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COMPREHENSIVE ANNUAL FINANCIAL REPORT
1

TABLE OF CONTENTS
5

INTRODUCTORY SECTION
9

Principal Officials
11

Organization Chart
12

Letter of Transmittal
13

Certificate of Achievement for Excellence in Financial Reporting
21

FINANCIAL SECTION
23

Report of Independent Auditor
25

Management's Discussion and Analysis
31

Basic Financial Statements
47

Government-Wide Financial Statements:
49

Statement of Net Position
49

Statement of Activities
50

Fund Financial Statements
52

Balance Sheet - Governmental Funds
52

Reconciliation of the Governmental Funds Balance Sheet
53

Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds
54

Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities
55

Statement of Revenues, Expenditures, and Changes in Fund Balances -Budget and Actual - General Fund
56

Schedule of Revenues and Expenditures -Budget and Actual - Park Bond Fund
58

Statement of Net Position - Proprietary Funds
60

Statement of Revenues, Expenses, and Changes in Fund Net Position - Proprietary Funds
64

Statement of Cash Flows - Proprietary Funds
66

Statement of Fiduciary Net Position - Fiduciary Funds
68

Statement of Changes in Fiduciary Net Position - Fiduciary Funds
69

Notes to the Financial Statements
70

Note 1 - Summary of Significant Accounting Policies
70

Note 2 - Stewardship, Compliance, and Accountability
78

Note 3 - Detailed Notes on All Funds
79

Note 4 - Other Information
101

Required Supplementary Information
117

Law Enforcement Officers' Special Separation Allowance - Schedule of Funding Progress
118

Other Post Employment Benefits - Schedule of Funding Progress
119

Other Post Employment Benefits - Schedule of Employer Contributions
120

City of Raleigh's Proportionate Share of Net Pension Liability (Asset) - Local Government Employees' Retirement System
121

City of Raleigh's Contributions - Local Government Employees' Retirement System
122

Combining and Individual Fund Statements and Schedules
123

Combining Balance Sheet - Nonmajor Governmental Funds
126

Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Nonmajor Governmental Funds
127

Special Revenue Funds
131

Combining Balance Sheet - Nonmajor Special Revenue Funds
132

Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Nonmajor Special Revenue Funds
134

Schedule of Revenues and Expenditures Compared with Budget:
136

Grants Fund
136

Housing Bond Fund
137

Community Development Fund
138

Disaster Recovery Fund
139

Convention Center Financing Fund
140

Emergency Telephone System Fund
141

General Capital Projects Funds
143

Combining Balance Sheet - Nonmajor Capital Projects Funds
146

Combining Statement of Revenues, Expenditures and Changes in Fund Balance - Nonmajor Capital Projects Funds
148

Schedule of Revenues and Expenditures Compared with Budget:
150

Street Improvement Fund
150

Street Bond Fund
151

Sidewalk Fund
152

Park Improvement Fund
153

Raleigh Union Station Fund
154

Facilities Fees Fund
155

Miscellaneous Capital Improvements Fund
156

Walnut Creek Amphitheater Projects Fund
157

Technology Capital Projects Fund
158

Major Public Facilities Fund
159

Enterprise Funds
161

Schedule of Revenues and Expenditures - Budget (Modified Accrual Basis) and Actual:
165

Water and Sewer Fund (major fund):
166

Water and Sewer Operating Fund
166

Water Capital Projects Fund
168

Sewer Capital Projects Fund
169

Water and Sewer Revenue Bond Fund
170

Reconciliation of Modified Accrual to Full Accrual Basis - Water and Sewer Funds
171

Convention Center Complex Fund (major fund):
172

Convention and Performing Arts Complex Operating Fund
172

Convention and Performing Arts Complex Projects Fund
173

Convention Center Complex Capital Projects Fund
174

Reconciliation of Modified Accrual to Full Accrual Basis - Convention Center Funds
175

Mass Transit Fund (major fund):
176

Mass Transit Fund
176

Reconciliation of Modified Accrual to Full Accrual Basis - Mass Transit Fund
177

Stormwater Fund (major fund):
178

Stormwater Utility Operating Fund
178

Stormwater Utility Capital Projects Fund
179

Stormwater Utility Bond Fund
180

Reconciliation of Modified Accrual to Full Accrual Basis - Stormwater Funds
181

Parking Facilities Fund (major fund):
182

Parking Facilities Operating Fund
182

Parking Facilities Capital Projects Fund
183

Reconciliation of Modified Accrual to Full Accrual Basis - Parking Facilities Funds
184

Solid Waste Services (major fund):
185

Solid Waste Services Operating Fund
185

Reconciliation of Modified Accrual to Full Accrual Basis - Solid Waste Services Funds
186

Internal Service Funds
187

Combining Statement of Net Position
190

Combining Statement of Revenues, Expenses and Changes in Fund Net Position
192

Combining Statement of Cash Flows
194

Fiduciary Funds
197

Combining Statement of Net Position - Pension Trust Funds
200

Combining Statement of Changes in Plan Net Position - Pension Trust Funds
201

Other Schedules
203

Schedule of Long-Term Obligation Maturities and Debt Service Requirements
204

Schedule of General Governmental Long-Term Obligations
206

Schedule of Enterprise Long-Term Obligations
208

Schedule of Internal Service Long-Term Obligations
210

STATISTICAL SECTION
213

Net Position by Component - Last Ten Fiscal Years
216

Changes in Net Position - Last Ten Fiscal Years
218

Fund Balances, Governmental Funds - Last Ten Fiscal Years
222

Changes in Fund Balances, Governmental Funds - Last Ten Fiscal Years
224

Assessed Value of Taxable Property - Last Ten Fiscal Years
226

Property Tax Rates - Direct and Overlapping Governments
227

Principal Property Taxpayers
228

Property Tax Levies and Collections - Last Ten Fiscal Years
229

Analysis of Current Tax Levy
230

Schedule of Ad Valorem Taxes Receivable
231

Ratios of Outstanding Debt by Type - Last Ten Fiscal Years
232

Ratios of General Bonded Debt Outstanding - Last Ten Fiscal Years
233

Direct and Overlapping Governmental Activities Debt
234

Legal Debt Margin Information - Last Ten Fiscal Years
235

Pledged Revenue Coverage - Last Ten Fiscal Years
236

Demographic and Economic Statistics - Last Ten Fiscal Years
237

Principal Employers
238

City Government Employees by Function/Department - Last Ten Fiscal Years
239

Operating Indicators by Function - Last Ten Fiscal Years
240

Capital Asset Statistics by Function - Last Ten Fiscal Years
242

SINGLE AUDIT SECTION
245

Reports of Independent Auditor
247

Schedule of Expenditures of Federal and State Awards
260

Schedule of Findings and Questioned Costs
263