COMPREHENSIVE ANNUAL FINANCIAL REPORT
FISCAL YEAR ENDING JUNE 30, 2018
NORTH CAROLINA
TOWN OF CARY www.townofcary.org Page 1Page 1
COMPREHENSIVE ANNUAL FINANCIAL REPORT
TOWN OF CARY, NORTH CAROLINA
AS OF AND FOR THE YEAR ENDED JUNE 30, 2018
PREPARED BY THE TOWN OF CARY FINANCE DEPARTMENT:
Karen A. Mills, CPA, Chief Financial Officer Kimberly O. Branch, CPA, Assistant Finance Director
Mary Beth Huber, Deputy Treasurer Gregory L. Jenkins, II, Revenue Manager
Jessica Murphy-Rhem, CPA, Accounting Supervisor Seth E. Larson, CPA, Senior Accountant
Michelle C. Brooks, CPA, Financial Operations Analyst Jessica L. Randal, Accounting Manager
Judith K. DeNardis, Financial Reporting Analyst
TOWN OF CARY www.townofcary.org Page 3
TITLE PAGE __________________________________________________________________________________________ 1
TABLE OF CONTENTS _____________________________________________________________________________ 3 6
INTRODUCTORY SECTION LETTER OF TRANSMITTAL _________________________________________________________________________ 7 8
FY 2018 OVERVIEW ____________________________________________________________________________ 9 40
MEMBERS OF TOWN COUNCIL _______________________________________________________________________ 41
TOWN OF CARY MISSION STATEMENT AND STATEMENT OF VALUES ________________________________ 42
APPOINTED AND ADMINISTRATIVE STAFF __________________________________________________________ 43
ORGANIZATIONAL CHART___________________________________________________________________________ 44
RESPONSIBILITIES OF TOWN GOVERNMENT BY DEPARTMENT _________________________________ 45 51
TOWN BOARDS AND COMMISSIONS ________________________________________________________________ 52
CERTIFICATE OF ACHIEVEMENT FOR EXCELLENCE IN FINANCIAL REPORTING _______________________ 53
FINANCIAL SECTION
REPORT OF INDEPENDENT AUDITOR ___________________________________________________________ 55 56
MANAGEMENTS DISCUSSION AND ANALYSIS _________________________________________________ 57 66
BASIC FINANCIAL STATEMENTS EXHIBIT
ENTITY-WIDE FINANCIAL STATEMENTS
A STATEMENT OF NET POSITION ___________________________________________________________ 68 69
B STATEMENT OF ACTIVITIES ____________________________________________________________________ 70
GOVERNMENT FUND FINANCIAL STATEMENTS
C BALANCE SHEET GOVERNMENTAL FUNDS _____________________________________________ 72 73
D RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION _________________________________________________ 74
E STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES – GOVERNMENTAL FUNDSChapter 9
Review the comprehensive annual financial report (CAFR) and answer the following questions:
1. Indicate the activities accounted for in both internal service funds and major enterprise funds. Comment on whether any of these activities could also have been accounted for in a general or other governmental fund.
2. How are the internal service fund activities reported in the government-wide statement of net position? How are they reported in the proprietary funds statement of net position?
3. Did any of the internal service funds report significant operating surpluses or deficits for the year? Were any accumulated significant net asset balances over the years not invested in capital assets?
4. Were any of the government’s enterprise funds “profitable” during the year? If so, what has the government done with the “earnings”? Has it transferred them to the general fund?
5. Does the government have revenue bonds outstanding that are related to business-type activities? If so, for what activities?
6. Do the financial statements include a statement of cash flows for proprietary funds? Is the statement on a direct or an indirect basis? In how many categories are the cash flows presented? Which of these categories resulted in net cash inflows? Which resulted in net cash outflows?
7. What was the total operating income? What was total net cash provided by operating activities? What accounts for the largest difference between these two amounts?
8. Has the city entered into any service concession arrangements? Which specific ones, and why?
Chapter 10
Review the comprehensive annual financial report (CAFR) and answer the following questions:
1. Does the government maintain any permanent funds? If so, are they major or nonmajor funds and for what purposes?
2. Does the government maintain any fiduciary funds? If so, for what purposes?
3. Does the government contribute to one or more pension plans? Are they defined benefit or defined contribution plans? If they are defined benefit plans, are they single employer (maintained by the government itself) or multiple-employer plans?
4. Does the government report pension expenses or expenditures? If so, in which fund or funds?
5. Does the government report pension liabilities? If so, in which fund or funds?
6. Does the CAFR indicate the actuarial value of plan assets and liabilities? Are the plans over- or underfunded?
7. Does the CAFR include the financial statements of the pension plans? Does it indicate that the pension plans issue their own reports and that these are publicly available?
8. Did the pension fund investments have a “good year”?
9. Does the CAFR indicate that the government provides other postemployment benefits? If so, what is the nature of these benefits? How are they reported?
10. Does the government maintain any custodial funds? How many and for what purposes?
***Note to writer: The CAFR needed to answer all 18 questions is attached.
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