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CITY OF RENTON
Comprehensive Annual Financial Report
FOR THE YEAR ENDED DECEMBER 31, 2014
i
CITYOFRENTON
2014
COMPREHENSIVEANNUAL
FINANCIALREPORT
ForYearEndedDecember31,2014
AdministrativeServicesDepartment
CityofRenton
1055SouthGradyWay
Renton,Washington98057
(425)430Ͳ6858
Website:www.rentonwa.gov
ii
ACKNOWLEDGEMENTS
Prepared by the Finance Division of the
Administrative Services Department
Administrative Services Administrator
Iwen Wang
Fiscal Services Director
Jamie Thomas
Accounting Staff
Misty Baker, Senior Finance Analyst
Jill Masunaga, Senior Finance Analyst
Hai Nguyen, Senior Finance Analyst
Kari Roller, Financial Services Manager
Kristi Rowland, Senior Finance Analyst
Tracy Schuld, Senior Finance Analyst
Print and Mail Coordinator
Karl Hurst
Web Specialist
Beth Haglund
TABLE OF CONTENTS
DECEMBER 31, 2014
ITEM PAGE
iii
INTRODUCTORY SECTION
Letter of Transmittal ..................................................................................................................................... 1‐1
2013 Comprehensive Annual Financial Report Award ................................................................................. 1‐6
Corporate Organization Structure & Reporting Relations ............................................................................ 1‐7
FINANCIAL SECTION
Independent Auditor’s Report .................................................................................................................... 2‐1
Management Discussion and Analysis ........................................................................................................ 3‐1
Basic Financial Statements:
Government‐wide Financial Statements:
Statement of Net Position ............................................................................................................... 4‐1
Statement of Activities .................................................................................................................... 4‐2
Fund Statements:
Governmental Fund Financial Statements:
Balance Sheet .................................................................................................................................. 4‐3
Reconciliation of Balance Sheet to the Statement of Net Position ................................................. 4‐4
Statement of Revenues, Expenditures and Changes in Fund Balances ........................................... 4‐5
Reconciliation of the Statement of Revenues, Expenditures and Changes in
Fund Balances of Governmental Funds to the Statement of Activities .................................... 4‐6
Proprietary Fund Financial Statements:
Statement of Net Position ............................................................................................................... 4‐7
Statement of Revenues, Expenses, and Changes in Net Position ................................................... 4‐9
Statement of Cash Flows ............................................................................................................... 4‐10
Fiduciary Fund Statements:
Statement of Fiduciary Net Position ............................................................................................. 4‐12
Statement of Changes in Fiduciary Net Position ........................................................................... 4‐13
Notes to Financial Statements:
Note 1: Significant Accounting Policies ........................................................................................ 4‐14
Note 2: Compliance and Accountability ....................................................................................... 4‐26
Note 3: Deposits and Investments ............................................................................................... 4‐28
Note 4: Property Taxes ................................................................................................................. 4‐30
Note 5: Capital Assets and Depreciation ...................................................................................... 4‐31
Note 6: Pensions ........................................................................................................................... 4‐34
Note 7: Other Post Employment Benefits .................................................................................... 4‐45
Note 8: Contingencies .................................................................................................................. 4‐48
Note 9: Risk Management ............................................................................................................ 4‐48
Note 10: Interfund Transactions ................................................................................................... 4‐51
Note 11: Long Term Debt .............................................................................................................. 4‐52
Note 12: Joint Ventures ................................................................................................................. 4‐57
Note 13: Subsequent Events ......................................................................................................... 4‐59
Required Supplementary Information Other than MD&A
Schedule of Revenues, Expenditures, and Changes in Fund Balances Budget to Actual
General Fund .......................................................................................................................................... 5‐1
Firefighters’ Pension Fund ‐ Schedule of Changes in Net Pension Liability and Related Ratios ............ 5‐2
Firefighters’ Pension Fund ‐ Schedule of Contributions ........................................................................ 5‐3
Firefighters’ Pension Fund ‐ Schedule of Investment Returns ............................................................... 5‐4
LEOFF I Retiree Medical Benefits ‐ Schedule of Funding Progress………………………………. ................... ...5‐5
TABLE OF CONTENTS
DECEMBER 31, 2014
ITEM PAGE
iv
Combining Statements
Non‐Major Fund Descriptions ................................................................................................................ 6‐1
Combining Balance Sheet ...................................................................................................................... 6‐5
Combining Statement of Revenues, Expenditures and Changes in Fund Balances ............................. 6‐11
Schedule of Revenues, Expenditures and Changes in Fund Balances
Budget to Actual .................................................................................................................................. 6‐17
Combining Statement of Net Position, Non‐Major Enterprise Funds ................................................. 6‐29
Combining Statement of Revenues, Expenses and Changes in Fund Net Position,
Non‐Major Enterprise Funds ......................................................................................................... 6‐31
Statement of Cash Flows, Non‐Major Enterprise Funds ...................................................................... 6‐32
Combining Statement of Net Position, Internal Service Funds ............................................................ 6‐34
Combining Statement of Revenues, Expenses, and Changes in Fund Net Position,
Internal Service Funds ................................................................................................................... 6‐36
Combining Statement of Cash Flows, Internal Service Funds .............................................................. 6‐37
Statement of Changes in Assets and Liabilities Agency Fund – Special Deposit ................................. 6‐39
STATISTICAL SECTION
Statistical Section Description ................................................................................................................ 7‐1
Financial Trends:
Table 1: Net Position by Component ................................................................................................. 7‐2
Table 2: Changes in Net Position ........................................................................................................ 7‐3
Table 3: Fund Balance of Government Funds .................................................................................... 7‐5
Table 4: Changes in Fund Balance of Government Funds .................................................................. 7‐6
Table 5: General Government Tax Revenue by Source ...................................................................... 7‐7
Revenue Capacity:
Table 6: Principal Property Tax Payers ............................................................................................... 7‐8
Table 7: Assessed Value Taxable Property ......................................................................................... 7‐9
Table 8: Property Tax Rates Direct and Overlapping Governments ................................................ 7‐10
Table 9: Property Tax Levies and Collections ................................................................................... 7‐11
Table 10: Sales Tax Collections by Sector ........................................................................................... 7‐12
Debt Capacity:
Table 11: Ratios of Outstanding Debt by Type ................................................................................... 7‐13
Table 12: Legal Debt Margin Information .......................................................................................... 7‐14
Table 13: Ratios of General Bonded Debt Outstanding ..................................................................... 7‐15
Table 14: Direct and Overlapping Governmental Activities Debt ...................................................... 7‐16
Table 15: Pledged‐Revenue Coverage for Water and Sewer Revenue Bonds ................................... 7‐17
Demographic and Economic Information:
Table 16: Demographic and Economic Statistics ................................................................................ 7‐18
Table 17: Principal Employers ............................................................................................................ 7‐19
Operating Information:
Table 18: Full Time Equivalent City Government Employees by Function ......................................... 7‐20
Table 19: Operating Indicators by Function ....................................................................................... 7‐21
Table 20: Utility Systems Supplemental Operating Information ....................................................... 7‐22
Table 21: Capital Assets Statistics by Function ................................................................................... 7‐24
Introduction,1Ͳ1
June24,2015
HonorableDenisLaw,Mayor
MembersoftheRentonCityCouncil
ResidentsofRenton
CityofRenton,Washington
Mr.Mayor,HonorableCouncilmembers,andCitizensofRenton:
WearepleasedtopresenttheCity’sComprehensiveAnnualFinancialReportfortheyearendedDecember31,
2014.TheCitymaintainsasystemofinternalcontrolsdesignedtoprovidereasonableassurancethatassets
aresafeguardedagainstlossorunauthorizeduse,andthatfinancialrecordscanbereliedupontoproduce
accurateandfairlyrepresentedfinancialstatementsinaccordancewithgenerallyacceptedaccounting
principles.
Managementassumesfullresponsibilityforthecompletenessandreliabilityoftheinformationcontainedin
thisreport.Tothebestofourknowledgeandbelief,theenclosedfinancialstatementsandallsupporting
schedulesareaccurateinallmaterialrespectsandarereportedinamannerdesignedtopresentfairlythe
financialpositionandresultsofoperationsoftheCity.Theconceptofreasonableassurancerecognizesthat
thecostofacontrolshouldnotexceedthebenefitslikelytobederived,andtheevaluationoftherelative
costsandbenefitsofthecontrolsystemrequiresestimatesandjudgmentsbymanagement.
ThesefinancialstatementshavebeenauditedbytheWashingtonStateAuditor’sOffice.Thisindependent
auditwasconductedinaccordancewithgenerallyacceptedauditingstandardsandgenerallyaccepted
governmentauditingstandardstoprovideanindependentassessmentoffairpresentationoftheCity’s
financialposition.TheStateAuditor’sOfficehasissuedanunqualified(“clean”)opinionontheCity’sfinancial
statements,whichisincludedatthefrontofthefinancialstatementsectionofthisreport.
Management’sDiscussionandAnalysis(MD&A)immediatelyfollowstheStateAuditor’sreportandprovidesa
narrativeintroduction,overview,andanalysistoaccompanythebasicfinancialstatements.Thisletterof
transmittalisdesignedtocomplementtheMD&Aandshouldbereadinconjunctionwithit.
2014 Comprehensive Annual Financial Report City of Renton, Washington
Introduction, 1‐2
PROFILE OF THE CITY
Incorporated on September 6, 1901, Renton is a city in King County, Washington. Situated 11 miles southeast
of downtown Seattle, 5 miles from SeaTac Airport, Renton straddles the southeast shore of Lake Washington,
at the junction of key north‐south and east‐west transportation corridors. The City’s early economy was based
on coal mining, clay production, and timber export. Today, Renton is best known as the final assembly point
for the Boeing 737 family of commercial airplanes, but it is also home to a growing number of well‐known
manufacturing, technology, health care service companies and government institutions, including Boeing,
Paccar, Wizards of the Coast gaming, Ikea Home Furnishing, Valley Medical Center, Providence Health &
Services, Seattle Branch of Federal Reserve Bank, and FAA Northwest Regional office.
The City of Renton has a strong mayor form of government with an appointed Chief Administrative Officer.
The Mayor is independently elected to a four‐year term. The Mayor’s job is to manage day‐to‐day operations,
and to lead policy development and implementation with the seven‐member City Council elected at large on a
non‐partisan basis.
With a population of 97,130 in 2014, Renton is the 8th largest city in the state, and the 4th largest in King
County. The City provides a full range of municipal services to an incorporated area of 24.03 square miles.
These services include police, fire, street construction and maintenance, planning and zoning, parks and
recreation, municipal court, and general administrative services.
The City operates four utilities: water, sewer, surface water, and solid waste. These are operated very similar
to a private business where the revenues from rates and other direct sources must pay for the operational,
capital, and long‐term debt costs. The City has its own water supplies and does not rely on purchased water
to meet normal service demands. The City’s sewage is treated by King County, but the City is responsible for
transferring and maintaining the system to King County. The City bills Renton residents a monthly fee for the
cost of sewer treatment performed by King County.
The City operates the Maplewood Golf Course, which collects green fees, driving range fees, revenue from the
restaurant vendor, and other miscellaneous revenue. The golf course has short‐term operational costs, an
active capital maintenance program, and annual debt service payments for the construction of the clubhouse
and the driving range.
The Renton Municipal Airport is used by small private plane operators, a floatplane company, and Boeing
initiates its maiden 737 flights from this airport. The operational costs of the airport are paid from hangar
rentals and tie‐down fees. Major capital projects are paid by fees or with Federal Aviation Administration
grants.
Since the 2011‐12 biennium, the City has adopted a biennial budget. The Council is required to adopt an initial
budget for the biennium no later than December 31 preceding the beginning of the fiscal year on January 1.
The City of Renton maintains budgetary controls to ensure compliance with legal provisions embodied in the
budget. All activities are appropriated through the budget process and published in the City’s Budget
document. The City Council must adopt an ordinance to increase or decrease total appropriations in a Fund.
The Mayor has the authority to move appropriations within a Fund.
2014 Comprehensive Annual Financial Report City of Renton, Washington
Introduction, 1‐3
A more thorough discussion of the City’s accounting policies can be found under the Summary of Significant
Accounting Policies in the Notes to the Financial Statements.
ECONOMIC CONDITION AND OUTLOOK
Renton’s economy continues to grow at a steady pace. In terms of employment, the recovery of Renton’s
economy has outpaced both national and Puget Sound results in 2014 with an overall unemployment rate of
4.3%. Based on City business license records, City of Renton employment has added 4,856 jobs over the last
three years (an 11 percent increase since 2012). Employment growth is largely attributable to Boeing’s
production ramp‐up of 737 from 35 to 42 planes per month. Boeing related employment increases are
expected to slow down, but employment in Renton is expected to continue to have significant increases from
growth related to various industries within Renton.
The City of Renton is following the regional trend of a moderate recovery in the housing sector. Residential
building permits grew from 252 units in 2010, to 421 units in 2013, and 674 units in 2014. An additional 550
units are anticipated in 2015.
In 2014, the City of Renton saw sales and retail tax revenues exceed pre‐recessionary levels. Taxable sales
grew 6.4% over 2013, a 26% increase from the low point in the third quarter of 2010. Although the
construction sector continues to lag from the high of 2008, all other major sectors (general retail, services, and
automotive) have seen significant increases from the 2008.
The Seattle Seahawks’ headquarters/training facility is located within the City and is the second‐largest facility
in the NFL at 200,000 square feet, located along the waterfront of Lake Washington. The training facility sits 3
miles north of The Landing, a shopping center that was fully completed in early 2010. Currently, the shopping
center occupancy is at 96% and approximately $1.1 million in sales tax was generated from The Landing in
2014, a 59% increase since 2010.
Perhaps the most significant economic impact for the City is the wide diversity of development activity and
private investment that is currently taking place within the City. In the South Lake Washington area, just north
of The Landing, there are plans for a $100 million investment to build three new hotels (combined 600 rooms
and 736,000 square feet of Class A office space). In the City’s industrial/commercial core a $12.5 million
aerospace training facility, funded with state grants, will be built adjacent to the Renton Municipal Airport and
Boeing’s 737 plant; work is underway for a $51 million retail space expansion of a currently existing retailer; a
$30 million warehouse expansion of an existing distribution center; and a new $28.5 million headquarter
facility (200,000 square feet) for a health care services employer new to Renton (approximately 1,000 new
jobs).
Overall, the economic outlook for Renton remains strong for 2015 and beyond; a continuing increase in
housing permits, a lower unemployment rate, and large‐scale capital investments within the City will support a
healthy growth in taxable retail sales and an attractive center for healthcare, retail, and manufacturing.
2014 Comprehensive Annual Financial Report City of Renton, Washington
Introduction, 1‐4
LONG‐TERM FINANCIAL PLANNING
Unrestricted fund balance (the aggregate of committed, assigned, and unassigned components of fund
balance) in the general fund was 21 percent of the total general fund expenditures, compared to 13 percent
in 2010. In addition to unrestricted fund balance in the general fund, the City Council has accumulated fund
balances of $6.7 million for catastrophic reserves and $4.3 million for anti‐recessionary reserves in the City’s
Insurance Fund.
The ramp‐up of these fund balances was a direct result of an enhanced stabilization fund policy, which was
originally adopted in late‐2013. During the great recession the City depleted much of its reserves and although
several economic factors are improving, the City still faces several short and long‐term constraints. The rate of
healthcare and salary costs and deferred maintenance on City buildings continue to increase at a faster rate
than revenues. In addition, the 10‐year sales tax annexation credit will sunset in mid‐2018, which currently
provides approximately $2.4 million in sales tax revenue to the general fund. The enhanced stabilization fund
policy will help the City bridge the ever increasing gap between operating expenditures and revenues.
As part of the enhancements to the City’s stabilization policy, the Council also adopted a reserve fund for
Economic Development. The reserve fund will help the City leverage Local Revitalization Financing (LRF) funds
made available by the State of Washington. The LRF program can make available up to $500,000 to be spent
on “revitalization areas”, but the funding requires a local match, which is why the Council has created a
reserve fund. In the long‐term, the LRF program will help spur sustainable economic activity in an area that
currently lags behind the rest of the City.
As part of the 2015‐2016 biennial budget, the City Council adopted a Business and Occupation (B&O) Tax,
effective January 1, 2016. The B&O tax was structured in a way to minimize the impact to the business
community, while at the same time generating enough sustainable revenue for funding General Fund
operations into the future, without significant decreases to basic City services. It’s estimated the B&O tax will
generate $3.8 million in additional general fund revenue for 2016 and nearly $6 million by 2018.
The City has been very responsible and responsive in balancing the services the community needs with the
changing mixture and level of resources. In addition to strong financial policies, the City has also continued to
expand its economy and pursue progressive economic development strategies to maintain a thriving and
sustainable economy.
RELEVANT FINANCIAL POLICIES
The City has adopted a comprehensive set of financial policies. In 2013 the City Council made amendments to
its policies to enhance its stabilization policy and begin ramping up reserves for future general fund funding
gaps, long‐term economic development initiatives, capital commitments, equipment reserves, catastrophic
and anti‐recessionary reserves, and general operating cash flow requirements.
Due to strong financial policies and management, the City of Renton has maintained a LTGO bond rating of
AA+ (reaffirmed by both Fitch and Standard and Poor’s in early 2015), and a AA+ revenue bond rating from
Fitch Ratings (July 2014).
2014 Comprehensive Annual Financial Report City of Renton, Washington
Introduction, 1‐5
OTHER INFORMATION
Awards and Acknowledgements
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate
of Achievement for Excellence in Financial Reporting to the City of Renton for its comprehensive annual
financial report for the fiscal year ended December 31, 2013. The City has a long history of achieving this
prestigious award. In order to be awarded a Certificate of Achievement, a government must publish an easily
readable and efficiently organized comprehensive annual financial report. This report must satisfy both
generally accepted accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. We believe that our current comprehensive
annual financial report continues to meet the Certificate of Achievement Program’s requirements and we are
submitting it to the GFOA to determine its eligibility for another certificate.
The dedicated staff of the Finance Division work hard each day to ensure that the City’s financial transactions
are processed accurately and records are maintained orderly and in conformance with policies and
procedures. Special thanks are due to Misty Baker, Senior Financial Analyst, who served as the CAFR project
lead. Further appreciation is extended to the City Council and City Management for their support in conducing
financial operations of the City in a sound and progressive manner, and in conformance with internal and
external requirements.
For more information regarding the City’s budget please refer to the city’s website for 2015‐2016 adopted
budget as well as monthly sales tax and budgetary financial reports.
Respectfully,
Jamie Thomas
Fiscal Services Director
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ADMINISTRATIVE SERVICES
Iwen Wang, Administrator
425‐430‐6858
RENTON CITIZENS
MAYOR
Denis Law
425‐430‐6500
MUNICIPAL COURT JUDGE
Terry Jurado
425‐430‐6550
CITY COUNCIL
Ed Prince, President
Greg Taylor, Marcie Palmer, Don
Persson, Randy Corman, Armondo
Pavone, Ruth Perez
425‐430‐6500
CHIEF ADMINISTRATIVEOFFICER
Jay Covington
425‐430‐6500
COMMUNITY SERVICES
Terry Higashiyama, Administrator
425‐430‐6600
PUBLIC WORKS
Gregg Zimmerman, Administrator
425‐430‐7394
EXECUTIVE
COMMUNITY AND ECONOMIC
DEVELOPMENT
Chip Vincent, Administrator
425‐430‐6580
POLICE
Kevin Milosevich, Chief
425‐430‐7503
FIRE AND EMERGENCY SERVICES
Mark Peterson, Chief/Administrator
425‐430‐7051
HUMAN RESOURCES & RISK
MANAGEMENT
Nancy Carlson, Administrator
425‐430‐7650
Facilities
Peter Renner, Director
Renton History Museum
Elizabeth Stewart, Manager
Neighborhoods, Resources,
and Events
Casey Stanley, Manager
Maintenance Services
Michael Stenhouse, Director
Utility Systems
Lys Hornsby, Director
Transportation Systems
Doug Jacobson, Deputy PW
Administrator
Economic Development
Cliff Long, Director
Development Services
VACANT, Director
Planning
Mayor's Office
City Clerk / Cable Manager
Jason Seth, City Clerk
Communications
Preeti Shridhar, Deputy Public
Affairs Administrator
Support Operations Bureau
Field Operations Bureau
Response Operations
Erik Wallgren, Deputy Fire Chief
Safety and Support Services
Chad Michael, Deputy Fire Chief
Community Risk Reduction
Anjela St. John, Fire Marshal
Emergency Management
Deborah Needham, Director
Human Resources
Cathryn Laird, Manager
Risk Management
Gary Lamb, Manager
Benefits
Maria Boggs, Manager
Finance
Jamie Thomas, Director
Information Technology
Mehdi Sadri, Director
Staff Services
Special Operations
Investigations
Administrative
Services
Patrol Services
Patrol Operations
CITY ATTORNEY
Larry Warren, Administrator
425‐255‐8678
Parks & Golf Course
Kelly Beymer, Director
Human Services
Karen Bergsvik, Manager
Parks Planning & Natural
Resources
Leslie Betlach, Director
Recreation
Kris Stimpson, Director Jennifer Henning, Director
2014ComprehensiveAnnualFinancialReportCityofRenton,Washington
Introduction,1Ͳ8
Thispageintentionallyleftblank.
INDEPE NDENT AUDITOR’S REPO RT ON FINAN C I AL STATEMENTS
June 24, 2015
Mayor and City Council
City of Renton
Renton, Washington
REPORT ON THE FINANCIAL STATEMENTS
We have audited the accompanying financial statements of the governmental activities, the business -type
activities, each major fund and the aggregate remaining fund information of the City of Renton, King
County, Washington, as of and for the year ended December 31, 2014, and the related notes to the
financial statements, which collectively comprise the City’s basic financial statements as listed in the
table of contents.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles generally accepted in the United States of America; this includes
the design, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
error.
Auditor’s Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. We conducted
our audit in accordance with auditing standards generally accepted in the United States of America and
the standards applicable to financial audits contained in Government Auditing Standards, issued by the
Comptroller General of the United States. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial statements. The procedures selected depend on the auditor’s judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
In making those risk assessments, the auditor considers internal control relevant to the City’s preparation
and fair presentation of the financial statements in order to design audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the City’s
internal control. Accordingly, we express no such opinion. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of significant accounting e stimates
made by management, as well as evaluating the overall presentation of the financial statements.
Washington State Auditor’s Office
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinions.
Opinion
In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities, the business -type activities, each major fund
and the aggregate remaining fund information of the City of Renton, King County, Washington, as of
December 31, 2014, and the respective changes in financial position and, where applicable, cash flows
thereof for the year then ended in accordance with accounting principles generally accepted in the United
States of America.
Matters of Emphasis
As described in Note 1, during the year ended December 31, 2014, the City has implemented the
Governmental Accounting Standards Board Statement No. 67, Financial Reporting for Pension Plans –
an amendment of GASB Statement No. 25. Our opinion is not modified with respect to this matter.
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s
discussion and analysis on pages 3-1 through 3-11, budgetary comparison information on page 5-1, and
information on pension trust fund information on pages 5-2 through 5-5 be presented to supplement the
basic financial statements. Such information, although not a part of the basic financial statements, is
required by the Governmental Accounting Standards Board who considers it to be an essential part of
financial reporting for placing the basic financial statements in an appropriate operational, economic or
historical context. We have applied certain limited procedures to the required supplementary information
in accordance with auditing standards generally accepted in the United States of America, which
consisted of inquiries of management about the methods of preparing the information and comparing the
information for consistency with management’s responses to our inquiries, the basic financial statements,
and other knowledge we obtained during our audit of the basic financial statements. We do not express
an opinion or provide any assurance on the information because the limited procedures do not provide us
with sufficient evidence to express an opinion or provide any assurance.
Supplementary and Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the City’s basic financial statements. The accompanying information listed as combining
financial statements and supplementary information on pages 6-1 through 6-39 is presented for purposes
of additional analysis and is not a required part of the basic financial statements. Such information is the
responsibility of management and was derived from and relates directly to the underlying accounting and
other records used to prepare the financial statements. This information has been subjected to auditing
procedures applied in the audit of the basic financial statements and certain additional procedures,
including comparing and reconciling such information directly to the underlying accounting and other
records used to prepare the financial statements or to the financial statements themselves, and other
additional procedures in accordance with auditing standards generally accepted in the United States of
America. In our opinion, the information is fairly stated, in all material respects, in relation to the basic
financial statements taken as a whole.
The information identified in the table of contents as the Introductory and Statistical sections is presented
for purposes of additional analysis and is not a required part of the basic financial statements of the City.
Such information has not been subjected to the auditing procedures applied in the audit of the basic
financial statements and, accordingly, we do not express an opinion or provide any assurance on it.
OTHER REPORTING REQUIRED BY GOVERNMENT AUDITING STANDARDS
In accordance with Government Auditing Standards, we will also issue our report dated June 24, 2015, on
our consideration of the City’s internal control over financial reporting and on our tests of its compliance
with certain provisions of laws, regulations, contracts and grant agreements and other matters. That
report will be issued under separate cover in the City’s Single Audit Report. The purpose of that report is
to describe the scope of our testing of internal control over financial reporting and compliance and the
results of that testing, and not to provide an opinion on internal control over financial reporting or on
compliance. That report is an integral part of an audit performed in accordance with Government
Auditing Standards in considering the City’s internal control over financial reporting and compliance.
Sincerely,
JAN M. JUTTE, CPA, CGFM
ACTING STATE AUDITOR
OLYMPIA, WA
2014 Comprehensive Annual Financial Report City of Renton, Washington
Independent Auditor’s Report, 2‐4
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2014 Comprehensive Annual Financial Report City of Renton, Washington
Management’s Discussion and Analysis, 3‐1
MANAGEMENT’S DISCUSSION AND ANALYSIS
The City of Renton’s management offers this Management’s Discussion and Analysis (MD&A), which is an
overview and analysis of the City of Renton’s financial activities for the year ended December 31, 2014. To
best understand the City’s financial activities, we encourage readers to consider the information in this
discussion and analysis in conjunction with information provided in the letter of transmittal and the basic
financial statements.
FINANCIAL HIGHLIGHTS
• As of December 31, 2014, the City of Renton’s total assets and deferred outflows of resources exceed
liabilities and deferred inflows of resources by $834 million. Of this amount, $99.0 million represents
unrestricted net position, which may be used the meet the government’s ongoing obligations to
citizens and creditors.
• The City of Renton’s total net position increased $43.9 million, due to accumulation of reserves, capital
asset acquisitions, and the reduction of long‐term debt in both the governmental and business‐type
activities.
• At the close of the current fiscal year, the City of Renton’s governmental funds reported combined
fund balances of $51 million, a decrease of $637,726 from 2013. This slight decrease is also related to
the enhanced stabilization policy approved by council in late 2013, in which funds have been
transferred and reported in the City’s internal service funds statements, and not the governmental
fund statements. Approximately 38% ($19.5 million) of the total governmental fund balance is
available for spending at the City’s discretion (unassigned fund balance).
• Total unrestricted fund balance (the total of committed, assigned and unassigned fund balance
components) for the general fund was $19.8 million, which is approximately 21 percent of general
fund 2014 expenditures.
• The City of Renton’s total outstanding long‐term debt decreased by $8.2 million during the current
fiscal year because current resources and grants are being used to finance current operations and
capital projects. The City has continued to pay down its current debt obligations without issuance of
new debt.
OVERVIEW OF THE FINANCIAL STATEMENTS
The discussion and analysis provided here are intended to serve as an introduction to the City’s basic financial
statements. The basic financial statements consist of three components: (1) government‐wide financial
statements, (2) fund financial statements, and (3) notes to the basic financial statements.
Government‐wide Financial Statements
The government‐wide financial statements provide both long‐term and short‐term information about the
City’s overall financial status, in a manner similar to a private‐sector business.
Statement of Net Position – The first of these government‐wide statements is the statement of net position.
The statement of net position presents the City’s assets, liabilities, and deferred inflows/outflows of
2014 Comprehensive Annual Financial Report City of Renton, Washington
Management’s Discussion and Analysis, 3‐2
resources, with the difference reported as net position. Over time, increases or decreases in net position may
serve as a useful indicator of whether the financial position of the City is improving or deteriorating.
Statement of Activities – The second government‐wide statement is the statement of activities, which reports
how the City’s net position changed during the current fiscal year. All changes in net position are reported as
soon as the underlying event giving rise to the change, regardless of the timing of related cash flows. Thus,
revenues and expenses are reported for some items that will only result in cash flows in future fiscal periods
(ex. uncollected taxes and compensated absences). An important purpose of the design of the statement of
activities is to show the financial reliance of the City’s distinct activities or functions on revenues provided by
the City’s taxpayers. Another indicator to consider when evaluating the financial position of the City includes
changes to the property tax base, general economic conditions as demonstrated through business licenses
fees or sales tax revenue, and the condition of the City’s infrastructure (roads, drainage systems, bridges, and
water infrastructure).
Both of the government‐wide financial statements distinguish governmental activities of the City (activities
principally supported by taxes and intergovernmental revenue), and business‐type activities of the City
(activities that are intended to recover all, or a significant portion, of their costs through user fees and
charges). Governmental activities include general government, judicial, public safety, utilities, transportation,
economic environment, health and human services, and culture and recreation. The equipment rental and
insurance internal service funds are also reported as governmental activities. The business‐type activities
include the waterworks utility, solid waste, airport, and golf course funds. The government‐wide financial
statements can be found on page 4‐1 and 4‐2 of this report.
Fund Financial Statements
The City uses fund structure to ensure and demonstrate fiscal integrity and compliance with finance‐related
legal requirements. A fund is a group of related accounts used to maintain control over resources that have
been segregated for specific activities and objectives. There are three types of funds: governmental,
proprietary, and fiduciary. The fund financial statements focus on major funds separately while all others are
combined into a single aggregated presentation. Individual data for non‐major funds is presented in a
following section, Combining Statements.
Governmental Funds – The governmental funds are used to account for the same functions reported as
governmental activities in the government‐wide financial statements. However, unlike the government‐wide
statements, the focus of governmental fund financial statements is on near‐term inflows and outflows of
available financial resources and on balances of resources available at the end of the fiscal year. Such
information is useful in evaluating whether there are more or less financial resources that can used in the
near future to finance City services.
Because the focus of governmental fund financial statements is a narrower view than that of the government‐
wide financial statements, it is useful to compare similar information in order to gain a better understanding
of the long‐term impact of the government’s near‐term financing decisions. The Reconciliation of the Balance
Sheet and Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund reconciles to the
differences between the governmental fund statements and the governmental activities column in the
government‐wide statements.
2014 Comprehensive Annual Financial Report City of Renton, Washington
Management’s Discussion and Analysis, 3‐3
The City maintains thirteen individual governmental funds. Information for the City’s major governmental
funds (general, municipal facilities CIP, and capital improvement funds) are presented separately in the
governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and
changes in fund balance. Data from the other ten funds are combined into are combined into a single
aggregated presentation. Individual fund data for each of these non‐major governmental funds is presented
in the combining statements section of this report.
The City maintains budgetary controls over its governmental funds. Budgetary controls ensure compliance
with legal provisions embodied in the annual appropriated budget. Governmental fund budgets are
established in accordance with state law and are adopted on a fund level. A budgetary comparison statement
has been provided for the general fund to demonstrate compliance with this budget. The basic governmental
fund financial statements can be found on pages 4‐3 and 4‐5 of this report.
Proprietary Funds – The proprietary fund statements present information for two types of funds. Enterprise
funds operate as business‐type activates in the government‐wide statements and include the waterworks
utility, solid waste, golf course, and airport funds. The other proprietary fund types are internal service funds.
Internal service funds are used to report activities that provide supplies and services to various City
departments and to allocate the associated costs of providing these services to the various governmental and
enterprise functions. The revenues and expenses of internal service funds that support governmental
activities are eliminated in the government‐wide statements and the remaining activity is combined within
the governmental activities in the government‐wide statements.
The proprietary fund statements provide the same information as the government‐wide financial statements,
only in more detail. The City reports the activity of its two major enterprise funds, waterworks utility (water,
wastewater, and storm water) and solid waste separately. Information from the remaining non‐major
enterprise funds are combined and presented in a single, aggregated column in the fund statements. Internal
service funds are also aggregated and reported separately in this section. The basic proprietary fund financial
statements can be found on pages 4‐7 through 4‐11 of this report.
Fiduciary Funds – Fiduciary Funds are used to account for resources held for the benefit of parties outside the
government. Fiduciary funds are not reported in the government‐wide financial statements because the
resources of those funds are not available to support the City’s own operations. The accounting used for
fiduciary funds is much like that used for proprietary funds. The fiduciary fund financial statements can be
found on pages 4‐12 and 4‐13 of this report.
Notes to the Financial Statements
The notes provide additional information that is essential to a full understanding of the information provided
and are an integral part of the government‐wide and fund financial statements. The notes to the financial
statements can be found pages 4‐14 through 4‐59 of this report.
Other information
In addition to the basic finance statements and accompanying notes, this report also presents:
1. Required Supplemental Information (RSI)
RSI provides budgetary comparisons for the general fund as well as the City’s funding progress for the
2014 Comprehensive Annual Financial Report City of Renton, Washington
Management’s Discussion and Analysis, 3‐4
Firefighters’ Pension Trust Fund and Other Post‐Employment Benefits (LEOFF 1 Retiree Medical). RSI can
be found on page 5‐1 through 5‐5 of this report.
2. Combining Statements
The combining statements provide additional detail for other government funds, internal service funds,
and fiduciary funds. Combining and individual fund statements and schedules can be found on page 6‐1
through 6‐39 of this report.
3. Statistical Information
This section includes unaudited trends and demographic information. The statistical section can be found
on page 7‐1 through 7‐24 of this report.
GOVERNMENT‐WIDE FINANCIAL ANALYSIS
Statement of Net Position
The following is a summary of the City’s net position as of December 31, 2014, with comparison to 2013:
2014 2013 2014 2013 2014 2013
Current assets 102,771,005$ 99,392,085$ 49,158,273$ 39,719,836$ 151,929,278$ 139,111,921$
Capital assets 489,713,377 478,762,845 288,260,108 280,458,267 777,973,485 759,221,112
Other non‐current assets 42,299,143 40,926,920 68,032 60,349 42,367,175 40,987,269
TOTAL ASSETS 634,783,525 619,081,850 337,486,413 320,238,452 972,269,938 939,320,302
Deferred Outflows of Resources 313,863 277,542 935,723 1,024,919 1,249,586 1,302,461
Long‐term liabilities 86,909,577 91,770,161 34,252,057 37,595,643 121,161,634 129,365,804
Other liabilities 14,802,932 16,757,079 3,687,697 4,540,851 18,490,629 21,297,930
TOTAL LIABILITIES 101,712,509 108,527,240 37,939,754 42,136,494 139,652,263 150,663,734
Deferred Inflows of Resources ‐ ‐ ‐ ‐ ‐ ‐
NET POSITION:
457,337,430 445,277,657 255,631,135 241,679,585 712,968,565 686,957,242
Restricted 18,973,294 23,873,159 2,909,578 2,909,578 21,882,872 26,782,737
Unrestricted 57,074,155 41,681,336 41,941,669 34,537,714 99,015,824 76,219,050
TOTAL NET POSITION 533,384,879$ 510,832,152$ 300,482,382$ 279,126,877$ 833,867,261$ 789,959,029$
Net Investment in Capital Assets
CONDENSED STATEMENT OF NET POSITION
Governmental Activities Business‐type Activities Total
As noted earlier, the change in net position over time, may serve as a useful indicator of a government’s
financial situation. At the close of the most recent fiscal year, assets and deferred outflows of resources
exceeded liabilities and deferred inflows of resources by $833.8 million.
As of December 31, 2014, the City’s overall financial net position was $834 million, a $43.9 million increase
over 2013. $712.9 million (86%) of total net position increase reflects the City’s investment in capital, net of
related debt that was used to acquire those assets. The City uses these assets to provide a variety of services
to citizens. Accordingly, these assets are not available for future spending. Although investment in capital
assets are reported net of related debt, it should be noted that the resources used to repay this debt must be
provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities.
2014 Comprehensive Annual Financial Report City of Renton, Washington
Management’s Discussion and Analysis, 3‐5
Total restricted net position accounts for $21.8 million of the City’s net position, which was an 18% decrease
over 2013. The majority of the restricted net position is comprised of $11.8 million in unspent bond proceeds
in the municipal facilities CIP fund and $4.5 million in debt service obligations in both the governmental
activities and business‐type activities ($1.6 million and $2.9 million, respectively). The remaining $99.0 million
is unrestricted may be used to meet the government’s ongoing obligations for governmental and business
type activities ($57.0 million and $42.0 million, respectively).
At the end of the current fiscal year, the City reports a positive net position in all net position categories, for
both governmental activities and business‐type activities. The same held true for the prior fiscal year.
Further, all categories of net position increased in the current fiscal year. The following is a comparison
summary of the City’s net position at fiscal year end.
Statement of Activities and Change in Net Position
Citywide revenue decreased by $6 million, or 2.7%. All of which is attributed to a decrease in capital grants
and contributions, due to the completion of two very large, multi‐year grant funded transportation projects
(governmental activity) and the completion of a large grant funded airport project (business‐type activity).
The revenue decrease related to capital grants and contributions were offset by a steady increase in property
tax revenue ($2.5 million) and sales and retail tax ($1.7 million).
Combined citywide service expenses totaled $172.9 million for 2014, a $1.6 million decrease from 2013.
Governmental activities decreased by $4.9 million (or 4%) while business activities increased by $3.3 million
(or 5%). The decrease in governmental expenses is related to the reduced repairs and maintenance expenses
on streets and roads infrastructure.
The resulting change in net position was an increase in 2014 by $43.7 million: $22.5 million from
governmental activities and $21.3 million from business‐type activities.
2014 Comprehensive Annual Financial Report City of Renton, Washington
Management’s Discussion and Analysis, 3‐6
The following is a condensed summary statement of activities and change in net position as of December 31,
2014, with comparison to 2013.
CONDENSED STATEMENT OF ACTIVITIES
2014 2013 2014 2013 2014 2013
Revenues:
Program revenues:
Charges for services 24,243,954$ 21,541,056$ 73,445,602$ 70,090,660$ 97,689,556$ 91,631,716$
Operating grants and contributions 6,422,816 6,621,431 1,108,920 105,695 7,531,736 6,727,126
Capital grants and contributions 11,640,501 23,077,914 12,531,671 18,879,992 24,172,172 41,957,906
Taxes and other general revenues:
Property taxes 35,112,669 32,536,533 ‐ ‐ 35,112,669 32,536,533
Sales taxes 27,223,521 25,541,972 ‐ ‐ 27,223,521 25,541,972
Other Taxes 23,170,890 22,277,651 ‐ ‐ 23,170,890 22,277,651
Other general revenue 1,699,802 1,845,163 221,261 218,358 1,921,063 2,063,521
Total revenues 129,514,153 133,441,720 87,307,454 89,294,705 216,821,607 222,736,425
Expenses:
General government 10,730,427 10,923,530 ‐ ‐ 10,730,427 10,923,530
Judicial 2,406,797 2,372,115 ‐ ‐ 2,406,797 2,372,115
Public safety 55,143,750 53,930,214 ‐ ‐ 55,143,750 53,930,214
Utilities 746,363 964,942 ‐ ‐ 746,363 964,942
Transportation 14,641,476 18,842,487 ‐ ‐ 14,641,476 18,842,487
Economic and natural environment 6,584,984 7,146,022 ‐ ‐ 6,584,984 7,146,022
Health and human services 1,885,761 1,873,028 ‐ ‐ 1,885,761 1,873,028
Culture and recreation 12,338,932 12,938,589 ‐ ‐ 12,338,932 12,938,589
Interest on long‐term debt 2,932,298 3,411,488 ‐ ‐ 2,932,298 3,411,488
Waterworks utility ‐ ‐ 43,274,617 40,333,170 43,274,617 40,333,170
Airport ‐ ‐ 2,771,616 3,300,550 2,771,616 3,300,550
Solid waste utility ‐ ‐ 17,157,550 16,226,857 17,157,550 16,226,857
Golf course ‐ ‐ 2,298,804 2,250,748 2,298,804 2,250,748
Total expenses 107,410,788 112,402,415 65,502,587 62,111,325 172,913,375 174,513,740
Increase in net position before transfers 22,103,365 21,039,305 21,804,867 27,183,380 43,908,232 48,222,685
Transfers 449,362 2,341,160 (449,362) (2,341,160) ‐ ‐
Increase in net position 22,552,727 23,380,465 21,355,505 24,842,220 43,908,232 48,222,685
Net position ‐ beginning 510,832,152 487,694,926 279,126,877 256,494,873 789,959,029 744,189,799
Prior period adjustments ‐ (243,239) ‐ (2,210,216) ‐ (2,453,455)
Net position ‐ ending 533,384,879$ 510,832,152$ 300,482,382$ 279,126,877$ 833,867,261$ 789,959,029$
Governmental Activities Business ‐type Activities Total
Governmental Activities Analysis
Governmental activities cost a total of $107.4 million in 2014 against program generated revenue (excluding
taxes and other general revenue) of $42.3 million. Program revenues support 39 percent of the governmental
program costs, while the remaining 61 percent of governmental program costs are supported by general
revenues (taxes and other general revenue). Compared to 2013, governmental activities cost $112.4 million
($4.9 million decrease) and program revenues totaled $51.2 million ($8.9 million decrease). These decreases
are, as mentioned earlier, are primarily related to less spending on repair and maintenance work done on
street and road infrastructure.
Chart 1 portrays the extent that the cost of each of the City’s governmental programs is supported by its own
program generated revenue (fees, intergovernmental revenues, and contributions specifically related to that
2014 Comprehensive Annual Financial Report City of Renton, Washington
Management’s Discussion and Analysis, 3‐7
program). Public safety accounts for 51 percent of the total governmental activity costs, but generates the
lowest percentage of program revenues compared to any other program (17 percent). Conversely,
transportation recovers almost all of its program costs through program revenues, 78 percent of which are
from grants and contributions.
Chart 2 depicts the source breakdown for all revenues that fund governmental activities.
Approximately sixty six percent of the total governmental activity revenues come from taxes. The City’s
largest governmental revenue source is property tax (27 percent) and second largest source is retail sales tax
(21 percent). Other general revenue sources accounts for 19 percent of the City’s general governmental
revenue (includes business license fees, excise tax, interest, and miscellaneous revenue). While program
specific charges for services, grants and contributions generate thirty four percent of total revenue for general
governmental activities. As a result, the general economy have a major impact on the City’s revenue streams.
2014 Comprehensive Annual Financial Report City of Renton, Washington
Management’s Discussion and Analysis, 3‐8
Business‐Type Activities Analysis
Since the primary source of revenue for business‐type activities is user fees and charges, there is much less
disparity between program costs and related program revenue. Chart 3 shows the expense of each of the
City’s business‐type program along with each programs’ revenue (fees and intergovernmental revenues
specifically related to that program).
The Waterworks Utility generated $51.3 million in fees for services, while operating and debt service costs
were $43.2 million. In addition, the waterworks utility received $11.9 million in grants, contributions, and
capital contributions from developers, for a combined increase in net position of $20 million. The operating
balance is necessary for future planned system infrastructure replacements, repairs, and enhancements.
Compared to 2013, the waterworks utility collected $49.0 million in operating revenue ($2.3 million increase)
and costs were $40.3 million ($2.9 million increase).
The Solid Waste Utility generated $17.5 million in total revenue and incurred $17.1 million in program
expenses, resulting in a positive increase in net position of $0.4 million.
The Airport generated a total of $2.6 million in revenue
from charges for services and $2.7 million in expenses
2014. In addition, the airport collected $1.5 million in
revenue from grants and contributions, which resulted in
a $1.4 million increase in net position.
The Golf Course generated a total of $2.1 million in green
fees, driving range charges, and other user fees. The
total expenses for the Golf Course were $2.3 million. The
Golf Course had an operating loss of $168,000 for the
year.
Chart 4 illustrates the source of revenue for Business‐
type activities; which are supported primarily from
2014 Comprehensive Annual Financial Report City of Renton, Washington
Management’s Discussion and Analysis, 3‐9
charges for services. Charges for services generated $73.4 million, or 85 percent, of the total revenue
sources, while grant revenue and contributions generated 15 percent of the total revenue sources. This is a
$3.3 million (4.7 percent) increase in charges for services and a $5.3 million (28.2 percent) decrease in grants
and contributions from 2013. The large decrease in grant revenues is entirely related to the completion of a
large Federal Aviation Administration funded airport capital improvement project, which totaled $8.5 million
in 2013. Also included in capital grants and contributions figure are $8.8 million in developer utility
contributions and storm water retention ponds deeded to the City by King County and miscellaneous
homeowners associations.
FUND FINANCIAL ANALYSIS
Governmental Funds
The governmental fund statements provide information on near‐term inflows, outflows, and balances of
spendable resources. Such information is useful in assessing the City’s ability to meet financing requirements
in the near term. In particular, unassigned fund balance may serve as a useful measure of a government’s net
resources available for spending at the end of the fiscal year.
General Fund – At the end of the fiscal year, the City had a fund balance of $20.0 million, which is a decrease
of $400,000 from a year ago. The decrease is mostly due to large transfers ($7 million) into the City’s risk
management fund, for the increased funding into the City’s stabilization funds. The funding for the City’s
stabilization funds has been made possible by improving economic conditions. The City has seen a steady
increase over 2013 in taxes (up 4.5 percent), permitting and licensing revenue (19.5 percent), and charges for
services (6.5 percent). Overall, general fund revenues increased $5.4 million (6 percent) over 2013.
The Municipal Facilities Capital Improvement Project (CIP) Fund – includes the library development funds as
well as general governmental capital facilities fund. Overall revenue increased $992,00 (36 percent) over 2013
and this was almost entirely attributed to the $1.5 million (122%) increase in real estate excise tax collected
by the City in this fund – the result of several multi‐million dollar real estate transactions during 2014. Of the
$21.1 million fund balance, $11.8 million is restricted, unspent library bond proceeds; $1.1 million is
restricted, unspent real estate excise taxes, and King County parks levy funds; $6.7 million is committed to
capital parks and facilities projects; and the remaining $1.5 million is assigned for general capital purposes.
The Capital Improvement Fund – accounts for the many transportation‐related projects in the City. The
capital improvement fund revenues were $9.3 million compared to expenditures which were also $9.3 million.
Two large grant funded projects were finalized in early 2014, which is the reason for the $9.3 million decrease
in intergovernmental revenue and a $12.2 million decrease in capital expenditures. The $4.3 million fund
balance is either committed or assigned to capital transportation projects.
Proprietary Funds
The proprietary fund financial statements provide the same type of information found in the government‐
wide financial statements, but in more detail. The analysis for the proprietary funds is found within the
business‐type activities analysis and discussion above. The proprietary fund statements also include a column
for internal services fund activities in aggregate. These activities are consolidated with general governmental
activities in the government‐wide statements.
2014 Comprehensive Annual Financial Report City of Renton, Washington
Management’s Discussion and Analysis, 3‐10
GENERAL FUND BUDGETARY HIGHLIGHTS
The City uses a biennial budget process that adopts two one‐year budgets at one time. 2014 was the second
year of the 2013‐14 biennium. The original 2014 general fund adopted budget was $95.5 million and the final
adjusted budget was $107 million. The increase was a combination of several items: $834 thousand increase
in salaries and benefits related to newly settled labor contracts, $4 million transferred into the risk
management fund to begin the rehabilitation of the City’s stabilization funds, $450 thousand transferred to
the municipal facilities fund to help acquire the Highlands Library land, $1.6 million transferred to the
municipal facilities fund to help acquire the Sunset EIS Park land, $250 thousand in tenant improvements for
the 200 Mill Building, and over $700 thousand in unfinished 2013 project expenditures that were continued in
2014. At year‐end the amended budget was underspent by $5.8 million.
CAPITAL ASSET AND DEBT ADMINISTRATION
Capital Assets
The City of Renton’s investment in capital assets, including construction in progress and net of accumulated
depreciation, for governmental and business‐type activities amounts to $777.6 million as of December 31,
2014, compared to $756.3 million in 2013.
CAPITAL ASSETS
(Net of Depreciation/Amortization)
2014 2013 2014 2013 2014 2013
Land and Land Improvements 203,649,159$ 192,865,483$ 6,163,466$ 6,165,321$ 209,812,625$ 199,030,804$
Buildings and Structures 57,471,519 60,313,676 10,268,098 10,301,335 67,739,617 70,615,011
Infrastructure 175,799,722 137,264,607 249,703,078 240,089,592 425,502,800 377,354,199
Machinery and Equipment 10,442,765 11,244,496 619,902 526,139 11,062,667 11,770,635
Intangible Assets 511,489 754,689 1,184,455 1,234,464 1,695,944 1,989,153
Construction in Progress 41,838,723 76,319,894 20,321,109 19,231,838 62,159,832 95,551,732
Total 489,713,377$ 478,762,845$ 288,260,108$ 277,548,689$ 777,973,485$ 756,311,534$
Governmental Activities Business‐Type Activities Total
The increase of $21.6 million in 2014 is mostly attributed to $14.4 million in additions to Construction in
Progress (CIP) capital. The overall, CIP amount decreased due to the completion of several large projects that
are now classified as infrastructure ($48.6 million was reclassified during 2014). The most significant CIP
additions in 2014 included: Sunset EIS Park ($2.6 million), Highland Library construction ($1.2 million), Cedar
River Library construction ($2.9 million), Strander Boulevard road improvements ($2.6 million), and the
Highlands to Landing road improvements ($1.9 million). More detail about the City’s Capital Assets can be
found in Note 5 to the financial statements.
As of December 31, 2014, depreciable capital assets for governmental activities were 37 percent depreciated,
slightly below the 2013 rate of 39 percent. This comparison indicates the City is replacing its assets at
approximately the same rate they are depreciating, which is a positive indicator.
2014 Comprehensive Annual Financial Report City of Renton, Washington
Management’s Discussion and Analysis, 3‐11
Debt Administration
2014 2013 2014 2013 2014 2013
General Obligation Bonds 40,135,000$ 43,990,000$ ‐$ ‐$ 40,135,000$ 43,990,000$
Revenue Bonds ‐ ‐ 28,760,000 31,305,000 28,760,000 31,305,000
Other Long‐Term Debt 34,470,753 35,692,283 3,951,670 4,660,282 38,422,423 40,352,565
Unamortized Premium (Discount)1,747,831 2,113,944 (82,699) (96,181) 1,665,132 2,017,763
Employee Benefits 10,242,130 9,696,392 687,363 701,622 10,929,493 10,398,014
Total 86,595,714$ 91,492,619$ 33,316,335$ 36,570,723$ 119,912,048$ 128,063,342$
Governmental Activities Business‐Type Activities
LONG‐TERM DEBT
Total
The City’s total outstanding debt at December 31, 2014, was $119.9 million, an $8.1 million (6 percent)
reduction from the prior year which can be attributed no new debt issues and the payment of $3.8 million in
general obligation bond principal, $2.5 million in revenue bond principal, and a $0.7 million in Public Works
Trust Fund Loan principal. These principal payments were offset by an increase of $531 thousand in
employee benefits. More detailed information about the City’s long‐term debt can be found in Note 11 to the
financial statements.
The City’s AA+ general obligation debt rating was reaffirmed by both Fitch and Standard in early 2015 and
maintains its AA+ revenue bond rating from Fitch (July 2014).
REQUESTS FOR FINANCIAL INFORMATION
This financial report is designed to provide our citizens, creditors, investors, and others interested in the City’s
finances with a general overview of the City’s finances and to show the City’s accountability for financial
resources it receives. If you have any questions about this report or need additional information, please
contact Iwen Wang, Administrative Services Administrator, 1055 South Grady Way, Renton, WA 98057 or visit
our web site at www.rentonwa.gov.
2014 Comprehensive Annual Financial Report City of Renton, Washington
Management’s Discussion and Analysis, 3‐12
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2014 Comprehensive Annual Financial Report City of Renton, Washington
GOVERNMENTAL BUSINESS‐TYPE
ACTIVITIES ACTIVITIES TOTAL
ASSETS
Cash and cash equivalents $ 50,793,673 $ 20,118,126 $ 70,911,799
Cash with fiscal agent 297,471 ‐ 297,471
Investments at fair value 35,102,538 15,925,295 51,027,833
Receivables (net of allowance
for uncollectibles)16,522,322 9,685,064 26,207,386
Internal balances (169,482) 169,482 ‐
Inventories 171,483 350,728 522,211
Prepayments 53,000 ‐ 53,000
Other non‐current assets:
Special assessments 9,237 68,032 77,269
Net pension asset 3,562,450 ‐ 3,562,450
Investment in joint ventures (net)38,727,456 ‐ 38,727,456
Restricted assets:
Cash and cash equivalents ‐ 2,909,578 2,909,578
Capital assets not being depreciated:
Land 203,649,159 6,163,466 209,812,625
Construction in progress 41,838,723 20,321,109 62,159,832
Capital assets, net of
accumulated depreciation:
Buildings 57,471,519 10,268,098 67,739,617
Infrastructure 175,799,722 249,703,078 425,502,800
Machinery and equipment 10,442,765 619,902 11,062,667
Intangibles 511,489 1,184,455 1,695,944
Total assets 634,783,525 337,486,413 972,269,938
DEFERRED OUTFLOWS OF RESOURCES
Deferred amount on refunding 313,863 935,723 1,249,586
Total deferred outflows of resources 313,863 935,723 1,249,586
LIABILITIES
Accounts payable and
other liabilities 12,529,868 3,053,694 15,583,562
Interest payable 616,658 105,055 721,713
Unearned revenue 1,656,406 528,948 2,185,354
Non‐current liabilities:
Due within one year 8,039,855 2,338,928 10,378,783
Due in more than one year 78,869,722 31,913,129 110,782,851
Total liabilities 101,712,509 37,939,754 139,652,263
DEFERRED INFLOWS OF RESOURCES ‐ ‐ ‐
Total deferred inflows of resources ‐ ‐ ‐
NET POSITION
Net investment in capital assets 457,337,430 255,631,135 712,968,565
Restricted 18,973,294 2,909,578 21,882,872
Unrestricted 57,074,155 41,941,669 99,015,824
Total net position $ 533,384,879 $ 300,482,382 $ 833,867,261
PRIMARY GOVERNMENT
STATEMENT OF NET POSITION
DECEMBER 31, 2014
The notes to the financial statements are an integral part of this statement.Basic Financial Statements, 4‐1
OP
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$ 833,867,26 1 City of Renton, Washington
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4‐2
NE
T
(E
X
P
E
N
S
E
)
RE
V
E
N
U
E
AN
D
CHANGES IN NET POSITION 2014 Comprehensive Annual Financial Report
PR
O
G
R
A
M
RE
V
E
N
U
E
S
PR
I
M
A
R
Y
GOVERNMENT
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31
,
20
1
4
2014 Comprehensive Annual Financial Report City of Renton, Washington
MUNICIPAL OTHER TOTAL
FACILITIES CAPITAL GOVERNMENTAL GOVERNMENTAL
GENERAL CIP IMPROVEMENT FUNDS FUNDS
ASSETS
Cash & cash equivalents $ 10,243,402 $ 13,563,556 $ 2,829,204 $ 3,222,546 $ 29,858,708
Cash with fiscal agent 297,471 ‐ ‐ ‐ 297,471
Investments at fair value 7,059,143 9,380,163 1,956,596 2,228,619 20,624,521
Receivables (net of allowances):
Taxes 1,997,506 ‐ ‐ ‐ 1,997,506
Customer accounts 5,442,145 385 11,813 1,500 5,455,843
Accrued interest & penalties 48,455 76,083 4,169 28,653 157,360
Special assessments ‐ ‐ ‐ 11,512 11,512
Due from other funds 34,380 56,594 ‐ 169,783 260,757
Due from other governmental units 5,545,874 278,427 1,291,252 1,591,878 8,707,431
TOTAL ASSETS 30,668,376 23,355,208 6,093,034 7,254,491 67,371,109
DEFERRED OUTFLOWS OF RESOURCES ‐ ‐ ‐ ‐ ‐
TOTAL ASSETS AND DEFERRED OUTFLOWS OF RESOURCES $ 30,668,376 $ 23,355,208 $ 6,093,034 $ 7,254,491 $ 67,371,109
LIABILITIES, DEFERRED INFLOWS AND FUND BALANCES
Liabilities
Accounts payable $ 1,583,758 $ 2,142,891 $ 528,025 $ 22,890 $ 4,277,564
Taxes payable 45,416 ‐ ‐ ‐ 45,416
Retainage payable 6,963 25,758 338,135 ‐ 370,856
Due to other funds 226,377 ‐ 561,657 ‐ 788,034
Matured interest payable ‐ ‐ 3,798 ‐ 3,798
Interfund loans payable ‐ ‐ 289,378 ‐ 289,378
Custodial accounts 106,762 ‐ ‐ ‐ 106,762
Unearned revenues 195,881 ‐ ‐ 1,458,999 1,654,880
Accrued wages and benefits payable 3,475,807 ‐ ‐ ‐ 3,475,807
Total liabilities 5,640,964 2,168,649 1,720,993 1,481,889 11,012,495
DEFERRED INFLOWS OF RESOURCES
Deferred amount of special assessments ‐ ‐ ‐ 11,512 11,512
Unavailable revenues 4,972,943 357 1,760 345 4,975,405
TOTAL DEFERRED INFLOWS OF RESOURCES 4,972,943 357 1,760 11,857 4,986,917
FUND BALANCES
Nonspendable ‐ ‐ ‐ ‐ ‐
Restricted 250,717 12,961,832 ‐ 5,760,745 18,973,294
Committed 50,000 6,707,930 3,286,650 ‐ 10,044,580
Assigned 236,516 1,516,440 1,083,631 ‐ 2,836,587
Unassigned 19,517,236 ‐ ‐ ‐ 19,517,236
TOTAL FUND BALANCES 20,054,469 21,186,202 4,370,281 5,760,745 51,371,697
TOTAL LIABILITIES, DEFERRED INFLOWS AND FUND BALANCES $ 30,668,376 $ 23,355,208 $ 6,093,034 $ 7,254,491 $ 67,371,109
GOVERNMENTAL FUNDS
BALANCE SHEET
DECEMBER 31, 2014
The notes to the financial statements are an integral part of this statement.Basic Financial Statements, 4‐3
2014 Comprehensive Annual Financial Report City of Renton, Washington
FUND BALANCES ‐ TOTAL GOVERNMENTAL FUNDS $ 51,371,697
Amounts reported for governmental activities in the statement of net position are
different because:
Other non‐current assets used in governmental activities are not financial resources
and therefore are not reported in the governmental funds.
Investment in Joint Venture‐SCORE 33,157,205
Investment in Joint Venture‐Valley Communications 5,570,251
Net Pension Obligation‐overfunded 3,562,450 42,289,906
Capital assets used in governmental activities are not financial resources and
therefore are not reported in the governmental funds.
Land 203,649,159
Construction in progress 41,696,719
Buildings (net of accumulated depreciation)56,747,969
Infrastructure (net of accumulated depreciation)175,636,627
Machinery and equipment (net of accumulated depreciation)1,361,518
Intangible assets (net of accumulated amortization)70,726 479,162,718
Other long‐term assets are not available to pay for current period expenditures
and therefore are reported as unavailable revenue in the funds.
Property tax revenue 567,704
Municipal court revenue 1,100,043
Photo enforcement revenue 2,952,874
Other 366,296 4,986,917
Certain liabilities are not due and payable in the current period and therefore
are not reported in the governmental funds.
Interest payable (612,860)
Bonds payable and deferred amounts on refunding (76,353,584)
Compensated absences (4,546,235)
Other post employment benefits (5,343,481) (86,856,160)
Internal service funds are used by management to charge the costs of certain activities,
such as equipment rental, self‐insurance, information technology and facility services
to individual funds. The assets and liabilities of the internal service funds are included
in the governmental activities in the statement of net position.
42,429,801
NET POSITION OF GOVERNMENTAL ACTIVITIES $ 533,384,879
RECONCILIATION OF THE BALANCE SHEET
TO THE STATEMENT OF NET POSITION
DECEMBER 31, 2014
The notes to the financial statements are an integral part of this statement.Basic Financial Statements, 4‐4
2014 Comprehensive Annual Financial Report City of Renton, Washington
MUNICIPAL OTHER TOTAL
FACILITIES CAPITAL GOVERNMENTAL GOVERNMENTAL
GENERAL CIP IMPROVEMENT FUNDS FUNDS
REVENUES
Taxes $ 74,533,706 $ 2,105,994 $‐ $ 8,604,391 $ 85,244,091
Licenses and permits 5,224,655 442,857 2,007,590 48,936 7,724,038
Intergovernmental revenues 5,044,589 1,079,968 6,524,878 1,067,674 13,717,109
Charges for services 9,806,969 ‐ ‐ 1,223,532 11,030,501
Fines and forfeits 2,683,949 ‐ 24,528 ‐ 2,708,477
Interfund revenues 264,539 ‐ ‐ ‐ 264,539
Contributions 113,563 30,000 749,364 55,000 947,927
Investment earnings 957,624 58,760 1,345 21,897 1,039,626
Miscellaneous revenues 2,114,198 ‐ ‐ 3,000 2,117,198
TOTAL REVENUES 100,743,792 3,717,579 9,307,705 11,024,430 124,793,506
EXPENDITURES
Current:
General government 10,102,194 40,138 ‐ ‐ 10,142,332
Judicial 2,400,097 ‐ ‐ ‐ 2,400,097
Public safety 55,174,723 ‐ ‐ ‐ 55,174,723
Utilities 252,826 ‐ ‐ ‐ 252,826
Transportation 7,779,236 ‐ 2,313,189 ‐ 10,092,425
Economic environment 5,568,496 240,408 ‐ 279,391 6,088,295
Health and human services 1,840,312 ‐ ‐ ‐ 1,840,312
Culture and recreation 10,486,624 409,862 ‐ 46,134 10,942,620
Capital outlay:
General government 474,427 175,868 ‐ ‐ 650,295
Transportation 95,887 ‐ 7,004,924 ‐ 7,100,811
Culture and recreation 26,241 9,029,388 ‐ 22,388 9,078,017
Debt service:
Principal payments ‐ ‐ ‐ 5,076,530 5,076,530
Interest and fiscal charges ‐ ‐ 7,823 3,316,610 3,324,433
TOTAL EXPENDITURES 94,201,063 9,895,664 9,325,936 8,741,053 122,163,716
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 6,542,729 (6,178,085) (18,231) 2,283,377 2,629,790
OTHER FINANCING SOURCES (USES)
Transfer in 28,796 3,314,869 1,821,814 10,454 5,175,933
Transfer (out)(7,006,017) ‐ (10,454) (1,446,814) (8,463,285)
Sale of capital assets 5,170 ‐ ‐ ‐ 5,170
Insurance recoveries 14,666 ‐ ‐ ‐ 14,666
TOTAL OTHER FINANCE SOURCES (USES)(6,957,385) 3,314,869 1,811,360 (1,436,360) (3,267,516)
NET CHANGE IN FUND BALANCE (414,656) (2,863,216) 1,793,129 847,017 (637,726)
FUND BALANCE JANUARY 1 20,469,125 24,049,418 2,577,152 4,913,728 52,009,423
FUND BALANCE DECEMBER 31 $ 20,054,469 $ 21,186,202 $ 4,370,281 $ 5,760,745 $ 51,371,697
GOVERNMENTAL FUNDS
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
Page 1 of 1
FOR THE YEAR ENDED DECEMBER 31, 2014
The notes to the financial statements are an integral part of this statement.Basic Financial Statements, 4‐5
2014 Comprehensive Annual Financial Report City of Renton, Washington
NET CHANGES IN FUND BALANCES ‐ TOTAL GOVERNMENTAL FUNDS $ (637,726)
Amounts reported for governmental activities in the statement
of activities are different because:
Governmental funds report capital outlays as expenditures. However, in the
statement of activities the cost of those assets is allocated over their
estimated useful lives and reported as depreciation expense. This is the
amount by which capital outlays exceeded depreciation expense in the
current period plus extraordinary losses on capital assets from the sale of
land and equipment.
Capital expenditures 16,829,123
Depreciation expense (8,861,693)
Sale of capital assets (226,029) 7,741,401
Donations of property and infrastructure from developers are not reported in the
governmental funds. However, in the statement of activities, the fair market
value of those assets is recognized as revenue. 3,711,530
Revenues in the statement of activities that do not provide current financial resources
are not reported as revenue in the funds. Unavailable revenue increased
by this amount. 585,295
The issuance of long‐term debt (e.g., bonds, leases) provides current financial
resources to governmental funds, while the repayment of the principal of
long‐term debt consumes the current financial resources of governmental
funds. Neither transaction, however, has any effect on net position. Also,
governmental funds report the effect of issuance costs, premiums, discounts,
and similar items when debt is first issued, whereas these amounts are deferred
and amortized in the statement of activities. This amount is the net effect of
these differences in the treatment of long‐term debt and related items.3,994,569
Increase (decrease) in other non‐current assets which include the Net Pension
Asset and Investments in Joint Ventures which are not reported in governmental
funds.
Equity interest‐SCORE 1,672,186
Equity interest‐Valley Communications 109,645
Net Pension Asset ‐overfunded 520,600 2,302,431
Internal service funds are used by management to charge the costs of certain
activities to individual funds. The net revenue (expense) of the internal service
funds are reported with governmental activities.4,855,227
CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES $ 22,552,727
FOR THE YEAR ENDED DECEMBER 31, 2014
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
GOVERNMENTAL ACTIVITIES
The notes to the financial statements are an integral part of this statement.Basic Financial Statements, 4‐6
2014 Comprehensive Annual Financial Report City of Renton, Washington
GOVERNMENTAL
OTHER TOTAL ACTIVITIES
WATERWORKS SOLID ENTERPRISE ENTERPRISE INTERNAL SERVICE
UTILITY WASTE FUNDS FUNDS FUNDS
ASSETS
Current assets:
Cash & cash equivalents $ 17,956,907 $ 1,238,644 $ 922,575 $ 20,118,126 $ 20,934,965
Investments at fair value 14,430,658 856,610 638,027 15,925,295 14,478,017
Receivables (net of allowances):
Customer accounts 5,685,175 2,006,829 100,527 7,792,531 97,523
Special assessments 89,223 ‐ ‐ 89,223 ‐
Interest ‐ investments 99,178 8,462 8,749 116,389 104,384
Due from other funds 561,335 ‐ ‐ 561,335 ‐
Interfund loan receivable ‐ ‐ ‐ ‐ 534,932
Due from other governmental units 787,779 109,496 789,646 1,686,921 ‐
Inventory of materials and supplies 287,016 ‐ 63,712 350,728 171,483
Prepayments ‐ ‐ ‐ ‐ 53,000
Total current assets 39,897,271 4,220,041 2,523,236 46,640,548 36,374,304
Noncurrent assets:
Restricted cash & cash equivalents 2,909,578 ‐ ‐ 2,909,578 ‐
Special assessments‐non‐current 68,032 ‐ ‐ 68,032 ‐
Advances to other funds ‐ ‐ ‐ ‐ 146,299
Capital assets not being depreciated:
Land 2,696,185 ‐ 3,467,280 6,163,465 ‐
Construction in progress 8,632,201 ‐ 11,688,908 20,321,109 142,004
Capital assets, net of
accumulated depreciation:
Buildings, improvements and equipment 244,664,624 ‐ 15,926,455 260,591,079 9,967,892
Intangible assets 1,184,455 ‐ ‐ 1,184,455 440,763
Total noncurrent assets 260,155,075 ‐ 31,082,643 291,237,718 10,696,958
TOTAL ASSETS 300,052,346 4,220,041 33,605,879 337,878,266 47,071,262
DEFERRED OUTFLOWS OF RESOURCES
Deferred amount on refunding 935,723 ‐ ‐ 935,723 ‐
TOTAL DEFERRED OUTFLOWS OF RESOURCES $ 935,723 $‐ $‐ $ 935,723 $‐
BUSINESS‐TYPE ACTIVITIES
ENTERPRISE FUNDS
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2014
Page 1 of 2
The notes to the financial statements are an integral part of this statement.Basic Financial Statements, 4‐7
2014 Comprehensive Annual Financial Report City of Renton, Washington
GOVERNMENTAL
OTHER TOTAL ACTIVITIES
WATERWORKS SOLID ENTERPRISE ENTERPRISE INTERNAL SERVICE
UTILITY WASTE FUNDS FUNDS FUNDS
LIABILITIES
Current liabilities:
Accounts payable $ 780,063 $ 559,491 $ 803,488 $ 2,143,042 $793,032
Claims incurred but not reported ‐ ‐ ‐ ‐ 3,142,346
Retainage payable 80,152 ‐ 13,320 93,472 1,162
Due to other funds ‐ ‐ ‐ ‐ 34,058
Interfund loans payable ‐ ‐ 391,853 391,853 ‐
Due to other governments 703,510 ‐ ‐ 703,510 ‐
Accrued interest payable 104,321 ‐ 734 105,055 ‐
Accrued wages and benefits payable 380,283 21,378 78,385 480,046 316,923
Accrued taxes payable 87,660 66,422 80,866 234,948 ‐
Custodial accounts 16,630 ‐ 205,974 222,604 ‐
Unearned revenue 368,361 ‐ 160,587 528,948 1,526
Revenue bonds payable 1,515,000 ‐ ‐ 1,515,000 ‐
Total current liabilities 4,035,980 647,291 1,735,207 6,418,478 4,289,047
Long‐term liabilities:
Revenue bonds payable 28,098,025 ‐ ‐ 28,098,025 ‐
Accrued wages and benefits payable 459,505 18,271 89,167 566,943 352,414
Public works trust fund loan payable 3,248,161 ‐ ‐ 3,248,161 ‐
Total long‐term liabilities 31,805,691 18,271 89,167 31,913,129 352,414
TOTAL LIABILITIES 35,841,671 665,562 1,824,374 38,331,607 4,641,461
DEFERRED INFLOWS OF RESOURCES ‐ ‐ ‐ ‐ ‐
TOTAL DEFERRED INFLOWS OF RESOURCES ‐ ‐ ‐ ‐ ‐
NET POSITION
Net investment in capital assets 224,548,492 ‐ 31,082,643 255,631,135 10,550,659
Restricted ‐Waterworks utility debt 2,909,578 ‐ ‐ 2,909,578 ‐
Unrestricted 37,688,328 3,554,479 698,862 41,941,669 31,879,142
TOTAL NET POSITION $ 265,146,398 $ 3,554,479 $ 31,781,505 $ 300,482,382 $ 42,429,801
BUSINESS‐TYPE ACTIVITIES
ENTERPRISE FUNDS
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2014
Page 2 of 2
The notes to the financial statements are an integral part of this statement.Basic Financial Statements, 4‐8
2014 Comprehensive Annual Financial Report City of Renton, Washington
GOVERNMENTAL
OTHER TOTAL ACTIVITIES
WATERWORKS SOLID ENTERPRISE ENTERPRISE INTERNAL SERVICE
UTILITY WASTE FUNDS FUNDS FUNDS
OPERATING REVENUES:
Charges for services $ 50,971,067 $ 17,225,674 $ 1,913,150 $ 70,109,891 $ 30,604,219
Interdepartmental services 100,597 1,620 ‐ 102,217 ‐
Miscellaneous 282,811 83,513 2,867,170 3,233,494 142,744
TOTAL OPERATING REVENUES 51,354,475 17,310,807 4,780,320 73,445,602 30,746,963
OPERATING EXPENSES:
Supplies 2,120,575 10,470 486,400 2,617,445 2,031,624
Personnel services 8,418,060 628,135 2,262,134 11,308,329 6,225,519
Contracted services 19,147,250 14,518,870 1,536,930 35,203,050 4,198,934
Insurance ‐ ‐ ‐ ‐ 15,309,276
Taxes 4,273,737 2,000,075 12,671 6,286,483 125,567
Depreciation and amortization 7,881,829 ‐ 751,289 8,633,118 2,149,858
TOTAL OPERATING EXPENSES 41,841,451 17,157,550 5,049,424 64,048,425 30,040,778
OPERATING INCOME (LOSS)9,513,024 153,257 (269,104) 9,397,177 706,185
NON‐OPERATING REVENUES(EXPENSES):
Intergovernmental revenues 524,252 192,791 391,877 1,108,920 44,426
Investment earnings 84,183 6,714 5,728 96,625 98,126
Gain (loss) on sale of capital assets 93,773 ‐ ‐ 93,773 22,617
Other non‐operating revenues (expenses)29,050 34 1,779 30,863 49,783
Interest expense (1,433,166) ‐ (20,996) (1,454,162) ‐
Insurance recoveries ‐ ‐ ‐ ‐ 197,376
NON‐OPERATING REVENUE NET OF EXPENSE (701,908) 199,539 378,388 (123,981) 412,328
INCOME (LOSS) BEFORE CONTRIBUTIONS
AND TRANSFERS 8,811,116 352,796 109,284 9,273,196 1,118,513
Capital contributions 11,446,861 ‐ 1,084,810 12,531,671 ‐
Transfers in ‐ ‐ ‐ ‐ 3,886,714
Transfers out (449,362) ‐ ‐ (449,362) (150,000)
CHANGE IN NET POSITION 19,808,615 352,796 1,194,094 21,355,505 4,855,227
NET POSITION, JANUARY 1 245,337,783 3,201,683 30,587,411 279,126,877 37,574,574
NET POSITION, DECEMBER 31 $ 265,146,398 $ 3,554,479 $ 31,781,505 $ 300,482,382 $ 42,429,801
BUSINESS‐TYPE ACTIVITIES
ENTERPRISE FUNDS
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION
PROPRIETARY FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2014
The notes to the financial statements are an integral part of this statement.Basic Financial Statements, 4‐9
2014 Comprehensive Annual Financial Report City of Renton, Washington
GOVERNMENTAL
OTHER TOTAL ACTIVITIES
WATERWORKS SOLID ENTERPRISE ENTERPRISE INTERNAL SERVICE
UTILITY WASTE FUNDS FUNDS FUNDS
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received for services $ 51,303,896 $ 17,222,173 $ 4,729,567 $ 73,255,636 $‐
Cash received from other funds for services 100,597 ‐ ‐ 100,597 31,152,990
Cash paid to suppliers for goods & services (25,752,785) (16,752,363) (2,590,438) (45,095,586) (21,650,139)
Cash paid to employees (8,394,588) (628,424) (2,291,922) (11,314,934) (6,244,734)
Other non‐operating receipts 29,050 34 1,779 30,863 247,159
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES 17,286,170 (158,580) (151,014) 16,976,576 3,505,276
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers from other funds ‐ ‐ 1,084,810 1,084,810 3,886,714
Transfers to other funds (449,362) ‐ ‐ (449,362) (150,000)
Operating grants 524,252 117,145 111,654 753,051 44,426
NET CASH PROVIDED (USED) BY
NONCAPITAL FINANCING ACTIVITIES 74,890 117,145 1,196,464 1,388,499 3,781,140
CASH FLOWS FROM CAPITAL
FINANCING ACTIVITIES:
Proceeds from the sale of equipment 561,336 ‐ ‐ 561,336 65,759
System development charges 1,530,570 ‐ ‐ 1,530,570 ‐
Acquisition & construction of capital assets (8,945,571) ‐ (1,617,889) (10,563,460) (1,690,604)
Special assessments 209,712 ‐ ‐ 209,712 ‐
Capital grants 1,093,583 ‐ ‐ 1,093,583 ‐
Principal payments on debt (3,329,326) ‐ (484,885) (3,814,211) ‐
Interest payments on debt (1,343,970) ‐ (22,603) (1,366,573) ‐
NET CASH PROVIDED (USED) BY
CAPITAL FINANCING ACTIVITIES (10,223,666) ‐ (2,125,377) (12,349,043) (1,624,845)
CASH FLOWS FROM INVESTING ACTIVITIES:
Principal proceeds from interfund loans 101,646 ‐ ‐ 101,646 523,170
Issuance of interfund receivable (561,335) ‐ ‐ (561,335) ‐
Proceeds from sale of investments ‐ ‐ 138,008 138,008 ‐
Payments for investments (6,010,005) (228,551) ‐ (6,238,556) (5,889,401)
Interest on investments and loans 42,471 5,260 6,917 54,648 81,261
NET CASH PROVIDED (USED) BY
INVESTING ACTIVITIES (6,427,223) (223,291) 144,925 (6,505,589) (5,284,970)
NET INCREASE (DECREASE) IN CASH &
CASH EQUIVALENTS 710,171 (264,726) (935,002) (489,557) 376,601
CASH & CASH EQUIVALENTS, JANUARY 1 17,246,736 1,503,370 1,857,577 20,607,683 20,558,364
RESTRICTED CASH & CASH EQUIVALENTS, JANUARY 1 2,909,578 ‐ ‐ 2,909,578 ‐
TOTAL CASH, RESTRICTED CASH, & CASH
EQUIVALENTS, DECEMBER 31 $20,866,485 $ 1,238,644 $ 922,575 $ 23,027,704 $ 20,934,965
BUSINESS‐TYPE ACTIVITIES
ENTERPRISE FUNDS
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
Page 1 of 2
FOR THE YEAR ENDED DECEMBER 31, 2014
The notes to the financial statements are an integral part of this statement.Basic Financial Statements, 4‐10
2014 Comprehensive Annual Financial Report City of Renton, Washington
GOVERNMENTAL
ACTIVITIES
OTHER TOTAL INTERNAL
WATERWORKS SOLID ENTERPRISE ENTERPRISE SERVICE
UTILITY WASTE FUNDS FUNDS FUNDS
RECONCILIATION OF OPERATING INCOME
(LOSS) TO NET CASH PROVIDED (USED)
BY OPERATING ACTIVITIES:
Operating income (loss)$ 9,513,024 $ 153,257 $ (269,104) $ 9,397,177 $706,185
Adjustments to reconcile operating income
(loss) to net cash provided (used)
by operating activities:
Depreciation & amortization 7,881,829 ‐ 751,289 8,633,118 2,149,858
Other non‐operating revenue 29,050 34 1,779 30,863 247,159
(Increase) decrease in
accounts receivable (37,127) (82,221) (69,224) (188,572) 406,016
(Increase) decrease in inventory
& prepaid items (52,169) 404,459 705 352,995 6,045
Increase (decrease) in operating
accounts payable (171,628) (638,250) (557,166) (1,367,044) (9,716)
Increase (decrease) in due to
other funds ‐ ‐ ‐ ‐ (10,399)
Increase (decrease) in accrued taxes
& other short‐term liabilities 12,574 10,843 2,024 25,441 29,332
Increase (decrease) in
customer deposits 210 ‐ 21,744 21,954 ‐
Increase (decrease) in
unearned revenues 86,935 (6,413) (3,273) 77,249 11
Increase (decrease) in accrued
employee wages and benefits 23,472 (289) (29,788) (6,605) (19,215)
Total adjustments 7,773,146 (311,837) 118,090 7,579,399 2,799,091
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES $ 17,286,170 $ (158,580) $ (151,014) $ 16,976,576 $ 3,505,276
NONCASH INVESTING, CAPITAL, AND
FINANCING ACTIVITIES
Contributions of capital assets $ 8,853,028 $‐ $‐ $ 8,853,028 $‐
Depreciation & amortization 7,881,829 ‐ 770,979 8,652,808 2,149,858
BUSINESS‐TYPE ACTIVITIES
ENTERPRISE FUNDS
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
Page 2 of 2
FOR THE YEAR ENDED DECEMBER 31, 2014
The notes to the financial statements are an integral part of this statement.Basic Financial Statements, 4‐11
2014 Comprehensive Annual Financial Report City of Renton, Washington
PENSION TRUST AGENCY
FIREFIGHTERS'SPECIAL
PENSION DEPOSITS
ASSETS
Cash and cash equivalents $ 1,515,286 $ 729,168
Investments at fair value:
Federal National Mortgage Association 812,463 ‐
Federal Home Loan Bank 311,029
Federal Home Loan Mortgage Corp 200,889
US Treasury Strips 3,089,726 ‐
Certificates of deposit 363,403 ‐
Receivables (net of allowances)
Interest on investments 3,174,979 ‐
TOTAL ASSETS 9,467,775 729,168
DEFERRED OUTFLOWS OF RESOURCES ‐ ‐
TOTAL DEFERRED OUTFLOWS OF RESOURCES ‐ ‐
LIABILITIES
Deposits ‐ 729,168
TOTAL LIABILITIES ‐ 729,168
DEFERRED INFLOWS OF RESOURCES ‐ ‐
TOTAL DEFERRED INFLOWS OF RESOURCES ‐ ‐
NET POSITION
Net position held in trust for pension benefits
and other purposes $ 9,467,775 $‐
STATEMENT OF FIDUCIARY NET POSITION
FIDUCIARY FUNDS
DECEMBER 31, 2014
The notes to the financial statements are an integral part of this statement.Basic Financial Statements, 4‐12
2014 Comprehensive Annual Financial Report City of Renton, Washington
PENSION TRUST
FIREFIGHTERS'
PENSION
ADDITIONS:
Other contributions:
Fire insurance premiums transferred in $ 142,706
Investment earnings:
Investment interest 331,974
Net increase / (decrease) in the fair value of investments 61,628
Total Investment earnings 393,602
TOTAL ADDITIONS 536,308
DEDUCTIONS:
Benefits 204,405
Administrative expenses 475
TOTAL DEDUCTIONS 204,880
Change in net position 331,428
NET POSITION ‐ JANUARY 1 9,136,347
NET POSITION ‐ DECEMBER 31 $ 9,467,775
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FIREFIGHTERS' PENSION FUND
FOR THE YEAR ENDED DECEMBER 31, 2014
The notes to the financial statements are an integral part of this statement.Basic Financial Statements, 4‐13
2014 Comprehensive Annual Financial Report City of Renton, Washington
NOTES TO THE FINANCIAL STATEMENTS
Basic Financial Statements, 4‐14
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The City of Renton’s financial statements have been prepared in conformity with generally accepted
accounting principles (GAAP) in the United States, as applied to governments. The Governmental Accounting
Standards Board (GASB) is the standard setting body for governmental accounting and financial reporting.
For the reporting year ended December 31, 2014, the City has implemented GASB 67, Financial Reporting for
Pension Plans, as it relates the City’s Firefighters’ Pension Plan.
A. REPORTING ENTITY
The City of Renton was incorporated on September 6, 1901, and operates under the laws of the State of
Washington applicable to a Non‐Charter code city with a Mayor/Council form of government. A full‐time
Mayor and seven part‐time Council members serve the City, all elected at large to four‐year terms. The City
provides the full range of municipal services authorized by state statutes, together with a Municipal Airport, a
Waterworks Utility, a Solid Waste Utility, and a Municipal Golf Course.
The City of Renton has no component units (either blended or discretely presented) included in these
statements. The City of Renton’s Mayor appoints the Governing Board for the Renton Housing Authority,
which is not considered a component unit of the City. The City is under no obligation to subsidize, nor does it
exercise any other prerequisite for inclusion.
B. BASIS OF PRESENTATION
The City’s basic financial statements include both government‐wide statements and fund financial statements.
The government‐wide statements report financial information for the City as a whole, while the fund
statements present detailed financial information at the fund level. The City’s fiduciary funds are presented in
the fund financial statements. Since the assets are being held for the benefit of a third party and cannot be
used for obligations of the City, they are not included in the government‐wide statements.
Government‐wide Financial Statements
In the government‐wide statement of net position governmental and business‐type activities are reported.
Governmental activities are mostly supported by taxes, intergovernmental revenue, and other non‐exchange
transactions. The governmental activities column includes the combined data from all governmental funds and
internal service funds. Business‐type activities mostly rely on fees and charges for services to external
customers and include data from the City’s enterprise funds.
The government‐wide statement of activities presents a comparison between direct expenses and program
revenues for each of the City’s governmental activities (general government, judicial, public safety, utilities,
transportation, economic environment, health and human services, and culture and recreation) and for each
identifiable business‐type activity (waterworks utility, airport, solid waste utility, and golf course). Direct
expenses are those that are specifically associated with a function and therefore clearly identifiable to that
particular function.
2014 Comprehensive Annual Financial Report City of Renton, Washington
NOTES TO THE FINANCIAL STATEMENTS
Basic Financial Statements, 4‐15
The statement of activities reports the expenses of a given function offset by program revenue directly
associated with the functional program. Program revenues include: 1) charges for services which reports fees
and charges for users of the City’s service, 2) operating grants and contributions which support annual
operating activities, and 3) capital grants and contributions which finance the acquisition, construction, or
rehabilitation of capital assets. For determining the function, charges for services are tied to the function that
generates the revenue and grants and contributions are tied to the function in which functional use they are
restricted towards.
Taxes and other sources that are not directly related to a program are reported as general revenue. The
comparison of direct expenses with program revenues identifies the extent each governmental function and
business activity are self‐sustaining and requires a draw from the general revenues of the City.
Generally, the effect of interfund activity has been eliminated from the government‐wide financial
statements, with the exception of various charges for services among different functions within the
government. Elimination of these charges would distort the direct costs and program revenues reported for
the various functions involved.
Fund Financial Statements
The City’s activities are tracked in individual funds to segregate the transactions to aid in financial
management and, in some cases, demonstrate legal compliance. The fund financial statements are intended
to present the City’s financial activities on a more detailed level. Separate financial statements are provided
for each fund category ‐ governmental, proprietary, and fiduciary funds. Each of the City’s major funds, within
each fund category, are presented in a separate column. All non‐major funds, within each fund category, are
aggregated into one column; internal service funds are aggregated into one column and reported on the face
of the proprietary fund statements; and fiduciary funds are reported by type.
The City reports the following major governmental funds:
General Fund is the primary operating fund of the City. It is used to account for the resources and
disbursements of ordinary City operations that are not required to be accounted for in another fund.
These include the costs of legislative and executive departments, court services, finance and legal
departments, development services, police and fire departments, human resources and technical
services, community services, parks, economic development, streets, property management for City
owned leased facilities, library and museum, fire memorial, and fire department’s health and wellness
programs. The major sources of revenue are property taxes, utility taxes, and sales taxes. Licenses and
permits, charges for services, and fines and forfeits provide additional support. Community
development block grant activities are accounted for within this fund, which is federally funded.
Municipal Facilities Fund accounts for facility improvements and renovations, property acquisitions for
parks and City space needs, parks development and equipment, and major capital requirements.
Resources include general and special revenue taxes, grants, mitigation revenue, and Council‐approved
general obligation bonds.
2014 Comprehensive Annual Financial Report City of Renton, Washington
NOTES TO THE FINANCIAL STATEMENTS
Basic Financial Statements, 4‐16
Capital Improvement Fund supports the City of Renton transportation projects and projects linked
with various State and Federal funding programs. Many of the projects are dependent on grants,
formation of LIDs, and mitigation revenue.
The City reports the following major enterprise funds:
Waterworks Utility Fund accounts for all operating and capital improvement programs for water,
wastewater, and storm water services within the City. The operating activities are primarily supported
by user fees include: administration, billings and collections, debt service, engineering and operation,
maintenance and repairs. The primary resources for capital improvement programs are revenue bond
proceeds, grants (as available), and utility connection charges.
Solid Waste Fund accounts for solid waste, recycling, and yard waste collection services for the City,
supported entirely by service fees. The expenses include payment to the City’s garbage contractor and
other service charges.
Additionally, the government reports the following fund types:
Internal Service Funds include 1) the equipment rental fund (equipment replacement, information
technology, facilities, and communications) and 2) the insurance fund (including risk management,
workers compensation, unemployment compensation, and employee health care program). The
equipment rental fund factors all costs, including depreciation, into the rates charged to each user
department. The insurance fund rates are charged to departments based on use and/or coverage
requirements.
Firefighters’ Pension Fund accounts for the payment of administrative costs and benefits for retired
firefighters and their beneficiaries, who were employed prior to March 1, 1970. Primary revenues
sources are general property tax allocations in accordance with actuarial calculations, the fire premium
tax, and investment income.
Special Deposit Fund was established for the purpose of holding or retaining cash deposits or other
securities pending fulfillment of certain conditions and/or requirements by the depositor. Refunds are
made when all obligations have been met and only upon authorization from the transmitting
department.
Special Revenue Funds are used to account for specific revenues that are restricted to or reserved for
expenditures for particular purposes.
Debt Service Funds account for the accumulation of resources for and the payment of general
obligation and special assessment bonds.
2014 Comprehensive Annual Financial Report City of Renton, Washington
NOTES TO THE FINANCIAL STATEMENTS
Basic Financial Statements, 4‐17
During the course of operations the City has activity between funds for various purposes. Any residual
balances outstanding at year‐end are reported as due to/from other funds and advances to/from other funds.
While these balances are reported in the fund financial statements, certain eliminations are made in the
preparation of the government‐wide financial statements. Balances between funds included in the
governmental activities (generally between governmental and internal service funds) are eliminated so that
only the net amount is included as internal balances in the governmental activities column. Similarly, balances
between the funds included in the business‐type activities are eliminated so that only the net amount is
included as internal balances in the business type activities column.
Further, certain activity occurs during the year involving transfers of resources between funds. In fund
financial statements these amounts are reported as gross amounts as transfers in/out. While reported in fund
financial statements, certain eliminations are made in the preparation of government‐wide financial
statements. Transfers between the funds included in governmental activities are eliminated so that only the
net amount is included as transfers in the governmental activities column. Similarly, balances between the
funds included in business‐type activities are eliminated so that only the net amount is included in transfers in
the business‐type activities column.
C. MEASUREMENT FOCUS AND BASIS OF ACCOUNTING
Basis of Accounting refers to the point at which revenues or expenditures/expenses transactions or events are
recognized in the accounts and reported in the financial statements. Measurement focus is measured one of
two ways: either the current financial resource or the economic resource method.
Government‐wide financial statements – the government‐wide financial statements are prepared using the
economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when
earned and expenses are recorded when the liability is incurred, regardless of the timing of related cash flows.
Property taxes are recognized as revenue in the year they are levied and grants are recognized as revenue as
soon as all eligibility requirements have been met.
Governmental fund financial statements – the governmental fund financial statements use a different
measurement focus from the proprietary fund statements and government‐wide statements. The
governmental fund financial statements use the current financial resources measurement and the modified
accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available.
Revenues are considered to be available when they are collectible within the current reporting period or soon
enough thereafter to pay liabilities of the current period. The City considers revenues available if they are
collected within 60 days of the end of the current fiscal period. Expenditures are generally recorded when a
liability is incurred, the same as accrual accounting. However, debt service expenditures, as well as
expenditures related to compensated absences, and claims and judgements are recorded only when payment
is due. General capital asset acquisitions are reported as current expenditures in governmental funds.
Issuance of long‐term debt and capital lease acquisitions are reported as other financing sources.
2014 Comprehensive Annual Financial Report City of Renton, Washington
NOTES TO THE FINANCIAL STATEMENTS
Basic Financial Statements, 4‐18
Property taxes, sales tax, franchise taxes, licenses, and interest associated with the current period are all
considered susceptible to accrual and have been recognized as revenue in the current fiscal period.
Expenditure‐driven grants are recognized as revenue when the qualifying expenditure is made during the
period.
Since the measurement focus between the governmental fund financial statements and the governmental
activities in the government‐wide statements vary, a detailed reconciliation is included in the fund statements
to identify the relationship between the two statement types.
Proprietary fund financial statements – the proprietary fund statements and pension fund statements are
reported using the economic resources measurement focus and accrual basis of accounting, the same as the
government‐wide statements.
D. ASSETS, LIABILITIES, DEFERRED OUTFLOWS/INFLOWS OF RESOURCES, AND NET POSITION/FUND
BALANCE
1. Cash and Cash Equivalents
The City has defined cash and cash equivalents as cash on hand, demand deposits, and all highly liquid
investments (including restricted assets) with maturity of three months or less when purchased. These
amounts are classified on the balance sheet or in the statement of net position as cash and cash
equivalents in the various funds. Included in this category are all funds invested in the Local Government
Investment Pool. Excluded from this category are cash balances held by Fiscal Agents since the City does
not have discretionary use of these funds.
Most of the City’s cash balances are pooled and invested. Interest earned from investments purchased
with pooled cash is allocated monthly to each fund based on the fund’s beginning equity balance in the
pooled fund.
2. Investments (also see Note 3B.)
Investments for the City are reported at fair market value in the fund and government‐wide statements.
3. Receivables
Receivables have been reported net of estimated uncollectible accounts. Because property taxes, special
assessments, and utility billings are considered liens on property, no estimated uncollectible amounts are
established.
Taxes receivable consists of property taxes and related interest and penalties. Property taxes are an
enforceable lien on real property and are due the first day of the levy year and may be paid in two
equal installments. The first half is due April 1 and the balance is due October 31. The City collects
approximately 99% of the property tax due in the year it is levied and delinquent taxes are collected
within the following few years. Property tax due, but not collected within 60 days of year end, is
recorded as a receivable and offset by deferred inflow of resources – unavailable revenue in the fund
financial statements. There is no allowance for uncollectable sales tax because historically all taxes are
collected and/or enforceable via lien (refer to Note 4 for more information).
2014 Comprehensive Annual Financial Report City of Renton, Washington
NOTES TO THE FINANCIAL STATEMENTS
Basic Financial Statements, 4‐19
Accrued interest receivable consists of amounts earned on investments, notes, and contracts.
Customer accounts receivable consists of amounts owed from/to private individuals or organizations
for goods and services. If the transactions are receivable from another governmental unit, it is
accounted for within “due from/to other governmental units.”
Special assessments are recorded when levied and are liens against the property benefited. Special
assessments receivable consist of current and delinquent assessments and related interest and
penalties. Special assessments not due within one year are reported as deferred inflows of resources in
the governmental fund statements and reported as non‐current assets in the government‐wide
statements and the proprietary fund statements.
4. Internal Balances, Interfund Loan Receivables/Payable and Due From/To Other Funds
Activities between funds that are representative of lending/borrowing arrangements outstanding at the
end of the fiscal year are referred to as interfund loans receivable/payable. All other outstanding balances
between funds are reported as due to/from other funds. These amounts are eliminated within the
governmental activities and business‐type activities in the government‐wide statement, except for the
residual balances outstanding between the governmental activities and business‐type activities, which are
reported as internal balances. Refer to Note 10 for a detailed summary of interfund activity.
5. Inventories and Prepaid Items
All City inventories are maintained on a consumption basis of accounting where items are purchased for
inventory and charged to the budgetary accounts as the items are consumed. Any material inventories at
year‐end are included in the balance sheet of the appropriate fund. All inventories are carried at cost on
the first in, first out – FIFO basis, with the exception of the Public Works Maintenance shops inventory.
The value of this inventory is calculated using the average cost method.
Certain payments to vendors reflect costs applicable to future accounting periods and are reported as
prepaid items in both the government‐wide and fund financial statements.
6. Capital Assets
General capital assets are those assets not specifically related to activities reported by the proprietary
funds. These assets generally result from expenditures in governmental funds or contributions. The City
reports these assets the governmental activities column of the government‐wide statement of net position
but does not report these assets in the governmental fund financial statements. Capital assets utilized by
the propriety funds are reported both in the business‐type activities of the government‐wide statement of
net position and in the proprietary fund statement of net position.
2014 Comprehensive Annual Financial Report City of Renton, Washington
NOTES TO THE FINANCIAL STATEMENTS
Basic Financial Statements, 4‐20
All capital assets are valued and capitalized at cost (or estimated historical cost when actual historical cost
is unknown) and updated for additions and retirements during the year. Donated capital assets are
recorded at their fair market values as of the date received. The City maintains a capitalization threshold
of $5,000 and an estimated useful life in excess of two years. Improvements to City assets and
infrastructure are capitalized, but the cost of normal maintenance and repairs that do not extend the
useful life, or increase capacity or efficiency, are expensed.
Interest incurred during the construction phase of capital assets of proprietary funds is included as part of
the capitalized value of the assets constructed. The amount of interest capitalized is calculated by applying
the weighted average borrowing rate to the average cumulative expenditures since inception. For the year
ended December 31, 2014, total proprietary fund interest incurred of $1,789,129 was reduced by
capitalized interest in the amount of $334,967.
All capital assets, other than land, right‐of‐ways, water rights, and construction in progress, are
depreciated using the straight line method over the following estimated useful lives:
Estimated
Capital Asset Class Useful Life
Buildings and structures, excluding utilities 10‐50 years
Other improvements 10‐80 years
Utility plant 25‐75 years
Machinery and equipment 3‐40 years
Infrastructure 25‐75 years
Amortization of intangible assets is provided on the straight‐line basis over the following useful lives:
Estimated
Intangible Asset Class Service Life
Computer software 3‐15 years
Patents, trademarks, copyrights 3‐50 years
Other 3‐12 years
7. Other Non‐current Assets
A portion of special assessments receivable are collectible in greater than one year. This long‐term portion
of the receivable is reported as an other non‐current asset.
Net pension asset represents the over‐funded position of the Firefighters’ Pension Plan’s actuarial
determined net pension obligation.
Investment in joint ventures consists of the City’s equity balance and investment in debt of Valley
Communications Center and South Correctional Entity. (see also Notes 13 and 14)
2014 Comprehensive Annual Financial Report City of Renton, Washington
NOTES TO THE FINANCIAL STATEMENTS
Basic Financial Statements, 4‐21
8. Deferred Outflows/Inflows of Resources
In addition to assets, the statement of financial position will report a separate section for deferred
outflows of resources. This separate financial statement element, deferred outflow of resources,
represents a consumption of net position that applies to a future period and will not be recognized as an
outflow (expense/expenditure) until that reporting period. The City has one item that qualifies for
reporting in this category. Deferred amount on refunding is reported on the government‐wide statement
of net position and the proprietary fund statement of net position. A deferred amount on refunding
results from the difference in the carrying value of refunded debt and its reacquisition price. This amount
is deferred and amortized over the life of the refunded or refunding debt, whichever is shorter. Deferred
amount of special assessments is the long‐term principal due to the City from special assessment
connections. This amount is only reported in the governmental fund balance sheet.
In addition to liabilities, the statement of financial position will report a separate section for deferred
inflows of resources. This separate financial statement element represents an acquisition of net position
that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until
that time (in prior years this inflow was recognized as “deferred revenue” within the liabilities). The City
has two items that it reports as a deferred inflow of resources, 1) deferred amount of special assessments
and 2) unavailable revenue, and they arise only on the modified accrual basis, in the governmental fund
balance sheet. The amount reported in unavailable revenue is comprised of four sources: delinquent
municipal court receivables, delinquent photo enforcement receivables, delinquent property tax
receivables, and various other receivables not collected within 60 days of the fiscal period. These amounts
are deferred and recognized as revenue in the period the amounts become available. On the government‐
wide statements (accrual basis of accounting) the amounts are considered available and recognized as
inflow of resource in the current period.
9. Unearned Revenues
This account includes amounts collected in advance for services not yet rendered.
10. Custodial Accounts
This account reflects the liability for net monetary assets being held by the City in its agency capacity.
11. Compensated Absences
The City’s policy permits employees to accumulate earned but unused vacation leave benefits, which are
eligible for payment upon separation from City service. For employees hired prior to January 1, 1994, a
fifty percent cash out of accumulated earned but unused sick leave, is also eligible for payment upon
separation. The City accrues accumulated unpaid vacation and sick leave (when eligible) when earned (or
estimated to be earned) by the employee. The total compensated absences liability is reported on the
government‐wide statements and in each proprietary fund. The non‐current portion (the amount
estimated to be used in subsequent fiscal years) for governmental fund statements is maintained
separately and represents a reconciling item between the fund and Government‐wide presentations.
2014 Comprehensive Annual Financial Report City of Renton, Washington
NOTES TO THE FINANCIAL STATEMENTS
Basic Financial Statements, 4‐22
12. Fund Equity
Fund equity at the governmental fund level is classified as fund balance. Fund equity for all other
reporting is classified as net position.
Fund balance represents the difference between the current assets and current liabilities in the
governmental fund financial statements. Fund balance classifications comprise of a hierarchy based
primarily on the extent to which the City is bound to honor constraints on the specific purpose for which
amounts in those funds can be spent. Fund balances are classified as follows:
a. Nonspendable – items that cannot be spent due to form; inventories, prepaid amounts, long‐term loan
receivables, or amounts that must be maintained intact legally.
b. Restricted – amounts constrained for specific purposes imposed through the judicial process and
enabling legislation adopted by the City; or through external restrictions imposed by creditors,
grantors, or laws or regulations of other governments.
c. Committed – amounts constrained by the City Council. Only the Council can, by ordinance, establish,
modify, or rescind constraints on committed fund balances.
d. Assigned – constraints imposed by the City Council for amounts intended for specific purposes, but do
not meet the criteria of restricted or committed. It is the City’s policy that intent of use can be
assigned by the City Council, or by a designated official, adopted through either the biennial budget
ordinance or an amending budget ordinance. For governmental funds, other than the General Fund,
the residual fund balance that is not restricted or committed is reported as assigned because the use of
fund balance, at a minimum, should be used for the purpose of that fund. Additional action does not
need to be taken to remove an assignment, whereas additional action is essential to remove a
commitment.
e. Unassigned – any remaining fund balance in the General Fund that does not meet any of the above
criteria.
2014 Comprehensive Annual Financial Report City of Renton, Washington
NOTES TO THE FINANCIAL STATEMENTS
Basic Financial Statements, 4‐23
The following shows the composition of the fund balance in governmental funds for the year ended
December 31, 2014:
General
Municipal
Facilities
Capital
Improvement
Other
Governmental Total
Restricted
Public Safety $ 147,331 ‐$ ‐$ ‐$ $ 147,331
Judicial 37,232 ‐ ‐ ‐ 37,232
Community Development Block Grant 66,154 ‐ ‐ ‐ 66,154
REET 2 Allowable Projects ‐ 425,658 ‐ ‐ 425,658
King County Prop. 1 Levy ‐ 457,486 ‐ ‐ 457,486
King County Prop. 2 Levy ‐ 201,048 ‐ ‐ 201,048
Unspent Library Bond Proceeds ‐ 11,830,837 ‐ ‐ 11,830,837
Parks, Fire, and Street Impact Mitigation Fees ‐ 46,803 ‐ 3,007,762 3,054,565
Wetlands Mitigation Bank ‐ ‐ ‐ 330,707 330,707
State Fuel Tax ‐ ‐ ‐ 116,859 116,859
Hotel/Motel Tax ‐ ‐ ‐ 249,828 249,828
1% for Art ‐ ‐ ‐ 101,313 101,313
Cable Franchise Fees ‐ ‐ ‐ 314,385 314,385
Debt Service ‐ ‐ ‐ 1,639,891 1,639,891
Total Restricted 250,717 12,961,832 ‐ 5,760,745 18,973,294
Committed
Building Abatement 50,000 50,000
Library Construction ‐ 3,487,534 ‐ ‐ 3,487,534
Capital Parks and Facilities Projects ‐ 2,220,396 ‐ ‐ 2,220,396
Economic Stabilization ‐ 1,000,000 ‐ ‐ 1,000,000
Capital Street Improvements ‐ ‐ 3,286,650 ‐ 3,286,650
Total Committed 50,000 6,707,930 3,286,650 ‐ 10,044,580
Assigned
Operating Reserve ‐ ‐ ‐ ‐ ‐
Public Safety 74,515 ‐ ‐ ‐ 74,515
Culture and Recreation 162,001 1,430,387 ‐ ‐ 1,592,388
Economic Environment ‐ 86,053 ‐ ‐ 86,053
Transportation ‐ ‐ 1,083,631 ‐ 1,083,631
Total Assigned 236,516 1,516,440 1,083,631 ‐ 2,836,587
Unassigned
Unassigned 19,517,236 ‐ ‐ ‐ 19,517,236
Total Unassigned 19,517,236 ‐ ‐ ‐ 19,517,236
Total fund balances 20,054,469$ 21,186,202$ 4,370,281$ 5,760,745$ 51,371,697$
December 31, 2014
Governmental Fund Balances
Fund balance flow assumptions ‐ when multiple categories of fund balance are available for incurred
expenditures, it is the City’s policy to consider restricted fund balance to have been depleted before using
any of the components of unrestricted fund balance (the total of committed, assigned, and unassigned
fund balance). Further, when the components of unrestricted fund balance can be used for the same
purpose, committed fund balance is depleted first, followed by assigned fund balance. Unassigned fund
balance is applied last.
Net position reflects the difference between assets and liabilities, in the government‐wide and proprietary
fund statement of net position. The component net investment in capital assets consists of capital assets,
net of accumulated depreciation, reduced by any outstanding balances of any borrowing (ex. bonds or
loans) for the acquisition, construction, or improvement of those assets. The net position is reported as
restricted when there are limitations imposed on their use either through enabling legislation adopted by
the City or through external restrictions imposed by creditors, grantors, or laws or regulations of other
governments. The balance of the net position is reported as unrestricted.
2014 Comprehensive Annual Financial Report City of Renton, Washington
NOTES TO THE FINANCIAL STATEMENTS
Basic Financial Statements, 4‐24
The following shows the composition of the restricted net position balances reported in the government‐
wide and proprietary fund statements for the year ended December 31, 2014:
Net position flow assumptions – In order to calculate the amounts to be reported as restricted net
position and unrestricted net position on the government‐wide and proprietary fund statements, a flow
assumption is made. It is the City’s policy to consider restricted net position to have been depleted before
unrestricted net position.
Minimum fund balance policy – The City Council has adopted a financial policy to maintain a minimum
level of unrestricted fund balance in the general fund. The target level is set at 12 percent, with a
minimum of 8 percent, of general fund operating expenditures. This amount is intended to provide fiscal
stability when economic downturns and other unexpected events occur.
Stabilization fund policy – The City has adopted a comprehensive stabilization policy that helps provide
stability through uncertain times. This allows for temporary cushion and flexibility when needed. The City
Council, through ordinance, has established the following stabilization reserves:
1. Economic development revolving fund reserve: the City will be accumulating reserves until the
target accumulation of $2.5 million is reached. These reserves will fund the City’s matching
requirement for the use of state Local Revitalization Financing. Expenditure utilizing this reserve
will require a two‐thirds majority vote of the City Council. The balance at year end totaled $1
million.
2. Catastrophic reserve: the City will maintain a targeted amount of 8 percent for risk management
reserves, for catastrophic emergencies. Expenditure utilizing this reserve will require a two‐thirds
majority vote of the City Council. The balance at year end totaled $6.7 million.
3. Anti‐recessionary reserve: this City will maintain a targeted reserve equal to 4 percent of the
general fund operating expense. Expenditures utilizing this reserve will require a two‐thirds
Governmental
Activities
Business‐Type
Activities Total
Restricted Net Position
Public Safety $ 147,331 ‐$ $ 147,331
Judicial 37,232 ‐ 37,232
Community Development Block Grant 66,154 ‐ 66,154
REET 2 Allowable Projects 425,658 ‐ 425,658
King County Prop. 1 Levy 457,486 ‐ 457,486
King County Prop. 2 Levy 201,048 ‐ 201,048
Unspent Library Bond Proceeds 11,830,837 ‐ 11,830,837
Parks, Fire, and Street Impact Mitigation Fees 3,054,566 ‐ 3,054,566
Wetlands Mitigation Bank 330,707 ‐ 330,707
State Fuel Tax 116,859 ‐ 116,859
Hotel/Motel Tax 249,828 ‐ 249,828
1% for Art 101,313 ‐ 101,313
Cable Franchise Fees 314,385 ‐ 314,385
Debt Service 1,639,891 2,909,578 4,549,469
Total Restricted Net Position $ 18,973,294 $ 2,909,578 $ 21,882,872
December 31, 2014
Restricted Net Position
2014 Comprehensive Annual Financial Report City of Renton, Washington
NOTES TO THE FINANCIAL STATEMENTS
Basic Financial Statements, 4‐25
majority vote of the City Council and must be replenished within three years. The balance at year
end totaled $4.3 million.
4. Annexation sales tax credit expiration/transition reserve: to help support debt service obligations
between the time the annexation sales tax credit expires (mid‐2018) and when the downtown
parking garage and library bond are paid (2022). Expenditures utilizing this reserve will require a
two‐thirds majority vote of the City Council. There was no accumulated balance at year end.
5. General obligation bond payment reserve: for all councilmatic, general obligation bonds issued
after 2013, a one year payment reserve shall be established. There have been no new general
obligation bond issuances since 2013.
E. REVENUES, EXPENDITURES, AND EXPENSES
1. Operating Revenues and Expenses
Proprietary funds distinguish operating revenues and expenses from non‐operating revenues and
expenses. Operating revenues and expenses generally result from providing services and producing and
delivering goods in connection with a proprietary fund’s principal ongoing operations. The principal
operating revenue of the waterworks utility, solid waste, airport, golf course, and internal service funds
are charges to customers for sales and services. The waterworks utility also recognizes water meter
installation fees, and wastewater and surface water construction permit fees as operating revenue
because these charges are intended to offset the cost of connecting new customers to the system.
Operating expenses for proprietary funds and internal service funds include the cost of sales and services,
administrative expenses, and depreciation of capital assets. All revenues and expenses not meeting this
definition are reported as non‐operating revenue and expense.
2. Program Revenue
Amounts reported as program revenue, on the government‐wide statement of activities, include: 1)
charges for customers or applicants who purchase, use, or directly benefit from goods, services, or
privileges provided by a given function and 2) grants and contributions that are restricted to meeting the
operational and capital needs of a given function. All taxes, included those dedicated to specific purposes,
are reported as general revenue rather than program revenue.
3. Capital Contributions
Capital contributions reported in the proprietary fund statements and the government‐wide statements
reflect the value of outside contributions of capital assets (i.e. developers, land donations, etc.) and grants
and contributions that are restricted to capital needs.
4. Interfund Activity
Exchange transactions between funds are reported as revenue in the selling fund and as an
expenditure/expense in the purchasing funds. On the government‐wide statement of activities, the
exchange transactions between the internal service funds and the user funds are eliminated. Flows of
cash or goods from one fund to another without a requirement of repayment are reported as interfund
transfers in/out. Interfund transfers in/out are reported as other financing sources/uses in the
governmental funds and following non‐operating revenues and expenses in the proprietary funds.
2014 Comprehensive Annual Financial Report City of Renton, Washington
NOTES TO THE FINANCIAL STATEMENTS
Basic Financial Statements, 4‐26
In the government‐wide statement of activities, transfers between governmental and business‐type
activities are reported as general revenue. Transfers between funds in governmental activities are
eliminated and transfers between funds in business‐type activities are eliminated.
5. Expenditures/Expenses
Expenses in the government‐wide statement of activities are reported by function as a governmental
activity (general government, judicial, public safety, utilities, transportation, economic environment,
health and human services, culture and recreation), interest on long‐term debt, or business‐type activity
(waterworks utility, airport, solid waste utility, or golf course). In the fund financial statements,
expenditures of governmental funds are classified by: function, debt service principal and interest
payments, or purchases of capital items. Proprietary expenditures are classified as operating or non‐
operating.
NOTE 2. COMPLIANCE AND ACCOUNTABILITY
The City of Renton budgets its funds under Generally Accepted Accounting Principles (GAAP) at the fund level.
Annual appropriated budgets are adopted for governmental funds on a biennial basis. Budgets for proprietary
funds are “management budgets” and are not legally required to be reported. Included in the Required
Supplemental Information and Combining Statements sections of the CAFR are schedules of revenues,
expenditures, and changes in fund balances (budget to actual) reporting the actual budgetary GAAP basis
verses actual GAAP basis of accounting for all legally adopted budgets. There have been no material violations
of finance‐related legal or contractual provisions, and there have been no expenditures exceeding legal
appropriations in any of the funds of the City. At year‐end 2014, the City of Renton noted the Solid Waste
Utility Fund exceeded its final adopted “management budget” by $648,602.
A. PROCEDURES FOR ADOPTING THE ORIGINAL BUDGET
The City of Renton’s biennial budget procedures are mandated by the Chapter 35A.33 of the Revised Code of
Washington (RCW). The steps in the budget process are as follows:
1. Prior to November 1, the Mayor submits a proposed budget to the City Council. This budget is based on
priorities established by the Council; estimates provided by the City departments during the preceding
months; balanced by revenue estimates made by the Mayor; and includes reserves for various
contingencies.
2. The City Council conducts public hearings on the proposed budget in November and December.
3. The Council makes their adjustments to the proposed budget and adopts, by ordinance, a final balanced
budget no later than December 31.
4. The final operating budget, as adopted, is published and distributed within the first four months of the
following year.
B. AMENDING THE BUDGET
The budget, as adopted, constitutes the legal authority for expenditures. The biennial budget is adopted with
budgetary control at the fund level, so expenditures may not legally exceed appropriations at that level of
detail. Transfers or revisions within funds are allowed, but only the City Council has the legal authority to
increase or decrease a given fund’s annual budget. This is accomplished by City ordinance. Adopted budgets
2014 Comprehensive Annual Financial Report City of Renton, Washington
NOTES TO THE FINANCIAL STATEMENTS
Basic Financial Statements, 4‐27
lapse at year‐end and must be re‐appropriated (carried forward) the next fiscal year. The budget was
amended six times during 2014.
Original budgeted inflows as compared to the final budgeted inflows are as follows:
Increase
Original Final (Decrease)
Budgeted Budgeted Budgeted
Fund Inflows Inflows Inflows
General Fund 95,631,907$ 103,054,870$ 7,422,963$
Arterial Street Fund 643,000 633,000 (10,000)
Hotel/Motel Tax Fund 265,000 265,000 ‐
1% for Art Fund 15,000 15,000 ‐
Cable Communications Development Fund 85,674 85,674 ‐
General Government Miscellaneous Debt Service Fund 7,988,023 8,340,863 352,840
Community Development Impact Mitigation Fund 60,000 60,000 ‐
Fire Impact Mitigation Fund 50,000 50,000 ‐
Transportation Impact Mitigation Fund 40,000 230,000 190,000
Municipal Facilities CIP Fund 1,380,000 7,689,827 6,309,827
General Government Capital Improvement Fund 6,027,000 20,187,845 14,160,845
Airport Fund 2,824,127 17,738,119 14,913,992
Solid Waste Utility Fund 16,419,820 16,419,820 ‐
Golf Course Fund 2,537,449 2,537,449 ‐
Waterworks Utility Fund 57,969,031 63,004,226 5,035,195
Equipment Repair and Replacement / Information
Technology / Facilities / Communications Fund 13,289,381 13,393,063 103,682
Insurance Fund 17,178,931 20,701,814 3,522,883
Firemen's Pension 300,000 300,000 ‐
TOTAL 222,704,343$ 274,706,570$ 52,002,226$
Original budgeted outflows as compared to the final budgeted outflows are as follows:
Increase
Original Final (Decrease)
Budgeted Budgeted Budgeted
Fund Outflows Outflows Outflows
General Fund 95,585,897$ 107,027,713$ 11,441,816$
Arterial Street Fund 650,000 810,000 160,000
Hotel/Motel Tax Fund 265,000 315,693 50,693
1% for Art Fund 50,000 50,000 ‐
Cable Communications Development Fund 85,674 85,674 ‐
Springbrook Wetlands Bank Fund ‐ 338,800 338,800
General Government Miscellaneous Debt Service Fund 7,988,023 8,400,863 412,840
Fire Impact Mitigation Fund 250,000 ‐ (250,000)
Transportation Impact Mitigation Fund 107,000 289,000 182,000
Municipal Facilities CIP Fund 1,380,000 30,990,451 29,610,451
General Government Capital Improvement Fund 6,026,590 21,445,432 15,418,842
South Lake Washington Infrastructure Project Fund ‐ 9,012 9,012
Airport Fund 2,798,074 19,197,065 16,398,991
Solid Waste Utility Fund 16,501,965 16,508,948 6,983
Golf Course Fund 2,554,357 2,715,919 161,562
Waterworks Utility Fund 56,070,962 68,696,935 12,625,973
Equipment Repair and Replacement / IT / Facilities /
Communications Fund 12,633,925 15,515,798 2,881,873
Insurance Fund 16,893,979 17,139,601 245,622
Firemen's Pension 225,475 225,475 ‐
TOTAL 220,066,920$ 309,762,377$ 89,695,457$
2014 Comprehensive Annual Financial Report City of Renton, Washington
NOTES TO THE FINANCIAL STATEMENTS
Basic Financial Statements, 4‐28
NOTE 3. DEPOSITS AND INVESTMENTS
A. Deposits
The City’s deposits and certificates of deposit are insured by the Federal Depository Insurance Corporation
(FDIC) and the State of Washington Public Deposit Protection Commission (WPDPC) Act of 1969.
The City’s deposits with the Local Government Investment Pool (LGIP) are managed by the Washington State
Office of the Treasurer. The LGIP is comparable to a Rule 2a7‐pool recognized by the Securities and Exchange
Commission. A 2a7‐like‐pool is an external investment pool that is not registered with the SEC as an
investment company but nevertheless has a policy that it will, and does, operate in a manner consistent with
the SEC’s Rule 2a7 of the Investment Company Act of 1940. Rule 2a7 allows SEC‐registered mutual funds to
use amortized cost, which approximates fair value, to report net assets and compute share prices.
Reconciliation to Statements of Net Position
Government‐wide Fiduciary Total
Cash $ 10,969,533 $ 2,244,454 $ 13,213,987
Restricted Cash 2,909,578 ‐ 2,909,578
Cash Equivalents (LGIP) 59,942,266 ‐ 59,942,266
Total Cash & Cash Equivalents 73,821,377 2,244,454 76,065,831
Investments 51,027,833 4,777,510 55,805,343
Total Investments 51,027,833 4,777,510 55,805,343
Total Cash & Investments $ 124,849,210 $ 7,021,964 $ 131,871,174
B. Investments
The City invests excess and inactive funds in accordance with the City’s Investment Policy (last updated and
approved on February 23, 2009), which complies with the guidelines within Chapter 35A.40.050 of the Revised
Code of Washington (RCW). This allows for investment of excess cash and inactive cash, directs that the
responsibility for determining available cash for investment is placed upon the department administering the
funds, and allows for pooling of the cash provided that the allocation of income is proportionate to the
investment of each fund. Currently, the City invests in obligations of the U.S. Government, U.S. agency issues,
and Certificates of Deposit with Washington State banks and savings and loan institutions as allowed by RCW.
Investments are shown on the Government‐Wide Statement of Net Position at fair value. Investments are
reported within Cash and Investments of Governmental Activities and within Cash and Cash Equivalents or
Investments of Business‐Type Activities.
2014 Comprehensive Annual Financial Report City of Renton, Washington
NOTES TO THE FINANCIAL STATEMENTS
Basic Financial Statements, 4‐29
As of December 31, 2014, the City of Renton had the following investments:
Security Type Cost Fair Value
Weighted
Ave Maturity Moody's S&P
Certificates of Deposit (within WPDPC) 18,058,940 18,058,940 0.09 Aaa AA+
Federal National Mortgage Association 3,745,000 3,731,518 0.25 Aaa AA+
Federal Home Loan Bank 15,506,405 15,456,288 0.20 Aaa AA+
Federal Home Loan Mortgage Corp 10,000,000 9,983,000 5.03 Aaa AA+
US Treasury STRIPS 1,868,832 3,089,725 0.23 Aaa AAA
FNMA ZERO COUPON STRIP 99,556 145,195 0.09 Aaa AA+
FHLB ZERO COUPON 4,849,350 4,846,017 0.27 Aaa AA+
FNMA ZERO COUPON 499,722 494,660 0.00 unrated unrated
TOTAL INVESTMENTS 54,627,805$ 55,805,343$
Credit risk. Credit Risk is the risk that an issuer or other counterparty to an investment will not fulfill its
obligations. Of the bonds held by the City, 44% are rated “Aaa” by Moody’s Investors Service and “AAA” by
Standard & Poor and 55% are rated “Aaa” by Moody’s Investors Service and “AA+” by Standard & Poor. All
certificates of deposit are insured by the FDIC up to $250,000 and, additionally, are 100% collateralized in the
multiple financial institution collateral pool administered by the Washington Public Deposit Protection
Commission (WPDPC).
Security Type
0‐6
months
6 months ‐
1 year
1‐3
years
3+
years Totals
Certificates of Deposit (within WPDPC) 5,000,000$ ‐$ 13,058,940$ ‐$ 18,058,940$
Federal National Mortgage Association ‐ ‐ ‐ 3,731,518 3,731,518
Federal Home Loan Bank ‐ ‐ 15,456,288 ‐ 15,456,288
Federal Home Loan Mortgage Corp ‐ ‐ 9,983,000 ‐ 9,983,000
US Treasury STRIPS ‐ 182,432 391,978 2,515,315 3,089,725
FNMA ZERO COUPON STRIP ‐ ‐ ‐ 145,195 145,195
FHLB ZERO COUPON ‐ ‐ 4,846,017 ‐ 4,846,017
FNMA ZERO COUPON ‐ ‐ ‐ 494,660 494,660
TOTAL INVESTMENTS 5,000,000$ 182,432$ 43,736,223$ 6,886,688$ 55,805,343$
Interest Rate Risk. Interest rate risk is the risk that changes in interest rates over time, adversely affecting the
fair value of an investment. The City’s portfolio is managed within the parameters established by the
Investment Policy, which limits the weighted average maturity of the portfolio to five years. Two of the City’s
FHLB bonds and one FHLMC bond have call provisions with call dates falling in the first six months of 2015.
The City’s Investment Policy directs that the standard of prudence for investment activities shall be the
Prudent Investor Standard that states: “Investments shall be made with judgment and care, under
circumstances then prevailing, which person of prudence, discretion, and intelligence would use in the
management of their own affairs, not for speculation, but for investment purposes, considering the probable
safety of their capital as well as the probable income to be derived.”
2014 Comprehensive Annual Financial Report City of Renton, Washington
NOTES TO THE FINANCIAL STATEMENTS
Basic Financial Statements, 4‐30
Concentration of Credit Risk. Concentration of credit risk is the risk of loss attributed to the magnitude of a
government’s investment in a single issuer. The City diversifies its investment instruments to avoid incurring
unreasonable risk inherent with the over‐investment of instruments and issuers using the following target
distribution as a guide during normal economic times while allowing flexibility when appropriate. The City has
certificate of deposits equal to 12% with First Savings Bank Northwest. As stated earlier these are 100%
collateralized and guaranteed by the State of Washington Public Deposit Protection Commission. The
remaining individual issuers are less than 5% of total investments or are otherwise excluded from this
disclosure due to the low risk nature of the investment.
Target Maximum per Policy
Instrument
Maximum
Issuer
Maximum
U.S. Treasuries 100% 100%
U.S. Agencies 75% 50%
Certificates of Deposit (within WPDPC) 75% 20%
Local Governmental Investment Pool (LGIP) 75% 75%
Commercial Paper 25% 5%
Custodial Credit Risk – investments. Custodial credit risk for investments is the risk that, in the event of the
failure of the counter party to a transaction, a government will not be able to recover the value of investment
or collateral securities that are in the possession of an outside party. All security transactions, including
collateral for repurchase agreements, entered into by the City are conducted on a delivery‐versus‐payment
(DVP) basis and are held in our safekeeping trust account with Bank of New York with terms negotiated by the
State of Washington.
NOTE 4. PROPERTY TAXES
The King County Finance Director acts as an agent to collect property taxes levied in the county for all taxing
authorities. Taxes are levied annually, January 1, on property value listed as of the prior August 31. Assessed
values are established by the King County Assessor at 100 percent of fair market value. A revaluation of all
property is required every two years; however, King County has the ability to revalue annually.
Property taxes levied by the King County Assessor and collected by the King County Finance Director become a
lien on the first day of the levy year and may be paid in two equal installments if the total amount exceeds
$30. The first half of real property taxes is due on April 30 and the balance is due October 31. Delinquent
taxes bear interest at the rate of 12 percent and are subject to additional penalties if not paid as scheduled.
No allowance for uncollectible taxes is established because delinquent taxes are considered fully collectible.
At year‐end, property taxes are recorded as a receivable with the portion not expected to be collected within
60 days offset by unavailable revenue. During the year, property tax revenues are recognized when cash is
received.
2014 Comprehensive Annual Financial Report City of Renton, Washington
NOTES TO THE FINANCIAL STATEMENTS
Basic Financial Statements, 4‐31
The tax rate for general City operations is limited to $3.10 per $1,000 of assessed value (RCW 84.52.043). This
reflects a reduction of $0.50 per $1,000 as a result of the annexation to the King County Library System. In
addition to this amount, up to $0.225 (22.5 cents) per $1,000 may be designated for contribution to the
Firefighters’ Pension Fund. If a report by a qualified actuary on the condition of the Firefighters’ Pension Fund
establishes that this amount (or portion of) is not necessary to maintain the actuarial soundness of the fund,
the amount can be used for any other municipal purpose (RCW 41.16.060).
The tax rate limit may be reduced for any of the following reasons:
1. The Levy Limit: the levy limit calculation applies to a taxing district’s budget, and not to increases in
the assessed value or tax bill of individual properties. Initiative 747 which restricted individual taxing
districts from collecting, in any year, more than a one percent increase in their regular, non‐voted, levy
over the highest levy amount since 1985 was overturned by the courts. However, during 2007, the state
legislature reinstated this limit with the passage of HB2416. New construction, annexations, and excess
levies approved by the voters are not included in the levy limit calculation. If the assessed valuation
increases by more than one percent due to revaluation, the levy rate will be decreased.
2. The One Percent Constitution Limit: The Washington State Constitution limits the regular (non‐voted)
combined property tax rate applied to an individual’s property to one percent ($10 per $1,000) on the
market valuation. Voters may approve special levies that are added to this figure. If the taxes of all
districts exceed this amount, each is proportionately reduced until the total is at or below the one percent
limit.
3. The City may voluntarily levy taxes below the legal limit.
Special levies approved by the voters are not subject to the above limitations. There is currently no excess
levy for General Obligation Bond debt. The City’s regular levy per the King County Assessor’s 2014 Annual
Report is $3.15. This is due to the City incurring a levy correction that started in 2014 and will last for 3 years.
NOTE 5. CAPITAL ASSETS AND DEPRECIATION
Depreciation and amortization was charged to the functions as follows:
Depreciation Amortization Total
General Government $ 1,066,185 $ 14,460 1,080,645$
Judicial ‐ 6,700 6,700
Public Safety 799,612 1,529 801,141
Physical Environment 460,939 32,597 493,536
Transportation 4,529,570 11,657 4,541,227
Economic Development 496,689 ‐ 496,689
Culture and Recreation 1,391,896 4,411 1,396,307
Health and Human Services 45,448 ‐ 45,448
Internal Service Funds (General Governmental) 1,978,012 171,846 2,149,858
$ 10,768,351 $ 243,200 $ 11,011,551
Depreciation Amortization Total
Waterworks $ 7,831,820 $ 50,009 7,881,829$
Airport 495,902 ‐ 495,902
Golf Course 255,387 ‐ 255,387
$ 8,583,109 $ 50,009 $ 8,633,118
Total‐Governmental Activities
Total‐Business‐Type Activities
Governmental Activities
Business‐Type Activities
2014 Comprehensive Annual Financial Report City of Renton, Washington
NOTES TO THE FINANCIAL STATEMENTS
Basic Financial Statements, 4‐32
Capital asset activity for the year ended December 31, 2014 was as follows:
Beginning Ending
Balance Increases Decreases Reallocation Balance
Governmental activities :
Capital assets, not being depreciated:
Land and land improvements $ 192,865,483 $ 3,490,024 $ 10,098 $ 7,303,750 $ 203,649,159
Construction in progress 76,319,894 14,212,880 14,281 (48,679,770) 41,838,723
Total capital assets, not being depreciated 269,185,377 17,702,904 24,379 (41,376,020) 245,487,882
Capital assets, being depreciated:
Buildings and structures 96,273,552 596,815 665,047 (927,758) $ 95,277,562
Other improvements 208,661,289 2,394,067 198,936 42,199,065 253,055,485
Machinery and equipment 37,169,101 1,540,048 2,946,037 104,713 35,867,825
Total capital assets being depreciated 342,103,942 4,530,930 3,810,020 41,376,020 384,200,872
Less accumulated depreciation for:
Buildings and structures 35,959,876 2,309,563 463,396 ‐ $ 37,806,043
Other improvements 71,396,682 6,058,017 198,936 ‐ 77,255,763
Machinery and equipment 25,924,605 2,400,771 2,900,316 ‐ 25,425,060
Total accumulated depreciation 133,281,163 10,768,351 3,562,648 ‐ 140,486,866
Total capital assets, being depreciated, net 208,822,779 (6,237,421) 247,372 41,376,020 243,714,006
Intangible Assets:
Intangible assets, being amortized 5,636,801 ‐ 87,006 ‐ 5,549,795
Less accumulated amortization 4,882,112 243,200 87,006 ‐ 5,038,306
Total intangible asset, being amortized, net 754,689 (243,200) ‐ ‐ 511,489
Total Intangible assets 754,689 (243,200) ‐ ‐ 511,489
Governmental activities capital assets, net $ 478,762,845 $ 11,222,283 $ 271,751 $ ‐ $ 489,713,377
Business‐type activities:
Capital assets, not being depreciated:
Land and land improvements $ 6,165,321 $ ‐ $ 1,855 $ ‐ $ 6,163,466
Construction in progress 19,231,838 7,641,203 17,655 (6,534,277) 20,321,109
Total capital assets, not being depreciated 25,397,159 7,641,203 19,510 (6,534,277) 26,484,575
Capital assets, being depreciated:
Buildings and structures 17,195,907 394,717 130,651 ‐ 17,459,973
Other improvements 358,538,650 11,600,393 5,112,447 6,534,277 371,560,873
Machinery and equipment 6,255,199 193,439 3,974,915 ‐ 2,473,723
Total capital assets being depreciated 381,989,756 12,188,549 9,218,013 6,534,277 391,494,569
Less accumulated depreciation for:
Buildings and structures 6,894,572 427,954 130,651 ‐ 7,191,875
Other improvements 118,449,059 8,055,475 4,646,739 ‐ 121,857,795
Machinery and equipment 5,729,060 99,676 3,974,915 ‐ 1,853,821
Total accumulated depreciation 131,072,691 8,583,109 8,752,305 ‐ 130,903,491
Total capital assets, being depreciated, net 250,917,065 3,605,440 465,708 6,534,277 260,591,078
Intangible Assets:
Intangible assets, not being amortized 811,000 ‐ ‐ ‐ 811,000
Intangible assets, being amortized 527,222 ‐ ‐ ‐ 527,222
Less accumulated amortization 103,757 50,009 ‐ ‐ 153,766
Total intangible asset, being amortized, net 423,465 (50,009) ‐ ‐ 373,456
Total Intangible assets 1,234,464 (50,009) ‐ ‐ 1,184,455
Business‐type activities capital assets, net $ 277,548,688 $ 11,196,634 $ 485,218 $ ‐ $ 288,260,108
2014 Comprehensive Annual Financial Report City of Renton, Washington
NOTES TO THE FINANCIAL STATEMENTS
Basic Financial Statements, 4‐33
At the end of 2014, a total of 55 projects comprise the Construction in Progress. Upon completion, the
projects will be reallocated to their appropriate categories.
Construction commitments as of December 31, 2014, are as follows:
Governmental Activities Projects:
Construction
in progress
Remaining
Commitment
S 7TH ST 218,424$ 170,658$
LOGAN AVE S 858,631 284,032
GARDEN AVE N WIDENING 2,920,072 130,916
HIGHLANDS LIBRARY 1,897,585 9,468,759
LAKE WASHINGTON LOOP TRAIL 254
HIGHLANDS TO LANDING 2,303,338 346,699
NE 31ST ST CULVERT 1,103,712 ‐
SUNSET BLVD CORRIDOR 2,191 ‐
NEW SIGNAL @ NE 4TH ST 160,427 ‐
MAIN AVE S DOWNTOWN CIRCLE 41,385 ‐
CARR ROAD IMPROVEMENTS 65,787 230,000
NEW SIGNAL @ DUVALL AVE NE 33,449 ‐
RECORDS MGMT SYSTEM‐LASERFICHE CITYWIDE 108,363 ‐
STRANDER BLVD ‐ SW 27TH ST CONNECT 24,870,644 578,966
FAWCETT ACQUISITION 55 ‐
CEDAR RIVER LIBRARY 3,756,288 8,182,343
MAPLEWOOD BASKETBALL COURT PAVEMENT REPLACEMENT 1,658
200 MILL BLDG FIRST FLOOR AMAZING GRACE 399,228
SUNSET EIS PARK LAND 2,644,381
CEDAR RIVER LIBRARY/LIBERTY PARK PLAYGROUND 7,228
SENIOR CENTER LIGHTING PROJECT 19,584
HIGHLANDS PARK LIGHTING PROJECT 7,900
CITY WORKS PROJECT 27,150 19,460
RIVERVIEW BRIDGE REPLACEMENT 363,737 99,102
COULON PARK PAVER REPLACEMENT 2,130 92,465
UPGRADE OF COUNCIL CHAMBERS TO HD 6,490 ‐
LIBERTY PARK IMPROVEMENTS 18,632 ‐
Total governmental activities 41,838,723$ 19,603,400$
Business‐Type Activities Projects:
TAXIWAY ALPHA REHAB 5,680$ 16,398$
LOWER BLAST FENCE 484,723 864,796
HIGHLANDS 435 RESERVOIR REPLACEMENT 206,988 151,615
TELEMETRY IMPROVEMENT 319,282 16,100
RENTON HILL MAIN REPLACEMENT 33,250 58,190
N 30TH ST/BURNETT AVE N 32,741 2,169
TALBOT HILL 114,127 183,223
HARDIE AVE UNDERPASS STORM SYSTEM IMPROVEMENT 2,363,960 ‐
MAPLEWOOD PUMP STATION ROOF REPLACEMENT 3,791 21,008
LOGAN AVE WATER MAIN 3,593 ‐
MAPLEWOOD EQUIPMENT ACCESS & H2S MITIGATION 148,106 99,286
HIGHLANDS WATER MAIN IMPROVEMENT 204,751 236,279
RENTON AEROSPACE TRAINING CENTER 494,262 1,231,007
TAXIWAY BRAVO REHAB 10,703,302 45,191
AIRPORT LIFT STATION REHAB 1,185,828 75,007
HARRINGTON AVE NE GREEN CONNECTIONS 928,120 4,239
WATER SYSTEM SECURITY 48,815 ‐
MAPLEWOOD CREEK BASIN STORM IMPROVEMENT 121,525 20,483
600 BLDG NEW BATHROOM INSTALL 941
PIPER'S BLUFF LIFT STATION 2,408 ‐
THUNDER HILLS SANITARY 195,509 205,937
S 132ND ST SEWER EXTENSION 450,595 17,040
CENTRAL RENTON 115,497 2,850
DEVELOP ACCESS ROAD ‐ ABERDEEN APARTMENTS 123,998 75,561
RENTON HILL DEEP MANHOLE 172,093 52,426
NE 5TH & EDMONDS STORM SYSTEM 1,555,893 154,964
SUNSET TERRACE REGIONAL STORMWATER FACILITY 180,924 42,138
HARRINGTON AVE RETROFIT 120,407 ‐
Total business ‐type activities 20,321,109$ 3,575,907$
2014 Comprehensive Annual Financial Report City of Renton, Washington
NOTES TO THE FINANCIAL STATEMENTS
Basic Financial Statements, 4‐34
NOTE 6. PENSION PLANS
With the exception of firefighters employed prior to March 1, 1970, substantially all City’s full‐time and
qualifying part‐time employees participate in one of the following statewide retirement systems administered
by the Washington State Department of Retirement Systems, under cost‐sharing multiple‐employer public
employee defined benefit and defined contribution retirement plans. The Department of Retirement Systems
(DRS), a department within the primary government of the State of Washington, issues a publicly available
comprehensive annual financial report (CAFR) that includes financial statements and required supplementary
information for each plan. The DRS CAFR may be obtained by writing to: Department of Retirement Systems,
Communications Unit, P.O. Box 48380, Olympia, WA 98504‐8380; or it may be downloaded from the DRS
website at www.drs.wa.gov.
The City is the administrator of the Firefighters’ Pension Plan for all firefighters employed prior to March 1,
1970. The Firefighters’ Pension Plan is included within the City of Renton’s statements as a pension trust fund.
There is no separate GAAP‐based audited report. A schedule of employer contributions, prepared by
Milliman, Inc. is included in the Required Supplemental Information section. Additional information from the
actuarial report prepared for the Firefighter Pension Plan, by Milliman, Inc., may be obtained by contacting the
City of Renton, Finance Division, 1055 South Grady Way, Renton, WA 98057.
A. PUBLIC EMPLOYEES’ RETIREMENT SYSTEM (PERS) PLANS 1, 2, AND 3
Plan Description
PERS was established by the state legislature in 1947 under the Revised Code Washington (RCW) Chapter
41.40. PERS is a multiple‐employer cost‐sharing retirement system. Membership in the system includes:
elected officials; state employees; employees of the Supreme, Appeals, and Superior courts (other than judges
currently in a judicial retirement system); employees of legislative committees; community and technical
colleges, college and university employees not participating in national higher education retirement programs;
judges of district and municipal courts; and employees of local governments.
PERS consists of three plans. PERS participants, who joined the PERS system by September 30, 1977, are Plan 1
members. Those who joined on or after October 1, 1977; and by either, February 28, 2002 for state and
higher education employees, or August 31, 2002 for local government employees, are Plan 2 members unless
they exercise an option to transfer their membership to Plan 3. PERS participants joining the system on or
after March 1, 2002 for state and higher education employees, or September 1, 2002 for local government
employees, have the irrevocable option of choosing membership in either PERS Plan 2 or PERS Plan 3. The
option must be exercised within 90 days of employment. An employee is reported in Plan 2 until a choice is
made. Employees who fail to choose within 90 days default to PERS Plan 3. Notwithstanding, PERS Plan 2 and
Plan 3 members may opt out of plan membership if terminally ill, with less than five years to live.
PERS is a defined benefit plan and is financed from a combination of investment earnings and employer and
employee contributions. PERS retirement benefit provisions are established in state statute and may be
amended only by the State Legislature.
2014 Comprehensive Annual Financial Report City of Renton, Washington
NOTES TO THE FINANCIAL STATEMENTS
Basic Financial Statements, 4‐35
PERS Plan 1 members are vested after the completion of five years of eligible service. Plan 1 members are
eligible for retirement at any age after 30 years of service, or at age 60 with five years of service, or at age 55
with 25 years of service. The annual benefit is two percent of the average final compensation (AFC) per year
of service, capped at 60 percent. (The AFC is based on the greatest compensation during any 24 eligible
consecutive compensation months.) Plan 1 members who retire from inactive status prior to the age of 65
may receive actuarially reduced benefits. The benefit is actuarially reduced to reflect the choice of a survivor
option. A cost‐of‐living allowance (COLA) is granted at age 66 based on years of service credit times the COLA
amount, increased by three percent annually. Plan 1 members may also elect to receive an additional COLA
amount that provides an automatic annual adjustment based on the Consumer Price Index. To offset the cost
of this annual adjustment, the benefit is reduced.
PERS Plan 2 members are vested after completion of five years of eligible service. Plan 2 members may retire
at age 65 with five years of service with an allowance of two percent of the AFC per year of service. (The AFC
is based on the greatest compensation during any eligible consecutive 60‐month period.) Plan 2 members
who retire prior to the age of 65 receive reduced benefits. If retirement is at 55 or older with at least 30 years
of service, a three percent per year reduction applies; otherwise an actuarial reduction will apply. The benefit
is also actuarially reduced to reflect the choice of a survivor option. There is no cap on years of service credit;
and a cost‐of‐living allowance is granted (based on the Consumer Price Index), capped at three percent
annually.
PERS Plan 3 has a dual benefit structure. Employer contributions finance a defined benefit component, and
member contributions finance a defined contribution component. The defined benefit portion provides a
benefit calculation at one percent of the AFC per year of service. (The AFC is based on the greatest
compensation during any eligible consecutive 60‐month period.) Effective June 7, 2006, Plan 3 members are
vested in the defined benefit portion of their plan after ten years of service; or after five years if twelve
months were earned after age 44; or after five service credit years earned in PERS 2 prior to June 1, 2003.
Plan 3 members are immediately vested in the defined contribution portion of their plan. Vested Plan 3
members are eligible to retire with full benefits at age 65, or at age 55 with 10 years of service. Plan 3
members who retire prior to age 65 receive reduced benefits. If retirement is at age 55 or older with at least
30 years of service, a three percent per year reduction applies; otherwise an actuarial reduction will apply.
The benefit is also actuarially reduced to reflect the choice of a survivor option. There is no cap on years of
service credit; and Plan 3 provides the same cost‐of‐living allowance as Plan 2.
Judicial Benefit Multiplier
Beginning January 1, 2007 through December 31, 2007 judicial members of PERS were given the choice to
participate in the Judicial Benefit Program (JBM). Justices and judges in PERS 1 and 2 may make a one‐time
irrevocable election to pay increased contributions that would fund a retirement benefit with a 3.5%
multiplier. The benefit would be capped at 75% of AFC. Judges in PERS Plan 3 can elect a 1.6% of pay per year
of service benefit, capped at 37.5% of average compensation.
2014 Comprehensive Annual Financial Report City of Renton, Washington
NOTES TO THE FINANCIAL STATEMENTS
Basic Financial Statements, 4‐36
Members who choose to participate in JBM will accrue service credit at a higher multiplier beginning with the
date of their election, be subject to the benefit cap of 75% of AFC, pay higher contributions, stop contributing
to the Judicial Retirement Account (JRA), and be given the option to increase the multiplier on past judicial
service. Members who do not choose to participate will: continue to accrue service credit at the regular
multiplier; continue to participate in JRA, if applicable; never be a participant in the JBM Program; and
continue to pay contributions at the regular PERS rate.
Newly elected or appointed justices and judges who chose to become PERS members on or after January 1,
2007, or who have not previously opted into PERS membership, were required to participate in the JBM
Program. Members required into the JBM program would: return to prior PERS Plan if membership had
previously been established; be mandated into Plan 2 and not have a Plan 3 transfer choice, if a new PERS
member; accrue the higher multiplier for all judicial service; not contribute to JRA; and not have the option to
increase the multiplier for past judicial service.
Membership in PERS consisted of the following as of the latest actuarial valuation date for the plans of June
30, 2013:
Retirees and beneficiaries receiving benefits 85,328
Terminated plan members entitled to but not yet receiving benefits 31,047
Active plan members vested 107,073
Active plan members non‐vested 43,633
Total 267,081
PERS Membership
Following is a summary of the number of government employers participating in PERS as of June 30, 2014.
Number of Participating Employers
Plan
State
Agencies
School
Districts
Counties/
Municipalities
Other Political
Subdivisions
Total
Members
PERS 1 128 212 147 147 634
PERS 2 169 ‐ 275 490 934
PERS 3 158 ‐ 209 306 673
Total 455 212 631 943 2,241
Funding Policy
Each biennium, the state Pension Funding Council adopts Plan 1 employer contribution rates, Plan 2 employer
and employee contributions rates, and Plan 3 employer contribution rates. Employee contribution rates for
Plan 1 are established by statute at six percent for state agencies and local government unit employees, and
7.5 percent for state government elected officials. The employer and employee contribution rates for Plan 2
and the employer contribution rate for Plan 3 are developed by the Office of the State Actuary to fully fund
Plan 2 and the defined benefit portion of Plan 3. All employers are required to contribute at the level
established by the Legislature.
2014 Comprehensive Annual Financial Report City of Renton, Washington
NOTES TO THE FINANCIAL STATEMENTS
Basic Financial Statements, 4‐37
Under PERS 3, employer contributions finance the defined benefit portion of the plan, and member
contributions finance the defined contribution portion. The Employee Retirement Benefits Board sets Plan 3
employee contribution rates. Six rate options are available ranging from 5 to 15 percent; two of the options
are graduated rates dependent on the employee’s age. As a result of the implementation of the Judicial
Benefit Multiplier Program in January 2007, a second tier of employer and employee rates was developed to
fund, along with investment earnings, the increased retirement benefits of those justices and judges that
participate in the program. The methods used to determine the contribution requirements are established
under state statute in accordance with Chapters 41.40 and 41.45 RCW.
The required contribution rates expressed as a percentage of current‐year covered payroll, as of December 31,
2014, were as follows:
Members not participating in JBM:
Contributor PERS Plan 1P E R S Plan 2P E R S Plan 3
Employer* 9.21% 9.21% 9.21%
Employee 6.00% 4.92% **
*T h e employer rates include the employer administrative expense fee currently set at 0.18%.
** Variable from 5% to 15% based on rate selected by the member.
Contribution Rates ‐ Members not participating in JBM
Members participating in JBM:
Contributor PERS Plan 1P E R S Plan 2P E R S Plan 3
Employer‐State Agency* 11.71% 11.71% 11.71%**
Employer‐Local Govt.* 9.21% 9.21% 9.21%**
Employee ‐State Agency 9.76% 9.80% 7.50%***
Employee ‐Locat Govt. 12.26% 12.30% 7.50%***
*T h e employer rates include the employer administrative expense fee currently set at 0.18%.
** Plan 3 defined benefit portion only.
*** Minimum rate.
Contribution Rates ‐ Members participating in JBM
The City’s required contributions for years ended December 31, were as follows:
Year PERS Plan 1P E R S Plan 2P E R S Plan 3J B M Plan 2
2014 46,981$ 2,323,664$ 404,386$ 13,061$
2013 37,139 2,033,876 346,182 11,229
2012 42,163 1,773,371 313,631 9,867
Employer Required Contributions
The employees’ contributions for years ended December 31, were as follows:
Year PERS Plan 3
2014 323,663$
2013 312,550
2012 325,473
Employee Contributions
2014 Comprehensive Annual Financial Report City of Renton, Washington
NOTES TO THE FINANCIAL STATEMENTS
Basic Financial Statements, 4‐38
B. LAW ENFORCEMENT OFFICERS’ AND FIREFIGHTERS’ RETIREMENT SYSTEM (LEOFF) PLANS 1 AND 2
Plan Description
LEOFF is a cost‐sharing multiple‐employer retirement system comprised of two separate defined benefit plans.
LEOFF participants who joined the system by September 30, 1977, are Plan 1 members. Those who joined on
or after October 1, 1977, are Plan 2 members. Membership in the system includes all full‐time, fully
compensated; local law enforcement officers, firefighters and as of July 24, 2005, those emergency medical
technicians who were given the option and chose LEOFF Plan 2 membership. LEOFF membership is comprised
primarily of non‐state employees, with the Department of Fish and Wildlife enforcement officers, who were
first included prospectively effective July 27, 2003, being an exception.
Effective July 1, 2003, the LEOFF Plan 2 Retirement Board was established by Initiative 790 to provide
governance of LEOFF Plan 2. The Board’s duties include adopting contribution rates and recommending policy
changes to the Legislature for the LEOFF Plan 2 retirement plan.
LEOFF defined benefit retirement benefits are financed from a combination of investment earnings, employer
and employee contributions, and a special funding situation in which the state pays through state legislative
appropriations. LEOFF retirement benefit provisions are established in state statute and may be amended by
the State Legislature.
LEOFF Plan 1 members are vested after the completion of five years of eligible service. Plan 1 members are
eligible for retirement with five years of service at the age of 50. The benefit per year of service calculated as
a percent of final average salary (FAS) is as follows:
Term of Service
Percent of Final
Average Salary
20 or more years 2.0%
10 but less than 20 years 1.5%
5 but less than 10 years 1.0%
The FAS is the basic monthly salary received at the time of retirement, provided a member has held the same
position or rank for 12 months preceding the date of retirement. Otherwise, it is the average of the highest
consecutive 24 months’ salary within the last ten years of service. A cost‐of‐living allowance is granted
(indexed to the Consumer Price Index).
LEOFF Plan 2 members are vested after the completion of five years of eligible service. Plan 2 members may
retire at the age of 50 with 20 years of service, or at age 53 with five years of service, with an allowance of two
percent of the FAS per year of service. The FAS is based on the highest consecutive 60 months. Plan 2
members who retire prior to age 53 receive reduced benefits. Benefits are actuarially reduced for each year
that the benefit commences prior to age 53 and to reflect the choice of a survivor option. If the member has
at least 20 years of service credit and is age 50, the reduction is three percent for each year prior to age 53.
There is no cap on years of service credit; and a cost‐of‐living allowance is granted (indexed to the Consumer
Price Index), capped at three percent annually.
2014 Comprehensive Annual Financial Report City of Renton, Washington
NOTES TO THE FINANCIAL STATEMENTS
Basic Financial Statements, 4‐39
Membership in LEOFF consisted of the following as of the latest actuarial valuation date for the plans of June
30, 2013:
Retirees and beneficiaries receiving benefits 10,511
Terminated plan members entitled to but not yet receiving benefits 699
Active plan members vested 14,532
Active plan members non‐vested 2,298
Total 28,040
LEOFF Membershi p
Following is a summary of the number of government employers participating in LEOFF as of June 30, 2014.
Number of Participating Employers
Plan
State
Agencies
School
Districts
Counties/
Municipalities
Other Political
Subdivisions
Total
Members
LEOFF 1 ‐ ‐ 36 9 45
LEOFF 28 ‐ 204 157 369
Total 8 ‐ 240 166 414
Funding Policy
Starting on July 1, 2000, LEOFF Plan 1 employers and employees will contribute zero percent as long as the
plan remains fully funded. Employer and employee contribution rates are developed by the Office of the State
Actuary to fully fund the plan. LEOFF Plan 2 employer and employees are required to pay at the level adopted
by the LEOFF Plan 2 Retirement Board. All employers are required to contribute at the level required by state
law. The Legislature, by means of a special funding arrangement, appropriated money from the state General
Fund to supplement the current service liability and fund the prior service cost of LEOFF Plan 2 in accordance
with the requirements of the Pension Funding Council and the LEOFF Plan 2 Retirement Board. However, this
special funding situation is not mandated by the state constitution and this funding requirement could be
returned to the employers by a change in statute.
The required contribution rates expressed as a percentage of current‐year covered payroll, as of December 31,
2014, were as follows:
Contributor LEOFF Plan 1L E O F F Plan 2
Employer* 0.18% 5.23%
Employee 0.00% 8.41%
*
LEOFF Contribution Rates
The employer rates include the employer administrative expense
fee currently set at 0.18%.
2014 Comprehensive Annual Financial Report City of Renton, Washington
NOTES TO THE FINANCIAL STATEMENTS
Basic Financial Statements, 4‐40
Both the City and the employees made the required contributions. The City’s required contributions for years
ended December 31, were as follows:
Year LEOFF Plan 1L E O F F Plan 2
2014 199$ 1,413,896$
2013 288 1,357,292
2012 395 1,364,670
Employer Required Contributions
C. PUBLIC SAFETY EMPLOYEE’S RETIREMENT SYSTEM (PSERS) PLAN 2
Plan Description
PSERS is a cost‐sharing multiple‐employer retirement system comprised of a single defined benefit plan, PSERS
Plan 2. PSERS was created by the 2004 legislature and became effective July 1, 2006. PSERS Plan 2
membership includes full‐time employees of a covered employer on or before July 1, 2006, who met at least
one of the PSERS eligibility criteria, and elected membership during the election period of July 1, 2006 to
September 30, 2006; and those full‐time employees, hired on or after July 1, 2006 by a covered employer, that
meet at least one of the PSERS eligibility criteria.
A covered employer is one that participates in PSERS. Covered employers include: State of Washington
agencies: Department of Corrections, Department of Natural Resources, Parks and Recreation Commission,
Gambling Commission, Washington State Patrol, Liquor Control Board; Washington state counties; and
Washington state cities except for Seattle, Tacoma and Spokane; and corrections entities formed by PSERS
employers under the Interlocal Cooperation Act.
To be eligible for PSERS, an employee must work on a full‐time basis and meet at least one of the following
eligibility criteria:
Have completed a certified criminal justice training course with authority to arrest, conduct criminal
investigations, enforce that criminal laws of Washington, and carry a firearm as part of the job; or
Have primary responsibility to ensure the custody and security of incarcerated or probationary
individuals; or
Function as a limited authority Washington peace officer, as defined in RCW 10.93.020; or
Have primary responsibility to supervise eligible members who meet the above criteria.
PSERS defined retirement benefits are financed from a combination of investment earnings and employer and
employee contributions. PSERS retirement benefit provisions are established in state statue and may be
amended only by the State Legislature.
2014 Comprehensive Annual Financial Report City of Renton, Washington
NOTES TO THE FINANCIAL STATEMENTS
Basic Financial Statements, 4‐41
PSERS Plan 2 members are vested after the completion of five years of eligible service. Plan 2 members may
retire at the age of 65 with five years of service, or at the age of 60 with at least ten years of PSERS service
credit, with an allowance of two percent of the average final compensation (AFC) per year of service. The AFC
is the monthly average of the member’s 60 consecutive highest‐paid service credit months, excluding any
severance pay such as lump‐sum payments for deferred sick leave, vacation or annual leave. Plan 2 retirees
who retire prior to the age of 60 receive reduced benefits. If retirement is at age 53 or older with at least 20
years of service, a three percent per year reduction for each year between the age at retirement and age 60
applies. There is no cap on years of service credit; and a cost‐of‐living allowance is granted (based on the
Consumer Price Index), capped at three percent annually.
Membership is PSERS consisted of the following as of the latest actuarial valuation date for the plan of June
30, 2013:
Retirees and beneficiaries receiving benefits 43
Terminated plan members entitled to but not yet receiving benefits 119
Active plan members vested 2,784
Active plan members non‐vested 1,729
Total 4,675
PSERS Membershi p
Following is a summary of the number of government employers participating in PSERS as of June 30, 2014.
Number of Participating Employers
Plan
State
Agencies
School
Districts
Counties/
Municipalities
Other Political
Subdivisions
Total
Members
PSERS 9 ‐ 65 1 75
Funding Policy
Each biennium, the state Pension Funding Council adopts PSERS Plan 2 employer and employee contribution
rates. The employer and employee contribution rates for Plan 2 are developed by the Office of the State
Actuary to fully fund Plan 2. All employers are required to contribute at the level established by the
Legislature. The methods used to determine the contribution requirements are established under state
statute in accordance with Chapters 41.37 and 41.45 RCW.
The required contribution rates expressed as a percentage of current year covered payroll, as of December 31,
2014 were as follows:
Contributor PSERS Plan 2
Employer* 10.54%
Employee 6.36%
*
PSERS Contribution Rates
The employer rates include the employer administrative expense
fee currently set at 0.18%.
2014 Comprehensive Annual Financial Report City of Renton, Washington
NOTES TO THE FINANCIAL STATEMENTS
Basic Financial Statements, 4‐42
Both the City and the employees made the required contributions. The City’s required contributions for years
ended December 31, were as follows:
Year PSERS Plan 2
2014 13,550$
2013 11,925
2012 16,854
Employer Required Contributions
D. FIREFIGHTERS’ PENSION
The City adopted GASB Statement No. 67, Financial Reporting for Pensions, for the fiscal year ending
December 31, 2014.
Plan Description
The Firefighters’ Pension Plan (Plan) is a closed, single‐employer defined benefit pension plan administered by
the City of Renton through the firefighter’s pension board. The plan provides pensions for firefighters that
were employed prior to March 1, 1970, when the LEOFF retirement system was established.
The firefighters’ pension board consists of five members: the Mayor who serves as chair of the board, the
chairperson of the Council Finance Committee, and three members elected by secret ballot of the retired
firefighters for two‐year terms.
Plan Membership – Membership is limited to active members of the Firefighters’ Pension Fund (FPF) as of
March 1, 1970. On that date, the Washington Law Enforcement Officers’ and Firefighters’ System (LEOFF) was
established. The plan is closed to new members. At December 31, 2014 FPF membership consisted of the
following:
Retirees and beneficiaries receiving benefits 24
Retirees and beneficiaries currently receiving full retirement through LEOFF 7
Active plan members vested ‐
Active plan members non‐vested ‐
Total 31
Fire Pension Membership
Benefits – Benefit terms are in statutes RCW 41.16, 41.18, and 41.26. FPF provides retirement, disability, and
death benefits. Each firefighter in service on March 1, 1970 receives the greater of the benefit payable under
the Washington Law Enforcement Officers’ and Firefighters’ Retirement (LEOFF) System and the benefits
available under the provisions of prior law. Where benefits under the old law exceed those under the new law
for any firefighter, the excess benefits are paid from the FPF of the city employing the member on March 1,
1970.
2014 Comprehensive Annual Financial Report City of Renton, Washington
NOTES TO THE FINANCIAL STATEMENTS
Basic Financial Statements, 4‐43
All members are retired and drawing benefits. Benefit terms provide for cost‐of‐living adjustments to each
member’s retirement benefit. There are two types of increases: escalation by salary in proportion to current
salary of rank from which the firefighter retired or increase proportionate to the increase in the Seattle‐area
consumer price index, with the change computed annually. Regardless of the change in the consumer price
index, such increase shall be at least two percent each year. The former applies to firefighters who retired
from service after 1969, their survivors, and to firefighters who retired for duty disability (but not their
survivors) after 1961. The latter applies to all other types of monthly benefits. Benefits and refunds of the
Plan are recognized when due and payable in accordance with the terms of the Plan. For 2014, $204,405 was
paid for pension benefit payments.
Contributions – As long as the FPF provides for benefits to covered members, the City will be eligible to receive
a share of the State’s distribution of the fire insurance premium taxes. The amount the City receives is 25% of
all monies received by the State from taxes on fire insurance premiums. Contributions can also come from
taxes paid pursuant to the provisions of RCW 41.16.060. This stature requires that each municipality levy up
to $0.45 (only $0.225 of which can be in excess of the property tax limit pursuant to RCW84.52.043) per
$1,000 of assessed valuation, based on reports by a qualified actuary, to maintain the fund.
Concentrations – For the year ended December 31, 2014, 8% of the plan’s fiduciary net position was invested
in Federal National Mortgage Association agency bonds. These are they only investments that exceed 5% of
the pension plans net position, not issued or explicitly guaranteed by the U.S. Government.
The employer contributions to the Plan for 2014 include $142,706 from fire insurance premiums and $331,974
in investment income from Plan assets.
Investments
Investment Policy – The pension plan’s policy in regard to the allocation of invested assets is established and
may be amended by a majority vote of its members. It is the policy of the FPF board to pursue an investment
strategy that emphasizes prudent and professional standards. The primary investment requirements, in order
of priority, are: safety, compliance, liquidity, and return on investment. The Board has designated daily
operations, internal controls, and investment decisions to the City’s finance director. No significant investment
policy changes were made during the reporting year. Fair value of investments is determined by the quoted
market prices.
Rate of Return – For the year ended December 31, 2014, the annual money‐weighted rate of return on
pension plan investments, net of pension plan investment expense, was 4.31%. The money‐weighted rate of
return expresses investment performance, net of investment expense, adjusted for the changing amount
actually invested.
2014 Comprehensive Annual Financial Report City of Renton, Washington
NOTES TO THE FINANCIAL STATEMENTS
Basic Financial Statements, 4‐44
Net Pension Liability
The components of the net pension liability of the City at December 31, 2014 were as follows:
Total pension liability 3,220,653$
Plan fiduciary net position 9,467,775
City's net pension liability (6,247,122)$
Plan fiduciary net position as a percentage of the total
pension liability 293.97%
Actuarial Assumptions
An actuarial valuation is done every two years and was completed as of January 1, 2015. The net pension
liability has been determined based on the measurement date of December 31, 2014. The following actuarial
assumptions have been applied to all periods included in the measurement:
Inflation: 2.25%
Salary increases: 2.50% for 2015 and 3.25% thereafter
Investment rate of return: 3.50%
Actuarial Cost Method: Entry Age Normal
Mortality rates were based on the RP‐2000 Mortality Table (combined healthy) projected to 2023 using 100%
of Projection Scale BB, with ages set back one year for males and forward one year for females (set forward
two years for disabled members).
The long‐term expected rate of return on pension plan investments was determined using a building‐block
method in which best estimate ranges of expected future real rates of return (expected returns, net of
pension plan investment expense and inflation) are developed. We used the weighted expected returns of
the City’s portfolio of cash, US Treasuries (to be held to maturity), and receivables to develop the long‐term
expected rate of return.
The best‐estimate range for the long‐term expected rate of return for each major asset class included in the
pension plan’s target asset allocation as of December 31, 2014, are summarized in the following table:
Asset Class Index
Long‐Term Expected Real
Rate of Return
Cash Citigroup 90‐Day T‐Bills 0.54%
Short‐Term Bonds Citigroup 1 ‐3 Year Gov/Cred 1.52%
Long‐Term Bonds Barclays Long Gov/Cred 2.99%
Assumed Inflation ‐ Mean 2.25%
Long‐Term Expected Rate of Return 3.50%
Discount rate. The discount rate used to measure the total pension liability was 3.50%. The projection of cash
flows used to determine the discount rate assumed City contributions were equal to revenue received from
Fire Insurance premiums and the amount received would increase at the inflation rate of 2.25%. Based on this
assumption, the pension plan’s fiduciary net position was projected to be available to make all projected
future benefit payment of current plan members. Therefore, the long‐term expected rate of return on
2014 Comprehensive Annual Financial Report City of Renton, Washington
NOTES TO THE FINANCIAL STATEMENTS
Basic Financial Statements, 4‐45
pension plan investments was applied to all periods of projected benefit payments to determine the total
pension liability.
Sensitivity of the net pension liability to changes in the discount rate. The following presents the net pension
liability of the City, calculated using the discount rate of 3.5%, as well as what the City’s net pension liability
would be if it were calculated using a discount rate that is one percentage point lower (2.5%), or one
percentage point higher (4.5%), than the current rate:
1% Decrease
2.50%
Current
Discount Rate
3.50%
1% Increase
4.50%
Total Pension Liability 3,522,081$ 3,220,653$ 2,959,385$
Fiduciary Net Position 9,467,775 9,467,775 9,467,775
Net Pension Liability (5,945,694) (6,247,122) (6,508,390)
Net Pension Obligation
In the government‐wide statement of net position, the City reports its net pension obligation (NPO) as a non‐
current asset. During the year ended December 31, 2014 the NPO decreased $520,600 to ‐$3,652,450. It
should be noted this NPO reflects an over‐funded status.
NOTE 7. OTHER POST EMPLOYMENT BENEFITS
Plan Description
In accordance with the Revised Code of Washington (RCW) 41.26, the City administers a single‐employer
defined benefit healthcare plan (the Health Plan) for law enforcement officers and fire fighters employed prior
to October 1, 1977. The Health Plan provides medical, prescription drug, dental, Medicare Part B premiums,
long‐term care, and vision expenses for LEOFF Plan 1 retirees. Dependent spouses and children are not
covered.
Prior to 2008, the costs of the Health Plan were provided solely on a pay‐as‐you‐go basis. Beginning in 2008,
the City accounts for its other postemployment benefits (OPEB) expenses related to the Health Plan based on
a computed annual required contribution (ARC) that includes the current period’s service cost and an amount
to amortize unfunded actuarial accrued liabilities. The City maintains a standalone internal service fund,
LEOFF 1 Retirees Healthcare Fund. As of December 31, 2014, the City has a balance of $7,625,488 in the
LEOFF 1 Retirees Healthcare Fund. Although this amount is reported as unrestricted net position in the
financial statements, the City intends to use the balance to fund a portion of the UAAL.
The Health Plan’s actuary is Milliman, Inc. The report may be obtained by contacting the City of Renton,
Finance Division, 1055 South Grady Way, Renton, WA 98057. The Health Plan does not issue a separate
standalone financial report.
Funding Policy
Funding for LEOFF 1 retiree healthcare costs is provided entirely by the City as required by the Revised Code of
Washington (RCW) 41.26. The City does not require retiree contributions. For the fiscal year ended December
31, 2014, the City contributed $1,095,159 to the Health Plan.
2014 Comprehensive Annual Financial Report City of Renton, Washington
NOTES TO THE FINANCIAL STATEMENTS
Basic Financial Statements, 4‐46
Annual OPEB Cost and Net OPEB Obligation
The basis for the City’s annual other postemployment benefit (OPEB) cost (expense) is the annual required
contribution (ARC). The ARC represents a level of funding that, if paid on an ongoing basis, is projected to
cover the normal cost each year and to amortize any unfunded actuarial liabilities (or funding excess) over a
period not to exceed ten years. The following displays the components of the City’s annual OPEB cost, the
estimated amount contributed to the Health Plan, and changes in the City’s net OPEB obligation to the Health
Plan.
Annual Required Contribution and Net OPEB Obligation for years ended December 31, are as follows:
12/31/2012 12/31/2013 12/31/2014
Annual required contribution (ARC)
1.Annual Normal Cost ‐$ ‐$ ‐$
2.Amortization of UAAL 1,972,502 2,009,362 2,009,362
3.ARC at end of year [1+2] 1,972,502 2,009,362 2,009,362
4.Interest on Net OPEB Obligation 46,882 56,160 68,843
5.Adjustment to ARC (146,060) (180,699) (229,130)
6.Annual OPEB cost [3+4+5] 1,873,324 1,884,823 1,849,075
7.Employer Contributions 1,254,795 1,039,281 1,095,159
8.Change in Net OPEB Obligation [6 ‐7] 618,529 845,542 753,916
9.Net OPEB Obligation at Beginning of Year 3,125,494 3,744,023 4,589,565
10.Net OPEB Obligation at End of Year [8+9] 3,744,023$ 4,589,565$ 5,343,481$
Fiscal Year Ending
Annual Required Contribution (ARC) and Net OPEB Obligation
City’s net OPEB obligation increased by $753,481 in year the year ending December 31, 2014. The entire net
OPEB obligation of $5,343,481 is included as a noncurrent liability in the governmental activities column on
government‐wide statement of net position.
The City’s annual OPEB cost, the percentage of annual OPEB cost contributed to the Health Plan, and the net
OPEB obligation for 2014 and the two preceding years were as follows:
Year
Annual
OPEB Cost
Employer
Contribution
Percentage of
OPEB Cost
Contributed
Net OPEB
Obligation
2012 $ 1,873,324 $ 1,254,795 67%$ 3,744,023
2013 1,884,823 1,039,281 55% 4,589,565
2014 1,849,075 1,095,159 59% 5,343,481
2014 Comprehensive Annual Financial Report City of Renton, Washington
NOTES TO THE FINANCIAL STATEMENTS
Basic Financial Statements, 4‐47
Funded Status and Funding Progress
Actuarial valuations involve estimates of the value of reported amounts and assumptions about the
probability of occurrence of events far into the future. Actuarially determined amounts regarding the funded
status of the plan and the annual required contributions of the employer are subject to continual revision as
actual results are compared with past expectations and new estimates are made about the future.
The funded status of the Health Plan as of December 31, 2013:
Valuation
Date
January 1
Actuarial
Value of
Assets
Actuarial
Accrued
Liabilities
Unfunded
Actuarial
Accrued
Liabilities
(UAAL)
Funded
Ratio
Covered
Payroll
UAAL as a
Percentage
of Covered
Payroll
2005 7,777$ 6,254$ (1,523)$ 124%‐$ n/a
2007 7,847 6,364 (1,483) 123%‐ n/a
The schedule of funding progress, presented as required supplementary information following the notes to
the financial statements, presents multi‐year trend information that shows whether the actuarial value of
Health Plan assets is increasing or decreasing over time relative to the actuarial liabilities for benefits.
Actuarial Methods and Assumptions
An actuarial valuation was completed as of January 1, 2015. Projections of benefits for financial reporting
purposes are based on the substantive plan (the plan as understood by the employer and plan members) and
include the types of benefits provided at the time of each valuation. The actuarial methods and assumptions
used include techniques that are designed to reduce the effects of short‐term volatility in actuarial accrued
liabilities and the actuarial value of assets, consistent with the long‐term perspective of the calculations.
The December 31, 2014 valuation used the projected unit credit actuarial cost methods. The actuarial
assumptions included a 1.5% investment rate of return (net of administrative expenses) and an initial annual
healthcare cost trend rate of 10.0% for pre‐Medicare expenses, to an ultimate rate of 4.2% after 72 years. The
Medicare trend assumption is 6.5%, to an ultimate rate of 4.2% after 8 years. The dental trend assumption is
5.5%, to an ultimate rate of 4.0% after 4 years. The Medicare premium trend rate is 8.5% for all years, except
for the first year, which has a 0% trend rate. The long‐term care trend rate is 5.0% for all years. The trend for
the Excise Tax threshold is 0% until 2018, when a trend rate of 4.24% is used. The trend for all future years is
3.24%. All trend rates include a 3.0% inflation assumption. The UAAL at transition is being amortized as a
level dollar amount on a closed basis. The remaining amortization period at December 31, 2013 was 24.0
years. The UAAL is recalculated each year and amortized as a level dollar amount over 25 years for 2013.
2014 Comprehensive Annual Financial Report City of Renton, Washington
NOTES TO THE FINANCIAL STATEMENTS
Basic Financial Statements, 4‐48
The following is a summary of the actuarial long‐term trend rate assumptions, as of December 31, 2014:
Trend Rates
Year
Pre‐
Medicare Medicare Dental Vision
Part B
Premiums
Long ‐Term
Care
Excise Tax
Threshold
2014 10.0% 6.5% 5.5% 4.0% 8.5% 5.0% 0.00%
2015 9.5% 6.5% 5.0% 4.0% 8.5% 5.0% 0.00%
2016 9.0% 6.0% 4.5% 4.0% 8.5% 5.0% 0.00%
2017 8.5% 6.0% 4.0% 4.0% 8.5% 5.0% 0.00%
2018 8.0% 5.5% 4.0% 4.0% 8.5% 5.0% 4.24%
2019 7.5% 5.0% 4.0% 4.0% 8.5% 5.0% 3.24%
2020 7.0% 4.5% 4.0% 4.0% 8.5% 5.0% 3.24%
2021 6.4% 4.2% 4.0% 4.0% 8.5% 5.0% 3.24%
2022‐2084 … … 4.0% 4.0% 8.5% 5.0% 3.24%
2085 + 4.2% 4.2% 4.0% 4.0% 8.5% 5.0% 3.24%
Note: The trend rates include assumed inflation of 3.0% for all future years.
NOTE 8. CONTINGENCIES
The City is a defendant in various lawsuits. Although the outcome of these lawsuits is not determinable at this
time, it is the opinion of City’s legal counsel, that the resolution of these matters will not have a material
adverse effect on the financial condition of the City and that the City’s insurance policies and/or self‐insurance
reserves are adequate to pay all known or pending claims.
The City participates in a number of federal and state assisted programs. These grants are subject to program
compliance audits by the Single Audit Act. Such audits could result in reimbursement to grantor agencies for
expenditures disallowed under the terms of the grants. The amount of expenditure that may be disallowed, if
any, cannot be determined at this time and the City’s management believes that any such disallowances, if
any, will be immaterial.
NOTE 9. RISK MANAGEMENT
The City of Renton is exposed to various risks of loss related to tort; theft of, damage to, and destruction of
assets; errors and omissions; injuries to employees; and natural disasters. The City of Renton protects itself
against unforeseen losses by utilizing a three‐pronged risk management approach. First, the City self‐funds
first level losses through its Insurance Fund. Second, insurance and excess insurance is purchased to cover
medium and large losses. Third, the City reserves the right to utilize the provisions of Chapter 35A.31.060
RCW to fund catastrophic or uninsured losses. This State statute allows cities to levy a non‐voted property tax
increase to pay for uninsured claims. There were no settlements in excess of the insurance coverage in any of
the three prior fiscal years.
2014 Comprehensive Annual Financial Report City of Renton, Washington
NOTES TO THE FINANCIAL STATEMENTS
Basic Financial Statements, 4‐49
An analysis of the insurance deductibles and self‐insured retention levels, limits of insurance, and carriers for
the major types of coverage are as follows:
Type of Coverage
Risk
Retention
Occurrence Aggregate Amount Carrier
Property –
Expires 1/01/2015
$50,000 $300,000,000 (per
occurrence subject to
annual aggregate &
sub‐limits)
WA Cities Ins
Authority
Liability –
Expires 01/01/2015
$250,000 $20,000,000
(per occurrence)
WA Cities Ins
Authority
Auto Physical Damage –
Expires 01/01/2015
$25,000
ACV or Replacement
Cost; per Occurrence
WA Cities Ins
Authority
Equipment Breakdown –
Expires 1/01/2015
$5,000* $50,000,000 Zurich
Employee Fidelity/Crime –
Expires 12/31/2014
$10,000 $2,500,000 WA Cities Ins
Authority
Airport Liability –
Expires 1/01/2015
0 $100,000,000 Ace Property &
Casualty
Underground Storage Tank –
Expires 1/01/2015
$2,500 $1,000,000 Great American
Excess Workers’ Comp –
Expires 1/01/2015
$500,000 Statutory Safety National
Excess Employee Health –
Expires 1/01/2015
$200,000 N/A Sun Life
* There is a 4‐hour utility interruption clause, prior to the deductible becoming applicable.
The City of Renton is a member of the Washington Cities Insurance Authority (WCIA).
Utilizing Chapter 48.62 RCW (self‐insurance regulation) and Chapter 39.34 RCW (Interlocal Cooperation Act),
nine cities originally formed WCIA on January 1, 1981. WCIA was created for the purpose of providing a
pooling mechanism for jointly purchasing insurance, jointly self‐insuring, and / or jointly contracting for risk
management services. WCIA has a total of 175 Members.
New members initially contract for a three‐year term, and thereafter automatically renew on an annual basis.
A one‐year withdrawal notice is required before membership can be terminated. Termination does not
relieve a former member from its unresolved loss history incurred during membership.
2014 Comprehensive Annual Financial Report City of Renton, Washington
NOTES TO THE FINANCIAL STATEMENTS
Basic Financial Statements, 4‐50
Liability coverage is written on an occurrence basis, without deductibles. Coverage includes general,
automobile, police, public officials’ errors or omissions, stop gap, and employee benefits liability. Limits are $4
million per occurrence self‐insured layer, and $16 million per occurrence in the re‐insured excess layer. The
excess layer is insured by the purchase of reinsurance and insurance and is subject to aggregate limits. Total
limits are $20 million per occurrence subject to aggregate sublimits in the excess layers. The Board of
Directors determines the limits and terms of coverage annually.
Insurance coverage for property, automobile physical damage, fidelity, inland marine, and boiler and
machinery are purchased on a group basis. Various deductibles apply by type of coverage. Property insurance
and auto physical damage are self‐funded from the members’ deductible to $750,000, for all perils other than
flood and earthquake, and insured above that amount by the purchase of insurance.
In‐house services include risk management consultation, loss control field services, claims and litigation
administration, and loss analyses. WCIA contracts for the claims investigation consultants for personnel issues
and land use problems, insurance brokerage, and lobbyist services.
WCIA is fully funded by its members, who make annual assessments on a prospectively rated basis, as
determined by an outside, independent actuary. The assessment covers loss, loss adjustment, and
administrative expenses. As outlined in the interlocal, WCIA retains the right to additionally assess the
membership for any funding shortfall.
An investment committee, using investment brokers, produces additional revenue by investment of WCIA’s
assets in financial instruments which comply with all State guidelines.
A Board of Directors governs WCIA, which is comprised of one designated representative from each member.
The Board elects an Executive Committee and appoints a Treasurer to provide general policy direction for the
organization. The WCIA Executive Director reports to the Executive Committee and is responsible for
conducting the day to day operations of WCIA.
The City's Risk Management Program is administered under the authority of the Human Resources and Risk
Management Administrator, with claims being processed by the carriers shown above.
As of December 31, 2014, the City had accrued the following amounts for outstanding claims:
Coverage
Total Claims Payable
12/31/2014
Property & liability 549,549$
Workers' compensation 846,897
Employee health 1,745,900
TOTAL 3,142,346$
2014
Property &
Liability
Workers'
Compensation
Employee
Health Totals
IBNR claims at beginning of the year 508,904$ 937,114$ 1,660,000$ 3,106,018$
Current year and changes in estimates 1,403,954 960,180 12,922,405 15,286,539
Claims payments (1,363,309) (1,050,397) (12,836,505) (15,250,211)
IBNR claims at end of the year 549,549$ 846,897$ 1,745,900$ 3,142,346$
2014 Comprehensive Annual Financial Report City of Renton, Washington
NOTES TO THE FINANCIAL STATEMENTS
Basic Financial Statements, 4‐51
2013
Property &
Liability
Workers'
Compensation
Employee
Health Totals
IBNR claims at beginning of the year 537,571$ 827,147$ 1,389,400$ 2,754,118$
Current year and changes in estimates 1,399,646 1,291,558 11,815,150 14,506,354
Claims payments (1,428,313) (1,181,591) (11,544,550) (14,154,454)
IBNR claims at end of the year 508,904$ 937,114$ 1,660,000$ 3,106,018$
NOTE 10. INTERFUND TRANSACTIONS
A. INTERFUND TRANSFERS
The following is the composition of interfund transfers for the year ended December 31, 2014:
General
Municipal
Facilities CIP
Capital
Improvement
Other
Governmental Insurance Equipment Total
Transfer Out:
Governmental Funds
General ‐ 3,064,869 225,000 ‐ 116,148 3,600,000 7,006,017
Other Governmental ‐ ‐ 1,446,813 ‐ ‐ ‐ 1,446,813
Capital Improvement ‐ ‐ ‐ 10,454 ‐ ‐ 10,454
Enterprise Fund
Waterworks Utility 28,796 250,000 ‐ ‐ 170,566 ‐ 449,362
Internal Service Fund
Insurance ‐ ‐ 150,000 ‐ ‐ ‐ 150,000
Total 28,796 3,314,869 1,821,813 10,454 286,714 3,600,000 9,062,646
Governmental Funds
Transfer In:
Internal Service Funds
During the year, transfers are used to (1) move revenue from the fund with collection authority to the debt
service fund as debt service principal and interest become due, (2) to segregate money for anticipated
capital projects, and (3) move general fund sources into funds identified by the city‐wide stabilization
policy.
All transfers either occur on a regular basis or are consistent with the purpose of the fund making the
transfer. Transfers that occur within the governmental funds are eliminated on the government‐wide
statement of activities.
In addition, the City made the following one‐time transfers during the year ending December 31, 2014:
1. A $1.6 million transfer from the General Fund to the Municipal Facilities CIP fund to help acquire a
piece of land for the Sunset EIS Park.
2. $1.0 million transfer from the General Fund to the Southlake Washington Infrastructure Fund to being
building the Economic Development stabilization reserves.
3. $450,000 transfer from the General Fund to the Municipal Facilities CIP Fund to fund the land
acquisition costs for the Highlands Library.
2014 Comprehensive Annual Financial Report City of Renton, Washington
NOTES TO THE FINANCIAL STATEMENTS
Basic Financial Statements, 4‐52
B. INTERFUND RECEIVABLES AND PAYABLES
The composition of interfund receivables/ payables as of December 31, 2014 is as follows:
Due from/to:
Receivable Fund Payable Fund Amount
General Capital Improvement 322$
General Internal Service Fund ‐ Facilities 34,058
Municipal Facilities CIP General 56,594
Other Governmental ‐ Gen. Govt Debt Service General 169,783
Waterworks Utility Capital Improvement 561,335
Total 822,092$
The outstanding balances between funds result mainly from the time lag between the dates that (1)
interfund goods and services are provided, (2) transactions are recorded in the accounting system, and (3)
payments between funds are made.
Advances from/to:
Receivable Fund Payable Fund Amount
Due Within
One Year
Internal Service ‐ Insurance Fund Golf Course 391,853 391,853
Internal Service ‐ Insurance Fund Capital Improvement 289,378 143,079
The amount payable from the Golf Course fund was to enable the golf course to retire the 1999 Golf
Course Revenue bonds early, for interest rate savings. The amount payable from the Capital Improvement
fund was a working capital loan to help ensure the SW 27th Street/Strander Boulevard Connection project
was fully funded.
NOTE 11. LONG TERM DEBT
General Obligation Bonds
General obligation bonds are direct obligations of the City for which its full faith and credit are pledged. Debt
service for voter‐approved bonds, which the City has none, would be funded by special property tax levies.
Debt service for City Council authorized bonds (councilmatic bonds) is funded from regular property taxes or
general revenues, and is generally paid from debt service funds.
General Obligation Bonds outstanding at year‐end are as follows:
2006 Limited Tax General Obligation bonds which provided funding for the construction of South
Lake Washington infrastructure improvements.
2010 Limited Tax General Obligation refunding bonds which refunded a portion of the 2001
limited tax general obligation bonds for the construction of a downtown parking facility.
2011 Limited Tax General Obligation bonds which funded the development and construction of 2
new libraries.
2014 Comprehensive Annual Financial Report City of Renton, Washington
NOTES TO THE FINANCIAL STATEMENTS
Basic Financial Statements, 4‐53
2011 Limited Tax General Obligation refunding bonds which refunded a portion of the 2001
limited tax general obligation bonds which refunded a portion of the 1997 Limited Tax General
Obligation bonds for the purchase of Renton City Hall.
2013 Limited Tax General Obligation qualified energy conservation bonds (QECB) which provided
funding for streetlight improvements.
Other intergovernmental debt, backed by the full faith and credit of the City:
2009 intergovernmental debt related to the Fire District #40 asset transfer as a result of the
Benson Hill annexation.
2009 intergovernmental debt related to acquisition, construction, and equipping of the SCORE
facility. Pursuant to an interlocal agreement, the City is obligated to pay 36 percent of the debt
service on the SCORE bonds.
2010 intergovernmental refunding debt which refunded a portion of the 2000 intergovernmental
debt for the construction of a new facility for Valley Communications Center (Valley Com).
Pursuant to an interlocal agreement, the City is obligated to pay 20 percent of the debt service
on the Valley Com bonds.
Revenue Bonds
Revenue bonds are payable from water, sewer, and storm revenues generated from the charges for
service revenues in those funds. The City has pledged these and other Waterworks Utility revenues, net
of specified operating expenses, to repay the bonds throughout their varying maturities. Annual
principal and interest payments on the bonds are expected to require less than 20 percent of net
revenues. The total principal and interest remaining to be paid on the bonds is approximately $36.9
million. Principal and interest payments for the current year and total net revenues were $3,757,328
and $21,875,596, respectively.
Revenue Bonds outstanding at year‐end are as follows:
2004 Water/Sewer Revenue Bonds (Ordinance #5098) ‐ these bonds were issued for the purpose
of providing a part of the funds necessary to carry out the system or plan for additions to and
betterments and extensions of the waterworks utility. A portion ($9.2 million) of these bonds
was refunded on 12/07/2012.
2007 Water/Sewer Revenue Bonds (Ordinance #5313) ‐ these bonds were issued for the purpose
of financing the costs of carrying out certain capital improvements of waterworks utility.
2007 Water/Sewer Revenue Refunding Bonds (02) (Ordinance #5313) ‐ these bonds were issued
for the purpose of refunding certain outstanding water and sewer revenue bonds of the City.
2008 (A) Water/Sewer Revenue Bond (Exempt) (Ordinance #5313) ‐ these bonds were issued for
the purpose of providing money to pay part of the cost of construction and acquisition of certain
improvements to the waterworks utility.
2014 Comprehensive Annual Financial Report City of Renton, Washington
NOTES TO THE FINANCIAL STATEMENTS
Basic Financial Statements, 4‐54
2008 (B) Water/Sewer Revenue Bond (Taxable) (Ordinance #5313) ‐ these bonds were issued for
the purpose of providing money to pay part of the cost of construction and acquisition of certain
improvements to the waterworks utility.
2012 Water/Sewer Revenue Refunding Bonds (Ordinance #5672) ‐ these bonds were issued for
the purpose of refunding a portion of the 2004 Water/Sewer Revenue Bonds.
State of Washington Public Works Trust Fund Loans (PWTFL)
PWTFL are the direct responsibility of the City. At year‐end the City has eight outstanding loans, with a
remaining balance of $3,951,670. All of the loans are for water, sewer, or storm capital improvements.
Loans are repaid from water, sewer, and storm system revenues.
PWTFL outstanding at year‐end are as follows:
Central Renton Sewer Replacement loan is for the replacement of approximately 10,400 linear
feet of existing 8” concrete sewer pipe within the Central Renton Subbasin with new 8” sewer
pipe, replacement of 40‐50 manholes, replacement of approximately 8,400 linear feet of
alleyway as well as an undetermined quantity of storm drainage improvements.
Northeast 27th/Aberdeen Drainage Improvements loan is for surveying, design, permitting and
construction of approximately 2,800 feet of new 18 or 24‐inch stormwater pipe. The project
includes manholes, catch basins, control structures, relocation of conflicting utilities, pavement
patching, and overlay and restoration of all areas disturbed by construction.
East Kennydale Sewer Interceptor loan for the construction of approximately 5,200 linear feet of
12 to 15‐inch sanitary sewer pipe, 14 sewer manholes, replacement of the Devil’s Elbow sanitary
sewer lift station, 300 linear feet of 6‐inch sanitary force main, fish habitat improvements, repair
of access road, and associated asphalt patching and paving.
Honeycreek (Sunset) Sewer Interceptor loan is to construct approximately 5,785 linear feet of 15
to 18‐inch sanitary sewer main, 15 sewer manholes, 3,300 square yards of asphalt paving, and
related appurtenances to the sewer main.
Corrosion Control Treatment Facilities loan was for construction of a building on City property in
Cedar River Park between well PW‐8 and well PW‐9 to store and pump chemicals for treating the
water from wells RW.
Maplewood Water Treatment Improvement loan was to fund the costs to eliminate quality
problems in water from the Maplewood wellfield wells.
CT Pipeline for Wells RW‐1, RW‐2 and RW‐3 loan is to construct the CT detention pipeline for
wells RW‐1, RW‐2 and RW‐3 at Liberty Park.
Maplewood Drinking Water Treatment Improvement loan is to construct the drinking water
treatment improvements at Maplewood.
2014 Comprehensive Annual Financial Report City of Renton, Washington
NOTES TO THE FINANCIAL STATEMENTS
Basic Financial Statements, 4‐55
Compensated Absences
Compensated absences are paid by those funds that have employees. These are mostly payable from
the General Fund and Waterworks Utility Fund.
Debt Schedules
The following schedules summarize the long‐term debt transactions of the City for the year ended
December 31, 2014. The first table reflects total annual debt service requirements to maturity, while
the second table provides detailed information on all long‐term debt.
Year Principal Interest Principal Interest
2015 5,247,625 3,151,431 2,218,509 1,126,621
2016 5,202,416 2,978,183 2,193,901 1,053,517
2017 5,389,072 2,773,566 2,055,175 974,301
2018 5,251,675 2,542,068 2,295,818 897,078
2019 5,441,547 2,349,544 2,450,818 812,699
2020‐2024 20,440,668 8,296,263 13,352,447 2,762,047
2025‐2029 13,410,948 4,663,266 8,145,000 579,790
2030‐2034 7,234,200 2,461,936 ‐ ‐
2035‐2039 6,987,600 767,105 ‐ ‐
Totals 74,605,753 29,983,362 32,711,667 8,206,052
Governmental Activities Business‐Type Activities
2014 Comprehensive Annual Financial Report City of Renton, Washington
NOTES TO THE FINANCIAL STATEMENTS
Basic Financial Statements, 4‐56
Issue Name Interest Rates Maturity Date
Original Issue
Amount
Beginning
Balance
1/1/2014 Additions Deductions
Ending
Balance
12/31/2014
Due Within
One Year
GOVERNMENTAL‐TYPE DEBT:
Limited General Obligation Bonds:
2006 GO Bonds 4.25%‐5.00% 12/1/2028 $ 17,980,000 14,520,000$ ‐$ 670,000$ 13,850,000$ 700,000$
2010 GO Refunding Bonds 3.00%‐4.50% 12/1/2021 6,170,000 6,015,000 ‐ 5,000 6,010,000 10,000
2011 GO Library Bonds 2.00%‐5.00% 12/1/2022 16,715,000 13,920,000 ‐ 1,460,000 12,460,000 1,505,000
2011 GO Refunding Bonds 2.00%‐5.00% 12/1/2017 9,425,000 6,335,000 ‐ 1,510,000 4,825,000 1,555,000
2013 GO QECB 3.22% 7/1/2028 3,200,000 3,200,000 ‐ 210,000 2,990,000 210,000
Unamortized (discount)/premium/refunding 2,113,944 ‐ 366,113 1,747,831 ‐
53,490,000 46,103,944 ‐ 4,221,113 41,882,831 3,980,000
2009 FD 40 Loan for acquisition of FS13 3.75% 9/1/2028 6,798,085 5,607,083 ‐ 293,130 5,313,953 304,225
2009 (A) SCORE Tax Exempt 4.00%‐5.00% 1/1/2022 2,953,800 2,953,800 ‐ 716,400 2,237,400 473,400
2009 (B) SCORE BABS 3.00%‐6.62% 1/1/2039 28,090,800 26,699,400 ‐ ‐ 26,699,400 270,000
2010 GO Valley Comm Refunding Bonds 3.00%‐4.00% 12/1/2015 1,065,000 432,000 ‐ 212,000 220,000 220,000
Total Intergovernmental Debt 38,907,685 35,692,283 ‐ 1,221,530 34,470,753 1,267,625
Other Long‐Term Liabilities:
Employee Leave Benefits ‐ Compensated Absences 5,106,827 2,702,713 2,910,891 4,898,649 2,792,230
Other Post Employment Benefits (OPEB) 4,589,565 1,849,075 1,095,159 5,343,481 ‐
Total Other Long‐Term Liabilities 9,696,392 4,551,788 4,006,050 10,242,130 2,792,230
$ 92,397,685 91,492,619$ 4,551,788$ 9,448,693$ 86,595,714$ 8,039,855$
BUSINESS‐TYPE DEBT:
Revenue Bonds:
2004 Water/Sewer 4.33% 12/1/2027 $ 10,335,000 1,085,000$ ‐$ 1,085,000$ ‐$ ‐$
2007 Water/Sewer 4.00%‐5.00% 12/1/2022 1,430,000 1,430,000 ‐ 95,000 1,335,000 95,000
2007 Water/Sewer Refunding (02) 4.00%‐5.00% 12/1/2022 8,320,000 8,240,000 ‐ 730,000 7,510,000 755,000
2008 Water/Sewer (a) 4.17% 12/1/2027 9,975,000 9,975,000 ‐ ‐ 9,975,000 ‐
2008 Water/Sewer (b) 4.17% 12/1/2016 2,035,000 1,425,000 ‐ 600,000 825,000 630,000
2012 Water/Sewer Refunding 2.00%‐3.00% 12/1/2027 9,190,000 9,150,000 ‐ 35,000 9,115,000 35,000
Unamortized (discount)/premium/refunding (96,181) ‐ (13,482) (82,699)
Total Revenue Bonds 41,285,000 31,208,819 ‐ 2,531,518 28,677,301 1,515,000
Public Works Trust Fund Loans:
Central Renton Sewer Replacement 1.00% 7/1/2015 1,631,800 104,034 ‐ 52,018 52,016 52,016
Dayton Avenue NE 2.00% 7/1/2014 96,958 5,103 ‐ 5,103 ‐ ‐
NE 27th/Aberdeen Drainage Improvements 1.00% 7/1/2015 731,000 85,180 ‐ 42,590 42,590 42,591
East Kennydale Interceptor 2.00% 7/1/2016 2,093,740 350,567 ‐ 116,855 233,712 116,855
Honeycreek Interceptor 2.00% 7/1/2016 1,840,568 290,616 ‐ 96,872 193,744 96,872
Corrosion Control Treatment Facilities 1.00% 7/1/2017 1,106,000 197,428 ‐ 49,357 148,071 49,357
Maplewood Water Treatment Improvement 0.50% 7/1/2021 567,831 242,408 ‐ 30,301 212,107 30,301
Construct CT Pipeline for Wells 0.50% 7/1/2022 814,527 385,829 ‐ 42,870 342,959 42,870
Maplewood Water Treatment Improvement 0.50% 7/1/2024 5,150,000 2,999,118 ‐ 272,647 2,726,471 272,647
14,032,424 4,660,282 ‐ 708,612 3,951,670 703,508
Other Long‐Term Liabilities:
Employee Leave Benefits ‐ Compensated Absences 701,622 163,685 177,944 687,363 120,420
Total Other Long‐Term Liabilities 701,622 163,685 177,944 687,363 120,420
$ 55,317,424 36,570,723$ 163,685$ 3,418,074$ 33,316,335$ 2,338,928$
Schedule of Changes of Long‐Term Debt
TOTAL BUSINESS‐TYPE DEBT
TOTAL GOVERNMENTAL‐TYPE DEBT
Total Public Works Trust Fund Loans
Total General Obligation Bonds
Other Intergovernmental ‐ Backed by full faith and credit of the
Debt Limit Capacity
State law provides that debt cannot be incurred in excess of the following percentages of the value of the
taxable property of the City: 1.5 percent without a vote of the people provided the indebtedness with a vote is
1 percent or less; 2.5 percent with a vote of the people; 5.0 percent with a vote of the people, provided the
indebtedness in excess of 2.5 percent is for utilities; and 7.5 percent with a vote of the people provided the
indebtedness in excess of 5.0 percent is for open space development and parks facilities. Table 12 in the
Statistical Section shows the computation of legal debt margin for general and special purpose capacities for
the City of Renton.
2014 Comprehensive Annual Financial Report City of Renton, Washington
NOTES TO THE FINANCIAL STATEMENTS
Basic Financial Statements, 4‐57
Estimated Arbitrage Rebate
The City engages an outside agency to calculate its’ arbitrage rebate liability on outstanding tax‐exempt bonds
and certificates of participation under Section 148(f) of the Internal Revenue Code. No additional rebate was
found due for any revenue or general obligation bonds for 2014.
Prior Year Defeasance of Debt
In prior years the City defeased certain bond issues by placing the proceeds of new bonds in an irrevocable
trust to provide for all future debt service payments on the old bonds. Accordingly, the trust account assets
and the liability for the defeased bonds are not included in the City’s financial statements. As of December 31,
2014, the City of Renton has no balance outstanding.
NOTE 12. JOINT VENTURES
A joint venture is a legal entity or other organization that results from a contractual agreement and that is
owned, operated, or governed by two or more participants as a separate and specific activity subject to joint
control in which the participants retain (a) an on‐going financial interest or (b) an on‐going financial
responsibility. The City participates in two joint ventures, both of which are sanctioned by the provisions and
terms of the Interlocal Cooperation Act pursuant to Chapter 39.34 RCW.
VALLEY COMMUNICATIONS CENTER
The Valley Communications Center (Valley Com) was established August 20, 1976, when an Interlocal
Agreement was entered into by four original participating municipal corporations, including the cities of
Renton, Kent, Auburn, and Tukwila. Federal Way was formally admitted in 2000. The initial duration of the
agreement was five years, and thereafter is automatically extended for consecutive five‐year periods.
The purpose of the joint operation, hereafter referred to as Valley Com, is to provide improved consolidated
emergency communications (dispatch) services for police, fire, and medical aid, to the five participating cities
and to several subscribing agencies that include: King County Fire Districts 2, 17 (Black Diamond), 20, 26, 40,
43, 44, 47; City of Pacific Police and Fire Departments; City of Black Diamond Police Department; City of Des
Moines Police Department; SeaTac Fire Department; North Highline Fire Department; King County EMS Units;
and Vashon Island Fire Department. Separate agreements between Valley Com and the subscribing agencies
have been executed, which set forth conditions of services and rates charged.
The City made payments totaling $2,144,249 to support Valley Com’s operating costs during the year ended
December 31, 2014. The City also pays its relative portion of Valley Com’s debt service obligations, which
totaled $212,000 in principal and $17,280 in interest (as reflected in Note 11 – Long Term Debt).
2014 Comprehensive Annual Financial Report City of Renton, Washington
NOTES TO THE FINANCIAL STATEMENTS
Basic Financial Statements, 4‐58
The City reports its share of equity interest, along with its’ investment in Valley Com’s 2010 GO refunding
bonds, in the Governmental Activities column within the Government‐wide financial statements under non‐
current assets – investments in joint ventures. The following is condensed financial information as of
December 31, 2014 related to Valley Communications Center:
Member City Percent of Equity 2013 Equity Balance 2014 Distribution 2014 Equity Balance
Auburn 22.17% 4,959,646$ 119,731$ 5,079,377$
Federal Way 20.64% 3,508,470 111,474 3,619,944
Kent 28.15% 7,378,791 151,995 7,530,786
Renton 20.31% 5,240,607 109,645 5,350,252
Tukwila 8.73% 2,927,158 47,125 2,974,283
Grand Totals 100.00% 24,014,672$ 539,970$ 24,554,642$
Valley Communications Center
2014 Owner Cities Equity Allocation
Completed Financial Statements for Valley Com can be obtained from the Valley Communications Center,
23807 – 98th Avenue South, Kent, WA 98031.
SOUTH CORRECTIONAL ENTITY (SCORE)
The South Correctional Entity (SCORE), a consolidated correctional facility, was established February 25, 2009,
when an interlocal agreement was entered into by seven participating municipal governments (“owner cities”)
of Auburn, Burien, Des Moines, Federal Way, Renton, SeaTac and Tukwila. This agreement was amended and
restated October 1, 2009 and named the City of Des Moines as the “host city”. Pursuant to a separate “Host
City Agreement” dated October 1, 2009, the host city will not enjoy the same equity position as the original
owner cities until all debts issued are paid and the host city fulfills all of its obligations as outlined in the
Agreement.
The purpose of the interlocal operation, SCORE, is to serve the Member Cities and Subscribing Agencies which
are in need of correctional facilities. SCORE provides correctional services and functions incidental thereto, for
the purpose of detaining arrestees and sentenced offenders in the furtherance of public safety and
emergencies within the jurisdiction of the Member Cities. Separate agreements between SCORE and
subscribing agencies have been executed, which set forth conditions of services and rates charged.
Financing for the acquisition, construction, equipping, and improvement of the SCORE Facility was provided by
bonds issued by the South Correctional Entity Facility Public Development Authority (the “SCORE PDA”), a
public development authority chartered by the City of Renton pursuant to RCW 35.21.730 through 35.21.755
and secured by the full faith and credit of the Cities of Auburn, Burien, Federal Way, Renton, SeaTac, and
Tukwila (the owner cities). The SCORE PDA issued $86 million in special obligation bonds in 2009 to carry out
the facility development project.
2014 Comprehensive Annual Financial Report City of Renton, Washington
NOTES TO THE FINANCIAL STATEMENTS
Basic Financial Statements, 4‐59
The following is a summary of the debt service requirements, for each owner city:
Auburn Burien Federal Way Renton SeaTac Tukwila
Year 31% 4% 18% 36% 3% 8%
2015 1,695,904 218,826 984,719 1,969,437 164,120 437,653
2016 1,693,621 218,532 983,393 1,966,785 163,899 437,063
2017 1,693,116 218,467 983,100 1,966,199 163,850 436,933
2018 1,690,245 218,096 981,433 1,962,865 163,572 436,192
2019 1,687,948 217,800 980,099 1,960,197 163,350 435,599
2020‐2024 8,315,464 1,072,963 4,828,334 9,656,668 804,722 2,145,926
2025‐2029 8,196,682 1,057,636 4,759,364 9,518,728 793,227 2,115,273
2030‐2034 8,151,418 1,051,796 4,733,081 9,466,163 788,847 2,103,592
2035‐2039 8,103,955 1,045,672 4,705,522 9,411,045 784,254 2,091,343
Totals 41,228,353$ 5,319,788$ 23,939,045$ 47,878,087$ 3,989,841$ 10,639,574$
Debt Service Allocation to Owner Cities
In addition to debt service obligations above, the City of Renton made payments totaling $3,758,280 to
support SCORE’s operating costs during the year ended December 31, 2014.
The City reports its share of equity interest, along with its investment in SCORE’s intergovernmental debt, in
the Governmental Activities column within the Government‐wide financial statements under non‐current
assets – investments in joint ventures. The following is condensed financial information as of December 31,
2014 related to SCORE:
Member City Percent of Equity 2013 Equity Balance 2014 Distribution 2013 Equity Balance
Auburn 29.00% 2,517,237$ 1,725,997$ 4,243,234$
Burien 3.00% 294,323 221,087 515,410
Des Moines 2.00% 107,970 184,190 292,160
Federal Way 25.00% 1,820,940 1,855,784 3,676,724
Renton 29.00% 2,548,219 1,672,186 4,220,405
SeaTac 5.00% 331,708 380,958 712,666
Tukwila 7.00% 601,934 478,536 1,080,470
Grand Totals 100.00% 8,222,331$ 6,518,738$ 14,741,069$
South Correctional Entity (SCORE)
2014 Owner Cities Equity Allocation
Completed financial statements for SCORE and SCORE PDA can be obtained at SCORE, 20817 17th Avenue
South, Des Moines, WA 98198.
NOTE 13. SUBSEQUENT EVENTS
There were no significant subsequent events that occurred after the end of the reporting period and before
the issuance of the financial statements.
2014 Comprehensive Annual Financial Report City of Renton, Washington
NOTES TO THE FINANCIAL STATEMENTS
Basic Financial Statements, 4‐60
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2014 Comprehensive Annual Financial Report City of Renton, Washington
REQUIRED SUPPLEMENTARY INFORMATON
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL ‐ GENERAL FUND
FOR THE YEAR ENDED DECEMBER 31, 2014
BUDGETARY TO GAAP
ACTUAL AMOUNTS ACTUAL AMOUNTS DIFFERENCES
ORIGINAL FINAL BUDGETARY BASIS VARIANCE GAAP BASIS OVER (UNDER)
REVENUES
Taxes $ 78,215,607 $ 81,424,999 $ 82,840,165 $ 1,415,166 $ 74,533,706 $ 8,306,459 (1)
Licenses and permits 4,169,504 5,086,890 5,224,655 137,765 5,224,655 ‐
Intergovernmental revenues 3,228,267 5,591,610 5,480,869 (110,741) 5,044,589 436,280 (1)
Charges for services 9,135,018 9,854,018 9,806,969 (47,049) 9,806,969 ‐
Fines and forfeits 3,058,500 3,058,500 2,683,949 (374,551) 2,683,949 ‐
Interfund revenues 3,017,506 3,452,088 264,539 (3,187,549) 264,539 ‐
Special assessments ‐ ‐ ‐ ‐ ‐ ‐
Contributions 87,000 96,100 113,563 17,463 113,563 ‐
Interest 645,300 770,300 967,643 197,343 957,624 10,019 (1), (2)
Miscellaneous revenues 1,000,157 1,228,157 1,318,283 90,126 2,114,198 (795,915) (2)
TOTAL REVENUES 102,556,859 110,562,662 108,700,635 (1,862,027) 100,743,792 7,956,843
EXPENDITURES
Current:
General government 9,898,828 10,494,100 9,434,395 (1,059,705) 10,102,194 (667,799) (2)
Judicial 2,449,521 2,544,010 2,400,097 (143,913) 2,400,097 ‐
Public safety 53,714,477 55,656,749 55,174,723 (482,026) 55,174,723 ‐
Utilities 556,480 524,060 252,826 (271,234) 252,826 ‐
Transportation 8,984,301 9,129,563 7,779,236 (1,350,327) 7,779,236 ‐
Economic environment 6,239,890 7,126,977 5,568,496 (1,558,481) 5,568,496 ‐
Health and human services 1,774,342 1,956,062 1,840,312 (115,750) 1,840,312 ‐
Culture and recreation 10,964,086 11,413,501 10,486,624 (926,877) 10,486,624 ‐
Capital outlay:‐
General government ‐ ‐ ‐ ‐ 474,427 (474,427) (2)
Public safety 231,710 101,500 ‐ (101,500) ‐
Transportation 5,200 5,200 95,887 90,687 95,887 ‐
Economic environment ‐ ‐ ‐ ‐ ‐ ‐
Culture and recreation ‐ 8,000 26,241 18,241 26,241 ‐
Debt service:
Principal payment 4,826,730 5,076,530 5,076,530 ‐ ‐ 5,076,530 (1)
Interest payment 3,161,293 3,324,333 3,316,610 (7,723) ‐ 3,316,610 (1)
TOTAL EXPENDITURES 102,806,858 107,360,585 101,451,977 (5,908,608) 94,201,063 7,250,914
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (249,999) 3,202,077 7,248,658 4,046,581 6,542,729 705,929
OTHER FINANCING SOURCES (USES)
Proceeds of long‐term debt ‐ ‐ ‐ ‐ ‐ ‐
Premiums on bonds sold ‐ ‐ ‐ ‐ ‐ ‐
Transfer in 250,000 ‐ 28,796 28,796 28,796 ‐
Transfer (out)‐ (6,929,077) (7,006,017) 76,940 (7,006,017) ‐
Sale of capital assets ‐ ‐ 5,170 5,170 5,170 ‐
Insurance recoveries ‐ ‐ 14,666 14,666 14,666 ‐
Funds remitted to bond trustee ‐ ‐ ‐ ‐ ‐ ‐
TOTAL OTHER FINANCING SOURCES (USES)250,000 (6,929,077) (6,957,385) 125,572 (6,957,385) ‐
NET CHANGE IN FUND BALANCE 1 (3,727,000) 291,273 4,172,153 (414,656) 705,929
FUND BALANCE JANUARY 1 10,751,945 18,100,508 21,225,879 3,125,371 20,469,125 756,754 (1), (2)
Prior Priod Adjustment ‐ ‐ ‐ ‐ ‐ ‐
FUND BALANCES JANUARY 1 RESTATED $ 10,751,945 $ 18,100,508 $ 21,225,879 $ 3,125,371 $ 20,469,125 $ 756,754
FUND BALANCE DECEMBER 31 $ 10,751,946 $ 14,373,508 $ 21,517,152 $ 7,143,644 $ 20,054,469 $ 1,462,683 (1), (2)
NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION
(1) General Governmental Debt Fund is included in the Actual Amounts Budgetary Basis column.
(2) Leased City Property Fund is included in the Actual Amounts GAAP Basis column
BUDGETED AMOUNTS
Required Supplementary Information, 5‐1
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2014 Comprehensive Annual Financial Report City of Renton, Washington
REQUIRED SUPPLEMENTARY INFORMATION
FIREFIGHTERS' PENSION FUND
SCHEDULE OF INVESTMENT RETURNS
December 31, 2014
Fiscal Year
Ending
December 31
Net
Money‐Weighted Rate of
Return
2005 N/A
2006 N/A
2007 N/A
2008 N/A
2009 N/A
2010 N/A
2011 N/A
2012 N/A
2013 N/A
2014 4.31%
Required Supplementary Information, 5‐4
2014 Comprehensive Annual Financial Report City of Renton, Washington
REQUIRED SUPPLEMENTARY INFORMATION
LEOFF 1 RETIREE MEDICAL BENEFITS
SCHEDULE OF FUNDING PROGRESS
December 31, 2014
YEAR ENDING
12/31
ACTUARIAL
VALUE OF
ASSETS
ACTUARIAL
ACCRUED
LIABILITES
UNFUNDED
ACTUARIAL
ACCRUED
LIABILITIES
FUNDED
RATIO
COVERED
PAYROLL
UAAL AS A
PERCENTAGE
OF COVERED
PAYROLL
2008 $‐ $ 32,331,107 $ 32,331,107 0% $ 471,470 6857.51%
2009 ‐ 27,985,358 27,985,358 0%411,952 6793.35%
2010 ‐ 27,835,211 27,835,211 0%414,264 6719.20%
2011 ‐ 27,835,211 27,835,211 0%434,132 6411.70%
2012 ‐ 41,633,198 41,633,198 0%304,951 13652.42%
2013 ‐ 41,633,198 41,633,198 0%300,273 13865.12%
LEOFF 1 RETIREE MEDICAL BENEFITS
SCHEDULE OF EMPLOYER CONTRIBUTION
December 31, 2014
YEAR ENDING
12/31
Annual
OPEB Cost
Employer
Contributions
% of OPEB
Cost
Net OPEB
Obligation
2008 $2,024,068 $ 1,266,192 63% $ 757,876
2009 1,912,147 1,104,351 58% 1,565,672
2010 1,702,419 983,868 58% 2,284,223
2011 1,716,970 875,699 51% 3,125,494
2012 1,873,324 1,254,795 67% 3,744,023
2013 1,884,823 1,039,281 55% 4,589,565
Required Supplementary Information, 5‐5
2014 Comprehensive Annual Financial Report City of Renton, Washington
Required Supplementary Information, 5‐6
This page intentionally left blank.
2014 Comprehensive Annual Financial Report City of Renton, Washington
Combining Statements & Schedules, 6‐1
Non‐Major Governmental Funds
Special Revenue Funds
ARTERIAL STREET FUND
The Arterial Street Fund was established pursuant to state law allocating the one‐half cent State
Gasoline Tax revenue to cities and towns for construction, improvements, and major repair of
streets.
HOTEL/MOTEL TAX FUND
Accounts for monies collected through an increase of 1% in hotel/motel taxes for the purpose of
increasing tourism in the City of Renton.
1% FOR ART FUND
The City of Renton established this fund to account for one percent of construction project actual
costs to be used for the selection, acquisition and/or installation of works of art to be placed in,
on, or about City public facilities.
CABLE COMMUNICATIONS DEVELOPMENT FUND
The Cable Communications Development Fund accounts for funding for promotion and
development of cable communications as established by City ordinance.
SPRINGBROOK WETLANDS BANK FUND
The City of Renton established this fund in 2007 for the purpose of providing accounting for the
Springbrook Creek Wetland and Habitat Mitigation Bank project. The fund will receive revenue
by selling Wetlands Credits to third parties and to the City’s internal departments.
2014 Comprehensive Annual Financial Report City of Renton, Washington
Combining Statements & Schedules, 6‐2
Debt Service Funds
GENERAL GOVERNMENTAL MISCELLANEOUS DEBT SERVICE FUND
This debt service fund accounts for the following outstanding debt issues:
2006 limited tax general obligation bonds which provided funding for the construction of
South Lake Washington infrastructure improvements.
2009 intergovernmental debt related to the Fire District #40 asset transfer as a result of
the Benson Hill annexation.
2009 intergovernmental debt related to acquisition, construction, and equipping of the
SCORE facility.
2010 intergovernmental refunding debt which refunded a portion of the 2000
intergovernmental debt for the construction of a new facility for Valley Communications
Center.
2010 limited tax general obligation refunding bonds which refunded a portion of the 2001
limited tax general obligation bonds for the construction of a downtown parking facility.
2011 limited tax general obligation bonds which funded the development and
construction of 2 new libraries.
2011 limited tax general obligation refunding bonds which refunded a portion of the 2001
limited tax general obligation bonds which refunded a portion of the 1997 limited tax
general obligation bonds for the purchase of Renton City Hall.
2013 limited tax general obligation qualified energy conservation bonds (QECB) which
provided funding for streetlight improvements.
2014 Comprehensive Annual Financial Report City of Renton, Washington
Combining Statements & Schedules, 6‐3
Capital Project Funds
COMMUNITY DEVELOPMENT IMPACT MITIGATION FUND
Accounts for monies collected from developers to offset impacts created by their developments
to City facilities.
FIRE IMPACT MITIGATION FUND
Accounts for monies collected from developers to offset impacts created by their developments
to City facilities.
TRANSPORTATION IMPACT MITIGATION FUND
Accounts for monies collected from developers to offset impacts created by their developments
to City facilities.
SOUTH LAKE WASHINGTON INFRASTRUCTURE PROJECT FUND
The South Lake Washington Infrastructure Project Fund accounts for the infrastructure
improvements at the south end of Lake Washington. Primary resources include: REET, sales tax,
grants, and GO Bonds which provide for the design, construction, labor wages and benefits, and
equipment required to implement the project. This fund was closed during 2014, with the
remaining fund balance transferred to the Capital Improvement Fund.
2014 Comprehensive Annual Financial Report City of Renton, Washington
Combining Statements & Schedules, 6‐4
Non‐Major Proprietary Funds
Enterprise Funds
AIRPORT FUND
The Airport Fund accounts for revenues and expenses for administration, debt services,
operation, capital improvements, and maintenance of the Renton Municipal Airport and Will
Rodger‐Wily Post Memorial Seaplane Base. Sources of support to the fund are leases, fuel
charges, investment interest, and grant funding as available.
GOLF COURSE FUND
The Golf Course Fund was created after the City acquired the Maplewood Golf Course. The fund
accounts for the operation, maintenance, debt service, and capital improvements of the facility.
Internal Service Funds
EQUIPMENT RENTAL
The Equipment Rental Fund accounts for the costs of maintaining and replacing all City vehicles
and auxiliary equipment. In addition, this fund accounts for the City’s information technology,
facilities and communications costs. All costs, including depreciation, are factors in calculating
the rates that are charged to each user department.
INSURANCE FUND
The Insurance Fund provides accounting for self‐insurance services to all City departments,
including provisions for losses on property, liability, worker’s compensation, unemployment
compensation, and the health care program. Expenses are paid from the Insurance Fund and
rates are charged to departments based on use and/or coverage requirements.
2014 Comprehensive Annual Financial Report City of Renton, Washington
COMBINING BALANCE SHEET
OTHER GOVERNMENTAL FUNDS
DECEMBER 31, 2014
Page 1 of 6
SPECIAL REVENUE FUNDS
ARTERIAL HOTEL/CABLE
STREET MOTEL TAX COMMUNICATIONS
ASSETS
Cash & cash equivalents $7,868 $ 141,250 $ 185,564
Investments at fair value 5,441 97,684 128,331
Receivables (net of allowances):
Customer accounts ‐ ‐ 1,500
Accrued interest & penalty 1,566 639 1,024
Due from other governmental units 101,984 30,895 ‐
TOTAL ASSETS 116,859 270,468 316,419
DEFERRED OUTFLOWS OF RESOURCES ‐ ‐ ‐
TOTAL DEFERRED OUTFLOWS OF RESOURCES ‐ ‐ ‐
TOTAL ASSETS AND DEFERRED OUTFLOWS OF RESOURCES $116,859 $270,468 $316,419
LIABILITIES
Accounts payable $‐ $20,640 $2,034
TOTAL LIABILITIES ‐ 20,640 2,034
DEFERRED INFLOWS OF RESOURCES ‐ ‐ ‐
TOTAL DEFERRED INFLOWS OF RESOURCES ‐ ‐ ‐
FUND BALANCES
Restricted 116,859 249,828 314,385
TOTAL FUND BALANCES 116,859 249,828 314,385
TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES
AND FUND BALANCES $116,859 $270,468 $316,419
Combining Statements & Schedules, 6‐5
2014 Comprehensive Annual Financial Report City of Renton, Washington
COMBINING BALANCE SHEET
OTHER GOVERNMENTAL FUNDS
DECEMBER 31, 2014
Page 2 of 6
SPECIAL REVENUE FUNDS
1% FOR SPRINGBROOK TOTAL
ART WETLANDS SRF
ASSETS
Cash & cash equivalents $59,708 $194,225 $ 588,615
Investments at fair value 41,292 134,320 407,068
Receivables (net of allowances):
Customer accounts ‐ ‐ 1,500
Accrued interest & penalty 313 2,162 5,704
Due from other governmental units ‐ ‐ 132,879
TOTAL ASSETS 101,313 330,707 1,135,766
DEFERRED OUTFLOWS OF RESOURCES ‐ ‐ ‐
TOTAL DEFERRED OUTFLOWS OF RESOURCES ‐ ‐ ‐
TOTAL ASSETS AND DEFERRED OUTFLOWS OF RESOURCES $101,313 $330,707 $1,135,766
LIABILITIES
Accounts payable $‐ $‐ $22,674
TOTAL LIABILITIES ‐ ‐ 22,674
DEFERRED INFLOWS OF RESOURCES ‐ ‐ ‐
TOTAL DEFERRED INFLOWS OF RESOURCES ‐ ‐ ‐
FUND BALANCES
Restricted 101,313 330,707 1,113,092
TOTAL FUND BALANCES 101,313 330,707 1,113,092
TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES
AND FUND BALANCES $101,313 $330,707 $1,135,766
Combining Statements & Schedules, 6‐6
2014 Comprehensive Annual Financial Report City of Renton, Washington
GENERAL TOTAL
DEBT DSF
ASSETS
Cash & cash equivalents $861,345 $861,345
Investments at fair value 595,681 595,681
Receivables (net of allowances):
Accrued interest & penalty 13,298 13,298
Due from other funds 169,783 169,783
Due from other governmental units 1,458,999 1,458,999
TOTAL ASSETS 3,099,106 3,099,106
DEFERRED OUTFLOWS OF RESOURCES ‐ ‐
TOTAL DEFERRED OUTFLOWS OF RESOURCES ‐ ‐
TOTAL ASSETS AND DEFERRED OUTFLOWS OF RESOURCES $3,099,106 $3,099,106
LIABILITIES
Accounts payable $216 $216
Unearned revenue 1,458,999 1,458,999
TOTAL LIABILITIES 1,459,215 1,459,215
DEFERRED INFLOWS OF RESOURCES ‐ ‐
TOTAL DEFERRED INFLOWS OF RESOURCES ‐ ‐
FUND BALANCES
Restricted 1,639,891 1,639,891
TOTAL FUND BALANCES 1,639,891 1,639,891
TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES
AND FUND BALANCES $3,099,106 $3,099,106
COMBINING BALANCE SHEET
OTHER GOVERNMENTAL FUNDS
DECEMBER 31, 2014
Page 3 of 6
DEBT SERVICE FUNDS
Combining Statements & Schedules, 6‐7
2014 Comprehensive Annual Financial Report City of Renton, Washington
C.D. IMPACT FIRE IMPACT TRANS. IMPACT
MITIGATION MITIGATION MITIGATION
ASSETS
Cash & cash equivalents $729,285 $545,633 $497,668
Investments 504,353 377,344 344,173
Receivables (net of allowances):
Accrued interest & penalty 4,149 2,904 2,598
Special assessments ‐ ‐ 11,512
TOTAL ASSETS 1,237,787 925,881 855,951
DEFERRED OUTFLOWS OF RESOURCES ‐ ‐ ‐
TOTAL DEFERRED OUTFLOWS OF RESOURCES ‐ ‐ ‐
TOTAL ASSETS AND DEFERRED OUTFLOWS OF RESOURCES $1,237,787 $925,881 $855,951
LIABILITIES $‐ $‐ $‐
TOTAL LIABILITIES ‐ ‐ ‐
DEFERRED INFLOWS OF RESOURCES
Deferred amounts on special assessments ‐ ‐ 11,512
Unavailable revenue ‐ ‐ 345
TOTAL DEFERRED INFLOWS OF RESOURCES ‐ ‐ 11,857
FUND BALANCES
Restricted 1,237,787 925,881 844,094
TOTAL FUND BALANCES 1,237,787 925,881 844,094
TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES
AND FUND BALANCES $1,237,787 $925,881 $855,951
CAPITAL PROJECT FUNDS
OTHER GOVERNMENTAL FUNDS
COMBINING BALANCE SHEET
Page 4 of 6
DECEMBER 31, 2014
Combining Statements & Schedules, 6‐8
2014 Comprehensive Annual Financial Report City of Renton, Washington
SO LK WA INFRA‐TOTAL
STRUCTURE CPF
ASSETS
Cash & cash equivalents $‐ $ 1,772,586
Investments ‐ 1,225,870
Receivables (net of allowances):
Accrued interest & penalty ‐ 9,651
Special assessments ‐ 11,512
TOTAL ASSETS ‐ 3,019,619
DEFERRED OUTFLOWS OF RESOURCES ‐ ‐
TOTAL DEFERRED OUTFLOWS OF RESOURCES ‐ ‐
TOTAL ASSETS AND DEFERRED OUTFLOWS OF RESOURCES $‐ $ 3,019,619
Liabilities $‐ $‐
TOTAL LIABILITIES ‐ ‐
DEFERRED INFLOWS OF RESOURCES
Deferred amounts on special assessments ‐ 11,512
Unavailable revenue ‐ 345
TOTAL DEFERRED INFLOWS OF RESOURCES ‐ 11,857
FUND BALANCES
Restricted ‐ 3,007,762
TOTAL FUND BALANCES ‐ 3,007,762
TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES
AND FUND BALANCES $‐ $3,019,619
CAPITAL PROJECT FUNDS
Page 5 of 6
DECEMBER 31, 2014
OTHER GOVERNMENTAL FUNDS
COMBINING BALANCE SHEET
Combining Statements & Schedules, 6‐9
2014 Comprehensive Annual Financial Report City of Renton, Washington
TOTAL OTHER
TOTAL TOTAL TOTAL GOVERNMENTAL
SRF DSF CPF FUNDS
ASSETS
Cash & cash equivalents $ 588,615 $ 861,345 $ 1,772,586 $ 3,222,546
Investments at fair value 407,068 595,681 1,225,870 2,228,619
Receivables (net of allowances):
Customer accounts 1,500 ‐ ‐ 1,500
Accrued interest & penalty 5,704 13,298 9,651 28,653
Special assessments ‐ ‐ 11,512 11,512
Due from other funds ‐ 169,783 ‐ 169,783
Due from other governmental units 132,879 1,458,999 ‐ 1,591,878
TOTAL ASSETS 1,135,766 3,099,106 3,019,619 7,254,491
DEFERRED OUTFLOWS OF RESOURCES ‐ ‐ ‐ ‐
TOTAL DEFERRED OUTFLOWS OF RESOURCES ‐ ‐ ‐ ‐
TOTAL ASSETS AND DEFERRED OUTFLOWS OF
RESOURCES $ 1,135,766 $ 3,099,106 $ 3,019,619 $ 7,254,491
LIABILITIES
Accounts payable $ 22,674 $216 $‐ $ 22,890
Unearned revenue ‐ 1,458,999 ‐ 1,458,999
TOTAL LIABILITIES 22,674 1,459,215 ‐ 1,481,889
DEFERRED INFLOWS OF RESOURCES
Deferred amounts on special assessments ‐ ‐ 11,512 11,512
Unavailable revenue ‐ ‐ 345 345
TOTAL DEFERRED INFLOWS OF RESOURCES ‐ ‐ 11,857 11,857
FUND BALANCES
Restricted 1,113,092 1,639,891 3,007,762 5,760,745
TOTAL FUND BALANCES 1,113,092 1,639,891 3,007,762 5,760,745
TOTAL LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES $ 1,135,766 $ 3,099,106 $ 3,019,619 $ 7,254,491
Page 6 of 6
COMBINING BALANCE SHEET
OTHER GOVERNMENTAL FUNDS
DECEMBER 31, 2014
Combining Statements & Schedules, 6‐10
2014 Comprehensive Annual Financial Report City of Renton, Washington
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
OTHER GOVERNMENTAL FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2014
Page 1 of 6
SPECIAL REVENUE FUNDS
ARTERIAL HOTEL/CABLE
STREET MOTEL TAX COMMUNICATIONS
REVENUES
Taxes $‐ $257,932 $40,000
Licenses and permits ‐ ‐ 48,936
Intergovernmental revenues 631,394 ‐ ‐
Contributions ‐ 55,000 ‐
Interest 1,534 481 803
Miscellaneous revenues ‐ ‐ 3,000
TOTAL REVENUES 632,928 313,413 92,739
EXPENDITURES
Current:
Economic environment ‐ 279,391 ‐
Culture and recreation ‐ ‐ 46,134
Capital outlay:
Culture and recreation ‐ ‐ 15,253
TOTAL EXPENDITURES ‐ 279,391 61,387
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 632,928 34,022 31,352
OTHER FINANCING SOURCES (USES)
Transfer in ‐ ‐ ‐
Transfer (out)(810,000) ‐ ‐
TOTAL OTHER FINANCE SOURCES (USES)(810,000) ‐ ‐
NET CHANGE IN FUND BALANCE (177,072) 34,022 31,352
FUND BALANCE JANUARY 1 293,931 215,806 283,033
FUND BALANCE DECEMBER 31 $116,859 $249,828 $314,385
Combining Statements & Schedules, 6‐11
2014 Comprehensive Annual Financial Report City of Renton, Washington
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
OTHER GOVERNMENTAL FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2014
Page 2 of 6
SPECIAL REVENUE FUNDS
1% FOR SPRINGBROOK TOTAL
ART WETLANDS SRF
REVENUES
Taxes $‐ $‐ $297,932
Licenses and permits ‐ ‐ 48,936
Intergovernmental revenues ‐ ‐ 631,394
Contributions ‐ ‐ 55,000
Interest 210 1,809 4,837
Miscellaneous revenues ‐ ‐ 3,000
TOTAL REVENUES 210 1,809 1,041,099
EXPENDITURES
Current:
Economic environment ‐ ‐ 279,391
Culture and recreation ‐ ‐ 46,134
Capital outlay:
Culture and recreation 7,135 ‐ 22,388
TOTAL EXPENDITURES 7,135 ‐ 347,913
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (6,925) 1,809 693,186
OTHER FINANCING SOURCES (USES)
Transfer in 10,454 ‐ 10,454
Transfer (out)‐ (338,800) (1,148,800)
TOTAL OTHER FINANCE SOURCES (USES)10,454 (338,800) (1,138,346)
NET CHANGE IN FUND BALANCE 3,529 (336,991) (445,160)
FUND BALANCE JANUARY 1 97,784 667,698 1,558,252
FUND BALANCE DECEMBER 31 $101,313 $330,707 $1,113,092
Combining Statements & Schedules, 6‐12
2014 Comprehensive Annual Financial Report City of Renton, Washington
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
OTHER GOVERNMENTAL FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2014
Page 3 of 6
DEBT SERVICE FUNDS
GENERAL TOTAL
DEBT DSF
REVENUES
Taxes $8,306,459 $8,306,459
Intergovernmental revenues 436,280 436,280
Interest 11,061 11,061
TOTAL REVENUES 8,753,800 8,753,800
EXPENDITURES
Debt service:
Principal payments 5,076,530 5,076,530
Interest and fiscal charges 3,316,610 3,316,610
TOTAL EXPENDITURES 8,393,140 8,393,140
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 360,660 360,660
OTHER FINANCING SOURCES (USES)‐ ‐
TOTAL OTHER FINANCE SOURCES (USES)‐ ‐
NET CHANGE IN FUND BALANCE 360,660 360,660
FUND BALANCE JANUARY 1 1,279,231 1,279,231
FUND BALANCE DECEMBER 31 $1,639,891 $1,639,891
Combining Statements & Schedules, 6‐13
2014 Comprehensive Annual Financial Report City of Renton, Washington
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
OTHER GOVERNMENTAL FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2014
Page 4 of 6
CAPITAL PROJECT FUNDS
C.D. IMPACT FIRE IMPACT TRANS. IMPACT
MITIGATION MITIGATION MITIGATION
REVENUES
Charges for services $300,618 $277,880 $645,034
Interest 2,432 1,754 1,813
TOTAL REVENUES 303,050 279,634 646,847
EXPENDITURES ‐ ‐ ‐
TOTAL EXPENDITURES ‐ ‐ ‐
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 303,050 279,634 646,847
OTHER FINANCING SOURCES (USES)
Transfer (out)‐ ‐ (289,000)
TOTAL OTHER FINANCE SOURCES (USES)‐ ‐ (289,000)
NET CHANGE IN FUND BALANCE 303,050 279,634 357,847
FUND BALANCE JANUARY 1 934,737 646,247 486,247
FUND BALANCE DECEMBER 31 $1,237,787 $925,881 $844,094
Combining Statements & Schedules, 6‐14
2014 Comprehensive Annual Financial Report City of Renton, Washington
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
OTHER GOVERNMENTAL FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2014
Page 5 of 6
CAPITAL PROJECT FUNDS
SO LK WA INFRA‐TOTAL
STRUCTURE CPF
REVENUES
Charges for services $‐ $1,223,532
Interest ‐ 5,999
TOTAL REVENUES ‐ 1,229,531
EXPENDITURES ‐ ‐
TOTAL EXPENDITURES ‐ ‐
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES ‐ 1,229,531
OTHER FINANCING SOURCES (USES)
Transfer (out)(9,014) (298,014)
TOTAL OTHER FINANCE SOURCES (USES)(9,014) (298,014)
NET CHANGE IN FUND BALANCE (9,014) 931,517
FUND BALANCE JANUARY 1 9,014 2,076,245
FUND BALANCE DECEMBER 31 $‐ $3,007,762
Combining Statements & Schedules, 6‐15
2014 Comprehensive Annual Financial Report City of Renton, Washington
TOTAL OTHER
TOTAL TOTAL TOTAL GOVERNMENTAL
SRF DSF CPF FUNDS
REVENUES
Taxes $297,932 $ 8,306,459 $‐ $ 8,604,391
Licenses and permits 48,936 ‐ ‐ 48,936
Intergovernmental revenues 631,394 436,280 ‐ 1,067,674
Charges for services ‐ ‐ 1,223,532 1,223,532
Contributions 55,000 ‐ ‐ 55,000
Interest 4,837 11,061 5,999 21,897
Miscellaneous revenues 3,000 ‐ ‐ 3,000
TOTAL REVENUES 1,041,099 8,753,800 1,229,531 11,024,430
EXPENDITURES
Current:
Economic environment 279,391 ‐ ‐ 279,391
Culture and recreation 46,134 ‐ ‐ 46,134
Capital outlay:
Culture and recreation 22,388 ‐ ‐ 22,388
Debt service:
Principal payments ‐ 5,076,530 ‐ 5,076,530
Interest and fiscal charges ‐ 3,316,610 ‐ 3,316,610
TOTAL EXPENDITURES 347,913 8,393,140 ‐ 8,741,053
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 693,186 360,660 1,229,531 2,283,377
OTHER FINANCING SOURCES (USES)
Transfer in 10,454 ‐ ‐ 10,454
Transfer (out)(1,148,800) ‐ (298,014) (1,446,814)
TOTAL OTHER FINANCE SOURCES (USES)(1,138,346) ‐ (298,014) (1,436,360)
NET CHANGE IN FUND BALANCE (445,160) 360,660 931,517 847,017
FUND BALANCE JANUARY 1 1,558,252 1,279,231 2,076,245 4,913,728
FUND BALANCE DECEMBER 31 $ 1,113,092 $ 1,639,891 $ 3,007,762 $ 5,760,745
Page 6 of 6
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
OTHER GOVERNMENTAL FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2014
Combining Statements & Schedules, 6‐16
2014 Comprehensive Annual Financial Report City of Renton, Washington
ORIGINAL FINAL ACTUAL VARIANCE
REVENUES
Intergovernmental revenues $ 640,000 $ 630,000 $ 631,394 $ 1,394
Interest 3,000 3,000 1,534 (1,466)
TOTAL REVENUES 643,000 633,000 632,928 (72)
EXPENDITURES ‐ ‐ ‐ ‐
TOTAL EXPENDITURES ‐ ‐ ‐ ‐
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 643,000 633,000 632,928 (72)
OTHER FINANCING SOURCES (USES)
Transfer (out)(650,000) (810,000) (810,000) ‐
TOTAL OTHER FINANCE SOURCES (USES)(650,000) (810,000) (810,000) ‐
NET CHANGE IN FUND BALANCE (7,000) (177,000) (177,072) (72)
FUND BALANCE JANUARY 1 161,974 192,689 293,931 101,242
FUND BALANCE DECEMBER 31 $ 154,974 $ 15,689 $ 116,859 $ 101,170
BUDGETED AMOUNTS
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL ‐ ARTERIAL STREET FUND
FOR THE YEAR ENDED DECEMBER 31, 2014
Combining Statements & Schedules, 6‐17
2014 Comprehensive Annual Financial Report City of Renton, Washington
ORIGINAL FINAL ACTUAL VARIANCE
REVENUES
Taxes $ 200,000 $ 200,000 $ 257,932 $ 57,932
Contributions 65,000 65,000 55,000 (10,000)
Interest ‐ ‐ 481 481
TOTAL REVENUES 265,000 265,000 313,413 48,413
EXPENDITURES
Current:
Economic environment 265,000 315,693 279,391 (36,302)
TOTAL EXPENDITURES 265,000 315,693 279,391 (36,302)
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES ‐ (50,693) 34,022 84,715
OTHER FINANCING SOURCES (USES)‐ ‐ ‐ ‐
TOTAL OTHER FINANCE SOURCES (USES)‐ ‐ ‐ ‐
NET CHANGE IN FUND BALANCE ‐ (50,693) 34,022 84,715
FUND BALANCE JANUARY 1 66,506 185,606 215,806 30,200
FUND BALANCE DECEMBER 31 $ 66,506 $ 134,913 $ 249,828 $ 114,915
BUDGETED AMOUNTS
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL ‐ HOTEL/MOTEL TAX FUND
FOR THE YEAR ENDED DECEMBER 31, 2014
Combining Statements & Schedules, 6‐18
2014 Comprehensive Annual Financial Report City of Renton, Washington
ORIGINAL FINAL ACTUAL VARIANCE
REVENUES
Interest $‐ $‐ $ 210 $ 210
TOTAL REVENUES ‐ ‐ 210 210
EXPENDITURES
Capital outlay:
Culture and recreation 50,000 50,000 7,135
TOTAL EXPENDITURES 50,000 50,000 7,135 ‐
OVER EXPENDITURES (50,000) (50,000) (6,925) 210
OTHER FINANCING SOURCES (USES)
Transfer in 15,000 15,000 10,454 (4,546)
TOTAL OTHER FINANCE SOURCES (USES)15,000 15,000 10,454 (4,546)
NET CHANGE IN FUND BALANCE (35,000) (35,000) 3,529 (4,336)
FUND BALANCE JANUARY 1 69,499 97,771 97,784 13
FUND BALANCE DECEMBER 31 $ 34,499 $ 62,771 $ 101,313 $ (4,323)
BUDGETED AMOUNTS
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL ‐ 1% FOR ART FUND
FOR THE YEAR ENDED DECEMBER 31, 2014
Combining Statements & Schedules, 6‐19
2014 Comprehensive Annual Financial Report City of Renton, Washington
ORIGINAL FINAL ACTUAL VARIANCE
REVENUES
Taxes $ 40,000 $ 40,000 $ 40,000 $‐
Licenses and permits 45,674 45,674 48,936 3,262
Interest ‐ ‐ 803 803
Miscellaneous revenues ‐ ‐ 3,000 3,000
TOTAL REVENUES 85,674 85,674 92,739 7,065
EXPENDITURES
Current:
Culture and recreation 45,674 45,674 46,134 460
Capital outlay:
Culture and recreation 40,000 40,000 15,253 (24,747)
TOTAL EXPENDITURES 85,674 85,674 61,387 (24,287)
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES ‐ ‐ 31,352 31,352
OTHER FINANCING SOURCES (USES)‐ ‐ ‐ ‐
TOTAL OTHER FINANCE SOURCES (USES)‐ ‐ ‐ ‐
NET CHANGE IN FUND BALANCE ‐ ‐ 31,352 31,352
FUND BALANCE JANUARY 1 35,294 284,632 283,033 (1,599)
FUND BALANCE DECEMBER 31 $ 35,294 $ 284,632 $ 314,385 $ 29,753
BUDGETED AMOUNTS
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL ‐ CABLE COMMUNICATIONS DEVELOPMENT FUND
FOR THE YEAR ENDED DECEMBER 31, 2014
Combining Statements & Schedules, 6‐20
2014 Comprehensive Annual Financial Report City of Renton, Washington
ORIGINAL FINAL ACTUAL VARIANCE
REVENUES
Interest $‐ $‐ $ 1,809 $ 1,809
TOTAL REVENUES ‐ ‐ 1,809 1,809
EXPENDITURES ‐ ‐ ‐ ‐
TOTAL EXPENDITURES ‐ ‐ ‐ ‐
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES ‐ ‐ 1,809 1,809
OTHER FINANCING SOURCES (USES)
Transfer (out)‐ (338,800) (338,800) ‐
TOTAL OTHER FINANCE SOURCES (USES)‐ (338,800) (338,800) ‐
NET CHANGE IN FUND BALANCE ‐ (338,800) (336,991) 1,809
FUND BALANCE JANUARY 1 663,556 667,613 667,698 85
FUND BALANCE DECEMBER 31 $ 663,556 $ 328,813 $ 330,707 $1,894
BUDGETED AMOUNTS
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL ‐ SPRINGBROOK WETLANDS BANK FUND
FOR THE YEAR ENDED DECEMBER 31, 2014
Combining Statements & Schedules, 6‐21
2014 Comprehensive Annual Financial Report City of Renton, Washington
ORIGINAL FINAL ACTUAL VARIANCE
REVENUES
Taxes $ 7,435,086 $ 7,897,326 $ 8,306,459 $ 409,133
Intergovernmental revenues 302,937 443,537 436,280 (7,257)
Interest ‐ ‐ 11,061 11,061
TOTAL REVENUES 7,738,023 8,340,863 8,753,800 412,937
EXPENDITURES
Debt service:
Principal payments 4,826,730 5,076,530 5,076,530 ‐
Interest and fiscal charges 3,161,293 3,324,333 3,316,610 (7,723)
TOTAL EXPENDITURES 7,988,023 8,400,863 8,393,140 (7,723)
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (250,000) (60,000) 360,660 420,660
OTHER FINANCING SOURCES (USES)
Transfers in 250,000 ‐ ‐ ‐
TOTAL OTHER FINANCE SOURCES (USES)250,000 ‐ ‐ ‐
NET CHANGE IN FUND BALANCE ‐ (60,000) 360,660 420,660
FUND BALANCE JANUARY 1 1,230,778 1,815,921 1,279,231 (536,690)
FUND BALANCE DECEMBER 31 $ 1,230,778 $ 1,755,921 $1,639,891 $ (116,030)
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL ‐ GENERAL GOVERNMENTAL MISCELLANEOUS DEBT SERVICE FUND
FOR THE YEAR ENDED DECEMBER 31, 2014
BUDGETED AMOUNTS
Combining Statements & Schedules, 6‐22
2014 Comprehensive Annual Financial Report City of Renton, Washington
ORIGINAL FINAL ACTUAL VARIANCE
REVENUES
Charges for services $ 60,000 $ 60,000 $ 300,618 $ 240,618
Interest ‐ ‐ 2,432 2,432
TOTAL REVENUES 60,000 60,000 303,050 243,050
EXPENDITURES ‐ ‐ ‐ ‐
TOTAL EXPENDITURES ‐ ‐ ‐ ‐
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 60,000 60,000 303,050 243,050
OTHER FINANCING SOURCES (USES)‐ ‐ ‐ ‐
TOTAL OTHER FINANCE SOURCES (USES)‐ ‐ ‐ ‐
NET CHANGE IN FUND BALANCE 60,000 60,000 303,050 243,050
FUND BALANCE JANUARY 1 1,195,050 934,618 934,737 119
FUND BALANCE DECEMBER 31 $ 1,255,050 $ 994,618 $ 1,237,787 $ 243,169
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL ‐ COMMUNITY DEVELOPMENT IMPACT MITIGATION FUND
FOR THE YEAR ENDED DECEMBER 31, 2014
BUDGETED AMOUNTS
Combining Statements & Schedules, 6‐23
2014 Comprehensive Annual Financial Report City of Renton, Washington
ORIGINAL FINAL ACTUAL VARIANCE
REVENUES
Charges for services $ 50,000 $ 50,000 $ 277,880 $ 227,880
Interest ‐ ‐ 1,754 1,754
TOTAL REVENUES 50,000 50,000 279,634 229,634
EXPENDITURES ‐ ‐ ‐ ‐
TOTAL EXPENDITURES ‐ ‐ ‐ ‐
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 50,000 50,000 279,634 229,634
OTHER FINANCING SOURCES (USES)
Transfer (out)(250,000) ‐ ‐ ‐
TOTAL OTHER FINANCE SOURCES (USES)(250,000) ‐ ‐ ‐
NET CHANGE IN FUND BALANCE (200,000) 50,000 279,634 229,634
FUND BALANCE JANUARY 1 430,748 646,165 646,247 82
FUND BALANCE DECEMBER 31 $ 230,748 $ 696,165 $ 925,881 $ 229,716
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL ‐ FIRE IMPACT MITIGATION FUND
FOR THE YEAR ENDED DECEMBER 31, 2014
BUDGETED AMOUNTS
Combining Statements & Schedules, 6‐24
2014 Comprehensive Annual Financial Report City of Renton, Washington
ORIGINAL FINAL ACTUAL VARIANCE
REVENUES
Charges for services $ 30,000 $ 220,000 $ 645,034 $ 425,034
Interest 10,000 10,000 1,813 (8,187)
TOTAL REVENUES 40,000 230,000 646,847 416,847
EXPENDITURES ‐ ‐ ‐ ‐
TOTAL EXPENDITURES ‐ ‐ ‐ ‐
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 40,000 230,000 646,847 416,847
OTHER FINANCING SOURCES (USES)
Transfer (out)(107,000) (289,000) (289,000) ‐
TOTAL OTHER FINANCE SOURCES (USES)(107,000) (289,000) (289,000) ‐
NET CHANGE IN FUND BALANCE (67,000) (59,000) 357,847 416,847
FUND BALANCE JANUARY 1 164,187 486,185 486,247 62
FUND BALANCE DECEMBER 31 $ 97,187 $ 427,185 $ 844,094 $ 416,909
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL ‐ TRANSPORTATION IMPACT MITIGATION FUND
FOR THE YEAR ENDED DECEMBER 31, 2014
BUDGETED AMOUNTS
Combining Statements & Schedules, 6‐25
2014 Comprehensive Annual Financial Report City of Renton, Washington
ORIGINAL FINAL ACTUAL VARIANCE
REVENUES
Taxes $ 980,000 $ 2,080,000 $ 2,105,994 $ 25,994
Licenses and permits 400,000 400,000 442,857 42,857
Intergovernmental revenues ‐ 1,835,194 1,079,968 (755,226)
Contributions ‐ 52,000 30,000 (22,000)
Interest ‐ ‐ 58,760 58,760
TOTAL REVENUES 1,380,000 4,367,194 3,717,579 (649,615)
EXPENDITURES
Current:
General government ‐ ‐ 40,138 40,138
Economic environment ‐ 473,568 240,408 (233,160)
Culture & recreation 175,000 570,913 409,862 (161,051)
Capital outlay:
General government 60,000 183,878 175,868 (8,010)
Transportation ‐ 95,094 ‐ (95,094)
Culture and recreation 1,145,000 29,666,998 9,029,388 (20,637,610)
TOTAL EXPENDITURES 1,380,000 30,990,451 9,895,664 (21,094,787)
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES ‐ (26,623,257) (6,178,085) 20,445,172
OTHER FINANCING SOURCES (USES)
Transfer in ‐ 3,322,633 3,314,869 (7,764)
TOTAL OTHER FINANCE SOURCES (USES)‐ 3,322,633 3,314,869 (7,764)
NET CHANGE IN FUND BALANCE ‐ (23,300,624) (2,863,216) 20,437,408
FUND BALANCE JANUARY 1 549,134 24,739,871 24,049,418 (690,453)
FUND BALANCE DECEMBER 31 $ 549,134 $ 1,439,247 $ 21,186,202 $ 19,746,955
BUDGETED AMOUNTS
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL ‐ MUNICIPAL FACILITIES CAPITAL IMPROVEMENT FUND
FOR THE YEAR ENDED DECEMBER 31, 2014
Combining Statements & Schedules, 6‐26
2014 Comprehensive Annual Financial Report City of Renton, Washington
ORIGINAL FINAL ACTUAL VARIANCE
REVENUES
Licenses and permits $ 1,740,000 $ 1,970,000 $ 2,007,590 $ 37,590
Intergovernmental revenues 3,530,000 14,930,832 6,524,878 (8,405,954)
Fines and forfeits ‐ ‐ 24,528 24,528
Contributions ‐ 896,503 749,364 (147,139)
Interest ‐ ‐ 1,345 1,345
TOTAL REVENUES 5,270,000 17,797,335 9,307,705 (8,489,630)
EXPENDITURES
Current:
Transportation ‐ ‐ 2,313,189 2,313,189
Capital outlay:
Transportation 5,862,000 21,280,842 7,004,924 (14,275,918)
Debt service:
Principal payment 139,931 139,931 ‐ (139,931)
Interest payment 9,659 9,659 7,823 (1,836)
TOTAL EXPENDITURES 6,011,590 21,430,432 9,325,936 (12,104,496)
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (741,590) (3,633,097) (18,231) 3,614,866
OTHER FINANCING SOURCES (USES)
Transfer in 757,000 1,825,976 1,821,814 (4,162)
Transfer (out)(15,000) (15,000) (10,454) (4,546)
Sale of capital assets ‐ 564,534 ‐ (564,534)
TOTAL OTHER FINANCE SOURCES (USES)742,000 2,375,510 1,811,360 (564,150)
NET CHANGE IN FUND BALANCE 410 (1,257,587) 1,793,129 3,050,716
FUND BALANCE JANUARY 1 46,591 2,687,303 2,577,152 (110,151)
FUND BALANCE DECEMBER 31 $ 47,001 $ 1,429,716 $ 4,370,281 $ 2,940,565
BUDGETED AMOUNTS
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL ‐ GENERAL GOVERNMENT CAPITAL IMPROVEMENT FUND
FOR THE YEAR ENDED DECEMBER 31, 2014
Combining Statements & Schedules, 6‐27
2014 Comprehensive Annual Financial Report City of Renton, Washington
ORIGINAL FINAL ACTUAL VARIANCE
REVENUES $‐ $‐ $‐ $‐
TOTAL REVENUES ‐ ‐ ‐ ‐
EXPENDITURES ‐ ‐ ‐ ‐
TOTAL EXPENDITURES ‐ ‐ ‐ ‐
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES ‐ ‐ ‐ ‐
OTHER FINANCING SOURCES (USES)
Transfer (out)‐ (9,012) (9,014) 2
TOTAL OTHER FINANCE SOURCES (USES)‐ (9,012) (9,014) (2)
NET CHANGE IN FUND BALANCE ‐ (9,012) (9,014) (2)
FUND BALANCE JANUARY 1 768 9,012 9,014 2
FUND BALANCE DECEMBER 31 $768 $‐ $‐ $‐
BUDGETED AMOUNTS
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL ‐ SOUTH LAKE WASHINGTON INFRASTRUCTURE
FOR THE YEAR ENDED DECEMBER 31, 2014
Combining Statements & Schedules, 6‐28
2014 Comprehensive Annual Financial Report City of Renton, Washington
T0TAL
NON‐MAJOR
AIRPORT GOLF COURSE ENTERPRISE FUNDS
ASSETS
Current assets:
Cash & cash equivalents $815,183 $ 107,392 $ 922,575
Investments at fair value 563,757 74,270 638,027
Receivables (net of allowances):
Customer accounts 95,144 5,383 100,527
Interest ‐ investments 6,353 2,396 8,749
Due from other governmental units 789,646 ‐ 789,646
Inventory of materials and supplies ‐ 63,712 63,712
Total current assets 2,270,083 253,153 2,523,236
Noncurrent assets:
Capital assets not being depreciated:
Land 784,080 2,683,200 3,467,280
Construction in progress 11,688,908 ‐ 11,688,908
Capital assets, net of
accumulated depreciation:
Buildings, improvements and equipment 10,885,144 5,041,311 15,926,455
Total noncurrent assets 23,358,132 7,724,511 31,082,643
TOTAL ASSETS 25,628,215 7,977,664 33,605,879
DEFERRED OUTFLOWS OF RESOURCES ‐ ‐ ‐
TOTAL DEFERRED OUTFLOWS OF RESOURCES $- $- $-
COMBINING STATEMENT OF NET POSITION
NON‐MAJOR ENTERPRISE FUNDS
DECEMBER 31, 2014
Page 1 of 2
Combining Statements & Schedules, 6‐29
2014 Comprehensive Annual Financial Report City of Renton, Washington
T0TAL
NON‐MAJOR
AIRPORT GOLF COURSE ENTERPRISE FUNDS
LIABILITIES
Current liabilities:
Accounts payable $791,322 $12,166 $803,488
Retainage payable 13,320 ‐ 13,320
Interfund loan payable ‐ 391,853 391,853
Accrued interest payable ‐ 734 734
Accrued wages and benefits payable 25,963 52,422 78,385
Accrued taxes payable 71,589 9,277 80,866
Custodial accounts ‐ 205,974 205,974
Unearned revenue 160,587 ‐ 160,587
Total current liabilities 1,062,781 672,426 1,735,207
Long‐term liabilities:
Accrued wages and benefits payable 21,594 67,573 89,167
Total long‐term liabilities 21,594 67,573 89,167
TOTAL LIABILITIES 1,084,375 739,999 1,824,374
DEFERRED INFLOWS OF RESOURCES ‐ ‐ ‐
TOTAL DEFERRED INFLOWS OF RESOURCES - - -
NET POSITION
Net investment in capital assets 23,358,132 7,724,511 31,082,643
Unrestricted 1,185,708 (486,846) 698,862
TOTAL NET POSITION $ 24,543,840 $7,237,665 $ 31,781,505
NON‐MAJOR ENTERPRISE FUNDS
COMBINING STATEMENT OF NET POSITION
DECEMBER 31, 2014
Page 2 of 2
Combining Statements & Schedules, 6‐30
2014 Comprehensive Annual Financial Report City of Renton, Washington
T0TAL
NON‐MAJOR
AIRPORT GOLF COURSE ENTERPRISE FUNDS
OPERATING REVENUES:
Charges for services $143,100 $1,770,050 $1,913,150
Miscellaneous 2,509,708 357,462 2,867,170
TOTAL OPERATING REVENUES 2,652,808 2,127,512 4,780,320
OPERATING EXPENSES:
Supplies 129,751 356,649 486,400
Personnel services 871,604 1,390,530 2,262,134
Contracted services 1,269,639 267,291 1,536,930
Taxes 2,052 10,619 12,671
Depreciation and amortization 495,902 255,387 751,289
TOTAL OPERATING EXPENSES 2,768,948 2,280,476 5,049,424
OPERATING INCOME (LOSS)(116,140) (152,964) (269,104)
NON‐OPERATING REVENUES (EXPENSES):
Intergovernmental revenues 391,877 ‐ 391,877
Interest revenues 4,112 1,616 5,728
Other non‐operating revenues (expenses)57 1,722 1,779
Interest expense (2,668) (18,328) (20,996)
NON‐OPERATING REVENUE NET OF EXPENSES 393,378 (14,990) 378,388
INCOME (LOSS) BEFORE CONTRIBUTIONS
AND TRANSFERS 277,238 (167,954) 109,284
Capital Contributions 1,084,810 ‐ 1,084,810
CHANGE IN NET POSITION 1,362,048 (167,954) 1,194,094
NET POSITION, JANUARY 1 23,181,792 7,405,619 30,587,411
NET POSITION, DECEMBER 31 $ 24,543,840 $7,237,665 $ 31,781,505
ENTERPRISE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET POSITION
NON ‐ MAJOR ENTERPRISE FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2014
BUSINESS‐TYPE ACTIVITIES
Combining Statements & Schedules, 6‐31
2014 Comprehensive Annual Financial Report City of Renton, Washington
T0TAL
NON‐MAJOR
AIRPORT GOLF COURSE ENTERPRISE FUNDS
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received for services $2,582,123 $2,147,444 $4,729,567
Cash paid to suppliers for goods & services (1,959,844) (630,594) (2,590,438)
Cash paid to employees (902,169) (1,389,753) (2,291,922)
Other non‐operating receipts 57 1,722 1,779
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES (279,833) 128,819 (151,014)
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers from other funds 1,084,810 ‐ 1,084,810
Operating grants 111,654 ‐ 111,654
NET CASH PROVIDED (USED) BY
NONCAPITAL FINANCING ACTIVITIES 1,196,464 ‐ 1,196,464
CASH FLOWS FROM CAPITAL
FINANCING ACTIVITIES:
Acquisition & construction of capital assets (1,552,461) (65,428) (1,617,889)
Principal payments on debt (101,646) (383,239) (484,885)
Interest payments on debt (3,557) (19,046) (22,603)
NET CASH PROVIDED (USED) BY
CAPITAL FINANCING ACTIVITIES (1,657,664) (467,713) (2,125,377)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of investments 59,438 78,570 138,008
Interest on investments 5,051 1,866 6,917
NET CASH PROVIDED (USED) BY
INVESTING ACTIVITIES 64,489 80,436 144,925
NET INCREASE (DECREASE) IN CASH &
CASH EQUIVALENTS (676,544) (258,458) (935,002)
CASH & CASH EQUIVALENTS, JANUARY 1 1,491,727 365,850 1,857,577
CASH & CASH EQUIVALENTS, DECEMBER 31 $815,183 $107,392 $922,575
BUSINESS‐TYPE ACTIVITIES
ENTERPRISE FUNDS
STATEMENT OF CASH FLOWS
NON‐MAJOR ENTERPRISE FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2014
Page 1 of 2
Combining Statements & Schedules, 6‐32
2014 Comprehensive Annual Financial Report City of Renton, Washington
TOTAL
NON‐MAJOR
AIRPORT GOLF COURSE ENTERPRISE FUNDS
RECONCILIATION OF OPERATING INCOME
(LOSS) TO NET CASH PROVIDED (USED)
BY OPERATING ACTIVITIES:
Operating income (loss)$(116,140) $(152,964) $(269,104)
Adjustments to reconcile operating income
(loss) to net cash provided (used)
by operating activities:
Depreciation & amortization 495,902 255,387 751,289
Other non‐operating revenue 57 1,722 1,779
(Increase) decrease in
accounts receivable (67,412) (1,812) (69,224)
(Increase) decrease in inventory
& prepaid items ‐ 705 705
Increase (decrease) in operating
accounts payable (560,072) 2,906 (557,166)
Increase (decrease) in accrued taxes
& other short‐term liabilities 1,670 354 2,024
Increase (decrease) in
customer deposits ‐ 21,744 21,744
Increase (decrease) in
unearned revenues (3,273) ‐ (3,273)
Increase (decrease) in accrued
employee leave benefits (30,565) 777 (29,788)
Total adjustments (163,693) 281,783 118,090
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES $(279,833) $128,819 $(151,014)
NONCASH INVESTING, CAPITAL, AND
FINANCING ACTIVITIES
Depreciation & amortization $495,902 $275,077 $770,979
ENTERPRISE FUNDS
BUSINESS‐TYPE ACTIVITIES
STATEMENT OF CASH FLOWS
NON‐MAJOR ENTERPRISE FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2014
Page 2 of 2
Combining Statements & Schedules, 6‐33
2014 Comprehensive Annual Financial Report City of Renton, Washington
TOTAL
EQUIPMENT INSURANCE INTERNAL
RENTAL FUND SERVICE FUNDS
ASSETS
Current assets:
Cash & cash equivalents $5,369,990 $ 15,564,975 $ 20,934,965
Investments at fair value 3,713,729 10,764,288 14,478,017
Receivables (net of allowances):
Customer accounts 6,880 90,643 97,523
Interest ‐ investments 26,536 77,848 104,384
Interfund loan receivable ‐ 534,932 534,932
Inventory of materials and supplies 171,483 ‐ 171,483
Prepayments ‐ 53,000 53,000
Total current assets 9,288,618 27,085,686 36,374,304
Noncurrent assets:
Advances to other funds ‐ 146,299 146,299
Capital assets not being depreciated:
Construction in progress 142,004 ‐ 142,004
Capital assets, net of
accumulated depreciation:
Buldings, improvements and equipment 9,967,892 ‐ 9,967,892
Intangible assets 440,763 ‐ 440,763
Total noncurrent assets 10,550,659 146,299 10,696,958
TOTAL ASSETS 19,839,277 27,231,985 47,071,262
DEFERRED OUTFLOWS OF RESOURCES ‐ ‐ ‐
TOTAL DEFERRED OUTFLOWS OF RESOURCES $- $- $-
COMBINING STATEMENT OF NET POSITION
INTERNAL SERVICE FUNDS
DECEMBER 31, 2014
Page 1 of 2
Combining Statements & Schedules, 6‐34
2014 Comprehensive Annual Financial Report City of Renton, Washington
TOTAL
EQUIPMENT INSURANCE INTERNAL
RENTAL FUND SERVICE FUNDS
LIABILITIES
Current liabilities:
Accounts payable $350,651 $442,381 $793,032
Claims incurred but not reported ‐ 3,142,346 3,142,346
Retainage payable 1,162 ‐ 1,162
Due to other funds 34,058 ‐ 34,058
Accrued employee wages and benefits 291,191 25,732 316,923
Unearned revenue 11 1,515 1,526
Total current liabilities 677,073 3,611,974 4,289,047
Long‐term liabilities:
Accrued employee wages and benefits 327,037 25,377 352,414
Total long‐term liabilities 327,037 25,377 352,414
TOTAL LIABILITIES 1,004,110 3,637,351 4,641,461
DEFERRED INFLOWS OF RESOURCES ‐ ‐ ‐
TOTAL DEFERRED INFLOWS OF RESOURCES - - -
NET POSITION
Net investment in capital assets 10,550,659 ‐ 10,550,659
Unrestricted 8,284,508 23,594,634 31,879,142
TOTAL NET POSITION $ 18,835,167 $ 23,594,634 $ 42,429,801
COMBINING STATEMENT OF NET POSITION
INTERNAL SERVICE FUNDS
DECEMBER 31, 2014
Page 2 of 2
Combining Statements & Schedules, 6‐35
2014 Comprehensive Annual Financial Report City of Renton, Washington
TOTAL
EQUIPMENT INSURANCE INTERNAL
RENTAL FUND SERVICE FUNDS
OPERATING REVENUES:
Charges for services $ 13,339,090 $ 17,265,129 $ 30,604,219
Miscellaneous 142,744 ‐ 142,744
TOTAL OPERATING REVENUES 13,481,834 17,265,129 30,746,963
OPERATING EXPENSES:
Supplies 2,025,656 5,968 2,031,624
Personnel services 5,661,776 563,743 6,225,519
Contracted services 3,424,958 773,976 4,198,934
Insurance ‐ 15,309,276 15,309,276
Taxes 460 125,107 125,567
Depreciation and amortization 2,149,858 ‐ 2,149,858
TOTAL OPERATING EXPENSES 13,262,708 16,778,070 30,040,778
OPERATING INCOME (LOSS)219,126 487,059 706,185
NON‐OPERATING REVENUES (EXPENSES):
Intergovernmental revenues ‐ 44,426 44,426
Interest revenues 19,650 78,476 98,126
Gain (loss) on sale of capital assets 22,617 ‐ 22,617
Other non‐operating revenues (expenses)43,583 6,200 49,783
Insurance recoveries 400 196,976 197,376
NON‐OPERATING REVENUE NET OF EXPENSE 86,250 326,078 412,328
INCOME (LOSS) BEFORE CONTRIBUTIONS
AND TRANSFERS 305,376 813,137 1,118,513
Transfers in 286,714 3,600,000 3,886,714
Transfers (out)‐ (150,000) (150,000)
CHANGE IN NET POSITION 592,090 4,263,137 4,855,227
NET POSITION, JANUARY 1 18,243,077 19,331,497 37,574,574
NET POSITION, DECEMBER 31 $ 18,835,167 $ 23,594,634 $ 42,429,801
COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET POSITION
INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2014
Combining Statements & Schedules, 6‐36
2014 Comprehensive Annual Financial Report City of Renton, Washington
TOTAL
EQUIPMENT INSURANCE INTERNAL
RENTAL FUND SERVICE FUNDS
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received from other funds for services $ 13,494,322 $ 17,658,668 $ 31,152,990
Cash paid to suppliers for goods & services (5,361,401) (16,288,738) (21,650,139)
Cash paid to employees (5,688,226) (556,508) (6,244,734)
Other non‐operating receipts 43,983 203,176 247,159
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES 2,488,678 1,016,598 3,505,276
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers from other funds 286,714 3,600,000 3,886,714
Transfers to other funds ‐ (150,000) (150,000)
Operating grants ‐ 44,426 44,426
NET CASH PROVIDED (USED) BY
NONCAPITAL FINANCING ACTIVITIES 286,714 3,494,426 3,781,140
CASH FLOWS FROM CAPITAL
FINANCING ACTIVITIES:
Proceeds from the sale of equipment 65,759 ‐ 65,759
Acquisition & construction of capital assets (1,690,604) ‐ (1,690,604)
NET CASH PROVIDED (USED) BY
CAPITAL FINANCING ACTIVITIES (1,624,845) ‐ (1,624,845)
CASH FLOWS FROM INVESTING ACTIVITIES:
Principal proceeds from interfund loans ‐ 523,170 523,170
Payments for investments (1,380,557) (4,508,844) (5,889,401)
Interest on investments and loans 15,141 66,120 81,261
NET CASH PROVIDED (USED) BY
INVESTING ACTIVITIES (1,365,416) (3,919,554) (5,284,970)
NET INCREASE (DECREASE) IN CASH &
CASH EQUIVALENTS (214,869) 591,470 376,601
CASH & CASH EQUIVALENTS, JANUARY 1 5,584,859 14,973,505 20,558,364
CASH & CASH EQUIVALENTS, DECEMBER 31 $5,369,990 $ 15,564,975 $ 20,934,965
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2014
Page 1 of 2
Combining Statements & Schedules, 6‐37
2014 Comprehensive Annual Financial Report City of Renton, Washington
TOTAL
EQUIPMENT INSURANCE INTERNAL
RENTAL FUND SERVICE FUNDS
RECONCILIATION OF OPERATING INCOME
(LOSS) TO NET CASH PROVIDED (USED)
BY OPERATING ACTIVITIES:
Operating income (loss)$219,126 $487,059 $706,185
Adjustments to reconcile operating income
(loss) to net cash provided (used)
by operating activities:
Depreciation & amortization 2,149,858 ‐ 2,149,858
Other non‐operating revenue 43,983 203,176 247,159
(Increase) decrease in
accounts receivable 12,477 393,539 406,016
(Increase) decrease in inventory
& prepaid items 6,045 ‐ 6,045
Increase (decrease) in operating
accounts payable 102,538 (112,254) (9,716)
Increase (decrease) in due to
other funds (10,399) ‐ (10,399)
Increase (decrease) in accrued taxes
& other short‐term liabilities (8,511) 37,843 29,332
Increase (decrease) in
unearned revenues 11 ‐ 11
Increase (decrease) in accrued
employee wages and benefits (26,450) 7,235 (19,215)
Total adjustments 2,269,552 529,539 2,799,091
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES $2,488,678 $1,016,598 $3,505,276
NONCASH INVESTING, CAPITAL, AND
FINANCING ACTIVITIES
Depreciation & amortization $2,149,858 $‐ $2,149,858
FOR THE YEAR ENDED DECEMBER 31, 2014
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
Page 2 of 2
Combining Statements & Schedules, 6‐38
2014 Comprehensive Annual Financial Report City of Renton, Washington
BEGINNING ENDING
BALANCE DEBITS CREDITS BALANCE
ASSETS
Cash $633,519 $813,009 $717,360 $729,168
TOTAL ASSETS $633,519 $813,009 $717,360 $729,168
LIABILITIES
Deposits payable $633,519 $717,360 $813,009 $729,168
TOTAL LIABILITIES $633,519 $717,360 $813,009 $729,168
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
AGENCY FUND ‐ SPECIAL DEPOSIT
FOR THE YEAR ENDED DECEMBER 31, 2014
Page 1 of 1
Combining Statements & Schedules, 6‐39
2014 Comprehensive Annual Financial Report City of Renton, Washington
Combining Statements & Schedules, 6‐40
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2014 Comprehensive Annual Financial Report City of Renton, Washington
Statistical Section, 7-1
STATISTICAL SECTION
December 31, 2014
Presentations included in the Statistical Section of the Comprehensive Annual Financial Report (CAFR)
provide users detailed information as a context for understanding what the information in the financial
statements, note disclosures and the supporting schedules say about the government’s overall financial
health. The section is divided into five categories based on the following:
FINANCIAL TRENDS
These schedules contain trend information to help the reader understand how the government’s financial
performance and well-being have changed over time.
REVENUE CAPACITY
These schedules present information to help the reader assess the government’s most significant local
revenue source – property tax.
DEBT CAPACITY
These schedules present information to help the reader assess the affordability of the government’s current
levels of outstanding debt and the government’s ability to issue additional debt in the future.
DEMOGRAPHIC AND ECONOMIC INFORMATION
These schedules offer demographic and economic indicators to help the reader understand the environment
within which the government’s financial activities take place.
OPERATING INFORMATION
These schedules contain service and infrastructure data to help the reader understand how the information
in the government’s financial report relates to the services the government provides and the activities it
performs.
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20
1
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2,250,748 2,298,804
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12
8
,
8
9
2
,
8
2
1
14
4
,
9
0
9
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2
5
8
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,
2
3
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4
6
6
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0
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2
7
9
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4
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9
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1
16
4
,
1
2
9
,
5
2
9
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8
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6
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6
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8
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174,513,740 172,913,375
PR
O
G
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RE
V
E
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Go
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s
:
C h ar
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f or
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:
Ge
n
e
r
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l
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r
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t
17
,
5
2
5
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2
4
4
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,
8
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4
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7
5
6
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6
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3
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5
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7
9
9
3,372,595 4,336,464
Ju
d
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i
a
l
69
7
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8
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3
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3,011,028 3,059,061
Pu
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e
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y
24
7
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6,578,528 6,961,962
Ut
i
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7
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Tr
a
n
s
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n
1,
6
6
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2,712,137 3,140,008
Ec
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Cu
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a
t
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n
1,
5
5
8
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4
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6
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5
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2,096,514 2,676,783
Op
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4,
9
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9
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6
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5
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0
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5
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15
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5
4
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8
9
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7
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6,621,431 6,422,816
Ca
p
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i
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1,
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7
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5
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9
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33
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5
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0
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3
23,077,914 11,640,501
To
t
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l
go
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e
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e
n
t
a
l
ac
t
i
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pr
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33
,
3
0
8
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1
41
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51,240,401 42,307,271
Bu
s
i
n
e
s
s
‐ty
p
e
ac
t
i
v
i
t
i
e
s
:
Ch
a
r
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e
s
fo
r
se
r
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s
:
Wa
t
e
r
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o
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k
s
ut
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l
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27
,
5
6
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Ai
r
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o
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t
90
1
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6
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3
90
9
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5
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5
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7
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3
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4
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3
2,494,436 2,652,808
So
l
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d
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s
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ut
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y
9,
3
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Go
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2,
1
6
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2
2,142,433 2,127,512
To
t
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l
Bu
s
i
n
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s
s
‐ty
p
e
ch
a
r
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s
40
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9
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Op
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105,695 1,108,920
Ca
p
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18,879,992 12,531,671
To
t
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bu
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To
t
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m
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go
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s
78
,
6
3
6
,
7
7
4
$
88
,
2
9
8
,
1
9
9
$
94
,
4
7
8
,
5
5
3
$
97
,
0
7
7
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$
10
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91
,
7
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$
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140,316,748 $ 129,393,464 $
Ne
t
(e
x
p
e
n
s
e
)
/
r
e
v
e
n
u
e
Go
v
e
r
n
m
e
n
t
a
l
ac
t
i
v
i
t
i
e
s
(4
2
,
7
5
4
,
4
1
7
)
$
(4
6
,
8
6
6
,
2
0
7
)
$
(5
4
,
9
0
1
,
8
5
7
)
$
(5
8
,
6
3
5
,
7
8
5
)
$
(6
2
,
0
6
9
,
9
1
0
)
$
(7
0
,
7
8
1
,
0
6
6
)
$
(6
5
,
2
0
8
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4
0
6
)
$
(4
7
,
4
4
4
,
6
6
4
)
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(61,162,014)$ (65,103,517)$
Bu
s
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n
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s
s
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e
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t
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t
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e
s
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7
5
7
,
8
6
4
6,
2
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5
8
5
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4
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1
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1
5
2
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4
8
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2
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5
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6
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7
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5
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7
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26,965,022 21,583,606
To
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pr
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y
go
v
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n
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ne
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ex
p
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e
(3
5
,
9
9
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5
5
3
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(4
0
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5
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2
2
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(5
0
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4
3
0
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7
0
5
)
$
(5
5
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1
5
5
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4
8
7
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$
(5
7
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4
9
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$
(7
0
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2
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4
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9
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1
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0
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9
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(3
1
,
4
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7
,
4
1
6
)
$
(34,196,992)$ (43,519,911)$
Fi
s
c
a
l
Ye
a
r
Statistical Section, 7 ‐3
20
1
4
Co
m
p
r
e
h
e
n
s
i
v
e
An
n
u
a
l
Fi
n
a
n
c
i
a
l
Re
p
o
r
t
City of Renton, Washington
TA
B
L
E
2
CH
A
N
G
E
S
IN
NE
T
PO
S
I
T
I
O
N
LA
S
T
TE
N
FI
S
C
A
L
YE
A
R
S
(a
c
c
r
u
a
l
ba
s
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s
of
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c
o
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n
t
i
n
g
)
Pa
g
e
2 of
2
GE
N
E
R
A
L
RE
V
E
N
U
E
S
AN
D
OT
H
E
R
CH
A
N
G
E
S
20
0
5
20
0
6
20
0
7
20
0
8
20
0
9
20
1
0
20
1
1
20
1
2
2013 2014
Go
v
e
r
n
m
e
n
t
a
l
ac
t
i
v
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t
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e
s
:
Ta
x
e
s
Pr
o
p
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r
t
y
ta
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e
s
21
,
5
2
3
,
8
1
8
$
23
,
6
0
0
,
1
3
1
$
23
,
1
0
6
,
5
7
8
$
29
,
3
8
1
,
0
3
6
$
32
,
3
0
0
,
3
1
9
$
32
,
5
8
6
,
8
8
4
$
33
,
3
0
9
,
9
7
5
$
33
,
9
3
2
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2
9
0
$
32,536,533 $ 35,112,669 $
Re
t
a
i
l
sa
l
e
s
ta
x
e
s
18
,
9
1
0
,
8
2
3
20
,
8
6
9
,
5
9
5
22
,
7
4
9
,
8
3
1
23
,
1
9
0
,
0
7
6
22
,
0
6
5
,
3
1
6
21
,
5
9
1
,
3
7
5
22
,
0
0
8
,
7
7
7
23
,
6
5
3
,
7
0
6
25,541,972 27,223,521
Bu
s
i
n
e
s
s
ta
x
e
s
10
,
6
4
3
,
0
6
8
11
,
2
1
9
,
3
0
3
11
,
9
6
2
,
8
7
9
14
,
9
4
5
,
1
7
3
14
,
8
7
6
,
4
9
6
16
,
8
8
3
,
8
8
8
16
,
8
7
0
,
2
8
4
17
,
6
3
2
,
7
5
9
16,439,502 18,575,350
Ex
c
i
s
e
ta
x
e
s
6,
9
3
8
,
2
6
5
7,
7
1
8
,
9
4
5
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2
3
6
,
8
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6
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3
6
2
,
9
4
5
4,
9
2
3
,
9
7
8
4,
3
5
1
,
9
1
4
4,
1
1
3
,
7
0
5
4,
2
8
6
,
8
8
3
5,838,149 4,595,540
Pe
n
a
l
t
i
e
s
an
d
in
t
e
r
e
s
t
49
3,
7
9
9
33
,
9
4
9
6,
4
7
7
1,
3
5
3
27
6
38
0
9,
4
8
6
‐ ‐
In
v
e
s
t
m
e
n
t
ea
r
n
i
n
g
s
1,
4
4
9
,
0
0
1
3,
2
5
1
,
9
7
5
3,
4
6
5
,
5
1
7
2,
4
1
9
,
2
6
0
1,
1
1
8
,
8
8
9
79
4
,
7
9
3
60
2
,
5
1
6
58
9
,
6
1
6
613,097 1,137,752
Mi
s
c
e
l
l
a
n
e
o
u
s
1,
9
5
8
,
2
1
7
68
9
,
2
4
3
1,
2
1
8
,
8
8
9
2,
1
0
4
,
1
3
3
17
2
,
5
9
4
82
,
3
5
2
99
1
,
7
7
2
1,
1
7
9
,
1
1
2
1,232,066 760,292
Ga
i
n
(l
o
s
s
)
on
sa
l
e
of
ca
p
i
t
a
l
as
s
e
t
s
1
‐
‐
‐
‐
‐
‐
‐
‐
‐
(198,242)
Tr
a
n
s
f
e
r
s
(9
,
3
0
0
)
(6
8
,
4
4
6
)
‐
11
0
,
0
0
0
(1
0
0
,
0
0
0
)
(1
7
,
0
9
5
)
37
,
4
5
4
23
3
,
9
6
1
2,341,160 449,362
To
t
a
l
go
v
e
r
n
m
e
n
t
a
l
ac
t
i
v
i
t
i
e
s
61
,
4
1
3
,
9
4
1
67
,
2
8
4
,
5
4
5
70
,
7
7
4
,
5
1
9
76
,
5
1
9
,
1
0
0
75
,
3
5
8
,
9
4
5
76
,
2
7
4
,
3
8
7
77
,
9
3
4
,
8
6
3
81
,
5
1
7
,
8
1
3
84,542,479 87,656,244
Bu
s
i
n
e
s
s
‐ty
p
e
ac
t
i
v
i
t
i
e
s
:
In
v
e
s
t
m
e
n
t
ea
r
n
i
n
g
s
45
8
,
7
9
7
88
1
,
4
8
6
1,
0
4
1
,
5
7
6
1,
1
2
0
,
3
4
2
39
6
,
9
5
7
22
4
,
9
7
4
11
7
,
0
9
0
10
5
,
1
2
9
94,077 96,625
Mi
s
c
e
l
l
a
n
e
o
u
s
63
9
,
6
4
6
28
2
,
8
0
8
13
5
,
9
8
6
85
,
4
9
3
1,
2
0
7
,
6
8
9
17
2
,
6
6
3
71
,
2
3
5
44
,
8
4
2
124,281 30,863
Ga
i
n
(l
o
s
s
)
on
sa
l
e
of
ca
p
i
t
a
l
as
s
e
t
s
1
‐
‐
‐
‐
‐
‐
‐
‐
‐
93,773
Tr
a
n
s
f
e
r
s
9,
3
0
0
68
,
4
4
6
‐
(1
1
0
,
0
0
0
)
10
0
,
0
0
0
17
,
0
9
5
(3
7
,
4
5
4
)
(2
3
3
,
9
6
1
)
(2,341,160) (449,362)
To
t
a
l
bu
s
i
n
e
s
s
‐ty
p
e
ac
t
i
v
i
t
i
e
s
1,
1
0
7
,
7
4
3
1,
2
3
2
,
7
4
0
1,
1
7
7
,
5
6
2
1,
0
9
5
,
8
3
5
1,
7
0
4
,
6
4
6
41
4
,
7
3
2
15
0
,
8
7
1
(8
3
,
9
9
0
)
(2,122,802) (228,101)
To
t
a
l
pr
i
m
a
r
y
go
v
e
r
n
m
e
n
t
62
,
5
2
1
,
6
8
4
$
68
,
5
1
7
,
2
8
5
$
71
,
9
5
2
,
0
8
1
$
77
,
6
1
4
,
9
3
5
$
77
,
0
6
3
,
5
9
1
$
76
,
6
8
9
,
1
1
9
$
78
,
0
8
5
,
7
3
4
$
81
,
4
3
3
,
8
2
3
$
82,419,677 $ 87,428,143 $
CH
A
N
G
E
S
IN
NE
T
PO
S
I
T
I
O
N
Go
v
e
r
n
m
e
n
t
a
l
ac
t
i
v
i
t
i
e
s
18
,
6
5
9
,
5
2
4
$
20
,
4
1
8
,
3
3
8
$
15
,
8
7
2
,
6
6
2
$
17
,
8
8
3
,
3
1
5
$
13
,
2
8
9
,
0
3
5
$
5,
4
9
3
,
3
2
1
$
12
,
7
2
6
,
4
5
7
$
34
,
0
7
3
,
1
4
9
$
23,380,465 $ 22,552,727 $
Bu
s
i
n
e
s
s
‐ty
p
e
ac
t
i
v
i
t
i
e
s
7,
8
6
5
,
6
0
7
7,
5
0
4
,
3
2
5
5,
6
4
8
,
7
1
4
4,
5
7
6
,
1
3
3
6,
2
7
8
,
6
2
1
97
0
,
8
5
9
9,
7
0
8
,
1
8
8
15
,
9
4
3
,
2
5
8
24,842,220 21,355,505
To
t
a
l
pr
i
m
a
r
y
go
v
e
r
n
m
e
n
t
26
,
5
2
5
,
1
3
1
$
27
,
9
2
2
,
6
6
3
$
21
,
5
2
1
,
3
7
6
$
22
,
4
5
9
,
4
4
8
$
19
,
5
6
7
,
6
5
6
$
6,
4
6
4
,
1
8
0
$
22
,
4
3
4
,
6
4
5
$
50
,
0
1
6
,
4
0
7
$
48,222,685 $ 43,908,232 $
So
u
r
c
e
: Ci
t
y
of
Re
n
t
o
n
Fi
n
a
n
c
e
Di
v
i
s
i
o
n
1 Pr
i
o
r
to
20
1
4
Ga
i
n
(l
o
s
s
)
on
sa
l
e
of
ca
p
i
t
a
l
as
s
e
t
s
we
r
e
pr
e
v
i
o
u
s
l
y
re
p
o
r
t
e
d
as
"M
i
s
c
e
l
l
a
n
e
o
u
s
"
.
Statistical Section, 7 ‐4
20
1
4
Co
m
p
r
e
h
e
n
s
i
v
e
An
n
u
a
l
Fi
n
a
n
c
i
a
l
Re
p
o
r
t
City of Renton, Washington
TA
B
L
E
3
FU
N
D
BA
L
A
N
C
E
OF
GO
V
E
R
N
M
E
N
T
FU
N
D
S
LA
S
T
TE
N
FI
S
C
A
L
YE
A
R
S
(m
o
d
i
f
i
e
d
ac
c
r
u
a
l
ba
s
i
s
of
ac
c
o
u
n
t
i
n
g
)
20
0
5
2
0
0
6
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
Ge
n
e
r
a
l
fu
n
d
Re
s
e
r
v
e
d
8,
0
0
0
$
8,
0
0
0
$
8,
0
0
0
$
8,
0
0
0
$
8,
0
0
0
$
2,
4
6
8
,
5
6
9
$
‐
$
‐
$
‐$ ‐$
Un
r
e
s
e
r
v
e
d
9,
1
8
9
,
8
7
1
10
,
7
3
7
,
0
9
7
16
,
4
7
4
,
3
8
4
13
,
5
0
9
,
0
9
7
13
,
4
7
8
,
7
2
7
12
,
0
2
0
,
4
2
0
‐
‐
‐ ‐
No
n
s
p
e
n
d
a
b
l
e
1
‐
‐
‐
‐
‐
‐
1,
1
4
9
,
9
0
7
‐
‐ ‐
Re
s
t
r
i
c
t
e
d
1
‐
‐
‐
‐
‐
‐
78
6
,
6
1
1
69
0
,
6
5
5
303,051 250,717
Co
m
m
i
t
t
e
d
1
‐
‐
‐
‐
‐
‐
‐
‐
4,236,362 50,000
As
s
i
g
n
e
d
1
‐
‐
‐
‐
‐
‐
13
,
8
1
2
,
2
5
8
16
,
5
6
6
,
6
5
9
15,929,712 236,516
Un
a
s
s
i
g
n
e
d
1
‐
‐
‐
‐
‐
‐
‐
1,
4
2
7
,
1
3
0
‐ 19,517,236
To
t
a
l
ge
n
e
r
a
l
fu
n
d
9,
1
9
7
,
8
7
1
$
10
,
7
4
5
,
0
9
7
$
16
,
4
8
2
,
3
8
4
$
13
,
5
1
7
,
0
9
7
$
13
,
4
8
6
,
7
2
7
$
14
,
4
8
8
,
9
8
9
$
15
,
7
4
8
,
7
7
6
$
18
,
6
8
4
,
4
4
4
$
20,469,125 $ 20,054,469 $
Al
l
ot
h
e
r
go
v
e
r
n
m
e
n
t
a
l
fu
n
d
s
Re
s
e
r
v
e
d
24
0
,
0
0
0
$
63
,
9
0
0
$
97
5
,
0
0
0
$
1,
0
0
0
,
0
0
0
$
‐
$
6,
7
7
1
,
3
8
4
$
‐
$
‐
$
‐$ ‐$
Un
r
e
s
e
r
v
e
d
,
re
p
o
r
t
e
d
in
:
Sp
e
c
i
a
l
re
v
e
n
u
e
fu
n
d
s
2,
9
2
9
,
6
9
2
4,
2
4
3
,
1
8
9
2,
6
1
6
,
5
9
6
2,
8
0
6
,
6
6
7
2,
1
0
6
,
3
7
0
2,
0
7
3
,
2
2
7
‐
‐
‐ ‐
De
b
t
se
r
v
i
c
e
fu
n
d
s
2,
7
5
2
,
4
4
5
3,
0
6
8
,
5
8
7
1,
3
9
2
,
9
1
5
1,
2
7
0
,
9
3
6
36
7
,
6
5
2
‐
‐
‐
‐ ‐
Ca
p
i
t
a
l
pr
o
j
e
c
t
fu
n
d
s
27
,
8
9
0
,
4
5
7
42
,
1
5
2
,
4
3
7
29
,
0
5
7
,
3
9
7
29
,
2
1
7
,
3
8
4
18
,
4
0
8
,
8
0
2
8,
7
0
1
,
8
4
3
‐
‐
‐ ‐
No
n
s
p
e
n
d
a
b
l
e
1
‐
‐
‐
‐
‐
‐
‐
‐
‐ ‐
Re
s
t
r
i
c
t
e
d
1
‐
‐
‐
‐
‐
‐
19
,
1
5
2
,
9
1
3
23
,
7
3
0
,
6
8
8
22,888,877 18,722,577
Co
m
m
i
t
t
e
d
1
‐
‐
‐
‐
‐
‐
7,
4
6
8
,
4
9
1
6,
0
8
5
,
8
1
2
8,513,816 9,994,580
As
s
i
g
n
e
d
1
‐
‐
‐
‐
‐
‐
6,
8
2
8
,
4
1
0
1,
2
2
0
,
0
0
8
137,605 2,600,071
Sp
e
c
i
a
l
re
v
e
n
u
e
fu
n
d
s
‐
‐
‐
‐
‐
‐
5,
5
9
8
,
3
7
6
‐ ‐
De
b
t
se
r
v
i
c
e
fu
n
d
s
‐
‐
‐
‐
‐
‐
1,
2
3
0
,
0
3
4
‐ ‐
To
t
a
l
al
l
ot
h
e
r
go
v
e
r
n
m
e
n
t
a
l
fu
n
d
s
33
,
8
1
2
,
5
9
4
$
49
,
5
2
8
,
1
1
3
$
34
,
0
4
1
,
9
0
8
$
34
,
2
9
4
,
9
8
7
$
20
,
8
8
2
,
8
2
4
$
17
,
5
4
6
,
4
5
4
$
33
,
4
4
9
,
8
1
4
$
31
,
0
3
6
,
5
0
8
$
31,540,298 $ 31,317,228 $
So
u
r
c
e
: Ci
t
y
of
Re
n
t
o
n
Fi
n
a
n
c
e
Di
v
i
s
i
o
n
1 In
20
1
1
,
im
p
l
e
m
e
n
t
a
t
i
o
n
of
GA
S
B
54
re
q
u
i
r
e
s
ne
w
de
s
i
g
n
a
t
i
o
n
s
of
fu
n
d
ba
l
a
n
c
e
;
pr
i
o
r
ye
a
r
da
t
a
no
t
av
a
i
l
a
b
l
e
in
pr
e
s
r
i
b
e
d
fo
r
m
a
t
$‐
$1
0
,
0
0
0
,
0
0
0
$2
0
,
0
0
0
,
0
0
0
$3
0
,
0
0
0
,
0
0
0
$4
0
,
0
0
0
,
0
0
0
$5
0
,
0
0
0
,
0
0
0
$6
0
,
0
0
0
,
0
0
0
20
0
5
20
0
6
20
0
7
20
0
8
20
0
9
20
1
0
20
1
1
20
1
2
2013 2014
Ge
n
e
r
a
l
fu
n
d
Al
l
ot
h
e
r
go
v
e
r
n
m
e
n
t
a
l
fu
n
d
s
Statistical Section, 7 ‐5
20
1
4
Co
m
p
r
e
h
e
n
s
i
v
e
An
n
u
a
l
Fi
n
a
n
c
i
a
l
Re
p
o
r
t
City of Renton, Washington
TA
B
L
E
4
CH
A
N
G
E
S
IN
FU
N
D
BA
L
A
N
C
E
S
OF
GO
V
E
R
N
M
E
N
T
FU
N
D
S
LA
S
T
TE
N
FI
S
C
A
L
YE
A
R
S
(m
o
d
i
f
i
e
d
ac
c
r
u
a
l
ba
s
i
s
of
ac
c
o
u
n
t
i
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(2
,
6
9
7
,
4
0
5
)
$
(1
3
,
4
4
2
,
5
3
3
)
$
(2
,
1
2
9
,
2
7
2
)
$
17
,
1
6
3
,
1
4
7
$
52
2
,
3
6
2
$
2,288,471 $ (637,726)$
De
b
t
se
r
v
i
c
e
as
a pe
r
c
e
n
t
a
g
e
of
no
n
ca
p
i
t
a
l
ex
p
e
n
d
i
t
u
r
e
s
4.
5
8
%
5.
0
5
%
5.
2
5
%
5.
0
9
%
5.
0
8
%
4.
9
1
%
5.
1
8
%
9.
8
1
%
7.70%7.98%
So
u
r
c
e
: Ci
t
y
of
Re
n
t
o
n
Fi
n
a
n
c
e
Di
v
i
s
i
o
n
Ta
b
l
e
s
pr
i
o
r
to
20
1
0
us
e
d
th
e
ti
t
l
e
s
"S
e
c
u
r
i
t
y
of
pe
r
s
o
n
s
an
d
pr
o
p
e
r
t
y
"
an
d
"M
e
n
t
a
l
an
d
ph
y
s
i
c
a
l
he
a
l
t
h
"
fo
r
fu
n
c
t
i
o
n
s
no
w
be
i
n
g
re
f
e
r
r
e
d
to
as
"P
u
b
l
i
c
Sa
f
e
t
y
"
an
d
"H
e
a
l
t
h
an
d
Hu
m
a
n
Se
r
v
i
c
e
s
"
,
re
s
p
e
c
t
i
v
e
l
y
.
Ta
b
l
e
s
Pr
i
o
r
to
20
1
3
us
e
d
the title "Physical environment" for
fu
n
c
t
i
o
n
s
no
w
be
i
n
g
re
f
e
r
r
e
d
to
as
"U
t
i
l
i
t
i
e
s
"
.
Statistical Section, 7 ‐6
20
1
4
Co
m
p
r
e
h
e
n
s
i
v
e
An
n
u
a
l
Fi
n
a
n
c
i
a
l
Re
p
o
r
t
City of Renton, Washington
TA
B
L
E
5
GE
N
E
R
A
L
GO
V
E
R
N
M
E
N
T
TA
X
RE
V
E
N
U
E
BY
SO
U
R
C
E
LA
S
T
TE
N
FI
S
C
A
L
YE
A
R
S
(a
c
c
r
u
a
l
ba
s
i
s
of
ac
c
o
u
n
t
i
n
g
)
FI
S
C
A
L
YE
A
R
PR
O
P
E
R
T
Y
TA
X
SA
L
E
S
TA
X
BU
S
I
N
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S
S
TA
X
E
S
EX
C
I
S
E
TA
X
PE
N
A
L
Y
/
IN
T
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R
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N
Q
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T
TA
X
1
TO
T
A
L
TA
X
20
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5
2
1
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8
2
6
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2
2
9
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18
,
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0
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8
2
2
$
10
,
6
4
3
,
0
6
8
$
6,
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49
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58
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8
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20
0
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20
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11
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1
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1
8
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9
63
,
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1
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7
3
20
0
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3
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22
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1
11
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2
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2
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6
33
,
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66
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71
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1
6
14
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8
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6
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9
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3
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74
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76
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23
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17
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79
,
5
1
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3
32
,
5
3
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3
25
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4
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7
80
,
3
7
5
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2
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20
1
4
3
5
,
1
1
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,
6
6
9
27
,
2
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3
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5
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18
,
5
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5
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85
,
5
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So
u
r
c
e
: Ci
t
y
of
Re
n
t
o
n
Fi
n
a
n
c
e
Di
v
i
s
i
o
n
1 Be
g
i
n
n
i
n
g
in
20
1
4
In
t
e
r
e
s
t
on
de
l
i
n
q
u
e
n
t
ta
x
is
no
w
be
i
n
g
re
p
o
r
t
i
n
g
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d
e
r
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s
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.
$0
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4
Pr
o
p
e
r
t
y
Ta
x
Sa
l
e
s
Ta
x
Ad
m
i
s
s
i
o
n
/
U
t
i
l
i
t
y
Ta
x
Ex
c
i
s
e
Ta
x
Pe
n
a
l
t
y
,
In
t
e
r
e
s
t
,
De
l
i
n
q
u
e
n
t
Ta
x
Statistical Section, 7 ‐7
20
1
4
Co
m
p
r
e
h
e
n
s
i
v
e
An
n
u
a
l
Fi
n
a
n
c
i
a
l
Re
p
o
r
t
City of Renton, Washington
TA
B
L
E
6
PR
I
N
C
I
P
A
L
PR
O
P
E
R
T
Y
TA
X
PA
Y
E
R
S
20
1
4
20
0
5
% OF
TO
T
A
L
% OF TOTAL
TA
X
A
B
L
E
1
TA
X
A
B
L
E
T
A
X
A
B
L
E
1
TAXABLE
AS
S
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S
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D
AS
S
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D
A
S
S
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S
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D
ASSESSED
TA
X
P
A
Y
E
R
VA
L
U
E
R
A
N
K
V
A
L
U
E
VA
L
U
E
R
A
N
K
V
A
L
U
E
Bo
e
i
n
g
85
0
,
1
8
6
,
0
1
0
$
1
7
.
5
0
%
56
1
,
2
7
4
,
0
2
6
$
1
8
.
3
8
%
CP
T
Th
e
La
n
d
i
n
g
LL
C
(f
o
r
m
e
r
l
y
Tr
a
n
s
w
e
s
t
e
r
n
Ha
r
v
e
s
t
La
k
e
s
h
o
r
e
)
14
3
,
1
0
5
,
6
0
0
2
1
.
2
6
%
Pu
g
e
t
So
u
n
d
En
e
r
g
y
‐El
e
c
/
G
a
s
13
6
,
2
7
1
,
7
6
5
3
1
.
2
0
%
7
9
,
1
7
8
,
5
0
8
3
1
.
1
8
%
Pa
c
c
a
r
1
0
9
,
6
1
8
,
5
3
3
4
0
.
9
7
%
1
0
6
,
6
4
6
,
7
6
0
2
1
.
5
9
%
Re
n
t
o
n
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o
p
e
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t
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e
s
LL
C
52
,
8
8
5
,
8
0
0
5
0
.
4
7
%
39
,
4
0
3
,
4
0
0
5
0
.
5
9
%
Ax
i
s
Gr
a
n
d
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l
d
i
n
g
s
47
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0
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0
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4
0
0
6
0
.
4
2
%
Fr
e
d
Me
y
e
r
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o
r
e
s
In
c
.
43
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3
4
8
,
0
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3
8
%
27
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6
2
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1
7
8
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0
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4
1
%
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a
c
k
Ri
v
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r
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C
(f
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r
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l
y
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Tw
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WT
C
LL
C
)
36
,
7
1
7
,
6
0
0
8
0
.
3
2
%
FP
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A
Se
a
t
t
l
e
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C
(R
e
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s
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t
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C
)
35
,
0
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0
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9
0
.
3
1
%
BR
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C
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c/
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s
35
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%
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B
Pr
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r
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43
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4
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%
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(A
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m
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)
34
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1
%
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e
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t
29
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%
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t
27
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4
2
%
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23
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%
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l
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h
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s
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86
.
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6
%
5
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4
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9
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3
85.47%
To
t
a
l
As
s
e
s
s
e
d
Va
l
u
a
t
i
o
n
11
,
3
3
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6
,
9
1
3
$
10
0
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0
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%
6
,
6
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7
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7
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7
$
100.00%
So
u
r
c
e
:
1 Ki
n
g
Co
u
n
t
y
De
p
a
r
t
m
e
n
t
of
As
s
e
s
s
m
e
n
t
s
Statistical Section, 7 ‐8
20
1
4
Co
m
p
r
e
h
e
n
s
i
v
e
An
n
u
a
l
Fi
n
a
n
c
i
a
l
Re
p
o
r
t
City of Renton, Washington
FI
S
C
A
L
YE
A
R
CO
M
M
E
R
C
I
A
L
PR
O
P
E
R
T
Y
IN
D
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T
R
I
A
L
PR
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T
Y
RE
S
I
D
E
N
T
I
A
L
PR
O
P
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R
T
Y
LE
S
S
:
EX
E
M
P
T
RE
A
L
PR
O
P
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T
Y
4
PE
R
S
O
N
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L
PR
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R
T
Y
3
AD
J
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T
M
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N
T
S
TO
BA
S
E
2
TO
T
A
L
TA
X
A
B
L
E
AS
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E
S
S
E
D
VA
L
U
E
3
DIRECT TAX RATE 3
20
0
5
$
1
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6
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3.227
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,
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6
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6
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20
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Ta
x
ra
t
e
fo
r
ge
n
e
r
a
l
Ci
t
y
op
e
r
a
t
i
o
n
s
is
li
m
i
t
e
d
to
$3
.
1
0
pe
r
$1
,
0
0
0
of
as
s
e
s
s
e
d
va
l
u
e
(R
C
W
84
.
5
2
.
0
4
3
)
.
Ta
x
ra
t
e
li
m
i
t
ma
y
be
re
d
u
c
e
d
fo
r
an
y
of
th
e
fo
l
l
o
w
i
n
g
re
a
s
o
n
s
:
Le
v
y
Li
m
i
t
;
Th
e
On
e
Pe
r
c
e
n
t
Co
n
s
t
i
t
u
t
i
o
n
Li
m
i
t
;
Ci
t
y
ma
y
le
v
y
ta
x
e
s
be
l
o
w
th
e
le
g
a
l
li
m
i
t
.
Fo
r
fu
r
t
h
e
r
ex
p
l
a
n
a
t
i
o
n
re
f
e
r
to
No
t
e
4 Pr
o
p
e
r
t
y
Ta
xe
s
.
TA
B
L
E
7
AS
S
E
S
S
E
D
VA
L
U
E
OF
TA
X
A
B
L
E
PR
O
P
E
R
T
Y
LA
S
T
TE
N
FI
S
C
A
L
YE
A
R
S
RE
A
L
PR
O
P
E
R
T
Y
1
4 Ch
a
n
g
e
to
st
a
t
e
la
w
(R
C
W
84
.
40
.
0
4
5
an
d
84
.
4
0
.
1
7
5
)
by
th
e
20
1
3
Le
g
i
s
l
a
t
u
r
e
el
i
m
i
n
a
t
e
d
re
v
a
l
u
a
t
i
o
n
of
go
v
e
r
n
m
e
n
t
ow
n
e
d
pa
r
c
e
l
s
.
2 In
c
l
u
d
e
s
ad
j
u
s
t
e
m
e
n
t
s
to
th
e
ta
x
ba
s
e
fo
r
se
n
i
o
r
ci
t
i
z
e
n
ex
e
m
p
t
i
o
n
s
,
pr
i
o
r
ye
a
r
om
i
t
s
,
et
c
.
3 Ki
n
g
Co
u
n
t
y
As
s
e
s
s
o
r
An
n
u
a
l
Re
p
o
r
t
s
No
t
e
:
20
0
8
an
d
20
0
9
Ad
j
u
s
t
m
e
n
t
s
to
Ba
s
e
re
f
l
e
c
t
th
e
Be
n
s
o
n
Hi
l
l
An
n
e
x
a
t
i
o
n
1 Ki
n
g
Co
u
n
t
y
De
p
a
r
t
m
e
n
t
of
As
s
e
s
s
m
e
n
t
s
Da
t
a
;
pr
i
o
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ye
a
r
da
t
a
ha
s
be
e
n
up
d
a
t
e
d
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t
h
cu
r
r
e
n
t
me
t
h
o
d
of
da
t
a
co
l
l
e
c
t
i
o
n
vi
a
Ci
t
y
of
Re
n
t
o
n
GI
S
Se
r
v
i
c
e
s
.
So
u
r
c
e
s
:
$3
.
2
3
$3
.
1
2
$2
.
8
8
$2
.
6
2
$2
.
3
7
$2
.
7
1
$2
.
8
3
$3
.
1
0
$3
.
1
0
$3
.
1
5
2.0002.5003.0003.5004.0004.5005.0005.5006.000
$‐
$2
$4
$6
$8
$1
0
$1
2
$1
4
20
0
5
2
0
0
6
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
B
i
l
l
i
o
n
s
To
t
a
l
Ta
x
a
b
l
e
As
s
e
s
s
e
d
Va
l
u
e
Di
r
e
c
t
Ta
x
Ra
t
e
Statistical Section, 7 ‐9
20
1
4
Co
m
p
r
e
h
e
n
s
i
v
e
An
n
u
a
l
Fi
n
a
n
c
i
a
l
Re
p
o
r
t
City of Renton, Washington
TA
B
L
E
8
PR
O
P
E
R
T
Y
TA
X
RA
T
E
S
DI
R
E
C
T
AN
D
OV
E
R
L
A
P
P
I
N
G
GO
V
E
R
N
M
E
N
T
S
LA
S
T
TE
N
FI
S
C
A
L
YE
A
R
S
DI
R
E
C
T
RA
T
E
S
OV
E
R
L
A
P
P
I
N
G
RA
T
E
S
CI
T
Y
OF
RE
N
T
O
N
CO
N
S
O
L
I
D
A
T
E
D
LE
V
Y
SC
H
O
O
L
DI
S
T
R
I
C
T
FI
S
C
A
L
YE
A
R
OP
E
R
A
T
I
N
G
MI
L
L
A
G
E
DE
B
T
SE
R
V
I
C
E
MI
L
L
A
G
E
TO
T
A
L
CI
T
Y
MI
L
L
A
G
E
St
a
t
e
of
Wa
s
h
i
n
g
t
o
n
KI
N
G
CO
U
N
T
Y
OP
E
R
A
T
I
N
G
MI
L
L
A
G
E
KI
N
G
CO
U
N
T
Y
DE
B
T
SE
R
V
I
C
E
MI
L
L
A
G
E
Po
r
t
(O
p
e
r
a
t
i
n
g
an
d
De
b
t
)
To
t
a
l
Co
n
s
o
l
i
d
a
t
e
d
Le
v
y
(S
t
a
t
e
,
Co
u
n
t
y
& Po
rt
)
SP
E
C
I
A
L
DI
S
T
R
I
C
T
S
1
OP
E
R
A
T
I
N
G
MI
L
L
A
G
E
DE
B
T
SE
R
V
I
C
E
MI
L
L
A
G
E
BU
I
L
D
I
N
G
FU
N
D
MI
L
L
A
G
E
TOTAL SCHOOL MILLAGE TOTAL OVERLAPPING MILLAGETOTAL DIRECT AND OVERLAPPING MILLAGE
20
0
5
3
.
1
4
8
4
3
0.
0
7
8
6
1
3.
2
2
7
0
4
2.
6
8
9
5
1
1.
1
5
6
6
5
0.
2
2
5
6
4
0.
2
5
3
2
1
4.
3
2
5
0
1
0.
3
2
2
2
1
1.
6
2
3
3
2
2.
3
6
9
1
8
‐
3.99250 8.63972 11.86676
20
0
6
3
.
0
4
4
8
2
0.
0
7
0
8
8
3.
1
1
5
7
0
2.
4
9
7
8
7
1.
0
9
9
1
5
0.
2
2
9
5
4
0.
2
3
3
3
0
4.
0
5
9
8
6
0.
8
0
9
8
2
1.
5
3
2
9
0
2.
4
2
6
8
0
‐
3.95970 8.82938 11.94508
20
0
7
2
.
8
2
1
4
8
0.
0
6
2
5
2
2.
88
4
0
0
2.
3
2
5
3
5
1.
0
8
8
1
4
0.
2
0
1
4
2
0.
2
3
1
5
8
3.
8
4
6
4
9
0.
7
6
2
7
3
1.
4
0
0
7
3
2.
0
4
5
8
6
‐
3.44659 8.05581 10.93981
20
0
8
2
.
5
7
0
5
2
0.
0
5
3
3
0
2.
6
2
3
8
2
2.
1
3
2
3
3
1.
0
4
2
7
8
0.
1
6
4
9
2
0.
2
2
3
5
9
3.
5
6
3
6
2
0.
9
6
3
5
4
1.
2
6
0
8
2
1.
3
6
5
7
2
‐
2.62654 7.15370 9.77752
20
0
9
2
.
3
6
9
2
3
‐
2.
3
6
9
2
3
1.
9
6
2
6
8
0.
9
5
2
7
1
0.
1
4
5
0
1
0.
1
9
7
0
0
3.
2
5
7
4
0
0.
8
8
6
8
6
1.
4
2
9
5
1
1.
7
1
0
4
9
0.
3
0
0
5
6
3.44056 7.58482 9.95405
20
1
0
2
.
7
1
1
8
4
‐
2.
7
1
1
8
4
2.
2
2
2
5
3
1.
1
6
1
7
1
0.
1
2
3
2
8
0.
2
1
5
9
7
3.
7
2
3
4
9
0.
9
4
1
5
2
1.
7
0
4
0
1
1.
69
9
8
3
0.
3
3
9
9
7
3.74381 8.40882 11.12066
20
1
1
2
.
8
3
2
0
7
‐
2.
8
3
2
0
7
2.
2
7
9
9
0
1.
1
4
5
3
4
0.
1
9
2
8
2
0.
2
2
3
6
6
3.
8
4
1
7
2
1.
4
7
0
8
9
1.
8
6
1
1
8
1.
8
5
5
8
5
0.
3
5
1
9
8
4.06901 9.38162 12.21369
20
1
2
3
.
1
0
0
0
0
‐
3.
1
0
0
0
0
2.
4
2
2
6
6
1.
2
1
4
7
7
0.
2
0
1
1
1
0.
2
2
9
8
2
4.
0
6
8
3
6
1.
4
1
9
8
8
2.
0
8
3
4
1
2.
1
8
2
2
2
0.
3
7
3
6
8
4.63931 10.12755 13.22755
20
1
3
3
.
1
0
0
0
0
‐
3.
1
0
0
0
0
2.
5
6
7
2
0
1.
3
4
1
6
5
0.
1
9
8
8
5
0.
2
3
3
2
4
4.
3
4
0
9
4
1.
5
0
3
3
1
2.
4
9
4
4
8
2.
3
0
5
4
6
0.
5
5
7
6
9
5.35763 11.20188 14.30188
20
1
4
3
.
1
5
1
5
8
‐
3.
15
1
5
8
2.
4
7
0
4
4
1.
3
2
9
8
3
0.
1
8
6
2
2
0.
2
1
5
3
3
4.
2
0
1
8
2
1.
5
5
3
9
3
2.
4
4
8
4
1
2.
4
3
2
1
8
0.
5
2
4
3
6
5.40495 11.16070 14.31228
So
u
r
c
e
:
Ki
n
g
Co
u
n
t
y
Co
d
e
s
an
d
Le
v
i
e
s
1 Sp
e
c
i
a
l
Di
s
t
r
i
c
t
s
in
c
l
u
d
e
Em
e
r
g
e
n
c
y
Me
d
i
c
a
l
Se
r
v
i
c
e
s
,
Ho
s
p
i
t
a
l
di
s
t
r
i
c
t
s
,
Li
b
r
a
r
y
an
d
Fl
o
o
d
Zo
n
e
s
11
.
8
6
6
7
6
11
.
9
4
5
0
8
10
.
9
3
9
8
1
9.
7
7
7
5
2
9.
9
5
4
0
5
11
.
1
2
0
6
6
12
.
2
1
3
6
9
13
.
2
2
7
5
5
14.30188 14.31228
‐
2.
0
4.
0
6.
0
8.
0
10
.
0
12
.
0
14
.
0
16
.
0
20
0
5
2
0
0
6
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
Ci
t
y
Co
n
s
o
l
i
d
a
t
e
d
Le
v
y
Sp
e
c
i
a
l
Di
s
t
r
i
c
t
s
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Se
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s
Miscellaneous Statistical Section, 7 ‐12
2014 Comprehensive Annual Financial Report City of Renton, Washington
TABLE 11
RATIOS OF OUTSTANDING DEBT BY TYPE
LAST TEN FISCAL YEARS
GOVERNMENTAL ACTIVITIES BUSINESS‐TYPE ACTIVITIES
FISCAL
YEAR
GENERAL
OBLIGATION
BONDS
SPECIAL
ASSESSMENT
BONDS
OTHER
GENERAL
OBLIGATION2
REVENUE
BONDS
OTHER LONG
TERM DEBT
TOTAL PRIMARY
GOVERNMENT
DEBT
PERCENTAGE
OF PERSONAL
INCOME1
DEBT PER
CAPITA
% of Actual
Taxable Value of
Property
2005 29,107,664$ ‐$ ‐$ 35,790,000$ 11,589,789$ 76,487,453$ 8.68% 1,311$ 1.14%
2006 45,584,314 ‐ ‐ 33,840,000 10,716,520 90,140,834 8.59% 1,495 1.23%
2007 44,017,551 ‐ ‐ 33,405,000 9,878,951 87,301,502 8.17% 1,108 1.04%
2008 41,938,000 ‐ ‐ 43,310,000 8,968,894 94,216,894 8.57% 1,126 0.98%
2009 39,039,834 ‐ 38,973,547 41,110,000 8,284,962 127,408,343 12.36% 1,401 0.96%
2010 36,990,612 ‐ 38,511,875 36,955,000 7,357,546 119,815,033 11.26% 1,294 1.01%
2011 52,993,407 ‐ 38,053,639 34,926,581 6,443,218 132,416,845 11.62% 1,410 1.15%
2012 46,743,675 ‐ 36,891,722 32,492,802 5,538,929 121,667,128 10.09% 1,273 1.12%
2013 46,103,944 ‐ 35,692,283 31,208,819 4,660,282 117,665,328 9.17% 1,232 1.11%
2014 41,882,832 ‐ 34,470,753 28,677,301 3,951,670 108,982,556 N/A 1,122 0.96%
Source : City of Renton Finance Division
1 The percentage of Personal Income column is based on personal income of King County. (See Table 17). Renton data is not available.
2 Other GO debt includes debt issued by related entities that are backed by the City's full faith and credit as well as intergovernmental loans.
$‐
$20,000,000
$40,000,000
$60,000,000
$80,000,000
$100,000,000
$120,000,000
$140,000,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
General Obligation (Governmental)Other Long Term (Governmental)Revenue (Business‐Type)Other Long Term (Business‐Type)
Statistical Section, 7‐13
20
1
4
Co
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City of Renton, Washington
TA
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(1,279,231) (1,639,891)
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10.17%10.14%8.79%
So
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: Ci
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:
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and parks facilities.Statistical Section, 7 ‐14
2014 Comprehensive Annual Financial Report City of Renton, Washington
NET % OF GO BOND2
GENERAL 1 LESS:GENERAL DEBT TO
FISCAL OBLIGATION AMOUNTS1 OBLIGATION ASSESSED2 ASSESSED PER3
YEAR DEBT AVAILABLE DEBT VALUE VALUE CAPITA
2005 29,107,664$ 2,683,997$ 26,423,667$ 6,697,771,907$ 0.39%465$
2006 45,584,314 3,068,586 42,515,728 7,334,476,542 0.58% 729
2007 44,017,551 1,392,915 42,624,636 8,370,801,505 0.51% 707
2008 41,938,000 1,270,936 40,667,064 9,659,677,654 0.42% 516
2009 78,013,381 367,652 77,645,729 13,233,244,780 0.59% 928
2010 75,502,487 1,009,555 74,492,932 11,884,728,440 0.63% 819
2011 91,047,046 1,032,360 90,014,686 11,480,466,361 0.78% 972
2012 83,635,397 1,160,000 82,475,397 10,815,458,517 0.76% 878
2013 81,796,227 1,279,231 80,516,996 10,588,721,199 0.76% 843
2014 76,353,585 1,639,891 74,713,694 11,332,326,913 0.66% 769
Source:
1 City of Renton Finance Division
2 King County Department of Assessments
3 Population Data can be found in Table 16
TABLE 13
PER CAPITA GENERAL OBLIGATION DEBT
LAST TEN FISCAL YEARS
$‐
$200
$400
$600
$800
$1,000
$1,200
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Statistical Section, 7‐15
2014 Comprehensive Annual Financial Report City of Renton, Washington
Utilities
GOVERNMENTAL UNIT
Debt
Outstanding1
Estimated Percent
Applicable2
Estimated Share of
overlapping debt
City of Renton Direct Debt 76,353,585$ 100% 76,353,585$
City of Renton Overlapping Debt 4
King County 3 826,768,143$ 3.33% 27,531,379$
Port of Seattle 283,815,000 3.33% 9,451,040
Renton School District #403 306,807,998 69.35%212,771,347
Issaquah School District #411 331,553,984 2.63%8,719,870
Kent School District #415 176,796,097 0.73%1,295,562
Fire District 10‐1 5,029,617 0.02%1,001
Fire District 40‐1 6,839,849 42.32%2,894,556
King County Library 127,607,269 0.99%1,263,312
City of Renton Overlapping Debt 263,928,065$
Total Direct and Overlapping Debt 340,281,650$
Sources:
2 King County Department of Assessments
TABLE 14
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
1 King County Department of Executive Services
⁴ Overlapping percentages are determined by checking within the levy codes of the reporting district to see which taxing districts overlap
with that reporting district. For example, within levy code 2100, the Renton School District and the King County Library district overlap with
the city and both have debt. Since they both have debt and they overlap with the City, those two districts are reported and the value within
that levy code is reported as overlapping with the school and library districts.
3 King County's gross outstanding debt excludes available cash in debt service funds, proprietary‐type debt, debt financed from component
unit, credit enhanced program, and hotel/motel tax debt.
Renton
22%
King County
8%
Schools
66%
Port of Seattle
3%
Others
1%
Statistical Section, 7‐16
2014 Comprehensive Annual Financial Report City of Renton, Washington
TABLE 15
PLEDGED‐REVENUE COVERAGE
LAST TEN FISCAL YEARS
Ratio
Fiscal
Year Revenue2
Expenses without
Taxes/
Depreciation
Net Revenue
Available for
Debt Service Principal Interest Coverage1
2005 28,412,771$ 17,055,160$ 8,996,536$ 1,630,000$ 1,477,124$ 2.90
2006 27,910,741 18,288,618 8,900,283 1,680,000 1,430,199 2.86
2007 32,915,514 19,983,136 10,866,630 1,740,000 1,373,036 3.49
2008 32,171,289 21,195,370 10,975,919 1,810,000 1,803,687 3.04
2009 34,794,722 24,341,586 10,453,136 1,890,000 1,758,589 2.86
2010 35,845,562 25,546,607 10,298,955 1,955,000 1,689,455 2.83
2011 43,157,555 25,424,551 14,310,189 2,030,000 1,716,503 3.82
2012 47,435,378 27,225,957 20,209,421 2,115,000 1,529,260 5.55
2013 49,146,409 27,538,433 21,607,976 1,650,000 1,262,177 7.42
2014 51,467,708 29,685,885 21,781,823 2,545,000 1,212,328 5.80
Source: City of Renton Finance Division
2 Revenue includes connection charges, system development charges, latecomer fees, and interest revenue.
1 Bond financing requirements are that the average annual coverage is at least 1.25 times the average annual debt service for Water and Sewer
revenue bonds.
WATER AND SEWER REVENUE BONDS:
Revenue Debt Service
2.90 2.86
3.49
3.04 2.86 2.83
3.82
5.55 7.42 5.80
$‐
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Water and Sewer Net Revenue available for debt service Debt Service Coverage
Statistical Section, 7‐17
2014 Comprehensive Annual Financial Report City of Renton, Washington
PER CAPITA
PERSONAL PERSONAL SCHOOL
POPULATION 1 INCOME 2 INCOME 3 ENROLLMENT 5 RATE 6
FISCAL MEDIAN RENTON SCHOOL
YEAR KING COUNTY RENTON KING COUNTY KING COUNTY AGE 4 DISTRICT KING COUNTY RENTON
2005 1,795,268 56,840 89,432,163,000 49,815 36.83 13,192 4.4% 4.6%
2006 1,822,967 58,360 99,609,451,000 54,641 36.93 13,397 3.7% 3.8%
2007 1,847,986 60,290 106,693,888,000 57,735 36.97 13,570 3.2% 3.3%
2008 1,875,020 78,780 109,927,858,000 58,628 37.00 13,836 3.9% 4.1%
2009 1,912,012 83,650 103,120,593,000 53,933 37.08 13,977 8.0% 8.6%
2010 1,937,809 90,927 106,401,739,000 54,908 37.24 13,600 9.1% 7.7%
2011 1,971,602 92,590 113,922,436,000 57,782 37.40 14,440 8.0% 6.8%
2012 2,007,440 93,910 120,627,950,000 60,090 37.72 14,590 6.4% 6.0%
2013 1,981,900 95,540 128,330,859,000 62,770 37.70 14,783 5.0% 4.7%
2014 2,017,250 97,130 ** 37.74 15,080 4.6% 4.2%
Sources:
1 Washington State Office of Financial Management ‐ prior year data updated to reflect actuals where adjusted
2 U.S. Bureau of Economic Analysis. Data shown is for King County. Specific data for the City of Renton is not available.
3 U.S. Bureau of Economic Analysis. Data shown is for King County. Specific data for the City of Renton is not available.
4 Washington State Office of Financial Management
5 Enrollment is based on entire Renton School District, which includes schools located outside city boundaries but excludes schools of Kent
and Issaquah school districts located within Renton city limits.
6 US Bureau of Labor Statistics; annual rates, not seasonally adjusted, 2010‐2014 are provisional and subject to change
* Data not available at time of publication
TABLE 16
DEMOGRAPHIC AND ECONOMIC STATISTICS
LAST TEN FISCAL YEARS
UNEMPLOYMENT
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
King County Unemployment Rate City of Renton Unemployment Rate
Statistical Section, 7‐18
2014 Comprehensive Annual Financial Report City of Renton, Washington
2014 2005
EMPLOYER EMPLOYEES RANK CITY EMPLOYEES RANK CITY
Boeing Company 15,201 1 30.99% 10,865 1 30.56%
Valley Medical Center 2,173 2 4.43 1,606 3 4.52
Providence Wa Regional Svcs 1,851 3 3.77 ‐‐‐ ‐‐‐ ‐‐‐
Renton School District No. 403 1,507 4 3.07 1,348 4 3.79
DOT ‐ Federal Aviation Administration 1,480 5 3.02 794 5 2.23
PACCAR 1,254 6 2.56 1,710 2 4.81
City Of Renton 700 7 1.43 608 6 1.71
Wizards of the Coast 425 8 0.87 ‐‐‐ ‐‐‐ ‐‐‐
Renton Technical College 372 9 0.76 ‐‐‐ ‐‐‐ ‐‐‐
Puget Sound Educational Services Dist #121 364 10 0.74 ‐‐‐ ‐‐‐ ‐‐‐
Young's ‐ Columbia of Washington, LLC ‐‐‐ ‐‐‐ ‐‐‐379 8 1.07
Walmart ‐‐‐ ‐‐‐ ‐‐‐377 9 1.06
ER Solutions ‐‐‐ ‐‐‐ ‐‐‐507 7 1.43
Fry's Electronics ‐‐‐ ‐‐‐ ‐‐‐343 10 0.96
Total Principal Employers 25,328 51.64%18,537 52.14%
Total All Other Employers 23,723 48.36%17,014 47.86%
Total Employees working within Renton 49,051 100.00%35,551 100.00%
Source: City of Renton Business license records and individual inquiries
TABLE 17
PRINCIPAL EMPLOYERS
Statistical Section, 7‐19
2014 Comprehensive Annual Financial Report City of Renton, Washington
TABLE 18
FULL TIME EQUIVALENT CITY GOVERNMENT EMPLOYEES BY FUNCTION
LAST TEN FISCAL YEARS
2005 2006 2007 20081 20092 20103 2011 20124 2013 2014
FUNCTION
General Government 94.5 89.5 95.0 155.6 163.8 143.3 143.5 147.3 135.4 139.4
Public Safety
Police
Commissioned Officers 91.0 97.0 122.0 124.0 121.0 123.0 123.0 123.0 121.5 119.0
Non‐Commissioned Officers 43.2 42.2 49.2 51.2 46.4 44.4 28.4 28.4 28.4 29.4
Fire
Commissioned Officers 106.0 106.0 109.0 118.0 137.0 136.0 145.0 145.0 140.0 145.0
Non‐Commissioned Officers 13.0 14.0 16.0 17.0 18.0 16.0 16.0 16.0 16.0 16.0
Public Works
Administration 42.5 46.5 49.0 4.0 3.5 3.0 3.0 3.0 3.0 3.0
Transportation Systems 34.5 35.5 40.5 41.0 37.0 33.0 33.0 33.0 31.0 31.0
Utility Systems 20.8 24.8 29.3 36.7 37.7 29.5 29.5 25.5 23.5 23.5
Maintenance Services 62.0 64.1 71.0 88.0 83.0 78.0 78.0 80.0 80.0 82.0
Culture and Recreation
Parks/Recreation/Facilities/Human Svs 76.5 76.5 81.0 89.5 86.3 81.8 82.8 83.6 80.0 80.0
Library 13.0 13.0 14.0 14.0 15.0 0.0 0.0 0.0 0.0 0.0
Museum 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
Golf Course 10.0 10.0 10.0 10.0 9.5 9.5 9.5 9.5 9.5 9.5
Total 608.0 620.0 687.0 750.0 759.2 698.5 692.7 695.2 669.3 678.8
Source: City of Renton Finance Division
1 In 2008, Development Services moved from Public Works to Community and Economic Develoment which is listed under General Government.
2 In 2009, increase in Administrative, Judicial & Legal Services includes moving Legal Services in‐house and creation of a Communications Division which was
a reorganization of staffing from the Finance and Information Services Department and the Mayors Office
3 Operations of the Renton libraries transferred to King County Library System (KCLS) in 2010 as a result of voter‐approved annexation
4 Farmers's Market Program was moved from Community and Economic Department to Community Services Department in 2012.
Statistical Section, 7‐20
2014 Comprehensive Annual Financial Report City of Renton, Washington
TABLE 19
OPERATING INDICATORS BY FUNCTION
LAST TEN FISCAL YEARS
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
FUNCTION
Public Safety
Police
Physical arrests 4,590 2,489 2,925 3,580 3,748 3,464 2,810 1,968 1,725 1,515
Parking violations 3,575 3,520 5,995 5,117 6,795 4,748 4,757 4,855 4,799 4,049
Traffic violations 12,866 10,172 9,148 10,705 14,220 13,829 8,805 7,943 8,388 5,925
Photo Enorcement Violations 1 ‐‐‐ ‐‐‐ ‐‐‐13,342 27,509 21,157 21,301 22,036 15,733 21,015
Fire
Number of calls answered 9,202 10,096 10,159 12,402 12,840 13,045 12,752 13,667 13,848 14,337
Inspections 3,438 3,505 3,197 2,772 2,968 2,620 2,300 1,807 689 997
Transportation
Street resurfacing (miles)3.69 3.86 1.59 2.59 3.08 2.65 2.07 2.19 0.84 2.82
Solid Waste Utility
Recyclables collected (tons/yr) 4,934 4,843 5,004 5,395 9,653 9,836 12,565 13,509 13,616 13,993
Culture and Recreation
Athletic field attendance 155,000 155,000 91,053 93,000 93,000 93,000 93,000 94,000 94,000 94,000
Community Center admissions 177,761 177,761 162,476 155,000 150,000 150,000 150,000 155,000 155,000 172,302
Rounds of Golf 2 ‐‐‐ ‐‐‐62,190 61,100 60,300 55,450 54,350 58,680 56,180 55,600
Source: City of Renton
1 Photo Enforcement began in 2008.
2 Data for prior years not available.
Statistical Section, 7‐21
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l
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me
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t
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o
n
.
Statistical Section, 7 ‐22
20
1
4
Co
m
p
r
e
h
e
n
s
i
v
e
An
n
u
a
l
Fi
n
a
n
c
i
a
l
Re
p
o
r
t
City of Renton, Washington
TA
B
L
E
20
UT
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.
2 In
c
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.
3 To
t
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re
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n
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,
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r
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.
4 To
t
a
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,
to
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x
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s
,
ma
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de
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r
v
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.
Statistical Section, 7 ‐23
2014 Comprehensive Annual Financial Report City of Renton, Washington
TABLE 21
CAPITAL ASSETS STATISTICS BY FUNCTION
LAST TEN FISCAL YEARS
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
FUNCTION
Public safety
Police Stations 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
Police Patrol Districts 7.0 7.0 7.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0
Fire stations 5.0 5.0 5.0 6.0 6.0 6.0 6.0 6.0 6.0 6.0
Transportation
Street (miles)218.0 224.6 233.7 263.8 263.8 264.5 266.1 266.1 266.1 294.0
Streetlights 3,149 3,283 3,496 3,726 3,864 3,935 4,015 4,172 4,182 4,302
Culture and recreation
Parks acreage 1,158.0 1,160.0 1,160.0 1,181.0 1,183.0 1,183.0 1205.81 1,210.0 1,211.0 1,213.5
Parks 26.0 26.0 28.0 29.0 30.0 30.0 32.02 32.0 32.0 32.0
Swimming pools 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
Tennis courts 17.0 17.0 17.0 17.0 17.0 17.0 17.0 17.0 17.0 17.0
Community centers 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
Waterworks Utility
Water mains (miles) 293.0 295.0 300.0 304.0 305.0 305.0 305.0 306.0 308.0 304.6
Fire hydrants 3,374 3,440 3,544 3,602 3,624 3,651 3,639 3,655 3,670 3,697
Sanitary sewers (miles) 193.3 204.9 206.3 215.7 216.4 217.7 219.3 219.9 223.4 225.9
Storm sewers (miles) 214.8 219.7 222.3 267.5 273.8 274.9 276.1 278.5 282.0 267.7
1Includes Natural Area acreage, and developed/undeveloped park acreage for Neighborhood Parks, Community Parks, Regional
Parks, Special Use Parks and Corridors
2Developed Neighborhood, Community, Regional and Special Use Parks only. Two new parks were part of Benson Hill Annexation
not previously accounted for – Parkwood South Div #3 and SE 186th Place Properties.
Source: City of Renton Departments
Statistical Section, 7‐24