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

RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION June 30, 2017 Total fund balances for governmental funds 600,147,263 $ Land and Construction in progress 526,690,249 $ Capital Assets being depreciated, net 611,034,061 1,137,724,310 $ 1,137,724,310 Other Post Retirement Benefits (3,787,635) $ Law Enforcement Officer's (41,779,030) Pensions (57,768,904) (103,335,569) $ (103,335,569) Law Enforcement Officer's 2,029,296 $ Pensions 51,952,558 53,981,854 $ 53,981,854 Law Enforcement Officer's (776,539) $ Pensions (3,054,124) (3,830,663) $ (3,830,663) 10,194,080 Taxes receivable 282,648 $ Assessments receivable 1,110,680 1,393,328 $ 1,393,328 General Obligation Bonds, net (399,515,280) $ Installment Financing Agreements, net (230,510,418) Earned Vacation Pay (20,533,866) Accrued Interest Payable (4,588,236) (655,147,800) $ (655,147,800) Net position of governmental activities 1,078,187,451 $ The notes to the financial statements are an integral part of this statement. Total net position reported for governmental activities in the statement of net position is different because: 37,060,648 Some liabilities, including bonds payable, are not due and payable in the current period and therefore are not reported in the funds as these payables are long-term in nature. Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the funds. The net pension assets/liabilities resulting from contributions greater than or less than the amount of annual required contributions are not financial resources and therefore are not reported in the funds. Deferred issuance costs are reported as expenditures in the funds because current financial resources are used. In the governmental activities issuance costs are recorded as a long-term asset and amortized over the life of the debt. Internal service funds are used by management to charge the costs of certain activities, such as risk management, employees' health benefits, equipment replacement and vehicle fleet services to individual funds. The assets and liabilities of certain internal service funds are included in governmental activities in the statement of net position. Taxes receivable and assessments receivable, will be collected after year-end, but are not available soon enough to pay for the current period's expenditures and therefore are reported as deferred inflows of resources in the funds. The deferred outflows of resources related to pensions are not reported in the funds. The deferred inflows of resources related to pensions are not reported in the funds. City of Raleigh _____________________________________________________________ Financial Section ____________________________________________________________ __________________________________________________________ 5 __________________________________________________________