City construction projects related
to its transportation sales tax and parks and
stormwater sales provide significant support to local
construction employment.
During the previous year Thortigate Ltd., a high-end
men's clothing manufacturer, ceased operations at its
Cape Girardeau plant. As a result 310 jobs were lost.
CITY OF CAPE GIRARDEAU, MISSOURI
Within in the past 2 months developments have
been announced that will eventually replace
these jobs.
In October 2010 TJ Maxx opened a store in the
former Goody's store that had closed more 1.5
years ago. This store may produce an additional
30 jobs.
In December 2010 the Isle of Capri announced
plans for a $125 million casino development in
the downtown area. Construction on the project
should begin this spring and should be
completed and operational by December 2012.
The development should employ approximately
450 people and produce an estimated $3 million
of additional annual tax revenue for the City
after its opening.
Taxable sales subject to the City's general sales
tax increased 1.55% during the current year.
Since the City is heavily dependent on sales tax
revenue for support of its general fund services,
any growth of local retail sales can have a
positive impact on the City's ability to fund
services in the future.
The state Hancock Amendment requires the City
obtain simple majority voter approval to increase
any permit or license fee that is not based on
actual costs to the user and strictly limits the
City's ability to increase its real estate and
personal property tax levies to support its general
services such as police and fire protection. The
City Charter requires voter approval to increase
sewer, water, and solid waste fees by more than
5% in any year. All other user fees can be
adjusted to cover actual costs.
Stagnant retail economy. Sales tax is a
significant revenue source of the City and is a
barometer of the local economy. In the current
year sales tax revenue from the general sales tax
increased 1.6% while inflation grew at .8%. In.
the previous year sales tax revenue from the
general sales tax decreased 1.6% while inflation
grew at 1.9 %.
Although there has been some sales tax revenue
increase during the past 3 years, there has been
almost no cumulative growth during those years.
Sales tax revenue for the fiscal year ending June
30, 2010 was only .5% more than it was for the
fiscal year ending June 30, 2007. During that
timeframe inflation averaged increasing 2.1%
per year.
The City's restaurant gross receipt tax increased
2.5% while the hotel/motel gross receipt tax
decreased 12.0% during the current year. In the
previous year they increased 3.2% and 2.0%,
respectively.
Regional retail center. Through most of the 1990's
Cape Girardeau continued to be a regional retail
center for much of Southeast Missouri and Southern
Illinois. During the latter part of the 1990's Cape
Girardeau began to lose its share of the retail market
to other cities in the region as these cities added
additional retail outlets in their communities.
17
The previous table, which includes the City of Cape
Girardeau and significant retail centers within a 50
mile radius, shows the percentage of estimated sales
made by each City to the total estimated sales of the
five cities. During the current year is appears City's
share of the local market has increased significantly
compared to the other years.
Local Economic Development. Since 2004 the City
has entered into 3 long-term development agreements
to reimburse companies for the public improvements
associated with 3 retail development projects from
the additional sales tax generated from those projects.
The agreements have resulted in the addition of one
major new retailer, the relocation and expansion of
another major retailer, and in the conversion of a
former Sears's facility into a call center for National
Asset Recover Services (MARS).
Payment made by the City pursuant to these
agreements totaled $165,169 during the current year.
Payments totaling $806,999 have been made since
the beginning of these agreements.
During the year the City spent $62,968 in support of
Cape Girardeau Area Magnet, as a result of their
membership in that organization. This organization
actively solicits business, industry and commerce for
the greater Cape Girardeau area which includes
neighboring cities Jackson and Scott City and all of
Cape Girardeau County.
SALES TAX COMPARISON
FY07
FY08
FY09
FY10
Cape Girardeau
40.9%
41.2%
41.1%
41.7%
Carbondale
28.4%
28.6%
27.7%
27.9%
Jackson
10.2%
9.9%
9.9%
9.5%
Perryville
7.1%
7.1%
7.4%
7.4%
Sikeston
13.4%
13.2%
13.9%
13.5%
100.0%
100.0%
100.0%
100.0%
17
The previous table, which includes the City of Cape
Girardeau and significant retail centers within a 50
mile radius, shows the percentage of estimated sales
made by each City to the total estimated sales of the
five cities. During the current year is appears City's
share of the local market has increased significantly
compared to the other years.
Local Economic Development. Since 2004 the City
has entered into 3 long-term development agreements
to reimburse companies for the public improvements
associated with 3 retail development projects from
the additional sales tax generated from those projects.
The agreements have resulted in the addition of one
major new retailer, the relocation and expansion of
another major retailer, and in the conversion of a
former Sears's facility into a call center for National
Asset Recover Services (MARS).
Payment made by the City pursuant to these
agreements totaled $165,169 during the current year.
Payments totaling $806,999 have been made since
the beginning of these agreements.
During the year the City spent $62,968 in support of
Cape Girardeau Area Magnet, as a result of their
membership in that organization. This organization
actively solicits business, industry and commerce for
the greater Cape Girardeau area which includes
neighboring cities Jackson and Scott City and all of
Cape Girardeau County.
CITY OF CAPE GIRARDEAU, MISSOURI
Budget for fiscal year ending June 30, 2011 and
financial condition The adopted general fund
budget for the fiscal year ending June 30, 2011,
was projected to produce a $36,791 surplus to
help increase the City's unrestricted general fund
balance and provide a cushion against a further
economic slow down.
The adopted general fund budget included a I%
wage increase effective July 1, 2010 and
included projected revenue based on
conservative revenue assumptions. The approved
general fund budget projected adequate revenue
to cover its projected personnel and operating
costs and $20,450 in capital costs.
The current budget's health costs appear to have
stabilized as a result of a change to a more
consumer based health coverage beginning
January 1, 2008. Charges required to fund
maximum estimated claims only increased 7.1%
January 1, 2010 and will not increase on January
1, 2011.
The City's current financial position had
improved during the past year and is good in that
it has more than adequate fund balance to cover
existing claims and potential emergencies.
However, its financial condition or its ability to
provide enough reoccurring revenues to meet its
reoccurring needs is still less than desirable.
Funding of equipment for the general and airport
funds, excluding police, fire, and various park
divisions is still inadequate.
Requests for Information
This financial report is designed to provide a
general overview of the City of Cape Girardeau's
finances for all those with an interest in the
City's finances. Questions concerning any of the
information provided in this report or requests
for additional financial information should be
addressed to the Finance Director, City of Cape
Girardeau, PO Box 617, Cape Girardeau, MO
63702-0617.
BASIC FINANCIAL STATEMENTS
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33
City of Cape Girardeau, Missouri
NOTES TO BASIC FINANCIAL STATEMENTS
June 30, 2010
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The City of Cape Girardeau, Missouri (the City) operates under a charter, which went into effect April 12,
1982. The City operates under a Council -Manager form of government and provides the following services
as authorized by its charter: public safety (police and fire), highways and streets, water, sanitation, health
and social services, culture -recreation, public improvement, planning and zoning, and general
administrative services.
The financial statements of the City have been prepared in conformity with generally accepted accounting
principles (GAAP), as applied to government units. The Governmental Accounting Standards Board
(GASB) is the accepted standard-setting body for establishing governmental accounting and financial
reporting principles. The more significant accounting policies of the City are described below.
1. Reporting Entity
In evaluating how to define the City, for financial reporting purposes, management has considered all
potential component units. Generally, component units are legally separate organizations for which the
elected officials of the City are financially accountable. The Cape Girardeau (Missouri) Public Facilities
Authority (CGPFA) is a blended component unit of the City. The financial statements of the CGPFA are
included in the accompanying financial statements of the City.
The CGPFA is a not-for-profit corporation organized and existing under Chapter 355 of the Revised
Statutes of Missouri. The CGPFA board of directors consists of City officials and City Council members.
Due to the significant City influence and financial accountability, the activities of the CGPFA are blended
with the financial presentation of the City. The CGPFA executed a bond indenture for the purpose of
issuing and securing the Series 2009 Bonds. These bonds will be used for the construction of various storm
water control improvements, Cape Splash Family Aquatic Center, Shawnee Park Community Center, and
various other park related improvements. The CGPFA has entered into a Lease Purchase Agreement with
the City from which the lease payments will be used solely'to retire the debt.
Although not a component unit of the City, the City handles the funds of and provides accounting and other
services for several entities. Since these funds are held by the City, these entities are shown as Agency
Funds in the financial statements.
2. Government -Wide and Fund Financial Statements
The government -wide financial statements (i.e., the statement of net assets and the statement of activities)
report information on all of the nonfiduciary activities of the primary government and its component units.
The effect of interfund activity has been removed from these statements. Governmental activities, which
normally are supported by taxes and intergovernmental revenues, are reported separately from business -
type activities, which rely to a significant extent on fees and charges for support.
The statement of activities demonstrates the degree to which the direct expenses of a given function or
segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a
specific function or segment. Program revenues include 1) charges to customers or applicants who
purchase, use, or directly benefit from goods, services, or privileges provided by a given function or
34
City of Cape Girardeau, Missouri
NOTES TO BASIC FINANCIAL STATEMENTS
June 30, 2010
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
segment and 2) grants and contributions that are restricted to meeting the operational or capital
requirements of a particular function or segment. Taxes and other items not properly included among
program revenues are reported instead as general revenues.
Separate financial statements are provided for governmental funds, proprietary- funds, and fiduciary funds,
even though the latter are excluded from the government -wide financial statements. Major individual
governmental funds and major individual enterprise funds are reported as separate columns in the fund
financial statements.
3. Measurement Focus, Basis of Accountina, and Financial Statement Presentation
The government -wide financial statements are reported using the economic resources measurement focus
and the accrual basis of accounting, as are the proprietary fund financial statements. Revenues are recorded
when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash
flows. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by
the provider have been met. With the economic resources measurement focus, all assets and liabilities
associated with operations are reflected in the statement of net assets.
Governmental fund financial statements are reported using the current financial resources measurement
focus and the modified accrual basis of accounting. Under the modified accrual basis, revenues are
recognized as soon as they are both measurable and available. Revenues are considered to be available
when they are collectible within the current period or soon enough thereafter to pay liabilities of the current
period. For this purpose, the City considers revenues to be available if they are collected within 30 days of
the end of the current fiscal period. Expenditures generally are recorded when a liability is incurred, as
under accrual accounting. However, debt service expenditures, as well as expenditures related to
compensated absences and claims and judgments, are recorded only when payment is due. Those revenues
susceptible to accrual are property taxes, franchise taxes, special assessments, licenses, interest revenue,
and charges for services. Sales taxes collected and held by the state at year-end on behalf of the City, also
are recognized as revenue. Fines and permit revenues are not susceptible to accrual because, generally,
they are not measurable until received in cash. With the current financial resources measurement focus,
only current assets and current liabilities are generally included on the balance sheet.
The City reports the following major governmental funds:
The general fund is the City's primary operating fund. It accounts for all financial resources of the
general government, except those required to be. accounted for in another fund.
The airport fund accounts for the resources used in the operation and maintenance of municipal airport
facilities.
The parks and recreation fund accounts for the resources used in the operation of park and
recreational activities.
The transportation sales tax trust fund III accounts for the receipt and expenditure of a capital
improvement sales tax that was approved by voters for street construction and improvements.
35
City of Cape Girardeau, Missouri
NOTES TO BASIC FINANCI_AL STATEMENTS
June 30, 2010
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
The park improvement projects from parks sales tax fund accounts for the expenditure of a capital
improvement sales tax that was approved by voters for park construction and improvements.
3. Measurement Focus, Basis of Accounting, and Financial Statement Presentation - Continued
The City reports the following major proprietary funds:
The sewer fund accounts for the operation of the City's sewage treatment plant, sewage pumping
stations, and collection systems.
The water fund accounts for the operation of the City's water treatment plants and distribution
systems.
The solid waste fund accounts for the operation of the City's residential solid waste and recycling
programs.
The golf fund accounts for the operation of the municipal golf course.
The softball complex fund accounts for the operation of the City's softball complex, and maintenance
of the City's soccer, baseball, and softball fields.
Additionally, the City reports the following fund types:
Internal service funds account for management information systems, fleet management, employee
benefits, workers' compensation, and equipment leasing provided to other departments or agencies of
the City, on a cost reimbursement basis.
Agency funds account for the operations of the library, arena improvement committee, and parks
development foundation.
Private -sector standards of accounting and financial reporting issued prior to December 1, 1989, generally
are followed in both the government -wide and proprietary fund financial statements to the extent that those
standards do not conflict with or contradict guidance of the Governmental Accounting Standards Board..
Governments also have the option of following subsequent private -sector guidance for their business -type
activities and enterprise funds, subject to this same limitation. The City has elected not to follow
subsequent private -sector guidance.
As a general rule the effect of-interfund activity has been eliminated from the government -wide financial
statements. Exceptions to this general rule are payments -in -lieu of taxes and other charges between the
City's enterprise function and various other functions of the government. Elimination of these charges
would distort the direct costs and program revenues reported for the various functions concerned.
It is the City's policy to first use restricted net assets prior to the use of unrestricted net assets when an
expense is incurred for purposes for which both restricted and unrestricted net assets are available.
Amounts reported as program revenues include 1) charges to customers or applicants for goods, services,
or privileges provided, 2) operating grants and contributions, and 3) capital grants and contributions,
including special assessments. Internally dedicated resources are reported as general revenues rather than
as program revenues. Likewise, general revenues include all taxes.
36
City of Cape Girardeau, Missouri
NOTES TO BASIC FINANCIAL STATEMENTS
June 30, 2010
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
3. Measurement Focus, Basis of Accounting, and Financial Statement Presentation - Continued
Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating
revenues and expenses generally result from providing services and producing and delivering goods in
connection with a proprietary fund's principal ongoing operations. The principal operating revenues of the
City's enterprise funds and of the City's internal service funds are charges to customers for sales and
services. Operating expenses for enterprise funds and internal service funds include the cost of sales and
services, administrative expenses, and depreciation on capital assets. All revenues and expenses not meet-
ing this definition are reported as nonoperating revenues and expenses.
4. Capital Assets
All capital assets with an original cost exceeding $5,000 are recorded at historical cost or estimated
historical cost if actual historical cost is not available. Additions are recorded at cost or, if contributed
property, at their estimated fair value at time of contribution. Repairs and maintenance are recorded as
expenses; renewals and betterments are capitalized. The sale or disposal of capital assets is recorded by
removing cost and accumulated depreciation and charging the resulting gain or loss to income.
Depreciation of all exhaustible capital assets is charged as an expense against operations in proprietary
funds and a program cost of governmental activities in the statement of activities. Assets are reported net
of depreciation on proprietary fund and government -wide statement of net assets. Depreciation has been
provided over the estimated useful lives using the straight-line method. The estimated useful lives are as
follows:
Buildings
25-50 years
Improvements
10-40 years
Equipment
3-10 years
When applicable, interest costs are capitalized on self -constructed capital assets.
5. Encumbrances
Encumbrances represent commitments related to unperformed contracts for goods or services.
Encumbrance accounting is utilized in all funds. Encumbrances outstanding at the end of the year in the
governmental funds are reported as reservations of fund balances and do not constitute expenditures or
liabilities because the commitments will be carried forward and honored during the subsequent year.
Encumbrances outstanding in the proprietary funds do not constitute expenses but will be honored in the
subsequent year. No reservations of net assets are made for encumbrances outstanding at the end of the
year on the proprietary fund and government -wide statement of net assets.
37
City of Cape Girardeau, Missouri
NOTES TO BASIC FINANCIAL STATEMENTS
June 30, 2010
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
6. Inventories
Inventories consist primarily of supplies, valued at cost. The cost of inventories is recorded as expenditures
or expenses when consumed rather than when purchased.
7. Compensated Absences
Vested or accumulated vacation pay for proprietary funds is recorded as an expense and liability of those
funds as the benefits accrue to employees. Amounts of vested or accumulated vacation leave of
governmental funds are reported in the Statement of Net Assets. Employees may accumulate up to 30 days
vacation, for which they are compensated upon termination or retirement. Employees are not compensated
for accumulated sick leave upon termination, but are compensated one hour for each eight hours of unused
sick leave upon retirement.
8. Bond Premiums, Discounts, and Issuance Costs
In governmental fund types, bond discounts and issuance costs are recognized in the current period. Bond
discounts and issuance costs for proprietary fund types are deferred and amortized over the term of the
bonds. Bond premiums and discounts are presented as either increases or reductions of the face amount of
bonds payable whereas issuance costs are recorded as deferred charges. The accounting treatment of bond
premiums, discounts, and issuance costs used for governmental activities in the government -wide
statements is the same as that used for proprietary funds.
9. Cash and Investments
The City maintains an internal investment pool for the majority of its non -restricted cash and investments
and a small portion of its restricted cash and investments. Investment revenue is allocated to each fund
based on its average equity balance in the pool.
Cash includes amounts in repurchase agreements and other short-term investments with a maturity date
within three months of the date of purchase.
Investments, with a maturity date of one year or more at the time of purchase, are recorded at fair value. All
other cash and investments are recorded at cost or amortized cost.
10. Prepaid Items
Payments made to vendors for services that will benefit periods beyond June 30, 2010 are recorded as
prepaid items.
City of Cape Girardeau, Missouri
NOTES TO BASIC FINANCIAL STATEMENTS
June 30, 2010
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
11. Restricted Assets
Certain proceeds of enterprise fund revenue bonds, as well as certain resources set aside for the repayment
of such bonds, are classified as restricted assets on the balance sheet because their use is limited by
applicable bond covenants. The "revenue bond construction" account is used to report those proceeds of
revenue bond issuances that are restricted for use in construction. The "revenue bond current debt service"
account is used to report resources set aside to make up potential future deficiencies in the revenue bond
current debt service account.
12. Long -Term Obligations
Only that portion of long-term obligations expected to be financed from expendable available financial
resources is reported as a fund liability of a governmental fund. Lonb term liabilities expected to be
financed from proprietary fund operations are accounted for in the appropriate proprietary fund. Long-term
liabilities expected to be financed from governmental activities are accounted for in the government -wide
statement of net assets.
13. Interfund Transactions
Quasi -external transactions are accounted for as revenues, expenditures, or expenses. Transactions that
constitute reimbursements to a fund for expenditures/expenses initially made from it that are properly
applicable to another fund, are recorded as expenditures/expenses in the reimbursing fund and as reductions
of expenditures/expenses in the fund that is reimbursed.
All other interfund transactions, except quasi -external transactions and reimbursements, are reported as
transfers. Only net transfers between governmental and business -type activities are reflected on the
government -wide statement of activities.
14. Short -Term Interfund Receivables/Payables
During the course of operations, numerous transactions occur between individual funds for goods provided
or services rendered. These receivables and payables are classified as "interfund receivables/payables" on
the governmental balance sheet and proprietary statement of net assets. Only net receivables between
governmental and business -type activities are reflected as internal balances on the government -wide
statement of net assets.
15. Advances to Other Funds
Noncurrent portions of long-term interfund loan receivables and payables are reported as advances in the
governmental balance sheet and proprietary statement of net assets. Fund balances are reserved on the
governmental balance sheet for interfund loan receivables to indicate that they do not constitute expendable
available financial resources and therefore are not available for appropriation. Only net long-term interfund
loans between governmental and business -type activities are reflected as internal balances on the
government -wide statement of net assets. Net assets are not reserved for interfund loan receivables on
proprietary and government -wide statements of net assets.
39
City of Cape Girardeau, Missouri
NOTES TO BASIC FINANCIAL STATEMENTS
June 30, 2010
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
16. Post -Employment Health Care Benefits
In addition to the pension benefits described in Note G, it is the City's policy to provide postretirement
health care benefits to employees who retire from the City with five or more years of service and who are
eligible for LAGERS retirement (Note G). Currently, fifty-six employees meet those eligibility
requirements. The City provides health care coverage for them until age 65. The costs of retirees' health
care benefits are recognized as expenditures as premiums are paid. For the year ending June 30, 2010,
those costs totaled $485,525.
COBRA Benefits - Under the Consolidated Omnibus Budget Reconciliation Act (COBRA), the City
provides health care benefits to eligible former employees and eligible dependents. Certain requirements
are outlined by the federal government for this coverage. The premium is paid in full by the insured on or
before the tenth (10th) day of the month for the actual month covered. This program is offered for a
duration of 18 months after the termination date for employees and 36. months for surviving spouses. There
is no associated cost to the City under this program. There was one surviving spouses participating in the
health insurance program and three surviving spouses participating in the dental insurance program as of
June 30, 2010.
17. Infrastructure
The City defines infrastructure as the basic physical assets that allow the City to function. The assets
include the street system, water system, sewer system, parks and recreation lands and improvement system,
storm water system, and buildings combined with the site amenities such as parking and landscaped areas
used by the City in the conduct of its business. Infrastructure of the water and sewer systems were routinely
capitalized in the water and sewer funds of the City and are reflected as other improvements in the
business -type activities section on the statement of activities.
During the year ended June 30, 2010 all infrastructures completed during the fiscal year, including
projects started in a previous year, were recorded at their historical costs.
18. Subsequent Events
In preparing these financial statements, the City has evaluated events and transactions for potential
recognition or disclosure through December 28, 2010, the date the financial statements were available.
to be issued.
40
City of Cape Girardeau, Missouri
NOTES TO BASIC FINANCIAL STATEMENTS
June 30, 2010
NOTE B - DEPOSITS AND INVESTMENTS
The City maintains a cash and temporary cash investment pool that is available for use by all funds.
Each fund type's portion of this pool is displayed on the combined statement of assets, liabilities, and
fund balances arising from cash transactions as "Cash and Cash Equivalents" under each fund's
caption. The deposits and investments held at June 30, 2010, and reported at fair value, are as follows:
Deposits:
Demand Deposits
$ 700,555
Interest Bearing Deposit Accounts
5,535,403
Total Deposits
$ 6,235,958
Investments:
Negotiable Instruments
$ 32,235,841
Federal Home Loan Bank
1,970,171
Federal National Mortgage Association
3,534,195
US Treasury Note
343,742
Total Investments
$ 38,083,949
Total Deposits and Investments $ 44.319.907
Reconciliation to Statement of Net Assets:
Cash and Cash Equivalents $ 3,217,491
Investments 31,832,233
Restricted Cash and Cash Equivalents 2,809,075
Restricted Investments 3,249,064
Fiduciary Cash and Cash Equivalents 209,392
Fiduciary Investments 3,002,652
Deposits and Investments, Statement of Net Assets $ 44,319.907
As of June 30, 2010, the City had the following investments:
Investment
Negotiable Instruments
Federal Home Loan Bank
Federal National Mortgage Assoc.
US Treasury Note
Total
Custodial Credit Risk:
Maturities Fair Value
07/06/2010 — 01/06/2015 $32,235,841
12/10/2010 —12/30/2013 1,970,171
08/13/2014 — 02/10/2016 3,534,195
11/15/2012 343,742
$38,083,949
Deposits in financial institutions, reported as components of cash, cash equivalents, and investments,
had a bank balance of $44,709,784 at June 30, 2010, that was fully insured by depository insurance or
secured with collateral held by the City's agents in its name. All investments, evidenced by individual
securities, are registered in the name of the City.
41
City of Cape Girardeau, Missouri
NOTES TO BASIC FINANCIAL STATEMENTS
June 30, 2010
NOTE B - DEPOSITS AND INVESTMENTS - Continued
Investment Interest Rate Risk
The City's investment policy states that "Market price volatility shall be controlled by matching the
City's investments with anticipated cash flow requirements. The City will not directly invest in
securities maturing more than seven years." The maturities of investments held at June 30, 2010 are
provided above.
Investment Credit Risk
The City has an investment policy that limits its investment choices as follows:
a. Direct obligations of the U.S. Government, its agencies and instrumentalities to which
the full faith and credit of the U.S. Government is pledged, or obligations to the
payment of which the full faith and credit of the State is pledged;
b. Certificates of deposit or savings accounts that are either insured or secured with
acceptable collateral with in-state financial institutions, and fully insured certificates of
deposit or savings accounts in out-of-state financial institutions;
c. Repurchase agreements collateralized by securities listed in (a.) above, documented by a
written agreement, fully collateralized by delivery to an independent third parry
custodian, and are marked -to -market;
d. Money market mutual funds whose portfolio consists of the foregoing instruments; and,
e. Other prudent investment instruments approved prior to purchase by a two-thirds
majority of the City Council.. Bond proceeds may be invested as allowed in the bond
indenture.
Concentration of Investment Credit Risk
The City places no limit on the amount it may invest in any one issuer. At June 30, 2010, the City had
no concentration of credit risk.
42
City of Cape Girardeau, Missouri
NOTES TO BASIC FINANCIAL STATEMENTS
June 30, 2010
NOTE C - PROPERTY TAXES
Property taxes attach as an enforceable lien on property as of January 1. Taxes were levied on August 17,
2009, for collection during this fiscal year and were due on or before December 31. Most of the taxes are
collected in November and December. The tax rates assessed at the time were as follows:
General Revenue $ .3004/100.00 assessed valuation
Public Health .0562/100.00 assessed valuation
Special Business District .6708/100.00 assessed valuation
#2 (Ad Valorem)
Property tax receivable balances as of June 30, 2010 are as follows:
NOTE D - CHANGES IN CAPITAL ASSETS
A summary of the capital assets for governmental activities included on the government -wide statement of
net assets for the year ended June 30, 2010 is as follows:
Balance
Special
Current Year
Balance
General
Business
Public
Debt
June 30, 2010**
Land
Revenue
District
Health
Service
Total
Current property tax
$52,811
$6,751
$ 9,880
$ -
$69,442
Delinquent property tax
20,257
3,033
3,791
44
27,125
Reserve for doubtful
9,890,277
2,399,393
-
623,042
11,666,628
Property taxes
(7,709)
-
1443)
(44)
—(9,196)
Net property tax receivable
107,513,636
12,702,079
$12,228
$
87 371
NOTE D - CHANGES IN CAPITAL ASSETS
A summary of the capital assets for governmental activities included on the government -wide statement of
net assets for the year ended June 30, 2010 is as follows:
* Includes depreciation expenses from the internal service funds' assets which are included in the expenses of the
governmental activities and business activities on the government — wide Statement of Activities as internal charges.
**Includes the internal service funds' assets which are included as part of the governmental activities assets included on the
government -wide Statement of Net Assets.
43
Balance
Current Year
Balance
July 1, 2009
Additions
Deductions
Depreciation*
June 30, 2010**
Land
$ 5,370,111
$ 5,395
$ -
$ -
$ 5,375,506
Buildings
12,253,179
6,916,378
-
676,151
18,493,406
Improvements other
than buildings
9,890,277
2,399,393
-
623,042
11,666,628
Equipment
5,902,960
.1,335,871
21,832
1,134,8.11
6,082,188
Infrastructure
107,513,636
12,702,079
179,375
4,062,393
115,973,947
Construction in progress
8,175,807
4,019,549
6,263.364
-
5,931,992
Total capital assets
149.105.970
27.378.66566
4$6471
$ 6.496.397
$ 163,523,6b7
* Includes depreciation expenses from the internal service funds' assets which are included in the expenses of the
governmental activities and business activities on the government — wide Statement of Activities as internal charges.
**Includes the internal service funds' assets which are included as part of the governmental activities assets included on the
government -wide Statement of Net Assets.
43
City of Cape Girardeau, Missouri
NOTES TO BASIC FINANCIAL STATEMENTS
June 30, 2010
NOTE D - CHANGES IN CAPITAL ASSETS — Continued
Following is a summary of the capital assets for business -type activities on the government -wide statement
of net assets for the year ended June 30, 2010:
Depreciation expense was charged to functions as follows in the statement of activities:
Governmental Activities:
Administrative $ 436,770
Development Services 4,844
Parks and Recreation 498,991
Public Safety 771,720
Public Works 4,475,895
Total 6 188 220
Business -Tv -De Activities:
Golf Course
Balance
Sewer
2,151,418
Current Year
Balance
Solid Waste
July 1, 2009
Additions
Deductions
Depreciation
June 30, 2010
Land
$ 161,990
$ -
$ -
$ -
$ 161,990
Buildings
2,204,432
100,380
-
215,285
2,089,527
Improvements other
than buildings
85,769,063
3,806,163
3,336
3,055,428
86,516,462
Equipment
3,058,396
2,709,928
95,501
623,493
5,049,330
Construction in progress
1,270,448
4,532,390
1,156,300
-
4,646,538
Total capital assets
$ 92,464,329
$ 11,148,861
S 1,255,137
$ 3,894,206
$ 98,463,847
Depreciation expense was charged to functions as follows in the statement of activities:
Governmental Activities:
Administrative $ 436,770
Development Services 4,844
Parks and Recreation 498,991
Public Safety 771,720
Public Works 4,475,895
Total 6 188 220
Business -Tv -De Activities:
Golf Course
$ 81,059
Sewer
2,151,418
Softball Complex
12,800
Solid Waste
219,373
Water
1,429,556
Total
3 894 206
44
City of Cape Girardeau, Missouri
NOTES TO BASIC FINANCIAL STATEMENTS
June 30, 2010
NOTE E - LONG-TERM OBLIGATIONS
The following is a summary of changes in the long-term debt. included on the City's statement of net assets
for the year ended June 30, 2010.
Governmental
Activities
Debt payable July 1, 2009
Premium amortization
Retired
Additions
Debt payable June 30, 2010
Other Revenue
Debt* Bonds
$ 29,746,303 $ 17,455,594
82,846 (12,671)
(3,304,520) (1,080,000)
577.294
26� 10.217
Unused
Due to
Paid
Other
Leave
Governments
Total
$ 773,677
$ 10,285
$47,985,859
-
-
70,175
-
(10,285)
(4,394,805)
27,099
-
604,393
$ 800,776
*Other Debt includes Notes Payable, Special Obligation Bonds, Leasehold Revenue.Bonds, and Certificates of Participation.
Business -Type
Activities
Bonds payable at
July 1, 2009
Discount Premium
Amortization
Accumulated Interest
Bonds Retired
Bonds Issued
Bonds payable at
June 30, 2010
Other Revenue
Debt* Bonds Total
$ 642,452 $29,107,985 $29,750,437
(562) (17,182) (17,744)
- 375,112 375,112
(212,750) (3,695,000) (3,907,750)
1,790,031 - 1,790,031
$ 2.219.171 $25,770,915 $27.990,086
*Other Debt includes Notes Payable and Special Obligation Bonds
W
City of Cape Girardeau, Missouri
NOTES TO BASIC FINANCIAL STATEMENTS
June 30, 2010
NOTE E - LONG TERM OBLIGATIONS - Continued
Bonds payable for governmental and business -type activities at June 30, 2010 are comprised of the
following individual issues:
$ 465,000 Special Obligation Refundingand nd Improvement Bonds Series 2002:
Year Ending
Interest
Principal
Interest
June 30,
Rate
Due
Due
Total
2011
4.00%
$ 155,000
$ 15,655
$ 170,655
2012
4.10
155,000
9,455
164,455
2013
4.10
155,000
3,177
158,177
465,000 28,287 $ 493,287
Principal payments are made annually on October 1, and interest payments are made semi-annually on
October 1 and April 1.
On October 22, 2002 the City of Cape Girardeau issued $3,125,000 of Special Obligation Refunding and
Improvement Bonds Series 2002 with interest rates varying from 3.00% to 4.50%. The bonds are special
obligations of the City payable solely from the income. and revenues provided for the year plus any
unencumbered balances from prior years.
The bonds were issued by the City for the purpose of providing funds to (a) pay the costs of refunding the
Building and Equipment Leasehold Refunding and Improvement Revenue Bonds, Series 1993, issued on
behalf of the City by the Cape Girardeau Public Facilities Authority and outstanding in the principal
amount of $1,085,000, (b) pay the costs of refunding the Certificates of Participation (Capital
Improvements Projects), Series 1994A, issued on behalf of the City by the Cape Girardeau Public Facilities
Authority and outstanding in the principal amount of $1,255,000 and prepaying the leasehold interest
represented thereby, (c) pay the costs of constructing certain street improvements within the City, and (d)
pay the costs of issuing the Bonds, under the authority of and in full compliance with the City's Charter and
the Constitution and laws of the State of Missouri, and pursuant to an ordinance duly passed (the
"Ordinance") and proceedings duly and legally had by the governing body of the City.
The outstanding bond liability for the Special Obligation Refunding and Improvement Bonds Series 2002
is allocated as follows: $465,000 for Governmental activities.
City of Cape Girardeau, Missouri
NOTES TO BASIC FINANCIAL STATEMENTS
June 30, 2010
NOTE E - LONG-TERM OBLIGATIONS - Continued
$3,595,000 Waterworks System Refunding Revenue Bonds Series 2006A due as follows:
Year Ending
Interest
Principal
Interest
June 30,
Rate
Due
Due
Total
2011
4.00%
$ 925,000
$ 143,800
$1,068,800
2012
4.00
965,000
106,800
1,071,800
2013
4.00
1,705,000
68,200
1,773.200
3 595 000 318,800 3,913,800
Principal payments are made annually on March 1, and interest payments are made semi-annually on
March 1 and September 1.
On January 3, 2006 the City issued $7,160,000 of Waterworks System Refunding Revenue Bonds Series
2006A with interest rates varying from 3.5% to 4.0%. The bonds are special limited obligations of the City
payable solely from the net income and revenues derived by the City from the operation of the Waterworks
System after payment of costs of operation and maintenance.
The bonds were issued to provide the City with remaining funds needed to retire $8,170,000 principal
amount of Waterworks System Refunding Revenue Bonds, Series 1995.
47
City of Cape Girardeau, Missouri
NOTES TO BASIC FINANCIAL STATEMENTS
June 30, 2010
NOTE E - LONG-TERM OBLIGATIONS - Continued
$ 785,000 Sewerage System Revenue Bonds (State Revolving Fund Program) Series 1991 due as
follows:
Year Ending
Interest
Principal
Interest
June 30,
Rate
Due
Due
Total
2011
6.875%
$ 175,000
$ 53,969
$ 228,969
2012
6.875
190,000
41,937
231,937
2013
6.875
205,000
28,875
233,875
2014
6.875
215,000
14,781
229,781
$785,000 $924,562
These bonds are dated December 1,1991. The proceeds of the bond issue were used to extend and improve
the existing sewerage facilities serving the City.
Principal payments are made annually on June 1, and interest payments are made semi-annually on June 1
and December 1.
The interest due on the Series 1991 Sewer System Revenue Bonds is subsidized by interest earnings on a
reserve fund held by the bond issue's trustee. As the City is reimbursed for sewer project expenditures
from the construction funds held by the trustee, the State of Missouri Department of Natural Resources
deposits an amount equal to approximately 51.907% of the reimbursement into the reserve fund. The
maximum amount of funds that will be advanced to the reserve fund will be $1,250,000. As bonds are
retired 50% of the amount of.bonds retired will be repaid to the State of Missouri Department of Natural
Resources out of the reserve fund. The balance of the reserve fund at June 30, 2010 was $392,500. The
reserve fund yields 6.71%.
During the fiscal year-end June 30, 2001, certain bonds originally issued by the State Environmental
Improvement and Energy Resources Authority as part of the State Revolving Fund Program were refunded.
Annual debt service savings resulting from this transaction are to be used to offset City debt service
payments due on Series 1991 Bonds. During the fiscal year ended June 30, 2010, City interest expense was
reduced by $18,107 as a result of this transaction. Over the remaining life of these bonds, the City will
receive net present value benefits of approximately $49,460 from this transaction.
City of Cape Girardeau, Missouri
NOTES TO BASIC FINANCIAL STATEMENTS
June 30, 2010
NOTE E - LONG-TERM OBLIGATIONS - Continued
$ 175,000 Sewerage System Revenue Bonds (State Revolving Fund Program) Series 1993 due as follows:
Year Ending
interest
Principal
Interest
June 30,
Rate
Due
Due
Total
2011
5.400%
$ 31,000
$ 8,613
$ 39,613
2012
5.400
33,000
6,885
39,885
2013
5.400
35,000
5,049
40,049
2014
5.400
37,000
3,106
40,106
2015
5.400
39,000
1,053
40,053
175 000
2�
199 706
These bonds are dated August 1, 1993. The proceeds of the bond issue were used to extend and improve
the existing sewerage facilities serving the City.
Principal payments are made annually on March 1, and interest payments are made semi-annually on
March 1 and September 1.
The interest due on the Series 1993 Sewer System Revenue Bonds is subsidized by interest earnings on a
reserve fund held by the bond issue's trustee. As the City is reimbursed for sewer project expenditures
from the construction funds held by the trustee, the State of Missouri Department of Natural Resources
deposits an amount equal to approximately 70% of the reimbursement into the reserve fund. The maximum
amount of funds that will be advanced to the reserve fund will be $350,000. As bonds are retired, 70% of
the amount of bonds retired will be repaid to the State of Missouri Department of Natural Resources out of
the reserve fund. The balance of the reserve fund at June 30, 2010 was $122,500. The reserve fund yields
5.15%.
EV
City of Cape Girardeau, Missouri
NOTES TO BASIC FUNTANCIAL STATEMENTS
June 30, 2010
NOTE E - LONG-TERM OBLIGATIONS - Continued
$ 2,317,960 Water Pollution Control Revenue Bonds (State Revolving Fund Program) Series 1995D
due as follows:
Year Ending
Interest
Principal
Interest
June 30,
Rate
Due
Due
Total
2011
6.100%
$ 413,574
$ 636,426
$ 1,050,000
2012
6.150
380,828
654,172
1,035,000
2013
6.150
354,978
670,022
1,025,000
2014
6.200
326,281
683,719
1,010,000
2015
6.200
303,920
696,080
1,000,000
2016
6.250
278,844
706,156
985,000
2017
6.250
259,535
715,465
975,000
$2,317,960 $ 4.762,040 $7,080,000
These bonds are dated June 1, 1995. The proceeds of the bond issue were used for the extension and
improvement of the existing sewerage system serving the City.
Principal and interest payments are made annually on January 1 beginning in 1998.
The interest due on the Series 1995D Water Pollution Control Revenue Bonds is subsidized by interest
earnings on a reserve fund held by the bond issue's trustee. As the City is reimbursed for sewer project
expenditures from the construction funds, the State of Missouri Department of Natural Resources deposits
an amount equal to 70% of the disbursement into the reserve fund. The maximum amount of funds that
will be advanced to the reserve fund will be 70% of the principal amount less the original issue discount.
As bonds are retired 70% of the amount of bonds retired will be repaid to the State of Missouri Department
of Natural Resources out of the reserve fund. The balance of the reserve fund at June 30, 2010.was
$1,622,572. The reserve fund yields 5.83%.
50
City of Cape Girardeau, Missouri
NOTES TO BASIC FINANCIAL STATEMENTS
June 30, 2010
NOTE E - LONG-TERM OBLIGATIONS - Continued
$ 7,690,000 Sewerage System Revenue Bonds (State Revolving Fund Program) Series 1996 due as follows:
Year Ending
Interest
Principal
Interest
June 30,
Rate
Due
Due
Total
2011
5.875%
$ 745,000
$ 452,719
$ 1,197,719
2012
5.875
765,000
408,950
1,173,950'
2013
5.875
780,000
364,006
1,144,006
2014
5.875
800,000
318,181
1,118,181
2015
5.875
875,000
271,181
1,146,181
2016
5.900
895,000
219,775
1,114,775
2017
5.900
920,000
166,970
1,086,970
2018
5.900
945,000
112,690
1,057,690
2019
5.900
965,000
56,935
1,021,935
$7.690.000 $2.371,407 $10,061,407
These bonds are dated June 1, 1996. The proceeds of the bond issue were used for the extension and
improvement of the existing sewerage system serving the City.
Principal payments are made annually on January 1. Interest is paid semi-annually on January 1 and July 1
beginning in 1997.
The interest due on the Series 1996 Sewerage System Revenue Bonds is subsidized by interest earnings on
a reserve fund held by the bond issue's trustee. As the City is reimbursed for sewer project expenditures
from the construction funds, the State of Missouri Department of Natural Resources deposits an amount
equal to 70% of the disbursement into the reserve fund. The maximum amount of funds that will be
advanced to the reserve will be $9,474,500. As bonds are retired, 70% of the amount of bonds retired will
be repaid to the Department of Natural Resources out of the reserve fund. The balance of the reserve fund
at June 30, 2010 was $5,383,000. The reserve fund yields 5.70%.
51
City of Cape Girardeau, Missouri
NOTES TO BASIC FINANCIAL STATEMENTS
June 30, 2010
NOTE E - LONG-TERM OBLIGATIONS - Continued
During the fiscal year ended June 30, 2001, certain bonds originally issued by the State Environmental
Improvement and Energy Resources Authority as part of the State Revolving Fund Program were refunded.
Annual debt service savings resulting from this transaction are to be used to offset City debt service
payments due on Series 1996 Bonds. During the fiscal year ended June 30, 2010, City interest expense was
reduced by $15,570 as a result of this transaction. Over the remaining life of these bonds, the City will
receive net present value benefits of approximately $131,386 from this transaction.
$ 7,640,000 Sewerage System Revenue Bonds (State Revolving Fund Program) Series 2000 due as
follows:
Year Ending
7 640 000
Interest
Principal
Interest
June 30,
Rate
Due
Due
Total
2011
4.700%
$ 185,000
$ 411,156
$ 596,156
2012
5.500
215,000
400,896
615,896
2013
5.500
230,000
388,659
618,659
2014
5.000
250,000
376,084
626,084
2015
5.625
275,000
362,099
637,099
2016
5.625
475,000
341,006
816,006
2017
5.625
555,000
312,037
867,037
2018
5.300
590,000
280,793
870,793
2019
5.400
1,590,000
222,228
1,812,228
2020
5.450
1,655,000
134,199
1,789,199
2021
5.500
1,620,000
44,550
1,664,550
la,Z73 707 $10,913,707
These bonds are dated November 1, 2000. The proceeds of the bond issue will be used to extend and
improve the existing sewerage facilities serving the City.
Principal payments are made annually on July 1, and interest payments are made semi-annually on July 1
and January 1
52
City of Cape Girardeau, Missouri
NOTES TO BASIC FINANCIAL STATEMENTS
June 30, 2010
NOTE E - LONG-TERM OBLIGATIONS - Continued
The interest due on the Series 2000, Sewer System Revenue Bonds is subsidized by interest earnings on a
reserve fund held by the bond issue's trustee. As the City is reimbursed for sewer project expenditures
from the construction funds held by the trustee, the State of Missouri Department of Natural Resources
deposits an amount equal to approximately 70% of the reimbursement into the reserve fund. The maximum
amount of funds that will be advanced to the reserve fund will be $5,848,500. As bonds are retired 70% of
the amount of bonds retired will be repaid to the State of Missouri Department of Natural Resources out of
the reserve fund. The balance of the reserve fund at June 30, 2010 was $5,374,844. The reserve fund
yields 5.16%.
$16,375,000 Waterworks System Revenue Bonds (State Revolving Fund Program) Series 1998 due as
follows:
Year Ending
Interest
Principal
Interest
June 30,
Rate
Due
Due
Total
2011
5.250%
$ 1,110,000
$ 819,150
$ 1,929,150
2012
5.250
1,215,000
760,875
1,975,875
2013
5.250
1,300,000
697,087
1,997,087
2014
5.250
2,350,000
628,838
2,978,838
2015
5.250
2,445,000
505,462
2,950,462
2016
5.250
2,550,000
377,100
2,927,100
2017
4.500
2,655,000
243,225
2,898,225
2018
4.500
2,750,000
123,750
2,873,750
16.375.0004 155 487 $20.530.487
These bonds are dated December 1, 1998. The proceeds of the bond issue will be used for the extension
and improvements to the waterworks system.
Principal payments are made annually on January 1. Interest is paid semi-annually on January 1 and July 1
beginning on July 1, 1999.
53
City of Cape Girardeau, Missouri
NOTES TO BASIC FINANCIAL STATEMENTS
June 30, 2010
NOTE E - LONG-TERM OBLIGATIONS - Continued
The interest due on the Series 1998 Waterworks System Revenue Bonds is subsidized by interest earnings
on a reserve fund held by the bond issues trustee. As the City is reimbursed for waterworks system
expenditures from the construction funds, the Department of Natural Resources deposits an amount equal
to 33.41% of the disbursement into the reserve fund. The maximum amount of funds that will be advanced
to the reserve will be $8,517,235. As bonds are paid off, 33.41% of the amount of bonds retired will be
repaid to the Department of Natural Resources out of the reserve fund. The balance of the reserve fund at
June 30, 2010 was $5,135,447. The reserve fund yields 4.71%.
$18,095,000 Leasehold Revenue Bonds, Series 2009 due as follows:
Year Ending
Interest
Principal
Interest
June 30,
Rate
Due
Due
Total
2011
3.600%
$ 1,835,000
$ 652,756
$2,487,756
2012
3.600
1,895,000
593,118
2,488,118
2013
3.700
1,955,000
531,532
2,486,532
2014
3.800
2,015,000
472,882
2,487,882
2015
3.900
2,080,000
407,394
2,487,394
2016
4.000
2,150,000
334,594
2,484,594
2017
4.000
2,240,000
248,594
2,488,594
2018
4.000
2,330,000
158,994
2,488,994
2019
4.100
1,595,000
65,794
1,660,794
18.095.000$3,465,658 $21,560,658
The bonds are obligations of the Cape Girardeau (Missouri) Public Facilities Authority (CGPFA). The
CGPFA has entered into a Lease Purchase Agreement with the City. Principal and interest will be paid by
CGPFA from rental and other receipts from the City. Proceeds of the bonds will be used for the
construction of various storm water control. improvements, Cape Splash Family Aquatic Center, Shawnee
Park Community Center, and various other park related improvements.
Principal payments are made annually on April 1, and interest payments are made semi-annually on April 1
and October 1.
54
City of Cape Girardeau, Missouri
NOTES TO BASIC FINANCIAL STATEMENTS
June 30, 2010
NOTE E - LONG-TERM OBLIGATIONS - Continued
$2,100,000 Certificates of Participation Series 2001:
Year Ending
Interest
Principal
Interest
June 30,
Rate
Due
Due
Total
2011
5.000%
$ 140,000
$ 122,760
$ 262,760
2012
5.800
150,000
115,760
265,760
2013
5.800
160,000
106,760
266,760
2014
5.800
165,000
97,160
262,160
2015
5.800
175,000
87,260
262,260
2016
5.800
190,000
76,760
266,760
2017
5.800
200,000
65,360
265,360
2018
6.000
210,000
53,360
263,360
2019
6.000
225,000
41,180
266,180
2020
6.000
235,000
28,130
263,130
2021
6.000
250,000
14,500
264.500
$2,100,000 80 990 $2,908,99-0
The certificates are obligations of the City under a Lease Purchase Agreement between the City and UMB
Bank, NA. The Corporation also acts as the trustee who receives the rental payments for the benefit of the
certificate holders. The purpose of the 2001 Series certificates was to construct and equip an airport
manufacturing facility.
Principal payments are made annually on April 1, and interest payments are made semi-annually on April 1
and October 1.
55
City of Cape Girardeau, Missouri
NOTES TO BASIC FINANCIAL STATEMENTS
June 30, 2010
NOTE E - LONG-TERM OBLIGATIONS - Continued
$5,090,000 Special Obligation Bonds, Series 2005:
Year Ending
Interest
Principal
Interest
June 30,
Rate
Due
Due
Total
2011
3.500%
$ 655,000
$ 209,436
$ 864,436
2012
3.500
680,000
186,511
866,511
2013
3.625
700,000
162,711
862,711
2014
4.000
690,000
137,336
827,336
2015
5.000
1,245,000
109,736
1,354,736
2016
4.000
80,000
47,486
127,486
2017
4.000
85,000
44,286
129,286
2018
4.100
90,000
40,886
130,886
2019
4.125
90,000
37,196
127,196
2020
4.200
95,000
33,484
128,484
2021
4.250
100,000
29,494
129,494
2022
4.250
105,000
25,244
130,244
2023
4.375
110,000
20,781
130,781
2024
4.375
115,000
15,969
130,969
2025
4.375
250,000
10,940
260,940
5,090.000 $ 1,111.496 66 21_
Principal payments are made annually on June 1, and interest payments are made semi-annually, on June
1 and December 1.
In May 2005, the City of Cape Girardeau issued $8,190,000 of Special Obligation Bonds Series 2005
with interest rates varying from 3% to 5%. The bonds are special obligations of the City payable solely
from the revenues derived from annual appropriations by the City Council.
The bonds were issued by the City for the purpose of providing funds to (a) construct, furnish, and equip
a new fire station, renovate and improve existing fire and police stations, reimburse the City for the
purchase of a new public works facility, and acquire vehicles for the police and fire departments, (b)
refinance various outstanding obligations of the City, (c) fund a debt service reserve fund for the Bonds,
and (d) pay the costs of issuing the Bonds, under the authority of and in full compliance with the City's
Charter and the Constitution and laws of the State of Missouri, and pursuant to an ordinance duly passed
and proceedings duly and legally had by the governing body of the City.
56
City of Cape Girardeau, Missouri
NOTES TO BASIC FINANCIAL STATEMENTS
June 30, 2010
NOTE E - LONG-TERM OBLIGATIONS - Continued
$1,550,000 Bank of America 2006 Promissory Note:
Year Ending
Interest
Principal
Interest
June 30,
Rate
Due
Due
Total
2011
0.141%
$ 100,000
$ 2,150
$ 102,150
2012
0.141
100,000
2,010
102,010
2013
0.141
100,000
1,868
101,868
2014
0.141
100,000
1,728
101,728
2015
0.141
100,000
1,586
101,586
2016
0.141
100,000
1,446
101,446
2017
0.141
100,000
1,304
101,304
2018
0.141
100,000
1,164
101,164
2019
0.141
100,000
1,022
101,022
2020
0.141
100,000
881
100,881
2021
0.141
100,000
740
100,740
2022
0.141
100,000
599
100,599
2023
0.141
100,000
458
100,458
2024
0.141
100,000
317
100,317
2025
0.141
100,000
176
100,176
2026
0.141
50,000
35
50,035
$1,550,000 $ 17,484 $1,567,484
On February 9, 2006, the City of Cape Girardeau entered into a promissory note with the Bank of America
for $2,000,000. The purpose of the note was to finance additional costs on constructing fire station #3,
purchase of a site for. a future fire station, equipment for the sewer and solid waste funds, and site
improvements at the new public works headquarter. The outstanding liability for the note is allocated as
follows: $619,875 for governmental activities and $930,125 for business -type activities.
Principal payments of $50,000 are made semi-annually on January 1 and July 1. The principal payments
are amortized over 20 years. The City may prepay the note at any time with no additional charges. Interest
accrues at a variable rate equal to the sum of the 30 -day LIBOR multiplied by 60.938%, plus 0.813%. The
rate at June 30, 2010 was 0.141%.
57
City of Cape Girardeau, Missouri
NOTES TO BASIC FINANCIAL STATEMENTS
June 30, 2010
NOTE E - LONG-TERM OBLIGATIONS - Continued
$1,000,000 Waterworks Revenue Bonds, Series 2010 due as follows:
Year Ending
Interest
Principal
Interest
June 30,
Rate
Due
Due
Total
2011
1.4900%
$ 20,600
$ 8,598
$ 29,198
2012
1.4900
41,800
14,438
56,238
2013
1.4900
42,800
13,812
56,612
2014
1.4900
43,800
13,170
56,970
2015
1.4900
44,700
12,515
57,215
2016
1.4900
45,700
11,845
57,545
2017
1.4900
46,800
11,159
57,959
2018
1.4900
47,900
10,458
58,358
2019
1.4900
48,900
9,741
58;641
2020
1.4900
50,100
9,008
59,108
2021
1.4900
51,100
8,258
59,358
2022
1.4900
52,300
7,492
59,792
2023
1.4900
53,500
6,708
60,208
2024
1.4900
54,700
5,906
60,606
2025
1.4900
55,900
5,087
60,987
2026
1.4900
57,200
4,249
61,449
2027
1.4900
585500
3,392
61,892
2028
1.4900
59,900
2,515
62,415
2029
1.4900
61,200
1,618
62,818
2030
1.4900
62,600
701
63,301
1.000.000 $ 160.670 $ 1.160.670
These bonds are dated January 1, 2010. The proceeds of the bond issue will be used to construct a
transmission main from new well fields to Water Plant #1.
Principal and interest payments are made semi-annually on January 1 and July 1.
58
City of Cape Girardeau, Missouri
NOTES TO BASIC FINANCIAL STATEMENTS
June 30, 2010
NOTE E - LONG-TERM OBLIGATIONS - Continued
$1,275,000 Special Obligation Bonds Series 2010A due as follows:
Year Ending
Interest
Principal
Interest
June 30,
Rate
Due
Due
Total
2011
3.2200%
$ 135,000
$ 29,717
$ 164,717
2012
3.2200
130,000
34,294
164,294
2013
3.2200
140,000
30,394
170,394
2014
3.2200
150,000
26,194
176,194
2015
3.2200
160,000
21,694
181,694
2016
3.2200
175,000
16,894
191,894
2017
3.2200
185,000
12,300
197,300
2018
3.2200
200,000
6,750
206.750
1.275.000 178.237 $ 1.453.237
On March 1, 2010, the City issued $1,275,000 of Special Obligation Bonds Series 2010A with interest rates
varying from 2.2625% to 3.3375%. Principal and interest will be paid by the City from the revenues
derived from annual appropriations by the City Council.
The proceeds of the bond issue were used to acquire new automated trash collection/recycling trucks for
the public works department and to pay the costs of issuing the bonds.
Principal payments are made annually on January 1. Interest payments are made semi-annually on January
1 and July L
59
City of Cape Girardeau, Missouri
NOTES TO BASIC FINANCIAL STATEMENTS
June 30, 2010
NOTE E - LONG-TERM OBLIGATIONS - Continued
The annual requirements to amortize all debt outstanding as of June 30, 2010 including total interest
payments of $20,816,531 are as follows:
8 148 02054.784.339 $21,560,65S $2,908,990 1 56 484 $ 88.969.491
The cash and investments available to service revenue bonds are $1,015,607 and $4,566,887 for the
governmental and business -type activities, respectively.
The cash and investments available to service the special obligation bonds and certificates of participation
in governmental activities are $720,963 and $266,596, respectively.
Z1
Special
Leasehold
Certificates
Year Ending
Obligation
Revenue
Revenue
of
Promissory
June 30,
Bonds
Bonds
Bonds
Participation
Note
Total
2011
$ 1,199,808
$ 6,139,605
$ 2,487,756
$ 262,760
$ 102,150
$ 10,192,079
2012
1,195,260
6,200,581
2,488,118
265,760
102,010
10,251,729
2013
1,191,282
6,888,488
2,486,532
266,760
101,868
10,934,930
2014
1,003,530
6,059,960
2,487,882
262,160
101,728
9,915,260
2015
1,536,430
5,831,010
2,487,394
262,260
101,586
10,218,680
2016
319,380
5,900,426
2,484,594
266,760
101,446
9,072,606
2017
326,586
5,885,191
2,488,594
265,360
101,304
9,067,035
2018
337,636
4,860,591
2,488,994
263,360
101,164
8,051,745
2019
127,196
2,892,804
1,660,794
266,180
101,022
5,047,996
2020
128,484
1,848,307
-
263,130
100,881
2,340,802
2021
129,494
1,723,908
-
264,500
100,740
2,218,642
2022
130,244
59,792
-
-
100,599
290,635
2023
130,781
60,208
-
-
100,458
291,447
2024
130,969
60,606
-
-
100,317
291,892
2025
260,940
60,987
-
-
100,176
422,103
2026
-
61,449
-
-
50,035
111,484
2027
-
61,892
-
-
-
61,892
2028
-
62,415
2029
-
62,818
-
-
-
62,818
2030
-
63,301
-
-
-
63,301
8 148 02054.784.339 $21,560,65S $2,908,990 1 56 484 $ 88.969.491
The cash and investments available to service revenue bonds are $1,015,607 and $4,566,887 for the
governmental and business -type activities, respectively.
The cash and investments available to service the special obligation bonds and certificates of participation
in governmental activities are $720,963 and $266,596, respectively.
Z1
City of Cape Girardeau, Missouri
NOTES TO BASIC FINANCIAL STATEMENTS
June 30, 2010
NOTE E - LONG-TERM OBLIGATIONS - Continued
Interest expense was charged to functions as follows in the statement of activities:
Governmental Activities:
Interest and Other Costs $1,861,055
Total $1,861,055
Business -Tv -De Activities:
Golf Course $ 12,163
Sewer 642,922
Softball Complex 8,811
Solid Waste 36,978
Water 206,682
Total 907,556
Missouri statutes limit the amount of general obligation debt that a city can issue to 5.00% of the total
assessed value of taxable property located within that city's boundaries. The legal debt margin for the City
of Cape Girardeau is $26,944,080.
NOTE F - DEFICIT FUND BALANCES/RETAINED EARNINGS
The Park Improvements Fund's total liabilities exceeded their total assets by $6,496.
61
City of Cape Girardeau, Missouri
NOTES TO BASIC FINANCIAL STATEMENTS
June 30, 2010
NOTE G - PENSION PLAN
1. Plan Description
The City of Cape Girardeau participates in the Missouri Local Government Employees Retirement System
(LAGERS), an agent multiple -employer public employee retirement system that acts as a common
investment and administrative agent for local government entities in Missouri. LAGERS is a defined
benefit pension plan which provides retirement, disability, and death benefits to plan members and
beneficiaries.
LAGERS was created and governed by statute Section RSMo. 70.600 - 70.755. As such, it is the system's
responsibility to administer the law in accordance with the expressed intent of the General Assembly. The
plan is qualified under the Internal Revenue Code Section 401(a) and it is tax exempt.
The Missouri Local Government Employees Retirement System issues a publicly available financial report
that includes financial statements and required supplementary information. That report may be obtained by
writing to LAGERS, PO Box 1665, Jefferson City, MO 65102 or by calling 1-800-447-4334.
2. Funding Status
Full-time employees of the City of Cape Girardeau do not contribute to the pension plan. The June 30th
statutorily required contribution rates are 6.1% (General), 6.9% (Police) and 11.3% (Fire) of annual
covered payroll. The contribution requirements of plan members are determined by the governing body of
the political subdivision. The contribution provisions of the political subdivision are established by state
statute.
3. Annual Pension Cost (APC) and Net Pension Obligation (NPO)
The subdivision's annual pension cost and net pension obligation for the current year were as follows:
Annual required contribution $1,033,703
Interest on net pension obligation 0
Adjustment to annual required contribution 0
Annual pension cost 1,033,703
Actual contributions 1,033,703
Increase (decrease) in NPO 0
NPO beginning of year 0
NPO end of year $ 0
The annual required contribution (ARC) was determined as, part of the February 29, 2008 annual actuarial
valuation using the entry age actuarial cost method. The actuarial assumptions included: (a) a rate of return
on the investment of present and future assets of 7.5% per year, compounded annually, (b) projected salary
increases of 4.0% per year, compounded annually, attributable to inflation, (c) additional projected salary
increases ranging from 0.0% to 6.0% per year, depending on age and division, attributable to
seniority/merit, (d) pre -retirement mortality based on the RP -2000 Combined Healthy Table set back 0
62
City of Cape Girardeau, Missouri
NOTES TO BASIC FINANCIAL STATEMENTS
June 30, 2010
NOTE G - PENSION PLAN - Continued
years for men and 0 years for women, and (e) post-retirement mortality based on the 1971 Group Annuity
Mortality table for males projected to 2000 set back 1 year for men and 7 years for women. The actuarial
value of assets was determined using techniques that smooth the effects of short-term volatility in the
market value of investments over a five-year period. The unfunded actuarial accrued liability is being
amortized as a level percentage of projected payroll on an open basis. The amortization period at February
29, 2008 was 15 years for the General division, 15 years for the Police division and 15 years for the Fire
division.
Three -Year Trend Information
Year
Annual
Percentage
Net
Ended
Pension
of APC
Pension
June 30
Cost APC
Contributed
Obligation
2008
$1,140,078
100%
$ 0
2009
$1,006,174
100%
$ 0
2010
$1,033,703
100%
$ 0
Note: The above assets and actuarial accrued liability do not include the assets and present value of
benefits associated with the Benefit Reserve Fund and the Casualty Reserve Fund. The actuarial
assumptions were changed in conjunction with the February 28, 2006 annual actuarial valuations. For a
complete description of the actuarial assumptions used in the annual valuations, please contact the'
LAGERS office in Jefferson City.
63
City of Cape Girardeau, Missouri
NOTES TO BASIC FINANCIAL STATEMENTS
,June 30, 2010
NOTE H - POSTRETIREMENT HEALTHCARE BENEFITS
1. Description
The City follows the provisions of GASB Statement No. 45, Accounting and Financial Reporting by
Employers for Postemployment Benefits Other Than Pensions. In addition to the relevant disclosures
within this note related to GASB Statement No. 45, the financial statements reflect a long-term liability and
related expenses of $1,680,198 and $1,355,157, respectively, in the governmental and business -type
activities combined.
The City, through its substantive commitment to provide other post -employment benefits (OPEB),
maintains a single -employer defined benefit plan to provide certain postretirement healthcare benefits to all
former full-time employees until the retiree is eligible for Medicare (age 65). Such benefits are not
available to members' spouses or dependents; rather, only to former employees as previously described.
Specific details of the Plan include the provision of certain medical and dental insurance coverage. These
benefits are provided through insurance companies. The City is under no statutory or contractual
obligation to provide these postretirement healthcare benefits. Because the Plan consists solely of the
City's firm commitment to provide OPEB through the payment of premiums to insurance companies on
behalf of its eligible retirees, no stand-alone financial report is either available or generated.
2. Funding Policy
Premiums under the Plan for post -employment healthcare benefits are funded in accordance with rates
established by the City from appropriate governmental and business -type funds. For the year ended June
30, 2010, the City paid the full premium cost for retired employees who were hired prior to January 1,
2007. For employees hired on/after January 1, 2007, the City paid a percentage of the full premium cost for
retired employees with single coverage according to years of service at retirement. For employees with 10
to 14 years of service at retirement the City's subsidy was 50%. The subsidy for employees with 15 to 19
years of service was 60%; 20 to 24 years was 70%, and employees with more than 24 years of service at
retirement received 100% subsidy. The retiree is responsible for the full cost of dependent coverage. The
plan is financed on a pay-as-you-go basis.
3. Annual OPEB Cost and Net OPEB Obligation
The City's annual OPEB cost is calculated based on the annual required contribution (ARC) of the City, an
amount actuarially determined in accordance with the parameters of GASB Statement 45. The ARC
represents a level of funding that, if paid on an ongoing basis, is projected to cover normal cost each year
and amortize any unfunded actuarial liabilities (or funding excess) over a period of 30 years. The
following table illustrates the components of the City's annual OPEB cost for the year, the amount actually
contributed to the Plan, and changes in the City's net OPEB obligation:
MR
City of Cape Girardeau, Missouri
NOTES TO BASIC FINANCIAL STATEMENTS
June 30, 2010
NOTE H - POSTRETIREMENT HEALTHCARE BENEFITS - Continued
Annual required contribution
Interest on net OPEB obligation
Adjustment to annual required contribution
Annual OPEB cost
Contributions made
Increase in net OPEB obligation
Net OPEB obligation, July 1
Net OPEB obligation, June 30
2009
2010
$ 1,487,797
$1,355,157
-0-
41,823
-0-
(57,057)
$ 1,487,797
$1,339,923
(558,405)
589117
$ 929,392
$ 750,806
-0-
929,392
$ 929.392
$1,680,199
The City's annual OPEB cost, the percentage of annual OPEB cost contributed to the Plan, and the net
OPEB obligation for 2010 were as follows:
4. Funding Status and Funding Progress
As of July 1, 2009, the most recent actuarial valuation date, the Plan was not funded. The actuarial accrued
liability for benefits equaled $11,680,944, resulting in an unfunded actuarial accrued liability (UAAL) of
$11,680,944. The covered payroll (annual payroll of active employees covered by the Plan) equaled
$13,382,053, and the ratio of the UAAL to the covered payroll equaled.87.3%.
Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and
assumptions about the probability of occurrence of events far into the future. Examples include
assumptions about future employment, mortality, and the healthcare cost trend.. Amounts determined
regarding the funded status of the Plan and the annual required contributions of the employer are subject to
continual revision as actual results are compared with past expectations and new estimates are made about
the future.
The schedule of funding progress is to present multiyear trend information about whether the actuarial
value of the Plan assets is increasing or decreasing over time relative to the actuarial accrued liability for
benefits. However, because the City maintains no Plan assets, information relative to Plan asset required
disclosures is not applicable.
39
Percentage of
Net OPEB
Fiscal Year
Annual
Annual OPEB
Obligation -
Ended
OPEB Cost
Cost Contributed
End of Year
6/30/10
$1,339,923
44.0%
$1,680,198
6/30/09
$1,487,797
37.5%
$ 929,392
4. Funding Status and Funding Progress
As of July 1, 2009, the most recent actuarial valuation date, the Plan was not funded. The actuarial accrued
liability for benefits equaled $11,680,944, resulting in an unfunded actuarial accrued liability (UAAL) of
$11,680,944. The covered payroll (annual payroll of active employees covered by the Plan) equaled
$13,382,053, and the ratio of the UAAL to the covered payroll equaled.87.3%.
Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and
assumptions about the probability of occurrence of events far into the future. Examples include
assumptions about future employment, mortality, and the healthcare cost trend.. Amounts determined
regarding the funded status of the Plan and the annual required contributions of the employer are subject to
continual revision as actual results are compared with past expectations and new estimates are made about
the future.
The schedule of funding progress is to present multiyear trend information about whether the actuarial
value of the Plan assets is increasing or decreasing over time relative to the actuarial accrued liability for
benefits. However, because the City maintains no Plan assets, information relative to Plan asset required
disclosures is not applicable.
39
City of Cape Girardeau, Missouri
NOTES TO BASIC FINANCIAL STATEMENTS
June 30, 2010
NOTE H - POSTRETIREMENT HEALTHCARE BENEFITS - Continued
5. Actuarial Methods and Assumptions
Projections of benefits for financial reporting purposes are based on the substantive Plan (the Plan as
understood by the City and Plan members) and include the types of benefits provided at the time of each
valuation and the historical pattern of sharing of benefit costs between the City and Plan members to that
point. There are no legal or contractual funding limitations that would potentially affect the projection of
benefits for financial accounting purposes. The actuarial methods and assumptions used include techniques
that are designed to reduce the effects of short-term volatility in actuarial accrued liabilities, consistent with
the long-term perspective of the calculations.
In the actuarial valuation dated July 1, 2009, the projected unit credit cost actuarial method was used.
Because the City funds its OPEB on a pay-as-you-go basis, the plan has no assets (investments) used
specifically for paying the post-retirement medical benefits; therefore, the actuarial assumptions included a
4.5% discount rate, which approximates the expected rate of return on non -pension investments held by the
City. Actuarial assumptions also included annual healthcare trend rates of 9.0% , initially, reduced by
decrements to an ultimate rate of 4.5% for healthcare costs after ten years. The UAAL is being amortized
as a level dollar amount over thirty years based on an open group.
NOTE I - INTEREST EXPENSE
Interest and handling charges, totaling $1,834,050, excluding $16,589 of interfund interest, was incurred by
governmental funds during the year ended June 30, 2010. Interest and handling charges, totaling $868,945
excluding $45,592 of interfund interest, was incurred by proprietary funds during the year ended June 30,
2010. No interest cost was capitalized as part of the cost of assets constructed during the period.
NOTE J - INTERFUND ACTIVITY
A. The following is a summary of interfund balances as of June 30, 2010:
Advance to/from other funds:
Advances from Advances to
General Fund $ 996,954 $ -
Solid Waste Fund - 620,000
Golf Course Fund - 217,840
Softball Complex Fund - 159.114
$ 996,954
The interfund balances are a result of advances to purchase capital assets and to pay for operating expenses.
Repayments are made as cash flows permit. If cash flows are not sufficient, repayments are deferred to
subsequent years.
M
City of Cape Girardeau, Missouri
NOTES TO BASIC FINANCIAL STATEMENTS
June 30, 2010
NOTE J - INTERFUND ACTIVITY - Continued
The City makes transfers between various funds for routine and normal operating expenses and for capital
asset requisitions.
B. The following is a summary of interfund transfers for the year ended June 30, 2010:
Fund
General Fund
Airport Fund
Park and Recreation Fund
Convention and Tourism
Housing Development Fund
Motor Fuel Tax Fund
Capital Improvement Sales Tax -
Water System Improvements
Transportation Sales Tax Trust
Capital Improvement Sales Tax -
Sewer System Improvements
Transportation Sales Tax Trust II
Fire Sales Tax Fund
Public Safety Trust Fund
Transportation Sales Tax Trust III
Park/Storm Water Sales Tax
Park/Storm Water Sales Tax -Capital
Debt Service Fund
Community Development Block
Grant Project Fund
Water System Improvement
Projects Fund
Storm Water Projects from
Storm Water Tax
Park Improvement Projects from
Park Sales Tax
Sewer Fund
Golf Course Fund
Softball Complex Fund
Fleet Management. Fund
Equipment Replacement Fund
Transfer From
Transfer To
$ 4,154,293
$ 4,431,821
261,782
676,928
1,946
913,460
43,500
-
-
19,637
1,325,000
-
42,726
30,000
1,750,307
598,000
-
2,089,485
-
1,097,521
2,089,485
-
923,000
934,900
-
953,390
435,126
-
261,782
2,585 124,378
42,726 -
203,013
435,126 647,478
2,008,384
418,266
- 451,909
15,141 -
- 28.309
$ 13.705.702 1702
City of Cape Girardeau, Missouri
NOTES TO BASIC FINANCIAL STATEMENTS
June 30, 2010
NOTE K - SEGMENT INFORMATION FOR ENTERPRISE FUNDS
The City maintains five enterprise funds which provide sewer, water, solid waste, golf, and softball
complex services. Segment information for the year ended June 30, 2010 was as follows:
Softball
Sewer
Water
Solid Waste
Golf Course
Complex
Total
Fund
Fund
Fund
Fund
Fund
Enterprise
Operating revenues
$ 3,128,717
$5,935,017
$3,245,615
$ 99,537
$ 178,950
$12,587,836
Depreciation
2,151,418
1,429,556
219,373
81,059
12,800
3,894,206
Operating Income (Loss)
(2,108,599)
173,801
100,577
(403,863)
(435,651)
(2,673,735)
Operating transfers in
2,008,384
-
-
418,266
451,909
2,878,559
Net Income (Loss)
30,442
3,038,948
251,196
.1,088,523
1,491,650
5,900,759
Current Capital Contributions
567,506
2,847,906
-
1,077,826
1,482,314
5,975,552
Property, Plant and Equipment
Additions
880,229
4,538,344
2,374,926
1,645,376
1,709,986
11,148,861
Deletions
11,024
1,157,697
83,080
3,336
-
1,255,137
Net Working Capital
(820,433)
2,646,360
1,340,580
15,729
11,707
3,193,943
Total Assets
56,202,478
48,322,768
4,835,104
1,859,267
1,896,134
113,115,751
Bonds and Other Long-term
Liabilities Payable from
Operating Revenues
22,453,824
3,634,995
2,749,630
235,494
164,680
29,238,623
Total Net Assets
$32,818,833
$43,956,454
$1,811,637
$1,535,672
$1,630,715
$81,753,311
City of Cape Girardeau, Missouri
NOTES TO BASIC FINANCIAL STATEMENTS
June 30, 2010
NOTE L - RESERVATION OF FUND EQUITY
At June 30, 2010, the City had reserved its fund equity as follows:
General Fund
Reserved for emergency fund $3,331,396
Reserved for prepaid items 71,888
Reserved for advance 996,954
Reserved for mausoleum maintenance 108,631
Reserved for local access channel 6,578
Reserved for encumbrances 60,150
$4,575,597
Airport Fund
Reserved for prepaid items $ 17,847
Reserved for encumbrances 6,266
24,113
Parks and Recreation Fund
Reserved for prepaid items $ 4,149
Reserved for operations and maintenance 10,686
Reserved for encumbrances 4,903
19 73
Transportation Sales Tax Trust Fund III
Reserved for encumbrances $4,471,862
Park Projects from Parks Sales Tax
Reserved for encumbrances 2 853 324
Other Governmental Funds
Reserved for encumbrances
$15969,123
Reserved for emergencies
831,937
Reserved for prepaid items
28,571
Reserved for debt service
245,670
Reserved for river campus
148,615
$3,223,916
City of Cape Girardeau, Missouri
NOTES TO BASIC FINANCIAL STATEMENTS
June 30, 2010
NOTE M - RESERVED RETAINED EARNINGS AND RESTRICTED ASSET ACCOUNTS
At June 30, 2010, the City has restricted assets in its*Proprietary Funds as follows:
Depreciation
Revenue Bond
and
Bond
Sinking and
Replacement
Construction
Reserve Fund
Total
Sewer Fund $ 127,000
$ -
$2,654,277
$ 2,781,277
Water Fund 1,300,000
4,389
1,967,569
3,271,958
Solid Waste Fund -
4,083
820
4.903
1 42 0
8 472$4,622,666
OS 1
NOTE N - LANDFILL CLOSURE AND POSTCLOSURE CARE COST
State and federal laws and regulations require the City to place a final cover on its landfill when closed and
perform certain maintenance and monitoring functions at the landfill site for thirty years after closure. The
City closed its landfill in the fiscal year ending June 30, 1994, and an expense provision and related
liability were recognized at that time based on the future closure and postclosure care costs that were
estimated to be incurred near or after the date the landfill no longer accepted waste. The entire amount of
the estimated total costs for landfill closure and postclosure care costs was recognized in prior years since
the recognition is based on landfill capacity used to date and the landfill was ,filled to capacity in prior
years. The estimated total future liability for landfill postclosure care costs is $49,000 as of June 30, 2010,
which is based on the amount that would be paid if all equipment, facilities, and services required to close,
monitor,.and maintain the landfill were acquired as of June 30, 2010. However, the actual cost of closure
and postclosure care may be higher due to inflation, changes in technology, or changes in landfill laws and
regulations.
The City has used the option of a Contract of Obligation as the financial assurance instrument for the
landfill. The City issued bonds in October 1994 from which the proceeds were used to pay the closure
costs.
70
City of Cape Girardeau, Missouri
NOTES TO BASIC FINANCIAL STATEMENTS
June 30, 2010
NOTE O - RISK MANAGEMENT
The City is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets;
errors and omissions; natural disasters; and employee health benefits. These risks, with the exception of
those discussed in the following paragraphs, are covered by commercial insurance. Settled claims have not
exceeded this commercial coverage in any of the past ten fiscal years.
The City is a member of the Missouri Public Entity Risk Management Fund, a not-for-profit public entity
insurance pool established by the state legislature. Through this pool, the City receives coverage for general
liability, law enforcement liability, errors and omissions, and employment practice liability. Risks for these
coverages are spread across members of the fund. Currently the fund is comprised of 887 Missouri
counties, municipalities, and special districts. Premiums for these coverages are actuarially determined
based on actual claims of the pool and individual claims of the City. Each year, portions of premiums not
required because of below expected claims are returned to the members. The City has received refunds of
premiums in each of the last eleven years and has used them to offset the cost of the succeeding year's
premiums.
Vehicle loss and accident liability is carried by Savers Property and Casualty Insurance. It is rated "A-" by
A.M. Best.
Airport liability is carried by Catlin Insurance Company. It is rated "A" by A.M. Best.
Property insurance is carried by Chubb Group of Insurance Companies. It is rated "A++" by A.M. Best
The City has established self-insurance plans for employees' health insurance and workers' compensation.
Both of these are accounted for using internal service funds. Under each plan, the City is substantially self-
insured and uses an administrator to handle claims management.
The City provided health coverage to its employees through a minimum premium plan administered by
Anthem Blue Cross Blue Shield of Missouri, which had an "A" rating by A.M. Best. Under this plan, the
City paid the administrator a monthly premium for claims administration, cost management, and specific
and aggregate stop loss coverage. The City reimbursed the administrator for claims paid up to the specific
stop loss amount of $125,000 and $125,000 annually per employee and up to the aggregate stop loss
amount of approximately $2,600,000 and $2,750,000 annually beginning January 1, 2009 and 2010,
respectively, for all employees. These limits apply only to claims made during the respective calendar
years. Rates were charged by the internal service fund to the other City funds to cover the monthly
premium to the administrator and claims up to the aggregate stop loss amount.
Corporate Claims Management, Inc. administers the City's workers' compensation plan. Under this plan,
the City pays the administrator a per claim fee to administer its claims. All claims are paid directly by the
City. The City has purchased insurance coverage from Safety National Casualty Corp. that limits the City's
maximum individual claims liability to $450,000 for police and firefighters and $400,000 for other regular
employees and per occurrence claims liability to $1,000,000. Additionally, $5,000,000 in coverage is
provided for annual claims in excess of $1,330,123. Rates are charged by the internal service fund to the
other City funds based on rates and experience factors established by the National Council on
Compensation Insurance. Safety National is rated "A" by A. M. Best.
71
City of Cape Girardeau, Missouri
NOTES TO BASIC FINANCIAL STATEMENTS
June 30, 2010
NOTE O - RISK MANAGEMENT - Continued
Claims liability is estimated using data supplied by the administrator. The claims activity during the last
five years is summarized as follows:
CLAIMS LIABILITIES RECONCILIATION
Balance June 30, 2005
Provision for Incurred Claims
Payment of Claims
Balance June 30, 2006
Provision for Incurred Claims
Payment of Claims
Balance June 30, 2007
Provision for Incurred Claims
Payment of Claims
Balance June 30, 2008
Provision for Incurred Claims
Payment of Claims
Balance June 30, 2009
Provision for Incurred Claims
Payment of Claims
Balance June 30, 2010
Health
Insurance
$ 175,000
2,400,142
(2,065,642
$ 509,500
2,520,411
_(2,384,161)
$ 645,750
1,812,199
_(2,346,449)
$ 111,500
1,860,053
(1,773,053)
$ 198,500
1,843,651
(1,911,151)
131,000
Workers'
Compensation
$ 535,000
548,809
(378,809)
$ 705,000
517,676
(552,676)
$ 670,000
6,009
(406,009)
$ 270,000
523,905
(363,905)
$ 430,000
583,662
(493,662)
520.000
Total
$ 710,000
2,948,951
(2,444,451)
$ 1,214,500
3,038,087
(2,936,837)
$ 1,315,750
1,818,208
(2,752,458)
$ 381,500
2,383,958
(2,136,958)
$ 628,500
2,427,313
(2,404,813)
$ 651,000
NOTE P - CONCENTRATION OF CREDIT RISKIBAD DEBT ALLOWANCE
The City has uncollateralized utility accounts receivable generated within a limited geographical region
primarily consisting of its City limits. The City also has taxes, special assessments, and user fees
receivable which are concentrated among its citizens. Some of these items attach as liens against real and
personal property. The maximum accounting loss is the amount shown as utility charges receivable on the
statement of net assets.
At June 30, 2010, utility receivables totaled $1,832,794. On the financial statements, the utility receivables
are shown net of the allowance for doubtful accounts of $129,293. This results in net utility receivable of
$1,703,501. During the year ended June 30, 2010, the allowance was increased by $90,205 or
approximately .76% of the current year's utility charges and accounts totaling $85,131 were written off.
72
City of Cape Girardeau, Missouri
NOTES TO BASIC FINANCIAL STATEMENTS
June 30, 2010
NOTE Q - COMMITMENTS AND CONTINGENCIES
1. Litigation
Various claims and lawsuits are pending against the City. In the opinion of City management, the
potential loss on all claims and lawsuits will not be significant to the City's financial statements.
2. Grant Audit
The City receives Federal and State Grants for specific purposes that are subject to review and audit by
various Federal and State agencies. Such audits could result in a request for reimbursement by any of the
Federal and State agencies for expenditures disallowed under the terms and conditions of the appropriate
agency. In the opinion of City management, such disallowances, if any, will not be significant.
3. Construction Commitments
As of June 30, 2010, the City had construction commitments outstanding of $8,513,924. The construction
commitments represent incomplete portions of contracts entered into to construct the following: various
street projects, various rehab projects at the airport, new trail construction, new water supply wells,
improvements to existing park structures, new family aquatic center, new community. center in Shawnee
Park, and housing rehabilitation. These contracts are expected to be completed within the next fiscal year.
4. Encumbrances
As of June 30, 2010, the City had encumbrances outstanding of $11,608,532.
NOTE R — PRIOR PERIOD ADJUSTMENTS
On the Governmental Fund Statement. of Revenues, Expenditures, and Changes in Fund Balance, there
are prior period adjustments that total ($11,106.85). The two funds affected are General and
Transportation Sales Tax Trust III. The adjustments to General Fund consist of prior year retiree's
insurance premiums in the amount of ($7,483.13) being transferred to the Fringe Benefits fund and the
reversal of prior year internal salary charges in the amount of ($11,023.72) originally charged to the
Sewer Fund for what was thought to be a sewer project that turned out to be a street project. The
$7,400.00 prior period adjustment in the Transportation Sales Tax Trust III fund adjusts prior year
grant revenue for the Fountain Street 2 project.
In a prior period, the Park/Storm Water Sales Tax Project funds paid for various projects that were
originally set up as General Fixed Assets instead of Enterprise assets. Reclassification of these items
resulted in prior period adjustments on the Proprietary Funds Statement of Revenues, Expenses, and
Changes in Fund Net Assets in Sewer, Golf and Softball Complex funds in the amounts of
$247,825.55, $433,663.39 and $219,329.75, respectively. In addition, Sewer fund wrote off prior year
depreciation for the above assets in the amount of ($824.66). Also, employees in the Golf fund
worked previously on various park projects that are being funded by the Park Sales Tax. Their salaries
in the amount of $65,428.49 were transferred to the project fund. The Internal Service Fund prior
period adjustment was the receipt of retiree's insurance premiums of $7,483.13 in the Fringe Benefits
fund.
73
City of Cape Girardeau, Missouri
NOTES TO BASIC FINANCIAL STATEMENTS
June 30, 2010
NOTE R — PRIOR PERIOD ADJUSTMENTS — Continued
All the above entries are included on the City -Wide Statement of Activities. However, the adjustment
made to the Internal Service Fund will now show up under the Governmental column. Additionally, the
Governmental column is also affected by the reclassification of assets that was discussed earlier in the
amount of ($896,200.51). Also, Construction in Progress cost which had been set up in a prior period for
($25,689.99) was determined not to be a capital improvement.
NOTE S - CONTINGENCY
1. In June 2004, the City of Cape Girardeau and Cape Girardeau County entered into a development
agreement with a local business. Under the agreement, the local business agreed to pay for certain
public improvements incurred in conjunction with the construction of a new retail facility and the
City and County agreed to reimburse the local business for the cost of these improvements up to a
maximum of $4,000,000 over an estimated 15 years. The local business has completed these
improvements with a total cost of $2,668,646. The City is required by the development agreement
to reimburse the local business for $2,134,917 of these costs through scheduled quarterly payments
over the next fifteen years from available revenues. Available revenues are defined in the
development agreement as 75% of the City's quarterly net revenues from specific sales taxes
generated by the business operations of the new retail facility which exceed $64,000. The rates of
the specified sales taxes currently equal 2%. Sales taxes with rates currently equal to 1% will expire
during the term of this agreement. The City will be required to substitute revenues for sales taxes
with equivalent rates, if available, when the specific sales taxes expire.
Required quarterly payments increase annually per the repayment schedule included in the
development agreement. To the extent that the available revenues for any quarter are less than the
required quarterly payment due, the unpaid amount will be added to the next scheduled quarterly
amount due without penalties. Any amounts unpaid at the end of 15 years will be payable. quarterly
from available revenues for the remainder of the agreement. Any amounts unpaid at the end of the
agreement will not be required to be paid. The term of the developer agreement is 20 years from the
execution of the agreement.
During the fiscal year ended June 30, 2010, the City paid $12,104 under the development
agreement. This amount is included in the Development Services expenses on the Statement of
Activities.
2. In.June 2004, the City of Cape Girardeau and Cape Girardeau County entered into a development
agreement with a local real estate developer. Under the agreement, the local developer agreed to
pay for certain public improvements incurred in conjunction with the development of a 60 acre
retail development and the City and County agreed to reimburse the local business for the cost of
these improvements from available net sales tax revenue generated from any businesses operations
located in the development.
The local developer has completed these improvements with a total cost of $2,998,434. The City
and County are required by the development agreement to reimburse the developer for these costs
74
City of Cape Girardeau, Missouri
NOTES TO BASIC FINANCIAL STATEMENTS
June 30, 2010
NOTE S - CONTINGENCY - Continued
plus 4% interest with quarterly payments from available revenue. Available revenue is defined by
the agreement as all the net sales tax revenue generated by two .25% City capital improvement
sales taxes and the .50% City transportation sales tax and 50% of the net sales tax revenue
generated by a.50% County sales tax. All City sales taxes have expiration date that could occur
before the total costs of the improvements are reimbursed to the developer. The County sales tax
has no expiration date. No provision is made to replace revenues from the City sales taxes that
expire if they are not extended. The development agreement remains in effect until the total cost of
the public improvements is reimbursed to the developer.
The City and the County are obligated only to make quarterly payments as may lawfully be made
from funds budgeted and appropriated for that purpose by the City and County. During the fiscal
year ended June 30, 2010, the City incurred payments of $130,701 under the development
agreement. This amount is included in the Development Services expenses on the statement of
activities.
3. During previous fiscal year the City entered into a development agreement with Greater Missouri
Builders, Inc. (GMB) to reimburse them for costs associated with the Town Plaza Redevelopment
Project. In conjunction with this agreement the City established the Town Plaza Community
Improvement District (CID) and determined the project area to be blighted pursuant to Chapter 353
of the Missouri Revised Statutes.
This project involves the conversion of the former Sears facility into a call center for National Asset
Recover Services (NARS) and other various improvements, such as facade improvements, parking
facilities, roof reconstruction, and HVAC enhancements. Total reimbursements to GMB for
redevelopment costs were limited to $3.6 million plus 7.5% interest. These reimbursements will be
made from incremental County and City sales tax revenues, an additional CID sales tax, and real
estate tax abatements. Reimbursements from incremental County and City sales tax revenue will be
limited to $1.2 of the. $3.6 million total.
Incremental County and City sales tax revenue is defined as the difference in future tax revenues
from the City's 1% general sales tax and .5% capital improvement sales tax and half the County's
.5% general sales tax and the revenues from these taxes from the project area in calendar year 2006.
It's anticipated that the CID will implement a 1% sales tax. Improvements to the redevelopment
project will receive 100% real estate tax abatement for the first 10 years and 50% real estate tax
abatement for the next 15 years. The current Sears facility will receive 50% real estate tax
abatement for 25 years. Based on 2006 assessed values the abatement of City taxes on the
unimproved Sears facility would be $627.53.
Beginning in year six of the agreement, 50% of the gross rentals from the NARS site will be used to
supplement the incremental sales tax revenues. Reimbursements from incremental sales tax
revenues expire with repayment of the amount to be paid by incremental sales tax or 20 years
whichever comes first.
75
City of Cape Girardeau, Missouri
NOTES TO BASIC FINANCIAL STATEMENTS
June 30, 2010
NOTE S - CONTINGENCY - Continued
This project was completed during the year at a cost of $3,203,308. Reimbursement from
incremental County and City sales tax revenue will be limited to $1,164,839.
The City and the County are obligated to make quarterly payments as may lawfully be made
from funds budgeted and appropriated for that purpose by the City and County. During the
fiscal year ended June 30, 2010, the City incurred payments of $22,363 under the development
agreement. This amount is included in the Development Services expenses on the Statement of
Activities.
NOTE T — SUBSEQUENT EVENTS
On November 15, 2010 the City approved Abatement Order on Consent #1003 issued by the Missouri
Department of Natural Resources. This was an administrative action taken by the Missouri Department
of Natural Resources as result of their belief that the City was in violation of the Missouri Clean Water
Law. As a result of the Order, the City has agreed to pay a $15,000 civil fine, .commit at least $111,000
to a supplemental environmental project, and construct anew wastewater treatment plant that is in
compliance with current Missouri Clean Water Law.
76
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City of Cape Girardeau, Missouri
NOTES TO BUDGETARY COMPARISON SCHEDULES
June 30, 2010
BUDGETS. AND BUDGETARY ACCOUNTING
The City adopts annual operating budgets for all funds except Storm Water Projects from Storm
Water Sales Tax Fund, Park Improvement Projects from Park / Storm Water Sales Tax Fund and
Water System Improvement Project Fund which have project length budgets.
The City follows these procedures in establishing the budgetary data reflected in the financial
statements.
1. The City Manager submits to the City Council a proposed operating budget for the fiscal
year ending the following June 30th at the first meeting of June each year. The operating
budget includes proposed expenditures and the means of financing them.
2. Public hearings are conducted to obtain taxpayer comments.
3. Prior to July 1, the budget is legally enacted through passage of an ordinance.
4. The City Manager is authorized to transfer budgeted amounts between programs within
any department; however, any revisions that alter the total appropriations of any
department must be approved by the City Council. Departments may not legally exceed
their appropriations without approval from the City Council. Appropriations expire at the
end of the year; however, outstanding encumbrances at the end of the year are honored by
the City.
5. Formal budgetary integration is employed as a management control device during the
year for all funds.
6. Budgets for all funds are adopted on a budgetary basis.
7. If, during the fiscal year, the City Manager certifies there are additional revenues to
appropriate, unencumbered appropriation balances within a department, or there is an
emergency situation, the City Council may amend the initial budget by ordinance. The
initial budget was adopted by the City Council on June 15, 2009 and amended on August
17, 2009, November 16, 2009, December 21, 2009 and July 6, 2010. The initial budget
and final amended budget are both reflected in the financial statements.
For the year ended June 30, 2010, the fund expenditures for Airport, Downtown Business District,
Park/Storm Water Sales Tax -Capital, Street Improvements and Risk Management funds exceeded
their approved budgets by $139,001, $513, $106,495, $143 and $59,832, respectively.
City of Cape Girardeau, Missouri
NOTES TO BUDGETARY COMPARISON SCHEDULES
June 30, 2010
BUDGETS AND BUDGETARY ACCOUNTING - Continued
The Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds
reports revenues and expenditures on the modified accrual basis of accounting in accordance with
GAAP. The Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and
Actual (Budget Basis) for all governmental fund types is prepared on a budgetary basis which
includes encumbrances as expenditures.
The following reconciliation adjusts GAAP basis to budget basis:
Excess (Deficiency) of Revenues and Other
Financing Sources Over (Under) Expenditures and
Other Financing Uses
The individual proprietary fund schedules of comparing budget to actual is reported on a budgetary
basis that uses the modified accrual basis of accounting with the exception of encumbrances.
Encumbrances are reported as expenses in the year of encumbrance.
Park Projects
Parks and
Transportation
From Park
Non -major
General
Airport
Recreation
Trust III
Sales Tax
Funds
GAAP Basis
$ 575,278
$ 10
$ 192,524
$ (1,045,878)
$ (12,338,055)
$ ( 2,785,195)
Increase due to:
Year-end encumbrances
Administrative services
494
6,997
-
-
Development services
11,633
-
-
25,040
Parks and recreation
12,814
-
17,047
-
94,703
Public Safety
19,318
-
-
-
97,707
Public Works
5,705
-
-
-
Capital outlay
-
-
-
5,365,779
2,508,819
Contingency
2,000
-
-
-
-
Funds not budgeted annually
-
-
-
12,338,055
1,573,409
Advance from other funds
41,242
-
-
-
Adjust investments to market
170
-
668
Encumbrance revenue
15.760
894.126
230.268
109,136
6.997
17,047
6,259.905
12,338.055
4,530.614
Decrease due to:
Year-end encumbrances
Administrative services
1,555
6,266
-
24,632
Development services
5,809
-
-
-
160,483
Parks and recreation
14,834
-
4,903
-
-
Public safety
24,022
-
-
-
208
Public works
13,931
-
-
-
Capital outlay
-
-
-
4,471,862
632,124
Encumbrance revenue-
254
-
-
1,564,622
Adjust invest to market
6.539
487.
332
13,050
21,663
66.690
7.007
5.235
4,484,912
2.403.732
Budget Basis
$ 617,724
$
$ 204,336
$ 729.1 I S
$
(6
The individual proprietary fund schedules of comparing budget to actual is reported on a budgetary
basis that uses the modified accrual basis of accounting with the exception of encumbrances.
Encumbrances are reported as expenses in the year of encumbrance.
City of Cape Girardeau, Missouri
NOTES TO BUDGETARY COMPARISON SCHEDULES
June 30, 2010
BUDGETS AND BUDGETARY ACCOUNTING - Continued
GAAP Basis
Increase due to
Prior year encumbrances
.Operating expenses
Capital Outlays
Depreciation
Special assessments
Bond proceeds
Interest cost amortized
Cost of bond refunding amortization
Issuance cost amortization
Amortized bond premium/discount
Amounts deferred to be used for future debt
service on capital appreciation bonds
Construction fund earnings
Interest subsidy received
Net OPEB obligation
Asset dispositions
Decrease due to:
Year-end encumbrances
Operating expenses
Capital outlays
Landfill closure and maintenance costs
Cost of bond refunding amortization
Issuance cost amortization
Interest paid more than accrual
Bond principal paid
Amortized Bond premium/discount
Capital outlays
Adjust investments to market
Asset Dispositions
Deferred revenues
Adjustment to liability for future landfill
postclosure maintenance costs
Contributed capital
Budget Basis
Net Income (Loss)
- - 1,968 - -
489,037 2,847,906 - 1,077,825 1,482,314
5,713,881 4,478,160 2,497,750 1,175,098 1,515,066
5(2.241.6051 $5 (121.8781$ 6,350 2 2 4
Solid
Golf
Softball
Sewer
Water
Waste
Course
Complex
$ 30,442
$ 3,038,948
$ 251,196
$ 1,088,523
$1,491,649
18,140
7,196
455
99
5,695
1,514
68,229
-
-
-
2,151,419
1,429,554
219,373
81,059
12,800
35,176
11,425
-
-
-
-
-
1,790,031
-
-
372,347
-
-
-
-
-
52,518
-
-
23,416
18,717
174
-
-
-
235,060
-
-
-
565,308
39,280
7,306
31,737
8,431
2,638
29,421
83,080
3,336
-
3,441,834
1,624,366
2,124,676
92,925
21,133
83,026
6,573
10,698
3,341
8,499
2,042,450
16,470
-
-
-
-
-
1,532
-
-
36
-
64
-
-
-
26,252
23,774
12,399
366
-
-
2,907,683
946,753
53,313
25,417
15,824
-
14,371
784
-
144,190
562,161
2,374,926
68,460
8,341
4,185
15,923
4,602
55
88
19,500
55,604
23,245
-
-
- - 1,968 - -
489,037 2,847,906 - 1,077,825 1,482,314
5,713,881 4,478,160 2,497,750 1,175,098 1,515,066
5(2.241.6051 $5 (121.8781$ 6,350 2 2 4
City of Cape Girardeau, Missouri
NOTES TO BUDGETARY COMPARISON SCHEDULES
June 30, 2010
BUDGETS AND BUDGETARY ACCOUNTING - Continued
Net Income (Loss)
83
Data
Fleet
Employee
Risk Equipment
Processing
Management
Frin a
Management Replacement
GAAP Basis
$ 7,012
$ (13,271)
$ 705,721
$ (83,239) $ 87,450
Increase due to:
Prior year encumbrances
Operating expenses
-
4,258
-
- -
Capital Outlays
-
-
-
- 29,611
Depreciation
41,728
15,819
-
- 250,630
Deferred revenues
-
14,557
-
- -
Issuance cost amortization
-
995
-
- 546
Difference between proceeds from
sale of fixed assets and gain or loss
6,823
-
-
- 14,058
Net OPEB Obligation
4,744
29,840
-
- -
Adjust investments to market
-
-
-
- -
53,295
65,469
- 294,845
Decrease due to:
Year-end encumbrances
Operating expenses
-
7,058
-
- -
Capital outlays
51,361
6,935
-
- 6,494
Interest paid more than accrued
-
-
-
- 131
Adjust investments to market
334
348
3,582
12,998 3,428
Amortized Bond premium/discount
-
-
-
- 284
Principal paid
-
160,875
-
- 45,000
Capital outlays
51,532
31,922
-
- 535,051
103,227
207,138
3,582
12,998 590,388
Budget Basis
4 20
54 40
2 1
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(i a` ti
ANNUAL FEDERAL FINANCIAL COMPLIANCE SECTION
BEUSSINK, HEY, ROE, SEABAUGH & STRODER, L.L.C.
Certified Public Accountants
4018 Sycamore 16 So. Silver Springs Road 105 So. Hope
Cairo, Illinois 62914 Cape Girardeau, Missouri 63703 Jackson, Missouri 63755
Telephone (618) 734-3300 Telephone (573) 334-7971 Telephone (573) 243-3991
Facsimile (618) 734-3303 Facsimile (573) 334-8875 Facsimile (573) 243-3186
REPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE
TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER
COMPLIANCE IN ACCORDANCE WITH OMB CIRCULAR A-133
Honorable Mayor and Members of the City Council
City of Cape Girardeau, Missouri
Compliance
We have audited the City of Cape Girardeau, Missouri's compliance, with the types of
compliance requirements described in the OMB Circular A-133 Compliance Supplement that
could have a direct and material effect on each of the City of Cape Girardeau, Missouri's major
federal programs for the year ended June 30, 2010. The City of Cape Girardeau, Missouri's
major federal programs are identified in the summary of auditors' results section of the
accompanying Schedule of Findings and Questioned Costs. Compliance with the requirements
of laws, regulations, contracts, and grants applicable to each of its major federal programs is the
responsibility of the City of Cape Girardeau, Missouri's management. Our responsibility is to
express an opinion on the City of Cape Girardeau, Missouri's compliance based on our audit.
We conducted our audit of compliance in accordance with auditing standards generally accepted
in the United States of America; the standards applicable to financial audits contained in
Government Auditing Standards, issued by the Comptroller General of the United States; and
OMB Circular A-133.. Those standards and OMB Circular A-133 require that we plan and
perform the audit to obtain reasonable assurance about whether noncompliance with the types of
compliance requirements referred to above that could have a direct and material effect on a
major federal program occurred. An audit includes examining, on a test basis, evidence about
the City of Cape Girardeau, Missouri's compliance with those requirements and performing such
other procedures as we considered necessary in the circumstances. We believe that our audit
provides a reasonable basis for our opinion. Our audit does not provide a legal determination of
the City of Cape Girardeau, Missouri's compliance with those requirements.
In our opinion, City of Cape Girardeau, Missouri complied, in all material respects, with the
requirements referred to above that could have a direct and material effect on each of its major
federal programs for the year ended June 30, 2010.
116
Internal Control Over Combliance
Management of the City of Cape Girardeau, Missouri is responsible for establishing and
maintaining effective internal control over compliance with requirements of laws, regulations,
contracts, and grants applicable to federal programs. In planning and performing our audit, we
considered the City of Cape Girardeau, Missouri's internal control over compliance with the
requirements that could have a direct and material effect on a major federal program to
determine our auditing procedures for the purpose of expressing our opinion on compliance and
to test and report on internal control over compliance in accordance with OMB Circular A-133,
but not for the purpose of expressing an opinion on the effectiveness of internal control over
compliance. Accordingly, we do not express an opinion on the effectiveness of the City of Cape
Girardeau, Missouri's internal control over compliance.
A deficiency in internal control over compliance exists when the design or operation of a control
over compliance does not allow management or employees, in the normal course of performing
their assigned functions, to prevent, or detect and correct, noncompliance with a type of
compliance requirement of a federal program on a timely basis. A material weakness in internal
control over compliance is a deficiency, or combination of deficiencies, in internal control over
compliance, such that there is a reasonable possibility that material noncompliance with a type of
compliance requirement of a federal program will not be prevented, or detected and corrected, on
a timely basis.
Our consideration of internal control over compliance was for the limited purpose described in
the first paragraph of this section and was not designed to identify all deficiencies in internal
control over compliance that might be deficiencies, significant deficiencies, or material
weaknesses. We did not identify any deficiencies in internal control over compliance that we
consider to be material weaknesses, as defined above.
This report is intended solely for the information and use of the Honorable Mayor, Members of
the City Council, federal awarding agencies, and pass-through entities and is not intended to be
and should not be used by anyone other than these specified parties.
BEUSSINK, HEY, ROE, SEABAUGH & STRODER, L.L.C.
v
Cape Girardeau, Missouri
December 28, 2010
117
BEUSSINK, HEY, ROE, SEABAUGH & STRODER, L.L.C.
Certified Public Accountants
16 So. Silver Springs Road
4018 Sycamore 105 So. Hope
Cairo, Illinois 62914 Cape Girardeau, Missouri 63703 Jackson, Missouri 63755
Telephone (618) 734-3300 Telephone (573) 334-7971 Telephone (573) 243-3991
Facsimile (618) 734-3303 Facsimile (573) 334-8875 Facsimile (573) 243-3186
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
Honorable Mayor and Members of the City Council
City of Cape Girardeau, Missouri
We have audited the financial statements of the governmental activities, the business -type
activities, each major fund, and the aggregate remaining fund information of the City. of Cape
Girardeau, Missouri as of and for the year ended June 30, 2010, which collectively comprise City
of Cape Girardeau, Missouri's basic financial statements and have issued our report thereon
dated December 28, 2010. 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.
Internal Control Over Financial Reporting
In planning and performing our audit, we considered the City of Cape Girardeau, Missouri's
internal control over financial reporting as a basis for designing our auditing procedures for the
purpose of expressing our opinions on the financial statements, but not for the purpose of
expressing an opinion on the effectiveness of the City of Cape Girardeau, Missouri's internal
control over financial reporting. Accordingly, we do not express an opinion on the effectiveness
of the City of Cape Girardeau, Missouri's internal control over financial reporting.
A deficiency in internal control exists when the design or operation of a control does not allow
management or employees, in the normal course of performing their assigned functions, to
prevent, or detect and correct misstatements on a timely basis. A material weakness is a
deficiency, or combination of deficiencies, in internal control such that there is a reasonable
possibility that a material misstatement of the City's financial statements will not be prevented,
or detected and corrected on a timely basis.
Our consideration of internal control over financial reporting was for the limited purpose
described in the first paragraph of this section and was not designed to identify all deficiencies in
internal control over financial reporting that might be deficiencies, significant deficiencies, or
material weaknesses. We did not identify any deficiencies in internal control over financial
reporting that we consider to be material weaknesses, as defined above.
118
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the City of Cape Girardeau, Missouri's
financial statements are free of material misstatement, we performed tests of its compliance with
certain provisions of laws, regulations, contracts and grant agreements, noncompliance with
which could have a direct and material effect on the determination of financial statement
amounts. However, providing an opinion on compliance with those provisions was not an
objective of our audit, and accordingly, we do not express such an opinion. The results of our
tests disclosed an instance of noncompliance or other matters that is required to be reported
under Government Auditing Standards and which is described in the accompanying Schedule of
Findings and Questioned Costs as item 10-1.
The City of Cape Girardeau, Missouri's response to the finding identified in our audit is
described in the accompanying Schedule of Findings and Questioned Costs. We did not audit
the City of Cape Girardeau, Missouri's response and, accordingly, we express no opinion on it.
This report is intended solely for the information and use of the Honorable Mayor, Members of
the City Council, and federal awarding agencies and pass-through entities and is not intended to
be and should not be used by anyone other than these specified parties.
BEUSSINK, HEY, ROE, SEABAUGH & STRODER, L.L.C.
C.
Cape Girardeau, Missouri /
December 28, 2010
119
City of Cape Girardeau, Missouri
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
For the Year Ended June 30, 2010
Federal
CFDA Program
Federal Grantor/Pass-Through Grantor Program Title Number Number
Disbursements
U.S. DEPARTMENT OF DEFENSE:
Loan of DOD Property (non-cash) 12. N/A
$ 100,000
U.S. DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT:
Passed Through Missouri Department of
Economic Development -
Community Development Block Grants/
State's Program and Non -Entitlement 14.228 2004 -ND -05 $
109,639
Grants in Hawaii (1) 2007 -DT -803
295,800
2008 -DN -02
155,986 $ 561,425
Passed Through Missouri Department of
Social Services -
Emergency Shelter Grants Program
Passed Through Missouri Housing Development
Commission -
Home Investment Partnerships Program
TOTAL U.S. DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT
U.S. DEPARTMENT OF THE INTERIOR:
Passed Through Department of Natural
Resources -
Historic Preservation Fund Grants -In Aid
Save America's Treasurers
TOTAL U.S. DEPARTMENT OF THE INTERIOR
14.231 ER01640905
28,784
14.239 M -08 -SG -29-0100 $ 26,643
M -09 -SG -29-0100 63,507 $ 90,150
$ 680,359
15.904 29-09-21831-004
15.929 N/A
The Accompanying Notes to Schedule of Expenditures of Federal Awards
Are an Integral Part of This Report.
120
$ 4,000
74,768
$ 78,768
City of Cape Girardeau, Missouri
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
For the Year Ended June 30, 2010
Federal
CFDA Program
Federal Grantor/Pass-Through Grantor Program Title Number Number Disbursements
U.S. DEPARTMENT OF JUSTICE:
Passed Through the City of Poplar Bluff, Missouri -
Passed through the Southeast Missouri Drug
Task Force -
Public Safety Partnership and Community
Policing Grants 16.710 N/A $ 15,035
Passed Through Missouri Department of
Public Safety -
Violence Against Women Formula Grant 16.588 2008-VAWA-0008 $ 17,179
Bulletproof Vest Partnership Program
Edward Byrne Memorial Justice Assistance Grant
Recovery Act -Edward Byrne Memorial Justice
Assistance Grant Program/Grants to Units of
Local Governments
TOTAL U.S. DEPARTMENT OF JUSTICE
U.S. DEPARTMENT OF TRANSPORTATION
Passed Through Missouri Department of
Transportation -
Airport Improvement Program (1)
Highway Planning and Construction (1)
Highway Safety Cluster:
State and Community Highway Safety
Alcohol Impaired Driving Countermeasures
Incentive Grants 1
2009-VAWA-0002 15,924
R20 I O-VAWA-002 1,597 $ 34,700
16.607 N/A 5,111
16.738 2009 -DJ -BX -1247 37,838
16.804 2009 -SB -B9-2229 41,139
$ 133,824
20.106 08 -077A -I $ 1,907
08-077A-1 63,125
08-077A-1 1,330,231 $ 1,395,263
20.205 ER -M008(002) $ 68,107
DP -1503(002) 23,800
STP -1500(014) 26,426
STP -1500(015) 258,169
JOI0767A DP -1503(003) 25,308
STP -1500(001) (1,523)
SRTS-INF-H280(501) 1,795
500
SRTS-INF-H110(002) 2,478 $ 405,059
20.600 09 -SA -09-01 $ 28,879
10 -SA -09-1 63,596
09 -SA -09-02 93,111
1 OSA-09-03 32,803
10 -154 -AL -I 11 16,562
09 -PT -02-29 6,842
10 -PT -02-112 2,107 $ 243,899
20.601 09-K8-03-18 $ 3,484
10-K8-03-56 7,606
09-K8.03-19 1,216
10-K8-03-57 1,478
LKK073 1,657
LKK075 1,284
LKK076 124 $ 16,849
Alcohol Open Container Requirements 20.607
Child Safety and Child Booster Seats
Incentive Grants 20.613
TOTAL U.S. DEPARTMENT OF TRANSPORTATION
The Accompanying Notes to Schedule of Expenditures of Federal Awards
Are an Integral Part of This Report.
LKK040
1,458
LKK063
955
$
2,063,485
121
City of Cape Girardeau, Missouri
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
For the Year Ended June 30, 2010
Federal Grantor/Pass-Through Grantor Program Title
ENVIRONMENTAL PROTECTION AGENCY:
Passed Through Missouri Department of Natural
Resources -
State Clean Diesel Grant Program
Capitalization Grants for Clean Water State
Revolving Funds
Capitalization Grants for Drinking Water State
Revolving Funds (1)
Federal
CFDA Program
Number Number Disbursements
66.040 DERA-7
66.458 C295229
66.468 DW291010
DW291010-03G
TOTAL ENVIRONMENTAL PROTECTION AGENCY
U.S. DEPARTMENT OF HEALTH AND HUMAN SERVICES:
Passed Through the Community Caring Counsel -
Substance Abuse and Mental Health Services -
Projects of Regional and National Significance 93.243 SDA42070104
U.S. DEPARTMENT OF HOMELAND
SECURITY:
Passed Through Missouri State Emergency
Management Agency -
$ 150,000
10,518
$ 466,811
1,000,438 1,467,250
$ 1,627,767
$ 1,506
Non -Profit Security Program 97.008 2008 -GE -T8-0014 $
Disaster Grants - Public Assistance (Presidentially
Declared Disasters) 97.036 #FEMA -1748 -DR -MO $ 1,501
Law Enforcement Officer Reimbursement Program
Assistance to Firefighters Grant
Citizen Corps
Passed Through Missouri Department of Homeland
Security -
Grant Program
TOTAL U.S. DEPARTMENT OF HOMELAND
SECURITY
TOTAL FEDERAL AWARDS
(1) Identified major program.
#FEMA -1749 -DR -MO
8,527
#FEMA -1773 -DR -MO
19,975 $
97.090 HSTS0208HSLRO50
$
97.044 EMW-2007-FF-00176 $
98,068
EMW-2008-FO-09141
43,741 $
97.053 2009 -SS -T9-0062
97.067 2008 -GE -T8-0014
The Accompanying Notes to Schedule of Expenditures of Federal Awards
Are an Integral Part of This Report.
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139,995
30,004
35,629
141,810
3,134
21,000
$ 371,571
R SASZ280
City of Cape Girardeau, Missouri
NOTES TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
Year Ended June 30, 2010
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. Purpose of Schedule and ReportingEntity:
The accompanying Schedule of Expenditures of Federal Awards has been prepared to
comply with OMB Circular A-133. This circular requires a Schedule of Expenditures of
Federal Awards showing total expenditures for each federal financial assistance program
as identified in the Catalog of Federal Domestic Assistance (CFDA) and identification of
programs that have not been assigned a CFDA number as "Other Federal Assistance".
The schedule includes all expenditures of federal awards administered by the City.
B. Basis of Presentation:
The Schedule is presented in accordance with OMB Circular A-133, which defines
federal financial assistance "...assistance that non-federal entities receive or administer in
the form of grants, loans, loan guarantees, property (including donated surplus property),
cooperative agreements, interest subsidies, insurance, food commodities, direct
appropriations, and other assistance, but does not include amounts received as
reimbursement for services rendered to individuals."
C. Basis of Accounting:
The Schedule is presented on the modified accrual basis of accounting, which recognizes
expenditures when liabilities for goods and services are incurred. This is the same basis
of accounting presented in the financial statements.
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City of Cape Girardeau, Missouri
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
For the Year Ended June 30, 2010
1. SUMMARY OF AUDITORS' RESULTS:
Financial Statements
Type of Auditors' report issued: Unqualified
Internal control over financial reporting:
• Material weaknesses identified?
• Significant deficiencies identified that are not
considered to be material weaknesses?
Noncompliance material to financial statements
noted?
Federal Awards
Internal control over major programs:
• Material weaknesses identified?
• Significant deficiencies identified that are not
considered to be material weaknesses?
yes X no
yes X none reported
X yes no
yes X no
yes X none reported
Type of Auditors' report issued on compliance for major programs: Unqualified
Any audit findings disclosed that are required to be
reported in accordance with Section 510(a) of Circular
A-133? yes X no
Identification of major programs.
CFDA Number Name of Federal Program
14.228 Community Development Block Grants/State's Program
and Non -Entitlement Grants in Hawaii
20.106 Airport Improvement Fund
20.205 Highway Planning and Construction
66.468 Capitalization Grants for Drinking Water State Revolving
Funds
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Dollar threshold used to distinguish
between type A and type B programs
Auditee qualified as low-risk auditee:
2. FINANCIAL STATEMENT FINDINGS:
09-1 Budgetary Limits
$300,000
X yes no
Criteria: According to Section 67.080, RSMo, no expenditure of
public monies should be made unless it is authorized in the
budget.
Condition: Actual expenditures and other financing uses of the Airport
Fund, Park Storm Water Sales Tax — Capital Fund, and the
Risk Management Fund exceeded budgetary limits by
$139,001, $106,495 and $59,832, respectively.
Context: Actual expenditures and other financing uses of the Airport
Fund, Park Storm Water Sales Tax — Capital Fund, and the
Risk Management Fund totaled $1,885,133, $3,857,170,
and $665,831, respectively.
Effect: The City did not comply with the state budget law.
Cause: Management oversight.
Recommendation: The Administration should refrain from authorizing
expenditures that exceed budgetary limits. If additional
sources of funds become available, the budget should be
amended in accordance with statutory requirements prior to
the expenditure of those additional moneys.
Views of Responsible
Officials and Planned
Corrective Action:
Management routinely seeks additional appropriations for
items not included in the original adopted budget and never
intentionally expends funds that have not been
appropriated. Air show costs, inter -fund transfers, and
estimated workmen's compensation claims at the end of the
year accounted for all of the over -budget amounts.
Cost of the air show exceeded its amended budget by
$187,249. However, there were no additional net costs
from the original adopted budget. The original adopted
budgeted had not projected any revenues or appropriated
125
any expenditures for an air show. Total air show revenues
exceeded total air show expenses by $10,436. Net costs of
the air show did not exceed those included in the original
adopted budget.
Transfers to the Park Improvement Projects -
Parks/Stormwater Sales Tax Fund from the
Parks/Stormwater Sales Tax — Capital Fund exceeded the
amended budget by $108,902. However, the Park
Improvement Projects - Parks/Stormwater Sales Tax Fund
returned a portion of the $501,448 originally transferred to
it by transferring $435,126 to the Parks/Stormwater Sales
Tax — Capital Fund. If the amount returned would have
been offset against the original transfer, there would have
no over -budget amount.
Costs of workmen's compensation claims included in the
Risk Management Fund budget exceeded its amended
budget by $76,162. These costs include estimated claims
due but not paid at the end of each year. City staff had
estimated that estimated claims would not increase over the
previous year. However, the estimated claims at the end of
this year increased $90,000 over the previous year. If there
had been no change in the estimated claims the cost of
workmen's compensation claims would not have exceeded
its amended budget.
3. FEDERAL AWARD FINDINGS AND QUESTIONED COSTS:
No findings or questioned costs were noted that are required to be reported.
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City of Cape Girardeau, Missouri
SUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS
For the Year Ended June 30, 2010
SUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS
09-1 Internal controls were not in place to. ensure contractors and subcontractors with
whom a procurement contract exceeded $25,000 in federal funds were checked to
the federal government's excluded parties list.
Status: Implemented.
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