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

STATEMENT OF CASH FLOWS PROPRIETARY FUNDS For the fiscal year ended June 30, 2017 Convention Water and Center Complex Mass Transit Stormwater Sewer Fund Fund Fund Fund CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers 232,006,816 $ 14,366,691 $ 6,557,484 $ 22,401,364 $ Payments to employees (45,166,603) (8,825,614) (736,283) (4,668,220) Payments to suppliers and service providers (55,247,337) (8,397,640) (39,282,480) (7,078,541) Claims paid - - - - Premiums paid - - - - Other receipts 7,128,748 1,120,457 162,868 81,586 Other payments - (1,198,177) - - Net cash provided by (used in) operating activities 138,721,624 (2,934,283) (33,298,411) 10,736,189 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Insurance deposits - - - - Operating subsidies and transfers from other funds 997,910 29,450,795 19,788,304 46,829 Operating subsidies and transfers to other funds (1,841,470) (131,336) (295,789) (295,288) Operating grants received - - 2,803,207 - Internal activity - payments from (to) other funds (34,305) 1,607,822 3,319,367 (115,467) Gain on actuarial estimate - - - - Net cash provided by (used in) noncapital financing activities (877,865) 30,927,281 25,615,089 (363,926) CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Purchase and construction of capital assets (101,941,657) (3,303,571) (6,956,659) (5,458,564) Developer refund of excess construction costs - - - - Capital grants and other capital contributions 1,834,477 - 12,826,300 1,175,019 Proceeds from capital debt 203,054,335 - - - Gain (loss) on disposal of capital assets 94,326 - 36,833 1,481 Intergovernmental proceeds for capital debt - - - - Principal paid on capital debt (113,856,656) (8,883,943) - (101,738) Interest paid on capital debt (20,309,299) (7,865,958) - - Other debt related payments (3,013,345) - - - Escrow deposits 460,811 - - 1,289,650 Net cash provided by (used in) capital and related - - - - financing activities (33,677,008) (20,053,472) 5,906,474 (3,094,152) CASH FLOWS FROM INVESTING ACTIVITIES Gain (loss) on investments held 2,385,011 35,502 - 97,598 Net cash provided by investing activities 2,385,011 35,502 - 97,598 Net increase (decrease) in cash and cash equivalents 106,551,762 7,975,028 (1,776,848) 7,375,709 Cash and cash equivalents - beginning of year 326,241,926 18,645,863 1,827,153 51,427,217 Cash and cash equivalents - end of year 432,793,688 $ 26,620,891 $ 50,305 $ 58,802,926 $ RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES Operating income (loss) 101,685,316 $ (10,034,911) $ (34,607,027) $ 7,544,989 $ Adjustments to reconcile operating income (loss) to net cash provided by (used in) operating activities: Depreciation expense 35,893,343 8,266,557 4,283,131 2,520,207 Miscellaneous nonoperating income 388,856 - - - Miscellaneous nonoperating expense - (1,198,177) - - Change in assets and liabilities: Operating receivables (1,306,493) (109,034) (2,118,185) (241,696) Sales tax receivable (897,881) 175,544 (328,395) (3,058) Inventories 318,375 - 169,868 - Other receivables and assets 288,890 - - 274 Accounts payable and other accrued liabilities 885,499 (709,119) (749,257) 550,393 Landfill postclosure liability - - - - (Increase) decrease in deferred outflows of resources - pensions (7,923,924) (1,292,469) (262,557) (1,364,944) Increase (decrease) in deferred inflows of resources - pensions (828,165) (135,082) (30,958) (142,657) Increase in pension liability 9,998,132 1,630,792 335,303 1,722,239 Escrow and other deposits - 78,209 - - Earned vacation pay and other payroll liabilities 229,118 68,997 9,666 150,442 Unearned revenue (9,442) 324,410 - - Total adjustments 37,036,308 7,100,628 1,308,616 3,191,200 Net cash provided by (used in) operating activities 138,721,624 $ (2,934,283) $ (33,298,411) $ 10,736,189 $ Noncash investing, capital, and financing activities: Capital contributions from annexations and mergers 3,990,020 $ - $ - $ - $ Capital contributions from grant and assessment receivables (1,574,152) $ - $ - $ - $ Net transfer of assets (liabilities) from other funds - $ - $ - $ 2,722,551 $ Acquisition and construction of capital assets 2,197,206 $ - $ - $ - $ Gain (loss) of debt refundings - $ - $ - $ - $ The notes to the financial statements are an integral part of this statement. Enterprise Funds City of Raleigh _____________________________________________________________ Financial Section ____________________________________________________________ __________________________________________________________ 16 __________________________________________________________

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