Comprehensive Annual Financial Report - Fiscal Year ended 6/30/2017

STATEMENT OF NET POSITION June 30, 2017 Governmental Business-type Activities Activities Total ASSETS Cash and cash equivalents 454,945,712 $ 430,664,126 $ 885,609,838 $ Taxes receivable, net of allowance for uncollectibles of $9,390,436 282,648 - 282,648 Assessments receivable, net of allowance for uncollectibles of $ 269,565 1,110,680 875,190 1,985,870 Customer receivables, net of allowance for uncollectibles of $9,900,018 24,916 26,470,536 26,495,452 Due from transit management - 2,989,500 2,989,500 Due from other governmental agencies 14,064,312 8,165,849 22,230,161 Accrued interest receivable 1,647,192 1,541,681 3,188,873 Other receivables and assets 9,709,378 1,496,597 11,205,975 Sales tax receivable 26,797,486 4,271,558 31,069,044 Internal balances 514,516 (514,516) - Inventories 5,005,489 9,057,726 14,063,215 Assets held for resale 11,625,378 - 11,625,378 Loans receivable, net of allowance $8,194,845 61,372,877 - 61,372,877 Cash and cash equivalents/investments - restricted deposits and bond proceeds 138,300,517 119,846,976 258,147,493 Capital assets: Land, construction in progress, watershed protection rights 526,690,249 522,838,512 1,049,528,761 Other capital assets, net of depreciation 636,870,483 1,390,876,328 2,027,746,811 Total assets 1,888,961,833 2,518,580,063 4,407,541,896 DEFERRED OUTFLOWS OF RESOURCES Unamortized refunding charges 10,194,080 30,407,120 40,601,200 Pension deferrals - 3,184 3,184 Contributions to pension plan 55,144,199 15,877,562 71,021,761 Accumulated decrease in fair value of hedging derivatives - 59,658,139 59,658,139 Total deferred outflows of resources 65,338,279 105,946,005 171,284,284 LIABILITIES Accounts payable 22,782,421 21,731,555 44,513,976 Accrued salaries and employee payroll taxes 11,900,180 632,791 12,532,971 Accrued interest payable 4,612,950 8,699,962 13,312,912 Sales tax payable 19,042 63,948 82,990 Loan servicing escrow 669,359 - 669,359 Due to other governmental agencies 1,134,546 627,308 1,761,854 Due to fiduciary funds 167,769 - 167,769 Other current liabilities 547,801 - 547,801 Escrow and other deposits payable from restricted assets 2,730,996 27,278,060 30,009,056 Reimbursable facility fees 6,344,118 - 6,344,118 Derivative instrument liability - 59,658,139 59,658,139 Long-term liabilities: Due within one year 78,229,833 59,540,214 137,770,047 Due in more than one year 632,216,895 1,131,030,973 1,763,247,868 Net pension liability - LEOSSA 41,779,030 - 41,779,030 Net pension liability - LGERS 59,357,573 21,787,783 81,145,356 Net pension liability - OPEB 3,787,635 1,414,659 5,202,294 Total liabilities 866,280,148 1,332,465,392 2,198,745,540 DEFERRED INFLOWS OF RESOURCES Deferred revenue 5,818,695 2,333,952 8,152,647 Pension deferrals 3,949,990 1,212,119 5,162,109 Prepaid taxes and assessments 63,828 - 63,828 Total deferred inflows of resources 9,832,513 3,546,071 13,378,584 NET POSITION Net investment in capital assets 656,257,807 855,401,006 1,511,658,813 Restricted for: Capital projects 194,671,523 - 194,671,523 Community development projects 130,958,275 - 130,958,275 Stabilization by state statute 53,805,524 - 53,805,524 Federal programs 2,583,231 - 2,583,231 Unrestricted 39,911,091 433,113,599 473,024,690 Total net position 1,078,187,451 $ 1,288,514,605 $ 2,366,702,056 $ The notes to the financial statements are an integral part of this statement. City of Raleigh _____________________________________________________________ Financial Section ____________________________________________________________ __________________________________________________________ 1 __________________________________________________________

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