I am working on an assignment and trying to figure out this question on CAFR: "Does the report provide a reconciliation between total governmental net position per the government-wide statement of net position and total governmental fund balances per the governmental funds balance sheet? If so, what are the main reconciling items?" I want to make sure that I understand what it is asking and therefore, can answer it correctly. I believe it is asking what has to be added in that is not reported on the Funds Balance Sheet, is that correct? (i.e. capital assets, other assets, long-term liabilities) I have attached the CAFR I am using to answer this question, pg 25is the reconciliation of the two statements.

SALT LAKE CITY CORPORATION SALT LAKE CITY, UTAH COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED JUNE 30, 2013 With INDEPENDENT AUDITOR'S REPORT Prepared by Department of Finance Gordon Hoskins, Finance Director -i- TABLE OF CONTENTS INTRODUCTORY SECTION: Page Title Page ........ .......................................................................................................... Table of Contents ........................................................................................................ Transmittal Letter ........................................................................................................ Organizational Structure ............................................................................................. Certificate of Achievement .......................................................................................... FINANCIAL SECTION: Independent Auditor's Report .............................................................................................. Management's Discussion and Analysis............................................................. Basic Financial Statements Government-wide Financial Statements Statement of Net Position.................................................................. Statement of Activities................................................................... Governmental Fund Financial Statements Balance Sheet.............................................................................. Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position ............................................................................. Statement of Revenues, Expenditures, and Changes in Fund Balances ...... ..... Reconciliation of the Statement of Revenues, Expenditures, and Changes In Fund Balances of Governmental Funds to the Statement of Activities ... Proprietary Fund Financial Statements Statement of Net Position................................................................ Reconciliation of Proprietary Fund Statement of Net Position to the Primary Government business-type Statement of Net Position ........ Statement of Revenues, Expenses, and Changes in Fund Net Position ............... Reconciliation of Proprietary Fund Changes in Net Position to the Primary Government business-type Changes in Net Position ............................................................................... Statement of Cash Flows ..................................................................................... Fiduciary Fund Financial Statements Statement of Fiduciary Net Position .................................................................... Statement of Changes in Fiduciary Net Position ................................................. Notes to the Financial Statements ................................................................................ Note 1 - Summary of Significant Accounting Policies Note 2 - Cash, Cash Equivalents and Investments Note 3 - Loans Receivable Note 4 - Restricted Assets Note 5 - Capital Assets Note 6 - Long-term Obligations Note 7 - Fund Equity Note 8 - Deficit Fund Balances/Net Position, Expenditures and Other Uses that Exceed Appropriations in Individual Funds Note 9 - General Fund Interfund Service Charges Note 10 - Transfers Note 11 - Risk Management Note 12 - Pension Plans Note 13 - Other Post-employment Benefits Note 14 - Deferred Compensation Plans Note 15 - Commitments and Contingencies Note 16 - Revenue Supported Debt - Enterprise Fund -ii- i ii v xii xiii 2 4 14 16 20 25 26 27 30 34 36 38 40 46 47 50 TABLE OF CONTENTS Page Notes to the Financial Statements (continued) Note 17 - Related Party Transactions Note 18 - Joint Venture Note 19 - Recent Accounting Pronouncements Note 20 - Subsequent Events Required Supplementary Information Budgetary Comparison Schedule - General Fund ....................................................... Schedule of Funding Progress-Retiree Healthcare and Life Insurance Plan ................ 86 87 Notes to Required Supplementary Information Budgetary - GAAP Reporting Reconciliation ............................................................. 89 Supplementary Information - Combining Statements and Individual Fund Statements and Schedules Governmental Funds Nonmajor Governmental Funds Combining Balance Sheet ............................................................................. Combining Statement of Revenues, Expenditures and Changes in Fund Balance ...................................................................................... Combining Balance Sheet - Nonmajor Special Revenue Funds .................. Combining Statement of Revenues, Expenditures and Changes in Fund Balance - Nonmajor Special Revenue Funds ............................ Budgetary Comparison Schedules Arts Council ........................................................................................... Downtown Economic Development ...................................................... Community Development Operating Fund............................................ Grants Operating Fund .......................................................................... Street Lighting ....................................................................................... Demolition, Weed and Forfeiture .......................................................... Emergency 911 Dispatch ....................................................................... Salt Lake City Donation Fund ............................................................... Combining Balance Sheet - Nonmajor Debt Service Funds ....................... Combining Statement of Revenues, Expenditures and Changes in Fund Balance......................................................................................... Budgetary Comparison Schedules Special Improvement Fund .................................................................... Major Governmental Funds Budgetary Comparison Schedules Capital Projects Fund........................................................................... Other Improvement Fund .................................................................... Enterprise Funds Nonmajor Proprietary Funds Combining Statement of Net Position ........................................................ Combining Statement of Revenues, Expenses and Changes in Fund Net Position ................................................................................. Combining Statement of Cash Flows ........................................................ Budgetary Comparison Schedules Intermodal Hub ..................................................................................... Storm Water Utility Fund ..................................................................... Street Lighting ...................................................................................... Refuse Collection Fund ........................................................................ Housing Fund .................................................................................. Golf Fund ............................................................................................. -iii- SI- 4 SI- 5 SI- 6 SI- 8 SI-10 SI-11 SI-12 SI-13 SI-14 SI-15 SI-16 SI-17 SI-18 SI-19 SI-20 SI-23 SI-24 SI-26 SI-30 SI-32 SI-36 SI-37 SI-38 SI-39 SI-40 SI-41 Page TABLE OF CONTENTS Supplementary Information - Combining Statements and Individual Fund Statements And Schedules (continued) Major Proprietary Funds Budgetary Comparison Schedules Water Utility Fund ............................................................................... Department of Airports ........................................................................ Sewer Utility Fund .............................................................................. Redevelopment Agency Fund ............................................................. Internal Service Funds Combining Statement of Net Position ...................................................... Combining Statement of Revenues, Expenses and Changes in Fund Net Position ................................................................................ Combining Statement of Cash Flows ....................................................... Budgetary Comparison Schedules Fleet Management Fund ...................................................................... Information Management Services Fund ............................................. Risk Management Fund ....................................................................... Governmental Immunity Fund ............................................................ Municipal Building Authority Fund .................................................... SI-44 SI-45 SI-46 SI-47 SI-50 SI-52 SI-54 SI-56 SI-57 SI-58 SI-59 SI-60 STATISTICAL SECTION: (unaudited) Net Position by component - Last Ten Fiscal Years ................................................... Change in Net Position - Last Ten Fiscal Years .................................................... Fund Balance of Governmental Funds - Last Ten Years .......................................... Changes in Fund Balances of Governmental Funds - Last Ten Years ........................ Governmental Activities Tax Revenues by Source - Last Ten Fiscal Years ............... Assessed and Estimated Actual Value of Taxable Property - Last Ten Fiscal Years . Direct and Overlapping Property Tax Rates ................................................................ Principal Property Tax Payers ...................................................................................... Property Tax Levies and Collections - Last Ten Years ............................................... Ratios of Outstanding Debt by Type ............................................................................ Ratios of General Bonded Debt Outstanding - Last Ten Fiscal Years ........................ Computation of Direct and Overlapping Bonded Debt ............................................... Legal Debt Margin Information - Last Ten Fiscal Years ........................................... Pledged-Revenue Coverage - Last Ten Fiscal Years .................................................. Demographic and Economic Statistics ......................................................................... Full-time Equivalent City Government by Functions - Last Ten Fiscal Years ........... Principal Employers .................................................................................................... Operating Indicators by Function ................................................................................ Capital Asset Statistics by Function ............................................................................. -iv- S- 1 S- 2 S- 4 S- 6 S- 8 S- 9 S-10 S-11 S-12 S-13 S-14 S-15 S-16 S-17 S-18 S-19 S-20 S-21 S-22 DEPARTMENT OF FINANCE December 27, 2013 The Honorable Mayor and Members of the City Council Salt Lake City Corporation Overview The Comprehensive Annual Financial Report of Salt Lake City Corporation (\"the City\") for the fiscal year ended June 30, 2013, is submitted herewith. These financial statements have been prepared by the Salt Lake City Department of Finance in accordance with Generally Accepted Accounting Principles (GAAP) for local governments as prescribed by the Governmental Accounting Standards Board (GASB). The accuracy of the presented data and the completeness and fairness of the presentations, including all disclosures, are the responsibility of the management of the City. We believe the data, as presented, is accurate in all material respects and is presented in a manner that fairly sets forth the following aspects of the City: (1) the financial position of the governmental activities; (2) the business-type activities; (3) the discretely presented component unit; (4) each major fund; (5) the aggregate remaining fund information; (6) the respective changes in financial position and (7) applicable cash flows. In order to provide a reasonable basis for making these representations, the management of Salt Lake City has established a comprehensive internal control framework that is designed both to protect the government's assets from loss, theft, or misuse and to compile sufficient reliable information for the preparation of the Salt Lake City Corporation's financial statements in conformity with GAAP. Because the cost of internal controls should not outweigh their benefits, Salt Lake City Corporation's comprehensive framework of internal controls has been designed to provide reasonable, rather than absolute assurance that the financial statements will be free from material misstatement. As management, we assert that to the best of our knowledge and belief, this report is complete and reliable in all material respects. Eide Bailly, LLP an independent firm of Certified Public Accountants, has audited these basic financial statements and related notes. Their report is included herein. The goal of the independent audit is to provide reasonable assurance that the financial statements of Salt Lake City Corporation for the fiscal year ended June 30, 2013 are free of material misstatements. This independent audit involved examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used, and significant estimates made by management. Additionally,Eide Bailly, LLP. audited the compliance requirements of the City's state and federal grant programs for the year ended June 30, 2013 as part of the federally mandated \"Single Audit\" designed to meet the special needs of federal grantor agencies. That report is available under a separate cover. LOCATION: 451 SOUTH STATE STREET, ROOM 248, SALT LAKE CITY, UTAH 84111-3102 MAILING ADDRESS: PO BOX 145452, SALT LAKE CITY, UTAH 84114-5452 TELEPHONE: 801-535-7676 FAX: 801-535-7682 -v- GAAP requires that management provide a narrative introduction, overview, and analysis to accompany the basis financial statements in the form of Management's Discussion and Analysis (MD&A). This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it. The City's MD&A can be found immediately following the report of the independent auditors. Profile of Salt Lake City Salt Lake City lies between the Wasatch Mountains and the Great Salt Lake at an altitude of 4,200 feet. Permanent settlement of the City began on July 24, 1847, when Brigham Young with a party of 148 Mormon pioneers entered the Salt Lake Valley after a 1,500-mile trek westward. Salt Lake City was incorporated on January 6, 1851 and soon became a major center for trade and commerce with the wagon trains carrying settlers and miners westward. Within a few years of the pioneers' arrival, other communities were settled throughout the Salt Lake Valley. Due to continuous economic and population growth, most of these cities in the valley survived and prospered, and have grown into a single large metropolitan area of over 1,000,000 people. Salt Lake City is the commercial center of this metropolis. Salt Lake City is also the center of the scenic intermountain west. Within a day's drive of the City, travelers can visit 70% of the officially designated national parks and monuments of America. The Wasatch Mountains, east of the City, are well known for their ski resorts, which are within a 45-minute drive from downtown Salt Lake City. Over 300,000 out-of-state skiers come to these resorts each year. The scenic Wasatch Front provided an excellent backdrop, as the City hosted the 2002 Winter Olympics. Salt Lake City is the international headquarters of The Church of Jesus Christ of Latter-day Saints, or "Mormon" Church. At Temple Square in downtown Salt Lake City, 5 million visitors see the famous Salt Lake Temple, Tabernacle, and visitor centers each year. The Salt Palace Convention Center (located in downtown Salt Lake City) plays host for many different activities. This facility has a 36,000 square foot ballroom, 365,000 square feet of exhibit space, and a total of 100,000 square feet of meeting space. This convention space provides its users with the most up-to-date technological capabilities available. It is wired with miles of wire and fiber optic cable for up-to-date computer and communications, including satellite uplink capability and includes a wireless network. Several universities and colleges are located in or near Salt Lake City. The University of Utah is located on the east bench of Salt Lake City. This university was founded in 1850 and is the oldest mainland university west of the Missouri River. Approximately 29,000 full and part-time students are enrolled. The Utah Museum of Fine Arts and the newly updated Utah Museum of Natural History are located on the University of Utah campus. The University also includes a highly-ranked medical school and teaching hospital. Westminster College of Salt Lake City, Salt Lake Community College, and LDS Business College are also located in Salt Lake City. Four other universitiesUtah State University, Weber State University, Brigham Young University and Utah Valley University are all located within a two-hour drive from Salt Lake City. These institutions reflect the community's emphasis and dedication to higher education and job skill development. Salt Lake City also has many opportunities for recreational and cultural activities. The Energy Solutions Arena, located three blocks directly west of Temple Square, is the home of the Utah Jazz of the National Basketball Association. Spring Mobile Ballpark, just south of downtown, is the home field of the Salt Lake Bees, a minor league baseball team. Downtown, directly north of the Salt Palace, is Abravanel Hall, home of the Utah Symphony Orchestra. The Salt Lake Art Center with its gallery and art school facilities is located adjacent to Abravanel Hall. A few blocks south of Abravanel Hall, Salt Lake's historic Capitol Theater serves as the home of Ballet West, Repertory -vi- Dance Theater, Ririe-Woodbury Dance Company, and the Utah Opera. Nearby, the John W. Gallivan Utah Center is a gathering place for the business and commercial community. The Center's plaza includes a new reception center, an aviary, a 1,000-seat amphitheater, many unique art pieces, and an outdoor pond, which becomes an ice skating rink during the winter. The City also hosts Theater 138, Pioneer Memorial Theater, Utah Civic Opera Company, Clark Planetarium, and the Utah Heritage Foundation. In addition to the cultural aspects of the downtown center is the availability of a high quality shopping experience. The Gateway shopping center has been in operation for over a decade and boasts numerous shops, restaurants and a multi-screen theater. City Creek Center, which opened in March 2012 in the downtown core, is one of the nation's largest mixed-use developments and offers a unique shopping and dining experience with over 100 shops and restaurants. Tab Cornelison, CBRE first vice president stated, \"The development of the billion dollar City Creek project has had a significant impact on the commercial real estate market and the success of this project over the next few years could shape the city's central business district for years to come. City Creek could help make downtown Salt Lake City a bustling, vibrant locale similar to other metros like San Francisco, Boston or Chicago - if that happens, in five years; you won't recognize Salt Lake City - especially after 6 p.m. in the evening.\" Miller Motorsports Park in nearby Tooele, has hosted AMA Superbike and Supermoto, American LeMans, FIM Superbike World Championship, and Grand-Am Rolex Sports Car Series races. In their first year of operation, Miller Motorsports Park was named the \"Motorsports Facility of the Year\" by the Professional Motorsport World Expo (The Enterprise, Nov 27 - Dec 3, 2006). Salt Lake City also has a well-developed system of municipal golf courses for the enjoyment of area residents. Two of these golf courses in particular have been recognized for their excellence. Bonneville golf course was chosen by PGA professionals as one of six favorite classic golf courses (golf courses that have green fees less than $125 during peak season). Wingpointe golf course was ranked 22nd by LINKS Magazine among the top 25 airport golf courses in the country. Salt Lake City is a major transportation crossroads in the intermountain west. Three major railroads, nine major airlines, two bus lines and many truck lines serve the area. The City is located at the convergence of four major highways and two interstate highway systems. The Salt Lake International Airport is a major intermountain air transportation hub and a principal hub and reservation center for Delta Air Lines. The Utah Transit Authority operates an outstanding commuter bus, light rail, and heavy commuter rail system in Salt Lake City and throughout neighboring counties. The Frontrunner commuter rail system was recently doubled in size with the addition of the Salt Lake City to Provo portion of the line. Its transit stops now extend for nearly ninety miles from the Ogden area in the north to the Provo area in the south. Frontrunner provides an efficient and swift means of transportation all along the Wasatch Front with trains reaching 79 mph along their route. Ninety percent of Salt Lake City's residents rate their overall quality of life as high or very high (Salt Lake City Resident Survey, 2013). The Milken Institute continues to count Salt Lake City in its \"Best Performing Cities\" listing, ranking the City at number six of the top 25; the number one spot was captured by San Antonio. Fortune Magazine also recently recognized San Antonio and Salt Lake City as two of the 15 most business-friendly cities in the world; the only two U.S. cities so recognized. \"This report,\" says Mayor Becker, \"which evaluates our City's performance on a basis of job growth, wages and GDP, corroborates what we have known for some time. Salt Lake City is securing its position as a regional powerhouse. Milken's findings, combined with outstanding efforts at the state level and our ongoing work to establish sustainable communities, the best public transit in the country; and a one-of-a-kind neo-urban lifestyle, reflect a Capital City on the move now and into the future.\" The City provides a full range of municipal services including police, fire, recreational activities including eight municipal golf courses, libraries, water, sewer, storm water, airports, public improvements, highways and streets, planning and zoning, and general administrative services. -vii- Factors Affecting Financial Condition Summary of Local Economy Accolades continue to come into City leaders regarding the City Creek Center project and the commercial and industry-rich impact on downtown Salt Lake City. Metropolitan planner, Stephen Goldsmith , a former Salt Lake City planning director and an associate professor of planning and architecture at the University of Utah has opined, \"The significance of this project is beyond its financial scale.\" Visible signs of progress continue through the recently completed Sugar House streetcar project, a North Temple makeover, bisected by a TRAX train to the international airport, two new libraries, a federal courthouse, the newly completed $125 million public safety headquarters, downtown housing projects and a $110 million Utah Performing Arts Center, a venue capable of hosting first-run Broadway theatre.\" These urban planners say the level of private and public investment is truly remarkable, especially given the limping economy. \"This places Salt Lake City in the crosshairs as one of the finest developing cities in the country.\" With Interstate 15 and Interstate 80 as major corridors for freight traffic, combined with numerous regional distribution centers, transportation is a significant portion of the employment base for the Salt Lake Valley. The Mayor's recent announcement that Salt Lake City International Airport will undergo a major redevelopment has caused excitement in the aviation and business communities. \"The Salt Lake City International Airport was not built to be a hub,\" said Mayor Becker. \"Yet today, as the number of passengers has increased annually to more than 21 million, it is by all measures a large hub airport and it must be redeveloped to meet the needs of our region.\" The redevelopment of the Airport has now begun in earnest, and the Airport authority is currently working with architects to design the new facilities, and is in the process of securing contracts for construction of the project. Construction of the new facilities is anticipated to take eight years. Mayor Becker is also proposing the airport project be \"net-positive,\" meaning the new airport will utilize renewable resources to produce more energy than the airport requires and will feed that surplus back into the system. \"I envision a project not just bereft of negative impacts but one that positively contributes to the health of our residents, visitors and environment,\" he said. Major employers throughout Salt Lake City are in positive spirits. The University of Utah is in expansion, the Veterans Administration Medical Center and Intermountain HealthCare are solidifying their \"health care of the crossroads\" identification, working with more than 40,000 employees and professionals, and the Church of Jesus Christ of Latter-day Saints continues its downtown employment and service preeminence. As the capital city and county seat, local, state and federal government offices have a large presence including a new, currently under construction, federal courthouse. Salt Lake City has become a place to launch or grow business, as the phenomenon continues of entrepreneurs relocating to Utah after gaining skills and wealth elsewhere. CBRE recently touted Salt Lake City in its Message from the Management Team, stating: \"With one of the lowest unemployment rates in the nation, Utah continues to attract national attention from expanding businesses. This, in turn, is spurring new construction as evidenced in Salt Lake City in 2013, and is leading the nation in new commercial construction in office, retail and industrial space; we expect healthy levels of growth to continue into the coming year and beyond.\" Recreational tourism has increased over the past year with a 4 % increase in hotel occupancy, a 3 % rise in attraction attendance, a 5.5 % increase in park attendance, and a 5.3 % jump in restaurant sales. Overall tourist spending remained down slightly over the 2011 summer, but that appears to be due to tourists taking shorter trips from nearby markets. Overall the future of tourism and travel is exciting. Visitors to the City and state will be from different international countries, as travelers are younger and coming from new places, like China or Russia. Social media will play a big part in bringing these new visitors to Salt Lake City. -viii- With the 10th anniversary of the 2002 Salt Lake Winter Olympics commemorated in February2012, talk is now underway of a possible bid for the 2022 Olympic Games. \"Our goal has always been to keep the ball in play in case another opportunity developed\