Assemble the financial statements prepared for the City of Monroe. These financial

statements will be in the solutions to Exercises 5?C, 6?C, 7?C, and 8?C. Assume a

population of 25,000 and fair value of property in the amount of $360 million. Compute the

following ratios, following the guidance used for the Village of Elizabeth in this chapter:

(1) Financial Position ? Governmental Activities

(2) Financial Position ? General Fund.

(3) Quick Ration ? Governmental Activities

(4) Leverage ? Primary Government

(5) Debt Coverage ? Enterprise Funds

(6) Debt Service to Total Expenditures

(7) Debt per Capital ? Primary Government

(8) Debt to Assessed Value of Property ? Primary Government

I have attached the exercises attached.

City of Monroe - City Jail Construction Fund CITY JAIL CAPITAL PROJECTS FUND Account Titles reference 5-C-1 Debits Credits 4,200,000 Cash 4,000,000 200,000 Bonds Proceeds Bonds Premium Transfers Out (Transfer to Debt Service Fund) To Cash Due from State Government Revenues Intergovernmental CASH 4,200,000 1,320,000 200,000 200,000 ACCOUNTS PAYABLE 1,282,500 1,282,500 489,300 439,300 250,000 200,000 116,000 50,000 200,000 1,282,500 489,300 14,700 1,320,000 200,000 1,320,000 Capital Expenditures Cash 116,000 Encumbrances Budgetary F/B - reserve for Encumbrances 250,000 Budgetary F/B reserve for encumbrances Encumbrance 100,000 116,000 DUE FROM STATE GOVERNMENT 1,320,000 1,320,000 ENCUMBRANCES 250,000 100,000 4,500,000 1,350,000 439,500 3,150,000 439,500 50,000 50,000 150,000 Capital Expenditures Cash 200,000 150,000 200,000 Encumbrances Reserves for Encumbrances 4,500,000 Reserves for Encumbrances Encumbrances 1,350,000 Capital Expenditure Accounts Payable 1,282,500 Cash 1,320,000 CAPITAL EXPENDITURES 116,000 50,000 200,000 1,282,500 439,300 250,000 OTHER FIN. USES TRANSFERS OUT 200,000 14,700 4,500,000 2,337,800 214,700 1,350,000 1,282,500 REVENUES INTERGOVERNMENTAL 1,320,000 OTHER FIN. SOURCES BOND PROCEEDS 4,000,000 OTHER FIN. SOURCES BOND PREMIUM 200,000 1,320,000 Due from State Government 1,320,000 4,000,000 439,500 439,500 Accounts Payable Cash 1,282,500 Reserves for Encumbrances Capital Expenditure Contracts Payable Retained Percentage Encumbrances Accounts Payable 3,150,000 3,150,000 67,500 Reserves for Encumbrances Capital Expenditure Encumbrances (50,000) 50,000 Budgetary F/B reserve for encumbrances Contracts Payable Encumbrances Reserves for Encumbrances BUDGETARY FUND BALANCE RESERVE FOR ENCUMBRANCES 100,000 250,000 150,000 4,500,000 1,350,000 439,500 3,150,000 439,500 50,000 100,000 Capital Expenditure Cash 150,000 3,167,500 250,000 100,000 CONTRACTS PAYABLE RETAINED PERCENTAGE 150,000 Total Debits Total Credits 5,820,000 5,520,000 5,820,000 5,520,000 1,282,500 300,000 3,150,000 3,217,500 439,500 439,300 439,500 200,000 City of Monroe - City Jail Construction Fund 439,300 Accounts payable 14 Budgetary F/B - reserve for encumbrances Encumbrance 50,000 50,000 Capital expenditure Accounts payable 250,000 Accounts payable Cash 489,300 Transfers Out (Transfer to Debt Service Fund) To Cash 250,000 489,300 14,700 14,700 City of Monroe Debt Service Funds Account Titles reference Debits Credits CITY HALL DEBT SERVICE FUND 5-C-2 bb Expenditures - Bond Interest Expenditures - Bond Principal Cash With Fiscal Agent 180,000 400,000 Cash 574,000 CASH WITH FISCAL AGENT CASH 574,000 568,000 574,000 568,000 580,000 574,000 568,000 bb 580,000 574,000 580,000 bb 580,000 Other Fin. Sources Transfer In 574,000 - Cash With Fiscal Agent Cash 574,000 Expenditures - Bond Interest Expenditures - Bond Principal Cash With Fiscal Agent 174,000 400,000 Cash 568,000 568,000 580,000 574,000 574,000 Other Fin. Sources Transfer In EXPENDITURES BOND INTEREST 180,000 174,000 EXPENDITURES BOND PRINCIPAL 400,000 400,000 OTHER FIN. SOURCES TRANSFERS IN 574,000 568,000 568,000 354,000 Cash With Fiscal Agent Cash FUND BALANCE ASSIGNED FOR DEBT SERVICE 800,000 1,142,000 568,000 568,000 Total Debits Total Credits 1,722,000 1,722,000 CASH Account Titles reference Debits Credits CITY JAIL DEBT SERVICE FUND 5-C-3 Cash Cash 200,000 Other Fin. Sources Transfer In 200,000 CASH 200,000 174,700 360,000 WITH FISCAL AGENT 160,000 360,000 200,000 160,000 360,000 160,000 INVESTMENTS 200,000 174,700 Other Fin. Sources Transfer In 174,700 14,700 Cash With Fiscal Agent Cash 160,000 Expenditures - Bond Interest Cash With Fiscal Agent 160,000 Cash 360,000 200,000 160,000 160,000 Other Fin. Sources Transfer In EXPENDITURES BOND INTEREST 160,000 EXPENDITURES BOND PRINCIPAL 360,000 Cash With Fiscal Agent Cash 360,000 Investments 200,000 Cash 360,000 360,000 200,000 160,000 Total Debits Total Credits OTHER FIN. SOURCES TRANSFERS IN 200,000 174,700 360,000 734,700 734,700 734,700 734,700 734,700 City of Monroe CAPITAL PROJECT AND DEBT SERVICE FUND - Closing Entries CAPITAL PROJECTS FUND Account Title Revenues- Intergovernmental Other Fin. Sources Bonds Proceeds Cash Capital Expenditure Other Fin. Uses Transfers Out CITY HALL DEBT SERVICE FUND Account Title Other Fin. Sources Transfer In Fund Balance Expenditures - Bond Interest Expenditures - Bond Principal Debits 1,320,000 4,000,000 Credits CAPITAL PROJECTS FUND BALANCE 0 Preclosing 3,167,500 2,337,800 214,700 Debits 1,142,000 12,000 Credits 354,000 800,000 0 CITY HALL DSF FUND BALANCE 580,000 12,000 Debits 734,700 Credits 160,000 574,500 Preclosing closing entry 568,000 CITY JAIL DEBT SERVICE FUND Account Title Other Fin. Sources Transfer In Expenditures - Bond Interest Fund Balance closing entry ending balance CITY JAIL DSF FUND BALANCE 0 Preclosing 574,500 closing entry 574,500 ending balance City of Monroe Statement of Revenues, Expenditures and Changes in Fund Balance Governmental-type Funds For the year ended December 31, 2015 General Revenues Property Taxes Sales Taxes Interest & penalties Licenses and Permits Intergovernmental Revenues Miscellaneous Revenues $ 6,657,500 2,942,000 16,100 800,000 332,000 350,000 Total Revenues Other Financing Sources (Uses) Proceeds of Bonds Premium on Bonds Sold Transfers In Transfers Out Total Other Financing Sources (Uses) City Jail Debt Service City Jail Construction Total Governmental Funds 5,120 1,072,000 1,320,000 1,077,120 1,646,900 3,026,900 1,441,400 591,400 724,100 374,300 917,300 492,800 Excess (Deficiency) of Revenues Over Expenditures City Hall Debt Service $ 11,097,600 Expenditures Current: General Government Public Safety Highways and Streets Sanitation Health Welfare Culture and Recreation Capital Outlay Debt Service Principal Interest Total Expenditures Net Change in Fund Balance Fund Balance, January 1 Fund Balance, December 31 Street and Highway - - 1,320,000 13,494,720 160,000 160,000 5,305,300 1,646,900 3,026,900 2,471,900 591,400 724,100 374,300 917,300 5,798,100 800,000 514,000 16,864,900 (160,000) (3,985,300) (3,370,180) 1,030,500 5,305,300 9,215,100 1,030,500 800,000 354,000 1,154,000 1,882,500 46,620 (1,154,000) 1,142,000 734,700 - 1,142,000 734,700 (214,700) 3,985,300 4,000,000 200,000 1,876,700 (1,876,700) 4,200,000 46,620 180,000 226,620 (12,000) 580,000 568,000 574,700 574,700 - 829,820 1,497,250 2,327,070 4,000,000 200,000 $ (1,662,000) (1,662,000) 220,500 737,250 957,750 $ 6,657,500 2,942,000 21,220 800,000 2,724,000 350,000 $ $ $ $ City of Monroe Balance Sheet Governmental-type Funds As of December 31, 2015 General Street and Highway City Hall Debt Service City Jail Debt Service Total Governmental Funds $ 14,700 360,000 200,000 $ $ 574,700 $ Assets Cash Cash with Fiscal Agent Investments Taxes Reveivable - (net) Interest & Penalties Receivable - (net) Due from State Government Total Assets $ 727,500 Fund Balances Restricted for Street & Highway Maintenance Assigned for: Debt Service Other Purposes Unassigned Total Fund Equity Total Liabilities, Deferred Inflows and Fund Balance 88,120 568,000 59,000 274,000 16,850 384,000 $ 1,402,350 Liabilities, Deferred Inflows and Fund Balance Liabilities Accounts Payable $ 376,900 Due to Other funds 40,200 Total Liabilities 417,100 Deferred Inflows Property Taxes $ 196,000 $ 343,120 $ 568,000 $ 116,500 $ 116,500 - - 27,500 830,320 928,000 259,000 274,000 16,850 580,000 2,888,170 493,400 40,200 533,600 27,500 226,620 58,000 899,750 957,750 226,620 $ 1,402,350 $ 343,120 $ 568,000 574,700 568,000 574,700 568,000 $ 574,700 226,620 1,142,700 58,000 899,750 2,327,070 $ 2,888,170 City of Monroe Stores Services Internal Service Fund STORES AND SERVICES INTERNAL SERVICE FUND Account Titles reference Debits Credits bb 6-C-1 27,000 Cash 27,000 Due from other Funds Inventory of Supplies Accounts Payable Advance from Enterprise Fund Cash 47,300 bb bb LAND 18,000 34,040 371,200 18,000 15,000 371,200 296,960 bb ACCUMULATED DEPR' BUILDINGS 33,000 bb 11,000 BUILDINGS 84,000 bb ACCUMULATED DEPR' EQUIPMENT 25,000 bb 4,600 EQUIPMENT 46,000 371,200 84,000 44,000 48,500 9,200 57,700 360,000 ACCOUNTS PAYABLE 355,700 19,000 303,500 57,700 355,700 24,500 360,000 Advance from enterprise fund Operating Expenses - Depreciation Accumulated Depreciation - Building Accumulated Depreciation - Equipment bb 15,000 Due From Other Funds Revenues - Charges for Sales and Services Accounts Payable Cash bb DUE FROM OTHER FUNDS 27,000 27,000 371,200 303,500 296,960 Cash 15,000 355,700 INVENTORY OF SUPPLIES 27,500 296,960 303,500 303,500 Revenues - Charges for Sales and Services Inventory of Supplies Operating Expenses - Cost of Sales and Services Operating Expenses - Administrative Accounts Payable CASH 31,000 27,000 360,000 bb ADVANCE FROM ENTERPRISE FUND 15,000 30,000 360,000 46,000 bb 29,600 NET POSITION ( beginning) 126,500 bb 355,700 375,000 126,500 15,600 11,000 4,600 REVENUES - CHARGES FOR SALES & SERVICES 296,960 371,200 OPERATING EXPENSES COST OF SALES & SERVs 48,500 74,240 48,500 Total Debits Total Credits OPERATING EXPENSES ADMINISTRATION 9,200 9,200 673,840 673,840 610,800 610,800 OPERATING EXPENSES DEPRECIATION 15,600 15,600 City of Monroe - Water and Sewer Enterprise Fund WATER AND SEWER ENTERPRISE FUND CASH Account Titles reference 6-C-2 Customer-Accounts Receivable Due from General fund Revenues - Charges for Sales and Services Cash Debits Credits bb 1,002,000 37,000 105,000 962,000 15,000 CUSTOMER 162,500 393,100 50,000 25,000 ESTIMATED ACCOUNTS RECEIVABLE 77,000 962,000 bb 1,002,000 3,020 DUE FROM UNCOLLECTIBLE ACCNTS 4,000 bb 5,500 bb GENERAL FUND 37,000 1,039,000 962,000 Customer-Accounts Receivable Cash 962,000 451,400 113,980 9,500 37,000 15,000 Advance to Supplies and Stores Fund 15,000 Materials & Supplies Inventories Accounts Payable 257,000 Cost of Sales and Services Selling Administration Construciton Work-in-progress Materials & Supplies Inventories 164,900 15,000 18,000 50,000 257,000 MATERIALS & SUPPLIES INVENTORIES 28,000 247,900 bb 257,000 37,100 247,900 Cost of Sales and Services Selling Administration Construciton Work-in-progress Payroll Taxes Payable Operating expense - admin 265,800 43,900 91,400 49,300 Non-operating Expenses - Interest Cash 162,500 bb Water Treatment Plant Construciton Work-in-progress CONSTRUCTION IN PROCESS 203,000 203,000 50,000 Accounts Payable Payroll Taxes Payable Cash WATER TREATMENT PLANT 4,200,000 203,000 ACCUMULATED DEPR' - WATER PLANT 1,200,000 bb 275,000 4,403,000 RESTRICTED ASSETS 117,000 bb 25,000 1,475,000 ACCOUNTS PAYABLE 5,500 97,000 bb 297,900 257,000 PAYROLL TAXES PAYABLE bb 95,200 17,000 142,000 50,600 255,200 162,500 17,000 17,000 DUE TO STORES & SERVICES FUND 50,000 - bb 58,000 REVENUE BONDS PAYABLE 2,500,000 bb NET POSITION ( beginning) 959,000 bb REVENUES - CHARGES FOR SALES & SERVICES 58,000 1,039,000 203,000 203,000 3,020 5,500 3,020 5,500 297,900 95,200 393,100 Revenues - Charges for Sales and Services Due to Stores & Service Fund 58,000 Due to Stores & Service Fund Cash 50,000 58,000 OPERATING EXPENSES COST OF SALES & SERVs 164,900 3,020 265,800 433,720 NON- OPERATING EXPENSES INTEREST 162,500 17,000 2,500,000 959,000 981,000 OPERATING EXPENSES SELLING 15,000 43,900 OPERATING EXPENSES ADMINISTRATION 18,000 100,000 91,400 OPERATING EXPENSES DEPRECIATION 275,000 49,300 58,900 9,400 Total Debits Total Credits 324,300 6,238,300 6,041,380 6,238,300 6,041,380 50,000 145,500 Depreciation Accumulated Depreciation Water Plant Restricted Assets Cash 350,400 350,400 100,000 8,000 Operating expenses Accounts payable Customer-Accounts Receivable Estimated Uncollectible Accounts bb 15,000 67,000 Construciton Work-in-progress Non-operating Expenses - Interest ADVANCE TO SUPPLIES AND STORES FUND 30,000 15,000 bb 275,000 275,000 25,000 25,000 - (196,920) (196,920) City of Monroe PROPRIETARY FUNDS- Closing Entries Stores and Services Internal Service Fund Closing Entry Account Title Revenues - Charges for Sales and Services Operating Expenses - Cost of Sales and Services Operating Expenses - Administrative Operating Expenses - Depreciation Net Position Debits 371,200 Credits 345,460 9,200 15,600 940 Preclosing closing entry 127,440 Net Investment in Capital Restricted Assets Net Investment in Capital Assets Capital Assets Less: Accumulated Depreciation Less: Advance from Enterprise fund Restricted Unrestricted NET POSITION 126,500 940 Unrestricted Total 148,000 (73,600) (7,000) 67,400 - 148,000 (73,600) (7,000) 60,040 127,440 60,040 60,040 Water and Sewer Enterprise Fund Closing Entry Account Title Revenues - Charges for Sales and Services Net Position Operating Expenses - Cost of Sales and Services Operating Expenses - Selling Operating Expenses - Administrative Operating Expenses - Depreciation Non- Operating Expenses - Interest Debits 981,000 8,000 Credits 433,720 58,900 9,400 324,300 145,500 973,000 Net Investment in Capital Restricted Assets Net Investment in Capital Assets Capital Assets Less: Accumulated Depreciation Less: Revenue Bond Payable Restricted Unrestricted NET POSITION 981,000 8,000 Unrestricted Total 4,519,300 (1,475,000) (2,500,000) 142,000 544,300 142,000 286,700 286,700 286,700 4,519,300 (1,475,000) (2,500,000) 142,000 286,700 973,000 973,000 Preclosing closing entry 973,000 City of Monroe Statement of Revenues, Expenses and Changes in Fund Net Position Proprietary-type Funds For the year ended December 31, 2015 Operating Revenues Charges for Services Total Current Assets Business-Type Activities Enterprise Funds Water and Sewer Governmental Activities Internal Service Funds $ $ 981,000 981,000 371,200 371,200 Operating Expenses Cost of Sales and Services Selling Administration Depreciation Total Operating Expenses 433,000 58,900 9,400 275,000 776,300 345,460 9,200 15,600 370,260 Operting Income 204,700 940 Nonoperating Expenses Interest Expense 145,500 - 8,000 965,000 973,000 973,000 940 126,500 127,440 Change in Net Position Net Position, January 1 Net Position, December 31 $ $ City of Monroe Statement of Net Position Proprietary-type Funds As of December 31, 2015 Assets Current Assets Cash Customer Accounts Receivable (Net) Due from Other Funds Inventories Total Current Assets Business-Type Activities Enterprise Funds Water and Sewer Governmental Activities Internal Service Funds $ $ Noncurrent Assets Advance to Stores and Services Fund Restricted Assets (Cash) Capital Assets, Net of Accumulated Depreciation Total Noncurrent Assets Total Assets Liabilities Current Liabilities Accounts Payable Payroll Taxes Payable Due to Internal Service Fund Total Current Liabilities Noncurrent Liabilities Revenue Bonds Payable Advance from Water Utility Fund Total Noncurrent Liabilities Total Liabilities Net Position Net Investment in Capital Assets Restricted Unrestricted Total Net Position $ 99,500 104,480 37,000 37,100 278,080 47,300 3,200 34,040 84,540 15,000 142,000 3,044,300 3,201,300 3,479,380 74,400 74,400 158,940 56,100 3,300 8,000 67,400 24,500 24,500 2,500,000 2,500,000 2,567,400 15,000 15,000 39,500 544,300 142,000 286,700 973,000 973,000 67,400 60,040 127,440 $ City of Monroe Statement of Cash Flows Proprietary-type Funds For the year ended December 31, 2015 Cash Flows from Operating Activities Cash Received from Customers and Departments Cash Paid to Suppliers and Employees Net Cash Provided by Operating Activities Business-Type Activities Enterprise Funds Water and Sewer Governmental Activities Internal Service Funds $ $ Cash Flows from Capital Related Financing Activities Acquisition of Capital Assets Interest Paid on Long-term Debt Partial Repayment of Advance from Enterprise Fund Net Cash Used in Capital Related Financing Activities 962,000 (795,000) 167,000 360,000 (355,700) 4,300 (25,000) (162,500) (187,500) (15,000) (15,000) Cash Flows from Investing Activities Partial Receipt of Advance to Internal Service Fund Net Cash Provided from Investing Activities 15,000 15,000 27,000 27,000 Net Increase (Decrease) in Cash (5,500) 16,300 105,000 99,500 $ 31,000 47,300 $ 940 Cash and Restricted Cash, January 1 Cash and Restricted Cash, December 31 $ Reconciliation of Operating Income to Net Cash Provided by Operating Activities Operating Income $ Adjustments to Reconcile Operating Income to Net Cash Provided by Operating Actitities Depreciation (Increase) Decrease in Customer Accounts Receivable (Increase)Decrease in Interfund Receivables (Increase) Decrease in Inventories Increase (Decrease) in Accounts Payable Increase (Decrease) in Payroll Taxes Payable Increase (Decrease) in Interfund Liabilities Net Cash Provided by Operating Activities Non-cash investing, capital, and financing activities: 98,480 275,000 (31,480) (136,300) (9,100) (40,900) 3,300 8,000 $ 167,000 (172,500) 0 15,600 (3,200) (6,540) 5,500 (8,000) $ 4,300 12,000 0 City of Monroe Community Foundation Trust Fund COMMUNITY FOUNDATION TRUST FUND ACCRUED Account Titles reference Debits Credits bb 7-C-1 22,500 Cash Additions-Investment Earnings-Interest Cash 22,500 206,026 Additions-Contributions-Individuals Investment in RST Corporation Stock Cash Cash 206,026 200,000 54,526 22,500 22,500 4,000 Additions-Investment Earnings-Dividends Cash 200,000 203,500 50,000 INTEREST RECEIVABLE 7,500 7,500 bb 7,500 7,500 200,000 Additions-Investment Earnings-Interest Cash CASH 49,500 22,500 206,026 22,500 4,000 203,500 INVESTMENT IN CORPORATE BONDS 750,000 bb 2,100 bb INVESTMENT IN RST STOCK 200,000 200,000 bb INVESTMENT IN UVW STOCK 203,500 4,500 4,000 203,500 Additions-Invest Earnings-Net (Increase) in Fair Value Investment in RST Corporation Stock Investment in UVW Corporation Stock Cash Deducations Distributions to Nonprofit Organizations Cash 3,500 200,000 203,500 203,500 752,100 - NET POSITION (beginning) 807,000 bb 199,000 ADDITIONS CONTRIBUTIONS 206,026 50,000 50,000 Accrued Interest Receivable Additions-Investment Earnings-Interest 7,500 Investment in MNO Company Bonds Investment in UVW Corporation Sock Additions-Investment Earnings-Net Decrease in Fair Value Investments 2,100 4,500 807,000 ADDITIONS - INVESTMENT EARNINGS - INTEREST 15,000 22,500 7,500 206,026 45,000 7,500 4,500 2,100 ADDITIONS - INVESTMENT EARNINGS - DIVIDENDS 4,000 ADDITIONS - INVESTMENT EARNINGS - FMV 4,500 3,500 2,100 4,000 dr 1,063,126 1,100 cr 1,063,126 ending balance DEDUCTIONS DISTRIBUTIONS TO NFPs 50,000 50,000 City of Monroe - Police Dept. Pension Trust Fund POLICE DEPARTMENT PENSION TRUST FUND ACCRUED reference Account Titles Debits Credits bb 7-C-1 reference 800,000 Cash Additions-Contributions-Plan Members Additions-Contributions-Employer 400,000 400,000 7-C-1 CASH 140,000 800,000 386,900 575,000 507,500 502,000 INVESTMENT IN INTEREST RECEIVABLE 72,000 72,000 bb 86,000 bb CORP. BONDS 5,300,000 12,750 125,000 506,800 Cash 386,900 Accrued Interest Receivable Additions-Investment Earnings-Interest Accrued Interest Receivable Additions-Investment Earnings Cash 5,312,750 3,869 383,031 86,000 86,000 86,000 125,000 Additions-Investment Earnings-Dividends Investments in Common Stock Cash 374,200 bb 125,000 INVESTMENT IN CORP. STOCK 2,790,000 505,000 575,000 5,770 502,000 ACCOUNTS PAYABLE 507,500 27,000 bb 499,220 575,000 575,000 8,275,000 3,356,230 Deductions-Annuity Benefits Deductions-Disability Benefits Deductions-Refunds to Terminated Employees Accounts Payable 377,400 82,020 39,800 Accounts Payable Cash 507,500 Cash 506,800 499,220 Investments in Bonds Investments in Common Stock Additions-Investment Earnings-Net Increase in Fair Value of Investments 18,720 ADDITIONS - MEMBER CONTRIBUTIONS 400,000 ADDITIONS - EMPLOYER CONTRIBUTIONS 400,000 ADDITIONS - INVESTMENT EARNINGS - INTEREST 314,900 86,000 507,500 Investments in Common Stock Additions-Investment Earnings-New Increase in Fair Value of Investments Investments in Common Stock Cash NET POSITION (beginning) 8,275,000 bb 400,000 400,000 400,900 505,000 1,800 502,000 502,000 ADDITIONS - INVESTMENT EARNINGS - DIVIDENDS 125,000 ADDITIONS - INVESTMENT EARNINGS - FMV 1,800 6,980 DEDUCTIONS ANNUITY BENEFITS 377,400 12,750 5,770 125,000 8,780 6,980 DEDUCTIONS DISABILITY BENEFITS 82,020 82,020 dr 9,628,400 DEDUCTIONS - REFUNDS TO TERMINATED EMPLOYEES 39,800 39,800 cr 9,628,400 ending balance 377,400 City of Monroe FIDUCIARY FUNDS- Closing Entries Community Foundation Private Purpose Trust Fund Account Title Additions-Contributions-Individuals Additions-Investment Earnings-Interest Additions-Investment Earnings-Dividends Additions-Investment Earnings-Net Increase in Fair Value of Investments Deductions-Distribution to Nonprofit Organizations Debits 206,026 45,000 6,000 1,100 Credits NET POSITION 807,000 Preclosing closing entry 807,000 50,000 Net Assets Held in Trust for Distribution 209026 Police Department Pension Trust Fund Account Title Additions-Contributions-Plan Members Additions-Contributions-Employer Additions-Investment Earnings-Interest Additions-Investment Earnings-Dividends Additions-Investment Earnings-Net Increase in Fair Value of Investments Deductions-Annuity Benefits Deductions-Disability Benefits Deductions-Refunds to Terminated Employees Net Assets Held in Trust for Pension Debits 400,000 400,000 400,900 125,000 8,780 Credits NET POSITION 8,275,000 Preclosing closing entry 8,275,000 377,400 82,020 39,800 835,460 City of Monroe Statement of Changes in Fiduciary Net Position Fiduciary-type Funds For the year ended December 31, 2015 Police Pension Trust Fund Additions Contributions: Plan Members Employer Individuals Total Contributions $ Investment Income Interest Dividends Net Increase in Fair Value of Investments Total Investment Income Total Additions Deductions Annuity Benefits Disability Benefits Refunds to Terminated Employees Distribution of Scholarships Total Deductions Change in Net Position Net Position, January 1 Net Position, December 31 Private Purpose Trust Fund 400,000 400,000 800,000 206,026 206,026 400,900 125,000 45,000 4,000 8,780 534,680 1,100 50,100 1,334,680 256,126 377,400 82,020 39,800 $ 499,220 835,460 8,275,000 9,110,460 $ 50,000 50,000 206,126 807,000 1,013,126 City of Monroe Statement of Net Position Fiduciary-type Funds As of December 31, 2015 Police Pensions Trust Fund Private Purpose Trust Fund Assets Cash Accrued Interest Receivable Investments at Fair Value: $ $ 48,500 7,500 Bonds Common Stocks Total Investments Total Assets Liabilities Accounts Payable Total Liabilities Net Position Resources Held in Trust for Pension Benefits and Other Purposes 374,200 86,000 $ 5,302,750 3,356,230 8,658,980 9,119,180 752,100 199,000 951,100 999,600 27,000 27,000 - 9,110,460 $ 1,013,126 CITY OF MONROE WORKSHEET TO CONVERT GOVERNMENTAL ACTIVITIES TO ACCRUAL BASIS Refr. Account Titles Debits Gov'tal Fund Balances Credits Adjustments & Eliminations Debits A B C D E F G H I Capital Assets Accumulated Depreciation Net Position 29,800,000 36,100,000 5,798,100 Depreciation Expense Accumulated Depreciation- 5,750,000 Proceeds of Bonds Other Financing Sources-Premium on Bonds Bonds Payable Premium on Bonds Net Position Bonds Payable 5,798,100 5,750,000 4,000,000 200,000 4,000,000 200,000 12,000,000 12,000,000 Bonds Payable Expenditures-Debt Service-Bond Principal 800,000 Interest Expense Accrued Interest Payable 328,000 Net Position Interest Expense 180,000 Premium on Bonds Sold Interest Expense Internal Service Funds Credits Debits Balances for Gov't-wide Stmts Credits DEBITS: 65,900,000 Capital Assets Expenditures-Capital Outlay Governmental Funds Adjusted 800,000 328,000 180,000 10,000 Cash Cash with Fiscal Agent Investments Taxes Receivable, net Interest Receivable, net Inventories Due from State Govt. Due from Other Funds Capital Assets both rows Expenditures (expenses) Current General Govt. Public Safety Highway and Streets Sanitation Health Welfare Culture and Recreation Compensated Absences Exp Other Expenditures (expenses) - Debt Service Principal - Interest (expenditure/expense) both rows - Capital Outlay - Depreciation Other Fin. Uses - Transfers Out 830,320 928,000 259,000 274,000 16,850 830,320 580,000 580,000 - M 47,300 M 34,040 M M 11,200 148,000 928,000 259,000 274,000 16,850 - A B 65,900,000 5,798,100 71,698,100 3,200 N - - 1,646,900 3,026,900 2,471,900 591,400 724,100 374,300 917,300 1,646,900 940 O 3,026,900 2,471,900 591,400 724,100 374,300 L 917,300 39,500 39,500 - 800,000 514,000 G 328,000 C 5,750,000 5,798,100 1,876,700 10,000 800,000 180,000 10,000 5,798,100 F H I B 652,000 5,750,000 1,876,700 877,620 928,000 259,000 274,000 16,850 34,040 580,000 8,000 71,846,100 1,876,700 P 1,645,960 3,026,900 2,471,900 591,400 724,100 374,300 917,300 39,500 652,000 5,750,000 - - Total Debits 21,629,770 91,016,970 CITY OF MONROE WORKSHEET TO CONVERT GOVERNMENTAL ACTIVITIES TO ACCRUAL BASIS Refr. Account Titles Debits Gov'tal Fund Balances Credits Adjustments & Eliminations Debits J K L M N O P Deferred Inflows: Property Taxes Revenues-Property Taxes 27,500 27,500 Revenus-Property Taxes Net Position 21,000 Compensated Absences Expense Compensated Absences Payable 39,500 Cash Due From Other Funds Inventories Capital Assets Accumulated Depreciation Accounts Payable Advance From Water Utility Fund Net Position Due to Other Funds Due From Other Funds Net Position Expenditures-Current-General Government Transfers In Transfers Out 21,000 39,500 47,300 11,200 34,040 148,000 73,600 24,500 15,000 127,440 3,200 3,200 CREDITS: Accounts Payable Due to Other Funds Accrued Interest Payable Bonds Payalbe both rows Premium on Bonds Compensated Absence Payable Advance from Water Utility Fund Deferred Inflows: Property Taxes Accumulated Depreciation both rows Revenues Property Taxes Sales Taxes Interest Licenses & Permits Miscellaneous State Grant for Highway Street Expens Capital Grant- Gen Gov't Capital Grant- Public Safety Governmental Funds Adjusted Credits Debits 493,400 40,200 40,200 J 800,000 10,000 328,000 12,000,000 4,000,000 200,000 39,500 G E D D L 27,500 K 21,000 27,500 J 328,000 15,200,000 190,000 39,500 - 15,000 M 35,623,600 6,664,000 6,664,000 2,942,000 21,220 800,000 350,000 1,072,000 332,000 1,320,000 - 350,000 1,072,000 332,000 1,320,000 - 1,876,700 1,876,700 Other Financing Sources Proceeds of Bonds Premium on Bonds Transfers In Net Position at beginning of year three rows 97,175,480 Total Credits - 4,000,000 200,000 1,876,700 1,497,250 21,629,770 D D H E 4,000,000 200,000 180,000 12,000,000 - 21,000 K 36,100,000 A 15,200,000 190,000 39,500 15,000 - 73,600 M 21,220 800,000 940 517,900 37,000 328,000 35,550,000 2,942,000 940 97,175,480 3,200 - 29,800,000 A 5,750,000 C 6,657,500 2,942,000 21,220 800,000 350,000 1,072,000 332,000 1,320,000 N Balances for Gov't-wide Stmts Credits 24,500 M 493,400 F I 27,500 Internal Service Funds 1,876,700 - P 1,876,700 25,438,250 O 940 127,440 M 25,564,750 91,016,970 CITY OF MONROE Statement of Activities For the year ended December 31, 2015 Program Revenues Expenses Functions/Programs Governmental Activities: General Government Public Safety Highways and Streets Sanitation Health Welfare Culture and Recreation Depreciaiton Interest Compensated Absneces Total Governmental Activities Business Type Activities Water and Sewer Total Government $ Operational Capital Charges for Grants and Grants and Governmental Business-Type Services Contributions Contributions Activities Activities 1,645,960 3,026,900 2,471,900 591,400 724,100 374,300 917,300 5,750,000 652,000 39,500 16,193,360 Net (Expense) Revenue and Change in Net Position $ 332,000 1,320,000 1,072,000 - 1,404,000 1,320,000 1,019,500 1,033,500 $ 17,212,860 $ 1,033,500 $ 1,404,000 $ 1,320,000 General Revenues Taxes: Property Taxes Sales Taxes Interest licenses and Permits Miscellaneous Total General Revenues Change in Net Position Net Position, Beginning Net Position, Ending $ (1,313,960) (1,706,900) (1,399,900) (591,400) (724,100) (374,300) (917,300) (5,750,000) (652,000) (39,500) Total $ (13,469,360) $ (13,469,360) $ 6,664,000 2,942,000 21,220 800,000 350,000 10,777,220 (2,692,140) 25,564,750 $ 22,872,610 $ (1,313,960) (1,706,900) (1,399,900) (591,400) (724,100) (374,300) (917,300) (5,750,000) (652,000) (39,500) (13,469,360) 14,000 14,000 14,000 (13,455,360) 14,000 959,000 973,000 6,664,000 2,942,000 21,220 800,000 350,000 10,777,220 (2,678,140) 26,523,750 23,845,610 $ CITY OF MONROE Statement of Net Position As of December 31, 2015 Governmental Activities Business-Type Activities Total Assets Cash Cash with Fiscal Agents Investments Accounts Receivable (Net) Taxes Receivable (Net) Interest Receivable Internal Balances Current Due from Other Governments Inventories Internal Balances Long-Term Restricted Assets Capital Assets, Net of Accumulated Depreciation Total Assets $ 877,620 928,000 259,000 $ 99,500 $ 29,000 977,120 928,000 259,000 107,500 274,000 16,850 - 95,100 15,000 142,000 3,044,300 3,532,400 580,000 129,140 142,000 39,266,800 42,680,410 107,500 274,000 16,850 (29,000) 580,000 34,040 (15,000) $ 36,222,500 39,148,010 $ $ Liabilities Accounts Payable Payroll Taxes Payable Accrued Interest Payable Revenue Bonds Payable General Obligation Bonds Payable Premium on Bonds Sold Compensated Absences Payable Total Liabilities 15,200,000 190,000 39,500 16,275,400 2,559,400 574,000 3,300 328,000 2,500,000 15,200,000 190,000 39,500 18,834,800 Net Position Net Investment in Capital Assets Restricted Unrestricted Total Net Position 20,817,500 247,000 1,808,110 22,872,610 544,300 142,000 286,700 973,000 21,361,800 389,000 2,094,810 23,845,610 517,900 56,100 3,300 328,000 2,500,000 $ $ $ City of Monroe Reconciliation of fund basis to government-wide statements CITY OF MONROE Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position As of December 31, 2015 Fund balances reported in governmental funds Balance Sheet $ 2,327,070 Amounts reported for governmental activities in the Statement of Net Position are different because: Capital assets used in governmental activities are not financial resources and therefore not reported in the funds. Amount does not include capital assets of internal service funds (reported in following row). 36,148,100 The assets and liabilities of internal service funds are included in governmental funds in the Statement of Net Position. 127,440 Deferred revenue for property taxes reported in the funds but accrued as revenue in the government-wide statements and added to Net Position. 27,500 Accrued interest payable is reported as a liability in the Statement of Activities; interest is not accrued in the governmental funds. (328,000) Bonds payable, not due and payable in the current period are not reported in the funds. (15,390,000) Compensated absences, not due and payable in the current period are not reported in the funds. Net Position of Governmental Activities (39,500) $ 22,872,610 $ 829,820 CITY OF MONROE Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balance to the Statement of Activities For the year ended December 31, 2015 Net change in fund balances - Governmental funds Amounts reported for governmental activities in the Statement of Activities are different because: Governmental funds report capital outlays as expenditures rather than assets 5,798,100 Governmental funds do not report depreciation expense (5,750,000) The net revenue of internal service funds is not reported with the governmental funds 940 Property taxes due more than 60 days after year end is not accrued in the governmental funds. 6,500 Bond proceeds are reported as other financing sources in the governmental funds but as liabilities in the government-wide statements. (4,200,000) Repayment of bonds is reported as an expenditure in the governmental funds 800,000 Interest is not accrued at year end in the governmental funds. Increases in compensated absences, not due and payable in the current period are not reported in the funds. Change in Net Position of Governmental Activities (138,000) $ (39,500) (2,692,140)